The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1857-12-12
President Buchanan's
FIJI ST
ANNUAL MESSAGE,


stitution. it has become my duty ito give
to Congress information of tie state of the
Union and recommend to their consideration
such measures" as Judge to be "necessar,
and cxpc(.ient.
But FIRST. and above al. orr thanks are due
to Almighty God for the numerous benefit:
which he has bestowed upon this people ant
our united PRAYERS ought to ascend to Hin
that he would continue to bless our great Re-
public IN time to come as He has blessed i
in time past. Since the adjournment Of tn,
last Congress our constituents have cnioye,
an unusua! decree Of health. The earth ha:
tfully rewarded the toll Of tie hus5andman
Our great staples have commanded hisl
prices. ard. up till within brief period, ou
manufacturing. mineral and mechanical cccu
patioHs have largely partaken Of The genera
prosperity. We have possessed all the ele
ments Of material wealth in rich abundance
and yet. notwithstanding all these advant
ages. our country. il It's monetary interests
is at the present moment in Il depiorahie con
dition. In the midst Of unsurpassed plcnt,
in all the productions Of agriculture az! ii
all TIE clclncnts of rational wealth. we fin,
orr manufactures suspended. orr rrhi
works retarded. our pr;vatc enterprises Of ,,ii
fcrcnt kinds a'Iant:oi-r,l. md thousands O
useful la!,orcrs thrown cut e cmplovmc.
and reduced 10 want. I'll" revenue Of IL,
government. whic! is chiefly derived from
duties on imports from ?brcad. has hccl
greatly reduced whilst TIE appropriation
mae,n BY Congress AZ is last session for IL.
current fiscal year are very large i'll amount
Under these circumstances !; III nav i,
required before th" close Of vol;r present scS
sion: bit this. although: deeply t. bc regret
ted. would prove 70 b. on! ' { High. iai,for
tune when compared vi;n The suffering anJ
distress prevailing among The pooHie. Viii
this the government cannCt IA! deeply It
sympathzc, though i. may he without til.
power to extend relief.
1t is or duty II inquire what has pro
Guccd these unfortunate results. and whether
their recurrence CA De prevented? II ali
former rc:nlsions tn blame might have been
fairly attributed to a variety Of cooperating
causes but not 50 upon the p: sent occasion.
1t is apparent that our existing miStortuc>
have proceeded solely from Cur cxtravaSant
and vicious system Of p"pcr currency and
bank credits exciting the people to wild spec
ulatons and gambling, in stocks. These rt-
vulslons must continue 20 recur at successive
intervals. so long as the amount Of paper cur
rency and bank loans ard discounts Of the
country shall be left to the discretion o: four
teen hundred irresponsible banking ins;it,,-
tons. which from the very Nv Ct their nature
will consult .hr interest Q: their stockholders
rather than tn" r'lh:c welfare.
The trainers OF th"t CONSTITUTIONS when they
gave to Congress the power 40 coin money
Eib:e'! the states !rolA coming mercy.
emitting bills Of credit. or making ANYTHING
bnt gold and silver coin tender in payment
Of debt .supposcd they liz protected the rvo-
pie against the evil ci al excessive AID ire
dccnI:blc paper currency. They are rot re-
spon>iblc t,r the existing anomal. tha, GOV
e:nn~ut e. lowtd with IL. sovereign a:tri-
butte of coming money and regulating the val
Tie thereof Should have 10 power - urcycn,
others ftoa. driving this coin on, ct the com
try and :llin.- ID Tic channels of c.rcula:;oo
with DaDcr which 10 : rot rc;-cse.i, .eol.i and
silver.
II j, enc Of ,},, h;.Les, ar.l mos, r,.>non>i-
bic dt:,ic, Of Government 70 insure. to the
peoole a sound c;rc,l,t;,r medium. the
anni,nt of wI,;c,, nn-!,i :, l., a,;,n.rl vii,
III. utmost ross;1]e vi. ION and sj,;ll - The
wants of ;,tc.nal tra;l.. and :,~e;r,, ryc,,o,,~ns
IF This h.. r:,;,~r ,-~...i, ;Ll,,a ~ rr:,tly he
low tho ,,r,,er Standard .,,c ,oor,ct,hl.. vol
no &c cy.,v mans ,,r..,.r-v;, Increased w. d.
,,,i.bod !, ,Ic .,i..l. ,r..;'.,r,:",, onl ;r;,..
;cc f. :n5,;dn,l< .s iii =. ;n,,'."'.i,'. 81.
- tho ,,n,n,,,r;,,. w.. ~, ,....,..o.,r..cn
Tnfn~,ura.,,y under t,,r col>.r.,c,;,.. or
~. fGer,l con..;trt;nn ,.h;,A, y no,,. .,.o.
Vailed ,on ,onr ~ I've ci,,.'',.:' .;s :,,.no,i,,,.
and Islco,e Gr.v h:.s 10, I;l.cvnr,iJ tr,,,,
tho co;n;rr nave, ,nJ ,;,tu.1I,. sferr,d
~ r,c ~. tl,,n e,,,r,ae h,,,Lr.J S...n I,..'l>s
,ct;r1. ;r1or.rJen,,v cf e,cj n+|c, ..I r,,r
uIatinc their naucr ;sS,cs aI,n,,s4 cxrn,;r,T,.
nv . ro,ard f. thr nrcscrt ;ntc.nst nc .l,..;;r
stockholders Excrc;,i;,p H.. s,,.rc;,,, n'r.
or Of nroyidiny a oancr c,;rr,urv. ;,s.nai ~.
coin. for the corntrr the FIRST du.v ,l;,.,
these hanks owc 70 tEr nni,i;c * f. l,e., IN
their vaults a .uli;e:c;. amount OF cold ,nd
silver TO insure Tie conycr,ibilitv e. tnc;r
votes into coi, Of III FINES and rn,... al '.;r
cums,auces. No bar]; .up}t ever to he cL,r-
tered Without such restrictions ON ifs i,us;.
ness as to secure this result. All Other re-
strict;ons are conD.rat;yelv vain. This is the
ONLY true tombstone. the ONLY efficient roou-
lator of = pancr currency - the only onn
which can guard the nu5];. aoa;u>. oycr x.
sues and bao1 SUSPENSIONS. Asa colIa,or.]
and eventual security j; is doubtless wise.
and in all cases ought to be required that
banks shall hold an a:aoint Of United States
or State securities equal to their notcs in cir
o,,1,.:u,, al ~ ,I,.o : -, 1-..