The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1857-12-17
Presidents Message.

has now become nv duty ~. ii to -
consideration such measures" as iule, to be noes
sary and cXpedient"
v,x,x,,,, ,,
,'h nArfi's'
But hrst, and above all, our thanks are due to Al
mighty soh Tor the numerous benefits which He has
bestowed upon ths people; and our united prayers
ought 70 ascend to Him that lie would continue to
niess our great Republic IN time tocon,e He has
Ia .s, ~ ',s 49,. aee tne acJournaent OF The
css our constituents have enjoyed unlsu-
al degree ~ health The earth has yielded her fruits
NV pi4 anu mas bouhthuily rewarded the toll of
me nus pan nali Our great staples have commanded
high prices, ana, until within brief period man
ulNsafihs mineral and mechanical occupations haze
IalgeN partakeh OF tue general prosperity. We have
possessed all the elements of mineral wealth in rich
abundance, and vet notwithstanding all these adyiui
tages, our country, inmonetary Interests is at the pres
ent moment in adeplorable condition. In the midst
plenty in all the productions OF aSricul
ture and ia all the clements OF national wealth We
ind our manufactures suspended our public works re-
tar6ed our private enterprises Of different kinds aha
doned, and thousands Of useful laorer thrown ont or
Unemployment and rcdacedto want The revenue ofthe
Sfeoyernment which is chiefly derived from duties on
nporls Tom abroad, has been greatly reduced, whilst
lhe appropriations made by Congress R Its last session
Tor the current fiscal year very large In amount
Inder these circumstances loan may be required
before the close OF the present session. but this altho
ope dcepy Regretted would prove TO he only slight
misfortune when compared with the suffering and dis
tfess prevailing among the people. With this the gov
ecii. anut iaIl ueepS 10 sympathize, though ii
may DC without power to extend relief.
II is our duty to inquire what has produced such u
fortunate results ana whether recurrence he pre-
vented? In all former reyusions blame ght have
NJ
causes but not so upon the present occasion. is APP
parent that existing uisfortunes have proceeded
solely from our exrayagant aud vicious system pa
per currency ana bank credits exciting the people
wild specnlations aud gambling In stocks These re-
vulsions must continue 10 successive intervi Is
so long as THE amount OF the and
loans and discounts of the country shall he left to the
discretion of 1900 irresponsible banking institutions
which from the veryl tn cir nature will consult ne
Interests of their stockholders rather than the public
welfare.
The Trainers of the constitution, when they gave to
apJr a.,
value thereof" and prohibit the States IRON coming
money emitting bills of credit or making anythiugbu
gold and silver coin tender in payment debts sun
posed they had protected the people against the evils
OF an excessive aud irredeemable paper currency
They not resp9nSiblsIor the existing anoIy that
agoyernment endowed With the sovereign attribute of
coming money and regulating the thereof should
have no power to prevent others from driving this coin
out of the country and filing up the channels of circ
lation with paper which does not represent gold and
silver.
1t is one ofthe highest and most responsible duties of
our government to insure to the people sound circ
ia5ing medium the am cunt of which ought to be adapt
wants of internal trade and foreign exchanges If this
be either greatly above greatly below the proper
standard the nare table value of mans prnperv il
increased or diminished in the same proportion and
injustice to individuals as well as incalculabe evils
Unfortunately, under the construction of the federal
constitution, which has now prevailed too long TO he
changed, this important and delicate duty has been
discovered the coming power and yiroaliy trans
ferred TO more than 400 state banks acting independ
of each other and regulat In o cir naDr isas nj
most exclusively by regard to the nrrsart intara"t
Of the present Stockholders Exercising the soyereirn
power of proYdinga paper currency Instead of coin
for m" country, the first duty which these bn nike owe
the publ j. - keep in their vaults s lent anoupt
Of gold aud silver insure convcrtbility of their
notes into coin Mt al times under all circl nces
No bank ought To be chartered without sue
on its business to this result An other re-
strictions comparatively vain This l. tle true
touchstoe the only efficient repula or of ~ paner
reucythe only one which can qua rd the uub a0ains
over issues and bank suspensions As collateral mn
eventual security II is DOUBTLESS wise and ali ca ses
ought to be required that banks shall hold am .noun
of United StneS or STATE securities canal 10 thar
in circulation and pledged for their redemnion This
however furnishes no adequate security AGAINST over
issues On the contrary IL NAV be nerverted 70
currency Indeed is possibl nv mis- means IN
all the debts OF the D. < and stat covarn
rnents, into bank notes without reference 10 tho S,;e
required to redeem them However valuable these sa
curies maybe la themselves they cannot he
into gold ana silver at the moment nfnrassure as onr
experience teaches IN sufficient time to nrsvspf bat
suspensions, and the depreciation of bank notes Tn
England, which is to n considerable ext.mt a n,nar
money country though vastly behind our own IN Iii
respect, ii was deemed advisable outarnr En- A. oct
of Parliament of 1915 which wisely The ISM
ornotes from the banking danartmant for th ba,, &c
England always to keen on hand cold ana var ,",,a
TO onethrd its combined circulation and denosits IF
this proportion 40 more sufficient TO insire the
convertbility of its notes with the whole Of (frea
Britain aud to extent the continent of Europeas
field for its circulation renderngit almost
that suddcn and hume date run to dap ppros
should be made upon II the same nron,rtio, ,,i,1