The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-12-16
Presidents Message


House Of REPRESENTATIVES
Iu obedience to the command of the
constitution, it has now become my duty s.to
give to Congress information of the state
of the Union, aud recommend to thoir
to be necessary and expedient.n
But first, aud above all, our thanks are
due to Almighty God for the numerous
benefits which He has bestowed upon this
people; and our united prayers ought to
ascend to Him that He would contiDue to
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 unusual de-
gree of health. The earth has yielded
her fruits ebundantly, and has bountifulIy
rewarded the toll of the husbandman.-
Our great staples have commanded high
prizes, and, up till within a brief period,
our manufacturing, mineral, and mechan-
ieal Occupations have largely partaken of
the general prosperity.
We have possessed all the elements of
mrterial wealth in rich abundance; aud
yet, notwithstanding all these advantages,
our country, In it's monetary interests, is
at the present moment in dsplorable
condition. In the midst. of unsurpassed
plenty of all the productions of agriculture
and all the elements of national wealth,
we fad our manufactures suspended, our
public works retarded, our private enter
prises of different kinds abandoned, and
thousands of useful laborers thrown out
of employment and reduced to want. The
revenue of the government, which is chief.
ly derived from duties on imports from
abroad, has been greatly reduced, whilst
the appropriations made by Congress at
its last session for the current fiscal year
are very large in amount.
Under these. circumstances, loan NAV
be required before the close of your pres.
ent session; but this although deeply to
be regretted, will prove TO be only slight
misfortune, when compared to the suffering
and distress prevailing among the people.
With this the Governments cannot fail to
deeply sympathise, thought it may be with
out the power so extend relief
1t is our duty to inquire, what has pro.
duced these unfortunate results, and
whether their recurrence cansbe prevented?
In all former revulsioDs the blame might
have been lairly attributed 30 variety of
co operating causes but not so upon the
existing misfortunes have proceeded sole
ly from our extrapagant aud vicious sys
ten of paper currency and bank credits
exciting the people to wild speculation
and gambling in stocks. These reVulsions
walls. go long as the amount of the paper
currency and bank loans and discounts in
the country shall be left to the discretion
of l4Q0 irresponsible banking institutions,
which, from the very law of their nature,
will consult the interests of their stock
holders, rather than the public welfare.
The trainers of the constitution, when
they gave to Congress the power "to coin
money and to regulate the value thereof, ;"
and prohibited the States from coming
money, emitting bills of credit, or making
anything but gold and silver coin teGder
in payment of debts, supposed they had
protected the people against the evils of
an excessive aud irredeemable paper cur
rency. they are not responsible for the
existing anomaly that Government en-
dowad with the sovereign attribute of
coming money and regulating the value
thereof, should have no power to pre-.
vent others from driving this coin out of
the country, and filling up the channels
of circulation with paper which does not
represent gold and silver.
Il is one of the highest and most re-
sponsible duties of Government to insure
to the people sound circulating medium,
the amount of which ought to be adapted
with the utmost possible wisdom and
skill TO the wants of internal trade and
foreign exchanges. If this be either
greatly above or greatly below the proper
standard, the marketable value of every
mans property is increased or diminished
in the same proportion, and injustice to
individuals, as we'll as incalculable evils
to tie community, are the consequence.
Unfortunately, under the construction
of the federal Constitution, which has now
prevailed too long to be changed, this i'm
portant and delicate duty has been dis
covered from the coming power, and vir-
tually transferred to more than fourteen
hundred State banks, acting independent
lyof each other, and regulating their-pa
per issues almost exclusively by the regard
to the present interests of their steekhol-
ders. Exercising the sovereign power of
providing paper currency instead of
coin for the country, the first duty which
these banks owe to the public is to keep
in their vaults sufficient amount of gold
and silver to insure the conVertibility of
their notes into coin at all tunes, and Uni
der all circumstances. No bank ought
ever to be chartered without such restric-
tions on its business as to secure this
result.
All other restrictions are comparatively
vain. This is the only true touchstone,
the only efficient regulator of a paper cur
reney-the only one which can guard the
public against over issues and bank sus-
pensions. As collateral and eventual
security it is doubtless wise and in all cas-.
es ought to be required, that banks shall
hold an amount of United States or State
securities eqasl to their notes in cifcula-
tion and pledged for their redemption
This, however, furnishes no adequate Sc
curity agai at over-issues. On the con-.
trary, it may be perverted to initiate the
currency. Indeed, it is possible by this
means to convert all the debts of the Uni.
ted States and State Governments INTO
bank notes, without reference to the spe-
Gle reouirad IN redeem them However