Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1858-01-27

for the Legislature to so shape its action as to
avoid the necessity of sending many important
bills to the Governor in the closing days or
hours of session.
FetLo,0 CttizeuS Although it will not be
expected that l should at this time discuss,
in detail, the particular questions which viii
probably come before the government during
my term, l desire briefly to give expression
to tho general views fpublic policy to which
hold, in their application to practical issues
HOW pending. The currency of the State is
in such disordered condition. that general
and wholesome public opinion demands its
reform, and the establishment OF efectual
barriers against future commissions. This is
a subject which viii test the intelligence, the
frmness. and the patriotism of the representa-
tives of the people in the legislative depart
lnent, anil may impose grave responsibilities
upon the Executive. My views are decidedly
hostile to the emission and circulation of small
notes as currency; to the increase of bank
ing capital under present arrangements and
to the issue Of bank paper upon securities IN
adequate for their redemption. The want OF
uniformity in the legal provisions under which
existing banks opparate, Is Objectionable
In the reVulsion and amendment of our bank
ing system, the public interests, in my opin-
ion, demand the extension of the specie basis
upon which issues are made; the suppress
sion of the smaller denomination of notes
heretofore allowed; thorough reports OF the
condition and business of banks with their
| frequent publication additional security,
| (other than SPECIE to consist of the bonds of
this State or of the United States, for the re-
demptiOn Of circulating notes, including iR
! Iol1 l.,l,, of
! holders and directors, fitted for convenient
and actual enforcement; with a supervisory
and controlling power in some proper officer
or department of the Government, to restrain
or suspend the action of banks in case of then
vi olation or evasion Of the law.
When a specie currency shall be secured
to the people by prohibiting the circulation
of bills of small denomination, it will b.
highly desirable that the fiscal affairs of the
State governments shall be wholly separated
from those of the banks: In other words, tha
the money transactions of the government
both in its collections and disbursements, ,shal
be in the legal coin of the country. When
ever practicable, convenient and eihcien
scheme for the operations of the Treasury up
on such basis can be presented to me, b
the representatives of the people, it will NEE
with cheerful approval. There are difficul
ties in the case, however, far greater tha
,, those surmounted by the general government
in the establishment of its Independent Treas
: ury system but the object being one of til
: first magnitude, and calculated to exercise
most salutary influence upon the action OF th
government, and upon the business OF tn
banks and the people, it Is well worthy {
earnest consideration.
: In reforming the currency, single Stat
can accomplish but moderate amount {
good however sincere, intelligent and eal
nest it may be, without the cooperation {
other States, and especially Of those which az
ioin it. Bank notes are not stopped ii thel
, fow By imaginary State lines, nor does
=, seem possible for a State altogether to prever
foreign notes from circulating within her boz
ders, even by the most stringent enaetmentS
: We must. therefore, invoke eur sister Etat(
! to ioin with Us in the repression of small P;
per. and in such other particulars Of rcforI
as require for complete success their cooper;
tion Meantime, to the extent of our pow
er. let US exert ourselves to furnish our Cit
zens with safe and stable currency; to pr
; vent future financial revuIsions similar to ii
!. under which the community has for son
: time been struggling and 10 relieve the Go
ernmcnt in It's fiscal action, from the dang
E of deprecated or worthless paper, and the Ell
: barrassments arising from dependence {
: corporations Of her own creation.
: The people cf Pennsylvania, by the rece
adoption of an amendment to the Constitute
: on the subject of Public Indebtedness, ha
J, imposed an imperative obligation upon the
< servants to practice economy, to limit expc
i ditures. and to give their best efforts to t
# gradual but eventual extinguishment of t
e existing public debt. After eight years of e
|. pericnco under the sinking fund act of 1S4
S we find our public Indebtedness but slight
b diminished The constitutional amendme
,e Just adopted demands the establishment of
al effective sinking fund for It's payment, and
1t shall consider it one Of the leading duties
D. nv administration to Sc that amendment
Is carried out both in its letter and spirit.
D. cannot regard the reduction OF the three II
ID tax on property, made at last regular sessi
c. of the Legislature, otherwise than as in {
fortune; and doubtless existing financial e
v barrassments win for q time reduce the a
re cunt derived from other sources Of reven1
th Nor will any very large amount of the p
to chase mony of the main line of the put
ly works be realized by the Treasury for c.
n siderable period. 1t will therefore, be nee
av sary for the State to husband her resourc
lg and to increase her revenues as far as Is P
tn sible. without oppression to any interest,
7e order to meet her current and necessary Q
of laws, the demands of her creditors, and
in positive obligation of the constitutional ame
"a ment.
ia There is a great lack of consistency
lat principle in the laws passed during some ye
n in relation to interpretations. They have b
is created upon no sectled, uniform plan
er. excessive in number and many of them
,se necessary to the accomplishment any leg
EN- mate purpose. They have doubtless encoura
,he speculation, and in narious ways contribr
ID to the recen financial convulsion, Various
csc inconsistent provisions appear in acts establ
tie, ing or extending the powars of cor2orae
of dies of the same class and general charac