Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1859-01-12

cient number to establish the efficiency and
probability of the plan, to be completed in
few years; the money not to be paid till the
schools were in full and approved operation,
The Farmer's High School
| Says the Governor is destined to afford a
! place where young men may be educated at
an expense commensurate with their means
anu to a condition qualifying them for the
pursuit of the business of the farm. Here.
| whilst daily occupation viii train the body to
the ability to labor, and give to the
student the ehviable feeling that he contrib
utes to his own support and education, 1t Will
! instruct and enlarge his mind that 1t may
give force and effect to all his future efforts.
/ The design of the Institution is to afford a
| school where boys may be thoroughly educa-
! ted in all the branches of natural science. and
! at the same time, be injured to the perfor-
nance of labor; 50 that at their graduation
/ they may retarn to their parents abundantly
prepared to join the domestic circle, to give
a right direction TO the business of agricul-
ture, and act we'll their part in every depart
mcnt of life. An object SO fraught with use
| funess is entitled to the highest eommerda-
| tiCa.
The Banks Of Pennsylvania.
! Under the resolution of the last House,
appointing Committee to examine into the
condition Of several Banks chartered III 1897
| says the Governor, said committee have hand
ed in their report, and careful inquiry into
the affairs of the Tioga City, the Crawford
county Banks, and the Bank Of ''Shamokin"
is recommended, and if it shall be ascertained
that the public are likely to suffer injury
from them. repeal of their chartered rights
and their privileges This power of altering
or reyoking Bank charters is granted to the
General Assembly by the Constitution. bat
its exercise would require that IN the event
of repeal Of charter of a Bank, care
should be taken that the rights of the stock
holders TO the surplus assets of the bank, at
ter payment of its debts, were protected; and
that suitable provisions should be made for
settling its affairs The Governor proceeds
to argue this Legislative power, and gives it
as his decisive opinion. that whenever it IS
clear that a bank is insolvent, Or in great dan
ger of becoming SO: or whenever its prIvlie-
ges are SO used or abused as to seriously pre-
iudice the interest of the public, it is the duty
of the law making power to protect the peo-
pie, by destroying its corporate existence.
RadicaI change IN Banking Lars.
The Governor then reiterates the view:
expressed in his Inaugural, that there should
be no further increase of banks or banking
E capital under fine present system-eZpressIns
decided hostility to the issue Of notes OF
small denomination, and recommending sHcl
a change in our laws relative to banks thci
{ organiza ton aud management, as would z
least secure beyond all question the promp
. redemption of ell bills or notes pWt III circu
latlou by the several banking institutions c
the State lie informs the Legislature tha
/ he viii not approve any more bank charter
~ i L
! nuless there ; radical change N the Who'll
: system It is but just to state, he urges
4 that in his opinion large majority of tn
, Banks OF the Commonwealth are we'll ans
safely managed, aud in a perfectly SCUM
: condition; but this is due TO the honesty anc
. intelligence of those having charge Of then
? rather to the efficiency Of the laws. UDde
: the management Of incapable or dishones
: men; experience has shewn, that there Is re
4 ally but little if auy security to the public
: the regulations and restrictions now to
h found in our banking code. True wisdol
4 dictates reformation. e
j Security to Note Holders.
81 The note holders of banks have peculiar claim
n to the protection of the government. They al
n involuntary creditors, who are forced to recelN
the notes authorized by the government. The
have 10 direct dealings with the banks. The
r do not trust the banks from any hope Of gain
Il | they would not have had in passing gold al
Or silver coin. They constitute almost the entl
Is community, and the humble and ignorant are a
IF ways the greatest sufferers when bank alls
l. redeem its notes. The whole people arc ther
fore deeply interested in the security of the CT
, culation allowed by law, although many OF the
: NAV never have had share Of bank stock,
re been within hundred miles of its place OF bu.
III ness. The Government that authorizes the lSSl
A. of a paper currency is under high moral ob
,g CATION to require ample and available securi
ut for its redemption.
p HIS Measures Of Reform.
l0 The Governor urges that the certificates of lo
on issued by the General Government, or by Il
~ Commonwealth, at value to be fixed upo
K with the power to require additional deposits
no | security from time to time, as the loans dep
~ ciatc in the market would be safe and avail
'n bic as any guarantee which could be provided.
ne A law recurring all issues of banks hereafter
% ganized. to be secured by the pledge OF the
re loans, would enhance the value of the press
lrc loans, and thus give the holders a premium !
Dr. contemplated when they became purchasers, a
ar for which they never gave any valuable consld
"a alton.
~ the expiration of twenty years, with the bank
me privilege attached to them, would undoubte
md sell at a high premium. The proceeds OF th
led sale should be applied to the payment OF
present State debt, now overdue, amounting
ion more than seventeen millions OF collars. Oh
bat tins system the state ioshs Wotiu no
led hed oy ioIelshes anu e.io ,,iS tlarafors 90
: ., ,, As the currency wod be limited to the amo
tie actually secured, the danger from expans
tea which have heretofore stimulated the incaut
oers to embark in ruinous enterprises, IN overtrad
oy and in extravaganza in their expenditures, W.
the be greatly lessened II not entirely overcome
ont the securities would be in the hands OF a
and responsible officer of the State, with autt
0As- ty to sell them for the purpose of redeeming
circulation, the power of the banks to a
pay specie payments at their own pleasure woul'
hool =, an end. The system proposed is as nea