Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1840-02-13
IMPORTANT FROM HARR.sBuAG.

IMPORTANT FROM HARRISBURG.
IN the Pennsylvania Legislature, on Saturday,
the Let inatant, the following message was received
from Governor Porter:
To the SENATE and House cf Represeatatipes
QfHe Commonwealth n Pennsylgaaaa.
GEvrLamaS by the provisions Of Tie act op-
proved on tie 23d uitimo, entitled " an net 70 aGtho-
rize a loan" the Governor is authorized 10 negoti-
ate a permanent loan fr Sa70, 900. He is elso au-
thorized to negotiate a temporary loan ior the same
sum in anticipation If HE said permanent loan.
A. 5000, 900 Of the sum- authorized to be borrow
ed, is required to supply a deficit in the internal
Improvement fund, toi the payment OF interest this
day dGe, | directed the Secretary OF the Common
wealth, Immediately upon the approval ot the said
sct Con the 23d ultimo), TO write to the Banks Of
Philadelphia, and the Harrisburg Bank, inquiring
Of each Of them, whether they would egree to mike
a permanent or temporary loan to the Common
weal,h. d ak hundred Thousand dollars, or any
part thereof, upon the terms specified IN the said
ncf, the same 10 lie placed 10 her credit Ia the Bank
of Pennsylvania on ;his day.
Answer. have been received from all the Baaks.
The Bank Of Pennsylvania proposes to lend on a
temporary loan Sl00, 600. Some oflhe others Of
fer to take pfopoitioned parts ON certain conting"n-
cics, and several oilers appear TO manifest a desiIe
IL meet the emergencies, bGt have moi the ability.
Copies Of the correspondence on The SUBJECT, are
herewith transmitted.
II will be perceived that, not having tho means
50 to do. the interest this day due the Common
wealth to her creditors is unpaid, a Circumstance
which the Lxecuive, anxious as he has been for
maif tanning unsllliei tie credit Of he Common
wealth, hos teen unable 10 avert. ] cannot too Of
Ten or too impressivoly urge upon the Legislature
The paramount duty OF maintaining an all hazards
the public faith and credit, Whilst urging upon
them tho adoption &C such wise and l~udi1lous enact
nents az may prevent the recurrence yfHl event
inevitable from tue rc~vulsiOns growing oat Of the
unnatural and exhausted sye3em Of credit with
which our business community has been iiltsed, |
beg leave TO recommend as tie best alternative
winch can present Itself, the p3ssase forthwith ofa
Joint resolution authorizing the issuing Of State
4iock for the interest falling due this day, TO be de-
lrycrei to Tie holders OF tne stock for the amount
due them respectively, as an earnest ofthc determi-
uaticn to make provision as soon as the necessary
Legislation can be Lad, 10 meet the e~xigency aud
redeem the credit Of the Commonwealth
uust | may be excused in this communication,
for saying to tie Representatives Of the people IN
the Legislature, that whilst they owe a duty 10 the
wants and wishes Of thqir immediate constituents,
there is q paramount duty to the Commonwealth
At large, To maintain It's credit, 10 meet lis engage
gents, and to prevent Its character for good faith,
from being suilicd. no nan were he concerned "a
lone rs an individual would go further TO fix an ear
u day for resumption Of specie payments by the
Banks, than | would, il by SO doing the desirable
results would be- produced. But placed as am,
as the Executive of the Commonwealth, To preside
over bvt interests, / feel bound 10 say, regardless Of
any denunciauon, which may b. pomed forth from
any quarter, THAT believe Ii Too rigorous a system
OF measures be atoptrd 20 cuuice the payment oithe
liabilities Of The Banks, Immediately, the credit If
lhe State mus and w.il be seriously and disastrous
~ affected.
Let assurance be given to tie public tAat a cer-
tain and fixed day, within a reasonable time, such
resumption viii take place, and that il will theu be
permanent. Let them understand thaJ the ,ndul-
gence to ;heir debtors By the Banks, is rendered
absolutely necessary by the existing pressure and
he ctubrous public debt With which lie STATE Is
loaded, aud no one can doubt, but t5at in a spirit
af patriotic iberality, they viii waive The immcdj-
ate exercise of a positive right, for the more certain
and ultimate accomplishment OF What we all SO
much desire. lre0r TO the message communicated
10 you at the commencement Of The present session
for my views Ia detail; and aware Of the %respoesi-
billy / have assumed, ! leave the sulgsct 10 tie
calm aud feHectue consideration of ,Ee Legislature.
When | took upon nae tie duties %. the station
assigned me, / assumed all its responsibilities al.oi
and having never shrun& from the performance ofa-
ny daty, ! have ielt myself imPefatiysiy called upon
10 make this communication 10 you, ia the fullest
confidence and belief. that the patriotism and good
sense OF our common constituents will bear as out
tA NHi HNAhaA q tA HAht fAHfNNftAHF W. N"Aht
the State from the financial difficulties and embar-
easements encountered on entering upon the dis
charge Of our pg5jo dutlcs.
DAVID R. PORTER.
February lst, 1870.
In Tie House, as soon as lie message was read,
a joint resolution was unanimously adopted in ac-
cordancc with the message, declaring tie amount
Of interest ROW due on tie State debt, 10 30 a debt
due by tho State, and directing certificates 70 Dc is
sued, bearing az ine.e Of five per sent. per aunnm,
pas bie halt yeuriy, ard r~edeemab,e at The option
of the HOLDERS, any time within the time for which
The loan was taken.
The resolution was offered by Mr.. McELwEE,
who il the leadrr oC the Administration forces ia
that body. lie held that the credit Of the State
should be maintained = AZ all hazards"-tlus echo.
ing The sentiment Of Gov. Porter ia the message
just reod.
NJ. SSowDES, Chairman Of THE Committee on
Banks, md who had been IS labid ia his a%ot-bauk-
.sm, ard urged so sreruously compulsory resump-
ti1n on the 18Th ultmo, also exhibited signs Of re-
turning sanity. Appa, emily. this statesman and Il
naDcier, from Neuaugo county, was snYJTised thot
the autl-bank action Of the House had tended to
tighten the money market, and thus prevent the
STATE from obtaining new loans, even for the pay
naent Of interest due. But says Mr. S~aowden, q" If
it is proved thot the measure | have advocated will
prevent the loans hom being taken, | am willing
msgHanimously 10 receoe. and to show that / have
he interests Of he Commonwealth sufficiently at
heart 10 teiieye that my OWE opinions are not in
falEble."