The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-24

of Representatives in Congress ASSEM-
bled:
In obedience to the command of the
Constitution, il has now become my
duty to "givc to Congress iniorma.
ton of the state Of the Union, and
recommend to their consideration
such measures" as Judge to "be me-
cessary and cxpedicnt."
FINANCIAL MATTERS.
But first, and above all, our thanks
are due to Almighty God for the nu-
mcrous benefits which lie has be-
slowed upon this people; and our
united prayers ought to ascend to
Him that he would continue 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 Ell
loved an unusual degree of health.
The earth has yielded her fruits album
dainty, and has beautifully rewarded
the toll of the husbandman. Our
great staples have commanded high
prices, and, until within brief Pc
Rod, our manufacturing, mineral and
mechanical occupations have largely
partakeu of the general prosperity.
We have possessed all the elements
of material wealth in rich abundance,
and yet, Notwithstanding all these
advantages, our country, in its mon
ctary interests, is at the prcseut mo-
mcnt in a dcplorablc condition.. In
the midst of unsurpassed plenty III
all the productions of agriculture
and in all the elements of national
wealth, we find our manufactures sns-
pended, our public works retarded,
our private enterprises OF different
kinds abandoned, and thousands OF
useful laborcrs thrown out OF employ
ment and reduced to want. The rev
cnuc of the Government, which ~
chiefly derived from duties on imports
from abroad, has been greatly re-
duccd, whilst the appropriations made
byCougress at 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, al,
though deeply TO be regretted, would
prove to be only a slight misfortune
when compared with the suffering
and distress prevailing among the
people. With this, the government
canunot fail deeply to sympathlze,
though it may be without the power to
extend relief
1t is our duty to inquire what has
produced such unfortunate results,
and whether their recurrence can be
prevented In all former revulsions
blame might have been fairly attri-
buted to a variety Of cooperating
causes but not SO upon the present
occasion. 1t is apparent that our eX-
isting misfortunes have proceeded
solely from our extravagant and vi
cious system Of paper currency and
bank credits, exciting the people 10
wild speculations and gambling III
stocks. These revulsions must con
time To recur at successive inter
walls. 80 long as the amount Of
the paper currency and bank loan,
and discounts Of the country shall
be left 10 the discretion Of fourteen
hundred irresponsible banking insti-
tutions. which from the very law Of
their nature will consult the interest
of their own stockholders rather than
the public welfare.
The trainers 0f the constitution,
when they gave to Congress the pow
or "to coin money and to regulate
the value thereof" and prohibited the
states from coming money, emitting
bills If credit, or making anything
but gold and silver coin a tender
ia payment Of debts. supposed they
had protected the people against the
evils Of an excessive and irrede.ma-
BILE paper currency. They are not
responsible for the existing anomaly
that a government endowed with the
sovereign attribute Of coming money
and regulating the value thereof,
should have no power 10 prevent
others from driving this coin out Of
the country and filling up the chan
nels II circulation with paper which
does no, represent gold and silver.
II is one of the highest and most
responsible duties Of our government
% insure 10 the people a sound cir