The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1858-01-27
OTJJMBIA COUNTY PA. WEDNESDAY. JANUARY ~, 1858

Nhcr specie currency shall be secured
to the people by prohibiting the circulation
cfbills of small denomination, it will be
highly d. sifable thafthe fiscal affairs of the
State Government shall be wholly separated
| from those of the banks in other words,
that the money transactions of tho Govern.
! Tuent, both il its collections aud disburse-
menls shall be in the legal coin OF Tho
country. WisDever a practicable, convent
en-! snd efficient scheme of the operations OF
the Treasury upon such basis can be pre-
semed 10 me by the Representatives of the
! people, il will meet with a cheerful appro-
val. There are difficulties in the case, how
| ever, far greater than those surmounted by
! the General Government, IN the establish
ment Of its inaepe. dent Treasury system !;
but the object being one Of the first magni
tude, and calculated to exercise most sal
utary influence upon the action of the gov
ernment, and upon the business Of the banks
and the people, it is well worthy of earnest
ro"sidera. lion.
In reforming the currency, single State
can accomplish but moderate amount Of
good, however, sincere, intelligent and ear
nest ii may be. without the cooperation of
! other States, ard especially OF those which
adjoin il. Bank notes are not stopped in
their flow by imaginary Safe lines, nor does
It seem possible for State altogether 10 pre-
| vent foreign notes from circulating within
her borders, even by the most stringent
enac,ments. We must, therefore, invoke
our sister Stp.es 10 Join with us in the re.
preston CT small paper, and in such other
particulars of reform as require for complete
success their coperaton Meantime to The
extent of our power let US exert ourselves
10 furnish our citizens with safe and a.
bic currency; 10 prevent future financial
convusions similar 10 that under which the
community has for some time been strug-
Cling; and 10 relieve the government in its
fiscal action from the danger OF deprecated
or worthless paper, and the embarrassments
arising from dependence upon corporations
OF her own creation.
The people of Pennsylvania, by the re.
cent adoption of an amendment 10 The Con-
stituton on the subject of Public Indebted
ness, have imposed an imperative obliga-
tion upon their servants 10 practice econo.
my, 10 limit expenditures, and 10 give
their best efforts 10 the gradual but eventual
exiinguishment of the existing public debt,
After eight years of experience under the
sinking fund act of 1s49, we find our public
Indebtedness but slightly diminished. The
constitutional amendment just adopted de.
mands the establishment of an effective
sinking fund for its payment, and / shall
consider it one of the leading duties of my
administration 10 see that that amendment is
carried out both in its letter and It's spirit
cannot regard the reduction of the three
mill tax on property made at tue last regu-
lar session of the Legislature, otherwise
than as inoppertune; and doubtless exist.
ing financial embarrassments will for time
reduce the amount derived from other sour
ces of revenue. Nor will any very large
amount of the purchase money of the main
line OF the public works be realized by the
Treasury for considerable period. 1t will,
therefore, be necessary for the State TO hus-
band her resources, and to increase her rev.
enues as far as is possible, without oppres-
sion to any interest, in order TO meet her
current and necessary orilays, the demands
of her creditors, and the positive obligation
OF the constitutional amendment.
There is great lack of consistency and
principle i'll the laws passed during some
years in relation 10 interpretations. They
have been created upon no settled, uniform
plan; are excessive in number; and many of
them unnecessary TO the accomplishment Of
any legitimate purpose. They have doubt
less encouraged speculation, and i'll various
ways contributed to the recent financial
couvulson. Various and Inconsistent pro-
visions appear in acts establishing or'ex-
tending the powers of corporate bodies of
tie same class and general character. The
tax laws relating 10 them are in some con-
iu ion, and consequently taxes paId by
them ~ equal, while some wholly escape
any share OF the public burdens. In href,
our system Of interpretations has become so
. vast, diversified aud difficult of compre-
hensinn, that no reasonable industry can
maslerlthe whole subject, and understand
preciselywhere we are ant 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 par
ticular corporations, are reforms imperlohs-
kly demanded by. the public interests in
which shall heartily cooperate. have
no hostility TO express against incorpora-
tions for proper objects beyond the power
of individual means and skill; nor generally
against Legislative facilities for the applica.
ton of labor and capital 10 the creation OF
wealth, where individual unprompted action
kwill,not 60 But no one can assert that we
have limited ourselves TO such policy; nor
that our laws on this subject have been
careful, consistent and just
But, notwithstanding all topics of regret
or criticism in our public career, (and
which should bear their proper fruit in