Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1857-12-17
PRESIDENTS MESSAGE.
7ello,u- Citizens Of the Senate


PRESl DENT 5 MESSAGE.
E,u,,, Outcome .f ,ls Seno,e
'"O~ 10y " "c ,hn H,ss T. @ Penrs,on,o,;rss
'." " '"' .-O 49,;
In ooedience 10 tne conmahu OF 'ne Coneu'
tuition, 1t mas now become my duey ~g.ye
TO congress Information OF ene s'a'e VI :ne
onioh' anu recohmelu W 'ne'f con'iueias.on
sucn measures Us Juugo =" 10 "o0e''"'y
ana expeoient; 49,, uo a,o g
Dus nrs' anu aoovo MI. our .uanAo e. rhoh
Aihighsy uoo ior ''e huMo'o'' oI"e .a ~.
nc nas pessomeu w" 'n.S peSp,o ~ H., ,ba.
pni'eu prayers ougas IL. ~ a'oeau ,t " ran,h,;c M
.io "ouiu con'l'ue W oio'e pai go. :.
:, .i'no q y oone ~ ne nae o.0sIeu u. 1as. Co.
pas' olnce 'ne aulouln.nehS .. s"o 'a'u vwa
gless our eons.is"ensS @ nase e"oyeo dad :n has
ssg.se :. syaisn aslsa W. NJ ~ Sa,sa.
dad ta;I ~ ~ a'I b,ahandwam J@, onr GREAT
~" s"V 'oi y, ."e ~ h;nn -n;.oa I'd nm
t,,p p.Gt ,";th; :a' hs;ar "a1;od % pannf;ctnr;ng
s,i ",','in Dliei peiiou, W.. ..;".h"no arae,
u'noia' Il, anu reI."n,oa, ho .a~o.;.n paSaU
y P'f'"N'' VI '"0 s'noi"' P'''t''''''
FINANCIAL.
We have nossessed all the elements of ma
terial wealth in rich abundance, and vet, not
withstandng all these advantages, our country
in its monetarv interests. is at the present mo-
ment in deplorable condition. In the midsts
of unsurpassed plenty in all the productions
of agriculture and in all the elements OF nation
al wealth, we find our manufactures suspended
our public works retarded. our private enter
prise of different kinds abandoned, and thou
sands of useful laborers thrown out of cmplov
ment and reduced 10 want The revenue O
tbe oovernment which ia chiefly derived from
dut;e, m ;mnorts from abroad has beer
e.aa.tI,, o1,,adJ ILL., tLo onn,onr;o t;o,,
made bv Congrass ot tho last session for thu
orrront fso.I ,,oa = No vorv lorce in amount
IInder these c;reumstonces a loan NAV b,
roon;roJ haforo ,ho oloso or tho rresan, ses
IN H. th;. o,tbo,,rh doarIv td ba ,a,rot
t'oI s"a 'u,a VS. 49,. "'' ~ p s,;oh, n;sfor
'ua' 49, - 49, p"J vi .,;th tho '3far;nn onl
a;a.noSn Gn. "Hon III a'Vu - +bo noonlo Will
.n: .I p.e @ en- I'll. b. .un,
ath;s" ebnh ~ O1, ho u;thn,t 10 novor f.
GV, a~tanJ ,o1os I;vs" ~ 'H' W "''"''' ''' p'"'
'AItnu IL ,e,'t, d,.u ;,,, uh.t ba nrod, mar
s.at 40 e.o oe. 10y W 1I.a mI' and uho otauer ths;
rsenrrsnoo c,n ho nrevented In all forme
rov,ia;nns ,ba hlampp ~ ;nht bove heen farl
] attr;hntod 70 10. var;atv [ nf co.onsra,;na rauses
h"t @ moi NO, 90 unon tbc nrosent ocoas;on Il
onuarout .hat p'n oon ov;st;nn ] ~ n,0(ortnnos bav
prapooodoa aoIo,, r.ora ,,n ovtrorac.nt an
rr;o;"ns r sns,on, of uanor o,rrancv and han
oroJ;.a o.a;t;, ] th ropp,alo r. ,v;ld snocn,at;on
.eu''o' Wy Li eAU,. ."e poop' w Thoso sounls;on
nnnst eeont;nne to roo~r ot spccess;va interval
o. low as tho amount IF tho naner currenc
and bsnI ,oan.and discounts IF tho corntr
sba,l be left to tho d;scret;en Of fourteen hur
dred ;rresnons;ble banking institutions. wbic
from The yerv law Of Their nature will consu
the interests of their stockholders rather tina
the public welfare.
The trainers of the constitution, when thu
: gave to Congress the powey" to coin mon
and to regulate the value thereof" and pr
hibted the States from coming money, emittil
, bills OF credit, or making anything but go
and silver coin tender in payment OF debt
supposed they had protected the people again
the evils OF an excessive and irredeemable
+ per currency They are not responsible 1
: the existing anomaly thata government 9
dowed with the sovereign attribute OF colnil
money and regulating the value thereof shou
r have no power to prevent others from drlv
|, this coin out OF the country and filling up t
channels OF circulation with paper which dc
not represent gold and silver.
1t is one OF the highest and most responsil
: duties Of government to insure to the peol
t Il sound circulating medium, the amount
a. which ought to be adapted with the utmC
possible wisdom and skill to the wants Of
ternal trade and foreign exchanges. Ii ii
3 be either greatly above or greatly below
0 proper standard, the marketable value of eve
man property is increased or diminished
y the same proportion, and injustice to indiv
g uals as we'll as incalculable evils TO the co
| munity are the consequence
v Unfortunately Under the construction of
g federal const;tntion which has now rreyai
: too lono to be chanoed thus imnortant q
. delicate dutv has been discovered from
d co;nino nower and v;rtualitv transferred
y more thap fourteen hundred State hanks. a
;pr ;ndenondonlv of oacb other and regu
> t;eo ,ha nonor ;sssno oI,nos, axclrs;velv
70 a regard to tho nresent interests of tn
N Stockholders Exerc;s;no the sovere;yn no,
q of nrov1;nn n nanar ourrenov instead of m
=, for tho country tho frat dntv which tn
:" banks o,so IN 10 nubl;c 10 IA laen in n
10 vaults sufficient amount Of gold and sil
/, N ;nsurs tho convert;h;l;tv of tbe;r notes
co;n a. ,,, t;,nes md nnder ali c;rorms,an
no hank onoht ever to be chartered with
= such restrictions on its business as to sec
this result All other restrictions are q
o' narativelv vain This is the onlv true ton
Ter stone. the onlv efficient regulator of na
ov currencv--the onlv one which can rnard
"a nublic AGAINST over. issues and hank susr
:, sions Asa collateral and eventual secnr;t'
" is Doubtless wise and in ali cases ought /,
ct reou;red that hanks shall hold an amount
United States or States securities equal to d
%. notes in circulation and pledoed for their
demption. This. however, furnishes no
ouate security against over issue On TIE
'se trarv il NAV be ncrverted IN ipAate tho
e. rency. Indeed i il nossible bv this mean
"a. convert all the debts Of the United States
:. state government into bank notes. with
10 reference 10 the specie required to rod
al them
nj However valuable these securities NAV b
v themselves thew cannot be converted into