New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-09
PUBLIC DOCUMENTS.
THE PRESIDENTS MESSAGE.

Lac LOW becOme my duty to give to Congress IN
formation Of the state Of the Union sad recommend
70 tfeu moderation suoh measures az judge 70
be necessary and e1pedient."
But fret, and above al, tnszks are due to AL
mighty God for the bsrtf witch he hss be-
slowed upon this people and united prayers ought
to asoerd TO Hin that He would cottihue TO bess our
great Republic IN tins TO come He has blessed i. in
time past Since the adjournment Of the last Congress
constituents have enjoyed an unusual d"grse Of
health The earth has yielded her fruits abundany,
has beautifully re rarded the toll Of tas husbandman.
Our erea: etsples have commanded high prices, and
10 I'll within brief period our manufacturing min
eial and mechanical Occupaots have largely psrtaken
Of the general prosperity We hsve possessed ali t0s
elements of material wealth in IIch abundance, and
yet notr thstandng all these advantages country,
In its etary interests Of the present moment in
depo able coTditiOD. In the midst OF unsur passed
plenty IL all the productions of agriculture aud IN all
the elements Of national wealth, We find our msnufac'
ures suspended our public works retarded, our pri
vate enterprises Of different kinds abandoned, and
Thousands Of useu laborers thrown out of employment
and re0uced to want. The revenue OF the Govern
ment which ia chiefly derived from duties on imports
from sbrosd, has been greatly reduced while the ap.
preparations made by Congress a. it, last Session for
the current fiscal year aIe very large in amount.
Under these circumstances a loan may be required
before the close Of your present Sessiou but ts al
houe ceepy TO be regretted would prove TO be only
sie Ut misfortune when compared with the sulenag
ard distIes prevailing among the psole. With tins
the Government caDnot fail ~ deeply sympataze,
though i; may be without the power TO extend relief
1t cur duty 10 inquire what has produced such I'M
fortunate results ana whether then recurrence can os
prevented In all former reyulsioni the blan might
have been fairly attributed tJ variety OF coopera-
ting causes bu. not 20 upon the present occasion. IL
il apparent that existing mis- ortunes have pro
ceedtd sCley from e1travaRaIt and VICIOUS sys-
tenn Of paper currency ard bank credits. exciting the
people to wild speculators and gambling 10 stocks.
Ihese reyusioDs must continue 10 recut az successive
intervals 30 long az the amount OF the paper currency
ard bank loans and Discount OF the country sha be
left TO the oil erection OF fourteen hundred irresponsible
banking institutions which, from the very law Of their
nature will consult the interest Of thsir STOCKHOLDERS
rather than the public welfare.
The trainers Of the Constitution, when they gave to
Congress the power ITO coin money ano 10 regua.s
the value thereof ard prohibited the States from
coming money eHtr bills OF credit, or making any.
thing gold and silver coin tender In psymeat OF
cebts supposed they bad protected the people against
the evils of an enc rsdeemsble paper cu-
renew They are lot responsible for the existing
anomaly tn at government endowed with the soye'
reign attribute OF coming money and regulating the
value thereof should have no power 10 pIeyee1 c.nsrs
fiom orvDg this coin out OF the country and filling up
the channels Ct circulation with psper which does not
represeIt gold and silver. .
IL is ole Of the highest and most responsible duties
OF government 10 insure 10 the people sound crculA
ting mt dun the amount OF which ouga to be adapted
with the utmCst sci ole wisdom and ski 10 tie vans
Of Internal tisde and fofegn exchanges IL tnls De
either greatly above greatly below the proper stauc
ard, the marketable value OF every mans property Is
increased or diminished in the eae proportion aud 10
Justice TO individuals vel incAlculabe evils TO
the community are the consequence
Unfortunately, under the constru OF the Federal
Constitution which has prevailed too lops to be
CT aDge6, tnie important and delicate duty mas been
discovered from the coming power and virtually trans.
ferred to than fourteen hundred state banks,
aotipg Independently of each other, aid regulating
their paper Issues almost exclusively by regard to
the esep interest of their stockholders Exercising
TIE sovereign power Of providing 9 paper csnsnoy
instead Of coin for the country the first DUTY which
these banks to the public is to keep n their vaults
sufficient amount Of golo and silver to insure the
cCaVeriioy Of their notes into coin at all tunes aud
upc er all circumstances. No bank ought to bs
chartered without ouch restriction on rs business as u
secure this result All otter restrictions are compare
lively vain This Is the only true toucstone the On'y
efficient regulator OF apaper cuTeDcy-the only one
mich cal gualG The public against over.is.aes and
bark eusp eLsOLs. AS q colaters aud eve niua eecu
ry il is doubtless wife IN 81 cases ought 10 be re-
quiied, that banks shs,l hold al amount OF L ted
States OF State securities equal to ttet notes IN ccu-
!ation OIL Die csed for theI redemption. Inis how
ever furnishes 10 sGegusts security aga!nst over
issues.
On the contrary, it may be perverted to initiate the
curicy Indeed il il possible 10y tbs means 20 cor
vert oil the debts Of the United States and Sa'e Gov
elm ITS Into bsLk notes without refefsoce TO the
specie required 10 redeem them However valuable
these securities may be in themselves they canno. be
converted into gold and silver at .he moment Of pres
sure as our experience teaches, in sufficient rine to-
prevent bank Suspensions ard the depreciation OF balk
notes IL England, which Is 70 scoosceIaDe eA'ehY
a pspeI.money country, though vastly oehna our
ow 10 this Ietpect it was deemed advisable anterior
10 tie act Of Parliament Of 1874 which wisely seps-
rated the issue e Totes from TIE banking department
fer tie Bank CT England always TO kaep on hsnc goid
arc silver quail TO enc third Of its con bined crcuia
.ion AID deposits. II this proportion was no more
than sufficient to secure he convertbIty OF It's notes.
with the Whole Of Great Britain, and 70 sone extent
lie Cop,r eut Ct Europe field for its Calculation
reIderir II almc impossible tnst 81 1cen ard I'M
lie eiate run 10 dangerous amount should De mace
upon II, the came proportion would cef"r4y De IN
efficient un0er or banking system
Ea b Of our fourteen hundred banks na. bct o I'M
tied ccunfeIt for ts circulation, and Ia the courss
Of very days the deIcs'crs and ncte-hocers might
demand from such bank sufficient amount IN specie
10 compel il to suspend even although II had coin In
lie vsulte equal 10 onehird Of it's immediate hsclltes
And Yet an not aware, with the reception CT the
banks Of Louisiana IL at any state oank throush0e'
the Union has been required by lie CHARTER 10 Keep ms
OF any oiter proportion Of gold and silver compared
with the amount of lite combined circulation aud &C.
posts What has been the consequence! In 70
cent rspOlt made by the Treasury Department on the
oono,it &C tee banks throughout the different States
accc II ing returns dated nearest TO January, 1897,
the sggr gate amount OF actIsi specie Ia t1er waits
il SIS $40 SS Of their circulation s2l4 81 ana OF
their deposits $3.50 81 352 Thus appears that these
banks 10 the aggregate have considerably less than
one dolsl in seven Of god and silver compared with
their circulation and deposits Ii was pspaoe there
fore that the very FIST pressure must drive tdem TO
suspe siop anG deprive the people o! convertible
currercy with ali itr disastrous cOusequenoes.
It's tiuly vonoeIfu that they shogld have 80 long
continued to preserve their credit when demand for
the payment OF seventh of ther immediate Esth-
ties would have driven thea into nsolvencl. Anc
this is the ctldiioL Of the banks notwithstanding that
-four Hundred Hillios # gold from Cs.ifornla nsye
flowed IN upon within the last eight yeas sad the
tde sill COT times 10 fow Indeed such IA, been the
eauaSsgsnos OF bsLk credits thai tie banks Dow noc
corsdsIsol less smcUn of specie, either II proper
tiop TO Their capita to their ciIccstion aud de-
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