The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1857-12-15
PRESIDENTS MESSAGE.

y
In obedience to the command OF the
Constitution, it has now become my duty ITO
.r-vr 30 Congress informafOn of the state OF
the Union, and recommend to Their con-
si,!cration such measures" as Judge to Do !
necessary and expedient."
but Grst.-and above all, our thanks are
due tn Almighty God for the numerous
b,nefits which He has bestowed upon this
people; and our united prayers ought to
ascend to HIM that He would continue TO
LIess 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 degree
of health. The earth has yielded her fruits
ahundautly, and has beautifully rewarded
the toll of the husbandman. Our great
staples have commanded high prices, and,
up till within brief period, our manu-
featuring. mineral, and mechanical occuPa-
tons have largely partaken of the general
prosperity. We have possessed all the
elements of material wealth in rich album
dance, and yet, notwithstanding all these
advantages, our country, in It's monetary
Interests, is at the present moment IN
depIorable condition. In the midst of
unsurpassed plenty in all the productions
of agriculture and in all the elements of
national wealth, we find our manufactures
suspended, our public works retarded, our
private enterprises Of different kinds aban-
doned, 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
TalucaH Xuhil-f tho 0laIa NV
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 our present
session; but this, although deeply to be
regretted, would prove to be only slight
misfortune when compared with the suffer
ing aud distress prevailing among the
people, With this the government cannot
fail deeply to sympathiz, though it may
be without the power to extend relief
r. 1t is our duty to inquire what has produced
such unfortunate results, and whether their
recurrence can be prevented In all former
reVuIsions the blame might have been fairly
attributed to a variety of cooperating
causes; but not so upon the present occasion.
1t is apparent that our existing misfortunes
have proceeded solely from our extravagant
and vicious system of paper currency and
bank credits, exciting the people to wild
spcculations and gambling in stocks. These
reyuisiCns 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 irresponsible banking
institutions, which from the very law of their
IL r Il.
stockholders rather than the public welfare.
The trainers of the constitution, when
they gave to Congress the power ito 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 tender
in payment of debts, supposed they had
protected the people against the evils of
an excessive and irredeemabIe paper curren-
fXrS NXndEFy" that @sn goSerhm eft t en
dowrd with the sovereign attribute of
coming money and regulating the value
thereof should have no power to prevent
others from driving this coin out of the
country aud filling up the channels of
circulation with paper which does not
represent gold and silver.
1t is one of the highest and most
responsible duties of government to insure
to the people a 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 lncalcnlable evils to the community
are the consequence.
Unfortunately, under the construction of
the federal constitution, which has now
prevailed too long to be changed, this
important aud delicate duty has been
discovered from the coming power and
virtually transferred TO more than fourteen
hundred State banks, acting independently
OF each other, and regulating their paper
issues almost exclusively by regard to
the present interest of their stockholders.
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 convertbility of their notes into
com at all times and under all circumstances.
No bank ought ever to be chartered Wi bout
such restrictions on its business as to secure
this result All other restrictions are
comparatively vain. This is the only true
touehstone, the only efficient regulator of
paper currency-the only one which can
guard the public against over-issues and
bank suspensions. AS collateral and
eventual security it is doubtless wise, and
in all eases ought to be required, that banks
shall hold an amount of United States or
State securities equal to their notes in
circulation and pledged for their redemption.
This, however furnishes ns adequate security
against over-issues. On the contrary. It
may be perverted to initiate the currency.
Indeed, it is possible by this means to
convert all the debts of the United States
and State governments into bank notes.