The North-Carolinian. [volume] (Fayetteville [N.C.]) 1839-1861, 1857-12-17
House of REPRESENTATIVES:

/ In ODeu1ence to the command OF GHe con-
/ stitution, it has now become my duty s'ts
give to Congress information of the state
of the Mon, and recommend to their con-
siderition such measures as judge to be
''necessary and expedient."
But first, and above all, our thanks are
due to Alnig ighty God for the numerous bene-
!, fits which He has bestowed upon this people;
and united prayers ought to assend t.
Him that He would continue to bless oul
great republic in time to come as he has
blessed it time past.s- Since the atljcurnanent
of the last Congress CDR censtitaents have
enoved an unus,fSls slegree of health The
eartiahas Welded her. Il afss abuntlanhy, and
Is! sss;k.,lsz lli6 f1h1 ~
5 a--.ssl lies E!sse1 9. !.
man9ed high prices, asd, up ti'.. within i
brief period, our manufacturing, miiier'
and mechanical occupations have largely
partaken Of the general pr ,sperity. We
have possessed all the elements of material
wealth IN rich abundance, and yet, notwith-
standing all these advantages, our country,
IN its monetary interests, is at the present
moment ia deplorable condition. In the
midst Of unsurpassed plenty in all the pro-
ductions Of agriculture, aud iii all the ele-
ments Of national wealth, we find our manu-
factures suspended, our public works retar-
ded, our private enterprises of different kinds
abandoned and thousands of useful laborers
thrown out of employment and reduced to
want. The revenue of the government
which is chiefly derived from duties on i'm
ports from abroadyshas been greatly reduced
whilst the appropriations made by Congress
at Its last sess;on-for the current fiscal year
are very large in amount.
Under these circumstances, a loan may be
required before the close Of your present
session, but to be only a slight misfortune
when compared with the suffering and dis
tress prevailing among the people, With
this the government cannot fail deeply to
sympathize, though it may be without the
power to extend relief
1t is duty to inquire what has proauc
ed such unfortunate results, and whether
their recurrence can be prevented? In all
former revulsions the blame might have
been fairly attributed to a variety of cooper
ating causes; but not so upon the present
occasion. 1t is apparent that our existing
nHsfortunes have proceeded solely from our
cytravagant and vicious system of paper
currency and hank credits exciting the peo-
pie TO Wild speculatioHs and gan bling III
stocks. These revulsions must continue to
recur at successive intervals so long as the
amount Of the paper currency and bank
loans and discounts Of the country shall be
left to the discretion Of fourteen hundred
irresponsible banking institutions, which
from the very law Of their nature will con-
suit the interest of their stockholders rather
than the public welfare.
The Trainers of the constitution, when they
gave to Congress the power ''to coin money
and regulate the value thereof" and pro-
hibited the States from coming money, emit
ting bills of credit, making anything but
gold and silver coin a tender in payment of
debts, supposed they had protected the peo-
pie against the evils of an excessive and ire
deenlabie paper currency. They are not
responsible for the existing anomaly that
government endowed with the sovereign at
tribute Of coming money and regulating the
value thereof should have no power to pre-
vent others from driving this coin out Of the
country and filling up the channels, of crcu-
lation with paper which does not represent
gold or silver.
i is one Of the highest and most response
ble duties Of government to insure to the
people a sound circulating medium, the
amount Of which ought to be adapted with
the utmost possible wisdom and skill to the
wants of internal trade and foreign cxchan-
gcs. If this be either greatly above
greatly below the proper standard, the
marketable value Of every mans property is
increased or diminished in the same spropor-
ton, and injustice to individuals as well as
incalculsble evils to the community are the
consequence.
Unfortunately, under the construction of
the federal constitution, which has now pre-
vailed too long to be changed, this impor-
tant and delicate duty has been discovered
from the coming power, and virtually trans
| ferred to more than fourteen hundred State
banks, acting independently Of each other,
and regulating their paper issues almost ex-
clusivels by a regard to the present interest
of their stockholders. Exercising the SOW
ereign power Of providing paper currency
instead Of coin, for the country, the first duty
which these banks to the public, is to
keep in their vaults a sufficient amount of
gold and silver the convertbility of their
notes into coin at all times and under all
circumstances. No bank ought ever to be
chartered without such restrictions on its
business to secure this result. AL other
restrictions comparatively vain. This is
the only true touchstone, the only efficient
regulator Of a paper currency-the only one
which can guard the public against over is
sues and bank suspensions. AS collateral
and eventual security it is doubtless wise,
and in all cases, ought to be required, that