Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1857-01-14
VOL. 3.--NO. %.

Z considerations anQ upon terms jus s1"N i.~~-
al Ia the purchasers, Is the proper rcineus--
Such sale. on terms amply protective OF mo
rights aud interest of The people, can ps prop
er legislation be effected. In connection with
the r1ayment of the public debt, this question
becomes deeply important. Ihe saie Mo"'t
constitute new era in the financial history
of the State. and assure still more sl'eeoy
reduction " tile public debt, than that to which
reference has been made. The SUBJECT Is earn
estly commended to your favorable consider-
alton.
The subject of hanks and banking capital in
its relations TO the currency-the general ~
tercsts of trade and commerce and the ihcus-
trial pursuits of the citizens, deserve your
careful attention. My views expressed IN
former communication remain unchanSed--
The incorporation Of new, the recbar'er CT
old and solvent banks, when actually necessa-
ry, and demanded 10y the wants OF ieStiiha.o
trade in the community where located, S.onic
be favored; under no other circumstances
should either be permitted. In the creation
OF banks the interests of the State and people
shoald he consulted; and just discrimina-
| iion as to number, locality and the demands
OF trade be exercised.
| The rapid increase OF population, the i'm
portance and value OF our home and foreign
commerce, the constant development OF mo
material wealth OF the State, the extent OF our
manufacturing mechanical and agricultural IN
duStrv the fact that the State Is Hooded by
Q
bankers and brokers, might justify, under tho
restrictions and limitations Indicated judi
cious increase of banking capltai WHINE our
Commonwealth. Thus, whilst 1T would aid
The operations Of trade, and supply the rcsi
business wants of the people, IL would, at the
same time. remedy, to some extent, the evils
of deprecated foreign and Illegal currency
By the Act approved the 9th day OF \ oveIn-
Der last the thiTtieth section OF the ACT OF
1859, regulating banks, will be after the ilrss
day Of July next, extended to all Incorporated
saving fund trust and insurance companies
That section declares 'that il shall not DC law
! iul for amy OF the said banks to Issne or pay
out anv bank notes other than those issued by
ITSELF nayaLle On demand in gold and sfscer;
notes OF specie paying banks OF TINS State
| which are taken on deposite or in payment OF
debts. 1T par IL the counter of the bank where
/ . nd out; or notes of banks issued under the
| authority OF the Act OF the 4th OF May, lS4i,
| at the o,ston II the person receiving tho
/ same
| These enactments were intended to protect
| the community against the evils OF depre-
| ciated currency. and prevent It's introduction
! from other States However well intended
| they will fail 10 secure these objects. unless
| made to embrace private bankers and otheTS
| Of that class. whose profits are largely depeh-
/ dent upon the Introduction into the State or
| such q currency. In many instances the notes
| OF our own banks are collected by private
| Iankers and brokers' and with these, or with
! the specie withdrawn from the banks lssuirs
| them. they purchase deprecated aud foreign
| bank PAPER which is paid out az par st their
1 counters. By others large loans are nego,ia-
! ted with banks ont oi the State, 81 less ihSu
the usual rate OF interest. and their notes, Oh
ten of a less denomination than Ave dollars,
4 and always at discount. brought into tho
| State ard put into circulation in the manner
! indie ted. and this too, under AN agreement
Nth the bank making the loan, that the notes
! thus lsid out shall he kept IN circulation
! The effect at this system of private banking
| has Teen 10 liai: the circulation Of the par pS-
/ per of our own banks, and substitute In its
| place 4 foreign d dpprcciatcd, and often WORTH
! less currency. Ia Justice TO the Bank, trust
! snd Insurance Companies, paving heavy an
nual tax To Ihe Commonwealth tor their prlFi-
! lrgcs aud for the protection o. tGe people a
! gains; th,S,, evils either the provisions of tao
4 Act Of 1850, should hc repealed, or further
! extended so as 10 embrace private individuals
aud associations, vino may monopoiizc ami
control, to the dctTiment OF the public, this
traffic in deprecated bank paper, without re-
RANT and vi hout taxat on.
TIE Report Of the Superintendent oi Com
mon Schools viii exhibit to you the number
and condition OF the Schools-the mum Der OF
teachers and scholJrs. and the general opera
tioDs OF the system during the past year. To
the valuable statistical information OF the Te-
| port, and the useful suggestions fer tao I'M
Z
/ aEd intelligent consideration.
From n small and comparatively unimpor-
! tan; incident OF the State Department, the caro-
/ and management OF the public schools OF tho
/ 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
/ laOOrious branch of that Department. The IN
creased and increasing business of the system
! has been met by u correspondent increase OF
zeal, labor and efficiency in the officers to whom
! the law has committed its general direction
and supervision. They should be sustained
i by wise and generous legislation. The n1g-
niiude and Importance of the system, in ia
political, social and moral relations TO tie pre-
! sent and future uf the people. require tAst
this should be done. The guardianship o; the
! mind of the State should occupy distinct aEl.
| prominent place among the not.e institutions
of the Commonwealth. Il should receive the
efficient aid and encouragement OF the govern
! ment. and be sustained by virtuous and intel
| igent people. II the revenue and treasures
of the Stdte-her public improvenents-her
| lands and their titles. require and deserve tho
marked and distinctive care OF the govern
msnt, low much more should her mental and
intellectual treasures, richer than gold-the
social and moral improvement of her people,
more valuable than canals or railways-thc IL
! ties of her youth TO the boundless fields OF
/ knowledge, higher than any of earth or aught
growing out of its ownership. claim an honor
able position. and receive care and aid conf
mensurate with their greater value and useful
ness.
The County Superntendancy, wherever 1t
has been committed TO faithful ard efficient
man, has fully vindicated the wisdom and poll
icy of that measure. ii is slowly, but surely
removing he prejudices and gaining TIE con-
fidence of the people. Whatever defects time