USA > Pennsylvania > The Register of Pennsylvania : devoted to the preservation of facts and documents and every other kind of useful information respecting the state of Pennsylvania, Vol. III > Part 2
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power of a horse on
55, 56
Baltimore and Susquehanna, report a- gainst 65, 100
cost of transportation on Mauch Chunk 74
comparison between canals and ib.
Pennsylvania, Major Wilson's reports 81
Harrisburg and Chambersburg 129
York and Chambersburg
132
Susquehannah and Pottsville, report of Philadelphia committee on 133
from Honesdale to Carbondale 137
Joseph M'Ilvaine's reply to a committee respecting 170
resolution of councils respecting 222
route from Tioga to Bloomsburg 256
across Allegheny mountains, N. S. Robert's report 277,298
at Port Carbon 336
Major Wilson resigns as engineer
399
Rain, quantity which fell in 1827 and 1828, in Phil- adelphia 25, 240, 304
Real estate, good sale of
400
Reading, proceedings on Boston port bill at 36
and Mount Carbon daily mail established 206
weather at 398, 415
coal from Clearfield county at 399
Recruits U. S. in Pennsylvania 9
Red Bank, letters relating to attack on 180 Refuge, House of 240
G.M. Dallas' and S. Rush's letters respecting 250 first report of 331
Report of Manual labour academy
12, 176
Philadelphia dispensary 14
southern and northern do. 24
Schuylkill navigation company
25
deaf and dumb institution 43
Moncure Robinson on canal and railway routes between the Delaware & Susq. 54 of comm'e of Congress on auction system on the banks, Auditor General's
62
Committee of the Senate against the Bal- timore and Susquehanna rail road 65
Moncure Robinson on Susquehanna and Lehigh canal 68
72 73
Philadelphia Athenæum
91
indigent widow's society
92
committee of H. of Representatives against Baltimore and Susquehanna rail road 100
D. B. Douglass on Delaware canal from Easton to Carpenter's point 101
mercantile library company 110
to Legislature of New Jersey on Del- aware and Raritan canal 117
Robinson, Wilson and Hopkins on termi- nation of Pennsylvania rail road 123
Philadelphia committee on Susquehanna and Pottsville rail road 133
commissioners of internal improvement fund 139
female hospitable society
141
Magdalen society
142
committee on inland navigation and in- ternal improvement
149
on licenses 151 controllers of public schools 152
on warehousing system
158
Report of provident society
163
Auditor General on finances 177
Edward F. Gay on Penns'a canal 167,181,184 Apprentices library company 186 Philadelphia charity school society 187
committee of ways and means on the fi- nances of the state 189
secretary of state on public schools 207
committee of citizens on loaf bread ib.
James Clarke on Juniata division 216
Dewitt Clinton on
do.
217
committee on public charities 229
distribution to poor 230
committee respecting alien justice of the peace 231
damage sustained by the canal from ice ,231
on duties, powers, &c. of the secretary canal commissioners 232
Franklin Institute on M'Cauley's Floor cloth 235
on the public printing 242
of Abner Lacock
256
J. D. Harris 257,259
A. Livermore on Kiskeminetas and Con- emaugh 259
Philadelphia orphan asylum 260
on Will's legacy 269
of money paid for canal in 1828, monthly 272 N. S. Roberts, portage across the Alle- gheny 277
and constitution of society for encoura- ging domestics 328
first annual, of House of Refuge 331
musical fund society, 347
Pennsylvania hospital 348
infant school society 360
Franklin's legacy, present state of 392
expenditure on Pennsylvania canal 394,412 on tunnel at Grant's hill 412
state pensioners 415 8
Revenue of the United States
Revolutionary letters and papers 26, 27, 34 to 38, 175 180, 200, 245, 295 to 298,305 to 308 340 to 341, 356 to 360, 387
Roberts N. S. report on a portage across the Al- legheny mountains 277,290
Rush Samuel, letter on House of Refuge, 250
Robinson Moncure, report on canal and railway routes between Delaware and Susquehanna 54
on Susquehanna & Lehigh canal 68
Rye, large at Doylestown
400
S
Salem corners, notice of
137
Salmon in Susquehanna river 61
Salted provisions inspected 304
Schools, report of society for establishment of 187
207
report of controllers on 152
expended by counties for 165 Lancasterian at Harrisburg 166
399
Schuylkill county, locusts in iron discovered in 25
25
navigation company report opened
240
fresh in
ib.
great fishing in river trade 26, 47, 267
399
Scott John's legacy, premiums distributed 392
Sea Kale, premium offered by Horticultural soc'y 270
178
Secretary of States' office, fees of report on schools 207
214
Shad fisheries on the Delaware first in market ib.
more plentiful in Egg Harbour than in the Delaware; and transported across 256
effect of dams on the Susquehanna river 304,320 Shunk, F. R. elected secretary to canal commiss'rs 360
Silk, manufactures at Washington 34
Silver and gold, value of from 1700 to 1739 20
Sinking fund city, calculation 156
61
Lehigh coal and navigation company acting managers engineers
75
secretary of society report on
vili
INDEX.
Slates made at Easton 392
Smith, Rev. Dr. Wm.'s address at meeting on Boston port bill 26
judge, opinion in case of Baptist church 225
Snow, in May, in Lehigh county 336
at Philadelphia 16, 96, 144
Southwark, expenditures by 143
Speaker of House of Representatives, question owing to absence of by sickness 223
304
Spring Garden, oppose memorial of councils on streets near Fair Mount 16
Steam power introduced at public works, Pittsburg boats, number builtat Pittsburg in 1 year used in spinning flax
176 144
Stocks owned by the state
216
Stores, military, in arsenal at Harrisburg
309
Straw paper, 300 reams shipped from Meadville, in one boat
34
Strickland, Wm. on Phil. and Columbia rail road 45
Sugar grove, notice of 91
111
Supreme court, notice of successive judges
241
Susquehannah, valley of described 16
river, fall in from Tioga to Northumb. 16 salmon in 61
. number of arks and rafts which pas- sed Harrisburg 67
calculation on the trade of 67, 240
& Lehigh canal, M. Robinson's rep. 68 and Pottsville rail road 133
lumber trade 400
unusual tide
256
effect of dam on shad fishery 304, 320
dwarf persimmon, native of islands 350 county, successful hunting in with one pound of powder 336
335
Table of justices of the peace 15
meteorological 25, 192, 206,236,238,300,269,377 of capital of Philad. banks and insurance co. 28
grain measured in Philadelphia 32
commerce ib.
expenses on Indian affairs from 1733 to 1751 33
of power on railways 56
of situation of the banks of Pennsylvania 62
comparative of coal trade at Philadelphia from 1820 to 1828 80
of graduation of Pennsylvania rail road 82, 88 of the diseases and deaths in alms-house, 1828 90 shewing the number and description of per- sons in city and districts which retail ar- dent spirits, and the number of travellers, horses and wagons they can accommodate 94 deaths and diseases in Philad. for 1828 126
topographical and statistical of Wayne co. 139 of results of Presidential election in each state 144 of the average price of flour from 1784 to 1828 148
calculations of city sinking fund 156
of inspections of flour and corn meal in dif- ferent cities in 1828 205
ditto in Philadelphia 206
ditto of bark at do. 7 years ib.
of diseases and deaths in Philadelphia prison 208 of the criminal business of the different courts in 1828, 213
of prisoners admitted to penitentiary in 1828 ib of commitments to Arch street prison do. 214 meteorolog. at Harrisburg for 1828 and part
1829 237, 238
of senators and representatives in Congress since 1789 243
of diseases and deaths in Arch st. prison 255
of diseases at Pennsylvania Hospital 349
expenditures by city commissioners from 1816 to 1828
Tavern licenses, amount of Tax on offices
Tax on bank dividends 177
.Taxables in Adams county 96
Greene county 61
Jefferson county ib.
Philadelphia county 40
Wayne county 15
Tippling houses presented 329
Tod, judge, opinion on case of Baptist church 227
Travellers, number that can be accommodated in Phil. 94 Travelling, amount of between N. York and Phil. increase of at Pittsburg 118 256
expeditious between N. York & Phil. . 351
Phil. & Easton 399
Turkish mode of executing criminals
223
Turnpikes, Great Bend
137
Milford and Owego
ib.
Belmont and Easton ib.
and Oghquaga ib.
Luzerne and Wayne UV
ib.
Union canal summit, number of boats which passed 383 384 quantity of lumber do
United States public debt 8
commerce of ib.
revenue of ib.
troops in Pennsylvania 9
· surveys în do.
ib.
works projected in ib.
apportionment of arms to the state ib.
militia, number of ib.
quantity of lead made in ib.
pensioners in Pennsylvania ib.
post office in ib.
University of Pennsylvania, medical graduates 1829 202 new medical hall, cor- ner stone laid 203
Vegetation, observations on the commencement of in Pennsylvania 300
Vice and Immorality, report of committee on 262
Voters, female, case of in St. Paul's church 228
W
Wallenpaupac falls, account of 136
Warehousing system, report on 158
Warren county described 90
town of do.
ib.
Washington, Pa. manufactures of silk at
34
locusts at 399
Water power experiments on by Franklin Institute 253 Wayne, Gen. Anthony, biography and correspon- dence . 375, 387, 401
county, taxables in 15
description of 135
Waynesburgh described
60
new method of bleaching
176
Weather at Philadelphia 16, 32, 48, 96, 112, 128 144, 176, 288, 304
at several places 32,335,288,335, 304, 400
411, 44, 336, 348, 398, 399, 415, 416
Weather guage at coffee-house 288
Weaving in perfection at Pittsburg 214
261
White, bishop, biography of consecration of 405
74
Canvass, report on Lehigh canal report on Phil. &Columb. rail road
45
Josiah, report on Lehigh canal 75
White-washing, annual, Hopkinson's account of 311
335
Wild pigeons in Susquehanna county York
399
Wilson, Major John, resigns
ib.
report on rail road 81
Y
Youngsville, notice of
York, storm at
91 399
empty jail at
ib.
wild pigeons at ib.
a fat young lady at
ib.
proceedings at on Boston port bill
35
352
poor in alms-house at 192
178 1 county, heavy rain in 348
178 York and Chambersburg rail road, report on 132
wild pigeons in T
Sunday, notice to be given at church
64
Spirits distilled, quantity inspected
THE REGISTER OF PENNSYLVANIA.
DEVOTED TO THE PRESERVATION OF EVERY KIND OF USEFUL INFORMATION RESPECTING THE STATE.
EDITED BY SAMUEL HAZARD.
VOL. III .- NO. 1. PHILADELPHIA, JAN. 3, 1829. NO. 53.
TO THE PUBLIC.
Gentlemen who are disposed to patronise this work, can be furnished with the two preceding volumes, either in numbers or bound, adding the price of binding. Those who have not had an opportunity of examining the work, so as to enable them to decide upon subscribing, will be furnished with a volume for a few days, for the purpose, upon application to the editor, personally or by note, addressed to him through the post office.
DIFFICULTIES OF TRADE & CURRENCY.
their sentiments of the danger of ill concerted schemes in so nice and important a case as the regulation or insti- tution of a provincial currency is"; the next day was assigned for hearing them, and accordingly, Isaac Norris and James Logan, two of the petitioners, deliver- ed their sentiments in writing, as follows:
"To the Honourable House of Representatives of the pro- vince of Pennsylvania.
"Being admitted, upon our address to the house, pre- sented yesterday, to exhibitany further sentiments, in re- lation to a paper credit, now vigorously pressed to be es- tablished by law; we accordingly offer the following heads, which may be supported by solid arguments, when the House thinks fit to require them.
First, That as this province derives all its powers from, and is wholly dependent on the kingdom of Great Bri- tain, it will be the highest wisdom in our Legislature, upon all exigencies, to direct themselves by the same prudent and just measures, which the parliaments of that kingdom have always pursued, in the like cases; in whom nothing has been more conspicuous than a most strict care, that no subject should lose by the coin, or public credit, of the kingdom.
In the year 1722, it appears from the votes of assem- bly, the province experienced great embarrassments from the decay of trade and depreciation of currency. On the 2d of January 1722-3, a petition was presented from sundry inhabitants of the city and county of Phi- ladelphia, setting forth, "That they are sensibly aggriev- ed in their estates and dealings to the great loss and growing ruin of themselves and the evident decay of this province in general, for want of a medium to buy and sell with, and praying for a paper currency;" and on Secondly, That as, when the nation was most griev- ously distressed, in the time of a dangerous and expen- sive war, by a general debasing of their current coin, the parliament would hearken to no proposal (though many were made) for relieving the state, by raising the new minted money to a higher value; but, under the vastest difficulties, renewed it, at the same weight and fineness, to pass at the former rates; which they have unalterably kept to. And further, by the sum of twelve hundred thousand pounds, made good to private persons all the loss of exchanging their clipped and debased coin, for the new milled money, which was delivered out at a par to them: so the like justice and prudence re- quires, that no further alteration, than what the parlia. ment has made here, should, on any terms, be admitted, in the value of our gold and silver, but that it still con- tinue, as it now passes. the same day a petition from a portion of the inhabitants of Chester county was also presented, praying "that the current money be raised, and not to make a paper cur- rency-that the produce of the province be made a cur_ rency, and the exportation of money prohibited."-A- nother portion from the same county, as well as of Bucks, united in favor of a paper currency. On the petition from Philadelphia, the committee of grievances report- ed "that it contains matters of fact and what they believe to be true and worthy of weighty consideration, and refer it to the house." On the petition from Chester, they "re- fer to the house, whether the raising the cash or striking paper money will be most to the advantage of this pro- vince? but humbly presume if dollars were raised to Thirdly, That, as the parliament, as often as they found it necessary to issue bills of credit, called exche- quer bills, or notes, took the utmost care to keep them equal in value with silver, by giving the Bank of Eng- land, when they fell into any discount, vast sums of mo- ney, to receive those bills, as their own, and to exchange them with ready cash, on the demand of the bearer: 80 it appears absolutely necessary, that if bills of credit be raised here, due care should be taken (since we can have no such banks in this province, as are in Europe, wliose rules are to pay down ready money for their bills, upon demand) to establish them on so just a founda- tion, that, while in being, they may still continue of the same value with real money, according to the rates, at which they are at first issued. five shillings a piece, it might be of benefit;" they think it would be impracticable to prevent the exportation of specie;" but are of opinion, if a law was made to make the country produce, at market price, pay for servants, goods imported, and to discharge judgments and execu- tions, it would be of public service." On the 8th of Ja- nuary, 1722-3, the subject was discussed at length and the question "whether it was necessary that a quantity of paper money, founded on a good scheme, be struck or imprinted" decided in the affirmative. It was also de- termined that 'Lion or Dog dollars weighing sixteen pen- nyweights or upwards, shall pass for five shillings.' This Fourthly, That, if those bills be issued on any easier terms to the receiver, than gold, or silver would be, if it were to be paid, or lent, out of the treasury, by how much easier these terms are, by so much, at least, will the bills fall in value; . for credit has its own laws, as un- appears to be the first scheme for the introduction of a paper currency into the province. On the 9th of the same month, a petition was read from several gentlemen and merchants, "entreating an opportunity of offering | alterable in themselves, as those of motion or gravity
VOL. III. 1
2
DIFFICULTIES OF TRADE AND CURRENCY ..
are, in nature, and which such as are versed in these af- fairs in Europe, as carefully consider.
Fifthly, That the schemes most commonly talked of, for lending out sums, to be discharged by annual pay- ments, equal to, or not much exceeding the interest, for a certain number of years, without paying any principal, are partial and unjust, and would be destructive to pub- lic credit; because the consideration given is not an equivalent to the sum received.
For instance, should one hundred pounds be lent out, to be discharged, by the payment only of eight pounds annually, for sixteen years; were such an annuity to be brought, according to the known rules for purchasing es- tates, it would here be worth no more than £70, 16s. & 3d. in ready money, nor is an annuity for nine pounds ten shillings per annum, for twelve years, worth more than seventy one pounds twelve shillings. In either of these cases, the borrower, could he discharge debts of that value with it, though he were to pay the annuity in gold and silver, would gain near thirty pounds by the loan, but no other person would feel the least advantage by it; now, if no man would let out his own money on these terms, none ought to desire it so of the public; the credit of which is of vastly greater importance, than any private persons; because a failure in that, affects the fortune of every individual, in his money, the me- dium of his commerce and dealing.
Sixthly, That all such projects are either exceeding weak or unjust; for the paper money is to be lent either to all, who shall desire it, on a tender of the security proposed, or to some only; if to all (as it is natural for all men to desire what they may gain by) it will be im- practicable to strike enough to answer all demands; or, if it were struck, it would, because of its quantity, be- come of little or no value; if to a few only, what tribu- nal can be erected, to judge and distinguish who of the King's subjects, are to be admitted to the favour, and who to be rejected? If the poor only are to be the ob- jects, they have not security to give, or if they had, per- haps they have as little merit as any: commonly people become wealthy by sobriety and industry, the most use- ful qualifications in a commonwealth, and poor by luxu- ry, idleness and folly. What rules then can be found, for dispensing the public favours?
Seventhly, That by these schemes, the more the cur- rency or paper money falls in value (by which word falling, is meant the rising of gold, silver, English goods, and all other commodities, in nominal value, which is the certain proof of the other's falling) the greater is the borrower's advantage; for the more easily will he pay his annuity; so that he may happen, by virtue of the act, to discharge, with the value of twenty pounds, a debt of one hundred, due to the man, who, perhaps, kindly lent him the money, to relieve him in distress, or honestly sold him his land, or goods, at their real value, at the time of lending, or sale.
Eighthly, That all those deceive themselves, who, because gold and silver may be had at New York, or other places, in exchange for their paper money, sup- pose that the one, therefore, is as good as the other, un- less the silver can be had at eight shillings per ounce, or the gold at six shillings per penny weight, at New York, as they were rated at the first striking of their bills; but when their silver brings from nine to len shillings per ounce, and their light pistoles pass at twenty-eight shill- ings, or higher, then bills are truly so much fallen in value, as the others are advanced. So, in Carolina, silver is to be purchased for their bills, but it is at thirty shillings per ounce, though they were struck, as is said, at scren shillings only!
These being premised as general heads, what next follows, is to point out what are conceived to be the only means of supporting the credit of such a currency, if issued.
First, That the whole sum struck be but small, and just sufficient to pass from hand to hand, for a currency.
Secondiy, That it be not continued for any longer time; for the paper will wear out, and it will not be so easy to exchange it for new, as some have imagined; which, it is much to be doubted, will be found impracti- cable: besides, the sooner it is to expire, the more easily will people be satisfied to take it. But further, our laws can continue in force no longer than five years, without the royal approbation.
Thirdly, That care be taken to force the sinking of it in course, and in a just manner, by measures, that shall render it absolutely necessary for the public to have it sunk; which, it is conceived, none of the methods hitherto discoursed of, will effect. These heads, may it please the House, are what we have, at present, hum- bly to offer to your consideration, on this subject."
Several motions were then made and negatived as to the amount to be struck, and £12,000 finally agreed. upon. On the 11th of January it was decided to abate the interest of money, from 8 to 6 per cent. per annum, upon all future bonds and contracts. It was then considered in what way the £12,000 pounds should be issued. A proposal to lend it, out of an office to be erected, at 6 per cent. interest, was negatived, and 5 per cent. interest agreed to; and the money thus raised was to pass for 5 years, it being "at the choice of the borrower to pay off the principal sooner, or any part, not less than one-fourth, at ons payment." The security to be given to be "three times the value in lands and lots, and four times the value in houses." On the 12th the Governor, Sir William Keith, delivered his senti- ments in writing on the subject of a paper currency, as follows:
" Mr. Speaker, and Gentlemen Of the Assembly,
I have, at your request, very carefully considered the resolutions of the House, upon your Journals, relating to public credit; and also, some things which I there find have been offered to you upon the same subject.
Credit may, no doubt, be compared to the mathema- ticks, in so far as both sciences will admit of deducing solid conclusions from self evident and clear principles: And yet, by the subtilty of an artist, truth or faishood in either of them is often so darkly wrapped up and in- volved, that it is lost unto, or misapprehended by the plainest, and generally speaking, much the honestest part of mankind.
But the common necessity and general interest of the whole body of the people, being a subject of importance, on which we ought to speak plainly, and act freely, I shall, without any preamble or disguise whatsoever, communicate my thoughts to you in the simplest and most intelligible manner that I can.
First, If it be true, that the riches and prosperity of this Province chiefly depend on the manufacture of provisions, and the exchanging of that manufacture with other things to advantage, it will also be true, that what- socver increases the one, and at the same time encou- rages the other, will justly deserve the name of a publick good; and the majority of those employed in such manu- facture and exchange, have thereby a right to be consi- dered as the body of the people whom you represent.
Secondly, It is evident, that where there is no public debt, and a real value in lands to be pledged, paper may, if there is occasion for it, be struck to advantage, without any risque at all; for though perhaps it may contribute to hurt some weak people in the manage- ment of their private affairs, yet, while any unfrugal person is lost to the community; and is succeeded by one more industrious than he, the public cannot suffer by such a change.
Thirdly, If in the case of a paper currency amongst us, it should happen to follow (as it may be supposed it
3
DIFFICULTIES OF TRADE AND CURRENCY.
1829.]
will) that silver and gold will be kept up for remit- tances to Great Britain, we shall then have no other means of dealing with one another but the paper: Should the quantity, therefore, be less than is necessary to circulate our home trade in its natural course, usurers and sharpers would have the same opportunity as they have now, to lie at catch for bargains, and make a mo- nopoly of trade, by ingrossing the current money into their hands.
Fourthly, The very essence and nature of credit, as well as the practice and experience of the greatest banks in Europe, directs all such bills to be issued at something less than common interest, for that is, in ef- fect, a premium given by the publick to encourage their circulation: And whoever is pleased to say, that the Bank of Amsterdam loses credit by lending money at two per cent. or the Bank of England by lending money at four per cent. shall scarce prevail with me to think the assertion worthy of any answer.
Fifthly, I am not of opinion with those gentlemen, who are pleased to alledge, that the value of silver at New York, which, in the month of September last, was from eight shillings and three pence to eight shillings and nine pence, is occasioned by their paper; for in this Province, where there never has been any paper yet, from five to ten per cent. has for several years been gi- ven in exchange for silver. And as to their computation of gold, the gentlemen, perhaps, have not had occasion of late to be informed, that the heaviest Pistoles in York, go at no more than twenty-eight shillings, and smaller, or cut gold, at the common standard value in that Province, where it is believed the people could not possibly carry on half the quantity of their present trade and business without the help of paper.
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