The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-09
THE GOVERNORS MESSAGE.
EXECUTIVE CHAMBER, HARRIsBuRG,
October 6, 1857.


October g. 1857.
To the Senate and House Of Representatives Of the Commonwealth
Of Pennsylvania, in General assembly met:
GENTLEMEN: BY virtue of the power conferred upon
me by the constitution, have deemed my imperative
duty to convene the general assembly at this time An
extraordinary occasion for doing contemplated by
the constitution has arisen, and accordingly you have
been called together to take into consideration and adopt
such of relief the present exigencies may
seem, in your wisdom, to demand.
sudden and financial revulsion has occurred,
inducing suspension of specie payments by the banks of
this Commonwealth and in Of our sister States
This unavoidable, having become, from the opera
ton of unnecessary to be enumerated, stern
necessity Thus circumstanced the community suffer
ing from the want of currency the destruction of conf
dence, and the evils consequent financial
embarrassment Every department of industry has felt
and been dsasrously affected by the shock trade and
commerce have been paralyzed the merchant the
facturer the mechanic have their bright prospects
suddenly blasted and many have been involved in ruin
which ordinary sagacity or foresight could avert.
Many ofour furnaces, rolling and factories have
been closed extensive and valuable coal operations have
been suspended abandoned and thousands of work
out of employment, oppressed with doubt and
anxiety and alarmed with gloomy apprehensons of the
future is not my intention to discuss in this commu
nication the of the present financial difficulties and
commercial embarrassment The evil is upon us troubles
surround and to relieve the community restore conf
dence and bring back the prosperity lately enjoyed and
which, it is hoped is but temporarily interrupted, prompt
and harmonious action wise and generous legislation will
be required The present exgency requires and every
consideration of the present and future interest to the
Commonwealth and the people would seem to demand,
that the banks should be released from the penalties and
forfeures incurred and suspension should be author
lied for such reasonable period will enable them safely
to resume the payment Of their liabilities in specie
To force the banks into too early liquidation would
compel them 10 require immediate payment from their
debtors and would entail upon the community the mis-
cries of widespread bankruptcy and ruin while the
other hand unreasonable extension of the unnatural
state of suspension would greatly increase the evils of
rredeemabe 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.
and commerce, and the consequent depreciation of the
value of real and personal property If permitted to
continue, will seriously affect the revenue of the Com
monweah the credit of the State, well sustain
ed and honorable to her character may be endnger
ed not by any inability to pay, but from the difficulty,
If not the mpossibity, of procuring medium in which
payment can be made.
The faith of the State must be preserved intact.
therefore recommend that the banks which may be
eved from the penalties upon such suspension by exist
ing laws shall be required to make satisfactory arrange
men with the State treasurer by which it will be
abed TO convert the current funds in the treasury and
balances standing to his credit in any of the solvent
banks Of the Commonwealth into specie as the
shall become necessary for the payment of the in
terest on the funded debt
And as q further relief to the community, and
dtion of the release of the penalties and oeures incur
red srespecully recommended that the solvent banks
of the Commonwealth, which paid specie for all their liza
bities Immediately prior to their late general suspension,
shall be required nder such limitations and restrictions
as may be deemed expeden to receive the notes Of each
other continuing solvent at par in payment of all debts
due, to become due, to them, respectively during
their suspension the bank banks resumng specie pay
ments to be relieved from this condition
For the relief of the debtors provision should be made
for extension of the time in which executions judg
ments may the period now provided by law for
the stay of executions.
The issue of relief or bank notes of less denomina-
ton than five dollars should not now be authorized
should the banks during their suspension be permitted
to declare dividends exceeding per cent per
The moneyed institutions Of the Commonwealth it is