Cooper's Clarksburg register. [volume] (Clarksburg, Va. [W. Va.]) 1851-1861, 1857-12-25
GOVERNORS MESSAGE.
(No. I.)

THE CONDITION OF THE BANKS OF THE
UNITED STATES, AND PARTICULARLY
THosR OF VIRGINIA. TO THE GENERAL
ASSEMBLY OF VIRa1N1A
To the Senate and House of DELEGATES of the Gen.
eTat Assembly Of the Commonwealth Of Virqinia
GENTLEMEN Il address you. in dis.
charge of the duty imposed by the con
stItutlon, to communicate TO you the
condition Of the commonwealth, and to
recommend to your consideration such
measures as l may deem expedient."
When the pestilence. two years ago,
was sent to portion of our people. "from
the morning even to the time appointed -
the destroying angel. as in the days of
Araunah. "stood by the threshing
place" and it was commanded, "It IS
enough: stay now thiue hand" And
since then there has been no famine.
nor blasting. nor mildew:" the earth has
given forth more than it's abundance, and
though wars have shaken the world, we
have been left at peace. TO gather in our
houn!I!ul harVests; emo enemy has be-
s'eged us in the land of our cities;" and
at no time have our people ever been
more healthy. more happy. more plenli-
tul. more Abounding in every element of
social comfort and luxury than they are
ut tho present moment. Governments
may be troubled. States may be embnr.
rassed 10 their finances. corporations may
be suspending. and firms and partnerships
IN trade be failing; but our people. indi.
Vldually. were never stronger. stauncher,
safer in a state Of sound aud permanent
prosperity. And this is as it should be.
for States and corporations and trades
caEnOt long suffer, if the individual peo
pie are fortified and protected. and are
thus enabled TO afford remedy and relief.
That is just our case. most fortunately,
1t this juncture, when a commercial crisis
has threatened to crush the prosperity Of
the nation.
That crisis has been long coming. and
ample time was given for the warning
and watching of its approach. Yet many
merchants have fallen before its blasts;
our ban KS have been obliged to close
their doors in the face of the storm; State
stocks have fallen PROSTATE before it. and
prices, With every thing abundant and
money scarce, are lowering towards a
minimum level. It is we'll to look ut
some of its causes. and at ite mode of op>
GRAFTON. and to some OF its results and ef-
fects. in order to derive lessons at once
salutAry for the future and relieving for
the present.
A sudden, rapid and fesrfully large ex.
Pauslon in trade. in consumption. in pri-
ces. in currency. and in speculation has
occurred. A state of over stimulation
fall like drunten men. TRe primary auI
most potent causes Of this state and con,
dition is. the immense increased production
Of gold.
Three new mines Of the world-Cali-
fo,nia. Australia, Siberia-were discover
ed and opened almost at once. Their ex>
tent and richness are yet unknown. Their
operations have produced millions upon
millions Of precious metals. and they still
seem 10 be exhaustless. This led nearly
all to suppose that gold was to be imme
diateIy and immensely deprecated in val
ue, and no sufficient estimate was made
OF the immense progress too in tue arts OF
life and in the powers OF production OF ev-
cry thing else besides gold. No allow
ance wac made for the application Of
steam, of chemistry, Of improved machln'
cry. and of concentrated manures. These
had generated human operations. human
capacities, far beyond any creation Of
man in past history. The demand for
gold now was not merely to supply the
.attenua,ed and refined extravaganza Of
the piemies of luxury. but giants Of labor
have grown up with huge machines in
their hands. and their supply and support
are great. beyond any thing known in
mans experience. Their supply and sup
port must be in proportion to their pow
er of production. Steamers. ships, cars.
canals, railroads, mountain tunnels. NAM
moth machines, continents of improved
fields of agriculture-not mere laces and
fashions and equipages of living-requi.
red more and more gold than the world
ever required before. The increased sup
ply of gold, then. ought not to have been
expected to enhance the price OF every
thing so much. or rather TO cause gold TO
fall SO much in its own value. inasmuch
as the demands Of production and powers
Of production of every thing else had in
creased in proportion.
Again-The increase of the produc:
ton Of gold caused an immensely greater
amount of it to be employed in making
the ordinary utensils Of life. This lessen.
ed its proportions for currency.
Again-Just at the moment when tbs
production Of gold was so increased. 1
was all called for by the extraordinary
wants Of the principal powers of Europe
Their immense colonial schemes rsquiret
vast expenditures and added In thas.