Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1857-12-16
FIRST ANNUAL MESSAGE OF
j A M f s BU CHI A n AN
Delivered ON TUESDAY, Lee. 8, 1857.

fsliou-Cai-eas ot'tae Senate and House of Rep
reSeutaticeS: e.. ... -r-
In obedience TO the command of the consti-
fution. it has now become my duty ssto give to
Congress information of the State of the Union
nnd recommend to their consideration such
measures as judge TO be Unnecessary and ex-
pedient-" .-
But first, and above all, our thanks are due
TO Almighty God for the numerous benefits
which He has bestowed upon this people; and
our united prayers ought to ascend to Him that
He would continue 10 bless our great Republic
IN time to come, as He blessed it in time past.
Since the adjournment OF the last Congress
our constituents have enjoyed an unusual de-
gree OF health. The earth has yielded her
fruits abundantly, and has boUntifully rewar-
ded the toll OF the husbautlman. Our great
staples have commanded high prices, and, up
till within Lriet period, cur manufacturing,
mineral, and mechanical occupations have
largely partaken OF the general prosperity.
W have possessed ali the elements of mate
rial wealth in rich abundance and yet, notwth-
standing all these advantages, our country, In
ITS monetary interests, is at the present mo-
Iieft in dcplorablc condition. In the midst
OF unsurpassed plenty in all the productions
Of agriculture and in all the elements OF nation
al wealth, we find our manufactures suspended.
oar public works retarded, our private enter
priscs OF different kinds abandoned, and thou
sands of useful laborcrs thrown out of enl-
=. the government, which is chiefly derived
from duties on imports from abroad, has been
greatly reduced, whilst the appropriations
made by Congress at its last session for the
current fiscal year are very large in amount.
Under these circumstances loan may be
required before the close Ofthe present session,
Gnt this, although deeply to be regretted,
would prove to be only slight misfortune
when compared with the suffering and distress
prevailing among the people. With this the
government cannot fail deeply TO SympathIZe,
ihough It may be without the power 10 extend
relief.
1t is our duty TO inquire what has produced
sGch unfortunate results, and whether their
recurrence can be prevented? In all former
fevulsionS the blame might have been fairly
attributed TO variety OF cooperating causes
but not so upon the present occasion. 1t is
apparent that our existing misfortunes have
proceeded solely from our cXtrIyIgant and
vicious system of paper currency AID bank
credits, exciting the people TO wild speculation
and gambling in stocks. These revulsions
must continue to recur at successive intervals,
50 long as the amount of paper currency and
tank loans and discounts OF the country shall
be left to the discretion of fourteen hundred
irresponsible banking institutions, which from
the very law of their nature will consult the in
tereSt uftheir stock holders rather than the put
lie welfare.
The trainers OF the Constitution, when they
gave to Congress the power '.tO coin money
and regulate the value thereof, and prohibi-
ted the States from coming money, emitting
bills Of credit, making anything but gold
and silver coin tender in payment of debts,
supposed they had protected the people against
the evils of an Excessive and irrcdeema5le
paper currency. Thryare enotrespOnsib!c for the
existing anomaly that government endowed
with the sovereign attribute Of coming money
and regulating the value thereof, should have
nf W. ar n Ira hers from DRIVING this
coin cut OF the country and filing up the
channels Of circulation with paper, which does
not represent gold and silver.
1t is one of the highest and most response
bic duties of government TO insure 10 tie peo-
pie sound circulating medium, the amount of
which ought to be adapted with the utmost
possible wisdom and skill to the wants of in
ternaI trade and foreign exchanges. If this
he either greatly above or greatly below the
proper standard, the marketable value of eve
~ mans property is increased or diminished
in the same proportion, and justice to indlvid-
mails, as well as incalculable evils to the COM
munity, are the consequence.
Unfortunately, under the construction OF the
federal constitution, which has now prevailed
too long to be changed, this important and del
icate duty has been discovered from the coin
fng power, and virtually transferred to more
than fourteen hundred State banks, acting in
dcpendeutIy OF each other and regulating their
the present interest of their stockholders. Ex-
ercising the sovereign power of providing
Dayer currency. instead of coin, for the coun-
try. the first duty which these banks owe TO the
rIublic is to keep III their vaults a SnfHcicnt a.
mount Of gold and silver to insure the conver-
tib;itv of their notes into coin at ali times ana
uuder all circumstances. No bank ought ever
IN he chartered without such restrictions on Its
business as to secure this result. All other
restrictions are comparatively VAN. inns Is
Tho. ONLY true touchsfOne the only cfhclent reg
ulator of paper cUrrency-the only one "hlcn
can guard the public against over-iSSues ana
hank suspensions. AS a collateral and even
+roT sacnrity. it is doubtless wise and in all
casns ought to be required, that banks shall
hold an amount of United States or State Sc
cnrities equal to their notes in circulation ana
,led red for their redemption. This, however,
furnishes no adequate security against over
issues On the contrary, II may be pefVeIIG"
to initiate the currency. 1ndeeu, III Is poSsluio
bv This means to convert all the debts oil the
limited States and State governments INTO
b.al- notes without reference to the specie re-
s,ni..d to redeem them. However ValuaOie
these securities may be in themselves, theS
cannot be converted into gold ana sl'ef a' tno :,
moment uf pressure, as our experience te'|iis
es in sufficient time to prevent odiiA ors
sious and the depreciation OF pauh h''0o
England which is to considerable extent
paner-money country, though vastly Deillhu
our own in this respect, it was deemed auNlsa
bic. anterior to the act OF Parliament OF lo3f
which wisely separated the issue oil notes II o'l
the banking department, for the BANK Oh lug
land always to keep on hand gold ana silver Z
quail to one-third of its combined circuia'ioi
and deposits. If this proportion was no ihoi'
than sufficient TO secure the convertabllity
fts notes, with the whole of Great Britain, ah'
to some extent the Continent of Europe, as
field for its circulation, rendering 1t almost lm