Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-02-14
PENNSYLVANIA.

To The Senate and House Of Representatives
Of the Communicable IF Pennsylvania.
GENTLEMEN-By the provisions Of the
&C, approved on The esd ulllmo entitled
" AN act to auhorlse a loan" the Governor
is authorized 10 negotiate a permanent
loan for $4,000 he is also authorised
TO urgo,ia'c temporary loan for the same
sum IN ant IcipalIon of the SAID permanent
loan.
As 5000 600 ofIhe sum authorized TO be-
borrowed, - required to supply d. tic,t IN
the internal improvement, fund.- for tie pay
m'n' of interest this day due. | directed
the Secretary Of The CommonwcaIth. lmme
dla'c'v on the approval Of the sind net Ton
the esd ui,mOl to write to the banks OF
Pnllad, lphia, and the Harrisburg Bank.
lnQuring of each Of them whether they
would agree to make permanent or ten.
porarv loan TO the Commonwealth OF SIX
hundred thousand dollars. or any part
thereof upnn the terms specified IN the
SAID act. the same TO be placed 10 her credit
N he Bark of Pennsylvania on tins dav.
Answers have been received from al The
banks. The bank OF Pcunsyv0n,n proposes
to lend on temporary loan 500 600 -
Some of the hers offer 10 take proportion.
o
al parts on certain contingencies, aud sew
ctaI Others appear to manifest a desire to
nee, The contingencies, bnt have not The
ability. Copies of the correspondence on
/ tho subject are herewith transmitted.
! 1t viii be perceived thai, not having Tho
means so 10 do, the interest," this day due
The Comm0nW cath to her creditors is IN.
| pad. n circumstance which the Executive,
! auX,ouS as he has been for MAINTAINING nm.
-uhcd the credu of the COMMUNICATES.
! has been unable 70 avert. cannot too
often or too irnprc,sively urgc upon the
| Legislature The p,tnmount duty OF nam
tanning NJ all hazards The public faith and
credit. Whilst urglng uNon them the adop-
ton of such wise and ludcDous enactmeuts
as may prevent the recurrence inevitable
from he Revision growing out If the nnuar
| ural and exhausted system OF credit with
VIII CHI orr bn'incss community has been M
, tiatcd, lbeG leave to recommend as The best
| alternative wh ca can present itself the pas
sage forthwith Of q joint resolution authors
sing the issuing OF State stock for the IN
terest falling due this day, 10 be delivered
10 The holders of the stock for the amount
due them respectively. as an earnest OF
our determination TO make provision as
soon as the necessary Legislation can be
had, 10 NEE, the cXigency and redeem TIE
credit of the commonwealth.
trust | may be excused in this COM
mnnlcotlon for saying to Tho Representa-
/ tlvcs Of the people IN the legislature, that
whist they owe duty to the wants aud
wishes os their immediate constituents,
/ there - q paramount Guty 10 the common
wealth al large, to MAINTAIN its credit, to
meet its engagements, and to prevent its
character in good faith, from being sullled.
No man, were he concerned alone as an
individual, would 90 further to fix an early
day for he resumption OF specie payments
by the Banks than would, II by so doing
the desirable results would be produced
But. placed AZ am, as tie Erecuiiuc Of
= The Commonwealth, 10 preside 0uer her in
iereSis. I(eei bound 10 sag regardless If any
denunciat,on, pohich may be poured forth
from any quarter, that betiere If too pigo.
rous a system Of measures be GdopiedM ca.
cree The payment Of The liabilities of the
banks IMMEDIATELY The credit Of Tie State
must and pW be seriously and d Sadrously
affected an assurance be given To the
public that at a certain and fixed day, with
IN reasonable time, such resumption
will take place, and that 1t will then be
permanent.
Let them understand that the ndul'
gence to their debtors by the Banks, is
rendered absolutely necessary by the ex
,stlng pressure and the cumbrous public
debt with which the State Is loaded, and