The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1857-12-16
PRESIDENTS MESSAGE.
Fsilop- Citiaens Of the Senate
and House of Representatives.

IeuotS- SHt~e"s " ttss sSsstssee
and House Of Representatives..
In obedience to the command Of the con-
stitution. it has now become my duty to
give to Congress information. of the state of
the Union, and recommend to their conside-
ration such measures as judge "to be
necessary and expedient."
But first, and above all. our thanks are
due to Almighty God for the numerous bene-
fits which He has bestowed upon this people
and our united prayers ought to ascend to
Him that He would continue to bless our
great republic in time to come as lie has
blessed it in time past. Since the adjourn
ment of the last Congress our constituents
have enjoyed an unusual degree Of health
The earth has yielded her fruits abundantly
and has beautifully rewarded the toll Of the
husbandman. Our great staples have com.
handed high prices, and up to within briet
period our manufacturing, mineral, and me.
chanical occupations have largely partaken
Of the general prosperity. We have pos,
sessed all the elements Of material wealth in
rich abundance, and yet, Notwithstanding al
these advantages, our country, in its none.
tary interests, is at the present moment IN .
deplorahle condition. In the midst of un.
surpassed plenty in all the productions o.
agriculture and in all the elements OF ma.
tional wealth, we find our manufactures sus-
pended, our public works retarded. our pri-
waite 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 appro-
priations made BY Congress at its last session
for the current fiscal year are very large in
amount.
Under these circumstances loan may be
required before the close of your present
session but this. although deeply to be re-
GREETED. would prove to be only slight mis-
fortune when compared with> the suffering
and distress prevailing among the people.
With this the government cannot fail deeply
to sympathise. though il may be without the
power TO extend relief.
1t Is our duty to inquire what has produced
such unfortunate results, and whether their
recurrence can be prevented: In all former
reyulsions the blame might have been fairly
attributed to ia varietyof cooperating causes;
nut not SO upon the present occasion. IL Is
apparent that our existing misiortunes have
proceeded solely from our extravaganza and
vicious system of paper currency and bank
credits, exciting the people to wild sPecula-
tons and gambling in stocks. These resui-
sions must continue TO recur at successive
intervals so long as the amount of paper
currency and bank loans and the discounts
Of the country shall be left to the discretion
Of fourteen hundred 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, wher
they gave to Congress the power to cor
money and to regulate the value thereof
and prohibited the States from coming mo
anything but gold and silver tender in pay.
ment Of debts, supposed they had protecte'
the people against the evils Of an excessiy,
and irredeemable paper currency. They ar,
not responsible for the existing anomaly that
government endowed with the sovereign at
tribute Of coming money and regulating III,
value thereof should have no power to pre-
vent others from driving this coin out Of TIL
country and filling up the channels Of circu
lation with paper which does not represen
gold and silver.
1t IS one Of the highest and most respon
sible duties Of government to insure to III
people a sound circulating medium. III
amount Of which ought to be adapted wit
the utmost possible wisdom and skill to tn
wants Of internal trade and foreign ex
changes. II this be either greatly above o
greatly below the proper standard, the mar
ketable value Of every mans property is in
creased or diminished in the same proper
ton, and injustice to individuals as well a
lincalculable evils TO the community are Ia
consequence.
Unfortunately, under the construction Z
the federal constitution. which has now pre-
vailed too long TO be changed. this importsr
and delicate duty has been discovered frol
the coming power and virtually transferre
20 more than fourteen hundred State bank,
actually independent Of each other, and reg
ulating their paper issues almost exelusiyel
by regard TO the present interest Of the
stockholders. Exercising the sovereign pow
er Of providing paper currency, instead ,
! coin, for the country, the first duty whic
these banks owe 20 the public is okeepin the
vaults sufficient amount Of gold and silys
10 insure eonyertibility Of amount Of thei
notes into coin at all times and under all cir
cumstances. No bank ought to be ehartere
without such restriction on its business !
70 secure this result. All other restriction
are comparatively vain. This Is the only tru
touchstone, the only efficient regulator Of
/. paper cunency-the only one which ca
guard the public against over issues an
bank suspensions. collateral and esentus
security IL il doubtless wise, and in all case
ought 70 be required. that banks shall hol
an amount of United States Or State secu
rites equal 10 their notes in circulation an
pledged for their redemption. This. how
ever, furnishes no adequate security again.
over issues. On the contrary, ii may b
perverted 10 initiate the currency. Indeed,