Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1857-12-18
PRESIDENTS MESSAGE.
FsQo,c- Citizens of the Senate,

FSu0tC- CLtL%cftS VI GfeC h00fsNSS,
and of the Honse Of Representatives:
Ia obedience to the command of the
Constitution, it has now become my duty
s to give to Congress information of the
state of the Union, and recommend to
their consideration such measures" as j
Judge to be " necessary and expedient.'
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 to
HESS our great republic in time to come
a. He has blessed it in time past. Since
the adjournment of the last Congress our
constituents have enjoyed an unusual de-
cree of health. The earth has yielded
her fruits abundantly, and has bountifully
-ewarded the toll of the husbandman.-
Onr great staples have commanded high
Drices. and, up till within brief period,
orr manufacturing, mineral and mechan-
ical occupations have largely partaken
of the general prosperity. We have pos
,s,,ed all the elements of material wealth
;orch abundance, and yet, notwithstand-
mo all these advantages, our country, in
Ii snonetary interests, is at the present
nonsnt in a deplorable condition. In
hs midst of unsurpassed plenty in all
hs rvductions of agriculture and in all
ts dement's of national wealth, we find
manufactures suspended, our public
works retarded, our private enterprises
Of different kinds abandoned, and thou
sands of useful laborers thrown out of
employment and reduced to want. The
revenue of the government, which Is
chiefly derived from duties on imports
from abroad, has been greatly reduced,
whilst the appropriations made by Con-
gress at its last session for the current
fiscal year are very large in amount.
Under these circumstances a loan may
be required before the close of the pre-
sent session; but this, although deeply
TO be regretted, would prove to be only d
slight misfortune when compared with
the suffering and distress prevailing
among the people. With this the gov
ernment cannot fail deeply to Sympathise,
though it may be without the power to
extend relief.
1t is our duty tG inquire what has pro-
duced such unfortunate results, anC
whether their recurrence can be prevent
ed. In all former revulsions the blame
might have been fairly attributed to /;
variety of cooperating causes; but no
so upon the present occasion. 1t is ap
parent that our existing mistortunes have
proceeded solely from our eXtravagan
and vicious system of paper currency
and bank credits, exciting the people t.
wild specutations and gambling in stocks
These revulsions must continue to recu
at successive intervals so long as tn
amount Of the paper currency and banl
iOanS aud discounts of the country shaI
be left to the discretion of fourteen hun
dred irresponsible banking institution:
which from the very law of their natur
will consult the interest Of their stock
holders rather than the public welfare.
The trainers of the constitution, whe
they gave to Congress the power " +
coin money and to regulate the valu
thereof" and prohibited the States fror
coming money, emitting bills Of credi
Or making anything but gold and silve
coin tender in payment Of debts, SUI
posed they had protected the peopI
against the evils of an excessive and il
redeemable paper currency. They al
not responsible for the existing anomal
that a government endowed with the so
ereign attribute of coming money al
regulating the value thereof should haV
no power to prevent others from drivir
this coin out of the country and fillir
up the channels of circulation with p
per which does not represent gold al
silver.
1t is one of the highest and most +
sponsible duties of government to insu
to the people sound circulating meC
um, the amount of which ought to
adapted with the utmost possible wisdo
and skill to the wants of internal ira
and foreign exchanges. If this be eth
greatly above or greatly below the pl
per standard, the marketable value
every mans property is increased or
minished in the same proportion, and
justice to individuals as well as incalc
able evils to the community are the &C
sequence.
Unfortunately, under the construct
OF the federal constitution, which
now prevailed too long to be chang
this important and delicate duty has be
discovered from the coming power a
virtually transferred to more than 70
teen hundred State banks, acting in,
pendently of each other, and regulati
their paper issue almost exclusively b
regard to the present interest of tn
stockholders. Exercising the soverei
power of providing paper curren
instead of coin, for the country, the Fl
duty which these banks owe to the p
hc Is to keep in their vaults suffici
amount of gold and silver to insure
converibility of their notes into coin
all times and under all circumstances
No bank ought ever to be charte
without such restrictions on its busin
as to secure the result. All other
stnctions are comparatively vain. I
Is the only true touchstone, the only
elent regulator of a paper currenc,
the only one which can guard the pu
against Over-issues and bank suspense