Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1848-05-06
EXTRACT FROM THE SPEECH OF
MR.. NILES, OF CONN.,, ON THE
LOAN BILL.

In SENATE, March 81, lS4S.
SIR, it is fact that prosperous condition
of our trade has been arrested within the last
eight months in a more sudden and more
extraordinary manner than it ever was be-
fore in the whole course of our history,
without any apparent cause on our part
Every interest of the country is arrested,
and fair prospects ago, seem to have entire
ly vanished; and, instead oflooking forward
to those results with were anticipated, the
men Of business are now carefully con-
sidering how they can get along and save
themselves from greater embarrassment and
difficulties. Sir, what is the condition of
our navigation INTEREST," Never was there
so great change in so short period. Ii
was last year producing an income of
hundred per cent, or more, it now produ-
ces probably not more than six per cent
And what is the condition of our CONNER.
cial INTEREST," 1t was prosperous last year:
now it is pretty much at a stand, and the
future is full of doubt and uncertainty
And what is the condition Of the manufac.
turing interest, which was thought TO be too
prosperous few years ago? 1t is strug-
Cling against great difficulties We'll, how
is it with that greatest interest, the agricul-
tural; that is the interest which l would
like 10 cherish above all olhers--,he farm.
ing, the planting interest! Where are those
golden dreams that we were INDUCING In
few months ago? They are all vanished
And what is the loss in the aggregate TO the
country? And what will it be another year!
Take three cents pound off your cotton
crop of eleven hundred millions of pounds,
and the reduction in its value is thirty.three
millions of dollars. Take your wheat crop
al one hundred and fourteen millions of
bushels; supposing one half of it to be dis
possible, and take SO cents from each BUSH
ell, and you lose about thirty millions of dol.
lars. Take your corn crop of about five
hundred millions or more of bushels; sup
posing one half to be disposable, and the
decline of price, at least forty cents bushel
shows loss of hundred millions of dol.
lars. Thus it is with all our interests; they
are all in low depressed condtion-price:
low and declining And if this state Of
things continues, must not labor, if it does
not already, soon feel its paralyzng effect!
How sudden and great the change in all the
great interests of the country! And where
are we to look for the cause! At home oil
abroad! 1t is not my purpose 10 examine
into ii. There is no interest now producing
more than six per cent Well, here is al
immense dminulion of ability TO purchase
and consume foreign goods: and yet w
are told by the Secretary that this consump
lion is to 60 on increasing. Why, 1t cal
not 60 on. The people cannot buy if they
have nothing to buy with. 1t is state o
; things that cannot continue.
Now, in regard to the future, what is TIT
e situation in which we shall be placed a
the end of the next fiscal year2 We shall
8 have debt of one hundred millions of dol
: lars TO be provided for, the interest of whic
must be paid, with the current expens es
) the Government, from declining revenue
If the ideas of the Secretary of the Treas
!, ury could DO realized, if this prosperou
state of our trade were to 60 on increasn
we might possibly get along without look
: ing to any new sources for revenue. But
the views which have taken are all we
y founded, and l fear they are but to we
founded, the period of reaction is coming
and we are to have diminished revenu
: and great embarrassments in our finance
We will have this debt on our hands viii
failing and sinking revenue. The Seer
tary says that the results of last year wei
produced by the modification of the rev
nue. laws, and that, the cause remaining, Il
e, same prosperity of trade will continue
He has carried his imagination to hil
% pitch; he has extended his calculations
S. The year 1910, and supposes that our e
ports will then amount to three hundr
and twenty. nine millions. and that our il