Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-12-21

his judgement NAV be necessary and advisable
/ for the purpose of adjusting the differences be-
tween the United States and the Republic OF
Paraguay, in connection with the attack on the
United States steamer Water Witch and with
other measures referred TO-" III his annual mes
sage. And on the 18th Of July following. they
made an appropriation to defray the expense
and compei satiCn OF a commissioner TO that re-
public should the President deem it proper to
make such appointment
In compliance with these enaetments have
appointed commissioner, who has proceeded
to Paraguay, with full powers and instructions
to settle these differences in an amicabIe and
peaceful manner, if this be practicable His ex-
perence and discretion justify the hope that he
may prove successful in convincing the Para
guam government that it is due TO both honor and
justice that they should voluntarily and prompt
" make alopement for the wrongs which thev
have committed against the United States. and
| indemnify our injured citizens whom they have
forcibly despoiled OF ther properly
Should commissioners prove unsuccessful.
after a sincere and earnest effort 10 accomplish
the object of his mission, then 10 alternative
will remain but the emplevn ent Of force 10 OBJ
tam :" just satisfaction nom Paraguay. In view
of this contingency, the Secretary OF he NAVY
under my direction, has fitted out and dis
patched naval force, TO rendezvous near Buen-
os Ayres, which, il Is believed will prove suffi-
cent for the occasion. it is nv earnest desire
however. that 1t may not be found necessary TO
THE FINANCIAL EEvULsIoS.
When Congress net in December last. The
business Of the country had been crushed by
one of tfose periodical revulsons, which are tue
inevitable consequence of our unsound and ex-
travagant sy stem of bank credits and inflated
currency, with all the elements of national
wealth and abundance, our manufactures were
suspended, and our useful public and private
enterprises We're arrested and thousands of la
W cd of Il
duCed to want, and universal distress prevailed
among the commercial. manufacturing and me-
chanIcal classes. Our manufacturers every-
where suffered severely, not because Of the re-
cent reduction of the tariff of duties on i'm
ports, but because there was no demand at any
prIce for their productions. The people were
obliged to restrict themselves in their purchases
10 articles OF prime necessity. In the general
prostration of business, the iron manufactures
in different States probably suffered more Than
any other class, and much destitution was the
inevitable consequence. Among the number Of
workmen who had been employed in this use
ful branch of industry, there could be no sup
ply where there was demand
To present an example, there could be no de-
map- for railroad iron after o4s munifcent sys-
tenn Of railroads. extending lis benefits 10 every
portion of the Union. bad been brought to
dead Pause. The same couseQ Quences Lave re-
suited from similar causes to many Other useful
branches of manufactures 10 government, and
especially government of such limited powers
as that of the United States, could have pre-
vented such a revulsion. The Whole CONNER
cial world seems to have been rushing 10 this
catastrophe. Tie same TUlnous consequences
would have followed in the United States
whether the duties fulcign imports had re-
maIned the same as they we4e under he tariff
OF 1913. or had been raised to Il much higher
standard. The tariff Of 1867 had no agency in
the result. The general cause existing through
out the world could not have been controlled by
the Legislation OF any particular country. but The
effects of the yulSi@n are now slowly but
surely passing away. Tie energy and enter
prise Of our citizens, with unbouuded re-
sources Will, within another year, restore state
of wholesome industry and trade. Capital has
again accumulated IN our large cities. the rate
Of interest Is there very low, confidence Is grad
ualIv revIving. and soon rs it is discovered
that this capital can lie IIofitahlv emploved in
commercial and manufacturing enterprises, and
in construction of railroads, and other works of
public and private improvement, prosperity Will
again smile Throughout the land 1t Is vain.
however, 10 disguise the fact from ourselves
that q speculative initiation Of cur currency,
without corresponding imitation in other
countries whose manufactures cone into COM
Tetltlon with cur own, must ever prcduCe dis
astrous consequences to our domestic manufac-
lures. No tariff short of absolute prohibition
can prevent these evil consequences.
TIE FINANCES.
In connection with this subject it is prorer
to refer tc our financial condition The same
causes which have produced pecuuary distress
throughout the country have so reduced the
amount Of imports from foreign countries that
the revenue has proved inadequate 10 meet the
necessary expenses Of the Government To
supply the deficiency, Congress, by the act Of
December 23d. 1851, authorized the Issue Of
$4,000 coo of Treasury notes, and this proving
inadequate. II authorized. by The act Of June II,
1858. loan Of 800 00G 600 to lie applied 10 the
payment of appropriations made hy law. No
statesman would advise that go on lncreas
ing the national debt 10 meet the ordinary eX-
penses of the government. This would be a
most ruiBous policy. II would be ruinous TO
continue to borrow besides il may bc proper
10 observe that the Incidental protection thus af
fordcd hv a revenue tariff would at the present
moment, to some extent, increase the confidence
Of the manufacturing interests, and give fresh
impulse 10 our reviving business. To this no
one viii surely object
TARIFF
In regard to the mode of assessing and col
lecting duties under strictly revenue tariff, I
have long entertained, and often expressed my
opinion, that sound policy requires this should
be done by specific duties IN cases to which
these can be properly applied.
They are we'll adapted to the commodities
which usually sold by weight or measure,
and which from their nature are Of nearly equal
value. Such, for example are the articles Of
iron Of different classes, raw sugar, and foreign
wines and spirits. IL my Deliberate judgment
specific duties are the best. II not the only,
means Of securing he revenue against false and
fraudulent invoices. and srch has been tie
practice adopted for This purpose by other com
nerC.al nations. BESIDES specific duties would
afford to tie American manufacturer the iden-
teal advantages to which be Is fairly entitled.
Under a revenue tariff the present : stem is a
sliding scale to his disadvantage under 1t when
prices are high and business prosperous the du-
lies rise in amount when he least requires their
aid. On the contrary, when prices fall. and he
is struggling against adversely, the duties are
diminished In the same proportion, greatly to
/ his injury. Neither would their be danger that
+ a higher state of duiy than that intended bv
/ Congress should be levied in the torn of 81 e.
ciic duties 1t would he easy to ascertain The
aveIage value of any important article for Sc
+ ries of years and instead Of suhjecing tito IN
I adyaloTem duty al a certain per ceutum. to sub