Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-01-19
GOVERNORS MESSAGE.
To the Senate and House of Representatives.
of the Commonwealth Of Pennsylvania:
Milford, 1912.
(CONCLUDED.)

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of the Commonwealth Of Pennsylvania:
(CoNCLUDED.)
Connected with the repeal Of this law, should
be the enforcement of specie payments by the
bsaks An early day should be fixed tor this
event, at least as early as the first of June
The time, however, is not so material, wheth-
er it be few months sooner or later, SO that
a certain definite and reasonable time be fixed.
Your action on this point, cannot be too prompt
for the public interest The community has
been long enough held in suspense-let the
final issue be at once presented, and it is'to be
hoped the people and the banks will be pre-
pared for ii when it arrives.
Those banks which are in a sound condition
viii conform to the acquisitions of the I.egisla>
ture, without much embarrassment; and those
which are not, will thus be brought to the
touchstone Of their merits. The first will
snstain themselves, the latter must take their
fate As soon as the produce of the country
has found its way 20 market in the spring, the
people will be as able as at any other period,
to endure whatever Ia rdship results from this
measure. do not myself believe, that any
inconvenience which can arise from it, will be
greater nor any thing like so protracted, as
those which are felt by all classes now.
1t seems to me II would BE- far better, to
bring matters TO crisis at once, than to suffer
under the slow, but death-Iike torpor that has
already seized upon all A very few may,
possibly, fall victims little sooner, who could
rot escape in the end, but the community at
large will ultimately experience effeCtual re-
lief. Let rashness, violence and injustice be
strenuously avoided, but no vain hopes or emp.
" theories should prevent cool, calm con-
tempt ition Of our duty, and firm and unsha.
ken discharge of it, without turning to the
right hand or to the left. A suspension of
specie payments is at variance with every
principle of correct banking.
The forbearance hitherto extended TO the
hanks has not been without its uses. 1t has
enabled the banks 10 test their alledged abili-
ty. and to extriCate themselves from their diff
fculties, ard has added much to the stock of
our experience. lt has clearly demonstrated
that if the banks could nor regain public con-
fdence, under the indulgence they have re-
ceived, the system on which they are founded
is essentially uusound. and requires thorough
amendment or extrpation. We have wit
messed, too, under its influence the most ex-
kFaord nary changes take place, without any
sudden or general couvuislon. A bank of 35
millions capital HIS exploded and gone down
ih the midst OF us, comprehending within its
sphere Of business, the most extensive rela-
tions, both with individuals and with other
banks without making more than limited por-
tions OF the Commonwealth feel the blow with
oppressive weight. Looking, therefore, at all
these considerations, the indulgence hereto
fore given to the banks, furnishes the strong
est reason IN favor of the course suggest, and
fully justi6es its adoption.
have recommended to three several legis
latures the propriety of selling the stock which
the State owns in the Bank of Pennsylvania,
the Philadelphia Bank, and the Farmers and
Mechanics Bank, and used every argument
that could bring to bear upon the subject, to
convince them of the propriety of separating
the Commonwealth from the Banks, and of