The Express.
London, England, 1858-12-20 00:00:00

(stamped d. Additional.) [TWOPENCE*

mute, for railroad iron sitar our magnificent system of rail-
roads, extending tea benefits to every portion of the onion,
bad been brought to a dead pause. The same consequences
have malted from similar causes to many other branohee of
nano] manufactures. It is self-evident that where there is

no ability to purchase manufactured ;dare; tiz;aconnO7 be
sold, and oonesqaently must cease to be podia& No se-
award, and especially a government of each limited
poems es that of the United Bin a, wad have predated
the late revulsion. The whole comnitectel world seemed
for years to have Oda rushing to this eataetrophe. The
same ruinous oonsequences would Isave followed in the
United &atm, whether the duties upon foreign *ports bad
remained as they were under the tariff of 1848, or had
been raised to a muck higher stadia. The tariff of 1867
bad so alma is the result. The gamma causes mating
throughout the world could not bare been con-
trolled by ths legislation of any parader country.
The periodioal revulsion, which bad existed fn our
past history must continue to return at intervals so long as
our present unbounded system of bank credits shall prevail
They will, however, probably be the less severs in kft: ;
balsas it is net to be
_oted at heat for map yam
ease, that the oemmer mikes of Europe, with whoa •
interests our own am so materially involved, will expose
thainstives to similar calamities. But this eubject was
treated so ranch at large in my hat annual message, that I .
shall not now pursue it further. Still, I respectfully MOM
the recommendation in favour of the passage of a uniform ,
bankrupt law applicable to banking institutions. This is Alt,
the direct power over the abject which, I believe, the Mir; •
sal government pommels. Such a law would mitiga
thought it might not prevent the evil. The instinct at
sell-aeservatica might prase, a wholesome restraint upon
their baking baslease, if they haw, in advance, that a sw-
=ot epsenjpipsisis weak' inerlimbly produce their civil
Huth, semen abbe reninsice see now slowly but rarely
paling sway. The smug, sad enterprise of our citizens,
with oar ueboamdsd reseurres, will, within the period of an-
other yen, restore a ohne of wholesome industry and trade.
Capital has again scoontalated in our large cities. The nets
of interest is there very low. Confidant* is gradually reviv-
ing, and es soon as it is discovered that this capital can be
profitably esuployed hicommercial and manufacturing enter-
page, end I. the construction of railroads and other works of
public sad private improvement, prosperity will again smile
tbroadmat the nod. It is oafs. however, to disguise the
hot has ourselves that a speculative inflation in oar cur-
rency, without a earrespouding inflation in other countries
wheos maaufsetaros ones into competition with oar own,
must seer produce diagonals results to our domestic m arm-
IMAM& No tariff, short of absolute prohibition, can pre-
vent *see evil ocaseqesnoes.

The remaining portion of the President s Message
is occupied chiefly, although aot exclusively, with the
finances of the republic and their administration.
The Message is abruptly broken off when the
various topics have been treated, and has no formal
conclusion.

In the House of Representatives the revision of the
tariff was broached by an administration member
from Pennsylvania, who desired to introduce a re-
solution instructing. the Ways end Means Committee
to bring in a bill increasing the duty on coal and
iron. Members from the lead mining and sugar
producing regions also desired protection against
foreign competition ; and, finally, leave to introduce
the proposiuon was refused, by 102 to 83.
In the House also the joint resolution of last ses-
sion, for the abrogation of the Clayton-Bulwer treaty,
was taken np. A motion from the opposition, to lay
it on the table, was negatived by a vote of 90 to 93,
and the matter was referred to the committee of the
whole.