The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-12-16

"a - n .Ssg OF - 8. / ~ 80
JAM E S B BUs G III ANAN,
PRESlD oFTHE U UNITED STATES,
TWO HOUSES soisCoNGREss. !.
s Fsilob cii;sens Of tke Seaaie and House Of Rep,
sesenfatipes: - 4 ~. ~ - So y
In obediance 70 The command Of the Con-
ssitutioii, II has now become my duty ito
give to Congress inform Gaton of the state of
the Union, and recommend to their consid-
Grafton such measures as | may judgeto
be necessary and expedient.o 5
a But first, aud above all, our thanks are
due to Almighty God for The numerous BEN
sefits which He has bestowed upon this peo-
: pio and our unitad prayers ought TO ascend
10 Him that He would continue 10 bless our
great republic in time to come as He has
blessed It iniime past Since the adjourn
rnent of the last Congress, our constituents
2 have enjoyed ali unusual degree of health.
The earth has yielded her fruits abundantly,
: and has bouutiiully rewarded the tol OF the
husbandfnan. Our great staples have com
Iaeuded high prices, aad, up till llwithin q
J brief period, our manufacturing mineral and
mechanical occupations have largely par.
taken Of the general prosperity. We have
possessed, ,aIithe elements Of material wealth
In rich abundance, and ssyet, ,notwiths,apd.
inq all these advantages, our country, in lis
rnonetarv interests. is al the present mo-
mani III 4 tleplorable condition. In the
+ mitist of urlsurpa@sed plenty in all tbe bro
,inctions.of agriculture, and in alI.lhe ele.
mefts Of national wealth. we Sfilid our man
ufaciures Suspended, our public works re-
fardeds Dur private enterprises OF different
t;nas abandoned. anli1bousandsof usefpl In
,,,,r..rs III rnr,n' ant ofsernplayment and re.
..ince,l 10 want The revenue of the govern
mani which Is chiefly derived from duties
II, inlnorts from abroad, has been greatly
reduced. whilst the appropriations made by
sCongress at its last session for the current
5 fiscal wear are very iarae in, amount. -,
S Hinder these circumstances 4 loanmay be
reonIred before The close Of your present
session. but this, although deeply to be
regfet.ed, would prove To be only a shghi
misfortune when compared with the suffer
ing and distress prevailing atnoug The peo
bic. With this the government cannot fail
deeply to sympathize; though it may be
without the powerfo extend relief. ~
1T is our daiyto inquire what has produ-
ced such unfortunate results, and whether
their recurrence can be prevented? Ia all
former reyulsions the blame might have
bean fairly attributed 10 variety of coop.
Grating causes but nots upon the. present
occasion. Its apparent that our existing
( misfortunes have proceeded solely from or
sxtravaoant and Vicious system OF paper
currency and bank credits, exciting the peo-
nle to wild speculations and gambling in
stocks. These revulsions mnst continue 10
4 recur at successive intervals so long astbe
afnonnt OF the paper currency, and bank
loans and discounts oil the cnuniry shall be
left 10 lie discretion OF fourteen hundred ir-
responsible banking institutions, which
from The very law of their nature viii con-
sultthe interestof their stockholders rather
than the public welfare.
The klrai,lers of the Constitution, when
they gave to Congress the power s'to coin
money aud 10 regulate The value thereof,n
and prohibit the States from coming money,
euittine bills of credit or making anything
but gold and silver coin tender in payment
Of debts, supposed they had protected The
ueop,e AGAINST The evils of an excessive. and
1srreif}eeneble f napercurrency, They are not
rssnonsibIe for The existing anomaly that
gnxern n,ent endowed with the sovereign at.
fy;hnfe of coiaing money and regulating die
value thereof. should have no power 10 pre-
vent s,tbars rom Sariyineahis coin out of the
scorntrv and filling up The channels of cir
4 crlation with paper which does not repre-
sents oold and Silver. 49, ~
S. II Is one of the highest and mosi respon-
ssible duties Of government 10 insure 10 the
neor,te 4 sonnd circulating medium, the
Z amount Of which ought 10 be adapted with
fhe utmost possible wisdom and skillto the
wants of internal trade and foreign exchan-
. .es' a r n tiiis be either greatly above or
Sreafly. below The proper standard, the