Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1859-01-08

The statute which authorizes the Executiv,
to make requisition upon other States for thu
surrender of fugitives from justice, demands
consideration and revision, in order that i
shall be in strict conformity with the provis
ions of the constitution and laws of the United
States. The power tomake requisition upon 9th
er States for the surrender of alleged offenders
and which authorizes the surrender of oul
own citizens, as criminals, upon er pa,te state.
ments exclusively is one which admits of
gravest abuse, and should be most carefully
guarded.
The attention of the Executive has been
called to the situation of one or more bridges,
hitherto maintained by corporations, whose
franchises have reverted to the Common
wealth, and it is thought that in some cases.
additional Legislation may be required.
During the past year, payment has been Sc
cured of one class of securities, held as the
proceeds of the sales of public lands in Maine.
to the amount of about $4,000. There is
stu due upon another class of the same secu-
rltles-the greater part or the whole of which
will ultimately be reduced to cash-about
Sl24,557. 1t will be expedient to apply to
this class the same principles Of legislation,
which, by resolution of 1856, were applied to
those recently settled; and as measure of
wise economy, recommend the continuance
of the land agent in office another year, by
whom these complicate accounts have been
successfully adjusted.
The treasurer of the Commonwealth was
authorized by statute approved April 5, 1854,
to issue its script or certificates of debt to the
amount of two million dollars, for the purpose
OF aiding the Troy and Greenfield Railroad
Company to construct tunnel and railroad
under and through the Hoosac mountain
During the past year, application was made
tor the payment of the first instalment under
TINS Act, and 1t appearing to the Governor and
Council, upon careful examination, that the
conditions specified in the Act had been per-
formed, scrip or certificates of debt in the
name of the Commonwealth to the amount of
one hundred thousand dollars were delivered
to the treasurer of the company. l transmit
to the Legislature a report of a committee of
the Council upon this subject, and ask its
attention thereto
from the fund of ten thousand dollars, appro-
priated by the Legislature of 1858, and entitled
the Emergency Fund"
The statute enacted by the legislature of
1858, requiring the banks to keep fifteen
per centum of their liabilities in specie,
has operated favorably. The object and
effect of the statute is to establish that
per centage of their liabilities, as the least
amount of specie at the immediate command
OF any bank. The aggregate in all the banks,
therefore, always exceeds that amount, as all
cannot keep their specie constantly at mini
mum point. 1t appears from the statements of
the banks in Boston, during the past year, that
while part held only the amount of specie re-
CURED by law, the aggregate of specie in all
the banks has been equal to more than 20 per
centum of their liabilities
The bank returns show that while specie in
banks has been increased to ST., 112,715,
against 1851 ,O97 last year, the loans have
been increased IN the same period of time from
S9Z,45S, 572 to the sum of SOL 662, 947 indicat-
ing that the ability and confidence derived
from larger amount of specie has enabled the
- .a nornnse the amount of loans frn,,r
eIice or tine pact IS dorirnd exn qrl-
cate that as the financial position of the coun-
try is strengthened by the increase of specie,
the rates of interest are reduced, approaching
an equality with the lower rates of European
countries
The currency is the basis of the system of
credit which our people have thought to be SO
closely connected with their prosperity. No
legislation should be omitted, therefore, that
will add to its stability and security, rendering
it equal in value at all times to the coin which
it purports to represent There is danger that
the present low rates of interest and abund-
ance of money may encourage desire to en-
large facilities for speculation, and to increase
bank capital, thereby turning capital from per-
manent and productive investments, which
give employment to industry, and increase
the products of the country. The object of
banks should be to facilitate by temporary
loans the distribution of the products of indus
try but such products result generally from
more permanent investments of capital, such
as improvements in land and the construction
of machinery, manufactures, ships, and rail-
ways.
Anexcessive paper currency counteracts the
advantages to be derived from incidental pro-
lection to American industry, by stimulating,
in the same degree, excessive importations of
foreign manufactures. We cannot reasonably
claim additional support for our industry, by
protective legislation, while we unnecessarily
stimulate importatons by injudicious expan-
sion of credit; and to make the present rapid
increase of specie pretext for such undue ex-
pansion, will result not only in the partial ex-
clusion of gold and silver, but also in the accel-
Grafton of financial revulsions and prepare the
way for the overthrow of all State institutions
of credit, by the concentrated power Of the
federal government. Upon these subjects,
invite attention to the report of the Bank Com
missioners.
1t is sufficiently to the credit of the
common schools to say that they MAIN
tain their high character. There has been
a marked improvement in the condition of
the Normal Schools, and in their capacity for
public service. A similar remark, though less
within my own knowledge, can be made of 9TH
er departments of education. The expendi-
ture of the past year, for educational purposes,
was $1,474,488 The number of children be-
tween five and fifteen years of age, is 223, 1904,
of whom 2l8, 1873 have been in attendance upon
the schools during the year, showing an in
crease in attendance of 15,l67 pupils on last
cur. .-sas----
OF schools Is supported, is about 81, SOC, 000
The Board of Education, and the Secretary of
the Board, in their reports, earnestly recon.
mend the increase of the fund to the sum of
$3,O00O0O as measure indispensable to the
full success of the common school system; and
i commend these papers to your consideration,
with most hearty concurrence in this opinion.
The public school fund was established when
we had less than half our population, and
much less than half our present wealth The
system is no longer an experiment The adj
vantages we have already derived are far
greater than was then anticipated, but it is far
from perfect school that we have established
should reluctantly assent to the increase of the
school fund, were it to be exhausted in expen-
sive buildings, but other and better results will
follow. Less and better mental training will
be applied, physical development be made to
accompany intellectual attainment, and through
the instrumentality of agents, the people may
be induced to visit their children, and to sup.
port the teachers in school. The success Of
the Normal School will lead to other practical
and professional schools. The visitors of the
Normal Schools report that, in some the aver
age age ofstudentsupon entering, is twenty-one
years But we should remember, that while
the Normal Schools instruct a few hundred,