Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-01-15
MESSAGE
or GOVERNOR PORTER.
To the Senate and House of Representatives. of
the Commonwealth of Pennsylvania:

ties eniOined by the Constitution on the Execu-
tive Magistrate, none is more important and
more frequently perplexIng than that Of giving
to the General Assembly information of the
state of the Commonwealth, and recommending
to their consideration such measures as he
should deem expedient." On this occasion, |
am happily relieved from much of the anxiety
and embarrassment attendant upon the discharge
of this duty by referring your attention TO the
annual message which had the honor 10 trans
nit to the Legislature on the 9Th day of JaRua-
ry last. In that message, felt it to be my I'M
perative duty to enter into full and elaborate
exposition of my views on several deeply inter-
estng subjects connected with the public well
fare, and especially on the subjects of the inter-
nal improvements of the Commonwealth, the
public debt, and the reformation of the banking
system. In regard to these leading questions
of vital interest, and the numerous subordinate
matters intimately associated and blended with
them, can add very little to the opinions ex-
pressed, and the recommendations | made In
the message to which have just referred you.
The experience of the past year has not only
confirmed, but strengthened my conviction of
the justice and proprlety of those opinions and
recommendations; the people at large with I'M
exampled unanimity, have approved them; and
| L
did that Of the last Legislature, upon those por-
tions Of the message 10 which you will find con-
venient access upon your journals. So far as
respects the reform of the banking system, |
perceive no necessity for changing or modify.
ing, in any essential particular, the recommen-
datons therein contained and l now here re-
spectfully, but earnestly, recommend the adOP-
ton of The recommendations then made on
IL nd hat fba /
ture will not separate, until they shall have made
searching and thorough reform of the impeT-
fections and manifold abuses Of the present sys-
TEN. To me it has been a subject of deep re-
greet, that my recommendations on that subject
did not meet the appreciation of the last Legis-
ature, persuaded as | am that the most benef.
cial influence would have resulted from their
adoption. 1t is not, however, too late 10 apply
the remedy still; and again recommend, with
anxious earnestness, those measures for reform
ing the abuses Of the banking system to your
early attention.
The resumption Of specie payments on the
part of the banks, which constituted year ago
such formidable portion ofthe difficulty in the
way of efficient legislation, is about to be con-
summaed without your active interference at
all. Under the resolution passed on the Sd day
0f April last, those institutions are required on
and after the 9Th day of January inst. to pay
on demand all their notes, bills, deposites, and
other liabilities, in gold or silver coin, on penal
ty of the forfeiture of their charters, upon GER
tain conditions set forth in said resolution. 1t
affords me great pleasure to state, that although
the day fixed for the resumption was more re-
mote than wished at the time, yet the period
of indulgence has nearly passed away, & there
is now good ground to believe that the banks of
this Commonwealth will, as they are required
to do, be prepared again TO discharge their lia-
bilities in specie. Should they do so, by con-
tinuing strictly to observe the law, and by full
filling the just expectations of the public, they
may regain the confidence which they have
hitherto lost, and more particularly may they do
this, if proper measures be adopted for the bet
ter regulation and control of their operations.
One of the most immediate advantages resulting
to the community, from the resumption of specie
payments, will be the entire expulsion from cir
cuIation of the illegitimate brood of small notes
that have been poured in upon US, from the
neighboring states on all sides, In defiance OF
law, and of the most active endeavors to sup
press them. | cannot, however, conclude this
part of my subject, without recommending that
no increase of our banking capital be made un~
der any circumstances, ana tnat eHectuai pro-
vision be made by law, that if any bank shall
at any time hereafter, suspend specie payments,
it shall be ipso tacto forfeiture of its charter.
Nothing short of an absolute and unconditional
provision of this hipd, can arrest the frequent
over issues by the banks induced by the inor-
dna,o cupidity OF those under whose directions
they may be conducted. Let the great prin-
eiple be distinctly announced, as the foundation
on which our banking institutions rest, that
hereafter, there are to be no more suspensions
of specie payments in. Pennsylvania.
The condition of the public Improvements
during the pas; year, has been attended to by
the officers entrusted with their management,
with untiring assiduity They are in much
better state of repair than they over have been
since their construction, and bu. little delay or
interruption in business has occurred The