Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1858-01-15

Legislature on Friday last, Hon. Lot NJ.
Morrill, took and subscribed the oaths Of
Office Us Governor tor the current political
year. after which he delivered the following
Address;
Gtni'm,n Of ne S,adis.
and offie House Of Representatives.:
We have assembled, in obediercc to tho
will Of the people, entrusted with high re-
spOnsibililics and duties. Acknowledging
our moral accountability 10 the supreme
Roller of the universe. and conscious that in
Ills hands are the dcstinics of nations, may
We feryon,ly hope to bc guided by Ills Wis
dom. that We may perform our duties Alright
and thereby promote the general welfare.
The State is necessarily involved Ia the
general financial embarrassment under
which the nation y suffering. Although
happily free from any great national calam-
ity ami blessed with all the elements ol prus-
psrity, general and widespread derangr-
ment prevails. producinga a revolution In all
the departments of business and enterprise
throughout the country-a revolution which
not only prOstrtes the most accredited
houses aud moneycl institutions. hut ia Us
comprehensive sweep. has touched the
suring. OF labor. paalyzcd the activities OF
ordinary pursuits. and leaving thousands OF
our fellow men. dependent upon their labor,
without employment and the means OF sup
port. aud presenting the anomalous spcch.
Gle of want and distress in u nation blessed
with uncSampled general prosperity and
wholly FREQ from any great public calamity.
With no desire 10 eIaggcrato the public
distress, and with no purpose Of an extend
cd discussion of the causes which have been
productive of the present condition Of af-
lairs. il j. important that these causes
should bo rishtly apprchsndcl and noted,
% enable ~ 10 draw from them the prlcti.
cal duties ~ the prcsent and the future.
I The crisis IN which the government = in
y0ygd /. not altogether unlocked Tor, or
unnatural. Panic and reyul,i11s have 0c.
( Cured. iu the commercial world. with
nrrly each successive generation, durin;
/ the last two hundrci years. There have
+ been repeated days OF aiycr.ity. and men
/ nave not considered. The law ut compen-
-ati1n seems not t0 apply here. rs elsswherc.
Tho olt recurring disasters m commerce,
cmbirriSmsnls m trade. distress m busi-
nc.s. have not served q incnlcit' that meas.
urs 90 wisdom essential % renovation Ol
/ the pernicious hu.ines, system. which pro.
vail aud necessary 10 pr',cnt a recurrence
I oi similar periods "f panic and rcyulsIpn.
I \ variety ui causes have undoubtedly con-
trihutcd ~ the present embarrassed cundi.
iion in thc monetary aud husincs, affair. of
I the country. \ general statement. cmbra.
| cling mauy pl them, i, that which attributes
/ it. IN great measure, q oyrr.action in all
! the departments ol business and enterprise.
aud extravaganza OF expenditure in both
I public and private aiTiirs. The incentives
/ t. this public and private excessarr numrr.
ous and strong, general aud special.
The American mind acts pcrp'iually un-
/ dor an intense sentiment OF nationality If
our example may bc sad o. lnspir, the Dc.
mucracy of other nations with the lolt,est
ideas IN respect 81 thr mission Of 4" tic
model rrrublic." it Is equally true that our
/ own people share in the inspiration. IT,
F.. physical nature aud position, and It's al.
. Wuccmcnt ia all the elements of natural
/ power aud greatness, are equally inspiring.
/ rs territory already embracing u6e.tenih Of
the habitablc globc, from thirteen feeble
colonies having increased T. thir,y.one In.
. dependent State sOycrcigntics, AMI still
forming IN rapid succession /. its agriculture,
rtwarling ihc huslanlman with marvellous
abundance. is cDmm,rc1 hayin. already
placed IL In the fir, rank u commercial nl.
. ti0ns its railroad. Inicrsccting the country
40 AL points. and involving Tho outlay Of
hundreds OF millions of dollars. IL, manufic.
! tury, aud mechanic art, having reached the
point of successful competition with the
oldest nations; these, serve pcrp'tually tO
stimulate thc people, ami % bs;'t in tlrm
- spirit ot restless cuicrpris', and of cStrcmc
activity.
Thi, u,erplwering national impulse finds
it, qualification. also IN cprrcss spndins pri
yate and social iispliys--in elegant man.
,ions. costly furniture. splendid cquiplg',
aud diyrsici Ot high aims, takes on the
more questionable character of indulgcnc,
ia mere trappins,; and ,hus the habits u
domestic and social life b,cDmc changed,
from those Of simplicity 10 those of extraya.
gincc. Considering the general tendency
% excess, the absence of al positive ~.
siraints, or checks, the wonder = not that
derangcmrnt and embarrassment happen 90
the inuyiiual and the community. bat that
they do not come with greater frequency.
The nation needs the restraints of tho cheek
not the Incentives Of the spur, To IL, aspira.
tions and endciyors.
To what extent tho currency Of the coun-
try has contributed TO the present condition
OF affairs, there Is every variety and shade
oropinion. Tho Banks. practically, under
our system, furnish the almost exclusive
currency Tor the people.
Not o. discuss the merits Ol n system
which ~ universally prevails, and with
which this State is connected through Its
own banking institutions, and which rem
ders any attempt at radical change At once
difficult, IL not imprlctioable-this much
at least should be considered. whether therc
are not defects in il which the public secu-
rity demand should BE- provided f.r.
One important objection % paper cur
rency, Is supposed to exist in IT. liability 10
sudden expansions aud rontractions. 10 the
prejudice Ot the business Of the community,
and affecting the yalue of the property and
productions OF the country by affecting tho
measure OF value. by the enlargement nl u
to-day and the diminuton OF it Tomorrow.
Perfect uniformity ~ any currency = nnat-
iainable, yet that which approaches nearest
specie currency, is most likely 10 be uni
form. As the circulation OF the Banks
throughout the country u now small. and
the inlux OF specie large, the present may
be regarded as u favorable opportunity Dr
some prospective measure designed % retain
specie IN more general circulation. This
object might be obtained. and the circula.
liOn Of the precious metals among the peo-
pie in ordinary business provided for, by
prohibiting the circulation Of small bills.