The Nevada Democrat., 1858-01-06
The Presidents NIcssage.

BY the last steamer the nr6t annual Mefs&Re
of President Buchanan was received-s few
copies Of the document having been forwarded
to Collector Washington in advance Of its pub
lication in the Eastern States. The Message il
emnently practical, and the position of the
President upon all the great questions of the
day is clearly defined. In referring to the late
financial revision, he considers that it wai
caused solely from eur extravagant and vicious
system Of paper currency and bank credits, sx-
citing the people to wild spsculations and gam
bling in stocks. The banking system OF the
country, however. has been in operation 80 long
and is so closely connected with the CONNER
cial and manufacturing interests, that banks
cannot now be suddenly sbolished without en-
failing great evils upon the industrial classes.
But q reform in the system is recommended, in
order to prevent as far as practicable re-
currence of similar misfortunes under which
the county is now suffering. The President rec
ommends the passage Of a compulsory bankrupt
law, not for the benefit Of debtors, but for the
protection OF creditors, to force into liquidation
all shin-plaster institutions IS soon as they re-
fuse to pay specie for theis bills in circulation
We must, however, mainly rely upon the wis
dom of the several States to reform the bank
ing system. Aud to accomplish this 1t is rec
commended that the denomination of bank notes
be increased, first to twenty and then to nifty
dollars; that banks be required to keep on
hand at all times at least one dollar in specie
for every three dollars Of circulation and de-
posits; that selfexecuting enactnents be made,
which nothing can arrest to force them into
liquidation the moment they suspend, and that
each bank publish weekly statement Of its
condition. The wisdom Of these recommenda-
tions are selfevident, and if needed by the sew
eral States, as they doubtless will be, the evils
resulting from paper currency will be mate
rally lessened.
Our affairs with foreign countries are en- the
whole satisfactory. The difficulty with Great
Britain, in regard to Central America, ia still
unsettled, and as the two countries put exactly
opposite constructions upon the Clayton-Bulw
treaty, the President thinks the proper course
Ia to abrogate the treaty. Had this been done
promptly, oil difficulties in regard to Central
America. would most probably ere this, have
been adjusted to the satisfaction of both coun-
tries No progress has been made since the ad-
journment of Congress towards the settlement
Of any OF the numerous claims of our citizens
against the Spanish Government. Our relations
with all other European Governments are az
peaceful as we could desire. The President
says the hibusterlng expeditions against Nicar-
aqua can do no possible good to the country,
bat have already inflicted much injury both on
its interests and its character, and recommends
that Congress should adopt such measures as will
etYectually restrain such enterprises in future.
A considerable portion OF the Message is de-
voted to review of the affairs of Kansas. The
President does not attempt to disguise the fact
that the members Of the late Constitutional
Convention acted in bad faith in not submitting
the whole Constitution to the people, for adop-
tion or rejection, but as the only question upon
which there is likely to be any important differ
ence Of opinion is left to be determined by
direct vote, he is evidently in favor Of the ad-
mission Of Kansas under the Constitution re-
Gently formed. He recommends, however, that
= law be passed, making il a condition in fu-
ture, of the admission Of q Territory into the
Union as State, that the Constitution shal
first be submitted to direct vote of the people
as was done in the case of Minnesota.
The President declares himself in favor Of the
construction Of railroad to the Pacific, for
military purposes. He speaks favorably Of the
esuthern route. but does not commit himself to
either. As this is q subject Of peculiar interest
to Californians, we transfer to cur columns his
remarks upon this subject
In regard to the rebellion in Utah, the Presi-
dent says that vigorous measures should be
adopted to put it down. Humanity requires
that 1t should be suppressed in such manner
that il shall be the last. We should 60 there
with such an imposing force as to convince
these deluded people that resistance would be
vain, and thus spare the effusion OF blood. In
order to accomplish this 1t will be necessary to
raise four additional regiments
The estimated receipts into the Treasury for
the fiscal year ending June 3Oth, 1858, is $751;
389, 934 08, and the estimated expenses, $74,-
S63,05 Al, leaving an estimated balance in the
Treasury at the close Ofthe fiscal year of $426,-
S75 81. Nearly four millions Of dollars have
been expended since the frst Of last July in the
redemption Of the public debt, and the balance
Of the debt unredsemed at this time is $25, 1885,
l5451.
The President condemns in severe terms the
habits of prodigality and extravaganza which
have lately obtained in legislation, and recon-
mends return to the practice Of a wise and ju-
dicicus economy, both in public and private
expenditure, and closes by informing Congress
that he will not approve of any bill unless be
has had time to thoroughly examine it.
The Message is one Of the best and most able
ever transmitted to Congress Its great length
prevents us from publishing it entire, and we