The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-10-14
liaE GosEaaoa,s MESSAGE.
ExscuTryEC CaaMnna,

deemed il my Imperative duly 10 convene
the General Assembly at this time. AS ex-
:traordinary occasion for SO doing, contem-
plated by the Constitution. has arisen, and
accordingly you have been called together
TO take into consideration and adopt such
measnresof relief DIS the pressn, exigences
may seem, in yonr wisdom, to demand.
A sudden and sewers financial revulsion
has occurred, inducing suspension of spe.
Gle payments by the banks of this Common.
wealth and in somo of our sister S,aies-
This was unavoidable, having become, from
the operation of causes necessary now 10 be
enumerated, stern Necessity. Thus cir.
cumsancec, the community are suffering
from the want of currency; The destruction
sof confidence, and the numerous evils con.
sequent on financial embarrassment. Eyerv
department Of industry has felt aud been
d'saslrously affected by the shock trade and
commerce have been paralyzsd; the mer.
chant, the manufacturer, the mechanic have
seen their bright prospects suddenly blasted
and many have beVn involved in a ruin
which no ordinary sasacily or foresight could
avert.
Many Of our furnaces, rolling mile, and
factories have been closed, extensive and
valuable coal operations have been suspend.
cd or abandoned, and thousands of work.
men are ou, of employment, oppressed with
doubt and anxiety, and alarmed with gloomy
nprrehenslons Of The future. 1t is not my
intention TO discuss in this communication
the cause of the present financa difficulties
aud commercial embarrassment The evil
Is upon US, troubles surround us, and 10 re.
ieve the community, restore confidence, and
bring back the prosperity lately enjoyed, and
which j, is hoped, is but temporarily inter.
rupted, prompt and harmonious action, wise
and generous legislation, will be required.-
The present exigency requires, and every
consideration of The present and future inter-
est OF the Commonwealth and The people
would seem TO demand, that The banks
should be released from the penalties and
forfeilures incurred, and suspension should
be authorized for such reasonable period as
will enable Them selely TO resume The pay
1nent OF their liabilities in specie.
To force ibe Banks into TOO early liqui.
dalion, would compel them 10 require imme-
'diate payment from their debtors, and would
entail upon the community the miseries Of
widespread bankruptcy and ruin; while on
the ohcr hand, an unreasonable extension
of the unnatural state of suspension would
greatly increase The evils Of anftredeemable
paper currency. The resumption oe specie
payments should not be Toslponed longer
Than is clearly necessary and the best inter.
ests Of the community may reqnre.
The general embarrassment and depression
of trade an! commerce, and the consequent
depreciation Of The value o. real and erson.
nj properly, il permitted 10 continue, will Sc.
Iiously affect the revenue of The Common
wealth; the credit of the State, now so well
sustained and so honorable TO her character,
may be endangered. not by any liability 10
pay, but from the difficulty, if no, the i'm
possibility OF procuring medium in which
payment can be made.
The faith of the State must be preserved |
intact / therefore recommend that The |
Banks, which may be relieved from the pen
allies upon such suspension by existing taws, |
ehal be required 10 make satisfactory ar
Iaugement with the Stale Treasurer, by |
which he will be enabled TO convert The cur
rent funds ir the Treasury and balances |
,ba
Banks Of The Comm monwealth into specie, as
room as the same shall become necessary |
ioi the payment Of the interest on The fluid
ed debt
And as a further relief 10 the community, !
and as condition of the release of the pen
alties and forfeilures incurred, ii IS respect |
fully recommended that the solvent banks
of the Commonwealth, which paid specie
ior all their liabilities, Immediately prior 10
their late general suspension, shall be re-
qured (under such limitations and reslric-
lions as may be deemed expeden,) to re-
ceive the notes OF each olher continuing SOL |
vent at par, in payment of all debts due, or
TO become due 10 Them respectively during |
their suspen;ion;th The bank or banks resuin.
ing specie payments 10 be relieved from this
contilion. sxx
For the relial4ffhe deblors, provision
should be made iofsn extension of The lime
in which eqecuions on judgments may in
crease the period no provided by law, for
the stay OF executions.
The issue oil relief OF bank notes Of less
denomination than five dollars should not
now be authorized, nor should the Banks,
during their suspension, be permitted TO de-
clare dividends exceeding six pc! cent. per
aunnm
The monied institutions Of the Common
wealth, il Is believed, are generally in
sound aud solvent condition, and il the
measures suggested be adopted, The banks
will be enabled TO meet all their liabilities,
supply currency adequate 10 the demands
of legitimate trade and the ordinary business
of life regain public confidence, aid and re.
,ive every branch of industry, and save their
,.,ed, o,s and The coinmuniiy from the bank.