Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1864-01-20

Ne'AdIlo III com, ana winch form the
great mass Of our circulating medium.
1t is our duty as loyal Slqte--it is our
| interest as a State whose welfare. and even
safety, depend emphaticaly upon the
maintenance of the credit and the success
Of the military operations Of the General
! GovernDlent--to do nothing to impair its
credit or embarrass its measures. On the
contrary, we owe it to ourselves and to our
posterlty To give an active support to its
efforts TO quell the monstrous rebellion
which is sill raging. and thus restore
peace to our Distracted country.
1t is our own Government, and we cou ID
not. without gross indecency attempt to,
refuse its currency in payment of taxes
and other debts due to the Common
wealth.
In lS4O the case was very different.
The difficulties then arose from the sus-
pension OF specie payments by our State
banks, more local and private corpora
tions, and tho State very properly by the
act OF that year, intended to provide a
gainst loss TO ITS creditors by reason ot
such suspensions. An eXigency like the
present could not then have been fore
seen by the Legislature, and it is to 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
obiralion is 10 be ascertained 10y referring
to the known cstaUlijhed practice OF
European governments prior TO the dates
when our loans were effected. mean OF
course such OF those govcl nments as were
held TO have maintained their national
credit
1t is believed to have Been the Uniform
practice of such governments to pay their
interest in paper currency, however de-
specie payments. An Observable instance
Of his i afforded 10y the course Of the
British Government, which, during TWEEN
ty-tiye years, from !797 to lS22, during
which the bank was prohibited by law
from paying out coin ior any purpo'd,
paid the interest on its public debts in
bank notes, which during great part of
that time were at heavy discount, some
times amounting to 80 per cent or there
about. Their necessities then were great
er than ours are now.
hlllNll6 ObloClNtht III lilt pltNtll Nluit,
Massachusetts (whose debt is believed TO
be very small pays the interest in coin.
Ohio and Indiana pay in currency. ln
New York it is not known what will be
done. Her Legislature, by current resc-
luton, ordered the interest to be paid in
coin to foreign stockholders, in April last.
AT the present rate OF premium on gold,
the sum necessary to pay on an Mount
sullirient to discharge the annual interest
on the State debt, would he more than
81 OO,OUO, and to meet this, additional
taxation to that extent would he unavod-
able. The demands on the Treasury for
other necessary purposes must probably
be such as to render ii imprudent to throw
any part of tins expenditure on the eX-
isling surplus. TO borrow money from
year to year to pay the interest on past
loans would, of course, be wholly mad
mssible. TO leave the act of 1862 in
force, and to attempt to throw the pay
ment of this large premium annually on
the banks, would be not only Elegantly
unjust, but quite impractlCable. | recon-
mend the whole subject to the careful and
immediate consideration of the Leglsla-
ture. Some legislation ought to be had on
it before the close of the present month,
In my opinion the Commonwealth will
have fulfilled her obligations toy providing
for the payment of her interest in the
currency of the Government. If the
Legislature should think fit to continue
to pay it in coin, it will oe their duty tC
levy Forthwith the heavy taxes necessary
! for that purpose. must in passing oU
serve that the plan adopted by one OF the
States Of paying coin to foreign, and cur
rency to domestic loauholders, appelrs t.
me to he wholly unwise, and founded OF
no legitimate principle.
| At the close Of the last session, nineteer
/ bills renewing the charters of certain
banks for another period Of five years
were presented to me. OF these | have
Ifor reasons which viii, be hereafter com
municated) withheld my signature from
one, and approved the remainder. ! have
been led to sign them 10y the considera
tions that the banks Of the Common.
wealth pay large revenue which tn,
State can i'll afford to lose, and then II
the present condition of the country i
would be mpolitic to drive so much capi
tai out of active use, or force it into ney
employments.
Ii the National banking system afIor,
sufficient inducements, capital vii! volun
tarily take that direction. 1t is proper T.
, observe that the charters of most of tn
banks in question expire at an early per
od, while in consequence OF the invasion
of the State. during the last summer the
could not have been reasonably cNpecte
to give the necessary notice OF ronewe
applications for re-charter.
recommend an extension Of the tim
! during which the banks are now relieve
from penalties for not paying their obi
cations in coin.
The increased expenses of living inyit
attention 20 the salaries of our public of
GERS Those of the Secretary Of the Con
monwealth, Auditor General and Stat
Treasurer, and of the clerks in their en-
: ploymen', are, in my opinion, too low
especially as the exigencies Of the time
have greatly enhanced the labors and r,
; sponsbilities Of all, and, in the case {
the heads Of those departments, enforC
, n constant attendance at Harrisburg ,whic