Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1857-12-16
PRESIDENTS MESSAGE.
Eellop Citizens of tie Senote

In OOtQttuCc 10 tht Ol lie
Constitution. it has now become my duty
..to give 10 Congress information of the
state OF the Union, and recommend to
their consideration such measures" as |
may judge TO be necessary and expe-
dent
But first, and above all. cur thanks are
due 10 Almighty God for the numerous
benefits which He has bestowed upon
this people; and our united prayers ought
10 ascend 10 Him that He would continue
to bless our great republic in lime 10 come
as He has blessed it in time past. Since
the adjournment of the last Congress. our
constituents have enjoyed an unusual
degree OF health. The earth has yielded
her fruits abunGaDllv. and has bounti
fully rewarded the toll of the husband
man. Our great staples have commanded
high prices. and, up Till within brief
period. our manufacturing, mineral and
mech anical occupations have largely
partaken of the general prosperity. We
have possessed all the elements OF mate
rial wealth in rich abundance. and yet,
notwithstanding all these advantages. our
country. in is monetary interests, is at
the present moment in deplorable con
ditiou. In the midst of unsurpassed
plenty in all the productions of agricul
culture, and in all the eleDel.ts of national
wealth, we fad our manufactures sus-
pended, our public works retarded. our
private enterprises Of different kinds
4. nf r,,l l.
borers thrown out of employ ment, and
reduced to want The revenue of the
government, which is chiefly derived
from duties Oh imports from abroad. has
been greatly reduced, whilst the appro-
prialions made by Congress at its last
session for The current fiscal year are
very large in amSGnt.
Under these circumstances loan may
be required befdfe the close of your pres
en-, session; but this, although deeply 10
be regretted. would prove to be only a
slight misfortune when compared with
the suffering and distress prevailing
among the people With this, the gov
ernment cannot fail deeply to sympathize,
though it may be without the power 10
extend relief.
Il is our duty to inquire what has pro
duced such unfortunate results. and
whether their recurrence can be prevent
ed? In all former revulsions the blame
might have been fairly attributed to
variety Of co-opera;ing causes; but not so
upon the present occasion Ii is appa
rent that our existing misfoitunes have
proceeded solely from our ex,ravagant
and vicious system OF paner currency and
bark credits. exciting the people to wild
speculations and gambling 10 siocks.-i
These ,evulsions must continue TO recur
at successive intervals so long es ihS
amount Of the paper currency and bank
loans and discounts OF the country shall
be left 10 the discretion of fourteen hun |
dred irresponsible banking institutions, |
which from the very Law OF their nature
will consult the interest of their stock |
holders rather than the public welfare.
The trainers Of the Constitution, when
they gave 10 Congress The power "to
coin money aud 10 regulate the value
thereof, - and prohibited The States from
coming money, emitting bills of credit,
or making anything but gold and silver
coin tender in payment of debts. sup
posed they had protected the people
against The evils of an excessive and
irredeemable paper currency. They are
not responsible for tie existing anomaly
that government endowed With the
sovereign attribute of coming money and
regulating The value thereof should have
no power to prevent others from driving
this coin out of the country and filing up
the channels of circulation with paper
which does not represent gold and
silver.
1t is one of tie highest and most re.
sponsible duties OF the government 10
insure 10 tie people sound circulating
medium, the amount of which ought 10
be adapted with The utmost possible wis
dom and skill 10 the wants of internal
trade and foreign exchanges. Ii this be
either greatly above or greatly bolow the
proper standard, the marketable value of
every mans property is increased or di
minished in the same proportion, and
injustice to individuals as well as meal +,
eulable evils 10 the community are the
Unfortunately, under the construction
of the Federal Constitution, which has
now prevailed too long to be changed.
this important and delicate duty has been
discovered from the coming power, and
virtually transferred 10 more than four
teen hundred State banks, acting indie
pendently of each other. and regulating
their paper issues almost exclusively by
q regard to the present interest of their
Exercising The sovereign
power of providing paper currency,
instead Of coin. for The country, the first |
duty which these banks owe 10 the pub.
lie, is to keep in their vaults sufficient l
amount of gold and silver 10 insure the
of their notes into coin al
ST times and under all circumstances |
No bank ought ever to be chartered with
out such r, ssrieiions on lis business as to c
secure this result. All other restrictions $
are comparatively in vain. This is the '
,nly true iouchstone. the only Efficient G
reguiasss of paper currency-the only q
,ne which can guard the public against .
,ver issues and hank suspensions. As e
collateral and eventual security, il is L
wise, and in all cases ought to {
De required, that banks shall hold an
amount of United States or STATE seeuri {
les, equal to then notes in circulation, Il
md pledged for their redemption. This, il
however, furnishes no adequate security
Igsinst over issues. On the contrary, a
/ NAV be perverted TO initiate ihe cur il
ency. Indeed. it is possible by this q
means to convert all the debts of the I
Juited States and State Governments u