Pittston Gazette and Susquehanna Anthracite Journal

              PITTSTON GAZETTE, AND SUSQUEHANNA ANTHRACITE JOURNAL. 3 ?»Kklij l^uispptr-( Hfuntrii In Urmi litafnrt, politics, tji131krrimiilf, Mining, Hltdiintirnl, mi flgrirnlurnl 3ntrnsts nf ijrt Cnnntrij, Snstrnctinn, taumnttit, to )-«airSuite  PITTSTGN, PA., FRIDAY, JANUARY 14, 1853. WHOLE NUMBER 126. VOLUME 3.--NUMBER 22. permitted to infringe upon thflse of the State. alleled amount of gold furnished to the world by the mines of California and Australia, during the last year, may undoubtedly be attributed in no inconsiderable degree, the production of this state of nominal values. The careless observer may regard this result as a real advance in the value of goods and property, when, in fact, it is only a cheapening of the standard by which these things are measured. Like all other commodities, money will depreciate so soon as an cxcess of it be placed in the market. THE PITTSTON GAZETPE, change congratulations on this auspicious j picture, as 1 am sure we should mingle our thanks to Almighty God for His bounteous goodness and guardian care. Two statesmen, long eminent in the councils of the Nation, have been called from amongst us within a brta! period.— Henry Clay and Daniel Webster will be known no more except in hislory; but that immortal record will make their good orks familiar to posterity. The tolling of bells—tho sable ensign and the solemn obsequies—have manifested the nation's regret. Whilst thus lamenting the loss of those patriots, we should be consoled by the recollection that they had been spared to fill the full measure of time allotted to man. According to the beautiful figure of one ol them, presented in a discourse at New York, not many months since—mca. suring time by ideas and events—they had become modern Methuselah's in tho extent of what they had seen of the world, and done for their country. Who could expect reore ? and who is not satisfied with the extent of their labors ? In compliance with this and the other sections of the law relating to this subject, the State Treasurer, Auditor General and myself, proceeded to make tho loan of five millions. The details of our action will be found in the State Treasurer's report.— The'6 per cent, bonds, the domestic creditor certificates, and the certificates for outstanding' interest, have been cancelled as fast as presented, and the money is now in the Treasury to pay off the entire balance. On opening the bids on ttie 7th of September, we discovered that only 93,410,000 had been bid for, and owing, as we thought, to a slight mi«understanding between our Government and that of Great Britain on the Fishory question, which seemed to disturb the monetary world for a short season, the bids were not so favoruble as we had tnticipated; we, nevertheless, felt bound by the terms of our public notice, to accept the amount offered. The remainder of the five millins has been used in the cancellation ol the 5 per cent bonds, by the exchange for them of new bonds, bearing a like interest, for which exchange the Commmwcalth has received a cash premium of 5 per cent., which is a more advantageous loan for the Slate than were the bids opened on the 7th of September. The premiums received on this loan amounted to $184,534,00, which sum, in aecordance with the terms of the law, has been paid over to the Commissioners of the Sinking Fund, to be applied to the cancel, lation of the publio debt. In addition to the premiums, there will be annually sa. ved to the Treasury, by the reduction in the rate of interest on the renewed debt, the sum of $20,480 0*2, which for twentyfive years, the period which the loan has to run, will amount to a saving to the Treasury of $510,015 50. This result is not quite equal to my expectations; hut when it is remembered that all this ha* been accomplished without the exaction of a dollar from the people, we have much reason to be gratified with the issue. year, presents a somewhat flattering picture. It must be remembered, however, that we have had a more fortunate season. The general prosperity of the State has tended to swell the amount of tonnage, whilst no interruption of business or injurv to the works has resulted from fire or floods. It might, perhaps, in view of these things, and the energetic competition which has grown up around us, be unsafe to anticipate any increase on this net income for any year hereafter, until the North Branch canal and the Portage railroad shall have been completed. Pressed on all sides by rivals of vast power, the necessity for an economical, energetic, and skilful management of the public works is made manifest. The utmost vigilance to prevent interruptions by breaks, the greatest skill to regulate the rate of tolls, and other details, so as to secure an increased amount of tonnage, and the prompt abolition pf every unnecessary office or other cause of expenditure, is demanded by the exigencies which surround country. With regard (o such, the legislation of the Commonwealth has been extremely uncertain. I entertain the opinion that, as a general rule, corporations of this character are not essential to the public weal—that whatever legislation may seem necessary to facilitate the business of mining and manufac* turing and the various other pursuits for whioh corporate powers are usually sought, should, as far as possible, be general in it* character, and be available alike to all.— There is, it seems to me, no evidence to be found in the history of our Commonwealth, or in that of any other State, that these great interests are more successfully managed by special corporations than by individuals or associations under general laws. Whilst in the experience of all, it is made very apparent that individual efforts and experiments are much less liable (o entail injury upon Society at large ; that energy, independence, integrity, and purity which usually characterises individual operations, are not, as a general rule, so well maintained in the efforts of artificial bodies.— Ambition, pride and responsibility, the great incentives to action, seem, to some extent, to lose their proper influences over individuals thus associated together. Carelessness, inefficiency and prodigality are too often the fruits of a light interest and limited responsibility on the part of ihose entrusted with the management of incorporated companies. But why should these special privileges be desired ? Are they intended to shield the parties interested from the full force of the loss where an enterprise may prove unsuccessful? If so, how shall we grapt such great advantages to one citizen, and deny them to another 1 Equality of rights to all is an elementary principle of our government. If, therefore, for mining, manufacturing, and other pursuits, corporate poweis are :o be granted, how shall the Legislature refuse similar privileges to the farmer, the miller, the hatter and the shoemaker? If one class of citizens are to have the opportunity of experimenting in their chosen business, on only a limited liability for the losses, all can justly claim a like advantage. VVe should thus be led step by step in the creation of these artificial bodics; until the field of personal enterprise would be occupied by privileged classes—individual enterprise be completely prostrated beneath the power of concentrated wealth and special privileges, and the relative position of the peqple rendered less equal than before this system was commenced. We most notice, in addition, the palpably injustice of its practical operations as compared with those of the individual citizen. A corporation is organized on the principle of a limited liability of the stockholders—its business is unwisely chosen, or unskilfully managed, and it results in failure and loss. The stockholders, in such case, lose the amount they may have paid inland the. remainder of the loss falls upon innocent parties, who, mislgd by its great nominal capital ; have become the creditors of the institution. An individual engaged in a similar enterprise, meets a like fate, and the last item of his personal estate is sacrificed to pay the debts he has thus io- It is cause of regret that feelings should have been excited calculated to lead to an unnecessary rivalry between the main line of the State improvements and the Penn. sylvama railroad. The avenues of communication between the east and the west should be made to move in harmony, so far as that may be practicable. They will be competitors for certain kinds of tonnage, but in the main, under proper regulations, the conflict could not be very injurious to either. The railroad, with « single track, cannot have the capacity to transport more than one-half the tonnage destined from the west to the esst, nor is the State line adapted to that branch of business most desired by the railroad. loan seo no reason why one of these improvements should be so controlled as to destroy the other. In all their elements, their objects and consequences, they are both eminently Pennsylvanian, and should, it seems to me, be so controlled as to promote the trade, commerce, and general prosperity of the State. AXD Mittqueluiua Anthracite Journal PUBLISHED WEEKLY BY «. M. RICH ART 8 II. S. PHILLIPS #«,, tr„t tide of Main Street, ttetnd »l»rjr »/ the "L»»/ Store" of Winer 6e lV—dD T«t mGa**tt* At Jol'R*alw It published every Fr.day, nt Two Dollars per annum. Two Dollars and Hfty Cent* will be charged If nol paid within ihe year. No paper will be discontinued until all arrearages are paid. Advertisements are Inserted conspicuously at Ohe Dollar i»er suuare of fourteen Hues for three Insertions; and TwKSTY-nvE Crkts oddlUonol for everr subsequent Insertion. A liberal deduction »o those who advertise for tlx months or tho whole year. -...Muhm-ni Jet Work.—We have conuected with our establishment a well teiected attortmont of Jo» iSrrt, which will enR bhTutlo execute, lu the neatest ttyle, every variety of painting.  A common effort, it seems to tne, might be wisely made, throughout our vast country, to prepare the channels of circulation for this great increase of coin. Bank notes of a less denomination than five dollars, now occupying a large space in these channels, should be forced to give way to the precious metals. Pennsylvania, I am confident, will most cheerfully, now and hereafter, perform her share of this great work, and I hope to witness, at no remote peiiod, a general movement of all the Stateson this subject—first to remove from circulation all notes under five dollars, and next the fives also. POETRY. For itiu rilWou CazsUc. GOD IS LOVE. Alt, • 11 may reach the realnia of Bliai abovp, J'nr Heaven It kind I" «,Ml "GoJ I"*®.'' Hue* n M hit light on »tl, lmp»rtliDl ahlne, Ilia tun mtl e alike the com ami vine ; t m »11 Ihe tkilda doea be nol pour the rein, Hotteii I lie rarlli, awl aweB the bearded grail); Do not the aeawoua, at hli great command, Their genial influence »he«i on every land, A nrt for Ihe general good, each day, each hour, 0,!J lot hi« mighty liani exert lu power,? Wide ai Ihe world, the love of Heaven extendi. Km),racing adverse nation*, toea and Meada, The wise, unlearu'd, the humble and the great,,* Of every clime, religion, color, tftate. Mmintatna that cleave the aky, or eeaa that rour. May never Stale*, or make a foreign ithore. Hut like a bdw that apnna thla earhly ball,  Cod'4 mtivvrul love embrace* all. The law passed at the last session, forbidding the creation of debts by the officere on the public works, requiring the payment ot cash for all labor and materials, and monthly reports pf all receipts and expenditures, has already, and will continue to exercise, a salutnry influence. As a consequence, the expenditures will be much decreased, and the receipts transmitted to the Treasury with the greater promptitude. The administration of this law, however, I regret to say, has not been as efficient as it should be hereafter. Its fniluae was owing, to some extent, to a deficiency in the appropriations, and to other difficulties incident to the introduction of a now system of business. This, and other reforms, so wisely commenced within a short period, with such additional retrenchments as experience may have shown to be practicably will doubtless be rigidly car. ried out in future, by the officers controlling that branch or the public affairs. The net increase of profits on the Columbia road for this year, over the profits of last, is but. little short of one hundred thousand dollars, whilst the losses ou the entire operations on the Portage railroad have exceeded that sum. The direct, unavoidable, and incidental expenditures on this latter rood must necessarily be very heavy. Whether it be practicable to arrest this monstrous demand upon the treasury, by any other means than the avoidance of the planes, is a question I am not prepared to answer, for 1 have not looked into the details of the subject. Certainly, a more honest and devoted public servant could not be found than the gentleman who superintended the operations of this work for the last year. Both he and the Canal Commissioners concur in the opinion that this growing expenditure is owing to the increased business and dilapidated condition of the road. The receipts to the Treasury during the late fiscal year, exclusive of the proceeds of loans, amounted to the gross sum of 94,56i,885,50, which amount, added to the balance in the Treasury on the 1st of December, 1851, (leaving out the unavailable means which only serve to confuse the account,) makes the total ordinary means of the Treasury for the year, #5,104,424.71. The payments, exclusive of the cancellation of State stock—the appropriations to the North branch Canal and the Portage Railroad, amounted to the sum of 81,1 "20,- 202.49, being $976,002,12 less than the receipts. Of this excess, however, the sum ol 8304.024,90 was applied to the comple. tion of the Western reservoir—to re laying the north track of the Columbia Railroad, and to other extraordinary repairs on the public works, leaving an actual availa ble balance in the Treajtirv on the 1st day of December, 1852, of 8071,037 72, Bui, it must be observed, in order to a correct comprehension of the relative condition ot the Treasury, that the unpaid balance of appropriations for 1851 amounted to $021,• 338 05, whilst those of 1852 only reach the sum of 8529,801 14, showing a difference in favor of the latter year of nearly 8100,000. The interest which the State has in the receipts from this branch of her improvements should be guarded with jealous care; in doing this, however, we should not torget that this is not the only Interest involved—that those of trade and commerce are quite as important fof the people. A policy looking exclusively to the former of these considerations miuht measurably destoy both interests. We can have no inoome for the coffers of the government without trade and tonnage. We may have the latter without the former. Our efforts should be to secure both. If the force of competition from foreign rivals should defeat ut in this, we should then yield much of the revenue to secure the trade, rather than loso both. I am not inclined to excite alarm, in reference to the success of the State line. I believa that it will continue, under the worst circumstances anticipated, to receive a fair share of ihe through and local tonnage. What is most to be desired is, that the facili'ies possessed by those great artificial highways should be united, as far as possible, to counteract the influence of their rivals outside the State. The exercise of a wise discretion, such as should, and doubtUss will, govern the action of those entrusted with the control of this subject, may, it is hoped, lead to the attainment of this desirable end. I am fully aware, that in declaring this sentiment, 1 am encountering a strong adverse feeling ; nor am I insensible to the difficulties which would surround its practical adoption ; but entertaining tho conscious belief, as I do, that it is the true policy of our country, as regards her commercial rivalry with other nations, I should be unworthy of your respect, or of the confidence of the people, if 1 did not so declare.The dissemination of the precious met ots to points remote from our commercial emporium, should be facilitated by every proper means. Such distribution cannot be fully accomplished, so long as the channels of circulation aro supplied with small paper issues. Every merchant should en. deavor to draw coin into the interior of the country; not only because it is the best currency lor the use of the people, but because of the greut protection it affords against the consequences of comir.wrcial revulsions. When these come, wid the banks nt the seaboard close, and country paper depieciates, the merchant can then fall back on this coin for relief. Bat if we desire to have the precious metals amongst us, we must make room for them. Both will not circulate at the some time, in the same channels. There is, perhaps, no principle in political economy more, completely settled than that which demonstrates that two kinds of currency, differing in value, cannot circulate at the same lime. The less valuable of the two will be con stantly on the surface and obtruding itself upon the use of the public, whilst the more precious article will retire to quiet vaults. The efforts of a single Slate, however, it must be apparent, can do but lit tie in this great reform. To be complete, it must be the work of the whole country.— Forced vacuums in the channels of paper circulation in one State, are readily supplied by the issues of another, and thus the effort to introduce coin is defeated. No other feature in the policy ot our country, 1 sincerely believe, so deeply concerns all our great interests as this subject of the currency. In vain will the manufacturer rely on the tariff laws for protection against foreij/R competition, so long as the nominal values are greatly inflated by an excessive issue of paper money. All his theorizing about specific duties and home valuations will avail him nothing, if the upward tendency of prices out runs the rate of duty. The paralyzing effect of an inflnted currency upon all our State and national interests, when closely pressed by foreign competition cannot be concealed.— " It virtually opens our ports to invite such rivalry against all these pursuits, and no rate of tariff that the wisdom of Congress can devise, within any reasonable limit, can counteract its influences. It grRtly enhances the nominal prices of goods and commodities in tMs, above what they will bear in other countries, whilst at the same time, it retards rather than facilitates their production. It thus gives the foreign producer the opportunity of manufacturing at the low rates of his own country, and selling at the inflated prices of ours ; for he receives his pay, not in our depreciated paper, but in gold and silver. It is this state of the currency more than any other feature in the policy of this country, that enables the foreign manufacturer to compete with, if not to undersell, the American .producer in our own markets." Special legislation to create corporations has usually occupied much of the time of the General Assembly. This business will doubtless be pressed upon your consideration during the coming session. It is right and proper, therefore, that I should declare to you fully and frankly my views touching this whole subject. These artificial bodies are created by extending to an association of individuals powers and privileges not enjoyed by the mass of the people under the general laws of the State. One important class of these seems to result from public necessity, and to have no object but the promotion of public convenience. Another, however, seems to look solely to the private gain of the parties inierested. Among the former may bd classed corporations to facilitate the construction of roads, bridges, canals, railways, 8c., the direct tendency of which is to promote the comfort and prosperity of the people generally. To accomplish these ends, the association of capital un. der corporate powers, imposing only a limited liability on the corporators, may be wisely encouraged. In reference to such, the policy of the State aeema to be well settled. In the latter clasa may be placed all kinds of corporations to promote the | ends of individual gain, as conneoted with the ordinary business enterprises of the Ye who are bent with sorrow, worn with rare, In I hit unbounded mercy largely share, Tried, not rejected— punisb'd, DC■» forgiven, •flir good, the bud, arj holly lie fnroM hmim. Affliction** shade li but the moral  Tlilt ushers in the dawn of pvaee end light. Jimp It tntv Illicitcu, wide around may spread. Uut toon the morn thill break, the gloom depart, And bllaa eternal beam upon Ihu heart. 1 iiou orphan—child. Hint know'st no father's care. In our eflbrts to effect a conversion of the five percent, loan into new bonds bearing 4 per cent, interest, free of taxation, with coupons attached, reimbursable in 30 years, under the 105th section of the law already referred to, after consultation with a number of the most experienced commercial men of the Stale, we deemed it our dutv'to send an agent to F.urope, where most of the 5 per cent, bonds are held, to promote, as far as possible, the desired end. Accordingly, we assigned to Col. John J. M'Cahen," of Philadelphia, the perlormance of this duty. This gentleman immediately retired to London, and subsequently to Paris, anil devoted himself, lor s-Dtno weeks, to the objects of his mission with untiring zeal and energy. Whilst it is true that we can claim for his eflorts the credit of no definite result, we are nevertheless decidedly of the opinion thut his mission has been of great service to the, State. I lis minute knowledge of the whole history of the financial difficulties of Pennsylvauin, their cause, and the remedies applied, enabled him to leinove many unfoun. ded prejudices which were cherished in the money circles of that country against the integrity and honest purposes of the de. scendentsof Penn. Mr. M'Cahen thinks he could have effected a conversion of a large portion of the loan at 4 1-2 percent., but the officers ot the government had no power under the law to allow a greater ineres t than 4 per cent. I respectfully recommend the passage of n law similar to that of the 4th ol May, 1852, authorizing the officers of the governmentCTO cancel the old five per cent, bonds by the creation of new ones, free of taxation, with coupons attached, bearing a less rate of interest, or bond* bearing five per cent, on which not less than 5 1-2 per cent, of a cash premium shall he paid.— The State can, in this way, I believe, con. fidently, save a large amount of money, and finally cancel all her present bonds, and be clear of the trouble and expense of keepingfloan books and transferring her stocks. This consideration alono is a most desirable end, and would c° 'nr towards compensating for all the la'uor and trouble of renewing the bonds for periods of five, ten, and twenty five years. The financial operations of the year, including the North Branch loan of $850,- 000, I am greatly gratified to discover, has left but little additional burthen upon the Treasury. The interest on this loon will »mount to $41,500 annually. Deducting from this the sum of 820,236 62, the year, ly saving secured by the cancellation of our six per cent debts, and we have a balance of interest on the North Branch loan to provide for of 821,003 38, The receipta to the Sinking Fund from ordinary sources tip to the close of the fiscal year, amounted to 8221,493 74, which, when addetl to th«r premiums received on the five million loan, and the tax trom the Pennsylvania railroad company, makes a total of 8337,299 40, the interest on which at five per cent, will make an annual saving of 818,864 92, and thus, together with the interest saved by the five million loan, ar above elated, will entirely exhaust the whole amount of the interest on the North Branch loan, less 82,194 46. IjjqU up tohenvfen, and See a father tliern ; Thou weeping widow, dry that railing tear, tlod is thy helper !— hush thy every fear ; Thou aged christian, trembling1 oe'r the tomb, III- staff shall guide thee thro' its awful gloom; And thoti, de*ponding soul, whose ilown-caat eyM 1Dmv not entreat the mercy of the skies, Jjii not depalr thy drooping heart poesese, UlMt sees and pities uvea thy distress. His oar is op.-n to llio alnwr's cry. II" ape*lite grief with mercy's melting eye, hxte.nJs his arms, raierss htm to hie breast. And giree his broken, contrite spirit rest. J'lttston, Jan. lr?5:l. The receipts to the Treasury for the coming year may be safely estimated at $4,620,500. Taxes from r«'al and personal estate and tolls on the public works, are the only sources ol revenue in wh.ich there can be anv considerable variation from this estimate. The former of these 1 have es tiinated at 81.400,000, and the latter ai $950,000. To the above estimate must be added the sum of $071,097 72, the bolance remaining in the Treasury on the 1st day of December, 1852, and thus swelling the whole means of the Treasury for 1853, to the sum of 85,297,537 72. 'The ordinary expenditures for the same period, in. eluding everything except new work, may be estimated at 84,028.670, which will leave a balance in the Treasury on the 1st day of December, 1853, of $1,271,208.— In this expenditure is included $300,000 for the sinking fund, which, added to the foregoing balance, makes the sum of 81,- 571,208; and deducting from this, $671, 037 72, the amount in the Troosury on the 1st of December last, we shall find an actual balance of 8998,630, applicable to the payment of debts and the completion of the North Branch Canal and the Portage Railroad. The result of these estimates demonstrates most clearly to my mind that when the improvements just named shall have been completed, should all new schemes of expenditure be sternly resisted, as they shall be, so far as 1 atn concerned, the Treasury will be in a condition to cancel at least one million of dollars of the public debt annually. In accordance with the provisions of an act ol the Legislature, approved the 2d day of April, 1852, I proceeded to borrow, on the faith of the Commonwealth, eight hundred and fitly thousand dollars for the completion of the North Branch Canal.— The maximum rate of interest .named in the law is 6 per cent. The loan was awarded to Messrs. Harris Ac Co., for C. H. Fisher, of Philadelphia, Duncan, Sherman 8 Co., New York, and George Peabody, of London, on the 12th day of June last, as follows : 8200,000 al an interest of 4$ per cent., and 8650.000 at an interest ol 5 per cent., and the bonds of the State issued accordingly, in sums of one thousand dollars each, Iree of taxation, with coupons attached, re-imbursable in thirty years after their date. There ore still in circulation about six hundred thousand dollars of the relief issues, a considerable portion of which have become so defaced and ragged as to render their further use almost impracticable.— About two hundred and filly thousand dollars of the old notes were cancelled at the treasury during the past year, under the provisions of the act of the 16th April, 1849, and a like amount of r.ew notes issued by certain banks, for which the State paid these institutions two per cent. The efficiency of the law of 1850, prohibiting iho circulation of the small issues of other State?, has been greatly weakened by the continued use of the relief issues under the denomination of five dollars. The presence of these notes familiarizes the people to (tie use of #mall paper, and prevents the circulation of coin ; whilst the officers of the law, in many instances, make this a pretext to evade the duty of scrutinising this currencv. The law of 1850 never will, 1 fear, be thoroughly vindicated so long as this depreciated paper is permitted to supply the channels of circulation. To remedy this evil, three modes have suggested themselves to my mind. Governor's Message. To the Honorable, the Srnators and Members of' the House of Ripresenlulives oj the Ueneral Assembly: I congratulaie you, my fellow citizens, on the" auspicious circumstances under which you liave coiivct.ed at the seat of government. An nil-wise and beneficient Providence lias greatly blessed our country during the year that has just closed.— The desolations of war—the ravages of pcKtilence—the castings of famine have not been witnessed within her limits ; nor hav6 the sickly influences of internal strife been permitted to paralyze her prosperity. All the great interests of the Nation have received additional growth, and her institutions of government acquired renewed strength. Agriculture, commerce, trade, manufactures, the arts and sciences, have been eminently prosperous, and each been distinguished by some fresh discovery to facilitate its progress. Another Presidential election has been held. Once more :ho people of this vast country, through the agency of the ballotbo*, have designated the citizen who, for th? ensuing four years, is to fill the high, est office known to the Constitution. The cheerful submission of the minority, in the result of the contest, and the magnanimity of the majority in the enjoyment of their .triumph, afford gratifying evidence that our civil institutions are not, at this day, endangered from the violence of party spirit. The voice of the majority is honored by implioit obedience, whilst the rights of the minority are protected by the constitution and laws. The officer thus chosen is the representative of the whole people, and is bound, by his oath and the obligations of patriotism, to do " equal and exact justice to all men of whatever persuasion, religious or political." Each successive test of the elective feature of our government has been followed by renewed confidence in the whole system, and so it will doubtless continue to be, so long as the exercise of the Hght of suffrage be characterised by intelligence and patriotism. In all parts of the civilized world the people are becoming convinced, not only of the practi. cability, but of the wisdom and justice of a government founded on the principles of a "representative Democracy. Even the firm prejudices of monarchists are beginning to yield to the powerful evidence furnished by our experience. The mission of the present generation is to sesure the future triumph of these principles in other coOntries, by transmitting to posterity, unimpaired, our model system of government. That this will be done, under a kind Providence, I have a steadfast belief.The avoidance of these planes—the completion of thu North Branch canal, and the relaying ot the North track of the Co. lumbia railroad, are subjects which will claim your early attention. These mrasures were all ill progress when L came into office. In a special message to the last Legislature, I declareiL tlio opinion that they were necessary toTlie public welfare, and should bo speedily consummated. 1 still entertain these views. curred But it is that capitalists will not invest their means in hazardous enterprises, if required to bear more than a limited liability. I am confident that you will agree with me, that this reasoning in favor of special privileges has no foundation in correct principle, and is not, therefore, entitled to favorable consideration. In a mere business point of view th» position is not a sound one. If a given enterprise be hazardous, it is the less liable to competition and the more lucrative, if successful.-— But if it be a dangerous business, and, therefore, likely to result unprofitably, up. on whom should the loss fall ? Certainly it will not be contended that it should be thrown upon innocont parties who have .hod no agency in the business. It issnre. fy more just and reasonable that those who are to receive the profits should bear the losses—that those who enjoy the privileges should incur the responsibilities. The Constitution never intended to sustain any other policy. It never contemplated acts of legislation to advance one man's Intor- » Should the General Assembly adopt this polioy, it will be for them to provide the means to sustain the treasury under this increased demand upon its resources. In another part of this communication 1 have given you my views touching its future condition. No permanent loans, it seems to me, should hereafter be made for any purpose whatever ; nor should the Sinking Fund be diverged from its legitimate ends. The General Assembly may, however, in view of the pressing necessity for the immediate completion of these improvements deem it wise to authorize the anticipation of the surplus which may accrue in the treasury for one or two years. When the foregoing schemes shall be completed, tho government, in my opinion, should abandon entirely the polioy of constructing improvements of this character. The circumstances which madp it wise and right for the State to participate in such work, have passed away. Grand avenues have been constructed through nearly all parts of the State, whilst individual capital has increased ; and is rapidly occupying every feasible scheme of the kini. With my present impressions, I shall, under all circumstances, resist the commencement of any new projects of this The first is—to allow all holders of these notes to convert them into State bonds, bearing a rate of interest not exceeding four per oent, in sums of not less than one thousand dollars. Tho second is, to apply the means of the Sinking Fund to their cancellation. These notes ore as much a debt against the State as are her bonds, and it would be the ligitimate work nf this fund to take them out of existence. The third is—to apply to this purpose all the premiums that may be received from a furliter conversion of the present debt into new coupon bonds as suggested in another part of this communication. Should the latter idea meet your approbation, the Sinking Fund can be made the instrument of performing the practical work of cancellation. By the adoption of this policy, the illegitimate currency would be removed from the channela of circulation without entrenching upon the means of the treasury, or imposing new burthens on the people. With tha necessary legislation, 1 confidently believe that this end can be ac. complished. I hope, therefore, most sincerely, that the General Assembly, in the exercise of its wisdom, may devise some mode of bringing about a speedy cancellation of these notes. est at the expense of another's. Nor am I at all convinced that capitaffsts wotild not invest their means under the individnaT ft. ability principle. It is but a short period since it was extensively believed that banking capital could not be concentrated, if ihe stockholders tvere made liable in their individual estates for the debts of the  A short experience has dispelled this doubt and served to demonstrate the wisdom and justice of this policy. So it would b«, I am confident, if thi* principle were extended to all corporations designed to facilitate the ends of private gain. Capitalists who might be apprehensive that their private estates would become involved for the cur. rent debts of the corporation, can emplby the simple and easy remedy of making no such debts. Let rhe contraction of a debt be forbidden by the laws ol the fntTiiatfoir.- Let their business be transacted on the cash system. By this poTTcy they will' give greater efficiency to their operations, and escape the dreaded liability. Besides, it does not seem reasonable tha' special legislation, for the ostensible purpose of concentrating capital, should at the same lime look to the creation of large debt?. If the incorporation of this principle sh do no more than lend to the adoption of thfi cash system, it would be the means of pro fit to the corporators, and great good to tho pnblto. * Ff there be enterprises, legitimate "rD$ useful, so complicated in their operations as not to come within the reach of general laws, and it should be deemed proper'to extend to such the convenience of a cor. The 100th section of an act to provide for the ordinary expenses of the government and other purposes, approved the 4th day of May, 2852 declares " that the Gov. eriior and State Treasurer be, and they are hereby authorized and empowered to borrow, on the faith of the Commonwealth, during the year 1852, at such times, and in such amounts, as they may deem best for the interest of the State, ony sum not exceeding five millions of dollars, and issue the lDonds of the Commonwealth for the same, bearing a rate of interest not exceeding five per centum per annum, payable semi-annually, which bonds shall not be subject to taxation for any purpose what, ever, and shall be re-imbur«able in twenty-five years from their date : and the sum so borrowed shall be applied to the payment of the 6 per cent, loans, that are payabto, at the option of the Commonwealth, nflei the years 184fi and 1H47 ; to the cancellation of the cirtificates issued to domestic creditors, and the outstanding and unclaimed interest certificates, in the man. ner hereinafter provided ; and the balance of said five millions shall be applied to the extinguishment of any of the five per cent, bonds of the State now outstanding, and for no other purpose." character. An unpleasant misunderstanding lias existed lor some time between tlie board o! Canul Commissioners and the Pennsvlvania railroad company. The points in the controversy have been passed upon by the highest judicial tribunal in the State, and the decision on each made known to the public. The management of the public works is an independent branch of the public service, and has been confided to the care of agents selected by the people. It might seem unbecoming, therefore, in an officer of this department of the government to discuss the action ol the highly competent gentlemen who at present discharge the troublesome duties appertaining to the office ot Canal Compiissiooer ; nor can any good result from a discussion of the policy which has heretofore governed the Pennsylvania railroad company. As a citizen, and as a public officer, 1 have ever felt a deep interest in the sue. c«ss of the great enterprise commenced by this company, and have inclined to facilitate its objects so far as they may be consistent with the interests of the State.— This corporation should be allowed to enjoy its legitimate rights, without being The currency bf the State generally, seems to be in a sound condition, and to be sufficient, in the aggregate amount, to answer the ends of trade and commerce. An increase of paner circulation at this time, would, in my opinion, be unwise policy.— The legitimate ends of business do not demand such increase. Indeed, the fact cannot be disguised that to a considerable extent the present upward tendency in the prices of gooda and properly, is the con soquence of the abundance of money. This advance in nominal value is rapidly appronching an unnatural elevation, and should excite jealousy rather than confidence. The indication that we are on the eve of a dangerous inflation of prices, and an artificial expansion in commercial and other business affairs, are to clear, it seems to me, to be misunderstood. This tendency should not be stimulated by an increase of paper money. It is the part of wisdom to restrain, rather than heighten this ex- I citement. Tp »ho influence of the unpar. It is proper to remark, in this connection, that a considerable portion of the Slate Stock purchased for the Sinking Fund, was not delivered at the State yeasury until after the close of the financial year, and hence this investment is not stated in the report of the Auditor General. The receipts from the publio works foi the fiscal year ot 1852, as appears in the report of the Canal Commissioners, amounted to the sum of 81,896,811 42, and the ordinary expenditures lor the same period, to the sum of #1,020.341 28, leaving a net revenue to the Stale of $897,470 19. Tbis result, when comimred with that of the last and prectdiug At no period since the acknowledgment of our independence as a Nation, have the people of this Union enjoyed a higher state of prosperity, or entertained a brighter hope of the future. At pcace with all the vorld, and freed from internal strife between the several members of the confed. eracy. by the ready acquiescence of each in the repent Congressional adjustment of th# controversies incident to the institution of domestic slavery and the acquisition of new territory ; when has this Union been roor# firm and perfcct ? Wc may well ex-