Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1857-12-18
PRRgGENT'S NESSiGE.

l.
ton, il hqs how become my duty 'sto give TO
Congress Information Of the state OF tho Union,
ani recommend TO their consideration such
measures" as judge 20 be ''uecessars and ex-
pedieut."
But Grst, aud above ali, cur thanks are due
70 Almighty God for the numerous benefits
which He has bestowed upon this people; aud
our united prayers onght to ascend to Him that
He you'd continue to bless cur great republic
in time to cofne as lie has blessed it 10 time
past Since the adjournmeut of the last Com
Gress cur constituents have enjoyed an unusual
degree OF health. The earth hiss yielded heg
fruits abundantly, and as borntifuily rewarded
the ,oil of the hpsbandnah Oar great staples
have commanded high prices, aud, up till within
q brief period, our manufacturing, mineral, aui
mechanical occupations have largely partaken
Of the general prosperity. We have possessed
al the eleneuts Of material wealth in rich
nbuadance, and yet, notwithstanding all these
adgantages, our country, ia It's monetary
interests, IS at the present moment ia deplog-
G6ie condition. Ia the midst OF unsurpassed
plenty IN Ill the productions OF agriculture and
10 all the clements Of national wealth, ve find
our manufacturcs suspended, our public works
retarded, cur private enterprises Of 6iifereut
kinds abandoned, sad thousands Of useful
laboreEs iarawu aaEasE Erap oyIaent aud Fednoed
to waist. tTite fs3ende q til3s governAleat,
yi..eB sSs!eiEy derived from duties oa inror;s
froU abroai, has beea greatly reduced, whilst
the appropriations made by Congress a; its last
asssioa for the eurreat dscal year are very large
in amount.
Under these circumstances, loan may be
repaired before ;he close of your present session
but this, although deeply 10 be regretted, would
prove 70 ba o2ly a slight misfortune when
eoupsred with tie suffering and distress pre-
Ys:!lag amoug the people. With this the gov
eruuteut cannot fail deeply to sympafhize,
though it aay be Without the power 80 extend
relief
II Is our duty to ingaire what has produced
such unfosiuuase results, and whether their
recurrence can be prevented! In ell former
revulsIons the biane might haze been fairly
attributed to variety u cooperating eaclsesi
but not 50 upon the present occ1sion. Il .s ep-
parent that eC, existing uiis!oFtuues base pro-
ceedei solely from oqG extrava Caut and vicieus
system Of paper currency and hank credits, ex-
citing the gaopl 10 wi.d specU4tiols and eam5-
ling il stocks. These reTuisors must continue
to Tccur at successive intervals so long as the
amount Of TIC paper currency End bank loans
and discounts Of the country shall be ieft 70
tbedlscfeii0n OF fourteen hVaGred irresponsible
baaalng Institutions, which iCom ms very law
OF tae!r nature will consult the interest Of
then stockholders rather than the public wel-
fare.
Tue trainers Of Gle constitution, when they
gave % Congress the power "to coin money,
End IL regulate the value thereof" and prohiD-
tied The States from coming money, emitting
bulls OF credit, or making anything out gold aud
silver coln tender in payment Of debts, sup
posed they had protested the people against
TIE evils OF No excessive and liredcenable paper
GngTeney. They are not responsible for the
exiating anomaly that eoscrnmeut endowed
win toe sovereigo attribute Of coming mouey
and regulating the salue thereof should bave
20 power TO Prevent others from driving this |
eo-i ont oil the cosltry eot Cling up tho !
channeis OF cireQiafion With paper which does |
uot represent gold and silver.
1t is Que CT the highest aud ulost responsible |
duiieS OF government TO insure 70 the ueoDle n |
so1ho circulating medium, the auioant of which |
ousat 20 ue adapted with tue utmost possible |
WISDOM ana skill to thswAuts OF internal trade
ana toreigh exchanges. If this be either 0reatly
above or greatly beloy the proper standard.
tle marketable value Of every mans propertv
increased o. diminished Ia the same pronort;or !
AID injustice to individuals as we'll a. ,nea.
culaolo evils 70 the community ere tue coD-l
sequence.
Unfortunately, under the construction OF the
FEDERAL constitution, which has nov prevailed
too long TO 6e changed, this important nna
delicate duty has been discovered from the
,-22Shng power and virtually transferred to more
lAaA fourteen hundred State banks, acting il.-
'sPeHdanuy of each other, aud regulating their
paper issues almost exclusively by regard to
y 1,'e present interest ot their stockholders.-
assessing tne sovereign power Of providing
p-fst currency, insteau Of coin, fof The country,
10 a'a' uaiy Which these banks owe to the
PUH1i' . % keep Ia their vruIts a sufficient !
uoons OF goii apd silver to insure the con-
oi teeir notes iuto coip at all times
-l-F e!l circumstances. No baud ought |
=, oe Chartered without such restrictions |
o,ta. aess s-'iaess as to secure this result. All
NJ; .'iIons are comparatively vain
- - 'ae -eiy true touebstone tba onl,
-. au'aeE Of paper curreney-the ouly I
isyuss ana S'-l -l gard The publie against over
and eyan,r>, -- ssspeas.J4s. AS collateral /
e'ehtuat security !, i do,b,ia-. - -
- al q, cases ought to BE- raon;rs5 80. -
lo!a an amount Of Un,tad ST. =. c.
vp''ies equal to their note. il e;ro.'I.,;an
p,sasGa ior their redemption. This bawsver ra1
;sa Iau'sA1s 10 adequate security .,a;ns. orer'
,a'oos' on the contrary, it NAV uss aao orel,
- iala'e the currency. Indeed pOlssi,ya a;n,l
tus means to convert all The ~. - pos'igle
United States and State goyerpmenSa S.1 % INC
t0'es, without reference 10 the 'uVo oahA
redeem them. However vaInshIa Ie'iaire9
b'arities - may be in themselves. ,bea o sncse
= saaye'ted into gold sud silver At ,,s osnno'
=" pressure, rs our cxperishcs tssohs,