Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1859-01-07

paper currency TO be furnished to people and have
the exclusive power contract expand their crcula
ton a pleasure DepositCrs and other ordinary cred
Of banks need lcgi laon for their protection
Every who has erect dealings with these ins itu
tons either deponr otherwise, enters into such
engagements voluntarily, for his own advantage and
may be safely eft TO his vigilance, and the "rdn1-
ry remedies Of the law for h protection. But the mil
hons OF people engaged in industrious pur-utts, the
ftrmer-;he mechanic--ihe merchant-aud the lab0Tng
man--are under impsrious Necessity to receive Tor
their merchandise and their labor, the ordinary paper
currency OF the country Il Is impossible for persons Of
this description investigate the concerns Of every IN
stituon whose notes IN circulation But no iuves
CATION could them from the l1es arising from the
defaults and frauds OF bank officers and the Insolvency
Of bank borrowers
The note holders of banks have peculiar claims to the
protection o! the government. They are Involuntary
creditors who forced receive the authorized
by the government They have no direct dealings with
the banks They do not trust the banks ir"m any hofe
Of gain They have profit II passing the notes which
they would have had in passing gold and silver coin
They constitute almost the enre community, and the
humble and ignorant always the greatest sufferers
when bank fails to redeem its notes. The people are
therefore deeply interested N The security oi the crcua
allowed by law, although many Of them may never
have La a share Of banG stock been whna hundred
miles Of its place oi business The Government that
authorizes the issue Of paper currency is under high
moral Obligation TO require ample and available security
for is redemption.
The certificates of loan issued by the General
Government, or by this Commonwealth, at a
value to be fixed upon, with the power to re-
Guire additional deposits of security, from time
to time as the loans depreciate in the market,
would be as safe and available as any guaranty
which could be provided.
A law requiring all issues of banks hereafter
organized, to be secured by the pledge Of these
loans, would enhance the value of the present
loans, and thus give the holders premium not
contemplated when they became purchasers,
and for which they never gave any valuable
consideration. This enhanced value wuuld be
derived from a privilege granted by the State,
and the State ought, therefore, TO have the
benefit of it, as far us this may be- secured 10y
legislation. The recent amendment of the
Constitution circumscribes the power of the
legislature in creating State debts with an ex-
ception in favor of the debts contracted ITO re-
deem the present outstanding Indebtedness of
the State" law authorizing new State loans
for the purpose of redeeming the present over
due debt would be within the constitutional
exception and would be free from objection on
constitutional grounds.
The new loans thus authorized, Iedeemable
at the expiration of twenty years, with the
banking privilege attached to them, would uL-
douhtedly sell at high premium. The pro-
ceeds of their sale should be applied 10 the
payment of the Present State debt now over
due, amounting to more than seventeen mil
~
loans would no longer be held by foreigners,
and the semi annual shipments of specie, to
pay interest. would therefore CEASE
As the currency would be limited to the
amount actually secured, the danger from eX-
pInsions, which have heretofore stimulated the
incautiDus to embark in TuinOus enterprises, in
oveItrading, and in extravaganza in their ex-
penditures, would be greatly lesscned, it not
entirely overcome. As the securities would lie
in the hands OF high and responsible officer
of the State, with authority to sell them for
the purpose of redceming the circulation, the
power of the banks to arrest specie payments
at their own pleasure would be at an end. The
system proposed is as near an approach to a
specie basis the condition and habits of the
people are at present prepared Tor. he duty
of securing the community from losses continn-
ally arising from unsafe Currency. cannot bc
longer delayed without manifest disregard of
the public interests. The subject is therefore
commended TO your early attention
The report of the Commissioners appointed
to contract for and supeTiu'end the erection of
a monument 10 the memory of citizens OF Penn
sylvania, who were slain or lost their lives in
the late war with Mexico, will inform the L.
gis!ature of the proceedings hai on that sub
ject. After receiving proposals tor the erection
of the monument, and the adoption of plan,
it was determined in view of the limited and
inadequate appropriation made for the accom-
pllshmeut OF the purpose, 10y the last Lcsisa-
ture. to postpone the commencement OF the
work until further legislation could be had. 1t
is the opinion of the Commissioners that such
a monument as would do credit to the State,
and honor to the living aid the dead, cannot
be built for a less sum than thIty Thousand
dollars. Ii the Legislature should concur in
that opinion. the appropriation should be in
creased accordingly.
The report OF the State Librarian will inform
you of the progress made III the catalogue au-
thOrized 10y the last legislature. and the gem
eral condition OF the Library, which has grown
to be an institution that deserves your fostering
care. would Commend to your attention the
suggestions Of the Librarian.
The report of the Attorney General which
will be laid before YOU will exhibit the opera
tionS OF the Law Department of the Gpveru-
ment for the past year. The Act OF the 2lst of
April, lej7. which requires the Attorney Gen
eral to keep an office at Harrisburg. and which
provides that all debts due to the Common
wealth shall be collected 10y that officer has
proved to he highly beneficial enactment
Under its provisions large sums are saved which
were formerly pad for commissions and coun-
sci fees And the improved state of our finances
is in no inconsiderabe degrcce owing TO the
prompt manner in which outstanding claims
are collected and pad into the State Treasury
The Adiutant Generals report, which will
be laid before You, will show in detail the pre-
sent condition OF the Military Department
would respectfully call the attention of the
Legislature TO the recommendations of that
officer.
The Militia Law of 1858 has not been fully
tested, but it is believed To- be, in the main. an
Improvement on the laws in force at the time
II its passage. One of its best features. and
one that should be strictly enforced is that the
system is self supporting. In no contingency
should that department be charge upon the
public Treasury in time of peace
In referring the attention OF the Legislature
to the elaborate reports of the Auditor General
aud State Treasurer, relating TO the finances OF
the State. which will be laid before YOU can
not refrain from giving expression to my views
IN the importance Of "A change in the mode of
keeping and disbursing the public moneys
The State Treasurer receives and disburses