Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1857-12-24
THE PRESIDENTS MESSAGE.

THE PRESIDENTS MESSAGE.
FINANCIAL CONDITION OF THE GOVERN
MENr AND coUNTRY-BANKs THEIR
FuNcTIoNs-A LAW TO GOVERN THEM.
Since the adjournment of the last Con-
gress our constituents have enjoyed an unu.'
sual degree Of health. The earth has yield
ed her fruits abundant'y, and has boun'iful-
ly rewarded the toll OF The husbandman.-
Our great staples have commanded high
prices, and, up till within brief period, our
manufacturing, mineral and mechanical oc
cupations have largely partaken Of the gen.
eral prosperity. We have possessed all
the elements of material wealth in rich a.
bundance, and yet, notwithstanding all these
advantages, our country, in its monetary
interests, is at the present moment in de-
plorable condition In the midst of unsur-
passed plenty in all the productions Of ag-
riculture and in all the elements Of national
wealth, we find our manufactures suspend
ed, our public works retarded, our private
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
appropriations made by Congress Of 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.
gretted, 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 deep
ly to sympathize, though it may be without
the power to extend relief.
1t is our duty to inquire what has pro-
duced such unfortunate results, and wheth-
er they can be prevented In all former
revulsions the blame might have been fairly
attributed to variety Of cooperating cau-
ses; but not SO on the present occasion. 1t
is apparent that our existing misfortunes
haye proceeded solely from our extrava-
giant and vicious system of paper currency
and bank credits, exciting the people to
wild speculations and gambling in stocks.
These revulsions must continue TO recur at
successive intervals SO long as the amount
Of the paper currency and bank loans and
discounts Of the country shall be left TO the
discretion Of fourteen hundred irresponsi-
Lle banking institutions, which from the
very law Of their nature will consult the
interest of their stockholders 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 prohibit the States from coming money,
emitting bills Of credit or making anything
but gold and silver coin tender in payment
OF debts, supposed they had protected the
people against the evils of an excessive and
irredeemable paper currency. They are
not responsible for the existing anomaly
that government endowed with the sove-
reign attribute Of coming money and regu-
lating the value thereof should have no
power to prevent others from driving this
coin out Of the country and filling up the
Of circulation with paper which
does not represent gold and silver.
It is one of the highest and most respon-
sible duties Of government to insure to the
people sound circulating medium, the a.
mount Of which ought to be adapted with
he utmost possible wisdom and skill to the
wants Of internal'trade and foreign exchang-
es. If this be either greatly above or great
y below the proper standard, the marketa-
o's value Of every mans property is in
,rea ed or diminished IN the same proper
ion, and injustice to individuals as well as
noalculable evils to the community are the
Unfortunately, under the construction Of
he federal constitution, which has now
prevailed too long to be changed, this i'm
portant and delicate dtuy has been dissev-
sred from the coming power and virtually
transferred to more than fourteen hundred
State banks, acting independently of each
other, and regulating their paper issues al
most exclusively by regard to the present
interest Of their stockholders. Exercising
Lhc sorereign power Of nroyidinn nnnsr