Spirit of the age. [volume] (Raleigh, N.C.) 1849-1865, 1857-12-16
THE PRESIDENTS MESSAGE.

THE PRESIDENTS MESSAGE.
Through the energy of that best Of all
newspapers Of the day, the Petersburg Ex-
press, we received the Presidents Message on
Wednesday evening last. 1t was received in
Petersburg on Tuesday evening, and on
Wednesday morning it appeared in the Elk
press, although it occupied over nine columns
in very small type.
1t is entirely too lengthy to publish in full,
in our paper; and we must therefore be con-
tent to give our readers a brief abstract of its
leading features. 1t is a calm and temperate
document, and discusses our domestic and
foreign affairs with decided ability. This
much all will concede, whether they agree
with the doctrines laid down, or not.
The President opens with devout thanks
to Almighty God, for his numerous benefits
bestowed upon us as a people-for the bounti-
ful rewards Of the Observation-Disclosures the high
prices our great staples have commanded
and for the general prosperity of our manu-
featuring, mineral and mechanical operations,
until within a brief period and then pro-
ceeds to remark, that in the midst of all this
unsurpassed plenty and prosperity, suddenly
a rcvulsion in the monetary affairs is upon
us, retarding public and private enterprises,
--thspwisg thousaRds out of employment, and
reducing the revenue of the government from
an overlooking treasury Of millions of dol
lars, to emptiness, requiring the borrowing
Of ten millions to meet the appropriations for
the current fiscal year.
The President attributes the financial rev.
olution to the over issues Of the Banks, and
while doubling the efficacy of a National
Bank to secure us against the wide spread
distress of future panics, he expresses the
hope that the State Legislatures will regulate
the monetary institutions ofthe several States
of the Union by compelling them to retain
specie enough in their vaults to meet at any
moment one-third of their whole circulation
if presented at the counter for redemption.
lie recommends to Congress the passage Of
a law declaring that all banks shall go into
liquidation upon the suspension of specie
payments.
Upon the subject of banks, the President
uses the following summing up
The existence Of banks and the circulation
of bank paper are so identified with the hab
its of orr people, that they cannot at this day
be suddenly abolished without much immedi
ate injury to the country. If we could con
fine them to their appropriate sphere, anC
prevent them from administering to the spiri
of wild and reckless speculation by extrava
CANT loans and issues, they might be contin
ued with advantage to the public.
But this | say, after long and much rehec
ton: if experience shall prove it to be i'm
possible TO enjoy the facilities which well reg
ulated banks might afford, without at tn,
same time suffering the calamities which tn
excuses of the banks have hitherto inflicted
upon the country, il would then be far thu
lesser evil to deprive them altogether of thu
power to issue a paper currency and confin,
them to the functions of banks depOsite AM
discount.
The President reports our relations wit
foreign governments, except with Spain, in
satisfactory condition He says the diplomat
ic difficulties which existed between the gov
eminent Of the United States and that
Great Britain at the adjournment of the las
Congress. have been happily terminated b
the appointment of a British minister to tn
country. who has been cordially received
He reports the best of feeling between tt
u. S. and France and Russia, &c. The diff
cultics in China concerning the treaty
1874, are under adjustment, a special mini
ter having been sent to that country for Il
purpose.
lie speaks in terms Of deep interest for an
sympathy with the independent republics {
our own continent, as well as the empire
Brazil and condemns the flibuster expeC
tons sometimes gotten up in the U. 5. to /
terfere with weak republics, closing as f
lows:
| commend the whole subject to the SCI
Gus attention Of Congress, believing that o.
dnty and our interest as well as our nation
character, require that we should adopt su
measures as viii be e%iiectual in restraint
IN citizens frorn committing such outrag'
Considerable space is occupied with
representation of Kansas affairs. Alter
clear and able argument, the President
rives at the conclusion that the action of
convention to submit only the slavery clau
ofthe constitution to the people, is in conf
nifty with the act Of Congress authorisi
the formation of n State constitution; a
closes the subject with the following remark
At this election every citizen will have
opportunity Of expressing his opinion by