Image from page 271 of "Pennsylvania, colonial and federal; a history, 1608-1903. Editor: Howard M. Jenkins" (1903)
Authors: Jenkins, Howard Malcolm, 1842-1902
Contributing Library: Robarts - University of Toronto
Digitizing Sponsor: University of Toronto
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now-one hundred and seventy-seven miles of canal in actual opera-tion. When we remember that the managers of most of thesebanks had pcquired corporate existence for the purpose of lendingtheir credit to the State, which had been created by the State, ata good rate of interest, it is difficult to perceive wherein any publicobligation had been incurred by their action. The banks hadindeed flourished in consequence of the public needs, but the creditof the State at all times was quite as good as that of these institu-tions, and it could as readily have borrowed the money elsewhere.Governor Shulzes confidence in these enterprises had not inthe least been destroyed by what had happened. He admittedthat it must be apparent to all that economv has rarely entered 239 Pennsylvania Colonial and Federal into the system of expenditure, luit that prodigality and profusionliad, on tlie contrary, been its distinguishing characteristics.Xotwitlistandinsr these conditions there was everv reason to be-
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Charles Thomson Schoolmaster; author; secretary ContinentalCongress, 1774-17S9. Reproduced for thiswork from an old engraving Heve tliat by completing the work the wealth and prosperityof the State and of its citizens would eventually be greatly in-creased, and the members of the legislature thought the sameway. Only go on with the improvements and in the end they 240 Slnilzcs ;iiui ^^l)Ils Aiiiiilnistrations wnulil i);iy. Jlicro luul been no ;icciiuntal)ility mi tlic part oflliiise (.MitnislLMl with tlic (lislnirscmcni dl tin- ])nl)lii.- funds (.■nsurinj;a faitlitul a|)i)licati(in o\ tlioin to the ])ro))cr ohjects, aiul the(io\cnior recominended llie adoption of some effective measuresfor gfiiarding the treasury. Jlie construction of canals and railroads had overshadowedthe more modest building of highways. Many had been built,as we have seen, with the money contributed by individuals andthe State. But the funds in many cases had proved inadeciuateand debts had been created. Though
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