Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1858-01-13


session of the same was accordingly delivered
to the company on the first day Of August last,
OF which notice was given TO all Superlnten-
dents and Agents Of the Commonwealth by
proclamation bearing date the 5Ist day OF Ju-
iv, 1857. as required by the law authorizing
the sale.
The bonds of the Pennsylvania railroad
company in the sum of seven and one hall
millions ol dollars, were received by the State
Treasurer and are held by him for the COM
miSsioners of the Sinking Fund; the entire
proceeds of the sale being required by the
twelfth section of the act TO be paid TO the
sinking fund and applied to the payment of tho
State debt.
cannot forbear congratulating the people
of the Commonwealth on the consrmmatlon
of this sale. Public sentiment, as expressed
through the ballot box, and in other forms
equally significant, demanded it-public poll
,ey and the interests of the Commonwealth re
aquired it. 1t is done. The many approve
few cOmplain-thosc most who have gained
al unenviablc reputation by reckless disre-
gard of the public interests, exhibited in
the extr2vagant useless and fraudulent eNpen-
itureS OF the public money for selfish or par-
tizan purposes.
The sale of the main line has directed pub
lie attention to the importance and necessity
of diSposing of the remaining divisions Oh the
public improvements. The reasons and policy
that required and justified the sale of the one,
apply with equal force 20 the safe of the other
The propriety Of separating the State from
the care and control of the public works, is
not only evident TO all who have given the
snbject a candid and impartial consideration,
but the necessity is clearly established, by the
history Of their construction and management.
They have failed to be source OF revenue to
the Commonwealth, and if retained by the
State, Will require expenditure In their re-
pair and management, largely exceeding any
revenue, that under the most favorable circum-
| stances, can be derived from them. In any
! phase Of the question, this separation IS desl-
! rable; but in connection with the payment of
! the public debt, and the reduction of State
taxation, il becomes object of more than
! ordinary interest. y sale, at the earliest
/ practicable PERIOD cf 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 Legislature. Such sale, with the ap-
! plication of the proceeds to the payment OF
the public debt. would secure its still more
rapid extirgnishment. The subject is recon-
mcnded to your unbiased consideration.
The law Incorporating the Penn'a railroad
! company, imposed tax of three mills per ton,
+, per mile. on all tonnage passing over that road,
/ equivalent for any decrease in the reve-
nues of the Commonwealth, that might arise
/ from the anticipated competition OF the road
! with the business Of the main line Of the pub
/ lie Improvements. This tax is not imposed
/ upon the company, but upon the tonnage, and
! is paid By the owners of the freight transport
/ ed over the read; the company acting as a.
| gents in lis collection and payment to theState-
! 1t is virtually tax upon The trade and COM
! merce of the Commonwealth, and upon the
| commerce of other States whose productions
| seek an eastern market over this road and
I thus by increasing the rate Of charges and the
I cost of transportation the produce oi TIE west
! is forced upon the competing railroads OF 9th
! er States and to other markets than our own.
-T,r. =
cards the Commonwealth and her improve
H:ents, has ceased. Its continuance can only
be Justified a Ieyenue measure 1t should
bc the policy OF the State 10 invite the trans
! mission of the products Of other States through
her territory TO her own markets, and, there
fore, the IropTiety of relieving the trade and
business of the Commonwealth and country
/ from this Tux upon it. is respectfully submit
/ ted for your consideration.
In consequence of the suspension of specie
payments by the banks OF this, and the other
States Of the Union, and the financial embar-
rassment and general prostration of business,
| deemed il my duty TO call, as authorized by
the Constitution, an extra session of the Le-
gislature, to meet at Harrisburg on the sixth
day of October last Although the relief
provided by this extraordinary session of the
General Assembly, Was not rs ample as the
exigcncv of the case required, yet ii was pro-
, ! ductvc of many beneficial results, and served
. / to alay the intense excitement and alarm that
, / pervaded the entire community. By the act
providing for the resurntion of specie payments
By the banks, all banking institutions accept
: ing the provisions of that law, were required
: TO 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,
bat viii leave balance in the Treasury OF not
less than thirty-live thousand dOilars-a result
certainly not injurious 20 the finances OF the
Commonwealth
Ny views expressed in former communica-
t tions on the sGliect of banks and banking cap
I ital, in their relations TO the currency and the
: general interests of trade, remain unchanged
: However diverse our opinions may De on this
r subject it must be admitted by all, that the
banking and credit systems are SO intimately
iuteryoyeu with the business and commerce Of
Z the country that their sudden separation, or
, n rash innovation, would produce consequeH-
ces of fearful magnitude. That the present
, system of banking is perfect. is not pretend
; ed: that it could be essentially modified and
improved, Will not be denied. The present
E arrangement of the currency may and will
E suggest the necessity of reform, not only in
the system itself, but in the management Of
e our barking institutions.
Unlimited credits by corporations or indi-
: viduals have and will ever be an unmitigated
D evil. They contribute to bank expansions
: rash specnlations, extravagant living and ex
t cessive over-trading always Sire to be fol
f lowed by ruinous revulsiSns. What the rem
:, edy should be, do not deem it my province
|, under existing circumstances, to suggest; bu
/ To De permaslent and efiectual, it must accor
s with the Natural and necessary laws of trade
c Ibe currency of a country forms no excel
!, hon 10 these laws, and should be left to the
opetatioh an3 control, SO far as may De consi
~ ,ees @i' me public good. 1t IS, therefor
ii han