The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1857-12-16
PREsIDENT's MESSAGE.


4
the stste Of the Union, and RECOMMEND
| to their consideration suoh mea res" a
judge to bs "Deccssaiy and expedicpi.
But first, anu above all. our thanks ar,
due 10 slmighty God for the numerou,
benefits which he has bestowed upou tbi:
people and our united prayers ought iC
ascend to Him that BE would continue
to bless our great republic in time tc
come as He has blcs ed in time past
Siuce the adjournment of The last Con
eress our constituents have enjoyed au
unusual degree Of health. The earth has
yielded her fruits abundaDily, aud Las
bount'fully rewarded the toll of the hus-
baudman. Oni great staples hsvo com
n.auded high prices, and up till within q
brief period, our manufacturing, mineral
and mechanical occupations have largely
par'aken of the general prosperity We
have possessed all the elements Of mate
rial wealth in rich abundance, aud yet
n'twithsta nding all these advantages, our
country, in its monetary interests lie at
the present moment in a deplorable
condition. In the midst of unsur.
passed plenty 10 all the productions of
agriculture and in all the elements Of pa
uoual wealth we 6nG our manufactures
suspended, our public works etarded ,our
private enterprises Of different kinds
abandoned, and thousands of useful lobor.
ers thrown out Of employment. and redu.
ued to want The revenue of the gov.
ernment. which is chiefly derived from
duties ou imports from abroad, has been
greatly reduced. whilst the appropria
tiops m,dr BY Congress at it's last session
for the current 6seal year ore worry large
10 amount
Under these circumstances loan may
be required before tho close Of the pres.
mt session but THE although deeply to
be regretted. would prove to be ouly q
light misfortune when comI sred with
'be suf ferine AID distress prevailing
nopg the people. With this the govern
nen' cannot fail deeply to sympathise,
'hough it m.y be without the power to
extend relief
II is our duty to inquire what has pro.
duced such unfortunate results and
whether their recurrence cat be preyen.
ted. 10 oil former revul,ions the blame
might have been fairly attributed to
variety of cooperating causes but not
SO upon the present occasion. It ia AZ.
phreut that cur existing misfortuues have
proceeded solely frt nj our extravagsnt
and vicious systen Of paper currency
and bank credi,a exciting the people to
Wild sroculutions aud gam bling In stocks.
These revul.iors must continue to Re cur
at successive intervals 80 long as the
amount Of the paper currency aud bank
loaus and discounts Of the country shall
be left H. the discretion # fourteen hun
dred irresponsible banking institutions,
which from the very law Of their nature
will cousu the interest Of their stock
bolders rather than the public welfare.
The trainers Of the constitution. when
they gave to Congress the power "to coin
money aud to regulate the value thereof
aud prohibited tbe States from coming
money, emitting bill OF credit or making
anything but gold mud silver coin q ten.
der in payment Of debts, supposed
they had protected the people aeninst
the evils Of an excessive and irredeem.
able paper ourrerey. They are not res
popsible for the existing anomaly that
government endowed with the sovereign
attribute Of c2ming money and regula
ting the value thereof should have no
power TO prevent Others from driving
this coin out Of the country and filing up
the channels Of circulation with paper
which does not represent gold and sil.
yer
1t is one Of the highest and most res.
pousible duties Of government to insure
to the people q sound circulating medi.
um, the amount Of which ought to be
adapted with the utmost possible wisdom
and skill to the wants of internal trade
ana foreign exchanges If this BE- either
greatly above or greatly below the pro.
per standard, the marketable value Of
every mans property is 10 creased or di.
minisbed ip the same proportion, and il.
justice to individuals as we'll as incaleu.
liable evils to the community are the con.
sequence.
Unfortunately, under the construction
Ct the federal constitution, which has now
prevailed too long TO be changed, this
important aud delicate duty has been dis.
served from the ceipipg power and vir.
tually transferred to more than fourteen
hundred State banks, sct.rg independ.
entity Of each other, and regulating their
paper Issue almost exclusively BY re-.
gard to the present interest of their stock.
holders, Exercising the sovereign pow.
es Of providing = paper currency, instead
Of coin. for the country the frs, duty
which these banks owe to the public is to
keep 10 their vaults sufficient amount
Of gold aud silver to insure the oonverti.
bility of their notes into coin at all times
and under oil circumstances. No bank
ought ever to be chartered without such
restriclious on its buslness as TO secure
this result. All other restrictions ore
comparatively vain This is the only true
touchsione, the only efioient regulator
Of q paper ourrency-tbe only one which
can guard tho public against ovor.issues
and bank sn,reusions. AS collateral
and eventual security i, Is doubtless wise
and in all cases ough, to be required
that banks shall bold an amount of UNI.
ted States or State securities equal 10
their notes In cironlation and nlA doed for