The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-09
THE BANK SUSPENSIONS IN PENNSYLVANIA
GOVERNOR POLLOCK'S MESSAGE


The legislature of Pennsylvania, in pursuance of
the proclamation of Governor Pollock met at Harris
burg on Tuesday last. On the same day message
from the governor was transmitted to both houses
in which the objects for calling extra session are
briefly stated, accompanied by certain recommends
tions, which, if carried out his excelency no doubt
is of the opinion will restore confidence, build up
credits, reanmate the now paralyzed arms of trade
and commerce, raise very suspicious and very
deprecated paper currency to the specie standard,
and enable the bankers to resume their useful voca
tons of trading on the evidences of debt extending
credits, initiating prices, disturbing the wages of
labor, and covering the Commonwealth with obGga-
tons which lead, in most instances, to embarrass
ment, ruin, and dshonor.
Governor Pollock is of opinion that it is not only
proper but that it is absolutely necessary, that the
banks of his State should be released from the
penalties and forfeitures they have incurred by
their bad faith and worse management. Nay
more. He recommends the Legislature to pass two
acts one of dissolution for past offences, and the
other an indulgence to bank and sin and sin and
bank for reasonable period--whch means, we pre-
sume until the spectators and operators have re-
paired their broken machinery, until confidence be-
comes 80 deep general and verdant that specie pay
ments will not be asked for when specie payments
are resumed. The recommendation for this prospec-
tive and retrospective grant is accompanied with the
assurance that the moneyed institutions of the Com
monwealth, it is believed, generally in sound
and solvent condition. The assurances of gov
ernor we know should not be treated lightly; but
NJ bay vino our ciyility called
tion we not disposed to attach any weight to
his exceencys assurances than the assurances of the
humbles citizen of his State. Weremember the guber-
material assurances in the bank revulsons of 1887,
and particularly the assurances of Governor Ritner,
of Pennsylvania, and experience has shown that they
are entitled to about the respect and consdera-
ton as the promises of the objects of their tender
solicitude,
"The moneyed institutions of the Commonwealth,
it is believed are generally in sound and solvent
condition." We do not desire to impeach the We
racity of Governor Pollock, but surely gentleman
of his conceded intelligence and active business ex
perience could not have been ignorant of the fact
that tho belief general that the Of his state
ment is the true AT what time and under what
circumstances have these "sound and solvent in
stitutions failed to meet their obligations to bill
holders, depositors and the public at large? At a
season of general and unexampled prosperity-with-
out pretending to have suffered any serious losses
at home or abroad--and after dividing heavy divi-
dends year after year. The banks of Philadelphia
close their vaults the very moment serious demand
is made upon them to meet their engagements, and
the banks Of the interior, with indecent and suspi-
cious haste, eagerly follow what constrained
to regard as the dishonest example of the city insti
tutions.
Some of the creditors of the Bank of Pennsylvania
doubt its soundness and solvency and the doubt is
met with-cosed doors. Nearly at the same time
similar doubt arises in the minds of the creditors Of
the Girard Bank, and they favored with closed
vaults The doubt widens and deepens, and, 10 !