Kenosha tribune & telegraph. [volume] (Kenosha, Wis.) 1856-1859, 1857-12-10
PRESIDENTS MESSAGE.
c Citizens Of The Senate
50 and House Of Representatives

In obedience to the command Of the Consti-
ton, il has now become my duty :" to give to |
Congress information of the state of the Union, I
nd recommend to their consideration such
neasures''as Judge to be : necessary and ex-
sedent.r ...z34t sf-1 ar4 @
IA But first and above all, our thanks are due to
B Almighty God for the numerous benefits which
Il de has bestowed en- this people; and our united
prayers ought to ascend to Him that lie would
7 continue TO bless our great Republic in time 70
4 enrae He has blessed it in times past Since
5 the adjournment OF Congress our constituents
have enjoyed an unusual degree of health. The
kearth has yielded hertruits abundantly. and has
#bountifully rewarded the toll OF the husband
gman. Our great staples have commanded mgh
4 prices, and, up till within brief period, our
manufacturing, mineral, mechan;cal occupations,
have largely partaken OF the general prosperity
s. We have possessed all the elements of material
wealth in rich abundance, and yet notwithstan
ding all these advantages, our country in it's
monetary interests is at the present moment in
a deplorable condition. In the must sof unsur-
passed plenty III all the productions Of agricul-
q lure and all the elements OF national wealth,
we find our manufactures suspended, our public
works retarded. our private enterprises OF differ
i ent kinds abandoned aud thousands of useful
laborers thrown out Of employment; and reduced
10 want The revenue of the government, ~ eh
is chiefly derived from duties imports from
abroad has been greatly reduced. whist the ap'
preparations made by Congress, NJ its last SEES
sion, for tile fiscal year are very large in amount
Under these circumstances loHn may be re
quired before the close of your present session
but this, although deeply to be regretted wooIQ
prove to be only slight misfortune when com
pared with tue suffering and distress prevailing
among the people. With this the government
cannot fail deeply TO sympathize, Thought may
be without power TO extend relief .. t.4.. ..,.
It is our duty to inquire what has produced
such unfortunate results, and whether their re
currence can be prevented In all former re
yuisions the blame might have been fairly at
tributed to q variety of cooperating causes bu
rot so on the present OCCASION. Ii Is appafen
that.our existing misfortunes have proceeded sol
ely from our extravagant and viciuus system @
paper currency and bank credits exciting th'
people to wild speculation and gambling IL
stocks. sft- 4.t... ....4 Id. ..e..-
These revolutions must continue to recur q
successive intervals, so long rs the amount o
the paper currency and bank loans and dIscoun
of the country shall be left to the discretion o
400 irresponsible banking institutions, whicl
from the very law OF their nature will consul
tile interest of their stockholders rather thanth
public welfare.
The trainers of the Constitution, when thcl
gave to Congress the power 10 coin money ari'
10 regulate the value thereof" aud prohibited
the States from coming money, emitting bills Q
credit, or making anything but gold and silve
coin tender in payment OF debts, suppose
that they had protected the people against th'
evils of an excessive aud irredeemabie pane
currency They are not Responsible FOR the ex
sting anomaly that government endowed wit
the sovereign attribute of coming money ant
regu ating The value thereof should have N
power TO prevent others from driving the coli
out of the country and filling up the channel 0
circulation with paper which does not represen
gold and silver.
II is one of the highest and most responsible
duties OF the Government To insure to the PEG
pie a sound circulating Medium, the amount o
which ought TO be adapted with the utmost pos
sible wisdom and skin to The wants of iHterna
trade and foreign exchanges. If this be eithe
greatly above or greatly below the proper stand
ard the marketable value Of every mans prop
eYly is increased or diminished in the same pro
portion, and Injustice to ind iduals well a
incalculable evils to the community are the con
sequences.
Unfortunately, under the construction Of tn
federal Constitutions which has now prevailed
toe long to be changed, this important and deli
este duty has been disse, cred from the coming
puwer and transferred to more than fourteen
hundred State Banks, acting independent .
each other, and regulating their paper Issues al
most exclusively bya regard to the present in
terest of their stockholders. Exercising the
sovereign power of providing paper currency
instead of coin, for the country, the first dUtJ
which these banks owe to the public, Is TO keel
their wants q SNliiclent amount uI TNiQ arc
silver to insure the conveTtibilty OF their uoie'
into com mt all times and under all circanistan
ces. No bank ought ever to be chartered with
oat such restrictions on its business rs 70 Secur,
tits result All other restrictions are compare
lively vain. This is the only true tuucbstone
the only efficient regulator u a paper currency
the Only one which can guard the pubdt
against oyer-issues and bank suspensions. A.
ucoliatfcral and eventual security it Is doubtless
y. Sc and in all cases ought to be requITed,ihAi
hanks shall hold an amount OF United States o
State securities equal 10 their notes III chcua-
ZION and pledged for their redemption. 1 his
however furnishes no adequate security against
uver.issnes. On the contrary, 1t may be pfever
led 20 initiate the currency. Indeed Il IS posi-
J. e by this means to convert all the debts of ID,
United States aud State Governments into bant
notes, without reference the specie required Il
veaeem them. However valuable these securi
ties may be in themselves, they cannot be con
ver,ed into gold and silver at the moment q
pressure, as our experience teacEes,in sufficient
time to prevent bank suspensions and The de-
preciat on of bank notes
In England, which is TO considerable eXten
a payer money country, though vastly behin'
oar own in this respect, 1t was deemed advisable
anterior TO the act OF Parliament of 1874. which
widely separated the issue of notes from th
banking department, for the Bank OF Engan'
uIyyays 10 keep Oh hand gold and silver equa
~ oue-third of its combined circulation and de-
1osits If this proportion was DO moo thar
sufficient to secure the couvertOliijy OF its note
with the whole OF Great Britain, and to SOM
extent the continent IF Europe As field ioi li
circulation. rendering it almost impossible th2
a sudden and immediate run to dangerous
amount should be made upon n, the same pro
portion would certainly be insufficient unGe
our banking system. Each of our fourteen
hundred Banks has buta limited cTcunterenc
t1r lis circulation, snd III the course OF 3 tav
Ia and holders mlUlt de
uaud from such bank a sufficient amount il
sp,cic to compel It 20 suspend, even although
n had coin in it, vaults equal Ia oue-thlrd Of i
immediate Liabilities. And vet | am not aware
with the exception of the Banks OF Louisiana
that any State Bank throughout the [ mon ha'
heen required by it's charter 10 keep this or any
q. her proportion of god and silver compared
with the amount Gifts combined circulation aul
dcposits What has been the consequence =
In n recent report made by the Treasury De
art en-; on the cund tiOn o. the Banks through
L The iii tfierent States, according 10 returns d.
led nearest TO JanuaIy, 1S&1, the aggregate
smount Of actual specie in their vaults - sos,
$40 SIS; of their circulation, Ss2l4 ~, S22 ant
OF their deposits, S23 sol 3d. Thus Il ap
rears that these banks III the aggregate haN'
considerably less than one dollar III seven o
gold and silver compared with their circulation
and deposits. 1t was palpab.c, the 'afore. tha
the very first pressure must drive them TO suS
pension and deprive the e)p,e OF convertible
currency with all its disastrous consequences
lis truly wonderful that ihey should have ),
long continued 10 preserve their credit. when
demand Tor Il payment Of oue.>even'h OF thci
Immediate Liabilities won.G Lave GriNeu them in
10 insolvency. And this is tie condition ut 10,
banks, Notwithstanding that foHr hundrt mil
Hons OF gold from California have flowed in ny
on us within the last eight yeats, and The It'd
stiu continues 10 flow Indeed, s,ch has been
Tie extravaganza of bank credits That the bank
now hold n con,iderab, less amount Of specie
either in proportion 10 their capital or 10 tn