The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1857-12-17
PRESIDENTS MESSAGE.

PRESIDENTS MESSAGE,
FcVo0- Citizens Of the Senate and the House Of
RepressHiatiDc5s
I'm obedience TO the command Of IN, Con-
stiiution, 10 has now become my duty "to
give to Congress Information Of the state of
the Union, aud recommend to their considera-
tion such measured as judge TO be "neces-
sary and expedicnt."
THANKS COD FOR TIE CROPS, BUT DEPLoREs THE
CRISIS.
But fnt, and above ALL our thanks are due
TO Almighty God for the numerous benefits
which lie has bestowed upon this people; and
our united prayers ought to ascend TO Him
that lie would continue TO bless our great re-
public in time TO como us he has blessed &c in
time past. Since The adjournment Of the last
Congress our constituents have cuioVed am
unusual degree Of health. The earth has
yielded her fruits abuudautly and has bounti-
fully rewarded the toll of the husbandman.--
Our great staples have commanded high pri-
ccs, aud up til within a brief period, our
manufacturing and mechanical occupations
have largely parlakenol the general prosperity.
We have possessed all the elements Of muter-
ial wealth i'm rich abundance, and vet, nol-
withstaudug an these advantages, our couu-
try, in iis monetary interests is at the present
moment iU q depIorubIe condition. In tho
midst Of unsurpassed plenty in all the pro-
ductiOus of agriculture and I'm all the elements
of national wealth, we find our manufactures
suspended, our public works retarded, our
private enterprise OF different kinds abandon
ed, and thousands Of useful laborers thrown
out Of employment and reduced to want
The revenue Of the government, which is
chiefly derived from dutics on imports from
abroad, has been greatly reduced. whilst the
appropriations made by Congress ut It's last
session for the current fiscal year are very
large i'm amount.
GOVERNMENT LOAN NECESSARY.
Under these circumstances loan may be
required before the close Of your present ses-
sioni but this, although deeply TO be regretted .,
would prove to be only a slight misfortune
when compared with the suffering and dis
trcss prevailing among tho people. With this
the government cannot fail deeply to sympa-
thtze, though il may DO without the power to
extend relief
THE FISANciAL TloUBLE OWING SOLELY To THE
BANKS.
10 is our duty 10 inquire what has produced
such unfortunate results, and whether their
recurrence can bs prevented2 In all former
revulsions the blame might have been fairly
attributed to a variety Of cooperating Causesi
but not so upon the present occasion. Il is
proceeded solely from our eXtravagant aud
vicious system Of paper currency aud bank
credits exciting the people to wild specula-
lions and gambling iu stocks. These revul-
slous must continue TO reCur at successive I'M
larvos so long as the amount of paper cur
rency and hank loans and discounts Of tho
country shall be LETT to the discretion Of four
Teen hundred irresponsible banking instilu-
lions, which from the very law Of their ma
wi la. int E nfr
stockholders rather than the public welfare.
POWER OF CONGRESS OVER THE CURRENCY.
The trainers of the Constitution, when they
gave to Congress the power "tO coin money
and TO regulate the value thereof and pro.
hbited the States from coming money, emit
ting bills Of credit, or making anything but
gold and silver tender in payment Of debts,
supposed they had protected the people against
the ills Of an excessive and irredeemuble paper
currency. They are not responsible for the
existing anomaly that government endowed
with the sovereign attribute Of coming money
aud 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.
it is one Of the highest and most response
BILE duties of government to insure to the peo
pie sound circulating medium, the amount
of which ought TO be adapted with the utmost
possible wisIO and skil 10 the wants of in
ternal trade and foreign exchanges. If this be
eIller greatly above or greatly below the pro-
per standard, the marketable value of every
mans property is increased or diminished in
the same proportion and injustice to individ-
uas as well as incacuIable evils to the com
munity are the consequence.
Unfortunately, under the construction oil
federal h4a an
vailed too long TO be changed, this important
ana 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 Tegua-
ting their paper issues almost exclusively by
a regard TO the present interest of their stock
holders 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 ia
their vaults a sufficient amount of gold and
silver to insure the cOnver ibility of their
notes into coin at all times and under all Cir
cumstances
No bank ought ever to be chartered without
such restrictions on IFS business as TO secure
this result. All other restrictions are com
parativey vain Thls-is the ouly true touch
stone, the only efficient regulator Of paper
currency--the only one which can guard the
L
| sions. As q collateral and eventual security il
| Is doubtless wise, aud iu all cases ought TO be
/ required, that banks shall hold an amount Of
United States or Slate securities equal to their
/ notes in circulation and pledged for their re-
! demplon This, however, furnishes no ade-
! quale security against Over-issues. On the
contrary, it may be perverted to initiate the
currency Indeed, il is possible by this
means TO convert all the debts of the United
States and State governments into bank notes,
without reference to the specie required TO re-
deem them. However valuable these securi-
tics may be in themselves, they cannot be
converted into gold aud silver at the moment
! Of pressure, as our experience teaches, In sul-
hcient time TO prevent bank suspensions and
| the depreciation Of bank notes. In England,
which ia to a considerable extent "a paper
money country, though vastly behind our
own In this respect, it was deemed advisable,
anterior to the act Of Parliament IN 1874,
which wisely separated the issue Of notes
from the banking department, for the Bank
of England always TO keep on hand gold and
silver equal TO oue-third Of its combined cir
cuIation aud deposits. II this proportion
was no more than sufficient TO secure the
converublIity of its notes. with the whole
OF Great Britain and 10 some extent the con-
unent OF Europe, as a field for its circulation,
rendering IL almost impossible that "a sudden
and immediate run to a dangerous amount
should be made upon il, the same proportion
would be certainly insufficient under our
banking system. Each Of our fourteen hund-