IN CONVENTION. The Senate and House of Representatives being assembled in Convention in the Representatives' Hall, for the purpose of proceeding in the elections agreeably to the provisions of the Constitution Mr. Johnson of the Senate, from the committee appointed to receive the returns of votes for Governor from the several towns and places in this State, with instructions to sort and count the same and cast their numbers, His Excellency John Page has 29,521 and is duly elected Governor of the State of New Hampshire for the ensuing political year. The votes of the following towns, viz. Hudson, for John Page 138, Enos Stevens 78; Tamworth, for John Page 141, Enos Stevens 72, George Kent 68; Middleton, for John Page 63, Enos Stevens 31; Holderness, for John Page 154, Enos Stevens 130, all included in the above estimate, were not received by the Secretary of State within the time prescribed by the Constitution. No return has been received from the town of Northwood in the county of Rockingham." On motion of Mr. Treadwell Resolved, That the foregoing report be accepted. On motion of Mr. Adams of the Senate The Convention proceeded to open, read and record the returns of votes for Counsellors from the several Counsellor Districts in this State, and completed the same. On motion of Mr. Brown of the Senate Resolved, That a committee be appointed to receive and sort, the votes for Counsellors, count and cast their numbers and report thereon. Ordered, That Messrs: Comerford of the Senate, Gilman of Exeter and Randall of Sandwich, on the part of the House, be the committee. On motion of Mr. Adams of the Senate The Convetion rose and the Senate withdrew. Resolved, That a select committee of ten be appointed on the part of the House of Representatives, with such as the Senate may join, to wait upon the Governor elect to inform him of hist election, and that the Legislature will be ready to receive any communication which he may be pleased to make. Ordered, That Messrs. St. Clair, Chamberlain, Whittemore of Wilton, Warner of Whitefield, Sawyer of Nashua, Bean of Grantham, Thom), Barnard of Hopkinton, Shannon and Whitcomb of Swanzey, be the committee. Ordered, That the Clerk request the concurrence of the Senate therein. A message from the Senate by their Clerk: "Mr. Speaker-The Senate concur with the House of Representatives in the passage of a resolution appointing a joint select committee to wait upon the Governor elect to inform him of his election, and that the Legislature will be ready to receive any communication he may be pleased to make, and have, on their part, joined Messrs. Johnson and Pickering. On motion of Mr. Parker of Fitzwilliam- AFTERNOON. Mr. St. Clair, from the joint select committee appointed to wait upon the Governor elect and inform him of his election, reported that they had attended to that duty, to which information the Governor elect replied that he would be ready to meet both branches of the Legislature in the Representatives Hall at half past three o'clock this afternoon. Which report having been read and accepted, On motion of Mr. Cox Resolved, That the House are now ready to meet the Senate in Convention for the purpose of proceeding in the elections agreeably to the provisions of the Constitution. Ordered, That the Clerk inform the Senate thereof. IN CONVENTION. The Senate and House of Representatives being assembled in Convention in the Representatives Hall, the Honorable John Page, Governor elect, came in, escorted by the committee of both branches of the Legislature, attended by the Honorable Council and manifested his acceptance of the office of Governor of this State. He then took and subscribed the oath of office before the President of the Senate, and in the presence of both branches of the Legislature, when the Hon. James B. Creighton, President of the Senate, declared His Excellency John Page Governor of the State of New Hampshire for the ensuing political year and presented him with a copy of the Constitution as a guide in the discharge of his official duties. His Excellency then retired to the Council Chamber attended by the Honorable Council On motion of Mr. Johnson of the Senate— The Convention rose and the Senate withdrew. The following message in writing was received from His Excellency the Governor, by the Secretary of State, which was read Fellow citizens of the Senate, and House of Representatives, Although various causes have operated during the past year to involve a portion of our citizens in pecuniary embarrassments, to a greater or less extent, yet our prospects are already brightening, and we may now calculate with confidence upon the speedy return of abundant prosperity. Among the causes which have contributed to produce embarrassment has been the excessive importation of foreign merchandise purchased upon credit. For the payment of debts so contracted, the exportation of specie became necessary. A drain of specie necessarily compelled the banks to curtail their loans, and such curtailment is always productive of more or less embarrassment. The securities given by the states, for debts contracted by them in the prosecution of their works of internal improve ment, obtaining for a time unlimited credit with foreign capitalists, passed, to the amount of between one and two hundred million of dollars into foreign hands, and foreign merchandise was either directly or indirectly received in exchange for most of them. The ready reception of these securities abroad, afforded a facility of payment for foreign goods, which stimulated strongly to the excessive importation of them. Nor did the impulse thus given, cease to operate when the facilities thus afforded were exhausted, but drove us on to a ruinous extent, beyond even the means apparently so inexhaustible. The influx of foreign goods in this way produced, could not fail of effecting unfavorably the business of our manufacturers. Our imports ought never materially to exceed the value of our exports in foreign markets, for nations as well as individuals, when they buy much and sell little are sure of involving themselves in embarrassment... The course of business pursued by several of the banks in this country, has had its effect in producing our late embarrassinents.— Those banks abandoning their appropriate sphere of business, plunged into various speculations, and became dealers in cotton and other commodities, on a scale so extensive, that instead of being able to loan money, it became necessary for them not only to curtail their loans already made, but to become themselves applicants for extensive loans. The bank of the United States, even resorted to the expedient of issuing and selling its own post notes (notes redeemable at a future day) for the purpose of raising funds to sustain itself in its speculations; and such were the embarrassments into which that bank plunged itself, by its extraordinary course of dealing, that all the means it possessed and had the power to raise, could not save it from the necessity of suspending specie payments. Suspension by that powerful institution, drew after it into the same vortex nearly half the banks in the country. Affected by the operation of these powerful causes, it is not much to be wondered at, that we have been subject to embarrassments; the wonder is rather, that we have passed the ordeal so little harmed. Permit me to congratulate you upon the indications of returning prosperity, as well as upon the present prospect of a fruitful season; in relation to both, may our hopes be fully realized. By a law of this State passed Jan. 13, 1837, bank bills of the smaller denominations, were prohibited from circulation, after certain times therein specified; but before this law went into operation, the banks suspended specie payments, in consequence of which it became impracticable to carry its provisions into immedi ate effect. The Legislature by an act passed July, 4, 1838, suspended the operation of this law until July 1, 1840. I have never doubted the wisdom of suppressing the circulation of small bills, provided such suppression can be made general, and extend to all the States. It is in my belief, the only way in which we can permanently increase our specie circulation. It is very natural that persons owning bank stock, should be opposed to such a measure, as a matter of interest, because the profits accruing from such stock, depend mainly upon the amount of bills which the banks are able to keep in circulation, and if the whole circulating medium of the country be limited by the demand for it, or otherwise, to a given amount, the portion of it which consists of paper, must diminish in the exact ratio, in which the specie portion increases. It is unquestionably desirable, that our circulating medium should be made to include a much larger proportion of specie than now belongs to it. It is desirable, not only as respects the interest which the people universally have, in securing a sound and stable currency, but also as it respects the safety of the banks, and their ability at all times to redeem their circulation with specie. If we expel small bills from circulation, we thereby create a demand for specie to supply their place, and specie like all other commodities will always be attracted most strongly to the point, at which there is the greatest demand for it.This accords with universal experience. Yet surrounded as we are by States, authorizing the emission and circulation of small bills, and connected as we are with such States in trade, it would probably be difficult at present, to carry the provisions of the act in question into effect. I would therefore suggest the expediency of a further postponement of the law for a limited period, believing that the prohibitions embraced in it, will, at no distant day, be more favourably regarded by the people of the neighboring states. Our Banks, at present, sustain themselves in their operations, principally by collecting bills of other banks, and depositing them in Boston for the redemption of their own notes. They do not expect to redeem their bills at their own counter to any considerable extent, and they therefore make but slight provision for that purpose. This mode of transacting business has nearly drained the specie from the vaults of the banks, and although it has the advantage of keeping the bills of solvent country banks at par in Boston, and lays some restriction on the amount put in circulation; yet redemption in specie at their own counters, would render necessary the possession of specie funds adequate to that purpose, |