Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1857-12-17
The Presidents Message.

The Presidents message commenc ces by
returning thanks to the Almighty for the
numerous benefits he has bestowed on this
people. We have possessed all the !ele-
ments of material wealth in rich abundance,
and yet, Notwithstanding all these advan-
tages. our country, in Us monetary inter
ests, is at present in adeplorable a condition
In the midst of unsurpassed plenty of all
the productions of agriculture and all the
elements of national wealth, we find our
manufactures suspended, our public works
retarded. our private enterprises of differ
ent kinds abandoned, and thousands of use
ful laborers thrown out of employment and
reduced to want The revenue of the gov
ernment, which is chiefly derived from du-
ties on imports from abroad, has been
greatly reduced, whilst the appropriations
made by Congress at its last session fer
the current fiscal year are very large in a
mount. Under these circumstances a
loan may be requil.d before the close VI
your present session.; but this, although
deeply to be regretted. will prove to be on
ly slight misfortune, when compared to
the suffering and distress prevailing among
the people, with which this government
deeply sympathises though it may be with
out the power. to extend relief. He in
quires what has produced these unfortun-
ate results, and whether their recurrence
can be prevented. 1t is apparent that they
have proceeded solely from our extrava
CANT and vicious system ofpaper currency
and bank credits, exciting the people to
wild speculation and gambling in stocks.
Thes 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 400 irresponsible banking
institutions which, from the very law OF
their nature, will consult the interests OF
their stockholders rather than the public
welfare. 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 covertibility of their
notes into coin at all times and under all
circumstances. No bank ought ever TO be
chartered without such restrictions OH its
business as to sucure this result. Our f.
nancial history for the last forty pears has
been history Of eytravagant expansions
in the business of'the country f2llQwed by
ruinous contraciions ~ successive inter
vals The pes, and most enIerprising men
nave been tempted to their ruin by excess
i've bank loans of mere paper credit, excit-
ing them to extravagant ntimportations of for
eign goods, wild speculation, and ruinous
aud demoralizing stock gambling. When
the crisis arrives, as arrive it must, the
banks can extend no relief to the people.
In vain struggle to redeem their liabili
ties in specie, they are compelled to con-
tract their loans and their issues. and at last,
in the hour of distress, when their assist
ance is most needed, they and their debtors
sink together into insolvency. In the
meantime it is the duty of the government,
by all proper means within its power, to
aid in aleviating the sufferings of the peo-
pie occasioned by the suspension of the
banks, and to provide against the recur-
renee of the same calamity. Unfortunate
ly, in either aspect of tie case, it can do
but little. Thanks to the independent trea-
sury, the government has not suspended
as it was compelled to do by thr
failure Of the banks in 1887. 1t will con-
tinue to discharge its liabilities to the peo-
pie in gold and silver Its disbursements
in coin will pass into circulation, and ma
terially assist in securing sound curren-
cy. From its high credit. should we be
compelled to make temporary loan. it can
be effected on advantageous terms. This,
however. shall, if possible, be avoided; but
if not, then the amount shall be limited to
the lowest practical sum. have, therefore,
determined that. whilst no useful govern
ment works in progress shall be suspend
ed, new works already commenced will be
postponed, if this can be done without in
jury to the country. Those necessary to
its defence shall proceed as though there
had been no crisis i'll our monetary affairs.
But the Federal government cannot do
much to provide against recurrence of
existing evils. Even if insurmountable
constitutional objections, did not exist "a
gainst the creation of national bank, this
would furnish no adequate preventive Sc
curity. The history of the last Bank of the
United States clearly proves the truth Of
this assertion. After all, we must mainly
rely on the patriotism and wisdom of the
States for the prevention and redress of the
evil. If they will afford us specie basis
for our paper circulation. by increasing the
Of bank notes, first to $50,
and afterwards to s5O-ifthey will require
that the banks shall at all times keep on
hand at least one dollar of gold and silver
for every three dollars of their circulation
and deposits-and if they will provide, by
a self executing enactment which nothing
can arrest. that the moment they suspend
they shall 60 into liquidation--I believe
that such provisions. with weekly pub
lication by each bank of a statement Of its
condition. would go far to secure us against
future suspensions of specie payments.-
Congress, in my opinion. possesses the