The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1858-12-15


The periodical revulsions which have
existed in our past history must continue 10
return at intervals, so long as our present
unbounded system of bank credits shall pre-.
van. They will, however, probably be the
less severe in future, because il is not 10 be
expected, at least for many years 10 come,
that the commercial nations of Europe with
whose lnierestsbhr own are SO, materially
involved will expose themselves to similar
calamlties But this subject was treated go
much at large in my last message, that
shall not now pursue it further. Siill.I re.
spectiully renew the recommendation in
favor of the passage of uniform bankrupt
law, applicable TO banking institutions This
is all the power over the subject which |
believe, the Federal government possesses.
Such a law would mitigate, though it might
not prevent the evil. The instinct of self
preservation might produce wholesome
restraint upon their banking business. if
they knew in advance that a suspension OF
specie payments would inevitably 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 large cities; the
rate of interest is there very low; conf
dence is gradually reviving, and so soon as
ii is discovered that this capital can be
Proiitably employed in commercial and
manufacturing enterprises, and in the con-
strueton OF railroads and other works of
public and privnte improvement, prosperity
will agaia smile through the land. 1t is in
tp {.
ourselves that speculative initiation of our
currency, without corresponding initiation
IN other countries whose manufactures come
into competition with our own, must ever
produce disastrous results 10 our domestic
manufactures. No tariff, short of absolute
prohibition, can prevent these evil conse.
quences.
In connection with this subject, it is proper
10 refer 10 our fiuarcia condition. The same
causes which have produced pecuniary dis
tress 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 govern
ment. 70 supply the deficiency, Congress,
by the act of the 23rd of December, 1851,
authorized the issue of $40, 900 900, treasury
notes; and this proving inadequate, they
,,
loan OF $20,009,000, "to be applied 10 the
payment OF appropriations made by law"
No statesman would advise that we should
20 on increasing the national debt 10 meet
the ordinary expenses of Government
This would be most ruinoIs policy. In
case of war, our credit must be our chief
resource, at least for the first year, and this
would be greatly impaired by having con-
tracted large debt in time of peace. Ii is
true policy 10 Increase our revenue so as TO
equal our expenditures. 1t would be ruin
Gus 10 continue TO borrow Besides, il may
be proper TO observe, that the incidental
protection, thus afforded by a revenue tariff,
would at the present moment, 10 some ex-
tent, increase The confidence of the manu-.
featuring interests, and give fresh impulse
to our reviving business. To this, surely,
no person will object
In regard 10 the mode of assessing and
collecting duties under strictly revenue
tariff, ] have long entertained and expressed
the opinion that sound policy requires this
should be done by specific duties, i'll cases
to which these can be properly applied
They aye well adapted 10 commodities
which usually sold by weight or measure
and which, from their nature, are of equal
or of nearly equal valne Such, for exam.
pie, are the articles of iron of different elias
ses, raw sugar, and foreign wines and splr.
It's.
In my deliberate Judgement, specific du
ties are the best, il not the only means o.
securing the revenue against false and frand
ulent invoices, and such has been the prac
tice adopted for this purpose by othel
commercial nations. Besides, specific
duties would afford to the American manu-
facturer the indental advantages 10 which
he is fairly entitled under revenue tariff
The present system is sliding scale 10 hi:
disadvantage Under il, when prices are
high and business prosperous, the duties
rise in amount when he least requires thei
aid On the contrary, when prices fall, ant
he is struggling against adversely, the dutie;
are diminished in the same proportion
greatly to his injury
Neilluer would there be danger that
higher rate of duty than that intended by
Congress, could be levied in the form o
specific duties. 1t would be easy 10 ascer
tain the average value of any imported
article for series of years; and instead o
sublecting il 10 an ad valorem duty al
certain rate per centum; TO substitute il
lis place an equivalent specific duty.
BY such an arrangement the consumer
have TO pay little more duty on giver
article in one year; but If so, he would pay
little less in another, and in series o
years these would counterbalance eacl
other, and amount to the same thing, so ia
as his interest is concerned This incon
venlence would be ,rfling, when contrasteC
| with the additional security thus afforded
against frauds upon the revenue, in whicl
every consumer is directly interested
lhave thrown Gut these suggestions as tn,
fruit oi my own observation, 10 which Con
gress, in their betterjudgment, will give sucl
weight as they may Justly deserve.
The repor; of the Secretary of the Treas
ury explains, in detail, the operations of tina
department Of the Government. The re
ceipts into the Treasury, from all sources
during the fiscal year ending the 3Oth O
June, 1858, including the treasury note
authorized by the act of December 23d
1857, were seventy million two hundre
and seventy-three thousand eight hundre
and sixty-nine dollars and fifty nine cent
$50 273 ,S69 59,) which amounts with III
balance OF seventeen million seven hundre
and len thousand one hundred and fourtee
dollars and twenty seven cents, (Sl7 ITO, III
27) remaining i'll the Treasury at the com
mencement of the year, made an aggregate
for the service of the year eighty seve
million nine hundred and eighty thre
thousand nine hundred and eighty three do
lars and eighty six conts 1887 9S3, 1888 SO.
The public expenditures during the fisca
year ending June 30, 1858, amounted (
eighty one million five hundred and eighty
| five thousand six hundred and sixty seye