True American. [volume] (Steubenville [Ohio]) 1855-1861, 1857-12-16
Presidents, Message.
.Felzo,o. Citizens of the Senate

and House Of Representatives:
In obedience to the command Of tht
Constitution, it has now become my duty
mto give to Congress information OF the
state Of the Union, andrecommend to thel'
consideration such measures" as | may
Judge to be Unnecessary 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 orght tc
ascend to Him that He would continue tc
bless our great republic in time to come as
He has blessed it in times past. Since the
adjournment Of the last Congress, our con-
stitueuts have enjoyed an unusual degree
rof health, The earth has yielded her
fruits abundantly, and has beautifully re-
warded the toll of the husbandman. Our
great staples have commanded high prices,
and, up till within brief period, our ma
nufacturiug, mineral and mechanical occu'
pations have largely partaken of the gen
eral prosperity. We have possessed all
the elements of mineral wealth in rich
abundance, and yet, Notwithstanding all
these advantages, our country, In Its mon
etary interests, is at the present moment
in a deplorable condition. In the midst
of unsurpassed plenty in all1hc productions
of agriculture, and in all the elements OF
national wealth, we find our manufactures
suspended, our public works retarded, our
private enterprises of different kinds aban-
doned, and thousands Of useful laborers
thrown out of employment, ard reduced
to want. The revenue of the government,
which is chiefly derived from duties on im'
ports from abroad, has been greatly re-
duced, whilst the appropriations made by
Congress at it's 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
session; but this, although deeply to be re-
GREETED, would prove to be only slight
misfortune when compared with the suffer
ing and distress prevailing among the
people. With this the government cannot
fail deeply to sympathise, though it may
be without the power to extend relief.
1t is our duty to inquire what has pro-
duced such unfortunate results, and wheth'
'er their recurrence can be prevented! In
all former revusions the blame might have
been fairly attributed to variety OF CO.
operating causes; but not SO upon the pre-
sent occasion. 1t is apparent that our ex"
listing misfortuues have proceeded solely
from our extravagant and vicious system
of paper currency and hank credits, ex,
citing the people to wild speculatlons and
gambling in stocks. These revuis'ons
must continue to recur at successive inter-
walls so long as the amount 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 interests of
their stockholders rather tEan the public
welfare.
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
money, emitting. bills of credit or making
anything but gold and silver coin tender
In payment of debts, supposed they had
protected the people against the evils of an
excessive and irredeemable 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 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 tho highest and most re-
sponsble duties of the government to H.
sure to the people sound circulating me"
dium, 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 or greatly below the proper
standard, the marketable value of every
mans property is increased or diminished
in the same proportion, and injustice to
individuals as we'll as incalculable evils to
the community are the consequence.
Unfortunately, under the construction of
the Federal Constitution, which has now
prevailed too long to be changed, this i'm
portant and deliberate duty has been dis
severed from the coming power, and virtu-
ally 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 stockholders.
Exercising the sovereign power Of provi.
dinga paper currency, instead Of ,oin, for
the country, the first duty which these
banks owe to the public, is to keep in their
vaults sufficient amount of. gold and sill.
vor TO insure the convertibility 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 as to secure this result. All 9th
or restrictions are comparatively vain. This