Washington telegraph., 1844-11-13
GOVERNORS MESSAGE.
Feiior citizens Of the Senate
and of &c Honse of Represcnfaf

4
to the General Assembly information of the State
of the Government, and recommend to their con
sidcration such measures he may deem eNpedi-
ent"
In discharging duty, thus imposed upon me, |
embrace this opportunity of congratulating You
upon the favorable auspices under which you as
scmble. Within the short period of my admins
tration, nothing has occurred permanently TO I'M
pare the prosperity of the people, or to check the
rrowinr Importance of the State, member OF
the Union.
All the elements of prosperity, connected with a
,renial climate and fertile soil. in most healthy
state calculated to secure and advance the happi-
ness and prosperity of all portions OF the country
\ people, thus favored, ought, upon all proper
occasions, remember the high obligations they are
under 10 Divine Providence for the benefits thus
confc rred, and dcvouty hope for their continuance
as the destinics OF nations and Of men are in his
hands.
For several years past. portion Of the Union
has been exempt from commercial and Prcunary
arrangement, growing, no Doubt out oi spirit oi
speculation and extravaganza unparalleled IN the
history of the country But from the character OF
oar peculiar system OF Government based as IL :
upon the virtue and intelligence oi The PaoP.e' anI
their capacity for sclf-governmcnt, and so framed
TO allow all to engage in such pursuits as their
inclination may direct. connected with the enter
prise and industry OF the people, we may conhden-
tally anticipatc that the times not far distant,
when bv proper administration Of the government,
peei.,iar,- cubarrassrncnis viii ceaSe-commcrcc
will assume its proper channel aud all thc elements
Of -rospcrty abundant IN tins State will have
thea lull effect upon the labor and industry OF the
country.
The system of economy which pcrvades the
whole country. growing ont Of tilC commercial and
monetary difficulties through which we have been.
and are still passing, and which has visited all
cusscs of the community VII n, doubt secure that
general prosperity so ardcnily desired Ihs s an
agricultural State: ninety y-ninc ont OF every hun
dred of our population are agrcultusSts; and 1t i
confidently believed that OF the most desirable,
thinrs to be accomplished IS pcrnaneucy IN lsris-
IItivr action which ought at all times 10 be kept
in view by every department Of the Government
| cannot. Therefore, too earnestly recommend such
3; co,irs. of icgiSat ou VIII produce ch1nE's IN
the laws only where experience has shown them
Indispensable Changing the laws too frequently
invariahle produces hardships and arrangements,
wlicir-otherw.sc would have been avoided
B,- tl,:s caution. system OF lei latol. tho cuti
yatorS Of the soil. vino compose such large ma
il-st. Of the people wit Dr. secured m,rc certainty
IN their nights. without infringing upon the rights
uT othrrs-and thus. the prcrs OF the proilciS oi
tie soil and the wag'-s o. labor wa be Ino=e uni
form and ccrtuin-
\ Wild and ,Ntrava-lut svstci.. or legislation Is
more 20 be deprecated in free country Ike this.
than any thing else. Such cIrr>r OF 10 ->lto ou.
together with the operation oi The Banks ~ man!
of our sister States. well ~ o'T owu- has hal
"A
classes while il protected the supposed interest Of
the Iar-rr dealers and bankers Hence the cause
o. that wild spirit Of speculation and cNrnva ag'tncc
which for a Time prpStraicd the best interest of
every department %. life
I Iu,-st1.. :, : beyond controversy. that q Sys-
tenn OF l4.si~uton Ia- been adopted IN lny parts
OF the Un.on which has had for Is object she ad-
vlnc, Inrnt Of the interest Of the banks cnahlu
them tor practice u system OF iavurtism by extend
iur llrr. loans 10 few extensive dealers 10 the al
most entire exclusion of those wlrO operated upon
a smaller scale. as well the community; which
resulted disas;crotl,ly both to the banks and the
p"oplc-
Aided therefore, ly the c,.,e5i-ncc o. TIE pas,
We wall De prepared to AVOID sirch unhcsliy legisl-
tnu.
1t the last session Of the General Assembly, an
act was passed placing the Bank Of the STATE in
Iiluidaiion. and requiring heavy calls 10 b. made
upon it, debtors The soundness Of that net cannot
al this DIV be qucStionc,. At the p-rioi ofits pas
sur- the Bank was in a state OF suspension Of spe-
Gle payment aui it, circulation had sunk TO most
ruinoJIS dcpreciaton. and it eNii ted an iucaPaciy
to resume the payment Of specie, or TO redeem at
an early period its paper. The necessity therefore.
pressed upon the General Assembly to place
the Bank in a condition q b. wound mp with as
little loss aS pnsS bic to the note holders. Since
the Bank has been undergoing the process OF liqu-
daion is circulation hns been reduced from 'ars-,
To comparatively a very small amount. p-ud iciIr
at the some time as little oppression ia tar COM
muuity. as the General Assembly could have an
ticipatcd.
The amount Of notes issued by the state Bank
aud branches, outstanding the 26th day Of q =
tobsr last, after dcductr- the amount already
burnt. and the ampunt hand to be cancelled
and burnt. was :sl72355.
Towards the redemption Of ihs sum, there arr
already in the wants OF the principal Bank. : la-.-
ESQ, in the notes of the Real Estate Bank and
branches, to which. may be added the amount OF
notes collected by the Receivers Of the different
branches since their last returns.
Thus IT is manifest, that under the regular oPc-
ration If the law, IN much less than iwo years
morr the -ntir, circulation v have been taken
in. After that period, the debtors VII b. forced
to pay their calls in specie. which. under the pc
sent arrangement will b" imPraci.cablc.
Had been the good fortune Of our citizens to
have escaped most extraordinary flood Of water
which Wis ted MS in the planting season, and had
they succeeded in making their ordinary crops, /
should have deemed it unnecessary TO sur-es; the
proPTety Of any alteration in the act Of liquidation
Bu; the overflow of rivers having prevented
our planters and farmers in great many Instances
from making any crops. and IN others not more
than half third OF their orina ~ produce,
thus keeping oGt Of immediate circnlntIon al least
one million Of dollars, it is rendered impossible, it
seems to me, fer our citizens 10 meet punctually.
without creating further Liabilities the heavy calls
now made upon them.
therefore conceive it my duty. to r. recommend
to your favorable consideration, the prop-ety of
amending the act of liquidation, as to lessen the
calls made upon the debtors. Believing
fidently. by reducing them one third, or even one
half no damage would thereby accrue TO the State
or to the note holder
..An act to settle and liquidatc the aiairs of the
Real Estate Bank was passed by the last Gene