Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-12-17
RESIDENTS MESSAGE.
Citizens Of the Senate and House Of
RenreSentQtires:

~ Ctt;-enS OF the Sendte ana H0atSe
Representatives.
obedience to the command of the col
kOn, it has now become my duty Ito civ
kpgress information of the state of th
and recommend to their considerable
measures" as judge to be "necessar
&teedient."
I first, and above all, our thanks are du
4 Almighty God for the numerous bene
bich He has bestowed upon this people
Fur united prayers ought to ascend t
#bat He would continue to bless our grea
l;e in time to come as He has blessed
!, past. Since the adjournment of thi
onsress our constituents have enjoyed
usual degree of health. The earth ha.
4 her fruits abundantIy, and has boun
rewarded the toll of the husbandman
read staples have commanded high pri
a m to within brief period. our man
&ring' mineral, and mechanical occupa
have largely partaken of the genera
rity. We have possessed all the ele
4 If material wealth, in rich abundance,
notwithstanding all these advantages,
bnptry, in its monetary interests. is al
psent moment in deplorable condition
he midst of unsurpassed plenty in all
&Oduetions of agriculture and in all the
rs Of national wealth, we find our man
res suspended, our public works retard-
private enterprises of different kinds
bued. and thousands Of useful laborers
cut of employment and reduced to
VI The revenue Of the government,
is chiefly derived from duties on i'm
from abroad, has been greatly reduced,
NJ the appropriations made by Congress
Y last Sc ssion for the current fiscal year
ry large in amount.
er these circumstances loan may be
ed before the close of your present ses-
but this, although TO be deeply regret
ould prove to be only slight misfor-
kben compared with the suffering and
i prevailing among the people. With
be government cannot fail deeply to
thise, though it may be without the
y to extend relief.
N our duty to inquire what has produced
unfortunate results, and whether their
snes can be prevented? I? In all former
saus the blame might have been fairly
u,ed to variety of cooperating causes;
B. so upon the present occasion. 1t is
snt that our existing misfortunes have
ded solely from cur extravagaRt and
system Of paper currency and bank
!, exciting the people to wild specula
aud gambling in stocks These revul-
must continue to recar at successive in
50 long as the amount of the paper
bcy and bank loans and discounts of the
b. shall be left to the discretion of four
hundred irresponsible banking institu
which from the very law of their nature
insult the interest of their stockholders
than the public welfare.
framers Of the constitution, when they
b Congress the power ITO coin money
regulate the value thereof" and pro
the States from coming money, emit
ills Of credit, or making anything but
and silver coin tender in payment of
supposed they had protected the people
b The evils OF an excessive and irredcem
aPer currency. They are not RESPONSE
the existing anomaly that geyerH-
eud0wed with the sovereign attribute of
money and regulating the value there
uid have no power 10 prevent others
drIvng this coin out of the country and
up Tie channels of circulation with
Which does not represent gnld and sill
sne Of the highest and most RESPONSE
ties Of the government to insure To the
SQUAD circulating medium. the am
c which ought to be adapted with the
possible wisdom and skill to the wants
sruaI trade and foreign exchanges, II
e either greatly above or greatly below
F'per standard, the marketable value oi
mans property is increased or dimin
IN the same proportion, and injustice II
laa!s as well as inealcula Jle evils to the
unity are the consequences.
ortnnately, under the construction oi
E1eFal constitution, which has now pre-
TOO long to I've changed, this important
aeIIcate duty has been discovered from
Faalng power and virtually transferred
PIE than fourteen hundred State banks,
Independently of each other, and reg.
z their paper issues almost exclusively
regard to the present interest of their
l0iders. Exercising the sovereign pow.
g'O'idlng paper currency, instead oi
Iof the country, the first duty which
OanEs owe to the public is to keep in
vaults sufficient amount Of gold and
@hsure the convertibility of their notes
'Oh at all times and under all circum.
=. No bank ought ever 20 be charter.
nuOu' such restrictions on it's business
rsufs this result. All other restrictions
euparatiVely vain.
Is the onl y true touchstone, the only
:" regulator of paper currency-the
.ns winch can guard the public against
sues and bank suspensions. As col
ana eventual security il is doubtless
aal IN all cases ought to be required,
aA1s shaii hold an amount Of United
,crl. - ota'e securities equal to their notes
,a'iOn Ts: and pledged for their redemp
H. -ns' however, furnishes no adequate
against over issues. On the contra
lay Inay DC perverted to initiate the curren
!. .1ea; .Ti IT Is possible by this means tt
Ga. -. he debts of the United States anC
.o., etnments into bank notes, withou
S' 70 the specie required to redeem
E,sI'ea sf valuable these securities may be il
,ns they cannot be converted int,
s,nas;a asef at the moment of pressure. al
j., rpIile3ce teaches, in sufficient time Il
Of h.ap osnK suspensions and the deprecia
ksids.ntI Lux notes. In England, which is t.
d 'a9le sas extent a paper money country
:, q sssstly behind our own in this respect
aeemed Advisable