Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-02-13
stand what may be expected OF him in
this emergency. But let it speak for
itself. Here it Ia

this emergency. But let 1t speak ior
itself. Here it ia
GOVERNORS MESSAGE.
IT, hr Senate and House Of Repressntafivss
Of The Commonwealth Of Pennsylvania.
Il GkNrLEmEN-B the provisions sf The act
approved on the ODD oltiino, entitled "nn act
\ To authorize a loan," the Governor Is authors
| zed TO negotiate permanent loan Tor $o|O,-
600. lie is also authorized to negotiate
Temporary loan for the same sum, in anticipa.
| tion of the said permanent loan.
II AS 100000 Of the sum authorized to bs
II borrowed, is required to supply dchclt III
/ The internal Improvement fund, for the pay.
ment Of interest this day due, directed tho
H Secretary Of The commonwealth Immediately
upon ,he approval Of the said act, ION The 23d
lulimo) To write 10 the banks of Pliladelphia,
and the Harrisburg Bank, inqurlng of each
of them whether they would agree TO make
permanent or Temporary loan to the Com
monwealth Of six hundred thousand dollars,
or any part thereof upon the terms specified
in The said act, the same To be placed to hrr
credit in the Bank Of Pennsylvania on this day.
Il Answers have been received from all the
banks. The Bank of Pennsylvania proposes
to lend on temporary loan 100000. Some
Of the others Offer 10 take proportional pans
on certain contingencies, and several others
appear to manifest a desire To meet tho
emerge ncies but have not The ability. Cop.
les of the correspondence on the subject nro
herewith transmitted
II II will be perceived that, not having tho
means SO 20 do. the interest this day due the
Commonwealth & To her creditors is unpaid,
circumstance which the Executive, anxious
as he has been for maintaining unsulied the
credit Of the Commonwealth, has been una.
bic To avert. / cannot too often or too i'm.
pressively urge upon the Legislature tho
paramount duty Of maintaining ut oil hazards
the public faith and credit. Wills, urging
upon them the adoption Of such wise and
IjudIcious cnactments as mny prevent the re-
currcnce inevitable from the revnlsiOn grow
ing out Of the unnatural and exhausted sys-
TEN of credit with which our business COM
munity has been inflated, ] beg leave 10 re-
commend as the best alternative which can
present itself, the passage forthwith Of joint
resolution authorizing the issuing Of State
stock for the interest falling due this day, to
be delivered TO the holders of The stock for
, the amount due them respectively, AS on
earnest If our determination To make pro-
vision as soon ss The necessary Legislation
can be had, 10 meet the exig"ncy and redeem
the credit of the Commonwealth.
II
cation, for saying to the Representatives Of
, the people in the Legislature, that while ihsy
owe q duty To the wants and ishcs Of their
immediate constituents, there is a paramount
duty to the commonwealth at large, 10 main
tain its credit, 10 meet its engagements, ond
to prevent its character for good faith, from
being sulcd. No man, were he concerned
alone as an individual, would go further to
Il fix an early day for the resumption OF spccio
payments by the Banks than would, If by
81 doing tho Dc srable results would be pro.
duced. But, plared as / am as The Erreutiue
lIofhe Cam mmonpediih. to preside orer her in-
terxSis, feel bound 10 sag, regardless Of any
denunciniion, irhich may be poured jorfh from
any quarter, that Jelievr If TOO rigorous a
system of measures b. ddopied TO cetrce The
payment Of The liabilities Of HE banks, IMMR-
plArrLv, lie credit of he State must and ,eiH
, b. seriously and disastrousty a9tcttd. Let an
ASSURANCE be given to the public that ri a
certain and fixed day, within a reasonable
. time, such resumption will take place, and
that it will then be permanent. Let them
understand that the indulgence to their debt
ors by the Banks, is rendered absolutely
2 necessary by the existing pressure and the
. cnmbrous public debt with which The Staia
: is loaded. and no one can doubt, bnt that IN
] spirit of patriotic lbrrality, they will waive
! the immediate exercise of n positive right,
for the more certain and ultimate nc. ompi-h-
ment of what we all 40 much desire. ] refer
r To the message communicated io you at tho
conmenc nccmcnt Of the present session for NY
views in the detail; and, aware Of the respon-
sibilhy have assumed, leave the subject to
T. the calm and reheciing consideration Of The
A., Legislature.
WhenI took upon me the duties Of the
A
I'll -iblties also; aud, having never shrunk from
the performance Of any duty, have felt my
self impcrn.ycly called upon to make this
1 communication to you in the fullest conf
'cncc aud belief that the patriotism and good
sense of our common constituents will bear
ns out. in our honest and anxious endeavOrs
TO eXirlcnte the State from The financial DIFF
= hcullles and cmbarrassmcr,s encountered on
, entering upon the discharge of onr pubic
y duties. DAVID X. PORTER.
february lst. 1910.
. In conformity with tho rccomme nda-
f tion Of the Governor MIR. M'Elwce
(hiihcrto n high Van Buren, mani Of
leied a loini resolution declaring the in
terest due TO be a dctt, and authorising
q the Governor to issue certificates of
stock for the same, bearing interest at
= HNc per cent ana FtuccIhaDIe NJ any
time within the period at which the loan
is rcdcemable. Mr.. M'Elwse made
some remarks of IandabIy conservative
= character; the faith of the State he said
, must be preserved at all hazards how
, were they to get the money, if they did
not get il from the banks and could
they expect IL from them whilst they
were adopting such extreme measures
e with regard to them. The packet
p would sail from New York on the 7ih,
and it would never do to have her carry
out news that the State had violated her
inl.h-they must pass this resolution, he
a said, and adopt some other me asurcs
I that would be 10 the beneft of the COM
mun'y, ercn u ihty had 10 sacrifice some
Of Mcr party principles.
MIR. Snowdcn (anoiher Of the pnrtyl
was willing to reccde from his position
2 the views of the Governor aud the in
4 formation from The banks had put n nrw
aspect upon the affair, and he should bo
lIUnvutnpl np.,,d,p,Iy