Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-12-10
MeSSage
Fs,lo,e- Cgii..ns Of ns ;Sendfe and


and recommend TO their consideration such
measures" as Judge to be necessary and eX-
pedient'
TO Almighty God for the numerous benefits
which He has bestowed upon this people; ana
our united prayers ought to ascend to HIM tnat
He would continue to bless our great repunile
in time to come as He has blessed 1t in Time
mast Since the adjournment oil the last Con-
gress our constituents have enjoyed an unusual
degree of health. fhe earth has yielded her
fruits abundanuy and has bounhtully rewarded
the toll Of the husbandman. Our great staples
have commanded high prices, and, up TILL With
in brief period, our manufacturing, mineral,
and mechanical occupations have largely parta-
ken Of the general prosperity. We have pos
geSsel all the, clements of material wealth IN
rich abundance, and yet notwithstanding all
these advantages, our country, III us monetary
interests is at the present moment IN depIora'
BILE condition In the midst of unsurpassed Plen-
ty in all she produces of agriculture and IN
nil the elements of national wealth, we find our
manufactures suspended, our public works re-
ta-ded our private enterprises OF different KINDS
abandoned and thousands OF useful laoorers
thrown out of employment and reduced to want.
The revenue of the government, which Is chlet-
ly derived from duties on imports from abroad,
has been greatly reduced, whilst the approPri'
atoms made by Congress at its last session Tor
the current fiscal year are very large IN amount
Under :hese circumstances loan may be re-
0ured before the close of your present session;
but this, although deeply to be regretted, would
prove to be only a slight misfortune when com-
pared with the suffering and distress prevailing
among the people. With this government can
not fail deeply to sympathize, though it may be
without the power to extend relief:
1t is our duty to inquire what has produced
snch unfortunate results, and whether their re-
currence can be prevented? In all former re-
revulsions the blame might have been fairly at
tributed to n variety of cooperating causes; out
not so upon the present OCCASION. 1t Is aPpar-
enL that our existing misfOrtunes have proceed
ed solely from our eXtFavagaut aud vicious sys-
TEN of paper currency and bank credits, eXcit-
ing the people to wild speculatiOns and gafnb-
ling in stocks. These reVulsions must continue
amount of the paper currency and bank loaOs
and discounts of the country shall be left to the
discretion of fourteen hundred irresponsible
banking institutions, which from the very law
of their nature will consult the interest of their
stockholders rather than the public welfare.
The trainers of the constitution, when they
gave to Congress the power "to coin money and
to regulate the value thereof" and prohibited
the States from coming money, emitting bills of
credit, or making anything but gold and silver
coin tender i'll payment of debts, supposed
they had protected the people against the evils
Of an excessive and interminable paper currcn-
cy. They are not responsible for the existing
anomaly that government endowed with the
sovereign attribute of coming money and regr-
lating the value thereof should have no power
TO prevent others from driving this coin out Of
the country and filling up the channels of cir
culation with paper which does not represent
gold and silver.
Ii is one of the highest and most responsible
duties OF government to insure to the people n
sound circulating medium, the amount of which
ought to be adapted with the utmost possible
wisdom and skill to the wants of internal trade
and foreign exchange IL this be either greatly
above or greatly below the proper standard,
the marketable value of every mans property
is increased diminished in the same proper
ton, and injustice to individuals as well as in
evils to the community are the con-
sequences.
Unfortunately, under the construction of the
federal constitution, which has now prevailed
too long to be changed, this important and deli
cate dnty has diSServed from the coming pow
er and virtually transferred to more than four
teen hundred State banks, acting independent
" of each other, and regulating their paper Is
sues almost exclusively by regard to the pres
emit interest of their stockholders. Exercising
the sovereign power of providing paper cur
Tency, instead of coin, for the country, the first
duty which these banks owe to the public Is to
keep in their vaults a sufficient amount OF gold
and silver to insure the convertibility of their
notes into coin at all times and under all crcum-
stances. No bank ought ever to be chartered
without such restrictions OH its business as to
secure this result An other restrictions are
comparatively vain. This is the only true
touchstone, the only efficient regulation Of pa
per currcncy-thC only one which can guard
the public against over.issnes and bank susPen-
sions. As a collateral aud eventual security it
Is doubtless wise, and in all cases ought to be
required, that banks shall hold an amount Of
United States or State securities equal to
their notes in circulation and pleas-
ed for their redemption, This, however,
furnishes no adequate security against our
over issues. On the contrary it may be per
vcrtcd TO initiate the currency. Indeed 1t is
possible by this means to convert all the debts
Or the United States aud State governments IN
TO bank notes, without reference TO the specie
Required to redeem them. However valuable
these securities may be in themselves, they
cannot be converted into gold and silver at the
moment of pressure, as our experience teaches,
in sufficient time to prevent bank suspensions
and the depreciation OF notes In England,
which is to considerable extent \ paper money
country, though vastly behind our own in this
respect, il was deemed advisable anterior to
the act of Parliament Of 9S44, which wisely
separated the issue of notes from the banking
department, for the bank OF England always TO
keep ON hand gold and silver equal to one third
Of It's combined circulation and deposits. If
this proportion VAS no more than sufficient to
secure the convertibility Gifts notes, with the