New-York daily tribune., 1857-09-28

The Governor of Pennsylvania is urged TO catl an
Extra Session of the State Legislature to legalze
(in eTect) the suspension Of specie payments by the
Banks. and there is great reason TO fear that the
pressure upon hun from all sides will prove success-
full If it does, we shall regret it, and we think the
Governor will live to regret it, In saying this, we
pass no Judgment on the sufiiciency of the causes
which bave induced the deplorable condition which
the LIE Leeisature is to be called to remedy. Wefree-
ly admit that suspension ofspecie payments ma
sometimes be inevitable, and that the necesst
must plead its own justification. We cherish n
fapatca devotion TO specie, and realize that Bank
which do not and cannot pay it may nevertheless
be, in certain sense, solvent, and that their oPer
atiOns may benefit the community. We do not re-
gard convertibilty into specie as essential to the
utility and soundness of currency, provided it be
convertible into something which has definite
and indubitabe value. If ten.doDar bill would
unfailiDgy buy as much food, fuel, clothing and
other material goods, as ten dollars in specie, or
even as nine dollars and ninety cents in coin, we
could endure it, and perceive some cOmpensatiOns
and advantages resulting from dispensatiOn with
the usual requirement of cOnvertibility on
demand. The obvious mischief and peril
of state Of legalzed suspension is that
you cannot tell where it is to end nor when
the bottom is reached Ia our State, save in
the case of half dozen chartered institutions
which this squall will nearly finish, the public
know that there is security for the Banks issues in
the States strong box if not in their own vaults.
In Pepnsylvania and most other States cOnverti-
bility into Specie is about the only tOuchstone of
value. Ifa Banks plain promise to pay ten dol
lars in coin for one of its notes does not mean
what it Gays, it is very hard to cay what it does
mean. 1t may mean nine dollars in specie to-day;
but who can say what it will mean tomorrow
And what practical check will sound and good
Banks have on the other sort under egalzed sus
pensiOn7
We trust therefore that no extra session Of the
expiring Legislature will be called, but that the
whole matter will RENTED to thenew Legislature
to be chosen fortnight hence. Let that Legisla-
ture be called together in advance Of its usual time
if necessary, and let it enact that all the Banks
which shall truly ard fully resume specie payment
on or before the lst day of January next and none
others, shall be exempted from the penalties they
may have incurred by suspension. Such al act,
We think, would have salutary effect; but one
egazipg the suspension aud in fact perpetustins it
would 90 incslcuIabie mischief At all events,
leave the matter to those whom the People, in full
view of the facts, are about to choose as their
legislators. Ne snap judgment.
Since the above WAS written, we are advised
by telegraph that Gov. Pollock has yielded to the
pressure and decided to convene the old Legisla-
ture. 1t does not By any means follow, however,
that he will recommend perpetual indulgence for
the Suspended Banks, nor that the Legislature
would grant it if he did. Let whatever is done
look to aud stimulate speedy resumption, and net
favor indefinite suspension.