Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-12-11

In the general prostraIi01 81 business the run
manufacturers "a different states probably sudero1
more than any other class, and much dsstuilon va
ihs Inevitable consequence among the great nuuls-
Of Workmen who had been employed in his useful
branch Of our industry There could be supply
where there is no demand To present an example,
there could Re no demand ior railroad iron aiter oHr
agnifesnt sysfen Of railroads. extending is bene-
SIS 70 eyerv portion Of the Union had bean hrougst
to q dead pause. The sane eonsequences haVe-r
suited fFop similar causes o many qhsE 5rane qE
useful manufactures. K IS sel-eVident that where
there is no ability % purchase manufactured articles
these cannot be sold, AMI consequently must eesse
to be produced.
No eovsramsut and sspsaya Go9enzsut q such i1asd
powers e nat .. 20 g1ed s esud have prsFsae -
to ha4ebeen r1slus % his usl-aps rs ame ru1ou5
ssgesnss, sssla aass ~ .as Ina stass sns- -
daies elon iar-n Imports I'D rllaan "a y ur er ls
aTG o lel 90 ad hssn raied b ah hgher stsndas s
ex-iug throurhout - world couid not s,7s - esol II
he ie gIslailcIl 81 any particular eoanil5-
. TIE periodical rsgEssions watch have existed "a
eur past hissosy must oontnas 70 Fst1rB s5ssls
50 long IS our present uab0undsd system % bauk
credits shall prevail. They viii, hoEeFefS Prsea-
BY be The less severe IN future because 4 = n0i 3
Be expelled, e Isast for many years e cone has
The commercial nations Of Europe, With Whose n
tsrests own are 90 materially involved VII Ak
pose themselves . similar csanitiea But this sub
jeet vas treated much 81 large in ny last annasl
message thatl shall not nov pursue i k1rthaf sll
respectfully renew toe recommendation il faEof q
tbe passage o. = Uniform bankrupt laE spplioable
to banking Institutions This Is al the poBer oqsr
The sabject which, believe ths FEDERAL Gos.zE-
meat possesses Such 3 law Wopld mi1gste,
though it might not prevent the evil The inslBct
Of self preservation might produce aWhels80ms re-
stTaint upon their baking business, II hey knsE
in advance thsta suspension Of specie pEymsRfs
would Inevitably PFO1uee their civil death.
But the effects Of the revision ara now slowly
but surely passing away. Theensrgy and enter
prise Of our citizens with cur bounded resources,
WILL within the period Of another year, restore
state Of wholesome industry and trade. Capital has
again accumulated Ii oar large cites. Tbs rate q
interest is there very Low. Conhdenco is gradually
reviving, and 50 soon i Is discovered that tbs
capital can be Pro6tsblY employed u commercial
and manufacturing enterprises, and N the eOnsrIe-
ton Of railroads and other works Of public and pri
vate improvement, prosperity VII again smile
throughout the land. Il IS vain, 70 disguise the
fact from ourselves that q speculative imitation Of
our currency without corresponding ihAaton u
other countries whose manufactures come into com
petition with oEut must ever produce disastrous
I results y cur domestic msnuiaetpres. No tArlt
short Of absolute prohibition can prevent desc
| evil consequences.
In eOnnexiOn With this subject It is proper 10 ralF
to our financial coalition. The sane ctnsea Ehiea
/ have produced peegniary distress thrUughout ths
/ country have SO reduced fhe amount 0f import5
from foreign countries that the revenue hes proved
inadequate to meet the Necessary eJpQusss % tha
/ Government. To supply the deficiency ConIrsss
by the act Of the 2Sdof December, 1885, authorized
/ the issue Of S20O00,000 OF Treasury notes apt
/ this proving inadequate, they Authorized BY he
act Of June 18th, 1858 loan Of $50 coo 200, ''te
be applied to the payment o. appropriations naas
/ by law" e.,
/ No statesman would alviss that We should 60 On
increasing tbe national aeht q meet the ordinary
expenses Of the GOEarnmeRt. This Wonld Be moss
rrinOus policy. In case Of war our credit mus b
our chief resource At least Tor the 6rst year ard
this would be greatly impaired By having Contracted
large debt in time Of Peaee l. soar true pocyto
increase revenue 80 - 70 equal ear Expenditures
Il would be Funous to continue % borrow. Besides,
il may be proper 70 observe that tie incidental pro
/ lection thus afforded BY revenue tariff Eonl4 e
/ the present moment, 70 some extent, Increase the
confidence Of the manufacturing interests, and give
fresh impulse 70 our reViving business 70 his
I surely, no person viii object.
In regard to he motives Of assessing and c5selng laa
der strictly Fi1 Thae long entertae and 9sn e
~ ~ = In 7, - ma - Usually 80 81
oresry equal value such Cor sple5 are te articles u M
81 diaeren cassss raW sugar. foegn wins snd spirits
/ In my deliberate Judgment speeihc duties are
the best II not the only means of securing the rev
euue against false and fraudnent Invoices, and such
has been the practice adopted for his purpose b
I other commercial nations. Besides, specific duties
/ would afford to the American manufacturer thein-
eidental advantages to which be IS clearly entitled
I
sliding scale 10 his disadvantage. Under i, Fhsu
prices are high and business prosperous, The duties
rise in amount when he least requires their aid. Oh
I the contrary when prices tall and be . struggling
against adversely, the duties diminished in lhe
same proportion, greatly to his injury.
Neither lgouid there be danger that higher Fsts
| of duty than that intended by Congress could Be
levied in the form Of specific duties Il would b.
easy 10 ascertain theayerage vslae Of any imported
articles for series of years; and, instead Of sub
jecting It to an ed FalOrem duty az a certain mls
per centun 70 substitute in its place sn equiyaent
specific duty.
By such an arrangement the consumer would not
be injured. It is trus, be might have % pay itis
more duty on . given article in ons year; but, Il So
he would pay 9 little less In another aud In Sc
riesof years these would oouutsrbalanss each other
and amount 10 the tang 50 faE sa his interest
ID concerned This ineonVenienee would Be Fiaiag
when eontrasied With the additional security thas
sOrded against fran Is UPON the revenue, IL Ehish
every consumer is directly Interested f
have thrown out these Suggestions as the frast
Of ny own observation, 70 which Congress. in heir
better Judgment viii give 5uoh geigat As they nay
justly deserve. ..-... 49,.
The report Of the Secretary Of the Treasury Win
explain In detail the operations 0f that department
Of the Government. Thsreoeips inio the Treasury
from all sources during the aseal year endiTg SOth
june 1883, including the Treasury Doiss auihorzeo
By the act Ok December ., 1891, we're seventy mis-
lion two hundred and seventy >tbree thousand egh1
hundred and y-nins dollars and hfty ni1a cents
1870, 27S, $50 So Whieh smOunt, with the balance
Of seventeen million seven hundred and ten thous-
and one hundred and fourteen dollars sHd twenty
seven cents ~ 40, ia 28 FsnEiBiBg il The TFeas
ury Al the committeeman Of the year. made 81 g,
gTsgaie for the ssrSce Of the year Of sighiysslsa
million nine hundred aud sghty>thFee thOusand
nine hunnred md eight three dollars and eighty
SIX cents ,Ss7, $50 $50 So.
The public expenditures during the fiscal yeaF
ending June 80 1858, amounted 10 eighty-one MI
lion I've hundred aud eighsy-fve thousane sin hun
dred aRd sixty-seFen dollars and seEenfysix cenis
$751; $50 SCI .76 Of which nine billion -ix hundftd
and eighty-f0ur thousand Eve hundred and fhFty-
seven dollars and nnety-uine cents 81, 6S4 b&l99j
we're applied TO the payment Of the pubis debt and
the redemption Of Treasury notes With the interest,"
thereon, leaving in the Treasury on July l. 1855,
being the commencement Of The prtseui fiscal year,
six million three hundred and ninety eght thousand
three hundred and sixteen dollars and 10 cent?,
tSG,89S.8I610. ga leH a..tl ].
The receipts Treasury during he Ara guaer q he
present year Johannesburg ne u July, l Including
half Of Ian Of s2oo oo0 win the pFeilm upoa
e, authorized b ne act o. ~ lft q Juls, ~ i1s
Ave million hundred and tFg aolssrl huudrt
seventy dollars agi fdry eil 49,
the estimated receipts for the remaining three quarters The %
81 june 1854 fm ouflna sources, dirty erhF noIt
hve hundred thousand dollars (essa0o0 making Win he
balance before state seventy million one
dEed and twenty une hQuslul lnrrd Eud uinedFs ~
lars and my IA cents, ESQ, ", 1855
The expenditures during the 6Fst quarter Of The
present fiscal year we're tWenty-One million
hundred and eight thousand one hundred and nine
ty-eight dollars and ffiy-one cents, (S2l, 70S l9s,
81 \ Of which one million and ten thousand one