The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1857-10-15

t The GoEernor's Message. .s...
We print in another column the Mes
sage Of Gc7e.2cr Pollock &c .se Srccial
Session Of the Legislature, in regarfto
the Monetary troubles, We also give the
telegraphic report Of the latest acton Of
that body in regard to the matter, It
will be seen that the Legislature is dis
posed to adopt the Relief Measures sug-
gcstcd il the Governors address, though
the House is very backward in It's action.
The following is brief summary of the
main points of the proposed law to legal
ize the suspension OF the Pennsylvania
Banks:
"The srecial correspondent of the
NoSrH AMERIcAs states that the Com
mittee of Is appointed by the House,
have agreed upon relief bill, as follows :
--I.egalize suspension until the Ist Of
March, l8l8--extapd stay Of execution
six months longer than is now allowed BY
law-con1pcl an the Banks to raceive
the notes Of other banks; no bank shall
have power to discredlt the notes of 9TH
er banks, save. upon q statement sworn to
by the President and Cashier, and for
wGrded TO tiTe Governor, and fled In the
Secretary's office; bank notes are to be re-
ceivable in payment for revenue by tax
collectors banks must redeem in. specie
their notes when paid for tolls or taxes. y
Should the above bill pass, it viii re-
iieye tAQBauks from their present straight,
but We think will ultim ltely result to the
great advantage of the New York bank
srs, as they will doubtless purchase the
notes at 9 heavy discount from face, pay
ing IN their own currency; aud at the
time Ct the legalized suspension of the
banks will present a large quantity OF
their notes for redemption in specie, thus
transferring largo proportion of the spe-
Gle capital of Pennsylvania to New York.
The rivalry and jealousy existing between
the cities of Philadelphia and New York
VIII add much to the discontinue Of the
Pennsylvania Banks in general,
Business throughout the country is
Frustrated, and general crash seems to
be inevitable. When such houses as
Harper & Brothers, Genin, Bowen, Ne
Nance & Co, Cbotoau i Co, are obliged
to suspend, even temporarily, there is evi-
denvly real cause to fear complete prostra,
ton Of American business energy. Il
shows at once that large amount offalse
CO pitai is in use with US, and that whan
Ia business concern of any responsibility
fails, it is felt il business oiroles gcner,
ally.
The worst feature Of ibis crisis is the
great destitution it will produce auong
the working classes of the cities. Thou.
sands are thrown out Of employment, III
the face ola probably severe winter, with
Ont dollar to rely upon, and chance OF
employment soon, hayond possibility
Among the most recent bank failures
we notice those of the Grocer's Bank Of
New York, Pratt Bank of Buffalo and
East River Baak New York, and some
y other New York City banks have sus.
pended.
Western Banks are net yet much af-
fected BY the failnres-indeed We do not
sec how they can be, as they have all the
specie in their control. The following is
a list Of discredjtcd Illinois Banks Bell
willie Bank, Bank Of Chester, Stock Seen
ritg Bank, Corn Exchange Bank, Bauk
Of Pike County, Bank of Elgin. The Il
linois Ceutral Railroad has suspended
payment,
The y. Y. & Erie Railroad has also
suspended, and the Directors oallupon the
Stockholders for aid to prevent the road
from being sold. The State of New York
has also failed to meet its estimates for
September and October, which have been
protested.