Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1856-01-04

institutions, is undoubtedly preferable 10
granting additional charters. Still, if in
creased capital is authorized at all, it should
he nermitted only in exceptional cases, SPAR
iupIv and with caution. Our system of cur.
rencv is so complicated and delicate, its bene-
fc;ai working can be easily disturbed, and
any legislation is to be deplored that would
tend to impair It's efficiency or disarrange its
harmonious action.
| would however, renew former sugges-
ton. that holders of bills of insolvent banks
should have. by law, prior claim over other
creditors The wisdom of the Legislature
might prefer, as a substitute, to reserve two
per cent. of the annual Bank Tax, which
would amount to about $l2, 900 per annum,
until guarantee fund of $l00,00 was Sc
cured, which should be appropriated to the
payment Of the bills of a less denomination
than $40, of any bank chartered by the Com
monwealth which should become Insolvent.
The bill holder takes trustingly whatever the
State. under its special charters, permits to be
issued as currency, confident that the law
will protect him in SO doing by all just enact
ments In one insolvent bank, now in the
hands Of receivers, three thousand individuals
are bill holders, two. thirds of them for less
than $40 each, and three quarters ofthe whole
number are laborers and females, who recev-
labor. This plan would entitle our bank bills
to such confidence throughout the Union as
would insure their general circulation, while
the State would have claim upon the insol-
vent bank, for the amount it might redeem.
and The poorer classes be protected by the wise
and prudent forethought of the government,
fro:n The loss Of what perhaps is all they pos.
sess.
The past year has witnessed renewed in
stances of fraud in making over issues of
stock in corporations, and, till suitable pen.
atty is affixed to such crimes, by legislative
action, they will continue to be repeated, and
their perpetrators to escare punishment 1t
is the duty of the Legislature to protect the
innocent stakeholder and creditor, by apply
ing stringent penalty to offences of this ma
tuJe
The punishment now affixed by law to the
crime Of placing distractions upon railway
tracks is inadequate, considering the heinous-
ness of the offence. The murder of a single
individual will hardly compare in enorpity
with periling hundreds of lives by so bastard
ly deed. AS the present penalty proves in
sufficient to prevent its preparation, l recon-
mend that this infraction of the law be placed
by statute in the catalogue of the gravest fell
onies.
At late period in the last session. an able
and valuable report was received and trans
mitted to the Legislature from the Commits
soners appointed to establish lines in Mystic
river, Boston Harbor, and Dorchester Bay.
Their suggestion that an application be made
to the general government for the appoint
meut OF scientific board, to report upon the
condition of the harbor, and TO present a com.
prehensiye plan for its Improvement, which
may serve to direct and regulate future con-
structions is deemed by our commercial COM
munity Of great practical importance. The
Federal authorities, would, undoubtedly,
comply with such request, without expense
to the State, as they have done with respect
to the harbors Of Savannah, Charleston. Port
land and many other places, The judgment
and advice of unprejudiced and skllful per-
sons, familiar with the principles and practice
of engineering in tidal rivera and harbors,
would thus be secured in behalf of measures
calculated to avert threatening dangers, and
subserve the necessities of the harbor OF our
commercial emporium.
Gentlemen-Under the gratifying approval
of my official course, indicated by the recent
action of my fellow citizens in returning me
to this important post of service, 1T will be my
pleasure, as it is my duty, to address myself
to faithful discharge Of all its functions, to
the best of my abilities and understanding.
Such appreciation is the only reward DESIRE
other than the sanction Of my own conscience
and judgment By those guides, which,
though not unerring, are the surest reliance
of honest desire and pure intention, shall
~ 1;-~A 14v4vs.it--y L l~--- l~~ I---s-
fore.
10 you, gentlemen, would suggest, the
magnitude of the interests intrusted to your
guardianship, the evil of inconsiderate and
unnecessary legislation, the indispensable me-
cessity Of economy in all branches of expen-
diture, and, above all, the duty of placing
the reputation of our State, and the interests
of her people, above all narrow questions of
politics or paitisanship. May wise and
comprehensive craftsmanship control your
decisions, an honorable patriotism constitute
your paramo ant motive, and a wisdom be
vouchsafed IFS from above, which shall enable
us to promote the happiness and prosperity of
our citizens, and enhance the honor of our
Commonwealth.