The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1858-12-22

causes existing throughout the world could
not have been controlled BY the legisla-
ton of any particular country. sa..ii
The periodical revolutions which hsvs
existed in our past history must oontisuS.a 4
to return at intervals so long 40 cur press,
ent unbounded system Of bank credit shall,
prevail. They will however, probably be-
the less severe in future; because IL is nos
to be expected, at least for meny yeas 10
come, that the commercial, nations of Es.}'
rope, with whose interests, our own are %
materially involved, will expose themselves
to similar calamities. But this subjecs
was treated so much at large in my las&4
annual message that shall not nov ,pst.
sue it further. m s,i5 a.
Still, respectfully renew the rscom;s
mendation in favor. Of the .passsgs Of o.
uniform bankrupt laws applicable to bank.
ing institutions. This is al the power
over the subject which, believe. the
Federal Government possesses Such .
law would mitigate, though Il might NOT
prevent the evil. The Instinct of self.
preservation might produces . wholesome
restraint upon their banking business, U,
they knew in advance that Q. suspension,
Of specie payments would inevitably pros
duce their civil death. - -ss..,i-.a
But the effects Of the fevulsion are Nov
slowly but surely passing away. The.
energy and enterprise Of our citizeRs,
with our unbounded resources will, within
the period of another year, restore state
of wholesome industry and trade. Capt.
tai has again accumulated in our large
cities. The rate Of interest is there very
low. Confidence is gradually reviying,,
and so soon as it is discovered that this
capital can be pro6tably employed in COM
mercial and manufacturing enterprises,.
and in the construction Of rsil-roads and
other works of public and private Inn
prosement, prosperity will again smile
throughout the land. = .s.siss
: It is vain. however, to disguise the fact
from ourselves, that . speculative inflation'
of our currency, without corresponding
imitation in other countries whose manu-,
features come into competitisn With our
OWE, must ever produce disastroas sesalts,
to our domestic manufactures. No tar.G
short Of absolute prohibition. can prevent
these evil consequences. ~ g -
| In connection with this subject, Il q
proper to refer to our financial condition.
The same causes which have produae6
pecunisry distress throughout the county.
have 50 reduced the amount Of imports
from foreign countries, that the revenue
has proved inadequate to meet the neces.
sary expenses Of the government To
supply the deficiency, Congress, By the
act Of 22d ofDecember. 1857, .uthorixed
the issue of $40, 900, 900 Of treasury notes;
land, this proving inadequate, they, author.
ised by the act Of June l4th, 1853, al loan
Of $40, 600, 600, 80 be applied to the pay-
meDt Of the appropriations made By law
No statesman would advise that ~
should 60 on increasing the nationsl debt
20 meet the ordinary expenses Of the gov,
ernmeat. This would be most rninous
policy. In case Of war our credit matt
be our chief resource, at least for the irst
year, and this would be greatly impaired
by having contracted Q large debt in tims
of peace. 1t is cur true. policy to IN!
crease our revenue 50 a to equal our ex.
Ipenditrres. -
\ 1t would be ruinous to continue to Dor.
\ row. Besides, it may be proper 70 OBJ
serve that the incidental protection. thus
afforded by q revenue tariff, would, ~
the present moment, to some extent ins
crease the confidence of the manufacturr
ling interests. and give fresh impulse 70.
car reviving business To this, surely,
no person will object. - - 80. 80
Ii. regard to the mode Of assessing and
collecting duties under a strictly revenue
tariff, l have long entertained and often
Expressed the opinion that, sound policy
requires this should be done BY specific
duties, in cases to which these can bs
applied. They are we'll adapted to cons
modities which are usually sold BY weighs
or by measure, and which, from their ma
ture, ere of equal or ofnearly equal value.
Such, for example, are the articles ofiron
Of different classes, raw sugar, and foreigA
wines and spirits. @ 1egy
| In my deliberate Judgment speci6c di.
ties are the best, if not the only means Of
securing the revenue against false and
fraudulent invoices; and such has been
the practice adopted for this purpose BY
other commercial nations. Besides, spe-
ciic duties would afford to the American
manufacturer the iucidental advantages
to which he is fairly entitled under . rev.
enue tariff The present system isis slid-
ing scale to his disadvantage, Under 1t,
when prices are high and business pros:
porous, the duties rise In amoun. when
he least requires their aid. On the con.
trary, when prices fall, aud he is strag:
Cling against adversity, the duties are
diminished and in the same proportion;
greatly to his injury.
i Neither would there be danger that =
higher rate of duty than that intended BY
f Congress could be levied in the form Of
specific duties. 1t would be easy<to as.
certain the average value Of any ippert-
ed article for q series of years; and, In