The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1857-12-15
PRESIDENTS MESSAGE.
Feilow Citixens Of the Senate and House
of Representatives.


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 consideration such measures" as /
judge TO be Unnecessary and expedient."
But first, and above all, our thanks are
due to Almighty God for tho 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 come as
He 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 bountifully re-
warded the toll of the husbandman. Our
great staples have commanded high prices,
and, up till within a rief period, our
manufacturing, mineral, and mechanical
occupations have largely partakcn of the
general prosperity.
We have possessed all tho elements of
material wealth in rich abundance, and
yet, Notwithstanding all these advantages,
our country in its momentary interests, is
at the present moment in a deplorable con-
dition. In the midst of unsurpassed plen-
ty, in all the productions of agriculture,
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 laborcrs thrown out of
employment and reduced to want. The
revenue of the government, which is chief
ly derived from duties on imports from a
broad, 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 circumstances a loan may
be required before the close of your pres
cnt session; but this, although deeply to
be regretted, would prove to bo only a
slight misfortune when compared with tho
suffering and distress prevailing among the
people. With this the government cannot
fail deeply to sympathise though they can
not probably have it in their power to cx-
tend relief
1t is our duty to inquire what has pro-
duced such unfortunate results and wheth-
or their recurrence can be prevented? In
all former revulsions the blame might have
been fairly attributed to a variety of caus
es; but not so upon the present occasion.
1t is apparent that our existing micforunes
have proceeded solely from our cxtravagsnt
and vicious system of paper currency and
bank credits, exciting tho people to wild
speculations and gambling in stocks. The
revulsions must continue to recur at success
sivc intervals so long MS the amount of the
paper currency and bank loans and dis
counts 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 I'll. stock holders rather than the public
welfare.
Tie Trainers Of the constitution, when
they gave to Congress the power "to coin
money and to regulate the value thereof"
and prohibited and states from coming
money, emitting bills of credit, or making
anything but gold and silver coin a tender
in payment Of debts, supposed they had
protected the p, oplc against the evils Of an
excessive and ircdccmablc 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 powc, to prevent others from driv-
ing this coin out of the country and filling
up the channels Of circulation with paper
which docs not represent gold and silver.
1t is ole of the highest and most rcspon
siblc duties Of government to insure to the
people sound circulating medium, the a.
mount of which ought TO be adapted with
the utmost possible wisdom and skill to the
wants of internal trade and foreign cx-
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 pro-
portion, and injustice to individuals as we'll
as to incalculable evils TO the community
arc the consequence.
Unfortunately, under tho construction
of the federal constitution, which has pre-
vailed now too long to be changed, this
important and delicate duty has been dis
severed from the coming power and vr'
tually transferred to more than fourteen
hundred State Banks, acting independent
ly Of each other, and regulating their pa.
per issues almost exclusively by regard
to the present interest of their stockhold'
crs. Exercising the sovereign power
of providing paper currency, in
stead of coin, for the country, the first
duty which thcso banks owe to the public
is to keep in their vaults sufficient amount
of gold and silver to insure the converta
bilty Of their notes into coin at all times
and under all circumstances.
No bank ought ever to be chartered
without such restrictions on its business a
TO secure this result. All other restriction
are comparatively vain. This is the onl.
true touchstone, the only efficient regula
tor Of paper currency-the only on
which can guard the public against over is
sues and bank suspensions. AS a collate
raj and eventual security it is doubles
wise, and in all cases ought to be required
that banks shall hold an amount Of Unite,
States or State securities equal TO thei
notes in circulation. This, however, fur
nishcs no adequate security against owe
issues. On the contrary, it may be pei