The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1864-01-22

banks specie erticates OF exchap 81 nof ran sfer-
able, pedg:ng the faith oi the State tor8<1@n said
coin in exchange f,r notes current at HE t|he, on
or before tho first Monday of March, 1854 such
certificates to bear interest at the rate 81 ~ 6 ent
| per annum. F5E-
| Under the provisions of the act of 1S62 Rain
| banks paid into The State Treasury Sl40,768 30 as
an equiv for coin for the payment OF uter est
on the public debt. 1f8
| Under the act OF 1868, specie certificates have
heeu gwen to the banks, amounting in the whole to
1905, ,JO4 W, which with the ACQUIRING interest.
VIII fall due on the first Monday of March next. y
AS the provis ions Of this act Were of "a tempora-
ry character, the only in force on the SUBJ
ject tuose of 1S40 and 1862, above mentioned.
under which it will be the duty of the State author
tiles to pay tho interest on tho lst February 1864
and thereafter, in coin or its equivalent, and loog
to the banks that may be liable under the act OF
ieoz 'or reimbursement OF the premium paid by the
Commonwealth.
In the face of all difficulties this Commonwealth
actuated by sentiment which does its people honor
has hitherto paid ITS interest Ia coih or its equya-
lent. Gxistng circumstances make it nece ssary to
consider now the fair extent of her Just obligations
| The exigeneies of the times have compelled the
Government of the United States to iss9e large
amounts OF Treasury notes for circulation, which
are not redeemabe ia coin, and which form the
| great mass Of our circulating medium.
II is our duty rs loyal State-it is our interest
as State whose welfare, and even safety, depend
emphaticaly upon the maintenance of the credit
and the success of the military operations of the
| general Government-to 10 nothing to npair its
credit or embarrass its measures. On the contrary.
we owe II to OURSELVES and 10 our posterity to give
an active support to its efforts to que the mon
strous rebellion which is still raging, ana thus TO-
| store peace to our distracted country
1t 10 our own Government, and we coull not .
without gross inecorcy, attempt to refuse its cur
rency in payment of taxes and otief debts due to
| the Commonwealth. rqff
/ In lSkl the case was vprv III, ra,f IT,
! culties then arose from the Suspension OF specie
| payments by our State banks, mere local and mi
vate corporations and the State very properly by
the act of that year. intended to provide against loss
to its creditors by reasonscf such SUSPENSIONS An
exigency like the present could not then have bceu
foreseen by the Legislature and it is to be inferred
therefore that they could not have intended TO ~o
| vide for it. ~ st'-,l, i
| We derive our system Of public loans from
Europe, and tho true extent of our obligations is
TO be ascerained ny referring to the known estah-
| shed practice OF Europesn governments prors to
| the dates when our loans were eif5cted L mean
of course such Of those governments as were held
| to have malntaincd their national credit. - pa
1t is relieved TO have been the uniform practice
OF such gcvernneutstospay their interest in paper
| currency, however depreciated, during legalized
suspension Of specie paynenis. An observable iu-
! stance Of this is afForded By the course of the
British Government, which slIrlng twenty five
years, from 1907 to 1922 zlutfas wn,ap the, ..r,s
any purpose, paid the Interest on its public debts
in bank notes, which during great part of thar
time were at heavy discount, sometimes amount.
ing to 30 per cent. OF tbereaboui Their neces
sites then were not greater than ours are now
| Among ourselves, ut the present time. Massa.
chusets (whose debt is believed to be very srnaID
pays the interest in coin. Ohio and Indiana paw
in currency. In New York it ia not known what
will be doue. Her Legislature by concurrent res
olution, ordered the iurercs to be paid la coin to
foreign stockholders, in April last. = = s
At the present rate Of premium on COLL. the sum
necessary to pay on an amount sufficient 10 dis
charge the annual interest on the State debit won Id
be more than 81 100000, and to meet this adolf
tional taxation to that extent woul! be unavoidable
The demands on the Treasury fer other necessary
purposes must probably be such as to render it
imprudent to throw any part OF this expenditure on
the existing surplus. To borrow money from year
to year to pay the interest past leans wopd, Of
course. be wholly inadmissibc. To leave the act
OF 1867 in force, and atteIapt TO throw the pay
ment OF this large premium annually on the banks.
wonld be not orlT a,granty unjust. but quite i'm
practicable. reconmend the whole subject to the
careful and immediate consideration of Sue Legis-
lature. Some legislation ought to be had it be-
fore The close of thcprcsent month. In my opiu-
ion the Commonwealth viii have fulfilled her oh.
legations by providing for the payment OF Der in
terest in .he currency of the government If the
Legislature shnud think fit to continue to paw 10
in coIu, 1t will be th.ir duty TO levy fOrthwi iih the
heavy taxes necessary fbr that purpose. must
in passing observe that the plan adopted BY one of
the States OF paying coin 20 foreign and currency
to domestic loan holders, appears TO ms to he Who
lily nnwse, and founded no egiiim ito principle
At the closa of the last session. nineteen hills
renewing the cbaracters OF certsia banks for am
other period Of five years were presented to lns.
OF these have (for reasons which will be here
after communicated withheld my signature from
one and appi owed the remainder. | have heen led
to sign them by The considerations that the banks
of the Commonwealth pay u large revenue which
the State eau i'll afford to lose, and that in the
present condition Of the country it would be i'm
petite to drive SO much capital out of active use
or force ii into new employmens.
Ii the National Banking system afford sufficient
Inducements, capital will voluntarily take that d.
rection. 1t isproper to observe tbat the charac-
ters of most ot the binks in question expire at an
early period, while in consequence Of the invasion
of the State, during the last summer, they could
not have been reasonably expected to give the nec-
essary noicc of renewed applications for re.char-
ter.
recommend, an extension Of the time during
which the banks now relieved from penalties
for not paying their obligations in coin 'a
The Increased expenses living invite attention
to the salaries of public officers Those Of
the Secretary OF the Commonwealth, Auditor Gen.
eral and State Treasurer, and of the Clerks in
their employment are, in my opinion, 700 low,
especially the exgencies OF the times have Il cat
iy enhanced the labors ami responsibilities of all,
aid in the case of the heads of those departments,
enforce n constant attendance at Harrisburg, which
was not formerly required. t Nsit
Under the Act Of 18th April, 1862, and It's sup
plernent passed April 22ud 1868, the Adjutant Gem
eral, Quar5ermaster General aud Cotnmssary Gen
eral have acting the Board of Hilary Claims.
They have, up to this time, approved claims to,
the amount Of S166,4l5 81, and others have been
already presented to the further amount OF S332,
100 30, which have not yet been acied on. a
+ Under the Act of 22nd April, 1863, (P.a d.
529.) the Court of Common Pleas, appointed
three appraisers to ascertain tho damage done in
the counties on the Southern border by the militia
called into service in September, 1852, by the
Anderson Cavalry in the sane month, and by the
1857.
The Appraisers have NOS yet completed the per-
fonance OF their duties. When their report
shall have been made to the Court OF Common
-pIaas md affirmed. I'm whole or in mart. bv the