The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1875-01-14
GOVERNORS MESSAGE.
Continued from First Page.

r~here located over individual borrowers
oeep compelling the latter to pay whateve,
r,tes Of interest the former may demand
Another objection thereto, suggested in my
I.st annual message, repeat "Money viii
.Iways flow to banks paying interest on de.
uosits, and the large surplus thus aggre
rated, seduced by attractive offers, is sent
70 the great money centres, where it gives
more impulse to speculation, while the Sec
,;ons from which it is drawn suffer, in all
their enterprises, from the higher rates
tbey are compelled to pay for the money
remaining at home" The abundance and
cheapncss of money, the past year, at the
treat money centres, and its scarcity and
biOh rates of interest elsewhere, have
verified the views then expressed If all
entire reform Of this evil is not practicable
i NAV be greatly decreased, by prohibiting
hanks Of discount from the payment of q
greater rate of interest than four per cent.
and to the extent reduced, the ability OF
individuals to borrow money at lawful rates
Of interest would be increased. Money
would remain and be used at home, to the
mutual advantage Of both borrower and
lnder. That National Banks are permitted
to pay interest on deposits, and and some
do so, is no reason why State should
sanction policy SO foreign to the principles
of sound banking and prejudical to the
interests of its citizens. 1t is to be hoped
the time is near when the National Govern
ment will recognize and correct this evil.
also suggest that in any general law
that may be enacted for the organization
ofbanks they be required to have reason
able amount Of capital stock, not less than
$4,000, and to pay it up within one year
sitter organization that the stockholders
be made personally liable for double the
amount of stock held by them respectively,
and they be prohibited from charging or
receiving interest above legal rates and that
this prohibition be extended alike to Sc
curities discounted or purchased. l also
renew my suggestions that they be made
subject to examinations, required to pub
ish quarterl " statements, under oath, and
to retain in their vaults cash reserve of
ten per cent. Of their net liabilities. Pro
lection to depositors, who furnish three
tourths of the money employed by these
banks demands the enactment of liberal
provisions for the ascertaiument of their
condition.
Banks arc a neccssity-public interest
and convenience require them-aud pro-
yrly conducted arc of great public utility
Their power is so great, the interests they
control or effect SO vast, that any general
law enacted for their organization or gov
eminent demands most careful considera-
ton, that we may avoid the evils OF the
present system and inauguatc one whose
provisions will admit of no evasion, whose
penalties will command obedience, and that
will protect and secure, alike, both bor-
rovers and lenders in their legitimate
rights.
GEOLOGICAL SURVEY.
The suggestions in my message of last
year in reference to geological survey of
the State, were embodied in bill that
passed the Legislature Of 1874 This act
authorized the appointment by the Cover
nor, Of board Of ten scientific and practi-
cal eagentlelnen to serve gratuitously, to whom
vas to be entrusted the selection of a geol-
cqst, and under whose direction the sur
Tey was to be made.
An annual appropriation of thirty-five
thousand dollars was made to defray the
expresses, and the whole work is to be com
IIeted within three years. To compose
THIS board ten gentlemen were chosen from
different portions Of the State representing
the various interests directly concerned in
the survey, and possessing, it is believed,
The necessary qualifications to fit them
Tor the proper discharge of their i'm
PoTtant and responsible task An exper-
nnced and competent geologist was elected
q the board IN june last, and in the brief
period that has elapsed since the survey be-
E@n IN September, the wotk has progressed
with great satisfaction, and the results soon
4 Be submitted to the public IN an inteili-
90Ie form viii, I feel confident, bespeak
\ ,' the commission during the remaining
'So 7ears Of their lahorcrs the good will !
Sn. ,, assistance Of the people Of the State.
WIN the llraited appropriation investiga-
"o' could not De pushed within the first
year into every part Of the State, but dur
's the next two years with corresponding
II -Nit'IIuIDcSS d lIOIOu1H anu cld-
OA@'e survey Of the whole State may be
fected The reports to be published
'.lA few weeks will embrace the re-
s"s OF the examinations of the iron ores
~ Loohng States Of York, Adams, Lehigh
.a 'IoFthanpton counties the fossil iron
~sO O'it OF the Juniata valley the bitumin-
Wy coal basius of Clcarfeld and Jefferson
~unues, and the oil regions Of Venango
1a'y. Included therein will be descrip-
DN OF other minerals, together with
,o@r sTs'ogs analyses of ores, clays, Goals and
1 '1e whole to be accompanied and il
Tsea with carefully prepared maps.
as great benefits of the survey will be
,,, s:Oe recognized in this enumeration and
,s. ,"uiarly by those who dosire to de-
FPS sell or lease their lands. A museum
M IUeFaS will be collected at Harrisburg,
h.. 8Aen assorted and arranged will be an