Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-02-14

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with his views. Immediately on reading
the message in the House, Mr.. Nc EIwee Of
fered joint resolution. declaring that the
holders Of loans on which the interest has
not been paid, shall receive interest on the
amount due as interest and unpaid, at the
rate OF Eve per cent per annum.
On this debate sprung up, in which
Messrs. Hopkins. Speaker; Snowden, Chair
man Of the Committee on Banks, and others
expressed the determination TO sustain the
views Of the Executive.
GOVERNORS MESSAGE.
To the Senate and House Of Representatives
OF the Commonwealth OF Pennsylvania
Geatlsmen. BY The provisions Of the act
approved on the 23d ultimo, entitled ian act
10 authorize loan," the Governor is author
lied 10 negotiate permanent loan for
$3.50 900 He is also authorized 10 negotiate
a temporary loan for the same sum in antici.
pa,ion Of the said permanent loan.
As 100000 OF the sum authorized 10 be
borrowed. is required 10 supply deficit IN
The internal improvement fund. for the paw
ment oil interest this day due. directed the
Secretary ofihe Commonwealth Immediately
on The approval OF said act. ION the 23d ulti.
mol to write 10 the banks Of Philadelphia and
the Harrisburg Bank, inquiring of each Of
them whether they would agree TO make a
permanent or temporary loan 10 the Com
rnonwealth OF six hundred thousand dollars
or any part thereof, upon The terms specified
in the said act, the same TO be placed TO her
credit IN the Bank Of Pennsylvania en- this
day.
Answers have been received from all the
banks. The Bank OF PENNSYLVANIA purpo-
SEES to lend on tempory loan 100000 Some
OF the o,hcrs offer TO take proportional parts
on certain contingencies. and several others
appear 10 manifest a desire TO meet the con-
,ingencies. but have not the ability. Copies
OF the correspondence on the subjec. are here
with transmitted.
|, will be perceived that. no, having the
means so TO DO. the interest this day due the
Commonwealth 10 her creditors is unpaid, n
circumstance which the Executive. anxious
as he has been for maintaining unsullivd the
credit Of the Commonwealth. has been una
blu 40 avert. cannot too often or 100 i'm
pressively urge upon the Legislature the par
amount duty OF maintaining at all hazards
the public faith and credit. Whilst urging
upon them the adoption OF such wise and
judlcious enaciments us may prevent, the re-
cuSrence inevitable from The revulsion grow
ing on, OF the unnatural and exhausted sys-
TEN OF credit with which our business com
muoity has been inflated. beg leave 10 rec
ommend 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 10 the holders of the stock for
the amount due them respectively, as an
earnest of our determination TO make provis.
ion as soon as the necessary legislation can
be had. 10 meet the exigency and redeem the
credit oil the Commonwealth.
! trust may be excused in this commune
cation. for saying 10 the Representatives oil
the people in the Legislature. that whilst
they owe duty to the wants and wishes oil
;heir immediate constituents, there is para,
noun, DUTY 10 the commonwealth ut large,
10 maintain its credit, 10 meet IFS engagements
and to proven, its character for good faith
from being sullied No man. were he con
cerned alone MS an individual would go fur
hrl to fix an early day for the resumption oil
specie payments by the Banks than would
# By so doing the desirable results would be
produced, BIT, placed as lam. as The En-
eeutipe of the Commonwealth, 10 preside oue,
her interests. feel bound 10 sag Regardless o.
any dcauneiatioa. mhieh may be poured forl
from any quarter, thai beiiere If too vigovou.
a system Of measures be adopted 10 eoeree III,
) paymeHt Of The liabilities Of the banks. InME
DIATELy, he credit fthe State must and tcih
be seriously and disastrousiy affected. Lee
an assurance be given to the public that at
certain and fixed day, within reasonable time
| such resumption will take place, and that j
? wils then be permanent. Let them under
4 stand that the indulgence to their debtors by
. the Banks, is rendered absolutely nccessar,
by the existing pressure and the cumbrou:
public debt with which the Stale is loaded
4 and no one car doubt but that in spirit o
! patriotic liberality, they will waive the i'm
mediate exercise OF a positive right, for III,
a more certain and ultimate Accomplishment o
!. what we all so much desire | refer 10 tn,
# message communicated TO you at the com
a mencement of the present session for m,
. views in detail and, aware of the RESPONSE
biliiy have assumed, leave the subject /,
# the calm and rejecting consideration of III,
! Legislatures
nj When took upon me the duties of tn
!. station assigned me, Iassumed all its respon
sibilities also and having meyer Skunk frou
The performance Of any duty, have Eel, my
self imperalively called upon TO make lhi
: communication TO you in the fullest conf
: dence and belief, that the patriotism an,