Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1857-10-09
GOVERNORS MESSAGE.


eraf assembly met
GESrLraES by viriae Of the power con-
fesred upon me by the Constitution, nave
deemed 1t my imperative duty 10 convene Inc
General Assembly al this time. An extraor.
daDary occasion Tor so doing. as contemplated
BY the Constitution has arisen, and according
ly you have been called together 10 take INTO
consideration and adopt such measure oil re-
lief aS the present exigeIcleS may seem, IN
your wisdom, 10 demand.
4 sudden and severe financial revulSIon had
occurred, inducing suspension oil specie
payments by The Banks of this Commonwealth
aud in some Of our sister States. ms was
unavoidable, having become from the opera
ton of causes unnecessary now 10 De emu
meraled, a stern necessity. Thus circum-
sianced. the community are suffering IRON the
want OF a currency. the destruction OF conn
delce, and the numerous evils consequent on
financial embarrassment. Every department
OF industry has felt. and been dIsastrously al
fecled by the shock; trade and commerce
have been paralyzed, the merchant, the manu-
facturer, the mechanic have seen their brIsht
prospects suddenly blasted, and many nave
been involved in a ruin which no ordinary
sagacity or foresight could avert.
MANY of our furnaces, rolling mills, and
factories have been closed, extensive and val.
uable coal operations have been suspended
or abandoned, aud thousands of workmrn are
out ot employment, oppressed with DOUBT ana
anxiety, and alarmed with gloomy apprehen-
Sims of the future. Ii is not my intention 10
discuss in this communication the cause oil
the present financial difficulties and CONNER
cial embarrassment. The evil is upon US,
troubles surround Us. and to relieve the COM
muniy, restore confidence. and bring back
the prosperity lately enjoyed, and which 1t is
hoped, i. bat temporarily interrupted, prompt
and harmonious action, wise and generous
legislation, Will be required. The present ex-
igency requires, and every consideration OF
the present and future interest 10 the Com
monwealh aud the people would seem 10 de-
mand, that the banks should Re released from
the penalties and forleiureS incurred, and
suspension should he authorized for such rea-
SOHable period as will enable them safely TO
resume the paymeu, Of lhcir Liabilities in
specie.
To force the Banks into too early liquda-
ton would compel them 10 require immediate
payment from their debtors, and would entail
upon the community the miseries of WIDE
spread bankruptcy and ruin; while, on the
other hand, an unreasonable extension of the
unnatural state Of suspension, would greatly
increase The evils of an Irredeemabie paper
currency. The resumption of specie pay
ment> should not be postponed longer than Is
clearly necessary aad the best interests OF the
community may require.
The general emba arrassment and depression
Of trade and commerce. and the consequent
depreciation of ,As value Of rea! and personal
property ic permitted to continue, will seri.
ously affect The revenue OF the Commonwealth;
the credit of the State, now SO well sustained
and so honorable TO her character. may be en-
dangered, not bv any inability TO pay. but
from the difficulty If not the impossibiiily of
procuring medium in which payment can
be made.
The faith Of the Slalc must be preserved
intact | therefore recommend that the
Banks, which may be relieved from the pen
allies upon such suspension by existing laws.
shall be required 70 make satisfactory arrange
mant with the G,.,. T.--s-..., 10y ~hicn II
Will he enabled 10 convert the current funds
in tie Treasury and balances standing to his
credit in any OF the solvent Banks of the Com
monwea!th into specie, as soon as the same
shall become necessary for the payment OF the
interest on tie funded debt.
And as a further relief 10 the community,
and as a condition ofthe release Of the penal
ties and forfei,ures incurred, il is respectfully
recommended that the solvent Banks of the
Commonwealth. which paid specie for all
their liabilities immediately prior TO their late
general Suspension, shall be required (under
such limitations and restrictions as may be
deemed expedienD 10 receive the notes of
each other continuing solvent. at par, in pay
ment of all debts due, or 10 become due 10
them respectively during their suspension !;
the Bank or Banks resuminc specie payments
TO he relieved from this condition.
Fer the relief Of the debtors, provision
should be made for the extension of the time
in which executions on judgments may in
crease the period now provided by law, for
the stay of executions.
The issue Of reliefor Eank notes Of less
denomination than five dollars should not now
he authorized, nor should the Banks, during
their suspension. be permitted 10 declare divi-
dends exceeding per cent. per annum.
The monied institutions Of the Common
wealth, it is believed, are generally in a sound
and solvent condition, and if the measures
suggested be adopted. the Banks will be ena-
hied 10 meet all their liabilities, supply acur-
rency ADEQUATE to the demands Of legitimate
trade and the ordinary business of life, regain
public confidence. aid andrevive every branch
Of industry. and save their creditors and the
community from The bankruptcy and ruin,
, inevitably consequent on the intense pressure
I of the present financial crisis.
The questions submitted for your determi-
nation are important and numerous. They
rise far above all partisan or political consid-
eraiions or calculations. a suffering COM
muniiy in the hour of their anxiety and peril
expect at rcuE hands prompt and patriotic ac-
ton for 'heir relief.
Influenced by no other consideration than
the public good, prompted by no other than
honest and honorable convictions of public
and private dniv, NAV The result Of yourde-
liberationS meet the expectations, relieve the
wants. and harmonic with The true interests
Of the people. JAMES POLLOCK.
In Senate, Messrs.Iordan and Tagsart (Am.
Rrr.) introduced bills corresponding in the
main with the Govrrnor's views.
Mr.. Browne (Dem) introduced three bills
-one relating to banks, proposing certain
radical changes in the system; another rela-
tive TO floating debrs Of certain companies;
and another relative 10 the control and re-
strain, by Congress of paper money.
Referred 10 special committees.
H. the Uonse, several similar Bills were
presented, and discussions elected.
We trustthe Legislature will pass short,
plain bill, legl,izlng the suspension four or
five months, delaying executions short time,