True American. [volume] (Steubenville [Ohio]) 1855-1861, 1858-12-15

despoiled OF their property. Q
Should our Commissioners prove un- o
successful after sincere and earnest t
effort to accomplish the object of his {
mission, then no alternative will remain G
but the employment Of force to obtain I
''iust satisfaction from Paraguay. In
view of this contingency, the Secretary of t
the Navy, under my direction, has fitted 6
out and dispatched naval force, to rem.
devious near Buenos Ayres, which, il is !
believed, will prove sufficient for the
occasion. 1t is my earnest desire, now
ever, that it may not be found necessary
10 resort to this last alternative. -
When Congress met in December last,
the business of the country had just been
crushed by one ofthose periodical revulsions
which are the inevitable consequence OF
our unsound and extravagant system of bank
credits and inflated currency. With all the
elements in abundance, our manufactures
were suspended, our useful public and pri-
vate enterprises were arrested, and thous-
ands of laborers were deprived of employ
ment and reduced to want, and universal
|, distress prevailed among the commercial,
, manufacturing and mechanical classes.
This revusiop was the more severely felt
! in the United States, because similar eau
ses had produced the like deplorable effects
throughout the commercial nations Of Eu-
rope. All were experiencing the reverses
i at the same moment. Our manufacturers
n everywhere we're suffering severely, not be-
s cause of the recent reduction OF the taritt
d duties on imports, but because there was no
d demand at any price for their productions.
. The people wero obliged to restrict them
- selves in their purchases to articles ofprimo
" - necessity. In the general prostratiOn of
" business, the iron manufactures in different
o. States probably suffered more than any 9th
Is er class, and much destitution was the in
evitable consequence. Among the number
lg of workmen who had been in this useful
ut branch of our industry, there could be no
IN supply where there is no demand.
an To present an example, there could be
II. no demand for railroad iron after our mu.
G. nifcent system Of railroads, extending its
f. benefits to every portion ofthO Union, had
of been brought to a dead pause. The same
"a, consequences have resulted from similer
,st cause to many other branches of useful
10 manufactures It isself.evdeut that where
,ta there is no ability to purchase manufac-
of tured articles, these cannot be sold, and
ID. consequently must cease to be produced
10 No government, and especially govern
,st ment of such limited powers as that of the
ji. United States, could have prevented th,
ID. late revulsion, The whole Commercial
N world seemed to have been rushing to thi'
mo- catastrophe. The same ruinoas conse
ds queuces would have followed in the United
States, whether the duties upon foreign
wo imports had remained as they were unde
re. the tariff of 1846, or had been raised to
es. much higher standard. The tariff of 1856
of had no agency in the result; the genera
Tax causes existing throughout the world coul'
rv. not have been controlled by the Legislation
or of any particular country.
ns. The periodical revolutions which hav
of existed in our past history must contlnu
he to return at intervals so long as our On
of bounded system of bank credit shall pre-
The vail. They will, however, probably be tn
or. less severe in future; because it is not t
in be expected, at least for many years to come
m. that tho commercial nations Of Europe
bv with whose interests our own arc so mate
we riaily involved, will expose themselves t
in similar calamitios. But this subject wa
h treated so much at large in my last annua
ac. message, that shall not now pursue
ur- further.
No Still, respectfully renew the recon
lee! mendation in favor Of the passage Of
der uniform bankrupt law, applicable to bank
ing institutions. This is all the power oVt
ons the subject which, believe, the Federi
The Government possesses, Such law woul
es. mitigate, though it might not prevent tt
ire, evil. The instinct of self. preservation migl
ex. produce wholesome restraint upon the
eri. banking business, if they knew in advant
lilst that suspension of specie payments wou
of inevitably produce their civil death.
Jni- But the effects Of the revulsion are no
slowly but surely passing away. II
'uty energy and enterprise of our citizens Wi
non our unbounded resources, will, within Il
iuto period of another year. restore state
orm wholesome industry and trade. Capt.
has has again accumulated in our largo citie
cts. the rate of interest is there very low, CO.
cles fidence is gradually reviving, and 80 sot
shed as it is discovered that this capital can
proGtably employed in commercial al
nent manufacturing enterprises, and in the co
port struction of railroads, and other works
not public and private Improvements, prospe
free ity will again smile throughout the Ian
is a 1t is vain, however, to disguise the ia
cof. from ourselves, that speculative inaati
If Of of our currency, without a correspondiI
i. imitation in other countries, whose man
re. features come into competition with o
iuty own, must ever produce disastrous resu
ght. to our domestic manufactures. No tar
will short of absolute prohibition can preve
In these evil consequences. In conuecti
Iieve with this subject it is proper to refer
oun- our financial condition. The same cau'
age. which have produced pecuniary distr'
the throughout the country have SO reduc
rgre. the amount of imports from foreign cou
le of tries that the revenue has proved inaC
tice, quate to meet the necessary expenses
ong. the government. To supply the deficient
md | Congress, by the act of the 23d Of Dece
by Der, 1858, authorized the issue OF S2O,oC
lust. 900 of treasury notes; and this provi
inadequate, it authorized, by the act
yrets June l4th, 1853, loan Of $2O,OOO,O(
the to be applied to the payment Of appropr
and tions made by law.
may No statesman would advise that
mr.. sbould 90 on Increasing the national d