Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1857-10-14
PENNSYLVANIA LEGISLATURE.

PENNSYLVANIA LEGISLATURE.
The extra session of the Legislature con-
vened at Harrisburg, on Tuesday the 9Th, at
II O'Clock, noon. Both branches were called
20 order by their respective Speaker, soon
after which the following message from Gov.
Pollock was received and read =
To the Senate and House of Representatives. Of
the Commonwealth Of Pennsylvania, in Cen
erGt assembly met
Gentlemen BY virtue of the power con-
ferred upon me by the Constitution, L have
deemed it my imperative duty to convene
the General Assembly at this time. An extra
ordinary occasion for so doing, as contempla-
ted by the Constitution, has arisen, and &C.
cordingly you have been called together to
adopt such measures of relief as the present
exigencies may seem in your wisdom to de.
mand.
y sudden and severe financial revulsion has
occurred, inducing suspension of specie
payments by the Banks Of this commonwealth
and some of our sister States. This result
however much to be regretted and deplored,
operation Of causes unnecessary now to be
enumerated, stern necessity Thus circum-
stanced, the community are suffering from
the want of n currencs, the destruction of
confidence, and the numerous eyils consc-
quent on financial embarrassment. Every de-
partment of industry has felt and been disas-
trously affected by the shock, tratle~and com
merce have been paralyzed, the merchant,
the manufacturer and the mechanic, hayc
seen their bright prospects suddenly blasted,
and many have been involved in a ruin which
no ordinary sagacity or foresight could avert.
Many of our furnaces, rolling mills and facto.
ries have been closed, extensive and valuable
coal operations have been suspended or aban-
doDed, and thousands of workmen are out of
employment, oppressed with doubt and ankle
ty, and alarmed with gloomy apprehensions
of the future. ~
1t is not my intention to discuss in this COM
munication the causes of the present financial
difficulties and commercial embarrassment.
The evil is upon us, troubles surround US, and
to relieve the community, restore the conf
dence, and bring back the Prosperity lately
enjoyed, and which, it is hoped, is but tenn
porarily interrupted. prompt and havnonious
action, wise and generous legislation will be
required. The present exigency reqHFes,
and every consideration of the present and ~
ture interests of the Comm and thS
people, would seem to demand that the Banks
should be released from the penalties and for
FIXTURES incurred bv-~the suspension,. which
should be authorized for such reasonable tpc-
riOd as will enable them with safety to resume
the payment of their liabilities in specie.
To force the Banks into,a too early lfquida-
tion would compel them torequire Immediate
payment from their debtors, and would entail
upon the community the miseries divide
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 irredeemable paper
currency. The resumption of specie pay
ments should not be postponed longer. than
is clearly necessary. and the best interests of
the community may require.
The general embarrassment and depression
of trade and commerce, and the consequent
depreciation of the value of real and personal
property, if permitted to continue, will seri-
ously affect the revenues of the Common
wealth. The credit of the State now so we'll
sustained, and so honorable to her character,
may be endangered not by any inability to
pay, but from the difficulty if not the impos-
sibility, OF procuring a medium in which pay
meBt can be made. The faith of the State
must be preserved intact. l therefore recon-
mend that the Banks which may be relieved
from the penalties upon such suspension by ex-
listing laws, shall be required to make salts
factory arrangement with the State Treasurer,
by which he will be enabled to convert the
current funds in the Treasury, and balances re-
naming to his credit in any of the solvent
banks of the Commonwealth, into specie as
soon as the same shall become necessary for
the payment of the interest on the funded
debt. And further relief to the commu-
nifty, and as a condition of the release of the
penalties and forfeitures incurred, it is respect
fully 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 NAV be
deemed expedienD to receive the notes of
each other continuing solvent, at par. in paw
ment of all debts due, or to become due to
them respectively, during their suspension
the bank or banks resuming specie payments
to be relieved from this condition. For the
relief of the debtors, provision should be made
for an extension of time in which execution
on judgments may issue, and the period now
provided by law for the stay of execution.
The issue of relief or banks notes, of a less
denomination than five dollars, should not
now be authorized, nor should the Banks, dur