Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1857-12-18
Presidents Message.

congress lnt0rnlatlOn OF the state OF tne UNI u
IN, and recommend to their consideration n
such measures" as Judge to be necessary a
and expedient." a
But first, and above all, our thanks are .
due TO Almighty God for the numerous bon 9
efts which He has bestowed upon this peo- I
pie; and our united prayers ought to as c
cend to Him that He would continue TO $
bless our great republic as He has blessed
it in timc past. Since the adjournment of
the last Congress our constituents have en-
joyed an unusual degree of health. The
earth has yielded her fruits abundantly, and
has bountifully rewarded the toll of her
Our great staples have com
manded high prices, and, up till within a
brief period, our manufacturing, mineral,
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 minst of unsurpassed plenty in all
the productions of agriculture, and in all
the elements of national wealth, we find
our manufactures suspended, our public
works retarded, 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 imports from abroad, has been
greatly reduced, whilst the appropriations
made by Congress at its last session for the
current fiscal year, arc very large in
amount
Under these circumstances, loan may
be required before the close Of your present
session bnt this, although deeply to be re-
gretted, would prove to be slight misfor-
tune when compared with the suffering and
distress prevailing among the people. With
this the government cannot fail deeply to
sympathise, though it may be without pow
er to extend relief.
1t is our duty to inquire what has pro-
duced such unfortunate results, and wheth-
er their recurrence can be prevented? In
all former revulsions the blame might have
been fairly attributed to variety Of coop
Grating causes; but not so upon the present
occasion. 1t is apparent that our existing
misfortuncs have proceeded solely from our
extravagant aud vicious system of paper
currency and bank credits, exciting the peo-
pie to wild speculations and gambling in
I, 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
Y left TO the discretion of fourteen hundred
! irresponsible banking institutions, which
from the very law of their nature will con
t. suit the interest of their stockholders rath
er than the public welfare.
Tho trainers of the Constitution, wher
they give to Congress the power "to coir
J. money and to regulate the value thereof,
and prohibited the States from coming
. money, emitting bills of credit, or making
anything but gold and silver coin a tende
in payment Of debts, supposed they hac
protected the people against the evils of al
> excessive and irredeemablc currency. They
arc not responsible for tho existing anomaly
!; that government, endowed with the sove
reign attribute of coming money and rcgu
lating the value thereof should have nc
power to prevent others from driving thi
IT coin out of the country and filling up th'
channels of circulation with paper whicl
ol does not represent gold and silver.
v 1t is one of the highest and most respor
siblc duties of government to insure to tn
people sound circulating medium, tn
ne amount of which ought to be adapte
t. with the utmost possible wisdom and ski
nd to the wants of internal trade and forcig
IS exchanges. If this be either greatly abov
or greatly below the proper STANDARD
dard, tho marketable value of every man
property is increased or diminished in tn
proportion, and injustice to individuals a
we'll as incalculable evils to the communit
are the consequence
Unfortunately, under the construction c
the federal constitution, which has now pre-
r. vailed too long to be changed, this importau
: and delicate duty has been discovered froi
ey Sr the coming power and virtually trans
VI ferred to moro than fourteen hundre
sr sr State banks, acting independently of eac
"d 'ri other, and regulating their paper issues a
or most exclusively by regard to the preser
interest of their stockholders. Exercisin
o. 81 the sovereign power Of providing papc
currency, instead of coin, for the countr,
!. the first duty which these banks owe to th
- public is to keep in their vaults sufficier
pm amount of gold and silver to insure the col
" vertibility of their notes into coin at q
time and under all circumstances.
No bank ought ever to be chartered wit
lh a6 out such restrictions on its business as
j secure this result. All other restrictions a
comparatively vain. This is the only trr
: touchstone, the only efficient regulator Of
paper currency-tho only one which cs
guard the public against over issues at
bank suspensions. AS collateral al
eventual security it is doubtless wise, al
and in all cases ought to be required, th
banks shall hold an amount of Unite
IS States or state securities equal to their not
in circulation and pledged for their redeml
tion, This, however, furnishes no adequa
securities against over issues. On the co
trary, IL may be perverted to initiate Il
: currency. Indeed, it is possible by tn
:, means TO convert all the debts of the Ur
n ted States and State governments in
a bank notes, without reference TO the spec
required to redeem them.
However valuable these securities may
h in themselves, they cannot be converted i
to gold and silver at the moment Of pre-
by sure, AS our experience teaches, in sufficie
~ H. time 70 pfeyent hank susnensions and III