For the purpose of retaining in circulation a sufficient sum of gold and silver to do the ordinary business of our citizens, I respectfully urge upon the General Assembly the propriety of passing a law to prohibit the circulation of all bank notes of a less denomination than ten dollars. A law of this character would have a most salutary effect in driving out the small notes from among us, and to a considerable extent protect our citizens from the effects of bank explosions.

It is also time to enquire why it is that the Constitution of this State should be amended to authorize the legislative power, by act of law to create inequalities and distinctions among our citizens by granting the most important privileges to some, to the exclusion of others. It has been justly said, that "a great source of the inequality in the conditions of men in respect to wealth and comfort arises from the action of law." This is particularly the case when applied to the granting of corporate powers and privileges to companies for pecuniary profit by special enactment. And I may say, that such legislation is not consistent with the true principles of a republican government-because that form of government contemplates a perfect equality of political rights, and exclusive privileges and monopolies to none. The constitution of Iowa has therefore wisely prohibited the enactment of such laws, and provides for a general act of incorporation, the privileges of which are free to every citizen. citizen. Yet it is contended by some, that this valuable prohibition, together with the restrictions on state indebtedness shall be cast aside for the purpose of trying dangerous experiments, which in all probability would result disastrously to the state and the people-to the

state by plunging her irretrievably in debt-to the people by private loss and a burdensome taxation.

Senators and Representatives: In closing this communication, I may say that the State of Iowa is in a prosperous condition-rapidly increasing in population-owing probably the smallest public debt of any state in the Union—all industrial employments finding encouragement under the regular administration of the laws, and the exercise of a healthful competition which is made free to all by the principles of her constitution—and warm in her attachment to the Union and to the just rights of each state composing it. Thus standing, her policy and her destiny have been committed to your hands. That you will protect and perpetuate that high character, by equal and just enactments, by prudence and economy, and the wisdom of your councils cannot be doubted. And in which efforts allow me to

assure you of my hearty concurrence and co-operation.

DECEMBER 7, 1852.

S. HEMPSTEAD.

SECOND BIENNIAL MESSAGE

DECEMBER 8, 1854

From the Journal of the House of Representatives, p. 22

Gentlemen of the Senate, and House of Representatives: You have again assembled in obedience to the mandates of the Constitution, to deliberate upon the affairs of State, and to enact such laws as may be necessary to secure to the people their just rights and privileges under a republican form of government.

Your duties are of no ordinary character. The enactment of laws for the government of a State, which must, directly or indirectly, affect the welfare of every person within its jurisdiction, will show the importance of the powers with which you have been invested, and how wisely and judiciously they should be exercised. Our constitution is less careful of prescribing legislative duties to be performed, than of imposing certain restrictions upon legislative action. The examples of history and constant experience teach us, that there is a tendency in political associations, as well as in persons, to an undue exercise of power inconsistent with individual rights. For that reason an unwavering adherence to constitutional principles, a constant regard for the rights and privileges secured to, and retained by the people, and a strict observance of the prohibitions upon legislation, should, under all circumstances, be maintained.

It gratifies me to inform you that the State is in a highly prosperous condition; general health prevails; a bountiful harvest has again crowned the efforts of the husbandman; emigration unprecedented in the history and settlement of the West, has been pouring in upon us; the public lands are being rapidly settled and improved by those who, with the pioneers of the country, will doubtless build up a government, which, for its liberal and just policy, and its attachment for the Union, will rank among the first of western States. For this prosperity, and all the great privileges which we enjoy, let us be grateful to Him who holds in his hand the destiny of men and nations.

In calling your attention to the condition of the State, it is in the first place appropriate that I should refer to our financial affairs, and I do so with pride, when I contrast that condition with many of our sister States. The funded debt of the State, for which bonds have been issued, as will appear by the report of the Auditor, amounts to the sum of seventy-nine thousand seven hundred and ninety-five dollars and seventy-five cents.

Sixteen thousand four hundred and forty-two dollars and five cents of these bonds became due on the first day of May last, and the others will be payable in 1856, '57, and '59. It will therefore be necessary for you to make provisions for their payment in the event that the ordinary revenue should not prove sufficient for that purpose. I need not say that the payment of these debts at maturity is important to preserve the good faith and credit of the State.

By the Treasurer's report, which is herewith transmitted, it will be seen, that from the first day of November, 1852,

up to the thirty-first day of October, 1854, there has been received into the Treasury one hundred and twenty-five thousand four hundred and sixty-two dollars and fifty-seven cents, ten thousand five hundred and fifteen dollars and seventy cents of which was received on the sale of saline lands. During that time there has been paid out on Auditor's warrants, one hundred and eighteen thousand five hundred and forty-two dollars and ninety cents. The amount of monies in the Treasury on the thirty-first day of October last, being fifteen thousand five hundred and twentytwo dollars and twenty-two cents, including the sum of eight thousand six hundred and two dollars and eighty-eight cents, which was in the Treasury on the first day of November, 1852.

At the last session of the General Assembly, it was thought advisable to so amend the revenue law, as to require the assessment of taxable property to be made by a township instead of a county officer. This system, as I have been informed, has proven much more expensive than the former one, and leads to errors and inequalities which have been injurious to the public revenue, and unjust to individuals.

To secure uniformity in the assessment of property, and remedy, as far as practicable, the evils complained of, I would recommend that the present law be so amended as to require the election of a county assessor for each county, with such other regulations as may be thought necessary to secure a faithful discharge of his duty.

Permit me again to call the attention of the General Assembly to the laws establishing common schools and the