Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1857-01-14


sing through one OF the richest mineral ali,
agricultural portions of the State. it offers I,
the immense aud valuable products of tha. re-
ri"n. a safe aud cheap transit to the market,
of New York, Blltiiuore, aud Philadelphia
In the completion of this canal the Iitiicultn
to be overcome, and the labor to be pcrtorm
Ell, were great. Both these, to great ex-
tent, have been accomplished under the su
perintendency of VIM Il. l-afet, Esq 1.
whom this work was assigned
This canal although completed and hefort
the close OF navigation. Uses, for the purport
ot transportation, is not pei feet. Sinks in til,
cotton, from the nature "f the fnrnI;a;un an,
soil through winch it passes, slides from the
( hills. and breaches may occur. tut these. al
ter few years of well applied lab"r will be
! diminished, and by yigileucc aud care euiire-
/ iy prevented.
| THIS improvements although snl jcct 10 The
rivalry at competing railroads. i: X pit Ia good
condition, under proper MAI agcment. viii re-
cleve Its uil shaIe ot coal aid other tuhLage
1t is anticlpat, d that the revenues. ,or the eur
rent year, wal equal, if not exceed the ex PEN
ditures ami increasing with the facilities at
ior',ed, aud the rapid development of trade.
WILL instta OF its heretofore unscoastHg de-
'ii;liidS upon the Treasury, take Precedence IN
'evenue over an, cauai ia the Ciujnou " eaiih b
In relative TO the propriety an1 policy oi the
sale "f tie nam line Ot our public Improve
u.enis. nay opinion has not ciIange! Every
c' nsriera'Ion of pithc policy, ot present ami
iutnre rutciest. r"quiers the pe,a;Ion of the
State I'o'n the Ilaua .e ;IIent aud culstroi Of
Ia sc works. i these expenditure, ) nn that por-
tiuu OF the line, otJwteen tue j Junctiou ami
Pittsburgh. largely exc, eel tue revenues. the
Yer I'm lt,.,, /.
bundred and fifty Thousand dollars: and causes
are IN Constant operation that will sill more In
crease this defclen.y. ! his continual uraiu
upon the Treasury To sustain Il WORK. SO un-
productive, should at once be checked j
sale OF the main line. for i;,ir cons;d, re ration
ami upon terms just aud liberal to the purcha-
S9fs, Is the proper reuedy SUCH sale. OF.
terms amply protective OF tie right and inter
eHts OF the p"'ple, can, by pro,:cr legislation
ua, effected. Ia c"nnecti"n With the },ayIucut
at tue pu1dc deot, this question b"colG,s deep
iy Important. Tn, safe would constitute "a new
cia Ia III hnanciai history 1T the State, aid
sure >til li'"fe speoas 1, ducii"n "f the pubic
stepr. Ian tuat IL which Reference has been
'ndir- tic subject IS earnestly coIdiendeu
~ Your iaV"ui a3ie consideration.
Ihe subject of banks aud bIuking capital iu
its i, latl"rs {" the cur,cmcy-the gecerat inter
sts -: tiauc atd c'Inil., rec ahu the Industrial
pursuits ot ia; citizen, deserve ynu- careful at
ientiun. My views oppressed Ia Il f..Iiner com
lnunicari"n remain ulch.n Icd. The lncurpa-
lion "t n--w, ar tue rcchai "f "l anal s.i,,;bt
UankS, When actually necessary. uUd demanded
by the waits al legitimate trade iu tue cuiiiu,u-
uuy where located, should eIh Pc permitted
la the creation of banks. the Interests al the
State and p "ple snuuid Ue Consulted. aud u
just dIscritnn ,tIon is Ia NUMB +. locality anu
: ht demau Is ut traie ne exercised
The rapid Inc ca of populate H. the inpor
tance aud vaiuc "a Que Il ,.nc an / Ior-I1n com
nercc, the constant de'ei"pment OF the matt
rIal wcash oftiIe State the extent 0t our miaI,-
:acturug. .catr:cSi au'i rricu.;u Al lndu>'iy
he lIct Iuit thc State Is iloo leI by Il >cpie-
ciatcd currency intrndGced 10y ps.v,tc bank
rrs aud irokers. might Justify. uu,!er the re-
,trictI"us an. limitations InaIcafcd. JuiIc-
u, increase uf banking capital within our
Commonwealth I dis. whilst it would ald
l,, p.la;an Of sra.io. ali supply the real bus
u,.ss wants OF the people, would, at Tie
slnfa time, remedy, t" cNteut. tie evel~ OF
:, Il p.ciaied turcIu aud illegal cdrieacy.
By the act approved the U.h day oi N"Vcm-
hrr last. the tinrtleth section nf tnc act at -
10, reg hating banks, Will Ue, after tll,. nr>t
,av oi july next. e>tcn.cu tn all Incurppra-
tel saving funi, trust au'i Insurance c"uipa-
MES That section declares - that It siai.
not be lawful for amy al Tie saii banks To Is
sue or pay not any bank IA" e> oLher than
those issuel by Itself p.Natl,: Oh '.eu,aiid Ia
gnl.l ur SILVER ; notes "i>p Gle pIy.nc oau&s of
this State which are taken un epr'>it or Ih
pa yment of debts, al par, at tue cUunIec oil tue
Juuk whore pal-, out; az notes of Uan&> Is
sued un4er the authority al the act oi tue HI
of May. 1911, at the option of the person re-
ceivins the saline
These euaciments were intcn led to protect
the conimunity against the evi ; OF d.p.ccI
atcd currency. aud prevent ITS IN 'r'n'ucii"n
from other States. However well lnteirivd
they will fail to secure these OF els un;eSs
ma = ro embrace p;IVaJe bankers and others
uf that class, wiI"se prolts are largely ae-
pritd,.ut up,u the Intro aciI"h int'' the otatc
az such a currency la many iu>t'ucas siIe
notes sT oar banks are c'it ctc't ~ ffisie
l,ans.rs ant brokers, and wth iii'se, "f VITA
"a. "a ,.i,. w,tharslwn ti.,In the uanks issuing
ti.,.in. tley purchase Il piec.atca AMI foreign
t,auk pa,rr which is pail cat al paf ut their
counters. BY 9th rs large i"ans ara neg"lia-
ted with banks out 0. the Sta.e, at less ih M
The u.u,l rate of interest, ANA tnclr notes, III
ia, of :, IS denonin zion than five dullarS.
and always at Il discount. brought iuto the
s,tate aud put into circaatlnn IN the nanner
;u,Iicated and this, too, under an a.recmeht
with the bunk making the luan, Il AT the noiss
thus paid out Shall be kept IN ci'cai't'"n:-
The effect nf this SYSTEM of private banking
has ben to limit the circulation at the par pa
per of our ..ba.k~, and s,ist.tul' its plae
foreign. d.preciat,d. aud ottei. worthless
cnrreney. In iu>tice to lhe bunk, turst aud
INSURANCE companies. paying heavy annnal