Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1864-01-13


very properly by the act of that year. in
tended TO provide against loss to its creditors
| by reason OF such suspensions An eXigen-
| cy Ike the present could not then have been
foreseen by the Legislature. and it is 10 be
| inferred therefore that they could not have
| intended to provide for it, We derive our
system OF public loans from Europe. and the
| true extent of our obligation is to be ascer
| tanned by referring to the known established
/ practice OF European governments prior To
| the dates when our loans were effected. I
mean of course such Of those governments
as were held TO have maintained their ma
/ tl0nal credit 1t is believed to have been
| the uniform practice of such governments to
| pay their interest IN paper currency, howev-
! er deprecated, during legalized suspen-
| sien of specie payments. An observable in
| stance of this is afforded by the course of
the British Government, which during %
| years, from 1897 to 1922, during which the
| bank was prohibited by law from paving out
coin for any purpose, paid the interest on It's
| public debts In bank notes, which during a
great part Of that time were at heavy dis
count, sometimes amounting to 30 per cent.
| or thereabout. Their necessities then were
| not greater than ours are new
Among ourselves, at the present time
Massachusetts (whese debt is believed to be
very sInall) pays the interest in coin Ohio
and Indiana pay in currency. In New I Orb
1t Is not known what will be done Her Lee
glslature by concurrent resolution ordered
the interest to be paid in coin to foreign
stockholders, IN April last. :.
AT the present rate of preminm on gold,
the sum necessary TO pay on an amount sut-
fcient to discharge the annual interest on
the State debt, would be more than 81 00O.-
600, and to meet this additional taxation to
that extent would be unavoidable. The de-
mand on the Treasury for other necessary
purposes must probably be such as to render
it imprudent to throw any part of this ex-
pendlture on the existing surplus To bor-
row money from year to year to. pay the in
terest on past loans would, of course. be
wholly inadmissible. To leave the act of
1862 IN force, and attempt 10 throw the pay
ment OF this large premium annually upon
the banks, would not only be hagrantly un-
just, bat impractitabe | recommend the
whole subject to the careful and immediate
consideration OF the Legislature Some le-
9IsatlOn ought to be had on ii before the |
close OF the present month. In my opinion |
the Commonwealth viii have fulfilled her |
obligations by providing for the payment of
her interest III the currency of the Govern |
ment. 1t the Legislature should think fit
TO continue 10 pay it in aeoin, it will be
their duty to levy forthwith the heavy
i
IN passing observe that the plan adopted by
enc of the States of paying coin to foreign, |
and currency to domestic loan holders, APP
pears to me to be wholly unwise, and found |
ed on no legitimate principle
At the close OF the last session, nineteen |
bills renewing the charters of certain banks |
for another period of five years We're pre- |
sented to me- Of these | have for reasons |
which will hereafter be communicated with |
held my signature from one and approved /
the remainder. have been led to sign them |
by the considerations that the banks OF the |
Commonwealth pay large revenue which /
the State can Ill afford to lose, and that in |
the present condition of the country it would |
be Impotitic to drive so much capital out OF !
active use or force 1t into new emplOyments. |
Ii the National Banking system afford |
sufficient inducements, capital viii voluntari- |
ly take that direction. 1t is proper to OBJ |
serve the charters Of most OF the banks 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 70 give the ReceS-
sary notice Of renewed applications for re !
charter. / recommend an extension Of the |
time during which the banks are now reliev- |
ed from penalties for not paying their obi
cations IN COIN.
The increased expenses of living invite at
tentlon to the salaries Of our public officers.
Those OF the Secretary Of the Common /
wealth, Auditor General and State Ireasu-
rer, and Of the Clerks in their employment I
are, IN my opinion, too low, especially as the I
exigeneies Of the times have greatly enhanc- !
ed the labors aud responsibilities OF all and /
N the case OF the heads of those depart
ments, enforce constant attendance at Har- |
rlSburg, which was not formerly required |
| I;,Ia +l,. -, Je+ IL e .
and its supplement passed 22d April, 1868,
the Adiutant General, Quartermaster Gen
eral and CommissaI;y General have been act
ing as the Board of Military Claims. They
have, up TO this time, approved claims to
the amount of $l66, 4l5 81. and others have
been already presented to the further am
of 1882, l2O %, which have not yet been
acted on.
Under the act Of 22d April, 1863, (P. l.
529, the Court Of Common Pleas, appoint
ed three appraisers to ascertain the damage
done IN the counties on the Southern border
by the militia called into service in Septem-
Der, 1862, by the Anderson Cavalry in the
same month, and by the Rebels in their raid
on the 10th and llth October, 1862 The
Appraisers have not yeIcompleted the per-
formance of their duties When their re-
port shall have been made to the Court of
Common Pleas and affirmed, in whole or in
part, by lhat court, 1t will be the duty of the
Governor to claim the payment of the a
mounts from the General Government, and
on failure to secure the same. then to report
to the next Legislature, recommending such
action as he may deem Just and proper.
The expenses Of the Transportation and
Telegraph Department during the past year
have been as follows: Paid tout of appro-
priation made by Military Loan act of 1867 |
sl3,65S 81: Unpaid the appropriation be-