Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1858-01-29

ton oE rvulatiug notes, including 10 all cases
proper Ndividnal liability of stockholders and
dircctoa1 fitted for Convenient and actual en-
forcemesiS with supervisory and controlling
power III Some proper officer or department of
Government to restrain or suspend the action
1f bankN In case of their violation Or evasion of
the law
Whea specie currency shall be secured to
the people by prohibiting the circulation of
bills Of small denomination, it wIll be highly
desirabl that the fiscal affairs of the State
eovernsaant shall be wholly SC parated from
those "a 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
practicabia, convenient and efficient scheme fer
the Operations of the Treasury Upon such ba-
sis eau be presented 10 me by the Representa-
tqes ofAthe people, It viii meet with leheer-
| full appfoval. There are difficulties in the case,
however. far greater than those surmounted by
| the general government, in the establishment
Of its Independent Treasury system; but the OBJ
iect being one OF the first magnitude, and cal-
culatedsta exercise most salutary influence
| upon tgia action Of the government, and upon
the business of the banks and the people, il is
/ we'll worthy Of earnest consideration.
/ I'm reforming the currency, a single State can
/ accomplish but moderate amount.of good,
/ howcvar sincere, intelligent aud earnest it may
! be, without the co-operation Of other States,
/ and espeeilliy OF these which adlein it,. Bank
J notes IRE not stopped in their flow by imagna-
! Ty Sctte lines, nor does it seem possible for
Stare Altoaether TO prevent foreign mites from
4 eirculsting within her borders, even by the
4 most Stringent eHactmeutS. We must, there
fore, invoke our sister States to join With US in
! the REPRESSION of >nal paper, aud in such oth-
er particulars Of reform require tor com
plete EuceesS their eo-operati0n. Meantime to
the extent Of our power lei US exert ourselves
10 furnish our citizens with safe and sta hIe
carreghy, to prevent future financial eontul-
siuns 5lllilar to that under which the coMmnni-
ty hasfor some time been struggling and to
relieydthe government i'll ilS fiscal action from
the danger of Deprecated or worthless paper,
aud tle enlbai raSsments arising frem depen-
deucet upon corporations of her own crea-
| tioa..
1 TIE spcople Of pennsylgsnia BY the recent
aGoessez Df an amendment to the Constitution
= ai:- ll...i-.t4ss A.a4-- i.s..e
imposed an Imperative obligation upon their
lures, and 20 give their best efforts to the
gradusl hut eventual extinguishment Of the ex-
listing public debt. After eight years of exoe-
rienee under the sinking faud act of 1916, we
fad bnr public indebtedness but slightly
dinIinfhed. The constitutional amendment
just adopted demands the establishment of an
effective sinking fund for its payment, aud
shall consider it one of the leading duties Of
my ADMINISTRATION to see that that amendment
is esrried ont both in its letter aad It's spirit
calnot regard the reduction of the three mill
tax on property, made &t The last regular ses-
sion of the Legislature, otherwise than as mop
porune, and doubtless existing inpucial en-
barratsweuts will for time reduce the amount
derived from other sources of revenue. Nor
will any very large amount of the purchase
motel OF tho iuain line of the public works be
realizd by the Treasury for considerable pc
rad 1t will, therefore, be necessary for the
Statelto husband her resources, and TO increase
her rlvenues as far as is possible, without OPP
pressbn TO any interest, in order to meet her
currGt aud necessary outlays, the demands Of
her fcditors, and the positive obligation Of the
constitutional amendment.
Tiere is a great lack of consistency and
prin6ple in the laws passed during some years
in reatlon to interpretations. They have been
created upon no settled, uniform plan; are ex-
cossbe in number; aud many of them unneres-
sarvio the accomplishment of any legitimate
purpose They have doubtless encouraged
speculation, and in various ways contributed 10
the recent fina1cial convulsop. Various aud
incqlsstant provisions appear in acts establish
ing Or extending the powers OF corporate bodies
of the same class and general character. The
tax laws relating to them are in some confu-
sion, and consequently taxes paiG by them un-
equal, while some wholly escape any share of
the public burdens. In brief, our system of
interpretations has become so vast, diversified
and dificult of comprehension, thar no Teasoha-
bic industry can master the whole subject, and
understand precisely where we are aud whittier
we are drifting. A thorough revision of our
laws on this subject, and the establishment of
general, uniform regulations for each class of
corporate bodies, with The avoidance, as far as
possible, of special provisions for particular
corporations are reforms ilnperiously demand
ed by the public interests i'll which / shall
heartily corporate | have no hostility to ex-
press against interpretations for proper objects
beyond the power of individual means and
skill nor generally against legislative facili-
tiles for the application of labor and capital to
the creation of wealth, where individual un-
prompted action will not 60. But no one can
assert that we have limited ourselves to such
policy, nor that or laws on this subject have
been careful, consistent and just.
Bat, notwithstanding all topics of regret or
criticism in our public career, land which
should bear their proper fruit In amendment
and reforml we may we'll be proud of this
Pennsylvania of ours--of her people, her insti-
tutiouS and her laws. She has become great,
prosperous and powerful, ranking among the
| first of the States, and her condition at home
aud character abroad bear testimony to her
merits, aud promise for her distinguished fu-