Bradford reporter. [volume] (Towanda, Pa.) 1844-1884, 1857-12-17

sbursoap alorninp, December II. 1852.
PRESIDENTS MESSAGE.
Ftigow Citi-sns Of the Senate
and House Of Representatives.

Congress information of the State of the Union,
and recommend to their consideration such
measures" as judge to be necessary and ex-
pedent.'
But first above all, our thanks are due to
Almighty God for the numerous benefits which
He hiss bestowed upon this people !: and our
united prayers ought to ascend to Him that He
would continue to bless our great Republic in
time to come as he has blessed it in time past
Since the adjournment, our constituents have
enoyed an unusual degree of health. The
earth has yielded her fruits abundantly, and
has bountfully rewarded the toll of the hus-
bandman Our great staples have demanded
high prices, aud, up till within brief period,
our manufacturing, mineral, and mechanical oc-
equations have largely partaken of the general
prosperity We have possessed all the eIe
ments OF material wealth in rich abundance,
and yet, notwithstanding all these advanta-
gcs our country in its monetary interests, is
81 the present moment in a deplorable condi-
ton In the midst of unsurpassed plenty in
sl the productions of agriculture and in all
The elements of national wealth, We find cur
manufactures suspended, our public works re-
tarded, our private enterprises OF different
kinds abandoned, and thousands of useful la
borers thrown out of employment and reduced
70 want The revenue of the Government,
which is chiefly derived from duties on imports
from abroad, has been greatly reduced, whilst
The appropriations made by Congress at its last
session for the current fiscal year are very
large in amount.
Under these circumstances a loan may be
required before the close of your present ses-
SION but this, although deeply TO be regret
ed, would prove to be only slight misfor
tune when compared with the suffering and
distress prevailing among the people, With
this the Government cannot fail deeply TO
sympathize though il may be without the
power TO extend relief
l. is our duty TO inquire what has produced
such unfortunate results, and whether their re-
c1rreuce can be prevented ? In all former re-
7usions the blame might have fairly attribu-
ted 10 variety of cooperating causes : but
10: SO upon the present occasion. Ii is appa
rent that our existing misfortunes have pro-
cecded solely from our eXtraysgant and vicious
system Of paper currency and bank credits, ex-
citing the people to wild speculations aud
gambling in stocks These revulSiouS must
ccatnle 10 recur at successive intervals 50 long
as the amount Of the paper currency and the
bank loans and discounts OF the country shall
be lefi 10 the discretion of fourteen hundred
Irresponsible banking institutions, which from
The very law of their nature will consult tue
;n;ereS; Of their stockholders rather than the
public welfare
The trainers Of the Constitution, when they
gave 10 Congress the power ito coin money
end to regulate the value thereof" and pro-
hbjted the States from coming money. emitting
bills OF credit, or making anything but gold
s1d silver coin tender in payments of debts.
supposed they had protected the people against
:ae evils Of an excessive and irredeemable pa
Ter currency. They are not responsible for
iae existing anomaly that q Government en-
tovei with the sovereign attribute Of coming
none! aud regulating the value thereof should
sa7e no power 10 prevent others from driving
his coin out Of the country and filling up the
channels Of circulation with paper which does
20: represent gold and silver
|! js one Of the highest and most response
ole duties Of Government 10 insure TO the peo-
PIE sound circulation medium, the amount Of
Ea.ch ought TO be adapted with the utmost
possible wisdom and skill 10 the wants of in
itrnsi trade and foreign exchanges. II this
z either greatly above or greatly below the
p;oEer standard, the marketable value Of every
nSns property is increased or diminished in
he same proportion. and injustice TO indivii-
oss As we'll as incalculable evils TO the COM
Gl7lty are the consequence.
Unfortunately under the the construction Of
NE federal Constitution which has now pre-
5ai.ei TOO long to be changed, this important
SD delicate duty has been discovered from
'ae coming power and virtually transferred 10
ao7e than fourteen hundred State banks
aHlng Independently Of each other, and regu-
aIlnS their paper issues almost exclusively by
Aresard 10 the present interest of their stock
c'.ders. Exercising the sovereign power Of
QcoVjliug paper currency, instead Of coin. for
'as country, the 6rst duty which these banks
eve 10 the public is to keep in their vaults a
sl1tient amount of gold and silver 20 insure
'ae eonvertbility Of their notes into coin st all
"1+S and under all circumstances, No bank
2'Sot ever to De chartered without such reStric-
.oes On lis business as 10 secure this result
Al other restrictions are comparatively rain.
laSS the only true touch>tone, the only efficient
'Ssaia'or of a paper currency-the only one
'2.th Nan guard the public against over-isSues
sad bank suspensions As collateral and
Vsatlai security il is doubtless wise, and in
- eases ought TO be required. that banks shall
-''l Al smouat Of United States or State Sc
','ties equal TO their notes ia eirculatioa and
se4sed for their redemption. This. however,
afaishes no adequate security sgainSt over
@ses On the contrary. il may be perverted
. = haate the currency Indeed. il is possible
lAis means TO coavert NIL the debts Of the
a,ied States and State Government into
.-@4 aoies. without reference to the specie re.
SSfsn TO redeem then. However valuable
- securities may be In themselves. they
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