Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1858-12-10

other branches N useful manufacturer II is socyidcnt
that where there is no ability to purchase manufactured
articles these cannot be sold, and consequently must
/ cease TO be produced.
| No government and especially government Of such
limited powers that Of the United States, could have
prevented the late reVu.ion' the whole commercial
world seemed for years 10 have been rushing 10 this cat
astrophc The same winous consequences would have
followed in the United States, whether the duties upon
foreign imports had remained they under the Ia
Hf of 1916 had been raised 10 much higher stand
ard The tarh Of 1897 had no agency n the result lhe
general causes existing throughout the world, could not
have been controlled 10y the legislation Of any particular
/ country
The periodical rcyulsions which have existed in our
past history must continue to return a intervals so long
present uuboundcd system W bank credits shall
prevail They will however probably be the less severe
u fuurc because it is not TO be expected at least for
many years TO come, that the commercial nations OF tn-
rope, with whose interests materially in
yol,ed will expose themselves to similar caamcs. But
this subject treated much large ia my last
nual message that shall not now pursue IL further
Still, respectfully the recommendation In favor
Of the passage Of uniform bankrupt law, applicable TO
banking institutions. This is all the direct power
/ the supcct which, believe, the federal government
possesses Such law would mitigate, slough t might
NOT prevent the evil The instinct Of scltprcscryaton
might produce wholesome restraint upon their bank
Ing business II they know, IN advance TINT suspen-
sion Of specie payments would inevitably produce their
But the effects Of the rcyusou are slowly but
passing away. The energy aud enterprise OF our cu
zcns with our unboundcd resources will within the pc
riod Of another year restore state Of wholesome indus
Try and trade. Capital has again accumulated In our
large cities. The rates Of interest ia there very low
Contdcncc is gradually rcyying and IL is dis
covered that this capital be probably employed in
commercial and manufacturing enterprise. and in the
construction IT railroads and other works Of public and
private Improvement prosperity will again smile through
out the land N is IN vain, however to disguise hc fact
from ourselves that speculative initiation in
cy' without corresponding inhntou n other countries
whose manufacture come into competition with
produce disastrous results TO our domestic ma
nuhcturcs no tariff short of absolute prohibition, can
prevent these evil consequences
In connection with this subject il proper 70 refer to
our financial condition. The same causes which have
produced prruniay distress throughout the country have
reduced hc Of imports from foreign countries
that the revenue has proved INADEQUATE 10 meet e me-
crsslr expenses of the government 10 SUNNY the do
hcicncy Congress by the act Of Inc ga Of December
1871 authorized the issue of s2OOo1OOO Of Treasury
tie act Of june a. ISIS a loan Of 595Oi0 0O0 To- BE-
annlicd 40 be rsy1,ent NJ lions ,5 i l, %
Nostatcsinan would advise uiat we should No ou iu-
crcasug the national debt 10 meet ihc ordinary crcnsrs
of the government This would be- most ruinous policy
ira case of war our credit must be- our rhef resource m
cast flr the first year and This would hc greatly impair
ed hv having contracted large dcb in tic of peace II
true policy To increase our revenue 30 as TO equal
our oypcudirr5 II would ie rriuon. to continue m
harrow Br.d,s 70 may IN, rr,o, Il, ossr,e tlf mo I'M
cidcntal protection nm. Afforded DIV revenue tariff would
thc present moment 10 some extent increase c con-
6dcnce VI the r,nuf, riurng Interest,". and Give flesh
imnn.c To- onr reviring b9sine.s TO this surely ma
one will object
In regard 10 the mode of assessing and collecting du.
tie. under "a strictly revenue tara have long entertain
3D. and often expressed the opnion thar sound poc,
rspuire. ths .hould be done by srefc duties in case.
90 which these can bc prnperf, auplicd They nrc well
,dapted Nm oo,,,,9li,ios vl r .,ii, ali h, rei,h,
or measure and which nom their nature nrc Of cgiia
or of nearly eou,l ,aiur Such fr cxa1,nlc are m,
,-,.f.' ~ t ~ l.ri.", $3.50 w. G 10y
cifu wines and sririt.
Ina INV deliberate Indictment ti. .ra tho host
Sc mot The only means M securing RIO revenue 1r.u.
fsc and fraudulent Invoices and Such has ho,n te u.
ticc ,d0f,cl fr tl. purgo.c Ia, fior a,,,.rr,i, M,
ti8us BESIDES .poaitl dutr. ,,,,li f. ii, t1r A,uc-
iln manufactured the ineidorl AL ,uta,e. 90 which d,
it frIy entitled under "a revenue tariff Tho rrcsrut ,v
tom i. sliding scale % his advantage rdcr h. h.t
prices are hsh aud business prosperous the du'c- us,
when An least requires their ad on the contrary when
prices r and he ie STRUGGLING ,taiust diversity th,