New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-07
rx-Pa SESSION or fHY PENNSYLVANIA
LEGISLATURE.

EXTRA SESSION or rHE PENNSYLVANIA
LEGISLATURE.
H.rsrssuno, Tuesdsy. Oct 6. 1871
This town il more THAI usually Lively iof 'ns 'o:so'
of tie year. owing 30 the aseembine OF tue h's.'1'
trre in extra session. in obedience to the
of Gov. Pollock to take some action IN regard 70 inc
supper zion Of specie payments by the Banks may
strangers are here, beside the members OF the Legs
hbae. 4.
At,n esrly hour in the forenoon throng begss TO
a., in toward the Capitol. The two halls ofthe Legs
ls.ure are very much improved since last year, the
walls and ceilings having been beautifully painted IN
fresco during the Summer.
The Senate was called to order al IL clock at noon
by Speaker Firney, and the House at the same hour
by Speaker Getz. All but one Of the members OF the
former body were present. Eighty of the members
of the House answered TO their names sixteen being
ab.ent two of whom atervard appeared. Soon afser-
ward Message was received from Gov. Pollock, as
follows:
THE GOVERNORS MESSAGE.
EXECUTIVE CHAMBER, HARRIsBuRG,
October 6, 1857.
r S, ,x g,.,,sf Of the Commonwealth
~ NV Of Penn,,iraniS IN General Asse~S!y net
GgSr1rNES: BY virtue Of the power conferred
upon me by the Constitution. have deemed It my iu-
narativs ty 70 convene the General Assembly at this
time An extraordinary occasion for so doing, as con-
templsed by the Constituti,n, las arsen ana accord
ipply you have been called together to take INTO con
siSeratop and adopt such measures OF relief ss the
nyesept ma seem in your wisdom to demand
sudden and severe financial revusion naS oc-
CURED, inducing the suspension OF specie paymenu,
by the banks of this Comm onwealth and 10 some OF
our sister States Ths result however much 10 De re-
eretted and deplored, was unavoidable, having be-
come from the operation Of causes unnecessary now
to be enumerated, stern necessity. mus cucom,
stanced the community are suffering nom the want OF
a cy. the destruction Of confidence ana the nu-
n erous evils const quent on financial embarrassment
Every department of industry has felt and been
dsasirously affected by the shock; trade and COM
MERGE have been parayzed the merchant, the man
ufacturer the mechanic, have seen their bright pros
poets suddenly blasted, and many have been involved
in ruin which ordinary sagacity or foresight couid
avert. Many Of our furnaces, rolng,mils aud iacto
ries have been closed, extensive and valuable co6i
operations have been suspended or abandoned ana
thousands Of workmen are out of employment, op-
pressed with doubt and anxiety, and alarmed win
gloomy spprehe nsions Of the future.
1t is not my intention 10 discuss in this commumca.
ton the causes of the present financial difficulties ana
commercal embarrassment The evil is upon US,
troubles surround us, and to relieve the community,
restore the confidence and bring osck rue P.o.pepy
rily Interrupted prompt and harmonious action, wise
and generous legislation, will be required. Inc pres
emf exgercy requires and every CONSIDERATION ot tn
present ard futwe interests OF the Conmonweain aho
he neople would seem to demand. that the Banks
shonld be released frem the penalties and forfeiture,
incurred by suspension, which should De autnorlseo
for .uch reasonable period as will enable them saiey
TO resume the payment Of their Liabilities IN specie.
To force the banks into a too early liquidation
would compel them to require immediate payment
from their debtors and would entail upon the oommu
nifty the mseiies Of widespread oankrq ptcy ana
ruin while on the other hand an unre asOnabs extern
sion Of the unnatural state OF suspension would greatly
increase the evils Of rredeemabe paper currency.
The resumption Of spece payments should not De
postponed longer than is clearly ne ana 'ne pest
interests of the community may require.
The general embarrassment and depression OF TRADE
and CON merce and the consequent depreciation OF the
value Of real and personal property, II permued 10
continue will seriously affect the revenues OF the
Comm onw ealth. The credit of the State, now 80 well
sustained and go honorable to her character may be
endangered not by any inability to pay, but nom the
difficulty if not the impossibity OF procuring me-
dunn in which payment can be made. The faith OF
the State must be preserved intact | therefore
recommend that the banks which may be relieved
from the penalties upon such suspension by
satisfactory arrangement with the State Treasu-
rer by which he will be enabled 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 soon as the same
shall become necessary fol the payment OF the interest
on the funded debt. And as further relief to the
community and as condition Of the release OF the
penates and forfeitures incurred it is Respectfully
recommended that the solvent banks Of the Common
wealth which paid specie for all their liabilities imne
datelv pror 10 their late general suspension shall be
required under such limitations land restrictions a.
may be deemed eIpedent), to receive the noses oi
each other continuing solvent, at par IN payment VI
all debts DUE or to become due TO them respectively
during their suspension the bank or banks resumng
specie payments TO be relieved from this CONDITION.
For the relief of the Debtors provision should De
made for an extension of the time in which execution
on judgments may issue, and the perod now pfo'ued
BY law for the stay of execution.
The issue of relief or bank notes, of less denom'
patou than five dollars should not now be authorized,
nor should the banks during their suspension, per-
itted TO declare dividends six per cent per
annum. The monied institutions, Of the Common,
wealth it is believed, are generally in sound and
solvent condition and if the measures suggested be
adopted the banks will be enabled to meet all their
liabilities supply currency adequate to the demands
of legitimate trade ard the ordinary business Of life
regain public confidence aid and revive every branch
of industry and their creditors and the comuu-
nity from the bankruptcy and ruin inevitably conse,
queLt the intense pressure OF the present financial
crisis.
The questions gu omitted for yonr determination
important and momentous. They rise far above all
partisan or political considerations or calculations.
suffering community in the hour Of theI anxiety and
peril expect at your hands, prompt and patriotic ac-
ton for their relief Influenced by no other consider
alton ii an the public good prompted by no other than
honest and he norsble convictions Of public aud pri-
yae duty may the result of your deliberations meet
the expectations, relieve the wants and harmonic
with the true interest of the people:
HOUSE OF REPRESENTATIVES
In the House. before reading the Message. resolu-
ton offered requiring the banks to remit the &C
count concerning their condition ere the Legislature