Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1857-12-17

sisas information OF tue
state Of the Union, and recommend 70
!helr consideration such measures" as l
JuGSe 70 be necessary aud expedient."
bat hrst, aud above all, our thanks
are auc to Almighty God for the numcr.
Gus oenehts which He has bestowed m.
On TINS people and our united prayers
ougi1 70 ascend to Him that He would
c9n'ihue 10 bless our great Repuolic in
ume 70 come as He had blessed It in
nme past Snca the adjournment Of
10: last Congress our constituents have
enjoyed az unusual degree of health
The earth has yielded her fruits abnn.
oently, and has bountifully rewarded the
toll OF the hrsbandma0. Our great sta.
PIES naVe commanded high prices, and
Up III within brief period, our manu-.
ta'tuFIng, mineral and mechanical one
Iali0us have largely par'akea Of the gen.
eral prosperity.
! We have Possessed all the clements
o. material wealth in rich Abundance
and yet, Notwithstanding all these a.
Vantages, our country, 10 lis monetary
in' rests, Is at the present moment in a
uSplorable condition. Ia the midst Of
unsurpassed plenty in all the productions
OF agr.cultgrs, and in all the elements
o. national wealth, We find our manufae-
turIrs suspended, our public works re.
taided, cur private enterprises OF differ.
ent ENDS abandoned, and Thousands of
useful labore:s thrown out of employ.
r2nt AID reduced to want. The reyS-
nue. OF tie government, which is chiefly
derived fIom duties on imports from a.
broad, has bcel greatly reduced, whilst
the appropriations made by Congress at
It's last session, for the current fiscal
year, are very large in amount.
Uader these Circumstances a loan nav
be required before the clos, of Won.
present session; but this, although deep.
y to be regretted, would prove to be
Slight misfortune when compared with
the suffering aud distress prevailing 4,
mong the people. With this the g2v.
ernment cannol fail deeply to syn pa.
'hise, though 1t may be without power
to extend relief
1t Is our duty to inquire what has
produced su,h unfortunate results, and
whether their recurrence can be pre-
vented! In all former rev1ls'ops tho
blame might have been fairly attributed
10 variety Of cooperating causes; but
not 81 upon the present occasion Ii ia
apparent that our existing misfortunes
have proceeded solely from our extrav.
a5ant and vicious system Of paper cur
roney and bank credits, exciting the
people to Wild speculatious aud gamb-
ling in stocks. These Fevulsions must
'entilus to recur at successive intervals
so long as the amount of the paper cur.
rency and blDk loans aud discounts of
the country shall be left to the d,s,re.
aon OF fourteen hundred irresponsible
0lnkiDg Institutions which from the
very law Of their nature will coEsult the
interest of their stockholders rather than
.he public welfare.
The trainers of the constitution. when
hey give to Congress tbs power "to
.oln money and to regulate the value
hereof, and prohibited the states from
oinlng money, emitting bills of credit,
r making anything but GOLD aud silver
oIn tender in payment of debts, sup
'osed they had protected the people a.
alnst the evils fan excessive and ire
eematle eurreRcy. They are not re.
ponsib!e for the existing anomaly that =
oVernment, endowed with the soyer.
Ign attribute of coming money and req
Iating the value thereof, should have
0 power to prevent others from dri.
ing this coin out of the country and
ling up the channels of circulation
nth lGper which docs notrepresent gold
nd silver.
1t is one of the highest and most re-
oouslbis duties of government to insure
the people sound circulating medf-
%, the amount of which ought to bo
iaPted with the utmost possible wisdom
I'D skill to the wants of internal trade
I'D foreign exchanges. If this be either
realty above or greatly below the prop
standard, The marketable value of ev.
y mans property is Increased or d.
nnished in the same proportion, and
justice to individuals as well as incql.
'l4b.e evils to the community are the
nsCquence.
Unfortunately, under the construction
the federal constitution, which has
w prevailed too long to be changed.
is important and deli'ate duty has
en- disselered from the coming power
d virtually transferred to more than
lrteen hundred State banks, acting in
of each other, and regua.
g their paper issues almost exolu-
'ely by regard to the interest
their stockholders. Exercising the
Vcreign power of providing a paper
rreucv, instead of coin, fer The COUP
:, the first duty which these banks
&c to the public is TO keep iu !heir
ults sufficient amount of gold and
yer to insure the conyertib;liIy of their
ties into coin at all times and under all
'cumstances.
No bank OTght ever be chartered
tbout sGch restrictions on its business
to secure this result. All other re-
rictions are comparatively vain. This
the only trLe touch stone, the only
6cieut regulator OF paper currency