Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1858-01-14

the public interests. as exhibited in the eXtrava-
giant. useless and fraudulent expenditures OF
the public money for selfish or partizan pur-
poses.
The sale Of the Main Line has directed pub
lie attention to the Importance and necessity
of dispoSing Of the remaining divisions OF the
public improvements The reasons and policy
that required and justified the sale Of the one,
apply with equal force to the sale of the other.
The propriety of separating the State from the
care and control of the public worls, is not
only evident to all who have given the subject
a candid and impartial consideration, but the
necessity is clearly established by the history
of their construction and management. They
have failed to be a source of revenue to the
Commonwealth, and if retained by the State.
will require all expenditure in their repair and
management, largely exceeding any revenue,
that under the most favorable circumstances,
can be derived from them. In any phase OF
the question, this separation is desirable, bnt
in connection with the payment of the public
debt and the reduction of State taxation, it
becomes an object of more than ordinary in
terest A sale, at the earliest practicable pc
riod, of the whole of our public works, for
fair consideration, upon terms Just and liberal
to the purchasers, and at the same time amply
protective of the rights and interests of the
people, should be authorized by the Legisla-
ture Such sale, with the application of the
proceeds to the payment Of the public. debt,
would secure its still more rapid cNtinguiSh-
ment. The subject is recommended to your
unbiased consideration.
The law incorporating the Pennsylvania
Railroad Company imposed tax OF three
mills, per ton, per mile, onsalI tonnage passing
over that road as an equivalent for any de-
crease in the revenues of the Commonwealth,
that might arise from the anticipated competi
tioE of the road, with the business of the Main
Line of the public improvements. This tax is
not imposed upon the Company, bat on the
tonnage, and is paid by the owners of the
freight transported over the road the compa-
ny acting agents in its collection and pay
ment to the State 1t is virtually n tax upon
the trade and commerce OF the Commonwealth,
and upon the commerce of other States whose
productions seek an Eastern market over this
road; and thus iy increasing the rate of charges
and the cost of transportation the produce Of
West is forced upon the competing Railroads
Of other Safes and to other markets than our
own. The necessity that required this tax, as
regards the Commonwealth and her improve
mentS has ceased Its continuance eau ouly
be justified as a revenue measure. 1t should
be the policy of the State to invite the trans
mission of the products of the other States
through her territory to her own markets, and,
therefore, the propriety of relieving the trade
and business of the Commonwealth and the
country from this tax upon it, is respectfully
submitted for vour consideration.
Ia consequence Of the suspension of specie
payments by the Banks of this than the other
States of the Union, and the financial embar-
raSSmeRt and general proStration Of business,
| deemed it my duty TO call. as authorized by
the Constitution, an extra Session Of the leg
iSlatuFe, to meet at Harrisburg on the 9th day
of October last Although the relief provid-
ed by this extraordinary session of the General
Assembly, was not as ample as the exigency
OF the case required, vet it was productive of
many beneficial results, and served to aliay
the intense excitement aud alarm that pervad-
ed the entire community. By the act provid
ing for the resumption OF specie payments by
the BaskS, all banking institutions accepting
the provisions Of that law, were required 70
pay into the Treasury one-fourth of one per
cent. on their capital stock: the amount re-
allied by the payment of this bonus has not
only betrayed all the expenses Of that session,
but will leave balance in the Treasury of
not less than thirty-fve thousand dollars-a
result certainly not injurious to the finances of
the Commonwealth
Ny views expressed in former communica-
tionS on the subject of banks and banking cap
ital, in their relations to the currency and the
general interests of trade, remain unchanged.
However diverse our opinions may be on this
subject, it must be admitted by all, that the
banking and credit systems are so intimately
interviewer with the business and commerce of
the country, that their sudden separation, or a
rash Innovation. would produce consequences Of
fearful magnitude That the present system
of banking is perfect, is not intended that it
could be essentialy modified and improved, will
not be denied. The present arrangement of
the currency may and will suggest the re-
cessity Of reform, not only in the system itself,
but in the management of our banking inSti-
tutions
Unlimited credits by corporations or ndi-
viduals have and will ever be an uumitigated
evil They contribute to bank expansions.
rash specuations, extravagant living, and ex-
ceSSiye overtradngs always sure to be follow
ed by ruinous revulsions. What the remedy
should be, do not deem it my province, under
existing circumstances, to suggest bnt to be
permanent and effectual, it must accord with
the natural and necessary laws of trade The
currency of country forms no exception to
these laws, and should be left to their opera
ton and control, so far as may be consistent
with the public good. 1t is, therefore, that
system of free banking, based on undoubted
public securities, and coin in such proportion
to circulation and deposites as may be deemed
sufficient to secure their conversion into specie.
on demand, with proper limitations and restric-
tons, is deemed preferable to the present sys-
TEN. Its introduction would correct many
existing abuses not only in the system itself,
hnt in tho nresant mnle of hankinn Thnsn