Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1857-12-12
PRESIDENTS MESSAGE.
FIRST ANNUAL MESSAGE
OF
JAMES BUCHANAN.
President of the United States,
TO TIE
TWO HOUSES OF CONGRESS.
fsNoW oitieens ofthc Senate and House OF

Representatives
In obedience to the command of the
Constitution, it has now become my duty
"to give to Congress information of the
state Of the Union, and recommend to their
such measures" as [ NAV
judge to be necessary and expedient."
Bat first, aad 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
bless our great republic in time to como as
gc has blessed it in time past. Since the
adjournment of the last Congress, our con-
stituents have enjoyed an unusual degree
of health The earth has yielded her
fruits abundantly, and has bountifulIy re.
wardcd the toll of tho husbandman. Our
great staples have commanded high prices,
and, up till within brief period, our
manufacturing, mineral and mechanical
occupations have largely partaken of the
general prosperity. We have possessed all
the elements Of material wealth in rich
abundance, and yet, notwithstanding all
these advantages, our country, in its mo-
netary interests, is at the present moment
in deplorable condition. In the midst of
unsurpassed plenty in all the productions
of agriculture, and in all the elements of
national wealth, we find our manufactures
suspended, our publ; works retarded, our
private enterprises Of different kinds absn-
doned, and thousands of useful laborers
thrown out of employment and reduced to
want. The revenue of the government,
which is chiefly derived form duties on i'm.
ports 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 circumst noes loan may
be required before the close of your present
session; but this, although deeply to be
regretted, would prove TO be only q slight
misfortune when compared with the suffer-
ing and distress prevailing among the
people. With this the government cannot
fail deeply to sympathize, though it may
be without the power to extend relief.
1t is our duty to inquire what has pro-
dured such unfortunate results, and whether
their recurrence can be prevented In all
former revulsions the blame might have
been fairly attributed to a variety of co.
operating causes but not SO upon the
present occasion. 1t is apparent that our
existing msfortunes have proceeded solely
from our cxtravagant and vicious system
of paper currency and bank credits, excl
ting the people to wild speculatiops and
gambling in stocks. These rcyulsions must
continue to recur at successive intervals so
long as the amount of the paper currency,
and bank l"aus and discounts cf the The cc"mt.g
shall be left to the discretion Of fourteen
hundred irresponsible banking Institutions,
which from the very law of their nature
will consult the interest of their stockhuld.
ers rather than the public welfare. ..
The trainers of the Constitution, when
they gave to Congress the power "to coin
money and to regulate the value thereof"
and prohibited the States from coming
money, omittiDg bills of credit, or 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 irredeemall le paper currency.
They are not responsible for the existing
anomaly that government endowed with
the sovereign attribute of coming money
and regulating the value thereof, should
have no power to prevent others from
driving this coin out of the country and
filling up the channels of circulation with
paper which does not represent gold and
silver.
1t is one of the hi CHEST and most respon-
siblc duties of government to insure to the
people sound circulating medium, tie
amount of which ought to be adapted with
the utmost possible wisdom and skill to the
wants Of internal trade and foreign ex.
changes. If this be either greatly above
or greatly below the proper standard, the
marketable value of every mans property
is increased or diminished in the same
proportion, and injustice to individuals as
we'll as incalculable evils to the community
are the consequence.
Unfortunately, under the construction oi
the Federal Constitution, which has now
prevailed too long to be changed, this i'm
portant and delicate duty has been dssev
cred from the coming power and virtually
transferred to more than fourteen hundred
State banks, acting Independently of each
other, and regulating their paper issue:
almost exclusively by regard to the pre-
sent interest of their stockholders. Exer
cising the sovereign power of providing {
paper currency, instead of coin, for TIN
country, the first duty which these bank
owe to the public is to keep in their vault
sufficient amount OF gold and silver t.
insure the convertibility of their notes int
coin at all times and under all circumstan
ces. No bank ought ever to be charters
without such restrictions on its business q
to secure this result. All other restriction
are comparatively vain. This is the onl
true touchstone, the only efficient regulate
of paper currency-the only one whic
can guard the public against over issue
and bank suspensions. AS a collater,
and eventual security it is doubtless wist
and in all cases ought to be required, thf
banks shall hold an amount of United State
nr StoIo saanrit;oS anual to tba;r notaS !