Democratic banner., 1848-12-25
nave always hsretofofsDpsratedua asfness,

have always hsretoforsppsratedte dsFress,
and often to affect disastfFousiy; taaiGos, e*-
cry branch of Amsriieesghn, iii,sday1&y. TIKI
temporary, depression + . p9rtjrn~ # oar
manufacturing interests.is the effect Of f"s-
leigh causes, and is Gar hess severs tllaS.has
ptevailed on ill Observation-Disclosures
Il is believed, that, lotoking, 10 iiii.! great ag-
gfegsts Of ~ our interests, The, whole coup
tryt was never mora prosperous than ut tl&
present period. and meyer mare ADVANCED
iaawesith snd'qspnlatsAHas ses,E5k .+s,e fds
4eiEn war in which we have BEEN involved.
nor tie loans Sbicl, .hsv. been brought
oyer SO large a portion of our capital, no'
the commercial revulson ia Great Britain
10 lS47, nor the paralysis Of credit and
commerce throughout Europe in ls4s
have affected i~njuriously, to any considera'
BILE extent, any of the great interests Of The
country. or arrested our onward march tc
greatness, wealth and power. T@"of etc.
Had the disturbances in Europe not oc.
curred, cur commences would undoubtedly
have been still more extended, and would
have added still more to the national wealth
and public prosperity. But notwithstsnd-
ling these disturbances, the operations Of
the revenue system, as established BY the
tariff of '46, has been generally beneficial
to the Government and business Of the
country, and no change in its provisions is
demanded BY the public policy, and none is
recommended. The operations Of the Con-
stitutional Treasury, established By, the .ac.
OF 9th August, 1876, in the receipt, custo-
dy and disbursement Of the public money.
have continued to be successful. Under
this system, the public finances have CARR.
ed through the foreign war, involving the
necessity of looms, and extraordinary ex-
penditnrss, and requiring distant transfer
and disbursements, without embarrass-
ment, and no loss has occurred of any Of
the public money, deposited under its pro-
visions, Whilst it has proved to be safe
and useful 20 the Government, its effects
have been most beneficial in the country
II has fastened powerfully to secure an ex-
empticn from that imitation and A~uctuaiing
OF the paper currency, SO injurious TO do
nestle industry, and indeed so uncertain IN
the rewards Of labor, and is believed to
have largely contributed to preserve the
whole country from a commercial %convul-
sion, such as often occurs under the bank
deposit system. In the year lS47, there
was a revulsion in the business of Great
Britain, Of great extent and intensity, which
was followed by failures in that kingdom
unprecedented in number and amount o!
losses. This is believed to be the first in
stance when such disastrous bankruptcies,
occurring in q country with which we have
such extensive trade and intercourse, in
which we were but little affected in, our
money market,sud our business and indus
try were still prosperous end progressive.
During the present year, nearly the whole
continent Of Europe has been convulsed by civ
il war and, revulsiOns, attended by numerous
bankruptcies, and. BY an unprecedented fall in
their securities, and an almost universal paraly-
sis Of comm cree and industry, und although our
trade and prices Of our products, miist have been
somewhat unfuvorably affected by these causes,
we have escaped d revulsion our "a honey mar
ket is comparatively easy, and public and pri-
Saie credit have advanced and improved.
1t is confidently believed, that we have been
saved from these effects by the salutary opera
lions of the Constitutional Treasury. 1t i. GER
tain, that il the twenty- -four millions oil specie,
imported into the country during the fiscal year
ending the 3othi Of June 1917, had gone into the
banks, as to a great extent it must hais done, it
would, in the absence of this system, have been
made the basis Of augmented bank paper, issu-
ed probably to an, amount not less than sixty or
seventy millions Of dollars, producing, az an in
c,iable consequence Of AM inflated currency:
eItravagant prices for a time, and wild specula-
t;on, ,,b;ch 6,,st bays heSn fn1toyy4d m yba -