Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1841-07-17

EXTRACT FROM AN ADDRESS
OF THE DEMOCRATIC CENTRAL. COM
MITTEE.
Of Specie Payment and Resumption.
The Governor in his message of the sth Januory,
lsil, (when the bank. had suspended specie pay
ments) says: "The first object 10 be gained by any
recommendation may make, or by any measures
you may adopt, no doubt is to secure early re-
sumption Of specie payments, and to guard against
like resumption in future" In his message OF
the 9th January, ls4l, he says, after referring to
the suspension, and expected resumption on the
18th January: al cannot conclude this part of my
subject, without recommending that efectual pro-
vision be made by law, that if any bank shall at any
time hereafter suspend specie payments, shall be
ipso Jacfo, forfeiture Of ats charter. Nothing
short Of an absolute and unconditional provision of
this kind can arrest the frequent issues by the
banks, induced by the inordnate cupidity OF those,
under whose direction they may be conducted.
Let the great principle be distinctly announced. as
| the foundation on which our banking institutions
rest, that hereafter there are to be no MORE SUS>
| PENSIONS OF SPECIE PAYMENTS"
In answer TO these views the first section of the
reform bill of the federasts provided :-"That the
penalty and foreitufes 10 which the several banks
| within this commonwealth are subject and liable
according to the provisions of the several acts ofas-
sembly, in such cases made and provided, for the
non.payment of their liabilities on demand, in gold
or silver, BE AND THE SAME ARE HEREBY
| REPEALED"
| 1t will be remarked that this is an unconditional
repeal, tcithOu! limitation Of time, of all laws for
securing specie payments and the matter is thus
fully submitted for decision, to the people. Gov
ernor Porter and the whig majority in the legsla.
ture ore fairly placed before them. The former as
the friend and advocate of SPEEDY RESCMP-
TION, and eiieclual provision to PREVENT
| MENTS; the latter, as the unqualified friends uf
an UNLIMITED SUSPENSION! The former
the friend Of hard money as the foundation for cur
! rency; the latter, the friends Of IRREDEEMA-
BILE BANK PROMISES, for supplying the
wants Of the community
ar Small Notes
Governor Porter, in his message Of the sth JAM
uary, ls40 says in relation TO the act which PRO.
hibits the issue and circulation Of notes of less de-
nomination than five dollars. 1.-The tendency OF
this law has been as believe to place in the vaults
Of the banks and in the hands of the private cti-
zens of Pennsylvania, greater amount OF gold and
silver coin than has been found in any other state
in the Uuion. | do not think it would be sxpedi-
! ent to repeal this law /; on the contrary, think
provisions should be made render its enforcement,
more eiectual, and by which we should drive back
whence they came, the small notes Of the nighbor.
ing states. They deJasing our circulation, they
usurP the place Of our specie, and they transfer
to the issuers Of them large profits, arising from the
| circulation, in despite four law. Let those states
whose legislature choose to authorize the issue of
small notes, enjoy the benefit Of such currency.
| PENNSYLVANIA PREFERS GOLD AND Sill.
YER AS SMALL CHANGE FOR HER CITI.
ZENS."
This is synopsis of Governor Poter's opinion
on the subject of small notes. Now mark the
provisions of the Cd section of the REFORM Bank
Bill of the federal members Of the legislature.
"Sec. ?. 1t shall and may be lawful for any of
'he banks oil this commonwealth (inciuding tho
BANK OF THE UNITED STATES during
the term of FIVE YEARS, from and after the pas.
sage of the passage Of this act to issue, circulate
and receive bills notes, in the form of bank notes
OF the denomination of ONE TWO & THREE
dollars, payable on demand, to any amount not eT-
ceeding in the whole Is per cent, on the amount OF
capital stock of such bank actually paid in, and a
Ia'' prohibiting the issuing, passing or seoer,,a
The bills or notes any bank of the denomination.
aforesaid, shall he and the same is hereby SUs-
PENDED FOR THETERM OF FIVE YEARS
The good people of this commonwealth will de.
termine for themselves whether the views of the
GOVERNOR or those of the federal representatives
conform to public opinion and which of the two is
the best calculated to promote the happiness and
prosperity oiths community!