The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-06
NEW YORK STATE AFFAIRS.

Message Of Governor king.
% rm SNisE AzsEams-
The circumstances in wAach meet for the discharge
n our respective duties der the constitution Of more
than vrdtnary interest
Towards the close of year marked by general health,
ASsndAnce snt prosperity, with ovehowng harvssts and
Susy pesceable and contcnted people, we suddenly
found ourselves involved in OF those financial ooDvaL
SLOWS which seer, unavoidable, and almost regularly
periodical smoDg enterprsss people, free to pursuesvery
THE r1sA~nx1. rvu1sroS.
Confidence yhe vital breath cf trade which had been so
great Cnquestiong, struck down. as IL were,
n an ssstant and persshedi and undertakings and en-
gage1ents sof widest reach and range, based upon
rs osntinurnce, although backed by undouesed wealth
ana resouycee forced into liquid ston most
hoecrabte struggle indeed maintained by tho
Sussness community against this calamtous aiterna-
I've lat the banks under ordinary circumstances
ehe 'hetpros Of the sorey pressed merchant, be-
emo, in their turn, dependent upon the forbesr-
0nee 6f their dcalers, whom IN order To avoid tho
discrotabe and dangerous resort 70 suspension of
specie payments, they obliged, by constant aud
s1fFent reduction of their discounts, to dHappoin OF
Necu5tomed supplies. Instead of reciprocal aid and
0peraton became strife who ceud endure most and
1one,est- The consequence obvious. After many
nd disastrous failures among the merchants the banks
themselves followed; and the 14th OF October last
ekcse city of New York suspended specie payments
The country banks Of this State and the banks indeed
hrovghout the United Staes with the exception Of those
II New Orleans, were swept away in the same vortex
How far by q udcious of action an cons
deratc wsthngs the signs of the times the might
by earlier adoption Of restrictive measures have averted
~ niugssed the calamity, or whetner wheh oecane Ger
AN tnas unless tne sharp ana suuueh con,1aouon Vi e
circulation resoted 10 by the banks could be arrested
End more liberal view be made TO prevail comnsrcial
0n.s o 70 ,b;s MACE nor 70 v nrnoe 10 nouire
Suffice to say, the panic came, and banks, alike with n
d'vidsals' were powerless against II. ,,. ..a,.,
NJ nou;eable characterisuc Oh tnis SUSPENSION Oh
specie pay tnah came IA no sense from, ana was
Ioe sccss'oned oy toe ohi holders ny me wise laws OF
THAI about their essential value not immediate conver
nonny no one nau oouo, ~ was tne uepos'ors tna'
.ne run upon .ne h ha n, sus
csOea 10 carry OH rom he whlcn they haI
seosen for II ana where nnu ceea @ 70 capa
erection IN which preventive ior the future may De
SOund
pension urgent appeals were made to me to convene the
LEGISLATURE IN ezra session, N craer INA. II gnt con
soer OF tne measures u. !" DC 'AAeh III such an ener
geDcy. 80 .
nsened WIN All resPect anu a'.ehsion 10 TUE Mgu-
menss for such addressed TO me by the deputa
Of New York and Albany, but without being moved from
my early and steadast convcuon hat such stp not
czpedent had the fullest confidence that both from
enlightened sense 0f duty and from wholesome fear
% me lega consequences OF prolonged suspenson inc
oenks woolu MAKE strenuous ehor.s 70 Resume sPccie
payments al the earnest usy not uhwseiy harrasseo,
o. more unwsely indugeo. Juociai opmion from
ne Supreme Court, promulgated IN the c1y OF
q The banks Of beng forced into liqu'dston
Ane the wnoie business community piedgeo them-
UeiVos W ssanu oy onu oo, vi
ng them Is, tnere'ore, with tne deepest sausiacuon
sve Iouna my oonnaence IN tne VIII anu IN tne aony
tne banks 70 enee. an early resumption, amply vnu
eaied oy me Spontaneous return 70 tne Iegua
business OF al the oanks OF tne cy OF New fork on ,ne
nosn OF Deeemoer, w'nn .~o monls VI sne yerroa "
NE lead Immediately and those of other cities and states
wkn lew excepuons ao hkewse, anu now .nc naoi.ies
S.d 1 surely rs though no n,eprupoa h.d occurred.
ceniees 70 some p,iae as actzen |" .ne sue ~ Se~
rosk N socn an exonon, ase " Tue n ssn G Sensv VI
auy, OF tne h'egrty sna o. ue o.'en.y o. so
- oonIasted, moreover, WIN tne necessity wnicn re-
senuy iorcea the Bank o. EnsMna W ASK anu ". W
evaii Wen Oh the ntefvenuon VI uc soNernnout ivr s
rolsef although armed with defensive power which our
sasks nave no. e' RAISING tne rate o' asooun & 70 yer
= ssss aSs, our Sspas parsains Of ali the free
som OF our ponucA mssnauons' s.er yeiaiss ~ -. 49,
s2soe yes o. tnen own motion vso anu ssnse s ~ aay,
Eumpned over IKE = au y, ~, hs ,n svs XIV
ernmenI wouIa DC unwse, " Ies .ue VIZ %
.ent oppoIuny 49, manous eet ,,s n,h
70 ndiViduais ana the puohc. .., ,,... -,
Ihe elect o ,ne recent s., IN IN S . ns
seen 70 orns aoou, , se.Ss S W e ~ sar
1f me nAueursuon VI any new piv's p.sE sns E ,S wi
snem oo)ect tne srex,s1 seouy anu a ~ VI & e
.cser both % banks OF issue ana banks OF discount ana
oepoeN WIN regMu W ene @ Issues =. a.o snas g-o
snl notes Circulating money are now 80 well secured
ana 20 nrmy es.HoInea IN puuo 3 s' sssn s
sse suspenn specie Sia sns mot nov we h,Ss i've
zen, sensvy 49, .uen ~, su, W.. % ,s, -, w - ~ ,r W.
@en' 10 ney ~ S pss' ,s
rcnt a. before. lnese enenss ~ ~ so .y .s . %
kes nave 'hem source NO. n tne guy IN sue
q banks Great competition exists among these nstta'
oons 70 secure tArge uso,'es :" Wv ~ ~ w s s,
Inse depoen roeoome ns vsss y, ss"u 49,, ~ VIZ p.vu .,
Die discounts tneiepy uno"'y ",psn"ns .no M
vefous ekpcasn@ "olo VI ioss oo"phSa'ou; law
Dcsn sugges.eo Eo.u, ssa,ns' ,s ss uanse..
but simple ana enec,usI vVuIse "vulo seen "
be, 70 require each BANK 70 keep on manu- q nAea
rsiauve proportion On cun 70 .ne NlA anouns s
,asn naoues % ~ US "osos, anu ~ npre -,
adequate penAues Ior me voauon 0 ns A~. Ise
vouio 70 W too Ioos VI .oo wv io so os eoopns ~
sne vaue 70 mucn unplouuI.ve oon Nou'a DC eersan.
Inerc Nouu w ''ss uesrc, .e,slo,., ,or ~1ks acpe
ana tnese woua oe mors squay y.a anuu ss , "s nany
oAnks-ot sen an su'snlase isscaa ol oo,ns, ~ now,
nonopohxeo oy e~ hnse.ssinne u.se Wv suo'
MT, ior tne oons W VIC ~. eNp,i
eney OF requiring oy h~ unoeI socque's pcnaues, al
svery psnk sna keep on manu- NV VI oeia, " ~
coin, on tnc amount OF AL US casn haoues exclusive %
& notes IN order 70 avoia unnecessafy 10
carry ns such provision INTO enect msn, DC 70 grsou
sied Ssio time, a. 70 reacn ,ne MINIMUM oy ptvsrss
s've mothly per ceniase put whenever reacnea, al
cay 70 be nxed not 70 De departed rom unaer 'aN