Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-10-10
Meeting of the Pennsylvania Legislature.

Meeting Of the Pennsyivsnia Legislature.
HARRISBURG, Oct. 6-The Legislature met here
to-day, in pursuance of Gov. Poocks proclamation
calling an extra session. ~
The Governors Message states that the Bank sus-'
pensions matter of imperative necessity lie
suggests that relief be extended by removing the
penalties of suspension, provided the resumption OF
of specie payments take place at as early day as
practicable
A joint resolution was debated in the House, re-
quring the Banks to furnish information of their
condition before legislative action should be had.
The Democrats of Philadelphia held meeting on
Monday evening last, which was very largely atten-
ded, with reference to the suspension of the banks
and the policy recommended by Gov. Pollock. A
number of speeches were made, and the following
resolutions were unanimously adopted:
81. Resoloed That the present financial cmbar-
easements, occurring at period when wealth from
all true sources flows in abundance, are a conse.
quence of overtrading imprudent investments, and
extravaganza in public and private expenditures,
which, in the opinion of this meeting, have been
stimulated by improvident expansions incidental to
banking upon insecure foundation
2. Resotoed, That our country has reason to be
thankful that through the permanent establishment
Of the national Democratic policy of using metal
lie currency alone in receipts and payments, the is
cal affairs of the Government of the United States
in a condition of perfect soundness, and not liable,
at the present crisis, former similar occasions,
to suffer from the calamities which affect interests
less prudently guarded.
3. Resolced That the fiscal affairs of our State
and city should be admins rated the same secure
principle, and the treasury ofeach disconnected from
banks the treasury of the United States has been
detached from such associations.
4. Resotced That legalization of the present
suspension by the banks of the payment of their
debts in lawful coin, would violate fundamental prin
cpes of public and private morality, long establish
ed in the code of the Democratic party.
5. Resolced, That in the opinion Of this meeting,
the Legislature, about to convene in extra session,
should leave the banks to the operation of existing
laws tempered by such forbearance as the good
sense Of their creditors may suggest.
q. Resotred, That the true interests of our city
and State will be best promoted and protected by
maintaining sound currency in specie in such
bank notes only represent, and are Immediately
redeemable in coin; and that the issue of other
currency should hereafter be permitted
sanctioned.
Z. Resotced, That no circulation, under any con-
dition whatever, of banks notes other paper cur
rcncy for smaller amounts than may now be lawful
ly issued, receive the sanction of the Democrat
ic party"
The Peansyluaaian in its money article of the 9th
says:
eve believe that we have more to fear than to
hope from the action of the Legislature at it's extra
u II
SO hastily converting it unwise and unwarranted and
rather inclined to the belief that before this
time, with the example of New York and Boston
before their eyes, and the penalty for continued
pension hanging over them, the solvent banks would
have resumed payment of specie upon the Their cir
culaton.
We look now to the sound and honest members
of the Legislature for strong and determined effort
to save US from the evil consequences which may but
too speedily result from the calling of this special
session. Their first aim should be directed to pro-
cure an immediate adjournment, leaving the ques-
ton as to whether the banks should be relieved fro
the consequences of their suspension. to a Legsla
ture chosen in view of the exigencics of the times
and instructed by their constituents upon the course
they should pursue. Failing in this, let them watch
with argus every attempt to increase the powers
and privileges of these mischief working corporations
and omit no labor to defeat corrupt legislation of
every kind
We want more safeguards thrown around our
banking The community are suffering grevously
from state of things which is but the sheer result
of the working of the banking system. We have
everything we could name to make us prosperous
and wealthy, but unsafe and unreliable banking has
brought US into the very depths of distress.
The sales of stocks have little interest at present.
the market having ceased entirely perform any of
the thermometric functions usually attributed to it.
1t stands at the lowest point and must continue, and
money is SO hard to procure The banks discount
little possible, waiting for the action of the
Legislature in their behalf On the street, money
is worth "a per cent for good names, but the tran
sactons very small and mostly between the buy
for small profits. Exchange on New York is bought
OF 34a4, according to the quality and quantity Of
fered, and sold at per cent"