Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1858-12-22
NEW SERIES-VOL. Ill.-No AZ.

sn-aAnr'-a ynrrr
magnificent system of railroads, extending
us benefit to every portion Of the Union,
had been brought to dead pause. The
same consequences have resulted rom
similar causes to many other branches of
useful manufactures II IS splIsevident
that were there is no ability to purchase
manufactured articles, these rcannot be
sold, and consequently must cease to be
| produced. U..
No government, and especially a gov
ernment of such limited powers as that of
the United States, could have prevented
the late revulsion. The whole commer-
cial world seemed for years TO have been
rushing to this catastropoe. The same
rulnous consequences would have followed
IN the United States, whether the duties
upon foreign imports had remained as
they were under the tariff of 1916, or had
been raised to a much higher Standard -
! The tariff OF 1857 had no agency in the re-
suit. The general causes existing through
out the world, could not have been con.
trolled by the legislation of any particular
country. .HH
The periodical revulsions which have
existed in our past history, must continue
to return at intervals, SO long as our pres
ent unbounded system Of bank credits
shall prevail. They will, however proba-
! bly, be less severe in future because it is
not TO be expected at least for many years
/ to come, that the commercial nations of
Europe, with whose interests our own are
SO materially involved, will expose them.
selves to similar calamities. But this sub.
.I T Ippi lea %
last annual message that shall not now
pursue it further Still, ! respectfully re-
new the recommendation in favor Of the
passage ofa uniform bankrupt law, appli-
cable to banking institutions. This is all
the direct power over the subject which, |
believe the federal government possesses.
Such y law would mitigate, though it
might not prevent the evil The instinc:
of selt-preseryation might produce q
Wholesome restraint upon their banking
business, II they knew in advance, that q
suspension Of specie payments would iney-
4 itably produce their civil death.
But the effects of the revulsion are now
slowly but surely passing away. The en-
ergy and enterprise of our citizens, with
our unbounded resources, will within the
! period of another year, restore state OF
wholesome industry and trade. Capital
has again accumulated in our largo cities.
The rate of interest is there very low
Confidence is gradually reviving and so
soon rs it is discovered that this capital
can be prohtably employed in commercial
and manufacturing enterprises, and IN tue
construction of railroads and other works
of public and private Improvement, pros
peiity will again smile throughout tho
land. 1t is vain, however, to disguise the
fact from ouI selves, that a speculative in.
| tlati)n Of our currency, without Il cores
ponding imitation i'll other countries whose
manufactures come into copetitiOu with
our own, must ever produce disastrous re.
suits to our domestic manufactures. No
tariff, short of absolute prohibition, can
prevent these evil consequences.
In connection with this subject, it is
proper to refer to our financial condion.-
The causes which have produced pecuni-
ary distress throughout the country, have
SO reduced the amount of imports from
foreign countries, that the revenue has
proved inadequate to meet the necessary
expenses of the government. TO supply
the deficiency, Congress, by the act of the
23d Of December 1857, authorized the is
sue of $50, 10000 of treasury notes and,
this proving inadequate they authorized
by the act OF June l4th, 1858, loan OF
$50, ,OOO,O 900, - to be applied to the pay,
ment of appropriations made by law
No statesman would advise, that we
should 90 on increasing the national debt
to meet the ordinary expenses of the gov.
ernmcnt. This would be most ruinous
policy. In case of war. our credit must ho
our chief resource, ut least for the first
year, and this would be greatly impaired
by having contracted a large debt in time
ofpeacc. 1t is our true policy, to increase
our revenue so as to equal our cXpcndi-
lures. Ii would be runous 10 continue To
borrow. Besides, it may be proper TO OBJ.
serve. that the incidental protection, thus
afforded by revenue tariff, would at the
| present moment, to somo extent, increase
, the confidence Of the manufacturing inter
csts, and give fresh impulse to our re.
viving business. To this, surely no per-
son will object.
In regard to the mode Of assessing and
collecting duties under strictly revenue
tariff, have long entertained and often
expressed the opinion. that sound policy
requires this should be done by specific
duties, in cases towhich these can be prop
erly applied They are well adapted to
commodities which are usually sold by
weight or measure, and which from their
nature, are of equal or ofneorly equal val
ue Such, for example, are the articles OF
iron of different classes raw sugar, and
foreign wines and spirits. In my deliber-
ate judgement, specific duties are the best
it not the only means of securing there
enuc aginst false and fraudulent invoices,
and such has been the practice adopted for
this purpose by other commercial nations.
I Besides, specific duties would he to the
Amrican manufacturer the incidental al.
vantages to which he is fairly entitled m~
der revenue tariff. The present system
is sliding scale to his disadvantage I'm
der it when prices are high and business
prosperous. the duties rise in amount
when heleast requires their aid. On the
contrary, when prices fall, and he is strug
Cling against adversity, the duties are di-
/ mi nrha1 in tho ganln i)ronnrtion orraatu