Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1857-12-11
PRESIDENTS MESSAGE.

sIDENT'S MESSAGE.
.."7v. ci;;s.s Of tts. Sena:s anG House Of Representatives
=. aje ;:s.ce TO the command o! the constitution, i; has
,..... -. Cu!on. aud recommend 10 their considera'
:. .a.a measures" asI judS=' 10 De necessary and en-
B: s..:. sad above all. our ,hanss arc due to the Al
il = q "a .or tho numerous. benefits which He has hesiow.
IL. hi: people and our united prayers ought TO ascend
:, d. ! :aa, he would continue 10 bless our great repahiit
"A. - come as lie has bio.sed IL in time past. Since the
- aossasI degree Of health. The earth ha. yielded
i.a!:. aoaniaa;ly, aad has boun!!ini!T rewarded the toi
-. hi.o.ndnan. Our great staples have c'minau!e"
80: p!cs., and. up till Within a brief period. our MAJ
=. al:as, MINERAL. ana mechanical OCCUPATIONS iav.
-: ii ~, ell clemens, Of materisl wealth in ricS
are, aad vet, Notwithstanding all these advantages
.,..:.y, IN rs monetary Interests. Is At the present M
-. /. \ isp!orable condition. In tac m!ds: of unSurpass
g.. ....; Il AL the productions OF agriculture and in all ,h.
- q. .: os;:orai wealth, we nua o7 manufactures :uS
sI, our public xorks retarded. our private enterprise
.s-,so. stnds ubanionsd, ana thousands Of useful labor
..-5so ou: of employment and reduced TO want; iht
-.... ,, the government, which u chiefly derived from
=. !aoor,s from abroai !, ha, been greatly reduced
;. .oproprisions made by Congress at its last ses'
). ~. ca.reu. fiscal year are very large in amount
800 80, circumstances a loan may be required befor.
q. YOU. prcsrnt session; bat this, although deeply
:..::sl. would prove to be only y slight misfortune
. .1,.ei wth the suffering aud distress prerailn.
me people. With this the government cannot fai!
=, - ,ynpa;hi,e, !ooughi /; may be without, the power
49,: :saet
or duty 10 .aaai-e WIS, has produced such un:or,
-. .a,i.:4, aud whc,he. ,he!s recurrence can be pre-
"a e al! former rerulsioas the blame might nave
.. .-.y attributed 10 a variety o! cooperating causes
~. a. .ooo the present occasion. !; is apparent tina,
en- sax r!s.o.tuney hars proceeded solely from our
e..y.s4a, aad vicious system Of paper currency and
c:..!:s, exciting the people 10 wild speculations AMI
,.a; a stocks. These reruisions must continue TO re
-. : ...siye tn.erSa ais so long rs the a:GoGn; Of the pa
-. lay md bank .oans and discounts Of the country
-. ,. e: to the discretion OF fourteen hundred irrssr";.,
5I,ylog Institutions. which from the very Law or their
" Il coa,ult tho in,ere.: Of their stockholders rather
Sea-. :a= pl5i.s Welfare.
:. LINES o: :hs Constitution, when they gave TO Con
s-~.l n4t, m. and 70 ~ fha yDl M.
..i sa3 prohibited the States from coming money.
.....; S.ls o: creii:, o. making any ''!as hu, gold and
So q .aate. y payClc.t Of debts, supposed ;hcr Had
-. peo pie ssains; ;hs evils of aa excessive aal
ale pspe. currency. They are not responsible
=. exLs.ias sronaly that q GoTernmen; endowed WIN
.=;n attribute OF coming money and regulating the
::..:so. shoald have 40 power TO prevent Others from
g.. .as -, co!a o: Of the country and hl!ing up the chan,
-, q: -. aIai0a With paper which does not represent gold
80 ~. Of re A'ghes, aid mo-! responsible, duties o.
-,!c!-: - ia3lre 70 the people 4 SOUND circulating ne
a, uuour: @. which ough. TO be adopted with he
-. o7ss.oia wisdom sad skill 20 :he wal's OF internal
=! :9.s.xa exchanges. /! this be either greatly
i, ..-lly be,os the proper standard, the marketable
r-.. D. s,s.y zaas property Is increased or d.iliii!s"e.
S-I, proportion, AM Injustice 10 individuals a. wei
..i5.s e:.ls 20 .be community are the consequence
..I4.e.y, ua!ey u. construction .. lie federal Con
:, g.Les IA. Cow prevailct 700 ioas 10 be changed
: - AZ: a.. delicate duty has o." discovered ir"s
power, ana :!rsdaly transferred To- more thai
....l:s S;A:. oLlks, ac:iGs iad=pen !sni!y OF sac'
- .es.;.;ins their paper issaes a!iaos; exclusively
- e,I-. - :Gs prc,ei: in;e.,st =! tEe.T Stockholders
:: -. sovereign power c. pro:.l!as = paper CT!
Ia 0: coin, .o. IN. country. tae iie; luiy wii:l
q. owe 20 ~ public IS 20 Keep IL their vaul;s 4 SUI
=. ,cat OF Sald aud silver 10 Insure the coavertiblit!
go. -al.5 ia.o cUla o: all Tines and under all circum
No oaak ouSh; ever 20 be chartered wi;non. sucs
.9.so 81 Is business as 20 secure mi, result, All thei
.,.s s.r comparatively vlin. This Is the only irl;
....:1:. :Ae ooly .D:en, regulate. Of a paper currcnci
Q i, ole which can guard the public aglin,t oreri,
- - ,ank suspensions. Asa collateral and eventual
.4..-.iy i: . doubtless wi.e, am in al cases ought TO D.
Ia, Ia, oaass shall hold az amount Of United State
49,. securities equal 20 ;helr notes IN circulation, an.
..:L,.! ,c ,aeir redemption. This, however, furnishe
"a II.,a..s security HsAias, ovsrissues. On the con
. -.y DO pc.ver:ei 10 in.l,e the currency,-
4: Is possible by this Means % conrer; al tht
l...s .; .ae Ca,ei States and Safe governments inc
-; ao:.s, Sl:aoa. reference TO The specie re4uiEed t
,. ;l.a. However valuable these securities may be IL
:-.s:.ves, .asy csoao, be converted into sold and silver Al
.....p1:o.at pressure, as our experience teaches in sum
:. - prevent bank suspensions and the depreciation
-; aoieS. Ia EaS,anc, which - 10 a considerable eS
.2a,.noasy coun,ry, though vastly behind our owl
ra:a.c:, u was deemed advisable, anterior 10 the ac'
. !..-2=a: OF l9ii, waich wisely. separated the Issue Q
- :. ia oaaSins depar;alan:, sor the Bank Of Eng
..s-y.: = ss,p on htni so!l sad silver equal 10 one
. 0..:s confined circulation and dcpo.Ues. II this pro
10: III: % more than ~suIi:ien: % secure the converts
80; .. - ae:,s, wiz! the w.3!s Of Great Britain, and ,c
-: yi:e:. tas con,iaen, Of Europe, rs a Geld !oc is c!rcu
-. .sa !s-ia: 4, a!nos: impossible :ha: = sudden and i'm
... :: r.a 30 \ dangerous amount ,ho;id be made upon i.
ai. proportion would c.g:,in!y be insufficient undel
-. s.ss:as, System. Each Of our fourteen hundred bank.
-. ~: = Knitted circumference for It's circulation, and ii
80 .1:,s 81 = wax. few days The dcposi:or. and no,e-holler
A.,. An. -. n1n such 4 bank a sufficient amour. In spe
.. = eoloel! Il 70 suspend, evea although i; had coin in II:
v...:! el4l! - Oae-.iirl Of il immediate liabilities AnE
Van al. aTA:e, with the exception OF the banks OF Lou
:.-... ~: aay State bank throughout The Cnlon has beer
....1 by is charter /, keep TIL, or any other pro
r|..Ia c: goli cal silver compared with the amonn
=! =. :a:nliaet c!:caI!:ion and depoa!ies. What ha
-. "a, consequence? n II rccea: report made hy th
,.s..i-y Department on the condition OF the bank
,.:,3c. me ..i.reo, States, according to re, arns da:4I
-: - Jaaaa. y. lSS:, the aggregate amount Of aetu'
:. "a; :ass s, x1si,1i 4 sssiasss IS, 81, $50. Tha, Il appear
-: .as= hcnsa ia the Aggregate have considerably les
-. -: aol.a. n gold amt Silver compared with their eireu
.2 I'll aepo,i:e.. Il was palpa"s- therefore that the Yer
..: ,.:xslre must drive them 10 suspension, and depriv
=. S.oj!: Of q convertible currency with all It's disastroi
(. li:nces. II 10 truly wonderful that they should hav
10: ); :oatlnusd 10 preserve .heir credit, when a deman
i? o.ynen: OF one-seren,h Il ;heir immediate taeiliiie
- aIye driven them into Insolvency. Aud this is III
....,o Of the banxs, Notwithstanding tina: four huudre
la. Of gold from California have nowed IN upon u
- ~ last eiga: years. an the tide still continues I
ia. .:a,.l, such has been the extravaganza Of ban
-. -. ;Gs osnss now hold q considerably less smoui
-. ,lla.t! il: proportion 10 their capital or TO their e.;
.3! AL d:po,ltes combined, than they did before n
.!r; Of COLA in California. Whilst Ia the year Isl
So n proportion 20 their capital was more tha'
-. - oas dollar for four aad a htlG. In $50 / does no
:. :, ~: co.lar for every six dollars and %thiliy'hre
- O.. !a:. capital IL the year ISIS the specie was equa
- ari dsoos:ss; in iS5! i, is no: equal to Que dol
...-.-e:o and 4 bats Of 'hei. circulation and deposites'
5,- ~; .:t .a. sor,S y T.s - !, has Seen a. history .: c,
;.;. :: expansions in the business Of the country. fol
=. 10y -. 90. coutraction.. Al successive interval, In
y-- 81 - %; ea:erprtsing men have been tempted 20 th"i
> sx:s.slre bank loans Q! mere paper credit, eNciiin.
:.o.S, sot ruiuous and dsmoraLzing stock Samblias
I" -. -. e:ii, arrives, as arrived must, the banks can eN
go, g.l4! 10 the people. In a vain struggle to reieeu
-. -.-J~.:.,, ~ specie, they are compelled to con;iac
:..: = -. ~ ih.ir issues; and. AT last, in the hour OF dis
:gs. 80. :-t.r assistance is most needed, they aud thei
.+Jo.s :o;s:aor s.nS Into insolvency.
-. - aa2er system Of ex,ravasan: expansion, raisin:
=. : ..a4l af.ce Of every article far beyond its real value
- s:s.rG,:!om is w:ss,r resa!a,ed' which ha, pre-
...,!G. acoa competing IN oar owa markets with torelg,
;.s.s's has psodaesa sX;ra;asaa' iu,Por'atiOns, ant
.1.!,l % our domestic manufactures by the presen
- LIN. Da: for this the nransses Of our manafae
- sos tar hc nr.ln.ff6n ~ ~,
...y-.a:h as cotton, iron, and woo!ien fabrics
: -. say have acquired almost exclusive possession o
=. !. .:sei, but would have createu ior themselves 1
Ike: throughout the world.
&. 1!a.s 3.s, however, rs may be our present hlahc.t
"a, - nay S,,| 81, had 5saa sss- In es Ss,sp' w 1dss' could eSi I Sa "
:-.. - v!olen; expansions aud coa:ractons OF pa
-..g:s w.:hoa; lasting injury; yet the buoyansE Q
- G.. .rs.cs OF our population, and the spirit whicl
!...!s sefor. difficulties, viii caable ns soon to re
=. : o. 2sessa: aaiaclal embarrassment, aud ma,
::l..oa Us speedily TO forget The lesson which the!
2.1c ...c i! Is tho duty Of the government: by al
7r'!- a:!a, ri.n!n il, power, to aid in alternating The
!, Il ;1e people accustomed by the suspension o
;! s.-:-, "a; 70 provide against. a recurrence OF The sans
:, :: l::iS TasuS. 70 me end isdep.aIcn. treasury, IN,
c':sa=:at ~ rL %sasp'odci payment, a. 1t wa; com
p..:1 - by lie failure Of the banks IN Isl. II vii
.a: . discharge lie I.aalities 10 the people III gold
-. L.. 10 dlsourser,snts In coin will pass into circula
ily ISIS. i1 restoring = sound currency
10y !ola, :. eaa De Effected ~ advantageous terms
-.s,y,r, sa4u. y rossble, re avoided; but. II not,
.-,--ouH' seil os United % the lowest practicable
-. ~:....sto.e, determined tina, Wills; no useful gov
.vt::s. 40. already commended, will be postponed, il
- >. lo:. witaoa; injars 20 ;he country Those ne
v:....J %. - ds!eaos SHALL proceed 70 though there had
-. - ...s.s IL OFT monetary aaiirs
ss.ls: gsts:Si Gove-nnca: ciaao: no 'nGch 70 provide
49, l r.:ltsn:e Of exisaaS ee.S tven u insur
-. Constitutional objections did no: exist against
e. d.: .! = Na.io,al Baas, IBIS would taF!'s' no AIDE
,'..';rs sssa':,y: The history ., "a ;ns IL Ia, MI Fam q
= . bacs co:li uo:, ~; would. regulate tic IS