Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1848-12-15

peal Of highly protective aud prOhibitaTy duties
lhl revenue has beeA increased, the taxes on th'
pfope have been diminished. They have been
relieved from the heavy amounts wilh which
they we're turdened under the tcrmer laws In Eh'
10 "a OF increased prices or bOungles paid 10 la
vored classes or pursuits.
The predictions which ere made, that the tar
~ acI OF l346 would reduce the amount OF Teve-
uTe below IhaG collected under the acI OF lG4s,
sud wOu'd poslrale the business and destroy he
prosperity OF the country, have not teen verified.
With an increased and increasing revenue, the
finances are iu a highly iOurishing condition; og-
uruIlure, commerce and navigation, are prosper
our the prices OF Manufactured fabrics, and Of
other products are much less injuriously affected
than was to have been anticipated from The un-
precedented leyu sons which, during the last
and the present year, have oVerW Whelmed the in
duslry end paraIysed the credit snd commerce of
so many great and enlightened nat o 4 rope.
Severe commercial revolutions abroad have al
WAYS heretofore operated 10 depress, aud often 10
affect disaslrously almost every branch OF Amer-
can industry. The temporary depression Of a
portion OF our manufacturing interests is the ef-
iert OF foreign causes, and it is far i IS severe than
has prevailed on all former similar 0cCasiOns.
Il is believed that, lO,k ng to the great sggre-
gate OF all our interests, the whole country was
never more prosperous than at The present peri
cd, and never more rapidly advancing in wsolIh
and population. Neither the torei IN war in which
We have been involved, nor the loans which have
absorbed so large portion, nor the commercial
revolution in Great Britain in l847, nor the para
lysis of cIedit and commerce throughout Europe
in l8i8, have affected Iniurlously to any consid-
cradle extent any of the great interests OF the
country, or arrested our onward march TO great
ness, wealth sud power.
Had tie dis urharces in Europe not occurred,
our commerce would undoubtedly have been
more extended, and would have added st more
to the MAJ on ] wealth and public prosperity. But
these disturbances, the opera
tons OF the revenue system establi he'd by the
tariff act Of 1886 have been 30 generally beneh-
cia to the Government and the business of the
country, that no change in its provisions is de-
manded by a wise public policy, and none is le.
commended as necessary.
The operations Of the con Institutional treasury by
the act of the 9th OF August 1916, in the receipt,
custody, and disbursement OF the public money,
have continued to be successful. Under this sys-
TEN, the public finances have been carried through
a foreign war; involving the necessity ol loans,
and extraordinary expenditures, without embar-
ra ssments, and no loss has occurred OF any oil the
public money deposited under its prOVlsOns.-
Whilst it has proved TO be safe and useful to the
Government, its effects have been most beneficial
upon the business Of the country. 1t FASTENED
powerfully to secure an exemption from that in
laton and huctuation Of the paper currency so
N ur Gus to domestic industry, and rendering so
unce tain the rewards Of labor, and it is believed
has largely contributed to preserve the whole
country iom a serious commercial revolution,
Il T,,,, tb -,
system. In the year l847, there was a revolution
in the business OF Great Britain of great extent
and intensity, which was followed by failures in
that kingdom unp ecedented in number and "a
mount of losses This is believed tn be the first
Instance where such disastrous bankruptCesc occur
ring in country ith which we have such extern
sive trade or currency. We remained but little
Affected in our money market, and our business
and industry were still prosperous and progressive
During the presPn' year nearly the whole OF
Europe has been convused by civil war and rev.
buttons, attended by numerous bankruptcies, by
an unprecedented fall in their public securities,
and IN an almost universal paralysis OF commerce,
and industry; and yet although our trade and the
prc r Of our products must have been some hat
affected by these causes, we have
escaped areVulsion, our money market is cOmpa-
ratiVely easy, and public and private credit have
advanced and improved.
It is confidently believed that we have been sa-
we'd from their effects by the salutary operation of
tho constitutional treasury. 1t is certain, that if
the twenty. four millions Of specie imported into
The country during the fiscal year ending on the
}Oth OF June, I847, had gone into the banks, as
10 great extent ii must have done, it would, in the
absence Of this system, have been made the basis
bank paper issues-probaby to an
amount not less than sixty or seventy millions OF
dollars, producing as an inevitable consequence
Of an inflated currency, PXtravagant prices for
time and wild speculation, which must have been
followed, on the reHuX to Europe, the succeeding
year, OF much Of that specie, by the prostration
Of the business OF the country, the suspension of
the banks, and NEST extensive bankruptcies oc-
curing, as this would have been done at period
when the country was engaged in foreign war;
when considerable loans OF specie were required
for distant disbursements, and when the banks,
the fiscal agents OF the government and the de-
posltories OF ils money were suspended, the pub
lie credit muslhavp suffered, and many millions
of dolals, as was the case during the war of 1879,
must have been sacrificed in discount upon loans;
and upon the deprecated paper currency which
the government would have been compelled to use
Under the operation OF the constitutional trea-
cUlbI HOt u uUllul ldS tGSu lOSt ny tuG utpfeCl0-
lion Of the crrsncy. The loans required 10 pros
Pcute the war with Mexico were negotiated by
the Secretary OF the Treasury about par realizing
a large premium to the government. The res
training effect of the system upon the tendencies
to excessive paper issues by banks, has saved the
government from heavy losses ard thousands OF
our business men from bankruptcy and ruin
The system has been tested by the experience of
the last two years; and it is the dictate Of sound
policy, that it should remain undisturbed. The
notifications in some of the details of this meas
ure, involving none OF its essential principles,
heretofore recommended, are again presented for
your favorable consideration.
In my message OF the 9th of July last, trans
hitting to Congress the ratified treaty of peace
with Mexico, recommended the adoption OF
measures for the speedy payment of the public
debt. In reiterating that recommendation, re-
fer you to the considerations presented in the
message in its support. The public debt, inclu.
ding that authorized to be negotiated in pursu
ance OF existing law, and including Treasury
notes, amounted at that time to S65, ,778,450 A.
Funded stock of the United States amounting
TO about halt million of dollars has been pur
4 l.. ,