Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1857-01-15

lhc S'tc vi luc hidih hue vi our puDllc Improve
ments, my opinion has not changed Every
consideration of public policy, of present and
future interest, requires the separation of the
State from the management and control Of
these works. The expenditures on that por-
ton of the line between the Junction and
flttshurg, largely exceed the revenues the cx-
cess averaging annually not less than 81 81, 600;
and causes are in constant operation that will
still more increase this deficiency This con-
tinua drain upon the treasury to sustain work
so unpro1uctivp, should at once be checked
\ sale of the main line, for fair consdera-
ton, and upon terms just and liberal to the
purchasers, is the proper remedy. Such sale,
on terms amply protective of the rights and in
tcrests of the people, can, by proper legislation,
I've effected. In connection with the payment
of the public debt, this question becomes deep
" important The sale would constitute n
new era in the financial history of the State,
and assure still more speedy reduction of the
public debt, than that to which reference has
been made. The subject is earnestly commend
ed to your favorable consideration.
The subject of banks and banking capital in
ITS relations to the currency-the general inte-
rests OF trade and commerce aud the industrial
pursuits of the citizen, deserve your careful at
tlon. My views, expressed in a former commu-
nication, remain unchanged. The incorporation
Of new, or the re-charter of old and solvent
banks, when actually necessary and demanded
hy the wants of legitimate trade in the COM
munity where located, should he favored un-
der no other circumstances should either be
permitted. In the creation of banks, the in
tcrests of the State and people shoulI be con-
suited, and just discrimination as to number.
locality, and the demands of trade be exer-
cised.
The rapid increase of population, the impor-
tance and value of our home and foreign com
merce, the constant development of the mate
rial wealth of the State, the extent of our
manufacturing, mechanical and agricultural in
dustry, the fact that the State is flooded by a
deprecated currency introduced by private
bankers and brokers, might Justify, under the
restriction and limitations indicated. iudcious
increase of banking capital within our Com
monwealth. This, whilst it would aid the op-
crations of trade, and supply the real business
wants of the people, would, at the same time,
remedy, to some extent, the evils of a depre-
Ciated foreign and illegal currency.
BY the act approved the 9th day of Novem-
her last, 18th section of the act of 1850, regu-
lating banks, will be, after the lst dav of july
next, extended to all Incorporated saving fund
trust and insurance companies. That section
declares that it shall not be lawful for anv
OF the said banks to issue or pay out any bank
notes other than those issued by itself, paya-
ble On demand in gold or silver notes of spe-
Gle paying banks Of this State which are taken
on deposit or in payment of debts, at par, at
the counter of the bank where paid out or
notes of banks issued under the authority of
the act of the 4th of May, lS4l, at the option
of the person receiving the same"
These enactmentS were intended to protect
the community against the evils of depreca-
ted currency, and prevent its Introduction from
other States However we'll intended. thew
will fail to secure these objects, unless made
to embrace private bankers aud others of that
class, whose profits are largely dependent upon
the introduction into the State of such a cur
rency. In many instances the notes of our
own banks are collected by private bankers
and brokers, and with these or with the spc-
Gle withdrawn from the banks, issuing them,
they purchase deprecated and foreign bank
paper which is paid out of the State, at less
than the usual rate of interest, and their notes,
often of less denomination than five dollars,
and always at discount, brought into the
State and put into circulation in the manner
indicated, and this, too, under an agreement
with the bank making tue loan, that the notes
thus paid out shall be kept in circulation.
The effect of this system of private banking
has been to limit the circulation of the par pa
per of our own banks, and substitute in its
place foreign deprecated, and often worth
less currency. In justice to the bank, trust
and insurance companies, paying a heavy an
nual tax TO tie Commonwealth for their pri-
yileges, and for the protection of the people
against these evils, either the provisions of the
30th section of the act of 1850 should be re
pcaled, or further extended so as to embrace
private individuals and associations, who NAV
monopolize and control, to the detriment of
the public, this traffic in deprecated bank pa
per, without restraint aud without taxation.
The report Of the Superintendent of Com
mon Schools will exhibit to you the number
and condition of the schools-thc number of
teachers and scholars, and the general opera
tions of the system during the past year To
the valuable statistical information of the re-
port, and the useful suggestions for the i'm
proVemcnt of the system, invite your early
and intelligent consideration
From small and comparatively unimpor-
tant Incident of the State Department the care
and management of the public schools of the
Commonwealth with their seventeen hundred
districts, ten thousand directors, twelve thou
sand teachers, and over five hundred thousand
scholars have become the most important and
laborious branch of that department. The in
creased and increasing business of the system
has been met by corresponding increase of
zeal, and efficiency in the officers to whom the
law has committed its general direction and su-
per,i They should be sustained by wise
and generous legislation. The magnitude and
Importance of the system, in its political, So
cal and moral relations to the present and fu-
ture of the people, require that this should be
done The guardianship of the mind of the
State should OCCUPY a distinct and nrnminnnt