The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1857-10-15
THE GOVERNORS MESSAGE.
EXECUTIVE CHAMBER, Harrisburg

October g.. 1857.
To the Senate and House Of Represcrt-
dttreset'tbe (ommonreoth cfPena&yl-
raniia, in General assembly met:
Gentlemen Bv virtue of the power CON
ferred upon me by the constitution, /
have deemed it nay imperative duty to con-
venc the Gencral Assembly at this time.
An extraordinary occasion for so doing, as
contemplated By the constitution, has ars
en-, and accordingly You have been called
together to take into consideration and
adopt such measures Of relief as the past
cxigeneies may seem, in your wisdom, to
demand.
A sudden and severe financial revulsion
has occurred, inducing suspension of
specie payments BY the banks OF this
Commonwealth and in some of our sister
states. This was unavoidable, having be-
come, from the operation of causes un-
necessary now to be enumerated, stern
necessity, Thus circumstanoed, tho COM
munity are suffering from the want of 2
currency, the destruction Of confidence,
and the numerous evils consequent on f.
nansial embarrassment. Every depart
mcnt Of industry has felt aad bacn disas-
trously affected BY the shock; uaic and
commerce have been parali1ed the mer-
chant, tho manufacturer, the mechanic,
have seen their bright prospects suddenly
blasted, and many have been involved in
ruin which no ordinary sagacity or fore
sight could avert
Many ofour furnaces, rolling mills and
factories have been closed, extensive and
valuable coal operations have been Bus-
p nded or abandoned, and thousands OF
workmen are out Unemployment, oppross-
ed with doubt and anxiety, and alarmed
with gloomy apprchcnsions Of the future.
1t is not my intention to discuss in this
communication the cause of the present
financial difficulties aud commercial en-
b2rassment. The evil is upon us, troub-
les surround US, and to relieve the COM
mupity, restore confidence, and bring back
the prosperity lately enjoyed, aud which,
it is hoped. is but temporarily interrupt.
ed: prompt aud harmonious action, wise
and generous legislation viii be required,
The present exige0oy requires, and every
consideration Of the present aud future
interest to the Commonwealth aud the
people would seem to demand that the
banks should be released from the penal
ties and forfeiturcs incurred and sus-
pension should be authorized for such rea-
sonable period as will enable them safely
to resume the payment Of their liabilities
in specie.
To force the banks into a too early IL
quidation would compel them to require
Immediate. payment from their debtors,
and would entail upon the community the
miseries Of widespread bankruptcy and
rVin; while, on the other hand, an unrea-
sonable extension Of the unnatural state
of suspension, would greatly in9lease the
evils Of an irredaeplahle paper currency.
The resumption Of specie payments should
not be postponed longer than is clearly
necessary and the best interests Of the
community may require. /
The general embarrassment and de
preston Of the trade and commerce, and
the consequent depreciation of the value
of real and personal property if permit |
ted to continue, will seriously J affect the
revenue Of the Commonwealth, the cred /
it of the state, now SO well sustained and
so honorable to her character, NAV be en-
dangercd, not by any inability to pay, but
from tho difficulty if not the impossibility
Of procuring medium in which payment
can be made
The faith of the state must be preserv-
ed intact: ! therefore recommend that
the banks, which may be relieved from
the penalties upon such suspension by
existing laws, shall be required to make
a satisfactory arrangement with the State
Treasurer, BY which it will be enabled to
cpareyt the carrent funds in the Treasu- !!