Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1857-10-15
Governors Message.
EXECUTIVE CHAMBER


GENTLEMEN BY virtue of the power con-
ferred on me bv the Constitution, | have
deemed it my imperative duty to convene The
General Assembly at this time. An "extra-
ordinary occasion" for so doing, as contem-
plated by the Constitution has arisen, aud ac-
cordinglv you have been called together to
take into consideration, and adopt such mea-
sures of relief, as the present eXigency may
seem in your wisdom to demand. \ sudden
and severe financial reyalsion has occurred, iil-
ducing a suspension of specie payments by the
banks of this Commonwealth, ana Ill some of
our sister States This result, however much
regretted and depored, was unavoidable, hav-
ing become from the operation of causes, un-
necessary now to be enumerated, stern nc
cessitv. Thus circumStanced, the community
are suffering from the want of currency, the
destruction of confidence, and the numerous
evils consequent on embarrassment. Every
department of industry has felt and been dis
astrously affected by the shock. Trade and
commerce have been paralyzed The mer-
chant, the manufacturers and the mechanic have
seen their bright prospects suddenly blasted,
and many have been involved in a ruin which
no ordinary sagacty or foresight. could avert
Many of our furnaces, rolling mills and facto
res have been closed Extensive and valuable
coal operations have been suspended or aban-
doned and thousand of workmen are out of en-
pIoyment, oppressed with DOUBT and anxiety
and alarmed with the gloomy apprehensions of
the future .
1t is not my intention to discuss in this
communication, the causes of the present inan-
cial difficulties and commercial embarrassment.
The evil is upon u.s. Troubles surround us !:
and to relieve the community, restore conf
dence, and bring back the prosperity lately
enjoyed, and which it is hoped is but tempo,
rarily interrupted, prompt and harmonious
action, wise and generous legislation will be
required. .t ..
u The present exigency requires and every
consideration of present and future interest to
the Commonwealth and people would seem to
demand that the banks should be released
from the penalties and forfeitures incurred by
a suspension of specie payments and that such
suspension should be authorized forSuch rea-
sonable periods as will enable them safely to
resume the payment of their liabilitesin specie.
To force the banks into a too early liquida-
ton would compel themto require immediate
payment from their debtors, and would entail
upon the community the miseries of wide
cpiCdu OuuAi uJGNt anu nuliS oH tlIC OOil-
er hand, al unreasonable extension of the
unnatural state of suspension would greatly
increase the evils of an irredeemable paper cur
rency. The resumption Of specie payments
should not e postponed longer than is clearly
Necessary, and the best interests of the CON-
munity may require.
The general embarrassment and depression
Of trade and commerce, and the consequent
depreciation of the value of real and personal
property, if permitted to continue, will serious
ly affect the revenues of the Commonwealth
The credit of the State now so well sustained
and so honorable to her character, may be en-
dangercd, not by any inability to pay, but
from the difficulty, if E2t the impossiblity
of procuring medium in which payment can
be made The faith of the State must be pre-,
served intact
| therefore recommend that the Banks which
may be relieved from the penalties imposed
upon suspension by existing laws, shall be re-
quired to make satisfactory arrangement with
the State Treasurer, by which he will be ena-
bled to convert the current funds CT the Treas
ury, and balances standing to his credit in any
of the solvent banks of the Commonwealth,
into specie as soon as the same shall become
necessary for the payment of the interest on
the funded debt
And as further relief to the community, and
as condition of the release of the penalties
and forfeitures incurred, it is respectfully re
commended that the solvent banks of the Com
monwealth, which paid specie for all their liza
bities Immediately prior to their late genera
suspension, be required, under such limitations
and restrictions as may be deemed eXpedient
to receive the notes of each other continuing
solvent, at par in payment of all debts due oil
to become due to them respectively during thi;
suspension the bank or banks resumnq
specie payments to he relieved from this condi
tion.
The issue of Relief or Bank Notes of less
denomination than five dollars should not now
be authorized, nor should the Banks during
suspension be permitted to declare dividends
exceeding six per cent. per annum.
The monied institutions of the Common
wealth are, it is believed generally in SOUND
and solvent condition and if the measure:
suggested, be adopted, the banks will be Ell
abled to meet all their liablities-supply q
currency adequate to the demands of legiti
mate trade and the ordinary business of life
regain public confdence-ad and revive every
branch of industry-and save their creditors
and the community from the bankruptcy ant
ruin, inevitably consequent on the intense pres
sure of the present financial crisis.
The questions submitted for your determine
ton are important and momentous. They rise
far above all partizan or political considerations
or calculations A suffering community, ii
this, the hour of their anxiety and peril. expect
at your hands prompt and patriotic action fol
their relief -.
Influenced by no other consideration thai
the public good prompted by no other than
honest and honorable convictions of public anC
private duty, may the results of your delibera
tions meet the expectations relieve the wants
and harmonic with the true interests of The
people. .... ...,...
JAMES POLLOCK. .