The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1857-12-18
PRESIDENTS MESSAGE.
Fello,O-ciiisens Of the Senate
and House of Representatives.

give to Congress information of the state oi
| the Union, and recommend to their consid-
Grafton such measures" as Judge to be "nec-
essary 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 70 ascend TO
Him that He would continue to bless our
great Republic in time to come as He has
blessed it in time past. Since the adjourn
ment of the last Congress our constituents
have enjoyed an unusual degree of health
The earth has yielded her fruits abundantly,
and has bountfu!ly rewarded the .oil of the
husbandman. Our great staples have COM
manded high prices, and, up till within brief
period, our manufacturing, mineral, and me-
chanical occupations have largely partaken
of the general prosperity. We have possess
sed all the elements OF material wealth in
rich abundance; and yet, notwithstanding all
these advantages, our country, 10 its none
tary interests, is at the present moment in
deplorable condition. In the midst of unsur
passed plenty in all the productions of agri-
culture and in all the elements of national
wealth, we find our manufactures suspended,
our public works retarded, our private enter
prises of different kinds abandoned, and
thousands of useful laborers thrown out of
employmenta and reduced to want The reve.
nue. OF the Government, which is chiefly de-
rived from duties on Imports from abroad,
has been greatly reduced, whilst the appro-
priatons 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 of your present ses-
sion; bu, this, although deeply to be regretted,
would prove to be only slight misfortune
when compared with the suffering and dis
tress 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 produ-
ced such unfortunate results, and whether
their recurrence can be prevented? In all
former revulsions the blame might have been
fairly attributed to variety of cooperating
causes; but not so upon the present occasion.
1t is apparent that orr existing misfortunes
have proceeded solely from our extravagant
and vicious system Of paper currency and
bank credits, exciting the people to wild
speculations and gambling in stocks. Those
revuIsiOns must continue to recur at success
sive intervals so long as the amout of the
paper currency and bank 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 interest of
their Stockholders rather than the public well
fare.
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 mon
ey, emitting bills of credit, or making any
thing but gold and silver coin a tender in
payment of debts, supposed they had protec-
ted the people against evils OF an excessive
and irredecnable paper currency. They are
not responsible for the existing anomaly that
II 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 ont of
the country and filling up the channels OF
circulation with paper which does not repre-
sent gold and silver.
II is one Of the highest and most RESPONSE
BILE duties Of Government to insure to the
people II sound circulating medium, the
amount Of which ought to be adapted with
the utmost possible wisdom and skill to the
wants of internal trade and foreign exchanges.
If this be either greatly above OF greatly be-
low the proper standard, the marketable val
ue of every mans property is increased or
diminished in the same proportion, and in
justice to individuals as well rs incalcuable
evils to the community nre the consequence.
Unfortunately, under the construction OF
the Federal Constitution, which has now pre-
vailed too long to be changed, this important
and delicate duty has been discovered from
the coming power aud virtually transferred to
more than fourteen hundred State banks, act
ing Independently of each other, and regu-
lating their paper issues ALMOST exclusively
bv regard to the present interest of their
stockholders Exercising the sovereign pow
er OF providing paper currency, instead OF
coin, for the country, the first duty which
these baEks owe to the public is to keep in
their vaults a sufficient amount Of gold and
silver TO insure the convertibility OF tier
notes into coin at all times and under ali cir
cumstances. No bank ought ever TO be char
.eu """o y, D"anra " ,hs rssuIt All oiher re-
.,ri,,i"ns % 10 "a ara comn"ro,iyelv vuin. This is the
o"i, ] .p"s aoucbstnna M ,bs onIv efficient repu.
,"tor I "' "f q - NEUTRALITY-SUSPICIOUS. onIv one which
"aN ', nUord ~ tbs nnh,ir "goinst oyer.issues and
I"" sua'u wy pao"' ,Ila,or.l and even.
" ,I .o"r;,n oand II = donh,I.ss wise, and in nil
cases ought to be required, that banks shall
hold an amount Of United States or State
al ,iado.d for their redemp,;on. This.
Nnu plcuBeu i"i ''"