The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1858-12-16
Presidents Message.
The CRISIS AND The IRON INTERESTS ExrLAISE e
ICoNCIUDEp |

Presidents Message.
CoNcIUDEp
The CRISIS AND raE IRON INTERESTS ExFI.AISED.
When Congress met 10 December last, the
business OF the country had just been crushed by
one of those periodical revuisous which are the
inevitable Consequence Of our uGsoand and ex
travagant system of bank credits and inflated
currency. With all the elements of national
wealth in ab md stee, our mannfactnres were sns
pended, our usuetul pubic and private enterprises
arrested and thousands of lahorers were deprived
of employ yment and reduced 10 want. Caiversai
distress prevailed among the commercial mann
featuring ard mechanical c!as-es- This revni-
sion was felt tie more severely ~ the l CHiied
States, btca1se similar causes had produced the
like dep.orable defects throughout the CONNER
cial natiots of Europe 4 Il we're experiencing sad
reveTses at the same moment. Our mannfactur-
ers every where suffered severely, not because of
the recent reelection 10 the tariff of duties on i'm
ports, but because there demaad ut any
price Tor their productions The people were
~obseei to restrict themselves in their purchases,
to articles of PRIME Deccssity. In the general
prostrat:oa of business the iron manufacturers
ia difsrent States sprobah!y suffered more than
any otfer class. aud much dcsi;utioH was The in
evitabfe conseg1ence, among the great number of
workmen VINO M I en- employed II shis useful
bgaach Of our iada>try. There cynd be no sap
ply where there Vas no demand. II present
example, there could be demand for railroad
l-op after oer magnificent systeia Of ra lroacs,
extending It's benefits 70 csery portion Of the
IIj0n. hai been brnuga 10 a dead pause. The
sane c5.scq aeuc1s have resulted frm similar
c.uses 70 Gnaay ether branches Of useful mann
iletu:cS Il is syjf-evid,nt that where therc is
10 ability to purchase manufac 1-ed articles,
they car not be sold, rnd consequently mast
a~e u nc produced,
30 government. and especially a geve"nment
of such limited powers that of tlc Cnited
states. could have prevented the late revulsion.
The ,sno.e commercial world seemed for years TO
hive been rushing to this catastrophe Tine same
rDinon; consequences Son'd have s2''a"ed IN the
Tljied Sta'es. neither the dlLies upon 10 eiED
ii:,ports tai na.uel as they were under rht
r..r,sT cf !sJ6. or had been taisel II u mach
III lTrr st.aat.d. Tee tlr;tf 0f 1857 hal N
a,.n-Y III tae result. The geacra causes 5Zist-
ins tsrunghout H. wosi.: coaiG lot have been
controlled b. tae legislation of apy particular
cnon' ~.
AssaxAxz law RECOMMENDED.
Zoe periodical seyu'sions which bave existed
IN car rast history, must cout;I ue to re:u.n at
Intervals 50 tong Us OFT present ushoaHded syS-
.esl 81 ha1h eredls shall rrcv@j. fhcy vii.
oH, ger, be tie less se~eFe j" futule. because II
i -, to he eNroc;ed at least f,r MANY wears to
co4,- that the Commercial. ratio Of E1rope
,.i.L - hose interests eur own % materially
.tvulvrd wiH expose themselves to similar Ca
mites Bat tuis subject tr2l'ea mach
a; large in R:v last annual message that [ shall
not aoN pu7sua ]: further. S;jtt ! respectfully
rene,v the recommendation n tlvaf II q un5tJrm
bankrupt lag-. Applicable . banking asjita;
Inj, : all tLe direct ro@er o,eF 1ae saniecl
WHICH @vliesr the Fedora; q nent posses
ses Suea law w0g.d mitigate though it might
not prevent the evi. The instinct O. set prcser
yA'i 20 might rrodGce 4 Wholesome restraint c2cn
ll.zjr balhng busi,.es, ii they kte~ in a sLce.
that suspension Of specie payments Ao,s.I IL
tyi;cbiy produce Il er cjvi death.
II a; the etjs,s OF the rf.villsinn are TOW SLOWLY
bu : rely passing away I be energy AMI enter
rise Of our citiz-aS, with ocr urbuuude ed re-
sources will within The Perioi Of another yea-.
restore state uf who.es bFne ind ,stry .nd trad
capital has agaia accumulated in our large ci rs
The rate OF Interest is there very low. Coad-
deuce is srasieal.y IeyivEr, and as soon il IS
,l.scO7eT5d that this espital can ee proftahty
emploved in com nerciaI and manufacturing en-
;erprises. and the construction Of railroads and
o; her works Of UG olic snj private Improvement,
prosperity viii again smile Throughout the and
1t i vain. howe ser, TO Disguise the fact from
selves that speculative inf alton OF our currency,
withcut corresponding IrtI IN other coGr-
tries whose manufactures come into competition
with our Il must ever produce d.sasferous
salts e our domestic manufactures. No tar f.
short Of absolute pFohibiioo, fcan prevent these
evil Consequences.
Ia connection with this 1ahject, ii is proper to
refer to orr financial condition. The same caus-
es which have 2r5dlced pacaniary distress throu
ghout the country, have 50 redu ed the amoau;
Of imports from foreign countries. that the revea
ue has proved inadequate 10 meet The necessary
expenses Of government To supply TIE dedci
eucy. Congress by the act Of the 23d Of Decem
hsr 1851, authorized the issue of $40 900. 600
Of Treasury notes; and this proving inadequate
they aaihorized by the act Of June t4lh, le5s a
loan OF $4,000 600, TO De applied 10 the pay
ment of appro priaIions made by law.
4 REVENUE TARIFF RECOMMENDED
No statesman would advise that We should 20
on inc easin- the national drot to meet the o.
binary expenses Of the government This would
be a most ruinous policy. In case OF war, our
credit must be chief resource. least for the
FIRST wear. aud this would he greatly impaired bv
having contracted large debt in time Of peace
Il is our true policy to increase revenue
to equal expenditures. II would be RI nous
to continue 70 borrow. Besides, il may be proper
u observe, that the Incidental protection. thus
Afforded By revsnus tariff, would ST the present
moment 10 some extent. increase ths confidence OF
the manufacturing interests, sad gave fresh in
pulse to cur revivlng business To this. surely,
no person viii object.
In regard 10 the nsie Of assessing sai collect