Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1857-12-19
PRESIlEHl'S NTSSlGE.

PHESIIBlS hGSlhGE.
Fezow Citizens ofMe Senate
and House Of Representatives.
In obedience to the command of the
Constitution, it has now become my duty
ito give to Congress information of the
Union, and recommend to their considera-
Ition such measure" as | judge to be ne
~cessary and expedient."
But first above all, our thanks are due
to Almighty God for the numerous bene
fits which He has bestowed upon this PEG.
pie; aud our united prayers ought to as
cend TO Him that he would continue tc
bless our great republic in time to come
as he has blessed it in time past. Since
the adjournment of the last Congress our
constituents have enjoyed an unusal de-
gree of health. The earth has yielded her
fruits abundantly, and has bountifully re
warded the toll of the husbandnan. Our
great staples have commanded high prices
and up till within a brief period, our manu-.
featuring, mineral and mechanical opera
tons have largely ~partaken of the general
prosperity.
A NATIONAL DAN.
We have possessed all the elements of
material wealth in rich abundance, and yet
notwithstanding all these advantages, our
country, in lis momentary interests, is at
the present moment in a deplorable condi-
tion. In the midst Of unsurpassed plenty
in all the productions of agriculture, and
all the elements of national wealth, we find
our manufactures suspended, our public
works retarded, our private enterprises Of
different kinds abandoned, and thousands
of useful laborers thrown out of employ
ment, and reduced to want. The revenue
of the government, which is chiefly
derived from duties on imports
from abroad, has been greatly reduced,
while the appropriations made by congress
at its last session for the current fiscal year
are very large IN amount.
Under these circumstances a loan may
be required before the close of the present
session: but this, though deeply to be re-
GREETED, will prove to be only a slight mis-
fortune, when compared to the suffering
and distress prevailing among the people.
With this the government cannot fail to
deeply sympathize, though it may be with
out the power to extend relief.
THE FINANCIAL %REvULsIoN.
It is our duty to inquire what has pro.
|duced such unfortunate results, & whether
recurrence car be prevented? In all for
NOR revulsions the blame might have been
fairly attributed to a variety of co-opera-
ting causes, but not upon the present oc-
I%casion. 1t is apparent that they have pro
|ceeded SC lgs,an our extravagant and
vicious system Of paper currency and bank
credits, exciting the people to wild specu-
iation and gambling III stocks. These re-
Iy~nlsions may continue to recur at success
i've intervals, 50 long as the amount Of the
paper currency and bank loans aud dis
counts of the country shall be left to the
discretion of fourteen hundred irrespons:-
bic banking institutions, which from the
very law of their nature will consult the in
~terests of their stockholders rather than
the public welfare.
CURRENCY AND THE BANKS.
The trainers of the Constitution, wien
they gave to Congress the power "to coin
money and to regulate the power thereof"
and prohibited the States from coming
money, emitting bills Of credit, or making
any thing but gold and silver coin a tender
in the payment of debts, supposed that
they had protected the people against the
evils of an excessive and irredeemable pa.
per currency. They are not responsible
for the existing anomaly, that a govern
ment endowed with the sovereign attri
butte Of coming money and regulating the
value thereof, should have no power to pre-
vent Others from driving this coin out O
The country, and filing up the channels o
circulation with paper that does not repre-
sent gold and silver.
1t is one of the highest and most respon-
sibIe duties of government to insure to tile
people a sound circulating medium, the a.
mount of ought to be adapated with the ut
most wisdom and skill to the wants Of IN
ternal trade and foreign exchanges. Il this
be either greatly above or greatly pelow
the proper standard, the marketable val
ne Of every mans property is increased o.
diminished in the same proportion, and ID
Justice to individuals, as well as ncalcula
Die evils to the community, are the conse
quences.
Unfortunately, under the construction o
the federal constitution, which has now
prevailed too long to be changed, this i'm
portant and delicate duty has been dissev
cred from the coming power aud virtually
transferred to fourteen nundredState banks
acting independently of each other, anc
regulating their paper issues almost exclu
%sively by a regard to the present interests
of their stockholders. Exercising the SOW
ereign power of providing a paper curren
cy, instead Of coin, for the Countrywide frs
duty which these banks owe to the public
is to keep in their vaults a sufficient amour
of gold and silver to insure the converta
bility of their notes into coin at all time:
and under all circumstances.
No bank ought ever to be chartered
... .,,h rootria.ians on IFS business a,