Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1863-01-16
OLD SERIES

upon banking corporations for rtfusing 10
redeem their balls. checks and drafts ia
specie. The question j. Of course affected.
II not radically changed. BY the law Of con-
gress making Treasury notes a legal tender
for debts-aPplying of-c0urse. 90 debts Of
banks a. weil a. debts of individ=als-but
Il may A. the SANE time be prudent. 50 long
as actual payment Of specie - not prartica-
bic. % make our own statutes correspond
IN letter % the supreme enactment Of Coz
srcss. and the equally iinPeriOus law Of
necessity.
The specie suspension has not been
followed In our state by any OF those evil
results which 80 many feared and antici
pated. lcdccd our banks were rarely II
ever IN = sounder condition than they are
to-day. A. compared with Last year. their
circulation has indeed increased nearly two
millions. but the balances 90 their credit at
The point of redemption. have increased by
nearly the sane SUN. while their aggregate
amount q specie. notwithstanding the great
temptations O. sell presented BY the high
premium has decreased bv only some forty
thousand dollars They hold. moreover.
nearly two millions of dollars in govern
mcnt securities. The healthf1l and prosper
Gus condition of the community l. also seer
IN the fact that deposits have increased bv
more than = million and 4 half of dollars.
while individual Indebtedness 90 the banks
has decreased by a stiil larger sum. The
Savings Banks OF thc State exhibit an
aggre gate increase IN deposits % more than
two hundred and fifty thousand dollar.
while the total amount Of these deposits Is
well nigh two millions. These iaets. to-
gether with many others which will De pre-
s-n;ed IN faithful detail in the Report of the
Bank Commissioners. arr highly gratifying
sud encouraging They assure us that our
hnancial Institutions are conducted with
prudence and honesty and theV prove that
Notwithstanding the many fears and pre-
dictions o. the the contrary. our State has
rarely had year Of sound prosperity In
business Affairs than the one which has lust
closed.
fUnfIc LANDs-NfTLIrAEY DEFENsEs-NITI-
The Report of the Land Agent will pre-
sent % the coalition Of that Department.
Tie proceeds IN cash paid into the Treasury
the I.ast year amount 10 e25.977 %
he State owns az the present time about
two million Of acres Of land. Of which only
about one-fogrth az the most can with auv
Proprety De called timber lands. The 9th
er three-fourths pass under the name of
3" settling lands. though a considerable
portion thereof - rocky. sterile and unin-
vlung. The best portion Of the public
lands. including those sections IN the coun-
tIes of Penobscot and Aroostook. were with
certain specified reservations. granted %
All tie the construction OF the Aroostook
r-Ilroad. By at of the Legislature q March
sth, ls6l. The grant va made. however.
by the terms of the act. % &" take effect and
BE- in force after the city IL Bangor shall
have voted 10 loan the credlt OF sad city. in
conformity with the at of March %. 1850,
and not before
On the 10Th 81 March last. the question
81 ioaning the city credit IN AID of the en-
terprisc was submitted O. the voters OF Ban-
cor according 90 thr terms of the at refer
red %, and u was decided adversely % tie
loan A. the at ceased to be- operative by
st. own terms. on the succeeding day. the
lands immediately reverted o. the state.
and are now iu the sane condition A. o.
Ownership thaf they were before the Aroos-
took railroad bil vas passed.
10 is greatly 90 be- hoped that the effort
o. construct tins important line of railroad
u not O. De abandoned. TIE enterprise
has not get bad a fair trial. for contcmpo-
arcou, with its inspection came our unhap-
py cIyh troubles. deranging most seriously
car channels of business and putting an
~ aAaAA NAAH' a. fHflA AZ NAlNH'I IATAHNN kaIN
involved time. labor and thc outiay of nom
ny. But While the disturbed condition of
thc country has postponed the effort o. con-
strurt tie railroad. it has, devl0red and
demonstrated a uccrssity for j; in larger
sense than was claimed when 10 secured the
favorable cpuufcnancc 81 our State Gov
eminent. For 20 cannot hc denied that the
experience of tLr past wear has shown th-t
while the road NAV bc highly desirable and
adtaItarcoIs % Name a. an avenue of
bu<inrs.. it is absolutely essential A. means
of military defense With the roal finished
o. tle eastern hue ~ the State. tapping the
valley of the ~. John. our Government
could easily and ehcctuaIly prevent the
hostile ami dangerous movement of troops
by thc only nation that possesses any
special power o. menace or iniure us.
DISTANT bc the day vhcu we shall be 10 opcn
war With GrcN Britain. aud distant it uill
hc, II W. have the safcruaris which the
cxi i-encies Of tbe Times and the nature of
our ro.itiol admonisl us 90 urgently o.
p4asllc shall esteem DO a privilege to
cooperate viti ypur in All measure fhaf
shall tcri Oh bring this trrl Important slh-
Irrt to ihc attention oi the general Govern
meuf.
ln the iast annual aldrr.s Of my honora-
hIr Predecessor b. presented with clolueucc
and f,r0e tle great national aIvantaecs Co.
hc derived from the establishment of
naval AMI military station al Portland. on a
scale proportoncl to the possible rcqurc-
merf. of fhe iaiurc. ] Olu a,ld nothing Co.
what rls .o sell said on that OCCASION. anl
beg oais to rcpeat t'e suggcsti1n. and to
urge upon Vou the rruructy Of crertinr
uhaieter Influence t-e state may brinr to
bear. moFai.y and materially. o. accomplish.
on object so desirable The commanding
position oi Portland. thc experience. anil
stII more. the mcuacrs of thc past. o. sav
nothing oi the possi'lc if pot probable e1-
i-euc.es 1i fhe futgrc couspi-e o. urge this
msasure uron our STATE and upon our nation
uith ths mp.f flures-ite caruesfness
Whatever may have been thc diHerinr
oriuious among us. PRIOR o. IT, prcseut
n-r. M r-r.l.l ll H. n.rl..llr ~ a. enl--