Newspaper Page Text
JOciJforit lufiiirer. BY TUYiB OYER. mufti? MEssieg. To the Honoral'lt the Senators and .Members of the Bouse of Representatives of the Gener al vlifmbly: Gentlemen: —Bv the suffrages of your fel low citizeus, you have been charged with the duty of representing theoi, and the iutercsts of tnc (jounuouwealth, in th-' legislative branch of the government. The responsibilities yeu have assumed, aud ibe duties tobperformed should ever be regarded as paramount to every seifish or partizm consideration. The prosperity of 'he State, and the general welfare of the peo ple, should receive your earnest attention, and be the aim ant end of your legislative action. To promote these objects, I wiit cheerfully, in every legal au.J constitutional manner, unririg the continuance ot my official term, co-operate with you. The past year, with the exception of recent fiuancial cnibarasMiicnt, has been one of gene ral prosper it y. No loreigu wars—no fraternal strife has disturbed the peaceful quiet of our homes. Unwonted health, with its blessings, has been voueh-at'ed to us. Seedtime and har vest have uot failed—the earth hath yielded her increase, and richly rewarded the laimr of the husband men. i'lie arts and -cicuoes have been advanced, and the great interests "f edu cation, ninr.dsn and religion liberally encour aged ami jUstaiuCii. Q,jr barton in in unity— our free institutions in their isiegr:tv, with our rights and privileges civil nnd refigiuus. have l.eioi preserve 1. iv-c.ogn'ziug th these tdi jsings itic g■ ' -1 -•> of A'migtiiy G>f, we eh-niid render to iioo the i: ::ti ge of gr. t ful heart- and the dewoiinn ~f out srucre praise; and svhil-r humbly acknowledging Hi-, n; rcies to us as a people, let u- stiii further express Our gratitude !•> lliut, by acts of imlividyil <-tiaritv an i kindness to the p""f and hei|d' >s in our midst, ti irrow now fills til- ti 'art-, ami alyctsity darkens tlio b.'Miios of tiiauy of our citizens. Our id.er*lit. saoul tbe gene re us our benefaction- uiunific 11!; atid ttius, wiiiie thu wants of the pour ami suffering are relicv . C cl,t!e gctttti Ims giver wiil find a rich reward in the pioasurc that results iVoui cououuniv itcd giMid. Th" ft nines nl the <3om:itonCahb' ar© in a very - .tijifactory conditior. Doing t!;t past year, every dcinand upon the Treasury has i'l-.'gu {• oiiipiiy ; .-iiii :ro.u the revenues derived from the ordinary sources. Tnc orftitjons ol tuis de;.icrtmeut will be ptrscuted toy mi, iu de tail, 'in the t-p' r; of rise State T rea*ur?r. Fr (Iu fi.- .mi year > ruing Noveiuber 3t'Ti, 1857. the receipts > ■ th,- !>• i-uiy. rficiudiug ■ t-alcnec ill lltO r.-eu-tli'V "tl the first, day ni Do- t ■oemhei-, 1850, .f $1,244,7'd0 42, were $5,- j 935,383 20. i'ue aggregate, ex pen iitorcs lor I tti 5 .same per ml, wore $->,407,270 79. Bai• t itoje in tbe Treasury, December 1, ISo 1, • $528,106 47. Kx.duding tl. • balan? •iu t!.e Treasury on the first day of Dcceiiitx.w, l8:i0. I tiie iceeip's trom a.l sources were $1,090,587 ' *4. ibe twiiory cxpei.uitures tor the -aim 1.1-riou were $3,992,470 29, cxn.bi uii u !-x --cess "f receipts over txptuditures y! $098.- 217 55. The • xtri.nrdnj <• y payuieiits fur the year weru %ii,414,906 50, s tidlow-, to wit: > hu coinpicuou ot tnc Port'igc 1 Hijruad, $49,001 92; n> the Nor'ii Brattcb exten.-iou $138,798 85; to re-lay > vsutli track of the Oolnmbia railroad, $91,405 40; ;o etilarg": the Delaware division, $46,263 00; Cor motive power iu 1850, $81,004 24, for repairs in 1855 and i860,' $19,504 78: for the rt demp- Mni! of loans, $820,097 03, daiu.ig<:s ou pub lic works, $46,552 05; oi l claims on the mailt iitit: adjusted umier the several acts uf Assembly. $40,548 •>!, an i for Ibe ti-w tstate Ar.->eu.ii and Fartucrs* High Sclioo!, $15,000 00. The interest 011 the funded debt due in Feb ruary aud August last, was then promptly paid, and that falling due in February next, will be paid out of available means now in the Treas ury. in virtue of the precisians of the act oi the 13'h of October, 1857, emitted -*Au Act providing tor the resumption of spe.ic pay ments by tiie banks, and for the relief of debi tors," the State Treasurer will be enabled to pay the interest duu iu February, in specie or Us equivalent. The credit of the IJontuion wealih has been fully und honorably °ustained. Tiie prompttiess with which every legitimate demand upon the Treasury has Wo met, has j inspired public confidence in our securities; sud although receut and existing financial re vulsion may euibarass the operations of the ot the Ireasury, and reduce, to some extent, the revenue, ye; the ability of the Biate to meet her engagements and maintain bt?r credit, , under an honest •, ] economical administration j ot her finances, is undoubted. The horor and j credit ot the bute must and can be preserved • lutact. The Commissioners of the Sinking Fund re port the sum of $414,920 29 as" now in rbe I I reasury to the credit ot that fuml. This amount will be applied to the redemption of relief notes yet in ciaculatiert, aud to the pay ment of the funded deft of the Commonwealth The commissioners of this fund, on tho 7th d iy of September last, reported to me h sum ot ono million forty-two thousand eight hun dred an i fifty seven dollars and sixty-four ccuia, ($1,042,857 64) of the dei-t of the Commonwealth, was lield by them, as follows, vtz: iioaus of 19ih of April, 1853, over due, temporary, $400,009 00 ! laoans of 9th Ot May, 1854, do, 104,000 00 ! Certificates of stock, loans of April 11, 1848,6 per cent., 66,501 00 ' Do., leans uf various dates at 5 , P cr cent > 9,316 04 | Relief Uiites CauOL'lled ut , stroyed, 373,040 0c 1 Treasury, set aside for Cancellation," 30,000 00 j r "* aJ . 1,042.857 64 i As required by law. T dtrrc*>id the ecrfifi- • A Weekly Paper, Devoted to Literature, Politics, the Arts, Sciences, Agriculture, &c., &c---Terms: Ono Dollar and Fifty Cents in Advance. eates and evidences of thin indebtedness to be cancelled: and ou the 1 Orb of September, 1857, issued my proclamation declaring the payment ; extinguishment und final discharge of one niil lioii forty-two thousand eight hundred and fifty seven dollars and sixty bur cents (1,042,- 857 04) of the public debt. In addition to the amount reported to he in the Treasury to the credit of the sinking fund, | and applicable to the payment of the public | debt, the comnhsMouers of the fund BOW h<dd : the sum of seven and one halt millions of dol i iars, ($7,500,000) bonis of the Pennsylvania | railroad company, pledged by law to the pay ment of the funded debt of the (JouiaiemveaJih. j By the fourth section of the eleventh article ! of the Constitution, as amende 1 and ratified by | a majority of the qualified voters of the Bute, .at the general election held on the second | Tuesday of Oeybcr, 1857, it is made ;ii duty jof the Legislature at its first sessiou after th© j adoption of this arneu iment, to craaje a sinking 1 fund, -which shall be sufficient to pay the am- ' ! cruing interest ou the present public debt, and I , any additional debt thereafter constitutionally I contracted, an i aunualiy to'reduce the princi pal ih-teoi by a sum not less th in two hundred i and fifty thousand dollars, (§250,000,) which 'Sinking fund shall consist of the net annual | .income of the public works fruui time to time,: i owned Ity the fitute, or the proceeds of the sale j of the same, or any purr, thereof, ami of the iti ; eyiue or proceeds 1 sale of si owned bv ; the State, t gct'ucr with oilier funds Of re- ! sources that may tie designated by law. Ti • said sinking.funu nuy be increased Iruht tiiu" to time by assigning to it any part of the tax ! os or other revenues of the State, not required I | Ibr the ordjosry and ouiimt t*xp©m>e m 'iov tinuroi.t, Mid, unless iu ease of * ;r, invasion •. insurrection, r.o par: of suit! tanking fund shall he used or applied otherwise than in xtin g'lishmeiit ot the public debt, until fhc a I'm utt |<f such debt is reduced below the u.n of t tiyi? I millions of dollars," {55,009,009 ) 'lbis being th? tirt sessiou of th ■ L->gw| a- 1 :ure Mi:ce the adoptioti or this amendment, th? duty therein eiijoiue t devotes Upon you, mi i .sbculd be promptly an 1 t aiihiuliy diuli ug-u. | d ue fu-uje-l au.l nuftiuic-i dent of tin State, including temy 'riryibuj*, mine tins yiy December, 1006, us per report* of Audio. Gcfinrul and Bute H r-usurc-r, was us follows, v r. v . . gIXV lvitlf JaJE&g. a 0 per con', loans •? > i 1, i i •' 1 38,866,934 50 41 d„ UU 4 do 100,000 00 Total funded dolt. $30,860,975 0' UNFUNDED IALUT. Belief notes in etrciilaiiun, $220,550 00 lt.tcv.xt certifiaate- out.standing, 24,091 37 IVi m. :aimed, 4,448 3S Domes! ic ore liters, 1,104 00 Mi hi nee temporary loan, Ap'ii 19.1853,' 400.000 00 D May"9. 1854, 184.000 "0 'ioiai i.iifuu'led uchf, 834,8.;9 $ ..• 1f*,701,835 25 The funded mul unfunded cfnbt, ,u t|,e close of the ia>t fiscal year, December 1, 1857, was as follows, iz: FUNDED DEBT. G per cent, loan, $445,1 SO 00 5 J,., 38,773,212 52 4i do, 388,200 00 4 do. 100,000 00 Total funded debt, $39,700,592 52 UNFUNDED DEBT. Relief notes in circulation, $140,421. 00 Interest certificates outstanding, 23,478 82 Do uricla-med, 4,448 3* \ Domestic creditors, 802 5U Total uafanJed 81 ot, 175,145 70 Total debt, Dec. 1,185 i, 39,881,788 22 Total debt, lice. 1, 1850, $40,701,835 25 Do do 1, 1857,' 39.881,738 22 Decrease during late fiscal year, 820,097 55 These statements exhibit he gratify it g fact, that during the past fiscal year, -.lie public debt has been reduced eight hundred and twenty thousand niucty-seven dollars and fifty five emus. During the same period large appro priations and pay incuts wort made on account of uur public improvements, for old ami unset tled claims adjusted under the act of iast ses sion, and for other extraordiu try purposes. The condititiun of the Treasury prior to the suspension of specie payments by the Batik*, ju.st.fied the appropriation of at least $200,000 mere in payiueut of the public debt, ami ar rangements were made by the Treasurer, under the direction of the Commissioners of the Sink ing Lund, to liquidate (hat amount; but after the suspension and the consequent liuaneial em barrassment of the country, the proposed pay ment, from prudential motives, was postponed. 11-ul this payment bo-n made, in addition to the payment, already reported, tiie statements and calculations submitted iu utv last annual Message in relation tn the early payment aud final extinguishment* f the public debt, would thus far have been unstained by their actual verification. The causes that prevented their realization, it is believed, will soon cease to affect injuriously the reveuue of the Com monwealth. Actuated by that indomitable energy that has ever characterized the American people —faltering for a moment, hut nut dis heartened by adverse circumstances that sur rounded us—roused to more vigorous action by disaster and defeat, our progress cannot long be checked, nor our prosperity long be inter rupted. Confidence, the sensitive, yet pow erful agency, that binds in unity and strength the great financial, commercial and industrial interests of our'country and the world, has liven suddenly impaired, producing Snsoe'uJ nuj BEDFORD. PA.. FRIDAY, JANUARY 15, 1858. commercial distress, and affecting the rer*uus | of the Ooiuniouwealtir, but with the advantages j resulting from the rapid development of our re- j sources during the last quarter of n century — j the immensely valuable iucrease of our agri- j cultural, mining and manufacturing industry i during the same period—the abundant birvests I of tbe past year—our completed improvements, j aud all the oiemeote of iflat-iriui wraith in our ■ midst, its restore! ion at an early period is not ' problematical. Returning confidence wiil be j the herald of returning prosperity. Notwith- j standing, then, the present embarrassment and gloomy condition pf the country, after a careful oou.-iunration of the present aud pro-peetjve Condition of the finance* and resources of the flonnuonwrahh, 1 cannot hesitate to re- iffirin my belief "that the time what tar distant when Pennsylvania wiil stand redeemed from the op pression of her public debt, and Iter people te relieved frotu n taxation iinpns J to meet its accruing interest ami uiitntdn the faith and credit of the U num unreal h," ami that "hv practising'strict economy iu all departments ot tli! (jiveriuiHUit—avoiding extravagant ex penditure—refu-ing to under:.an any new schemes of internal improvement, and holding t'> a rigid accountability the receiving and dis bursing agents of tbe State, tbe n alitaJou of these view.suny be anticipated with confidence."' ; As corroborative of the opinion now :<"ti ) hereto.-..; p pxpressod, a brief review of the | operations of tbe Tre tsuty during the p jt three : years, as <;<>unectfl with the p.t-ymouc of the : debt or :ho Coinntmtwealth, may not b? i;- •tppvoptiate. In toy first uur.u ti message to the | lj'jis.4a.tore te p.,-t *, a s stated, that, during j the three years intervening between Deocmbei j 1,1851, an 1 December 1. IHo I, th* public' debt had been increased $ 1 ,f)B4> 309 SI; ami , ti. it the to *1 debt at tin close of tin fiscal year, : I).'.eember 1, 1854, was $41,693,595 74. - ; At the close of tti • late hsi'.u yc..r, December , i, 1357, three years later, tlic funded and on- I drilled dc-ht, as before shown, was 7->H g*2i decrease iu three years § 1,816,8.>7*52. Tints iii three vcari Ihe nubile debt his bctr.i deerewsod by .usual payment and without IT- Mirting to ti.e expedient of tesi.pnrurv 1 *ans, §l. SI-,, S-'i7 02. If to t:u- be added lookiwu of SHi. 9do 29 iio-v in the aiukjiii fun 1 and upplte.it t.Su to the payment of the iuitdei debt, tttu re iuotion will be $2, 231, 777 -I. These . fuels are not Wily grati' V ittg but en- - A-*4Si.e. 1-^l.--. _J-' j J 1 .ei i-L-U. • .< H: <miir . lift ti UitJ stain t-f vjt i p.'-V,- Q -Q—bom!- ■ f the PctmsviviHti* li lilmvl Com pany, b'jiiafr intere.-t ;>t the rate 5 per centum ti"r au-.uiu, p iva'de seua-atttiUaiiy, a:-d pledged t > the pavian.t oi tde funded debt. It this suui he- adde-i tu the reduction before stated, we nave presented to HS a virtual if not an actual dec reuse of the Stale debt, of nine millions seven hundred and thUry-ouo thousand seven hundred and seventy-seven dollars and eigh'y otio ccuts ($9,731,777 81,) showing the total funded and unftm ied debt "I the -Slate on llie first day of December, 13.57, to have t en tiiiiiy-otie millions mm hutotrcd ami MXty-st* iiii.ii —. ml t igbl liuodreu aril cigciren ituTar aioi foi:y one (§31,4106.818 Ti.) in anticipation v the *uie o; the maii; line slot iins decrease in the public debt, the State tax, -jy an ai i of the last regt.Lt S' ssnui, was ru.uCvd from three to two and olio-half nous uti (be doil 'i; reduction equal to niie-fixih of the tax imposed for State purposes prior to that act. These facts speak fot tiieinscivcr. Well may the people fie congratulated on su i a:i auspicious beginning in the process of liquida tion, and wli may tliev wiih cor-fide nee anti cipate the day of limit deliverance trout State taxation, hiiiancial nnd commercial embar rassment may posfpore —nothing tut unwise iegi-lation, and the imprudent or dishonest management of our fiumces, can prevent the early realization of their well founded antim paliot.s. The condition of ihe public works, their general operation, the iteoip'sand expenditures during 'lie past fiscal year, will be presented to you m dciaii in the report of the Canal Couiinis iouevs. The total receipts at the Treasury, from tiro public wot ks,for the year ending Noveiu : r GO, iSS7, inciudiug receipt's from the main line up to tin- first day of August last, veto one Luiiiion three hundred and eight thousand five huofir- I aud ninety-eight dollars and sixty-two cents, ('?] .3dH,n9B 6*2.| Tfic aggregate ex penditures for the same period were oueiudlion tbrto hundred and twelve thousand scveu huti dred and five dollars and sixty-seveu cents, the revenues four thousand one hundred aud seven doll are and five cents, (54, 107 05.) The receipts at the Treasury from the several divisions were as follows, viz: Main line, to August 1, 1857. 5796,550 35 5u.-qnelmntu and North aud West Jsranch di visions. 287,718 9.) Delaware division. 22-4,329 34 The receipts from the Delaware division are less thaTi those of tlic previous year. The com pletion of rival rail oads and other causes, have lessened the receipts froin this important division of our public works; and it is feared will continue to decrease them. Its manage ment has been satisfactory, and compared with other divisions of the public improvements, economical* The net revenue, at the Treasury, was $174,001 87, a decrease of 590,093 53, as compared with the receipts of the preceding year. In addition to the ordinary expenditures, the sum of §46,263 wis paid for the enlarge ment and improvement of this division. The North Drench extension of the Pennsyl vania canal, although so far completed iu the fall of 18-56, that boats freighted with coal and other piodubts, were successfully passed through its entire length from Pittston to the .Junction nana!, yet in consoqueneo of a large portion of the "Horse R.icj dam"' having beeii carried away by teo freshet of last spring business on ihec-inai was.suspended the greater part of the past year. It. during the summer, and In the |'*!! buiin wa- re- I sumed along its entire length. Soon after the 1 I sutne daui was again extensiveiy injured by a j saddva and heavy freshet, ami the greater part j of the canal rendered useless for business. Au i appropriation will be required to re-ooustruct : the dam. I This canal, although useful and valuable, j appears to be doomed to failure and disaster, j | These are the fruits T former mismanagement j .i) 4 fraud in its construction, hi very effort ' has been made to repair the errors of its early luattreiaeul, ait 1 to complete and render useful this <i wis ion of our public works. Under proper I j management it can be successfully uocoui- 1 plifheii. j 1 . jbi pursuance of the uc; of the 16th day of j i May, ltj{>7, providing for the sde of the main j fine of the public works, afici giving the notice j ; required by Jaw, I caused the said main line to | : be exposed to public sale, at the Merchants'j Kxobuuge, in the city of Philadelphia, on the j *J.>{b day of June last, aud sold toe same to the ; I'r^iiisyivauia railroad company, for the sum of -oven uiilliou* five hundred thousand dollars,' the highest price bid for the saute, an j the uimimuni pi be fixed in the act. Alter a tell compliance by tiie purchasers ! wifcb the conations of the act authorizing the ; sab, and the delivery ol their bonds lu number ; and for the aniuiiuts equal to and faliiugdu : at ; the time provided for too payment of the res pective instalments, the Secretary of the (Join- ' oruwo;(it!i, on tlnj iJlsi uuy of July, A. 1)., j I&>7, a> direoted by the act, transferred, under j ;Ue great seal of 100 State, to the PeniisyUa- i i uiu r tiiioad company, their successors or it-,-j ; sign.-, tiie whole main hue of the public works, | between Philadelphia and Pittsburg, together i with ail liie right, title aud interest, elr.im and j (Hmaud, of the (Jpunuoii wealth of Peau-v Ha- j uia, to ail property, real, personal aud mixed, j belonging io or used iu oonueetiou with the , Mine Ly the Uouiiir nwealth; and ihc ptirch.is, i s i having given uoiiee of their readiness to take : possession of the said works, possession of ihe j aecoiuuigly delivered to the 0 >upaiij j on toe first day of August last: of winch notice j ■ was given to ail Superintendents and Agent* oi ' i4k' (Jotuiui'iiwealth, by prpclaui iti-m bearing • dine tii 31st day of July. 1557, required by 'fic law authorizing ihe sal-, i 'life bonds <d* the Pcutuylvauia l'aiiroad Ct iupauj, :n the sum ut sewn and one-fcaif an nous id dollars, were received by thu fc'aic L.|rua"re r urn. are f.Hfirt*^m*- j coeds ut the sale being required by the I'Jih section ot the act to be paid to tiie Sinking Fund j and applied tiMlm payment of the State debt. 1 cannot forbear congratulating the peupit' of | the Couimooweaitli oa the consummation of this i sale. I'ubiic ceuiiuictit as expressed through the bailor box. and m other tonus equally sig nificant, demanded it—public polity aou tuo interests of the voumioiiw.-uilu required i;.— it is doue. Xue many approve; lew complain, (hose most, who have gained au unenviable reputation by a reckless disregard of the pub ic interests, as exhibited in the ex Pa vr mint, ilseiess aud fiautluieul expeudltuies of ihctpuii , lie money uu fish or par izui purposes, j The M,in of the Main Line has directed pub lic attention to the importance and necessity ni ' disposing id ihe remaining divisions of the pub lic improvement*. Tim reason* nn. policy that i required aud justified tin? sale of the one, apply i witii equal force to the sale ot the other, Tins i propriety of separating the State from tiie care uuu control ot the pubiic work*, is uot only ; evident to ail whohave given the subject a | candid mid impartial Ct usidcriition, but the . necessity is cieaiiy established, by the history ;of thei: construction and maaagmmn!. Tney ! have tailed to be t source of revenue to ilie Common wealth, and if retained by toe State, : will require au expenditure in their repair aud 1 man igmiKUt, largely exceeding liny revenue, 1 that under the most favorable ei.eumstunec#, can be derived from them. In any phase ol ! the question, this separation is desirable, but iu connection \nili the payment uf the public uebt j and the redufc ion ot State taxation, it becomes MII object of more than ordinary interest. A : silo, at the earliest practicable period, of the : whole of our public work*, for a lair ooiiiideiu i lion, upon perms just and liberal to the purcha sers, aud at the same time amply protective of the'rights and interests of the people, should be authorized, by the Legislature, boon sale, with the upplteatiori ol the proceeds to tiie pay ment ol the publ.c debt, would secure its stiii more rupid extinguishment. The subject is reeonmicuded to your unbiased consideration. 'The law incorporating the Pennsylvania Railroad Company imposed a tax ot tnreo mills per ton, per mile, on ail tonnage pissing over that road, as an equivalent for any decrease in the revenues of the Commonwealth, that might arise from the anticipated competition of the road, with the business of the Main Line of the public improvements. This tax is not imposed upon the Company, but upon the tonnage, and ts paid by the owners of the freight trausport ed over the road; the company acting MS agents in its collection and payment to tiie State. It is virtually a tax upon the trade and commerce of thu Commonwealth, and upon the commerce of other States whose production* sees an Rasters market over this road; and thus by iu creasiug the rate of charges aud the cost ol transportation the produce of the West is forced upon the competing rail toads of other fctates and to other markets thau our own. The nroessity that required this tax, as regards the ('hmmon wealth and her improvements, has eihsed. Its Continuance can ouly he justified ai a revenue measure. It should bo the policy oj the State to iuvito the transmission of the oloductsof other States through her tertitory t<| her owu markets, and, therefore, the pro priety of relieving the trade aud busiuess ot tie Oouimotiwealth utid country frotn this tax ulon it, t* respectfully submitted for you eon .* iteration. In consequence of the suspension of specie pjymcpts by the banks of this, aud thu other antes of the Uhimf. and financial euibnrrasnient [ aid general prostration of business, I deemed ' it my duty to call, as authorized by the Con i ufitution, an extra session of the Legislature,to j meet at tlarrisburg ou the sixth day of October I iast. Although the relief provided by this ex ; Uaordinary acszioa of the General Assembly, wrs not as ample as the exigency of the case 1 required, ye? it was productive <4 tuany bene ; tictal results, and served to allay the iuteuse exott"ni"Bt and alarm tint pervaded the enure community. 5y the act providing for the re sumption of specie payments by the bunks, ali j 1 banking institutions accenting the provisions <>r! that law, were required to pay into the Trea- | ; snrv one-fohrth of one per cent, on their cupi- j ; tal stock. The amount realized by the payment' j ; "f this bonus has not only defrayed nil the ex- ! [ pen.se* of that session, but will leave a balance i i in tiie Treu-urv of not less titan thirty-five thou- | ; sano dollars—a result oci'tninly not injurious j ; to the finances of the Commonwealth. My views expressed in former couimufiiea- | tioris ou the subject of banks and bankingc.api- i til, in their relation 3to the currency and the genera) interest of trade, rem'in unchanged.— However diverse our opinions may bo on this | subject, it must he admitted by all, that the ' banking and credit systems arc so intimately interwoven with the business and commerce of I the country, that their sudden separation, or a | rash innovation, would produce eouat-quciices of i fearful magnitude. That the present system .f : banking is perfect, is not pieten-jed; that it I cou'd be aaseniialiy modified and improved,will I not be denied. The present derangement of the j currency may and will suggest tho necessity of reform, not otiiy in the system itself, but in the I management of our banking institutions. Unlimited credits by corporations r individ uals have and will ever be u onmitigatsdevil. They contribute to hank ex pensions, rash spec ula! ions, extravagant .tviug and excessive wer -1 riding ; always .sure to be followed by ruinous revulsions. What the remedy should i>e, Ido not d<em it my province, umbr existing cii cunist iticrs, to suggest; but to be permanent V.ud effectual, i: must accord with the natural and necessary laws of trade. The currency of a oouhn v tortus no exception to these laws,and should be Lft to their operation and control,*o ; far a> may be consistent with the pubiiu good. 'lt is, therefore, that a system of free banking, based ou undoubted public *eeuvi<ie*, and coin in such piop atati to circulation uud deposits - ij,3. ! ,"ity. he. jj vymud suffi.• i,ut to ?ecare their cou iiuiitatious and r< strict ion-, i- deemed prefera ble to tiie pr*soii" sys euj. Its introduction would correct uianv existing,abuses not only in the sv-tx-m i > If, In! i the preseu; mode of tanking. These question*, however, with the remedies necessary to prevent a recurretlce of the evils under which we .now suffer, together with the nature anJ extent of the relief, if any, that may yet b■- re ;aired by the biuks of the f-oiumonweaitii, to enable theui to resume the payment of their liabilities in specie, are all rs f( ncii to the wisdom of the Legislature. They arc practical and iu.noiiant businessquestions, and :.s in h s mold receive your intelligent cow sideration. Tne present cenJoirm nf our Comiuoiiweaith rid country deserves at least passing remark \ severe fitiaucul revulsion has occurred; in ducing H suspension of specie payments bv tint banks, not culy of this UcmuitmweHitti, but of ail the S'ates of tin; Union, deranging die cur rency and affeeuitg disastrously nil the great interests of commerce and the industrial pursuits of Ul3 citizen Labor is without employment, uu i iliiiustunl# of strong, active men are now asking for work or bread. The causes assigned for these evils are ;.!ui,vst as various as the in terest or prejudices of those who undertake their explication. To win lever cause or causes they uny be teferred, it is neither just, nor proper, to charge all our present liuatpiaf and commer cial dis ties* to the banks aa-i their nmnageuictti. ; However, much they have contributed, other cases have operated still mere directly and pow erfully to produce these results; and among ' tueni first in importance and influence is the present system of low duties, in connection with the watvlicusing system, adop'od as ti.e policy of the GeuefaJ Government ni lS4tj. Ttie abaud inuicat of the protective policy, us eiu bodicd in the tariff wet of IStff, was rest-led by Pennsylvania with a unanimity almost u pa.railclod in her history. Her repieseutalives iii both branches of the National Congress stren uously opposed the ropuul of that act. 'i lie evils under vvhiah wc are now suffering were predicted, us a consequence of such repeal.— Jiut other counsels prevailed, the act was re pealed, uud the itidustiy of the country exposed 10 a ruinous competition with the cheap labor of foreign nations. The disastrous Sects of tiie repeal were postponed by the,operation of caus es well understood by every intelligent citizen. Famine abroad created an uupreeedcut demand for our breadstuff.-, and the gold of California, although it may have added to the excitement of our progress, and contributed its tuii share in producing existing financial and commercial euibarrasnicnt, in millions, supplied the means of paying the overwhelming balances against us on our foreign importations. Under the pres ent system of low duties, the excess of imports over exports has been beyond the most estrav agaut wants of the country . They hue boon enormous anil ruinous—destructive of domestic industry, and iuvolviug the homo manufacturer and homo laboi, iti one common ruin. We have imported more than we could pay lor, ami much more than wo needed, Pennsylvania abounds in iron ore. Iron and its manufactures arc justly regarded as imported elements of her material wealth; and from her abundance, ii properly fostered and pr.tooted by a wise na tional policy, could supply the markets, of th. world; and yet, since the p >ssuge of the ;.ct 01 IST6, we hive imported of iron and steel am their manufactures, uiore tiuu two bundle millions of dollars iu value; paid foe in gold 01 our bonds aud stocks, uow heid by foreign cap italists—the interest on which but adds t:. ib< burdens imposed upou us by our foreign in debtedness. The same is true of many otb*'i VOL. 31. NO. 3. important branches of borne industry. Man millions in value of eoiton and woolen good* hive, during the same period, been imported* (bat should have been made in our own work shop*,should have been woven on American,and not on British, French or German looms. As an example of the practical working of the system, official documents exhibit the fact, that during the past four years the imports ot foretgu uieiehaudise, exceeded our exports 000 hundred and eighty-four millions two thousand seven hundred and sixty-eight dollars; aud as a consefjuenee, the drain of the precious metals was correspondingly great. The amount of specie sent out of the country during that pe riod, was two hundred and thirteen millions and three hundred and sixty-four thousand three hundred and eighty-four dollars specie im ported twenty -six millions nine hundred end | twenty-seven thousand four huodied and twen ty-seven dollar.-: leaving a balance against us | oa specie account of one bundled aud cghty-six millams lour hundred and thirty-six thousand nine hundred and li.tt-seven dollars, this de pie! ing process, aggravated by excursive impor tations, unsettled the currency und induced an ' inflated pa{s;r circulation, resulting in bank suspensions and financial euibarmsiut-nt. Bet the evil does not end here. An inflated paper ; currency, by cheapening tbe price of money, increases in this country the cost production, and thus, whilst the American Manufacturer is i exposed, under a system of law duties, to A ru i iuous competition with the cheap labor of Eu rope, he is paid for his goods in a cur rency less callable than that paid to his foreign competi -1 tor. As a necessary icsuit the home fabric is ; driven ftou ihe market, and tho borne tnanu j facturer ruiued. The operation of the causes, ! stimulated by low duties, is sufficient to destroy j the industrial energies of any people. With these facts before us, it is no mutter i of surprise that our mills, factories and furnaces have been closed, and thousands of houcil la borers throwu out of employment; that commerce | has scarcely art existence, that bankruptcy and ruin are around us, and our gem ral prosperity paralysed. To avoid these disasters, to which j we have been periodically exposed, reform not 1 only in our system ot banking, hut in our rev enue laws, becomes indispensable. It the principle of the act of 1842 i.ad been preserved —even if its late of duties had hseu reducer', our specie by mil lions would not hare ! ypno ipo foreign cftfft-'is to build up and ffiy w oil Id he prosperous, and riic cry *-we want work," issuing trom a thousand lins, in onr large cities and manufacturing districts, w,.u!d not now be heard; nor vtouid a foreign unit i f neaily five hundred millions of dollars exist to startle and alarm us. That system that practi cally prefer* fortign to home labor—that keep.* our workshops iu Earape, instead of bui,diog and supporting them here —that takes our gold to pay the wages of the British laborer, whilst our own iro without employment and without bread,—that fills the country with foreign mer chandise to :he exclusion of the home fabric, — that lays the British rail upon tbe loud through ur iron district it and by our rolling mills,whilst they .tie silent and deserted, and that inches to speculation and extravagance, i at war with overv ir >• American interest and should be At once abandoned. A period of low duties lia-. always been mark ed by excessive importations.-—large exports of specie—overtrading—bank expansions and sus pensions, and financial and commercial revul sions. Under the protective policy these pecu liar and startling characteristics of free trade have all been wanting. The history of the country establishes these facts. A well regu lated tariff, adjusted to protect the productive industry of tbo country, is uot only the true po icy of tho G v rnm- nt, but is a l etter rage later of the currency and a worecertstu secur ity against bank expansions, than any system of pains ami penalties yet devised for the con trol of banking institutions, or tha operations of capital. To i11..-we should return. Peun sslvaun is yet true to her ancient and long cherished convictions of i propriety and ne cessity. She uiay havo bafamisled. Political ami on zm pressure may have forced her from ti-i true-position. This was hermisfdi:uue,not her fault. She sees and feels the wrong, and with an emphasis,, intensified by ber injuries, will (ieuußd redress; protection tor herself and the groat. industrial interest of her people. The agricultural interests of the country should ever ba fostered and sustained by the State. They afe first iu necessity and useful ness, and constitute the basis of State and NH iionai prosperity. Upon their progress and development depend the success ol our me chanical, manufacturing and commercial inter ests. Agriculture, in its varied and multiplied re lations, is the unfailing source of national wealth, and to its promotion all should contrib ute. Individual enterprise and liberality, State and county associations, have done much to ad vance tills important branch of protective iu dnstr.r* have aollected and circulated much valuable information; mid encouraged by their honorable exertions, the progress of scientific and practical agriculture. Science ami art have nobly proffered tlreir aid—the State should not withhold her < t courage ment and snp jiorf. I have heretofore rceoiumendcrf the estab lishment of an Agricultural Bureau, in connec tion with some one of the State Departments, to give efficiency to the collection and diffusion of useful knowledge on this subject. Impres sed w.'tU tbo necessity and usefulness of su?b a Bureau, i ugaiu earnestly rccoimnewd it to your fa V a ruble consideration. * •'The Farmers' High Sch£l of Pennsylva nia,'' an institution incorporated by the Legis lature iu 1555, is entitled to the especial at ; tendon of the friends of Agriculture. Iu the teachings of this institution, the scientific and i tie practical arc united; and whilst ihe art of I farming and all that pcrtaius to the manage ' Oicur-, busi l s., aud work ola tarui, will be the