Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1858-01-09


on. this separation is desirable, but in con-
ection with the payment Of the public debt,
nd the reduction of State taxation, 1t be-
Dmes an object Of more than ordinary inter-
st. A sale, at the earliest practicable period
the whole of our public works, for the fair
upon terms just and liberal to
be purchasers, aud at the same time amply
Sotective OF the rights and interests Of the
Aple, should be authorized by the Legisla-
,ro ~ Such sale, with the application Of the
LIDS to the payment of the public debt.
meu, ecure its still more rapid extnguish.
unb;o. SShe subject is recommended to your
ire consideration.
Railroad Incorporating the Pennsylvapia
mills ner toPany imposed tax OF three
ovor ,bat ron er mile, on oil tonnage passing
crease in the rel an equivalent for any de-
that may arise rrlSS rrlSSes ol the oommonweal.n .,i
ton Of the road, \ ne an'elpated compel, 1p.ts
Main Line Of the puk 'ne business VI The Sh
necessity that required odiapIo'enen.s, az ,he
Commonwealth and he's .ua, "u ,uens hos
ceascd. Its continuanceSn III, h., ;rs,;ea5 |
os u revenue measure. lttonii bs Tho noli. |
cy Of the State to invite the. N.nnsn,;ss;op nr
the products of other States Eamnh bar ter'
ritory to her own morkets, andN ererore tho
propristy Of relieving the trade Gs bnsness
of the Commonwealth and country rom ,his
tax upon it is respectfully submittsSor vonr
consideration.
In consequence OF the suspension OF, ,oc;o
payments by the Banks of this und the No.
State, OF tho Union, and the financial emSr.
rasment and general ptostration of busnes
! deemed it my duty to call as authorized b,
the Constitution, an Extra Session Of th,
Legislature, to meet at Harrisburg on thC
sixth day OF October last. Although the re
lief provdad by this extraordinary session .
the General Assembly, was not as ample a
the exigeney of the case required, yet it was
productive Of many beneficial results, anc
served to allay tho intense excitement ant
alarm that prevailed the entire community
BY the act providing for the resumption o.
specie payments by the Banks, all banking
institutions accepting the provisions Of tha
law, were required TO pay into the the Treas
ury one-foulth OF one per cent, on their capi
tai stock the amount realized by the paymen
OF this bonus has not only betrayed all th'
expenses of that session but will leave d bal
nnce in the Treasury OF not less than thirty
FIVE thousand dellars--a result certainly mo-
injurious to the finances Of the Common
wealth
My views expressed in former communica
tiors on the subject Of banks und banking
capital, in their relations to the currency an,
the general interests Of trade remain un
changed. However diverse our opinions m =,
be Oh this subject, it must be admitted by al
that the banking and credit systems are s(
intimately interviewer with the business ant
commerce Of the country that their suddel
separat ton, or rash innovation would propuct
consequences Of fearful magnitude. That th'
present system Of banking is perfect, is no
pretended that it could be essentially modified
and improved, will not be denied. The pres
ent arrangement Of the currency may and vii
suggest the necessity Of reform. not only il
the system itself, but in the management o
our banking institutions.
Unlimited credits by corporations or indi
viduals have and will ever be an umitgate,
evil They contribute to bank expansions
rash speculations. extravagant living, and ex
cessivo over-trading always sure to be fol
lowed by ruinous revulsions. What the re
medy should be, did not deem it my prov
ince under existing circumstances to suggest
but to be permanent and eiiectuul, it mus
accord with the natural and necessary laws o
trade. The currency Of q country forms u
exception to these laws, and should be lef
to their operation and control, so far may b
consistent with the public good. 1t is there
! fore, that a system of free banking, based Of
undoubted public securities and coin in sue
| proportion to circulation and desposites a
may be deemed sufficient TO secure their cor
verson into specie, on demand, with prope
| limitations aud restrictions is deemed prefer
able to the present system. Its introductio
would correct many existing abuses not on!
| in the system itself, but in the present mod
| Of nj n'inoa ftupctinps hnunvnr "
the remeCi necessary to prevent a reccu
renee of the evils under which we now suffer
| together with the nature aud extent Of til
relief, Tany, that may yet be required by tn
Banks Of the Commonwealth, To enable theI
to resume the payment of their liabilities
specie, are oil referred to the wisdom of I'll
Legislature. They are practical aud impo
| tant business questions, and as such shoul
| receive your intelligent considerations.
The present condition ofour Commonwealth
ard country deserves at least a passing r
mark.
To whatever cause or causes they may
referred, it is neither just nor proper 20 charg
all our present financial and commercial di
tress TO the Banks and their management
However much they may have contribute
other causes have operated still more Girec
| uuu lchc''hh1 " IiouuNO iSSuits
and among them first in Importance and il
lluence is Tie present system of low dutie
in connection with the warehousing systel
adopted as the policy of the General Govern
ment in 1896 The abandonment Of the pr
tective policy, as embodied in the Tariff a
. Of 1912, was resisted by Pennsylvania wi
a unauimity almost unparalleled in her histor
Her representatives in both branches Of Il
National Congress strenuously opposed Il
repeal os that act. The evils under whiC
we are now suffering were predicted, as a CO
sequence Of such repeal. But other cOunse
prevailed, the oct was repealed, and the i
dustry of the country exposed TO ruino
competition with the cheap labor OF foreil
nations. The disastrous effects Of the repe
were postponed by the operation Of caus
well understood by every intelligent citze
Famine abroad produced an unprecedent
demand for our breadstuf's, and The gold
California, though it may have added to Il
excitement of oar progress, and contribut
its full share in producing existing fnanc
commercial embarrassment, in millions, su
piled the means of paying the overwhelmi
balances against us on cur foreign import
,, tons. Under the present system Of low d
ties, the excess of imports over exports
: been beyond the most extrayagant wants
the country, They have been enormous o
: ruiuous- destructive of domestic indust
D and involvinp the homa mannfartnrer n