Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1857-10-10

A committee OF two were appointed TO in.
form the House that the Senate were ready
to proceed to business, aud committee oil
three to inform the Governor that the Legis-
lature was organized and ready to receive
any com munication he may have TO make.
The latter committee having performed its
duty, The Secretary Of the Commonwealth
was introduced, and presented the Governors
message. 1t was read, as follows:
TIE GOVERNORS MESSAGE.
EXECUTIVE CHAMBER,
IIAEnisBrno, October 6, lS4I.
TO Me Senate and HouS Of Representatives. Of /
the Commonwealth Of Pennsylvania, IN Cen
val assembly met'
GENTLEMEN BY virtue Of the power con-
ferred upon me by the Constitution, l have
deemed it my imperative duty to convene
tho General Assembly at this time. N |
extraordinary occasion for SO doing, as con-
templated by the Constitution, has arisen,
and accordingly you have been called together
to take into consideration and adopt such
measure of relief, as the present exigeneies
may seem, in your wisdom, TO demand.
A sudden aud severe financial rcvulsion
has occurred, inducing q suspension Of specie
payments by the Banks OF this Common
wealth and in some of our sister States. This
operation Of causes unnecessary now to be
enumerated, stern necessity Thus circum-
stanced, the community are suffering from
the want Of currency, the destruction oil
confidence, and the numerous evils consequent
on financial embarrassment. Every depart
ment Of industry has felt and been dsnstrously
Affected by the shock trade and commerce
have been paralyzed; the merchant, the
manufacturer, the mechanic, have seen then
bright prospects suddenly blasted, and many
have been involved in ruin which no ordi.
nary sngacity or foresight could avert.
Many of our furnaces, rolling mills and
factories have been closed extensive aud
valuable coal operations have been suspended
or abandoned, and thousands Of workmen
are out of femploymeut-oppress with doubt
and anxiety, and alarmed with gloomy appre-
hensions of the future. 1t is not my intention
to discuss in this communication the cause OF
the present financial difficulties and CONNER.
cial embarrassment The evil is upon us,
troubles surround US and 10 relieve the
community, restore confidence, and bring
back the prosperity lately enjoyed, and which,
1t is hoped, is but temporarily interrupted,
| prompt aud harmonious action, wise and gen
erous Legislation will be required, The pre-
sent exigency requires, aud every considcra-
tion Of present and futsre interest to the
| Commonwealth and the people would seem to
demand, that the banks should be released
from the penalties and forfeitures incurred
and suspension should be authorized FOR
such reasonable period as will enable them
sale to resume the payment Of tLoir liabili-
ties in specie.
TO force the banks into too early lquida-
ton would compel them to require immediate
| payment from their debtors, and would entail
| ha IF ii,
| spread bankruptcy and ruin while, on the
other hand, on unreasonable extension of the
unnatural state Of suspension, would greatly
Increase the evils OF an irredeemable paper
currency. The resumption Of specie Pay
ments should not be postponed longer than is
clearly necessary aud the best interests Of the
community may require.
The general embarrassment and depression
oil trade and commerce, and the consequent
depreciation of the value of real and personal
property. if permitted to continue, will seri
ousi! affect the revenue OF the Commonwealth
the credit OF the State, now SO well sustained
and so honorable TO her character, may bt
endangered, not by any inability 10 pay, bu;
from the difficulty if not the impossibili,y o.
procuring medium iu which payment can be
made.
The faith Of the State must be preserved
/
Banks which may be relieved from the penal
ties upon such suspension by existing laws
shall be required TO make q satisfactory ar
rangenent with the State Treasurer, by whicl
II will be enabled to convert the current Funt
, IN the Treasury and balances standing 10 hi
credit in any Of the solvent Banks Of the Com
n,onWealth into specie, as soon as the sam'
snail become necessary for the payment Q
the interest on The funded debt
And as further relief 20 the community
and as condition Of the release of the penal
Ties and forieitures incurred, il is respectful,
, recommended that the solvent Bauks of thl
Commonwealth, which paid specie for al
their liabilities, Immediately prior to thei
, late general suspension, shall be requiret
(under such limitations aud restrictions a
may be deemed expedient) to receive th,
. notes OF each other, continuing solvent, Il
par, in payment Of all debts due or TO becom,
a due to them respectively during their suspen
!. sion; the bank or banks resuming specie pay
, ments to be relieved from this condition.
: For the relief Of the debtors provision
should be made for an extension Of the tim
: in which executions on Judgments may issu
and the period now provided by law, for tn
stay Of executions.
The issue of relief or bank notes OF q les
, denomination than five dollars should not no,
be authorized, nor should the Banks, durin,
, their suspension be permitted TO declare div
idends exceeding six per cent. per nnnum.
The Eoneyed institutions of the Common
: wealth, it is believed, ure generally in SCUM
and solvent condition, and if the measure
! suggested be adopted, the banks will be enc
> tled to meet all their liabilities supply cui
: lei cy adequate 10 the demands Of legitmat
trade aud the ordinary business Of life, regal
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