Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1840-09-26


native The debt was aheady incunej--the i'm.
provements finished or underlaken-we were but
indirectly responsible for providing foi the necessi
ty which we had not produced, and il was simply
question Of, whether the pliehtej faith of the
state should I've redeemed or violated. As man
of honor, as the Executive Of hghnnded and
honorable people, I could not hesitate. | cheer
fully suggested measure, in the budhcn Of which,
with my fellow-citizens, | was to take share.
regretted sincerely any ono, its necessity, but
regret, however great, could not justify failure to
perform my official duty,
You have been pleased also to refer with oppro-
baton 10 my recommendations T the reform OF
the Banking System 10 my opposition to the in
crease of the number of banks and 10 the
certainty now afforded that the banks of the COM
monwealth will resume specie payments on the
day fixed by the resolution, sink never to rise
ag An."
deei ly regret that the recommendations which
| made to the legislature in my annual message at
the opening of the last session, for the reformation
of our vicious system of banking, not adol ted.
Had they been, believe much good would have
resulted to the public, but as it il, can do no
more than TO renew them, as | shall do and urge
them upon the attention Of the next legislature. My
views on the subject of increasing The pres at
Der of banks, fully iorth in my veto of " the
Lancaster Loan Company Dank." believe they
have been very generally approved by my fellow
citizens; and will here take occasion 10 say, tina,
as the banking capital Of this commonwealth had
been INCREASED about Si0000,0OO within three
years Immediately before my induction into olIic,
| cannot perceive the sight ST necessity for any
further augmentation. While continue to lie cr-
trusted with ihe executive functions, ! shall not
yield my assent TO any increase Of or banking
capitdt but on the contrary, if any change this
subject be made, think it should he TO r,dIce the
overgrown amount already existing.
So far relates 10 The ltion of specie pay.
ments, have already in the letter above referred
TO addressed TO my democratic friends Of Philalel-
pha, stated iha, the period fixed in the resolutions
they finally passed, was more remote than |
thought expedeni; but as the time, (providcd it
was reasonable,) was not matter Of principle, and
as | considered some definite and speedy legisla-
ton Indispensable, sanctioned the resolutions
Had defeated the adoption of tho resolutions,
apprehended the banks would be too potent 10 al
low of the passage of others, mrre reasonable, if
indeed any others could have been passed. signed
them the least of two evils. This is is not the
first law have sanctioned for the same reasons,
and no man in his senses can expect the ex-
eculive branch Of the governm NJ, which merely
approrss Of what is done by its two co-ordinaies,
have every measure precisely its own way. have
exercised the veto power withou, hesitation wlen-
ever considered question of principle, or of vital
public policy concerned. but not in cases of less
import.
As considered the suspension of specie pry
ments extended to a longer time than was necessa-
ry, shall MT sanction any further extension. Ii
the banks cannot meet t cir eng gements on the
18Th of January next, it Will be a serious misior
tune, but it is one in the production of which |
have had no share, and for the con equences OF
which shall ietl no official responsibility. The
banks themselves must answer for the result fr it
must be perfectly obvious to the world, that any
bank which cannot then resume, with such
notice aud indulgence will ncvrr be able 10 resume
at all.
| You have also heCn Ileascl to notice in connec-
ton with my name, that Of our dis ingushed Pr :
sident, and likewise that great measure Of his ad.
ministra,ion the Independent Treasury. My favor.
able opinion both of him and of the Indepehden,
Treasury Bill was fully and frankly expressed in
my Inaugural address and my late annual message
to the legislature. II was made up reflection
and has lccn strengthened by the occurrences al
most daily taking place. may further add, that
as the Independent Treasury is now the law of the
land, and in full operation, time will soon de-
mons,rate its salutary tendencies, and have
no doubt, prove that its friends have not been mis-.
taken in their ancipations of ben,i fits 10 arss
| from it.
| Tie banks had by Their own act of suspension
in 1885, shown their ncaTaciry to perform the
! fuHctions Of fiscal agents Of the Government
! With Sl5O00,0O0 in their vaults, Of the public
moneys, the government was compelled To bor-
row funds to carry on ITS operations. with wha
justice, therefore, can they their friends com,
plain of the government (having already suifereC
so deeply by their delinquency for attempt
ing to provide a safer and better method o
keeping and dsbursing the money belonging to III,
people!
| have thus, gentlemen, hastily, but with candor
expressed my views on several Of the leading tC
pics embraced in your letter of invitation. What
ever NAV he the opinion of some others, as to tn
right of the people 10 ask of candidates for hg