Vermont Telegraph

Pennsylvania.—The Governor of Pennsylvania having been solicited to convene the legislature of that state, has thought proper to issue his proclamation announcing that he deems the step inexpedient. The following are among his reasons: —

"Because all the measures which have been proposed to be adopted by the state legislature, to meet the emergency, would, in my opinion, rather increase than diminish the real dimensions of our condition.

Authority to the banks to issue notes of denominations less than five dollars, would be the infliction of a great permanent evil, to alleviate a temporary embarrassment, and would only be the substitution of the lower denominations of a circulating medium for the higher denominations of the same, without withdrawing any of the latter from circulation.

The passage of a law to save the forfeiture of the charters, to which the banks will become subject, by continuing to refuse specie for their notes, would only increase and render more lasting the mischief. The instant result would in all probability be vast and ruinous increase of the bank note circulation—a correspondent diminution of its real value—a dangerous facility of obtaining bank loans—a sudden rise in the nominal value of all kinds of property—a further increase of the mad spirit of speculation—and finally, the incurring of a real amount of debt, which must afterwards be paid in hard money, dollar for dollar, to the ruin of thousands.

The passage of a law for the stay of execution in case of debt, besides aggravating the evils just named, would accustom our citizens to a disregard for the obligations of laws and for punctuality in their dealings."