Proceedings and debates of the Convention of the commonwealth of Pennsylvania Volume 6; to propose amendments to the constitution, commenced at Harrisburg, on the second day of May, 1837

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1838 Excerpt: ... lately seen on every side of us. Let us hear what Governor Snyder said in the year 1814. "Is there, at this time, an intelligent man in Pennsylvania, who believes that a bank note of any description is the representative of specie! Is there not ground for fear, a knowledge, that forty-one new banks, having a nominal capital of more than seventeen millions of dollars, upon the bare payment of one fifth part, shall have the right--the inclination to do so, cannot be doubted, under the predominant spirit of speculation--to throw into circulation an additional overwhelming flood of paper, and thus totally destroy the remaining confidence in that medium? And will not a hoarding of specie, and a ruinous depreciating of bank notes, be the natural consequence of such a state of things? On the ground of principle generally, I may confidently say, that industry is the only permanent source of wealth. It secures subsistence, and advances our interests by slow, yet sure and regular gains, and is the best preservative of morals. Not so with speculation, (which this bill seems to invite;) it has the direct contrary effect; depending on no fixed principles, it opens a field for the exercise of ingenuity, ever on the alert to take advantage of the unwary in the accidental variations of things. The success of the speculate by profession, tempts the farmer and mechanic to forsake his accustomed honest pursuits. Launched on the wild sea of speculation, ever exposed to deviations from rectitude, his moral principle becomes weakened, and eventually all sense of commutative justice is destroyed. "Thus impressed as to the probable consequences of the bill, if enacted into a law, I should betray the trust reposed in me by my fellow-citizens, if I were to approve its passage. "To ...