Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-06-01

execution ~ case Of dsbt. besides Sg-
graSating the evils just named. would
aeeuniom our citizens 10 q disregard
q tbe obligations Of law and for pune
toality in their dealings. and would be.
get . familiarity with the dependence
Of Indebtedness. wholly inconsistent
with the character Of Pennsylvania
citizens.
For these reasons, deem Il inexpe-
dent for the present TO convene the
Legislature.
The main object. then. Of this pro-
clamaiion, is 10 address the patriotism,
the coed sense and the Interest Of the
citizens who direct the different Banks
Of The Commonwealth. In ihei. hands
are placed. by this strange and sudden
catastrophe. to q great extent, the pre-
sent control Of our prosperity. But Tor
tunately for the community, the forfeit
ure or confirmation Of the charters OF
those institutions viii depend upon the
estimate which public opinion, for the
next six months, will form OF the use
which shall be made Of the power that
circumstances have thus given. II .
reckless pursuit Of profit and s'disre-
gard Of the welfare Of society. should
lead to sudden and injurious increase
OF bank issues, the next meeting Of the
Representatives Of an injured commu-
nifty will undoubtedly visit the full pc
naity of the law on the faithless agents.
If on the other hand. an honest and pa
trioiic application Of the power now
possessed by them. shall prevent the
Apprehended evils, and shall at the
earliest possible period. restore the cur
rency % is recently healthy condition,
acts. under other circumstances unlaw-
full, thus proved to have been compell-
ed only by urgent necessity, and thus
followed by no sinister perversion Of
power, will. beyond a doubt. be con-
firmed. To accomplish which desiTa-
BILE and Just result, no exertion will be
spared by the Executive at the proper
time.
In the meantime / shall take care
through the authority vested in the
Auditor General, to keep the public
aud the Legislature when il shall meet,
informed Of the amount Of issues, and
OF the other transactions Of the Banks.
II any Bank should, after the suspen-
sion Of specie payments, increase its
amount Of notes in circulation, il will
be most importantthat the peoples re-
representatives., who will have before
them the question Of annulling OF con-
firming the charters, should be aware
ofthe fact.
And. finally. il is The object Of this
Proclamation, solemnly to call upon
every citizen. in the name of his own
and the public good 10 sustain the no.
nor and credit Of the State and OF her
institutions at the present crisis. Let
prudence and hrmneSs be exerted by
each in bis own sphere, and there is
no danger. The Banks are believed
10 be abundanily able TO meet all their
liabilities. The only danger is TO be
found in rashness and excitement II
IS evident that the present difficulty
does not arise from any great inherent
defect in our currency, but from an err
Tor in its management. The National
Government, with an unparalleled sur
plus Of means, cannot pay ats debts in
the legal currency Of the country. Our
own State. with unfailing resources
and increased facilities 10 promote and
accommodate internal trade and bust
ness, is disappointed in her reasonable
expectations Of an increase in the in
come Of her public works over that Of
last year. Our farmers, mechanics,
manufacturer, and merchants. in the
full tide Of profitable industry and en-
terPTise. are suddenly paralyzed in all
their efforts; and the whole machinery
Of busy life stands shll, without pesti-
lence, death. or war. or the agency Of
any other great domestic or foreign
calamity which usually produces such
results. Il must, therefore, be that
some error in the management Of that
eurrency built on mutual confidence,
and which heretofore raised our eoun-
try 10 unparalleled prosperity. has pro-
duced the present momeniaTy stagna-
ton. IL will also be found that the in
telligenee and patriotism Of American
citizens will soon discover and apply
the remedy, and that the error will
Aoou OG AehtSFGNs ANO1hiuk iHEG4ulEEu
nothing is in the power Of Pennsyl-
vania but steady eOoinesS during The
emergency.
The occasion will not be without iis
good effects, among which will be the
opportunity presented TO the next lie.
gislature 10 impose upon our Banking
system such guards and restrictions a.
present experience win point out for
the benefit Of the future.
In the meantime, let the Banks 90
on steadily, without expressing their
debtors OF seeking undue profit 70 then-
selves by increasing their notes in cir
eula,ion, and les general and gener-
Gus confidence IN the solvency Of the
Banks be cherished BY the citizens, aad
ell uill be well.
Given under ny hand and the Great
Seal o. i5e State, at Harrisburg. the
twentieih day Of May, ~ she year Of
our Lord one thousand eight hun
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