The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-12-10
Presidents Message.
Fsliep Cfti;snS Of the Stnate ard
sHAf,ss Of ReDrese0toI;oss.

give tpCongress Information Of the state
Of hesUnicn, and recommend to their con-
rSideration such measures as Judge to be
necessary and expedient."
But first, and above all. our fhanks IRE
due to Almighty God for the numerous ben.
fits which He has bestowed upon this peo.
ple;'1hd our united prayers ought to ascend
to Him that He would continue 10 blCfs our
great republic in time to come os He has
blessed itsin time past. Since the ndjsurn
unent Of the last Congress our constituents
have enjoyed an unusual degree of health.
The earth hes yielded her fruits abundan,ly
and has btuntifully rewarded the toll of the
husbAndmon. Our great staples have COM
mshded high prices, and, up ill within q
'sfisf period, our manufacturing, mineraI,
and mechanical occupations have largely
partaken of the general prosperity.
We have possessed all the elements OF
material wealth in rich abundance; and yet,
notwithstanding all these advantages, our
country, in its monetary interests, is at the
present moment in deplorable condition.
In the midst OF unsurpassed plenty in all
the productions OF agriculture, and in all
the elements of national wealth, we find
our manufactures suspended, cur public
works retarded, our private enterprises OF
different kinds abandoned, and thousands oil
useful laborers thrown out OF employment
and reduced TO want. The revenue Of the
government, which is chiefly derived from
duties on imports from tbruad, has been
greatly reduced, whilst the appropriations
made by Congress, at its last sessiou, for
the current fiscal year, are very large Ia
amount.
Under these circumstances, loan may
be required before the close Of your present
session; but this, although deeply to 10 e
GREETED, would prove to be slight mister
tune when compared with the suffering and
distress prevailing among the people. With
this the government cannot fail deeply to
sympathize, ahthgh it may be without pow.
er to extend relief.
It is our duty to inquire what has produc.
Cd such unfortunate results, Rnd whether
their recurrence can be prevented? In all
former revrlsions tae blsme might have
been fairly attributed to'a variety Of Hcu.ope-
rating causes; but not so upon the presen,
occasion. II 10 apparent that our existing
misfortunes have psoce.>ded soisly from our
exnaysgant and picioufs <tem cf'Paper cur
rency and bank credits, exc. ting 'hsipeople
TO wild speculations and gan.b in stocks
Ihese revu!sions must eontinns "a recur at
successive intervals 30 long as The amount
OF the paper cuyEancy and bank loaLS and
discounts OF the couary shall be ielt to the
discretion OF fourteen hundred irres 0onet-
Sss banking institutions, which from the
Essy law Of beir nature viii copselt the in-
se~est Of their stockholders rather than abe
public welfare.
Khe trainers Of the Constitution, when
HasSgave to Congress- the power "to coin
money and ts regulate the value thereof"
ssndP~ohlblted the States from Going money,
Emitting bills of credit, or making any thing
but4gold and silver coin tender in payne mt
Of debts, supposed they had protected the
people against the evils of an excessive and
irredeemable currency. They are not re-
sponafble for the existingl anomaly that
goyernmen {, endowed with the sovereign
attribute of coming money and regulating
the value thereof, should have no power to
pfeteas others from driving this coin out Of
the com try ard filling up the channels OF
circulation with pspes which does no. repre-
sent gdlai cd silver.
II isDiIe of the highest and most respon-
sible duti go of government to Insure to the
people aCs sCund circulating medium, the
smountAof which ought to be adapted with
the utmoa possible wisdom and skill TO the
wants OF i'nternal trade and foreign exchan.
ges. If IL lis be either greatly above or
greatly below fhe proper standard, the mar.
ketable val ue of every mans property is in
creased OF diminished in the same proper.
.,- - 10 TOD l.
incslcdl able evils to the community are the
conseg0as 1ces.
UnfdYta, nstely, Under the construction o!
The federal constitution, which has new pre-.
ledtoolIo ag TO be changed, this impor.
.ant and deli ate duty has teen discovered
rom the coin, ng power ard virtually trans.
erred TO more than fourteen handred State
banks, aefins in dependently OF eatta other,
md regulating ii cir paper issues almost ex-
,lusiyely by a'feeA ard to the present interest
Il their stcc khoid., re. Exercising the sov.
reign power Of tpF ovlding paper curren-
y, instead of coin, for the country, the first
uty which these tba, ks owe 10 the public is
D keep in their vaul 3 sufficient amount OF
.old ard silver to ina uTe the conyertibility
Il their Botes into col aT ell tines and un-
sr all circumstances.
MOL bank ought erert bp chartered with
ut such restrictions on its business as TO
ocure this result. AL OF Der restrictions
re comparatively vain. Ilus is the only
rue touchstone, the only eff elent regulator
a paper 'curreHcy-she only one which
an gusrd the public agains ever issues and
ank suspensions. AS a c,'llaterat anal
ventual security tits 'duabtl sss wise, and in