The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1848-12-26
credit and commerce Of SO many great and
enlightened nations oil Europe.

have always heretofore operated TO depress
and often 10 affect disaslrously, llmost. every
branch Of American industry. A tempora-
ry depression Of a portion Of our manufac-
turing interests is the effect Of foreign eau
ses, and is far less severe than has prevailed
in all former similar occasions.
| ut is believed that, looking 10 The great
aggregate Of all our interests, the whole
country was never more prosperous than a.
The present perod,a and never more rapidly
advancing in wealth and population. Neither.
the foreign war in which We have been in
volvcd, nor the loans which have absorbed so
large portion Of our capital, nor the COM
nercal revolution in Great Britain in ls47,
nor the paraly isis of credit and corTmerce'
Throughout Europe ip1lS46, have effected
linjdnb6sly to any considerable axtent, anyfof
the great interests Of the country, or arrest.
ed our onward march TO greatness, wealth,
and power, ,5 ...,,4r. sfao.s ~.gts.a ,s9u ,s
Had the disturbances in Europe not oc-
cured our commerce would undoubtedly
have beer still more extended, and would
have added cill more 10 the national wealth
and public prosperity. ,., 81, trg .y-is., n
But notwithstanding these disturbances,
the operations of the revenue system, csiab-
lished by the Tariff Act of ls46 have been
SO generally beneficial to the government
and the business Of the country, that no
change in its provisions is demanded by 81
wise public policy, anf none is rscommen-
ded.
The operations of,he Constitutional Treas
ury established BY the Act Of the 9Th Of Au-
gust, lS4c, in tie receipt, custody, and dis
burscmen,, Of The public money, have con-
tinucd TO be successful. Under this systom,
tho opubic finances have been carried through
a foreign war, involving the necessity Of
loans, and extraordinary expenditures, and
requiring distant transfer and disbursements,
without. embarrassment, and no loss has oc-
Cured Of any ofthe public money deposited
under its provisions. Whilst il has provedto
be safe and useful to the government, its eff
ecls have been most beneficial upon the
business of the country. II hastened pow
effully to secure nm exemption from that in
fIaiion 81 Auctuation ofihe currency so injuri-
Gus TO domestic industry, and rendering so
uncertain tho rewards of labor, and, i: is be-
lieyed, has largely contributed TO preserve
The whole country from serious commercial
rcyulsion, such as often occurred under the
Bank Opposite System. In the year lS47,
there was reyulsion in tho business of Great
Britain Of great extent and intensity, which
was followed by failures in that kingdom, I'M
precedented in number and amount of loss
es. This is believed 10 be the first insia ice
where such disastrous bankruptcies, occur
ring in country with which we have such
extensive trade or currcncy,and we remained
but little aGr ctod IN our Money Market, and
our business and industry were still prosper
Gus aud progressive.
During the present year, nearly the whole
continent of Europe has been convulscd by
civil war and revolutions, attended by nume-
rous bankruptcies, by all unprecedented fall
in their public securities, and in an almost
paralysis of commerce and industry; and yet
although ourtrade and the prices of our pro-
ducts must have been ewhatunlavorably
aft ced by these causes, we have escaped
revulsion; our Money Market is conplIa-
lively easy, and public and private credi.
have advanced and improved.
,Itis confidently believed that We have
boon. saved from :hcir effect, by the salutary
operation Of the Constitutional Treasury. IL
is certain, that if the $24,000, 600 Of specie
imported into, the country during the fiscal
year ending on the 3oth Of, June, lS47, had,
gone into banks, ms To a great extent il must
have dine, it would in the absence oi this
system, have been made the basis of aug
mcnted bank paper issues, probably to an
amount not less than sixty or seventy mil
lions Of dollars, producing as an inevitable
consequence Of an inflated currency, extra
vagan, prices for lime, and wild spccu-
laticn must have followed, on the reaux
to Europe, the succeeding year, of SO much
Of that specie, by the rrostration OF the
business Of the country, the suspension Of
tho banks, and most extensive bankruptcies,
Occurring, as this would have done al a pc
riod when this country was engaged in d
foreign war; when considerable loans Of
specie were required for distant disburse-
1.mcn's, and when tho banks, the fiscal agents
of tho government, and the repositories OF
its money, were suspended, the public cre-
dit must have sunk, and many millions OF
dollars, as was the case during the war Of
l6l2,must have been sacrifcedin discounts
uponloans, and uponthe deprecated paper
currency which the government would have
been compelled to use. a' 3
| Under the operations Of the Constitution-
al Treasury, not dollar has been lost by
the depreciation Of the currency. The
loans required to prosecute the war with
Mexico were negotiated by the Secretary Of