The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-07
THE FINANCIAL PRESSURE.
~~~sS~eo~---oeN>~->>-NS~
Meeting h Philadelphia In Opposition
to Tank Suspension.
>~~~~~>~>>>~~~N~>>~~o~
1xzv Session Of the Pennsylvania
Legislature.
.aeS~Noo~~>o-N>o-~~~~o~~o~~
MESSAGE OF GOV. POLLOCK.
s~~~~~yNos>~0o~No>o@.>-s~
SUSPENSION Of SOME OF THE HARTFORD BANKS
10, 10, 10
MESSAGE OF GOV. POLLOCK.
MEETING OF THE PENNSYLVANIA LEGIs-
LATURE.

HAHRrBuHG, Pa or 8, 1881
~ tcwr Il more than usually lively for this Of
- owing 10 The assembling Of the Lesbasare In
Sx session In obedceoe 70 the peocamaon OF Governor
foook, 70 Bke action In regard tbs suspension
- pscse aymenh BY the banks Many strangers
hefe bsaide the mem OF Legislature Az carly
,ur In the forenoon hrous began 70 got In towards he
~,sol me Senate called 70 order q IL no ock =,
ssn BY Speaker rnDs, and the House u The
~ Speaker Ge.x Boon Afterwards . message
ssaved nom Governor Pollock, - follows
THE GOVERNORS NsssAsG
ExscurIvs oHAMBss,
BARRsBU 20, Oct Q 1897
10 INV SENATE AND HousB REPRESENTATIVES, fcM
soswRAIm OF PENNSYLVANIA, IN GENERAL ASSEMBLY
NIT
GunsMn- Bv virtue Of the power CON erred ION me
~ the constitution have dee red my imperative duty
- c~1vene the general nbly shs time Ao extra
ordinary oo,Ason for doing, plated by the
called ,oxetae, 70 Jake into and adopt suoh
measures OF rel Of ~ the pescnt cxeennos seem In
Vcor dom 70 Demand
sudden a .evere financial revalsioo nas occurred
1doc'ne susp naon Of specie pay msn By the banks o.
mis- oorpon wealth and Ia some OF our sister ases FMS
osols nsviug become from the operation CT
nrusoeossyy TO be enumerated, . stern necessity.
fous or cumstsp ec bs nmupy aye suffering from The
want q the destruction OF 1ence aud the
evils oonsequent financial ,srrass ment
Evsy oensrtment Of industry has fell. and oeea dsss
sou.iy AFT -teo b. the n ck trade snt com nerce he
bec pa al sed the merchant the manufacturer tbe
oaApic bright ects sudaen oIssted
md mary have BEEN Inv lived In rain whch ordi-
sary ,sg.ci,y foresight cosd svet v.nv n
o los nf factories have becn closes, exten
ar vsua IL coal Operations osve been aus ed or
sbsn loped thoe and OF workmen out OF employ
mont, Oppressed 18th douo' and .rxiety, md alarmed
VI 80 my sporehensions OF the future.
h pos my tntenton 70 oi.onsa his oommunoskion
he csuses OF the nnsooial oicules and
caa endorsement The evil 10 N, trau ,les
4onoe and ing hack the prapert~ late eroyei, and
WHOM 10 bcped 10 but temporarily Interrupt cd, prompt
ND ns- nopioos action, wise AND Legislation viii
- 'equred The pres nj eHtency eqni o. and everv
TO- rail n Of the present and inter the
onm eahh nd the people d msnd thss
Ne bsuss sd, ud be released on the penalties
sssur incurred Dv . sn.pei son sbi,n shr uld oe
sJsDoYza1 'or Tuoh reasonable peod gill enable them
ssfey T. resure the symeps OF thor ahl'e In ne
10 foroe the ba,ks into 10, early lqsidkton would
r-i them 70 quirc immediate from tnei- debt
or sDo would entail pom The com mupity the niseri-s Of
widespread bank ruptsy and ruin Oh the hand
'essorshie extension OF the al NJ
pension would -esty tho toe evil, If rredeema-
sno1d be pos,onred nSer toan clearly necessary
IN the bss n'.r,sss OF the o,m ruu,y psy require.
e GENERAL emba,rss mers ard depression II trade and
eo-,rerce, and The o~p-ecslo OF tae vsus
n real and personal properly II permitted 10 ooa,n
VIII seriously Affect the revenues Of the 90
-oe credit Of the State, sustained ana brn
-sbhy 70 pay but from ,e difficulty II mot he mpc'si
eimy OF procuring medium In saich pay nens oao oe
>ce The 'atth II the State must be intact
saevefcre mero that the banks ~bicn may be
asved from The penalties upon such suspension BY exis
newt nth the STATE Treasurer by vhir, ne win be
enabled to convert The current funds In the reasuD
sao nssrces si,ncng 70 b., r.edn 10 any Of the sol
re shall become necessary for TIE meo OF thsuter
srs The funded and further relief TO tbs
uunity and condition the re.ese OF the penalties
&c 'eture incurred II 10 respectfully mended
hal tie hanks OF the zeal which Maid
rrere for ali their habh,ics iae'y prior their
general srspenslon, shsn be required (urder such
sni abons and restrc be dee ned exoefent),
-ecev. the pc@s Of other con'louins solvent .,
A Apos "a
ssssr~tv curing their suspen.ion the bank CT banks
specie pay neuis TO be relieved from this copdi
80
IRE relief ef toe DEBTORS provision should he made
extension or the tire IN -hch execution josg
ven may Issue, .uc toc pcri,c now provdef by sv FOR
re irsro ~ rrutf n bank notes OF lcss denonps
aoo 'e.- nve dollars should not ne authorized, nor
'pcuc tee banks during their suspension be permitted
" doa,t dvts,ns. eseee sing s,r pe- sent psr supam
% invited n'tisgt-rs of he ccnmonwesth, 10
s.Ns, ta ,-s Esheay IN sosni ana so.v, nv
s~r.s viii 70 ensb'cd N meet s their liabilities 1Dlv
Ateqrsie the o'maaas o, esinsts trade and
revive every branch ot itcu't-y and save 'her
sr-c am he crunitv from the baak-uricy
-s bevnpy coossoneni on me Intense pressure o toe
----er, nrspc'sl o-isis
b. 7ae tors ,uhrited rcr vour deter nu.r U are In.
,-att snd rnousutcus They rise "a above all ,srr,n
- roi'ical nsisertiions or cscus toos tu1sring
nrvpuy 10 The to1r OF their s1xesy AMI poll
-~ur hApcs prom 4 snd ricvc TO- ,hoir reurf
t-nSenocd by no o.ner Consideration than 'he nuhnc
r~e prrmpc cd by other than honest ami mo- shlN
900, ictcns OF pablo and private duty the result
cur deliberations mcc, the expectations, relieve the
rsDs, and harmon With the true inieve,t ~ the
PIE JAMES POLLOCK
l. the House, befors resdug the mes-sss, resolution
offered requiring tbs remit ao,ruu oo5.
,~iDg their ooneitnn the Legirs joarned
md 'os qresuon dtbated upon aftsr rssting he
aSssrge
me House subsequently, postponed me or
NE resolt Bon.
repori on the Governors message vas defes,ed ~
voae Of n toT4
Asjourned an 70 morrow.
10 senate v,rior. bin, relstins 70 the banks -erc
and referred 0ae Of these proabiS the Of
t-eniy oosr Another lesrnrs the su,
?osions and nSes the time for rcsunpron and an tocr
sxeses relief 70 tie people oy suspcDding oolecaon
u osbss by bsafs
~ Jo' dams bin suspends the operation q the &C, Of
lsso. forelrg he oharisrs OF The banks and imrins
pos suIrensicu authorizes bspks 10 max. y.
rrCuns and issue their ard oshsr notes for
pesscd Of blank days dividends 70 air Pc cent
r-qubes The publication Of qusrery statements 10 news
sars requires ,ns srspended the no o. Of
baas In The psy ms1! or debts oerssn regais
seos; equires deposits W be With the STATE rrcs
rr.t pay able In specie; autboriss stay u execution
for wear In sll uhere dcfspd.nis ssae
rctusbi, where security ia gwen me at 70 axe
srect iunsdaisly ~ pssraxe and s prcyiscps " be
sooef'ec BY ne ia ks -ih'n sixty DAYS herssfsr
Tue following extr4c, Of M. B.osu'. assh bill =
rec Tres We bsnxH Of PhilAis lphia snd ff.sbsrg 10
gonsn tresgy statement az t5cr Asses and liabilities,
aao NC ooeniry nanss 70 fun .n, ssss m.nln, weekly
tns0 tber ansirt W Ne Auditor General, vno - 70
sT~nse pem w euuu ic-r, aE1 publish In
hns osnA uifiaeE1t ~ slx per cent clesr q The
lat nses, unnl asd bsnkt tsss scum n,sd IeServa
conhDstpt fHnd o. not less txea,, iye mr. mo
Nan torvb per oeSt on tbeir oanlsl siocs and
1eresier hnW he a'vtdenos-No pne cor cent
al tsrnngs above tnsi sroen1 i H. 3, lac
ueAzuy requires hat ssid reserve ~ oorgu,,n fund
sh8N be invetud 10 sat- United sss losr and A..
pooted vito tho Auditor Gesers sddent srepy,g Far
Ne Redemption notes end ~ .puls IA tb., 49,. -
upon failure v re>ee 10 rec'e proa nix b.nss ,.,.r.
fupd' and nsurshce companies from deslnE ia ar pgy
chessrs hsnk note a. less hsn their value; prohbi,s
basks trcu purchasing esu ing their esn socs, ar,
che 5000 day and Me circus,ion Of lie Of value e,s
GAan ten dollars
NJ. Browne bin relative V railroad and navigation