Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-10-09
rHG r1SAsC1AL PRESSURE II fENNSIL.

The FINANCIAL PRESSURE II ftfNoiN
wanna.
The following is the Message OF GoFe'no' 49,
,,ry. rf PENNSYLVANIA, which was laid before Wv
LEGISLATURE. of that State al the opening OF It's 'pe'
session on Tuesday last:
r,rcrr,vr CHAMBER, HARRISBURG, Oct' W.
~, ,hs Ssuok, and House NJ Representatives. ~ "'
IoumonmeaM Of PeHnSyiuahia, an hcAt'" w"
Gy met. conferred up.
ON me BY the Constitution, ! have deeineu u ~ -
ners,iye duty to convene the General AsselHoJ ~
This time. An extraordinary occasion TOT 80 uons,n'
contemplated by the constitution, has arse., ~ ;nt,
cordingly you have 5een called toge'he' y .I;af "a ,ha
consideration aud adopt such measures :. 20 do.
present eYigencies may seem i'll your "isoon " ~
mand. -o, bo, M.
A sudden and severe financial reVuls,ou n"s h y
CURED, inducing q suspension oil speste paya IS on,
the banks of this Commonwealth anu IN som ~ ba w..
sister States. This result, however Iuou no
yretted and deplored, was unavoidaole' having :.
come. from the opera,ion of causes unnecessary no"
to be enumerated, q stern necessity. luus hou
stancsd, the community are suffering rom 'no .ha
0. a currency. the destruction VI cohhuenee, -
numlrou. eyiis couseQ uent on hnanclal emoalEass,
m.nt. Every department OF industry mas let anG
been disastrously affected by the shock; trade ahn
commerce have been parsiyZed' tue ihe,cnaI', "
manufacturer, the mechanic have seen tneiI ol'en'
nrnSnHrfa suddenly UIdblCu, oiu H'SNy
VOWED in a ruin which no ordinary sagacl'y or lore
sivht could avert. Many Of our furnaces, rolling
mills. And factories have been closed, extensive and
valuable coal operations have been suspehueu "
abandoned, and thousands OF WorKmen are out y,
employment, oppressed with doubt ana anxiety an"
alarmed with gloomy apprehension OF the future.
Iris not my intention to discuss IN TINS conmun''
cation the causes OF the present hnanclai u'incuit'es
and commercial embarrassment. The EVIL 10 upon
us, troubles surround US, and to relieVe the comNiuh''
" -, A.. oo,EJ.pna and hiring hack th6 DrUo-
perity lately enjoyed, and which It Is hoped Is out
temporarily interrupted, prompt and harmonious ao-
ton, wise and generous Legislation VIII Do requ,feu.
The present exigency requires, and every cohsiaera'
ton OF the present anu iutuIe oao . $1,000
monwealth and the people would seem TO demand,
that the banks should be released, from tue penaltles
and forfeitures incurred by q suspension, Wnlcn shou1u
be authorized for such reasonable period as VIII ena'
BILE them safely to resume the payment OF thsir Ha'
bilities in specie. ~
To force the banks into a too early liquidation
would compel them to require immediate payment
from their debtors, aud would entail upon the COIN
muuity the miseries Of wide spread bankruptcy ana
ruin; while, on the other hand, an unreasonable e1
tension of the unnatural state Of suspension would
greatly increase the evils of an lrredeemaoie paper
currency. The resumption of'specie payments should
not be postponed longer than lie clearly necessary
and the best interests Of the community may require;
The general embarrassment ana depression o'
trads and commerce and the consequent deprecla-
ton of the value of real and personal property II
permitted 10 continue, will seriously Affect the reve'
nues of the Commonwealth. Inc credit Oh tne STATE
now 10 well sustained and so honorable 10 ner charac'
ter. NAV be endangered, not by any lnaoility 10 pay,
but from the difficulty, if not impossiblity, OF pro.
curing a medium in which payment can % made
Ths faith of the State mus: be preserved intact.
therefore recommend that the banks which may
he relieved from the penalties upon such suspension
by existing laws shall be required TO make a satisfac-
tory arrangement with the State Treasurer, by which
he will be enabled to convert the current funds in the
treasury, and balances standing to his credit IN any
OF the solvent banks Of the Commonwealth, into
specie, as soon rs the same shall become necessary
for the payment of the interest on the funded debt.
And as a further relief 10 the community, and as a
condition of the release OF the penalties and torlel.
lures incurred, it is respectfully recommended tnat
the solvent banks of the Commonwealth, when PAID
specie for all their liabilities immediately prior to
their late general suspension, shall be required (un'
der such limitations aud restrictions as may be deem'
ed expedient) to receive the notes OF each other oon'
tinuing solvent at par, in payment OF all debts due or
to become due to them respectively during their sus.
pension, the bank or banks resuming specie pay
ments to be relieved from this condition.
For the relief Of the debtors provision should oe
made for an extension Of The time in which eIecu
ton on Judgments may issue and the period now pro-
yided BY law for the stay of the execution.
The issue Of relief, or bank notes of Il less denomi'
nation than five dollars, should not now be author
ICED, nor should the banks, during their suspension
be permitted to declare dividends exceeding six per
cent. per annum.
The moneyed institutions Of the Commonwealth
it is believed, are generally in a sound and solvent
condition., and if the measures suggested be adopted
the banks will be enable to meet all their liabilities
supply a currency adequate TO the demands of legl
innate trade and the ordinary business OF life, regain
public confidence, aid and revive every branch o
| industry, and save their creditors aud the commune
ty from the bankruptcy and ruin inevitably conse
quent on the intense pressure Of the present hnanola
crisis.
The questions submitted for your determination arr
important and momentous. They rise far above al
~partizan or political considerations or calculations'-
A suffering community, in the hour of their anIiet!
aud peril, expect at your hands prompt and pat.ioti,
action tor their relief. Influenced by no other cons!
Iteration than the public good, prompted by no othe
than honest and honorable convictions OF a puolO
and a private duty, may the result Of your dellberu
tions meet the expectations, relieve the wants, snt
harmonic. with the true interests of the people.
JAMES POLLOCK.
Several bills for the relief Of the Banks have bee
introduced and are under consideration in the Lsgis
la,ure. In the mean time, however, a meeting Of To
Democracy Of Philadelphia has been held, and lou
protests are made against the project of ~legalizln
the suspension of specie payments by the Legislature
They think that body should leave the banks to IN
operation Of existing laws, tempered by such forbesr
snce as the good sense Of their creditors may suggest
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