, 1858-01-15
The Presidents Message.

received by the steamer John L. Stephens
in proof sheets for the press Of San Fran
cisco
Mr.. Buchanan SETS out with review Of
the causes that have brought about the
existing financial revulsion. He attrib-
utes it primarily to the system of paper
currency, and the expansion of the credit
system growing out of it. He takes the
ground that it was the intention Of the
trainers Of the constitution to preserve the
right inherent in the general government
to regulate the whole currency of the coun-
try, and deprecates the unfortunate con-
struction of the constitution, which custom
sanctions, of permitting Incorporated banks
to issue paper money. He promises all
the government aid possible to relieve the
existing embarraSsments, repudates the
idea of national bank as remedy, and
says, after ALL we must rely upon the
patriotism and wisdom of the States for
the prevention and redress of the evil"
He recommends the passage of National
Bankrupt Law for banks, that shall force
them into liquidation when they suspend
specie payments.
Our relations with foreign nations are
referred to fully. The questions in dispute
with Great Britain, arising from the differ
ent construction which each contracting
party places upon the Clayton and Bulwer
treaty, he recommends to be disposed of
by abrogating the treaty, and entering
into the new one now under consideration
by both governments. With France our
relations remain Of the most amicable char
acter, and the President hopes to close the
reciprocity arrangement with the govern
ment during the present year, as it exists
between the United States and other com
mercial nations.
He represents our relations with Russia
to be Of the most friendly nature, as well
as with all other European nations except
Spain, which government has as yet obsti-
nately refused to make reparation for the
outrage perpetrated upon our flag by the
frigate Ferrolana, of the coast of Cuba, in
1855, by firing into the mail steamer Ell
Dorado. The reparation is refused be-
cause, as is alleged, Congress has never
made an appropriation as recommended by
President Polk, to be paid to the Spanish
government for the purposes of distribution
among the claimants in the Amstad case.
A new minister is to be sent to Madrid,
with special instructions concerning the
matters in dispute. A treaty is stated to
have been concluded with Persia.
The Chinese question is referred to, and
the instructions to our Minister, Mr.. Read,
to cooperate with the British and French
ministers in all peaceful measures to secure
by treaty stipulations just concessions to
the commerce Of the world.
The Central American difficulties, so far
as New Granada is concerned, are repre-
Sented to be in fair way of adjustment.
The land and naval forces are to be used
in case of necessity to enforce the guaran-
tee Of neutrality and protection to the
transit routes. The fillibustering question
is met with q square-toed condemnation,
and the last expedition of Walker recon-
mended earnestly to the immediate consid-
Grafton of Congress.
Our relations with Paraguay are stormy.
The latter government refuse to make any
reparation for firing into the government
steamer Water Witch, in the Parana river,
in 1855. The President says that new
demand will be made in firm but concilia-
tory spirit, which he says will be more
readily acceded to if the Executive shall
have authority to use other measures in
case Of a refusal.
The Kansas question takes up large
share of the message. The President goes
into long review of the whole subject
matter, and recommends the admission of
Kansas as State under the new constitu-
tion, with or without slavery, as the people
may decide.
The Utah difficulties are treated upon at
length. Brigham Young's course is fully
shown up, and the conclusion arrived at
that no government existed in Utah when
Mr.. Cumming was appointed, except an
actual despotism under Brigham Young.
The troops sent out under Col. johnson,
Young was notified, went to Salt Lake
only as posse cOmmitdtus, when called by
the civil authorities to did in the execution
Of the laws. The Territory is considered
to be in a state Of open rebellion, and the
most vigorous measures for its suppression
are recommended. Four new regiments
are also recommended to be raised at once,
to aid in carrying on the war.
The territory of Arizona, it is recon-
mended, shall be organized.
The Pacific Railroad is urged upon Con-
gress as its most important measure. The
President says, without such road it is
quite evident We cannot protect California
and our Pacific possessions against inva-
sioh.
The condition Of the treasury is clearly
set forth, and although the President anti
cipates that surplus will be on hand at
the close Of the current fiscal year, ending
June 3Oth, 1858, yet to meet all emergen-
cies, he recommends that the Secretary Of
the Treasury be authorized to issue twenty
millions Of treasury notes to meet any drafts
that may be made, if there is not cash on
hand
The public debt is $25, ,l65, ,l54 81, it