Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-08
(FrOm fhe philadelphia Pennsglranian, E"6. ~


We publish this morning the Message OF Tie 60
vernon in reference to financial and other important
matters, delivered to the Legislature on Saturday,
Our correspondent gives rapid sketch Of the debate
which followed in both Houses.
TO the Senate and House Of Representatives,
of tie Commonwealth Of Pennsylvania
Gentlemen-By the provisions of tho act approved
on the 23d utmo entitled 'san to authorize loan,
the Governor is authorized to negotiate permanent
loan for $4,000 He is also authorized TO negotiate
a temporary loan for the same in anticipation OF
the said permanent loan
As 5000, 900 Of the sum authorized to be borrowed
is required to supply deficit in the internal improve
men fund, for the payment of interest this day DUE
directed the Secretary of the Commonwealth imme-
diaely upon the approval Of the said act ION the 23d
ultmo TO write to the Banks of Philadelphia and the
Harrisburg Bank, inquring of each Of them whether
they would agree to make permanent or temporary
loan to the Commonwealth of six hundred thousand
dollars or any part thereof upon the terms specified
in the said act the to be placed to her credit in
the Bank of Pennsylvania on this day.
Answers have been received from all the Banks.
The Bank Of Pennsylvania proposes to lend on tempo
rary loan s 100000. Some of the others offered to
take proportional parts certain contingencies, and
several others appear to manifest desire to meet the
emergencies, but have not the ability. Copies of the
correspondence on the subject are herewith trans
mittcd.
II will be perceived that not having the so to
do the interest this day due the Common to her
creditors is unpaid, circumstance which the Execu-
tive anxious he has been for maintaining unsullied
the credit of the Common wealth, has been unable to
avert | cannot too often or too impressvely urge up
on the Legislature the paramount duty of maintaining
at all hazards the public faith and credit Whilst urg
ing upon them the adoption of such wise and udicons
cnactmcnts may prevent the recurrence Of event
inevitable from the rcvulsions growing ont of the un
natural and exhausted system Of credit with which oui
business community has been inflated, beg leave to
recommend the best alternative which present
ITSELF the passage forthwith of joint resolution autho
rising 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, earnest
our determination to make provision the
cessary legislation be had, to meet the exgency
and redeem the credit Of the Commonwealth
trust may be excused in this communication, fol
saying to the Representatives of the people in the Le
gslaure that whilst they duty TO the wants and
wishes Of their immediate constituents there is para
mount duty to the Commonwealth at large, to main
tain its credit to meet its engagements and to prevent
its character for good faith, from being sullied NJ
man were he concerned alone an individual, would
go further to Fix an early day for the resumption
specie payments by the Banks than would if by 81
doing the desirable result would be produced But
placed as am as the Executive Of the Commonwealth
to preside over her interests, feel bound to say, re
CARELESS any denunoaton which be poured forti
from any quarter that believe if too vigorous system
of measures be adopted to coerce the payment the liza
biltcs of the banks, immediately the credit fthe Stat
must and viii be seriously and dsas,rously affected