Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1857-10-14
Meeting of the Pennsylvania Legislature.

HARRIsBURG, Oct. 6.-The Legislature met here
to day. in pursuance of Gov Pollock's proclamation
calling an extra session.
The Governors Message states that the Bank sus-
pensions was matter Of imperative necessity. He
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-
quiring 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 unanimously adopted: ,- u
81. Resolued That the present financial embar
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 mprovident expansions incidental to
banking upon an insecure foundation.
g Resolred That 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 ts-
cal affairs of the Gvernment Of the United States
in condition of perfect soundness, and not liable,
at the present crisis former similar occasions
to suffer from the calamites which affect interests
less prudenty guarded.
8. Resolred, That the fiscal affairs Of our State
and city should be admins rated on the same secure
principle and the treasury Of each disconnected from
banks as the treasury Of the United States has been
detached from such associations
4. Resolred, That a legalization of the present
suspension by the banks of the payment of their
debts in lawful coin would violate fundamental prn-
cpes of public and private morality, long establish
ed in the code of the Democratic party.
- tho or xl
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
Of their creditors may suggest.
G. Resolred That the true interests of city
and State will be best promoted and protected by
maintaining a sound currency in Specie or in such
bank notes only as represent, and are Immediately
redeemabe in coin; and that the issue Of no other
currency should now or hereafter be permitted or
sanctioned.
:. Resolred, That no circulation, under any con-
dition whatever, of banks notes other paper
rency for smaller amounts than may now be lawful
ly issued, can receive the sanction of the Democrat
ic party"
The Pennsylcanian in its money article of the 9th
says:
1--WE believe that we have more to fear than to
hope from the action Of the Legislature at its extra
session We deemed the action of the Governor in
SO hastily convenng it unwse and unwarranted and
time with the example Of New York and Boston
before their eyes, and the penalty for continued
pension hanging 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 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 whether the banks should be relieved from
the consequences of their suspension. to Legisla-
ture chosen in view of the exigenccs Of the times,
and instructed by their constituents upon the
they should pursue. Failing in this, let them watch
with argus eyes 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 suffering grevousy
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 prosperou,
and wealthy, but unsafe and unreliable barking has
brought US into the very depths of distress.
The sales of stocks have little interest at present
the market having ceased entirely 10 perform any o
the thermometric functions usually attributed to it
1t stands at the lowest point and must continue, ant
money is so hard to procure. The banks discount
as little as possible, waiting for the action of tn,
Legislature in their behalf On the street. none,
is worth "a per cent. for good Names but the tran
sactions very small, and mostly between the buy
er and seller directly. The brokers have hard worl
for small profits Exchange New York is bough
OF 3ia44, according to the quality and quantity OF
fered, and sold at per cent"
H Some Of the more unscrupulous of the South