Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1858-01-15
Coverasr's Inaugural Address.
Gentlemen of The Senate,
dai Of the houss of R.presentatire


We have assembled, in obedience to
the sill Of the people. intrus:ed with
high responsibilities and duties. Ac-
knowIed.ing our moral accountability
20 the Supreme Rnler Of the universe.
and conscious that in His hands are the
des,inies Of nations. may we ferven.ly
hope to be guided by His wisdom, that
we may perform our duties Alright
and thereby promote tho general well
fare.
The State is necessarily involved in
the general financial embarrassment un-
der which the nation is suffering. Al
though happily frs, from any great ma
tional calamity, and blessed with all
the elements Of prosperity, general
and widespread arrangement. prevails.
producing q revolution in all the de-
partments Of business and enterprise
j throughout tn, country revolution
which not only PROSTATE, the mos. ac-
! credited houses and moneyel insti,u-
tons, but, in its compreh ensive sweep,
has touched the springs Of labor, para
lyzcd the activities of ordinary pursuits,
and leaving thousands of our fellow
men, dependent upon their labor, with
oat employment and the means Of sup
port and presenting the anomalous
spectacle Of want and distress in na-
lion blessed with unexampled general
prosperity and wholly free from any grca.
public calamity.
Nth no desire to exnggerate the pub
lie distress. d with no purpose of an
extcn led discussion OF the causes which
taee been productive Of the present con-
lition of affairs, it i, important that
these causes should be rightly apprc-
henlel and noted. to enable US to draw
from thcsi the pract'ca. duties Of the
preset, and the 'uture.
/ The crisis in which the country is in
VOWED is no, altogether unlocked for,
or unnatural. Panics and revulsions
/ have occurred in the commercial world,
with n arly each successive generation,
during the last two hundred years.
Thrre have been renea,ed days If ad-
versitv, and men have not considered.
!
apply here, as elsewhere. The Oft re-
curing disasters in commerce, embarrass-
men in trad. distress iu business,
have rot served to inculca.e that meas
ure of wisdom essential to renovation
Of tha pernicious busin IS systems which
prevail; and n"casssty to prevent re-
currcncc Of similar periods Of panic and
revulsiou.
4 variety Of causes have unaoubte lily
contributed to the present embarrassed
condition in the monetary and business
aFlirs OF the country. "A general state
mcn,. embracing many of them, is that
which attributes it, in great measure,
to over-ac,ion in all the departments of
business and enterprise, and cxtr,va-
gance of expenditure in both public aud
private affairs The incentives to this
pablc and private excess are numerous
and strong. general and special.
Tne American mind acts pcrpetually
under an intense sentiment OF national-
i,y. If our example may be said to in
.pire the democracy OF other nations
wi'h the lofticst ideas in respect to the
mission OF 1.-The model republic it Il
eaual y true that our own people share
in The inspiration. Its physical nature
and position, AMI it, Advancement In all
tn. elements of natural power and great
ness, are equally inspiring; its territory
al.etd embracing one-tcnth OF the nab
table globe; from thirteen feeble col
ONES having increased to .hlr'y.onc IN
dependent State soverelSntie'. and stlll
forming in rapid succession; its agricul-
ture, rewarding the husbandman with
mary ellous abundance; its commerce
having already placed i. in the first rank
of commercial nations; its railroads in
tcrsec,ins the country at all points. and
inyolvin. the outlay of hundreds of
millions nf dollars; its manufacture.
AMI mechanic arts having reached the
poin. of successful competition with the
oldest nations; these serve perpetually to
stimulate the peopl', and to beset in
them spiri, of restless enterprise, and
Of extrem. activity.
This overp werinS national impulse
lin l. its sratific ,tion, als'. IN correspond
III. private and social d;spiays-in ele-
gan, mansions. costly furniture, splen-
did eq,ipage, and divested Of high aims
tax on the m,re questionable character
of indulgence in mere trappings; and
thus the habits OF domestic and social
life become changed, from those of SIM
plicity to those Of extravaganza. Con-
sidering the general tendency to excess,
the absenc, of all positive restraints. or
checks, the wonder is not that de-
ranyem mt and embarrassment happen
to the individual and the community.
{ bat that they do not come with great
e, frequency. The nation needs the
restraint Of the check. not the incen-
tivcs of the spur, to its aspirations and
cndeayors.
To what extent the currency Of the
country has contributed to the present
condition of affiirs. there is every varie-
ty and shade of opinion. The Banks,
practically, under our system, furnish
the almost exclusive currency fo7 the
people.
Not to discuss tho merits Of system
,:,h on IN; varsall llv pravaila and Nth