The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-12-16

ou eho Ouiecu CldtcS stc8mcT w dIc
Witch, and with other measures referre
to" in his annual message. And on tn
18th July following, they made an ap
preparation to defray the expenses an
compensation of commissioner to tina
republic, should the President deem
proper to make snch an appointment.
In compliance with these enactmen,
l have appointed a commissioner, VIII
has proceeded to Paraguay, with flu
powers and instructions to settle thes
differences in an amicable aud peacefl
manner, if this be practicable His exper
fence and discretion justify the hop
that he may prove successful in convin
cling the Paraguayan government that
is due both to honor and justice tina
they should voluntarily and promptl
make atonsment for the wrongs whic
they have committed against the Unite
States, aud indemnify our injured citi
zens whom they have forcibly dsspoile'
of their property.
Should our commissioner prove un
successful, after sincere and earnes
effort to accomplish the object of hi
mission, then no alternative will remain
but the employment of force to obtair
"just satisfaction" from Paraguay Ii
veiw of this contingency, the Secretar,
of the Navy, under my direction. ha
fitted out and despatched naval force
to rendezvous near Buenos Ayres, which
it is believed, will prove sufficient fo
the occasion. 1t is my earnest desire
however, that it may not be found neces'
sary to resort to this last alternative,
When Congress met in December last
the business ofthe country had just beer
crushed by one of those periodical revul
sions which are the inevitable conse'
quence of our unsound and extravagan
system Of bank credits and inflated cur
rency, With all the elements of nation
al wealth in abundance, our manafac
lures were suspended, our useful public
and private enterprises were arrested
and thousands Of laborers were deprived
Of employment and reduced to want
Universal distress prevailed among til,
commercial, manufacturing and mechan
ical classes. This revulsion was felt tn,
more severely in the United States be
cause similar causes had produced th,
like deplorable effects throughout tn,
commercial nations of Europe. AL
were experiencing sad reverses at same
moment. Our manufacturers every
where suffered severely, not because o
the recent reduction in the tariff o
duties on imports, but because there wa
no demand at any price for their prodnc
tons. The people were obliged to re
strict themselves in their purchases t,
articles of prime NJ cessity. In the gen
eral prostration of business the iro,
manufactures in different States proba-
bly, suffered more than any other class
and much restitution was the inevitable
consequence among the great mum Der 0
workmen who had been EN- ployed in thi
useful branch of our industry. Their,
could be no supply where there was n,
demand. To present an EXAMPLE, ther
could be no demand fof railroad iror
after our magnificent system Of railroad
extending its benefits to every portion
of the Union, lad been brought to
dead pause. The same consequence
have resulted from similar canses t,
many other branches of useful manu-
features. 1t is self>evident that wher,
there is no ability to purchase manufac
tured articles, these cannot be sold, an,
consequences must cease to be produced
No government. and especially governmen
of such limited powers that of the United State
could have prevented the late revulsion. III
whole commercial world seemed for years to hav
been rushing to this catastrophe. The same ruin
Gus consequences would have followed in the Uni
| ted States, whether the duties upon foreign i'm
ports had remained they were under the tart
Of 1876, or had been raised to much higher stan
| dard. The tariff Of 1857 had no agency in the re
suit. The general causes existing throughout tn
world, could not have been controlled by the legis
ton of any particular country.
| The periodical revulsion which have existed i
our past history must continue to return ut inter
walls so long present unbounded system c
bank credits shall prevail. They WILL however
probably be the less severe in the future: becaus
il is not to be expected, at least for many wears
come, that the commercial nations of Europe wit
whose interests our own are so materially nvolv
ed, will expose themselves to similar calaInties-
But this subject was treated so much at large i
| my lasl mcstdRc tnal SHdll net now pul
sue it further Still, respectfully renew the re
commentator in favor of the passage Of uniforr
bankrupt law applicable to banking institutions
| This is all the direct power the subject whic
I believe, the federal government possesses Sue
law would mitigate, though it might not pre- ven
evil. The instinct Of self-preservation might Pre-
duce wholesome restraint upon their banku
| business, if they knew, in advance, that suspen
sion of specie payments would inevitably produc
their civil death.
But the effects Of the revulsion are now .lowl
but surely passing away. The energy and enter
prise of our citizens, with unbounded resource.
| will. within the period of another year, restore
state of wholesome industry and trade. Capits
has again accumulated in large cities. Tn
rates of interest very low. COnfden &c is grad
ually reviving, and so as it is discovered tina
this capital be proftably employed in com
mercal and manufac turing enterprises, aud in ia
construction of railroads. and other works of pull
lie and private improvement, prosperity viii agai
smile throughout the land. 1t is vain, however
to disguise the fact from ourselves, that a specu
lative imitation in our currency, without a CORES
pondipg imitation in other countries whose manu-
features into competition with our own mus
ever produce disastrous results tn our domesti
manufactures. No tariff, short of absolute prob
biton, can prevent these evil consequences.
In connection with this subject, it is proper
refer to our financial condition. The same cause
which have produced pecuniary distress through
out the country, have so reduced the amount Of iu
ports from foreign countries, that the revenue hs