Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1858-01-27
GOV. PACKERS INAUGURAI.


GOV. PACKERS INAUGURAL.
The Inauguration of WILLIAM F. PACKER, as
Governor of Pennsylvania, took place on Tues
day the 18th inst. The concourse of people
was large, and the proceedings, were very
interesting. After the oath of office had been
administered, Gov. Packer delivered his in
augural address. He expressed his thanks to
the people for the honor conferred upon him.
and engaged to regard the will of the people,
the public good, and the commands of the
Constitution as the guiding lights by which his
course shall be directed. He desired to cul-
tivate the most amicable relations with his fel-
low citizens of the Senate and House of Rep
resentatives, and to unite with them in the a.
doption of all such measures as the public good
may require. He alluded to the duties of the
Executive, the veto power, disapproyed of the
practice of the Governor keeping bills in his
possession until they become laws without his
signature, and stated that all bills not approved
by him within ten days after the adjournment
may be considered as awaiting the next meet
ing of the General Assembly to be returned
with the Executive dsapproval. In regard to
the bank question, he says:
s.The currency of the State is in such dis
ordered condition that a general and whole
some public opinion demands its reform and
the establishment of effectual barriers against
future commissions. This is subject which
will test the intelligence, the frmness, and the
patriotism of the representatives of the peo-
pie in the legislative department, and may i'm
pose grave responsibilities upon the Executive.
Nv ara dacida6Iy hostile fo ha mis-
and circulation of small notes as a currency;
to the increase of banking capital under pres
ent arrangements; and to the issue of bank
paper upon securities inadequate for their
demption. The want of uniformity in the le-
gal provisions under which existing banks op-
crate, is Objectionable. In the revision and
amendment of our banking system, the public
interests, in my opinion, demand the extension
of the specie basis upon which issues are made;
the suppression of the smaller denominations
of notes heretofore allowed thorough reports
their frequent publication additional securi-
ty, (other than spece,) to consist of the bonds
of this State or of the United States, for the
redemption of circulating notes, including in
all cases proper individual liability of stock
holders and directors, fitted for convenient and
actual enforcement; with supervisory and
controlling power in some proper officer or de-
partment of the Government, to restrain or
suspend the action of banks in case of their
violation or evasion of the law.
ssWhen specie currency shall be secured
to the people by prohibiting the circulation of
bills of small denomination, 1t will be highly
Desirable that fhp focal aff, nf State
governments shall be wholly separated from
those of the banks in other words, that the
money transactions of the government, both in
its collections and disbursements, shall be in
the legal coin of the country. Whenever a
practicable, convenient and efficient scheme
for the operations of the Treasury upon such
basis can be presented to me, by the repre-
sentatives of the people, it will meet with a
cheerful approval. There are difficulties in
the case, however, far greater than those sur
mounted by the general government, in the es-
tablishment of its Independent Treasury sys-
tenn; but the object being one of the first mag
nitude, and calculated to exercise most sal
utary influence upon the action of the govern
ment, and upon the business of the banks and
the people, if is well worthy of earnest con-
sideration.
elm reforming the currency, single State
can accomplish but moderate amount of
good, however sincere, Intelligent and earnest
it may be, without the cooperation OF other
States, and especially of those which adjoin it,
Bank notes are not stopped in their flow by
imaginary State lines, nor does 1t seem posi-
BILE for State altogether to prevent foreign
notes from circulating within her borders,
even by the most stringent enactments. We
must, therefore, invoke our sister States tc
Join with us in the repression of small paper,
and in such other particulars of reform as re-
ouire for complete success their cooperation.
Meantime, to the extent of our power, let us