The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-09-12

naturally, sought for, under the pressure OF tenn
porary circumstance. If, therefore, j refrain
from suggesting to Congress any specific plan
for regulating the exchanges of the country, re-
eving mercantile embarrassments or interfering
with the ordinary operations of foreign or domes-
tic commerce, it is from conviction that such
measures are not within the constitutional prov
ince of the General Government, and that their
adoption would not promote the real and per-
nanent welfare of those they might be designed
to aid.
The difficulties and distresses of the times,
though unqueslionaby great are limited in their
extent, and cannot be regarded as affecting the
permanent prosperity of the nation. Arising, III
a great degree from the transactions of foreign
and domestic commerce, it is upon them that
they have chiefly fallen. The great agricultural
interest has, in many parts of the country, suffer-
cd comparatively little; and Us if Providence in
tended to display the munifcence of its good
ness at the moment Of our greatest need, and i'll
direct contrast to the evils occasioned by the
waywardness OF man, we have been blessed
throughout our extended territory with season
of general health, and ofuncommon frutfulness.
The proceeds OF our great staples will soon fur
nish the means of liquidating debts at home and
abroad, and contribute equally to the revival of
commercial activity, and the restoration Of COM
mercal credit. The banks, established avowed-
y for its support, deriving their profits from it,,
and resting under obligations to it which cannot
he overlooked, will feel at once the necessity and
justice of uniting their energies with those ofthe
mercantile interest. The suspension of specie
payments, at such atime and under such circum-
stances as we have lately Witnessed, could not
be other than u temporary measure; and we can
scarcely err in believing that the period must
soon arrive when all that solvent will redeem
their issues il, gold aud silver. Dealings abroad
naturally depend on resources and prosperity at
home If the debt Of our merchants has ac
cumulated, or their credit is impaired, these are
N
travagnnt mercantile transactions. But the ulti
mate security of such obligations does not admit
of question. They are guaranteed by the re-
sources Of country, the fruits of whose industry
afford abundant means of ample liqudaton,and
by the evident interest ofevery merchant to sus-
tain credit, hitherto high, by promptly sappIy-
ing these means for its preservati on.
] deeply regret that the events have occurred
which require me to ask your consideration of
such serious topics. / could have wished that,
in making my first communication to the assemb-
led representatives of my country, had nothing
to dwell upon but the history of her unalloyed
prosperity. Since it is otherwise only
feel more deeply the responsibility of the respec
tive trusts that have been eonfided To us, and ,un-
der the pressure of difficulties, unite in invoking
the guidance and aid of the Supreme Ruler Of
nations, and in laboring with Jealous resolutions
to overcome the difficulties by which we are en-
vironed.
1t is under such circumstances, q high graifi-
cation to know by long experience, that we act
for people 10 whom the truth, however I'M
promising, can always be spoken in safety, for
the trial of whose patriotism no emergency is too
severe, and who are sure never TO desert pub
lie tunctonary honestly laborng for the public
good. 1t seems just that they should receive,
without delay, any aid in their embarrassments
which your deliberations can afford. Coming
directly from the midst of them, and knowing
the course Of events in every section OF our
country, from you may best be learned, as well
the extent and nature OF these enbarrassments as
the most desirable measures of relief
am aware, however, that it Is not proper TO
detain You, at present, longer than may be de-
manded by the special objects for which you are
convened. To them. therefore, have confined
my communication; and, believing it will not be
your own wish to extend your deliberations he
You'd them, l reserve till the usual period of
your annual meeting that general information on
the state of the Union which the Constitution re-
uuires me to give. nj. VAN buren,.
Washington, 4th September, 1887.