The Madisonian., 1840-02-06

Of the Legislature to-day;
4 To The Senate and House Of
Representatives. IF PeHnsyirania
GENTLEMEN BY the provisions ci the act, ap-
! proved on the I'D u entitled An act TO authorize
loau,' Tie Governor is authorized negotiate for
apsrmanenI loan OF $50 900 He is also authorized
1 10 nego'iae Tor temporary loan Tor The same sum,
| IN anticipation Of the said permanent lean, As
SbooO 600 u The sum authorized 70 be borrowed rs re-
CURED TO supply nett in the iniernai improve
mcnt und lor The payment oi the interest," this DAY
| due, directed The secretary OF the Commonwealth,
Immediately upon The approval Of The said act on the
23d nt 10 write 10 The nks OF the city and To the
/ Directors of the Pennsylvania and Harrisburg
Banks, inquiring Of each Of them whether they
would agree 10 make permanent or temporary
/ loan q the Commonwealth OF 100000, or any part
thereof upon the terms ecihed IN the said ac--the
sum 10 be placed her credit in The Bank OF Penn
Syvania on this day.
| Answers have been received from all the banks.
| The INK OF Pennsylvania proposes To lend lem
! porary loan Of 300 O0O Some others offer to take
! prop rlionale parts certain contingencies, and
several others appear 70 manifest desire 10 meet lhe
emergency but have mol The ability Copies oil The
correspondence upon this subject are herewith trans
mted Il will be perceived that not having The
means do, the interest this day due by the Com
! monweah 10 her loan creditors is unpaid-a cir
\ cumstance which the Executive, anxious as he has
! been Tor maintaining unnsued lhe faith and credit
4 Of the Com nonweah, has been unable 10 avert.
cannot too olen or too imperiousiy urge upon the
Legislature the paramount duly o maintaining, at all
upon them the adoption oil such wise and udicious
enactments may prevent the r, currence oi The
| even ,eldered inevitable from the revulsion grow
/ ing out OF the unnatural and exhausted system OF
! credit with which our business community has been
infited, beg leave 10 recommend, AS the best alter
native which now presens itself, the passage fonh.
with OF a joint resolution authorizing the issue OF
State stock for the interest falling due this day. 10 be
delivered 10 The holders Of stock Tor the amount due
them respectively as an earnest OF our determination
10 make provision soon as The necessary legsla-
ton can BE- had TO meet the exgency, and to redeem
! The credit Of the Commonwealth. l trust may pc
excused in this communication tor saying 10 the
Representatives of the People in the Legislature
that, whilst they owe duty 10 the wants and wishes
OF their immediate constituents, there Is paramount
duty to the Commonwealth at large, TO maintain its
credit, lis engagements and 10 prevent its cha
racer for good faith from being snlIied
No man, were he concerned alone as an individual,
would 90 further fix early day for the resumption
Of specie payments by the banks than would, IT. by
doing So the desirable result would be produced Butt
placed as am the Executive Of the Commonwealth
preside her interests feel bound TO say regard
less Of any denuncatons which may be poured iorth
from any quarter that believe If too rigorous system
Of be adopted to coerce the payment Of the
liabilities of tho banks immediately the credit Of me
State must and will be seriously and disastrously al
| fected.
Let an assurance be given TO the Public that at
certain and fixed day. within reasonable time, sucha
Resumption viii take place. and that will then be per-
manent. lie, them understand that this Indulgence to
~ by the existing pressure and the cumbrous public
debt with which the State is loaded, and no one
doubt but that n the spirit Of patriotic liberaity they
will waive the immediate exercise OF positive right
for the certain and ultimate accomplishment Of
what we all so much desire.
| refer TO the message communicated at the COM
mencement OF the present session for my views IN de-
tail; and aware Of the responsibility have assumed
leave the subject the calm and rejecting consdera-
on Of the Legislature
When took upon me the duties Of the station as
signed me, assumed all its Responsibilities also And
having shunk from the performance OF any duty.
have felt mysef imperaively called npen 10 mske this
communication to YOU the fullest confidence and be-
lief that the patriotism and good sense of
constituents will bear out III our honest and anxious
ehdeavors to exrcae the State from the financial diff
cullles and enbarassments encountered on entering
upon the discharge OF our public duties
DAVID r. PORTER
The above Message having been read in the House
Of Representatives, referred the Committee Of
Ways and Means, and ordered, together with the docu
ments, TO be printed
Mr. M'Elwec then offered resolution TO this effect
That the amount Of interest due loans should be de-
cared 10 be debt due by Tie State the holders Of
the certificates and that the proper officers shall ISSUE
certificates Of stock payable at the Of per cent.
half yearly rodeemable within the time the loans were
| taken for originally.
/ Mr. M'Elwee said he had voted for the resurnp-
lion resolution which passed The House two three
days ago, but always warmly conended that il fixed
/
solution he had just introduced ought 10 pass be-
cause the faith Of the State was al stake, both at
| home and abroad. He stated that vessel was now
waiting 10 take the interest due by the State TO Eu-
rope and would never do y allow her TO sail with
| out the money He argued that II was absurd 10
expect the banks to lend the State money under the
present circumstances They ought 10 be allowed
time 10 call in their debs Not 10 vote for this re-
commentator OF the Governor would be 10 rush
| headong 10 destruction.
Mr. Snowden, another supporter Of the resumption
resolution acknowledged that he felt bound 10 recede
under present circumstances, and confessed that the
! Governor had seen the matter in It's true light.
MI Crabb Ca Whig) expressed his amazement
that gentlemen were now ready to eat up their own
words uttered the other day. They had received
their orders from The Commander i'm Chief and were
now compelled TO take the back track He was glad,
I however that they had their error. II wasnot
! yet too late to repent.
Mr.. Speaker Hopkins confessed that he would
| have voted against The resumption resolution ii he
had found nerve enough 10 vote against the de-
nocracy He thought il fixed too early day.
Mr. Pennimap, Of Philadelphia county, Ca tho
/ rough-g going DesIuc i've and author OF the original
resolution Tor the resumplion) said that he woudnot
reccde from the ground that he had taken mallers
| what might be the consequence. Thanked God that
| the loan had pot been taken Was glad the present
state Of things had brought gentlemen to The thinking
! point.
The Speaker faceiuusy remarked that the gen.
! eman Mr. Penniman) might have amended his
speech and said, instead OF ousht us 10 the think
/ ing point brought 10 the sticking point.
Alter some further discussion, the question was
taken on the resolution, and il was adopted almost
unanimously.
In The Senate the message and correspondence
| were ordered to be printed, after some remarks on
| the message, and only one member OF The adminls-
tration parry who expressed any opinion did not al
together approve the sentiments OF the Executive IN
being avorably disposed towards the banks-haf is,
| in not crushing them the 18th inst, as was pro-
posed 10 be done by ihe House. itteltgenccr.