The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-17
THE MESSAGE.

THE MESSAGE.
The Presidents Message commences by
returning thanks to the Almighty for the nu-
merous benefits he has bestowed on this peo-
pie.
TIE FINANCIAL CONDITION OF THE UNION.
We have possessed all tie elements of
material wealth in rich abundance, and vet
Notwithstanding all these advantages, our
country in its monetary interests is at pres
ent in deplorable condition In the midst
Of unsurpassed plenty in all the productions
Of agriculture, and all the clements of ma.
tional wealth. we had our manufactures
suspended, our public works retarded, our
private enterprises Of different kinds aban.
doned, aud thousands of useful laberers
thrown GU, Of employment and reduced to
want.
A GOVERNMENT LOAN PROBABLE.
The revenue Of the government, which is
chiefly derived from duties on imports from
abroad, has been greatly reduced while the
appropriations made by Congress at its last
session for the current fiscal year, are very
large in amount.
Under these circumstances u loan mpy be
required before the close Of your present
session, but this, though deeply TO be re-
gretted, will prove 10 be only slight mis-
fortune. when compared to the suffering and
distress prevailing among the people. With
this the government cannot fail to deeply
sympathize, though il may be without the
power to extend relief. He inquiries what
has produced these unfortunate results, and
whether their recurrence can be prevented
TIE BANKS TIKI CAUSE or OUR TROUBLES.
1t is apparent that they have proceeded
solely from our extravagant and vicious sys-
TEN OF paper currency and bank credits, ex-
citing the people to wild speculation and
gambling in stocks These revolutions must
continue to recur at successive intervals 50
long a. the amount Of the paper currency
and bank loan discounts on the country shall
be left to the discretion Of 400 CORE
,ponding banking institutions, which from
the law of nature will consult the interests
Of their stockholders rather than the pub
lie welfare; exercising the sovereign power
Of providing paper currency instead Of
coin for the country the first duty which these
banks owe TO the public is to keep in their
vaults sufficient amount Of gold and silver
20 insure the conver,ibiIi,y Of their notes in
TO coin at all times and under all circum
stance. No bank ought ever TO be- char
tered without such restrictions on their bust
inc~s AS TO secure this result Our fnan-
cia history for the las, 10 years has been u
history OF extravagant expansions in the
business Of the country, followed by ruin
Gus contractions at successive intervals
The best and most enterprising men have
been tempted 10 their ruin by yexcCssiye bank
leans OF mere paper credit, exciting them 10
eItrayagant importaiions o! foreign goods,
wild speculations and ruinous and dcmoral-
izing stock gambling. When the crisis ar
rives, a. arrive IL must. the bank can eX.
tend no relief 70 the people. In vain
struggle 10 reicem their liabilities in specie
they are compelled 20 contract their loans
and their issues, and at last in the hour Of
distress, when their assistants is mos; necd-
ID. they aud their debtors sink together into
Insolvency.
GOVERNMENT AID.
In the meantime it is the duty of the GOV.
eminent by all proper means within i,s pow
er, to aid 10 alieviatng the sui'erings OF the
people 0ccasioned by the SUSPENSION Of the
banks. ami TO prsvide against the recur
renee Of the same calamity. Unior,unately
in either aspect OF tie ease II can do but i,.
tie. Thank. a. the iniepepien, treasury
toe government has not suspended payment
a. it was compelled % by tue failure Of the
banks in l-}, il viii continue 10 discharge
It's liabilities to the peope IN gold and sii.
vrr. AMI is dl-bar -eTpcnt- IN CON will pas
INTO circulation, and thus materially assist il
restoring sound currency. From its hugh
credit shcsd II We comIeiled 10 MAKE ten
p0rary loan, ii can De effected on aiyanta
geons terms. THIS, however. shall II po-sr
Die, lie avoid.d but Il ii cannot, then ihs
amount shall be limited 10 the lowest prac
ticab.e sEiH4 have therefore, determined
that, while no useful go'rrhment works IL
proyre-- shAli te suspended. De~ works moi
already c.mmenc,s! vii b. postponed u TIM
car be done without mary 20 the country
Those Necessary TO ia cefeDce shall proc'T'l
a. though there was ~ eris.s 10 our mone
tAry Affairs. But the Fedora! GoyernDen'
can DO much 10 provide araiD-; recarrenc'
Of existing evils. even n lnslrmOcniaDi'
constitutional ohligati0ns dd 10, sIIs
Against the crea;Ioa Of na,.oual bank
This ~oaid furnish DO si@qua,e preventive
ssc1ri:y
rHE ExsEDY.
The history of the las hank of the INIT,
>is,es abgndan'iy possesss ~ truth o. 'hi