Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1858-01-15

aad general prostration of business, deemed
it my duty to call, as authorized by the Con
sfiNutiop. an extra session OF the Legisature,to
| meet at Harrisburg on the sixth day Of October
last. Although the relief provided by this ex-
tsaordinary session Of the General Assembly,
| was not al ample the exlgency of the case
required, yes it was productive nl many bene-
Gelsl results, and served to aliag TIE iptense
excitement aud alarm thst peryadel the entire
community. BY the act providing for the re-
sumption OF specie payments by the banks, ali
banking Institutions accepting the provisions of
that law, were required to psy ioto the Trea-
sury one-fonrih Of one per cent on their capt
tai stock The amount realized b. the payment
@f this bonus has not only betrayed all the ex-
penses os that session, bnt viii leave a balance
10 the Treasury Of not less than thirty Ave ttiDu-
sand dollars result eegfainIy not Injurious
TO the finances of the Commonwealth.
Ny views expressed ia former coma.uEioa-
lions eu the subject Of banks and banking capi-
tai, in their relations to the enrreacy and The
general interest os trade, remain unchanged. -
However diverse our oyinions may be on this
subject it must be admitted b5 all, that the
baaSiug and credit systems are so intimately
interviewer wish tbs business aud commerce Of
the country, that thcir Sudden Separation, or q
| rash innovation, would produce consequences uf
fearful magnitude. That the present system If
banking IS perfect, il not pIetenled, that il
coa'd be assenlaiiy upodiiied and improved, will
not be denied The present arrangement of the
currency may and will suggest the necessity of
FefOrm not ouiy in the system itself, but IN tue
management OF oar banking institutions.
| Unlimited credits hy corporations ar iDdirid-
aals have and wiil ever be IN unlniiiaatsd evil
They contribute to bank expressions, rash spec
ulations, exiravasapt living and excessive over-
/ trading; always sure 70 be followed byruinous
rey6isions. What the Feiaedg should be, do
not deem it my province, nH.itr existing cl!-
camSt,uces, TO suggest; bat to be permanent
aud effeetGal, i must aceard With the natural
and necessary laws OF trade. The currency Of
country forms no exception to hese lsws,,nd
4 should be left to their operation and consrol,so
far as maS he consistent with the puJiIc good.
'lt is, therefore, that system Of free banking,
based en undouhted pubic seeesities, aad coin
in such proportion 70 circui4tiou ami deposits
u lllg4 hg deeled Snt ent secure their con
Limitations and restrictions, Is deemed prefera-
bic % thc present system its introduction
would correct manv existing abuses not only ~
he system iself, bur IL the preseu; ploae ol
banking These Questions, however, with tbe
remedies necessary ~ prevent recurrence oi
the evils under which We now suffer, together
With the nai iure and eztcGt OF the relief, II any
hat may yri be required b. the banks Of The
GoInmonwnain, 10 enabe them 70 resume thf
payment Of their Liabilities Ia specie, are ali r..
terrod 20 The wiSduu VI The Legislature. They
are practical and iapnrtant business questioHs
and as such shouli receive your intelligent con
siieratiua.
Tie present copdltna Of our Commonaeaiti
ani country deserves. at least passing reu,arA
4 severe financial 1eveisiou has occurred; in
4ucing suspension Of specie pa,meats hg tbs
banks, NOT oulg oil his ComnonNeai,h, hat o.
al The States of the Union, derahging he eur
rency anG affecting disastrously all the great
interests CT cosnlnaree and the industrial pursuits
of the citizen labor is without employment
ani thousands os strong, active nien are nov
asking ior work or bread. The causes assigned
for these evils are alalast as various as the ia-
taTest or Efejadices Of those who undertake tAeiI
explication. 10 phaIever cause or causes hey
mag be referred, il is neither just, nor proper
10 charge ali our present iiaaneill and cpulnef-
eial distress TO the hanks aasi their management
However, much they have contributed, other
cases have operated still mere directly and pow
erfplly 10 produee these results; and alnoiis
tlep Gsst IN Importance and influence IS tht
present system OF low dutiea, 10 connection viii
The warehcusing system, aliopied as the policy
ot The Genera oorerDmcat IN 1916 Ta,
abandonment Of taa protective policy, as en-
bodied in the tariff act of 1872, was resisiet
BY Peunsylgauia with ualnnity alasost m
parallpled in her history. Her representative
; ID both branches oi the National Congress siren
uoasy opposed tue iepoel OF ihs. act. III
evils under whioh We are now suffering ger
predicted, rs u consequence Of such repeal. =
But other counsels prevailed. the act was re
pealei, aud the industry Of the country expose
10 runoas competition with the cheap labo
Of foreign nations. The disastrous effects of til
repeal were postponed BY Incorporation Of caus
Us well understood By every intelligent citizen
Famine abroad created an uaprecedeut deinan
for our breadstufs, and the gold of Califofaia
although it may have added to the excitemen
of our progress, and contributed its tuli shar
10 producing existing financial aud commercif
embarrassment, III miilious, supplied the mean
Of paying the overwhelming balances against y
on our foreign irnporta,ious. Under The pre-
ent system Of low duties, the excess Of iinpor
over exports has been beyond tie most exiFa'
: agant waits Of the country. They have bee
!, enormous and -ulnous destructive of doincs;
: industry, and involving the home maGnfactar
and hone Labor, ia one eommon ruin. We ha'
imported mere than we could pay fer, AMI au,
more than we needed. Pennsylvania ubopn'
? !, il IRON ore. Iron and It's manufactures Il
= justly regarded " important elements Of b
y material wealth; and from her abundance,
= properly tostered and protected BY wise i
J tional policy, could supply the markets Of
$ world, and yet, since ihe passage OF the acs
! 1916, wc have imported Of iron aud steel q
Z their manufacturers, more Ihan two hnndI