, 1858-01-22
RATES OF ADVERTISING.
The Presidents Message

F.lo,c ch=env of the Senate and House Of Repre-
seniatires
In obedience to the command OF the Constitution,
It has now become my ddty - give to Congress IN.
formation Of the state Of the Union, aud recommend
to their consideration such measues judge to bc
necessary and eNpCdent."
Bat first, and above all, our thanks are due to Al
mighty God for the numerous benefits which he has
bestowed upon this people; and our united prayels
ought to ascend to Him that lie would continue to
bless our great republic in time to come He has
blessed it in time past Since the adjournment Of tie
last Congress our constituents have enjoyed unusu
al degree of health The earth has yioed her fruits
abundanty, and has bOuntlfully rewarded the toll Of
the hlsbandman. Our great staples have commanded
high prices, and, UP till wi,hin brief period,
manufacturing, mineral and mechanical occupations
have largely partaken OF the general prosperity. We
have possessed all the Clements Of material wealth in
rich abundance, and yet, notwithstanding all these
advantages country in lis monetary Interests, Is
at the present moment in deporible condition. In
the midst of unsurpassed plenty in all the productions
u agriculture and in all the elements Of national
wealth, we find our manufacture suspended, pub
lie works retarded our private enterprises of different
kinds abandoned, and thousands Of useful laborers
thrown out of employment and reduced to want
The revenue of the government, which is chiefly de-
rived from duties on imports from abroad, has been
greatly reduced, whilst the appropriations made by
Congress at its last session for the currant fiscal year
are very large in amount.
Under these circumstances lean may be required
before the close Of your present session. but this, al
though deeply to be regretted would prove to be only
slight misfortune when compared with the suffering
and distress prevailing among the people. With this
the Government cannot fail TO deeply sympathzc,
though it may he without the power to extend relief
II is our dIty TO inquire what has produced such
unfortunate results and whether their recurrence can
be prevented! In all former Teyulsions the blame
might have been fairly attribGted to variety of
Operating causes; but not upon the present
sion. II Is apparent that our existing msfortunes
have proceeded solely from our eXtnvagant and vi
ciOus system of paper currency and bank credits eX
citing the people 10 wild speculations and gambling
in stocks. The revlsiOns must continue To recur at
successive intervals long the amount Of the pa
per currency and bank loans and discounts of the
country shall be left to the discretion Of fourteen hun
dred irresponsible banking institutions, which from
the very law Of their nature will consult the interest
Of their stockholders rather than the public welfare.
The franers Of the constitution, when they gave to
Congress the power ito coin money aud 10 regulate
the value thereof and prohibited the States from
coming money, emitting bills Of credit, or making any
thing but gold and silver cein tender in payment Of
debts supposed they had protected the people against
the evils of an excessive and irredeemabe paper cur
rclcy. They are not responsible for the existing
anomaly that a government endowed with the s0ver
eign attribute of coming money and regulating the
value thereof should have power to prevent others
from driving this coin out OF thec0untry and filling
up the chanuels Of circulation with paper which does
not represent gold and silver
1t is one of the highest and most responsible duties
Of government to insure 10 the people sound circu
latng medium. the amount Of which ought to be
the wants Of internal trade and foreign exchanges
If this be either greatly above greatly below the
proper standard the marketable value OF every man
property Is increased diminished in the same pro-
portion, and injustice to individuals well ncal
culable evils to the community the consequences
Unfortunately, under the construction Of the Fcder
al Constitution, which has now prevailed too long to
be changed this important and delicate duy has been
discovered from the coming power aud virtually trans
ieTred to more than fourteen hundred State banks
acting independently Of each other, and regulating
their paper issues almost exclusively by regard to
the present interest Of their stockholders. Exercising
the sovereign power ofproydng paper currency, in
stead Of coin for the country the first duty which
these banks to the pIbc is To keep in their vaults
sufficient amount Of gold and silver to insure the
converblify of their notes into coin at all times and
under all circumstances. No bank ought ever to be
chartered without such restrictions on its business
to secure this result All other restrictions com
paatvey vain. This Is the only true touchstone, the
only efficient regulator OF paper currency the only
one which guard the public against Overssues and
bank suspensions As collateral and eventual seen-
ry Is doubtless wise, and IN all cases ought TO be
required that banks shall hold an amount OF United
States State securities equal to their notes in circu
atlon and pledged for their redemption. This, how
ever, furnishes no adequate security against overs
sues On the contrary it may be perverted to initiate
The currency.
Indeed Il is possible by this means 20 convert all
the debts of the United States and State governments
into bank notes, wthoat reference 70 the specie re-
qared to redeem them However valuable these Sc
ed into gold and silver at the moment of pressure,
our experience teaches In sufficient time n prevent
ank suspensions and the depreciation Of bank notes
IN Elglaud, which is to considerable extent paper
money country though vastly behind our own IA this
respect, 1t was deemed advisable anterior to the act
Of Parliament Of 1874, which wisely separated the
ssue Of notes from the banking department, for the
Bank OF England always to keep on hand gold and
silver equal to one-third of its combined circulation
and depo'ites. II this proportion no more than
saeent TO secure the c1nvertiblty Of its notes. with
lne whole Of Great Britain and to some extent the
gohtneut Of Europe, field for Its circulation,
uerlng II almost impossible that sudden and imme-
date run n dangerous amount should be made up
omit the proportion would certainly be INSULT
Gent under our banking system. Each Of our four
teen hundred banks has bat a limited circumference
rits circulation, and in the course Of very few
gays the depositors and nOte-holders might demand
peru h suspend although it had coin in its vaults
equal to onethrd Of its immediate liabilities. And
!et am not aware, with the exception OF the banks
WLolsana that any State bank throughout the ni0n
nas been required by its charter to keep this any
Vther proportion Of gold and silver compared with
e T amount Of It's combined circulation and dcpostcs.
% "hat mas been the consequence In recent report
Ie by the Treasury Department on the condition Of
ne banks throughout the different States according
Ieturns dated nearest to January 1851, the aggre-
S @ amount Of actual specie in their vaults is SIS 349
80, OF their circulation S2l4,7 S22 and Of their de-
bssles sZ3O,35l J52. Thus it appears that the
o As IN the aggregate have considerably less than
ae dollar in seven Of gold and silver compared with
t circulation and depositcs. II was papable there
~, that The very first pressure must drive them to
,pehson, and deprive the people of a convertible
tiency with all its disastrous consequences. II is
10y wonderful that they should have 50 Ing cOHtin.