The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1858-01-28

INC rcHeMpton OF clrculauBg notes, H.
cluGng in all eases proper Individual il
ability Of stockholders and directors, ft.
ted for convenient and actual enforce.
ment; with supervisory and controlling
power in some proper officer or depart
Ment OF the Government to restrain or
suspend the action of banks in case oi
their violation or evasion of the law.
When a specie cnrrcDcy ,hall be Sc
cured to tie people by prohibiting the cir
culatioD of bills of small denomination
it will be highly de-irable that the fiscal
affairs of the State Government shall he
wholly separated from those Of the banks;
in other words, that the n.ouey traUsac-
tons o. the goscrnme Dt, both IN It's col
lectons and di-bursemeucs, shall he in
the legal coin Of The country. Whenever
a practicable, convenient and efficient
scheme for the operations Of the Treasu-
ry. upon such basis, can he presented
to me by the Representatives of the Yeo-
pie, it will meet with cheerful appro al
There are difficulties in the case. howev-
far greater than those surmounted by the
general government. In the establishment
of It's Independent Treasury system; but
the object one of the first magnitude, and
calculated to exercise most salutary in
fuence upon the action of the government,
and upon the business OF the banks aud
the people, it is we'll worthy of earnest
consideration.
10 reforming the currency, a single
State can accomplish but moderate a
mount Of good, however ,incere, intciIi-
gent and earnest it may lie, without the
co operation of other States, and espeei-
ally OF those which adjoin it. Bank
notes are not stopped III th'ir flow by i'm
agInary STATE llues, nor does it seem pos
sible tor State altogether to prevent for
eign notes from ulatins within her
borders, even by the most stringent en-
actments We must, therefore, invoke
our sister States to join with US in the re-
preston OF small paper, and IN such 9th
er particulars of reform as require for
CON pete success their co-operation.-
Meantime to the extent OF our power let
Us exert ourselve- to furnish our citizen.
with a safe and stable currcucy; to pre-
vent future financial crnvuision5 similar
to that under which the community has
for some time been struggling; aud to re
lieve the goverGmeU ut iu It's fiscal action
from the danger OF deprecated or worth
les, paper, and the embara-s men,s ari-
sing frou dependence upon corporations
OF her own creation.
The People OF Pennsylvania by the re-
cent adoption OF an ameudmen to the
CoDstitution on the SUBJECT OF Public 10
debtedDe-s. have imposed an imperative
obligation upon then servants to practice
economy, to limit expenditures, and to
give their best efforts to the gradual bat
eventual extinguishmeut of the existing
public debt. After eight years of cxpe-
rlence uuaer the sinking fond act of ls49,
we find our public indebtedness but slight
ly diminished, The constitutional amend
meut just adopted demands the esta abii>h-
u ent OF an effective sinking fund for Its
payment, and | shall consider it.one Of
the leading duties Of my administration
to see that amendment i, carried out both
III it's letter and it, spirit. | cannot re-
gard the reduction OF the three mill tax
on property mace at the last regular s5s
sion Of the Legislature, otherwise than
as iuopportune; and doubtless existing f.
nancial embarraSsBeuts will for a time
reduce the amount derived from other
sources of revenue. Nor will any very
large amount Of the purchase money of
the main line of the public works be re-
allied by the Treasury for a con>ideIa
BILE period. 1t will. therefore, be neccs-
sary for the State to husband her re>our-
ces aud to increase Der revenues a. far
as is possible, without oppression TO any
interest, in order 10 meet her current aud
necessary outlays, the demands OF her
creditors, ana the positive obligation OF
the constitutional amcn4mcut
There is great lack of consistency and
principle in the laws passed during some
years in relation to interpretations. They
have been Great, d upon no settled, uni-
form plan; are excessive IN number; and
many OF them unnecessary 20 the accou,-
pliah nent OF any legitimate purpose.-
They have dou tle-s encouraged specula-
lation, and in various ways contributed
to the recent financial coDvulsion. Va
rious and inconsl-tcnt provisions appear
in acts e tablishing or extending the pow
ers of corporate hodIes OF the same class
and general character. The tax laws re-
lating to them are in some confusion, aud
consequently taxes paid - 'hen unequal,
while ,one wholly escape any share OF
the public burdens. la brief our system
OF interpretations has become 50 vast. Gi-
versifed and difficult of comprehension,
that no reasonable industry can master
the whole subject, and uDdrr-tapd pre-
cisely where We are and whittier We are
drifting. A thorough resl,ion OF our
laws on this subject, and the establish
ment of general uniform, regulations for
each class of corporate bodies, with the
voldance, as far as possible, OF speelat
provisions for particular corporations, are
reform imperiouly ly demanded by the
public intere Is in which | shall heartily