Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1858-12-16

A"NN AhNSSdSS' Aho Oh nv t-hh Vi
July following they made an %appropria-
missions of a commissioner to that re-
public, should the President deem it
proper to make such an appointments.
In compliance with these enactments,
/ have appointed q Commissioner, who.
has proceeded to Paraguay, with full
powers and instructions to settle these
differences in an amicable and peaceful
manner, if this BIO practicable. His ex-
pericnce and discretion justify the hope
that lie NAV prove successful in con-
vincing in Paraguayan Government that
it is due both to honor and justice that
they should voluntarily and promptly
make atonement for the wrongs which
they have committed against the United
States, and indemnify our injured citi-
zens whom they have forcibly ~dcspoiled
of their property. mt -
Should our Commissioner prove I'M
successful, after a sincere and earnest
effort to accomplish the object of his
mission, then no alternative will remain
but the employment of a force to obtain
"just satisfaction from Paraguay. In
view of this contingency, the Secretary
of the Navy, under my direction, has
fitted out and despatched a Daval force
to rendezvous near Bucnos Ayres, which
it is believed, will prove sufficient for
the occasion. 1t is my earnest desire,
however, that it may not be found ne
2 cessarv to resort to this last alternative.
+. When Congress met in December last,
l the business of the country had Just
t been crushed by one of those periodic
al revulsions which are the inevitable
! eonscqI ences of our unsound and ex-
. travagant system of bank credits and
Inflated currency. With all the clc-
+ mcnts of national wealth in abundance,
t our manufactures were suspended, our
: useful public and private entcrprise s
: were arreste ], and thousands of laborcrs
S were deprived of employment and re-
e dueed to want. Universal distress pre-
vailed among the commercial, manufac-
turing and mechanical classes.
r This revulsion was felt the moreise-
vercly in the United States because sim
liar causes had produced the like deplor
able effects throughout tho COMMERCIAL
: nations of Europe. All were cAperien
= cling sad rcvcrses at the S".ne momcnt
Our manufacturers C. Everywhere suffered
2 severely, not because of the recent. re-
ld-.ction IL enc tariff ofdatics on imports,
t but because there was no demand at any
: price for their productions. The people
: were obliged to restrict themselves il
C their purchases to articles of prime ne
r cessity.
: In the general prostration of bushes:
the iron manufacturers in different state!
q probably suffered more. than any other
+ class, ard much destitution Was the in
: evitable consequence, among the ereat
4 number of workmcn who had been EN-
e ployed in this useful branch of our in
c dustry. There could be no supply wherC
Y there was 10 demand.
To present an example there conlt
T be no demand for railroad iron, aftcl
our magnificent system Of railroads, ex
tending its benefits to every portion o
c the Union, had been brought to a dcaC
" pause. The same consequences hav'
t resulted from similar causes to man,
: other branches of useful manufacture
r 1t is self evident that where there is m
It ability to purchase manufactured arti
cles, these cannot be sold, and conse-
o quently must case to be pro luced.
a No government, and especially a gov
y ernment of such limited powers as tha
of the United States, could have pre-
S vented the late revulsion. The Who'll
commercial world seemed for years t.
e have been rushing into this catastrophe
y The same r~uinous consequences wOul'
have followed in the United States
whether the duties upon foreign import
o had remained as they were under tn,
tariff of 1916, or had been raised to
e much higher standard. The tariff o
1857 had no agency in the result. Thu
general causes existing throughout thu
world could not haye been controlled
It by the legislation of any particular
= country.
The revolutions which have existed IL
: our past history must continue to return
at intervals SO long as our present un
bounded system Of bank credit shall
! prevail. They will, however, probably
C be less severe in future, because it is moi
to be ex pcctcd, ut least for many years
/, to come, that commercial nations of Eu
Il rope, with whose interests III own are
1 SO materially involved, will expose them.
selves to similar calamities. But thi:
subject was treated so much at large il
= my last annual message that 1 shall no
r now pursue it farther.
!, Still, l respectfully renew the recon-
mendution in favor of the passage of a
uniform bankrupt law, applicable tc
g banking institutions. This is all tn,
power over the subject which, I believe
c the Federal Government possesses
Such a law would mitigate, though i
t might not prevent the evil. The in
= stinet of self preservation might produce
: a wholesome restraint upon their bank
: ing business, if they knew in advance
:. that a suspension Of specie payment.
would inevitably produce their civil
e death.
But the effects of the revulsion are
now slowly but surely passing away
] Capital has again accumulated in oul
t large cities. The rate Of interest il
c gradually revi,ing, and so soon as it is
r discovered that this capital can be pro
itably employed in commercial and
D manufacturing enterprises, and in the
construction ofrailrca is and other works
of public and private Improvement
prosperity will again smile throughout