Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1858-12-22
EBENSBURG, Pa, "WEDNESDAY, DECEMBER %, 1858


of very large amount; bDt some of these rest
upon plain principles of justice, and their
settlement ought not to be longer delayed
A renewed and earnest, and trust succ ess
full effort, will be made by our minister to
procure their final adjustment.
On the I'd of June last, Congress passed
joint resolution authorizing the President Ito
adopt such measures and use such force as,
In his judgment, may be deemed necessary
and advisable" ''for the purpose of adjusting
the differences between the United States and
the republic of Paraguay, in connection with
the attack on the United States steamer, Wa
ter Witch, and with other measures referred
to- in his annual massage. And on the 18th
July following, they made an appropriation
to defray the expense aud compens alton of
commissioner to that republic, should the
President deem it proper to make such an
appointment.
In compliance with these enactments, I
have appointed a commissioner, who has pro-
ceeded to Paraguay, with full powers and in
structions to settle these differences in an
amicable and peaceful manner, if this be
practicable His experience and discretion
justify the hope that he may prove successful
in convincing the Paraguayan government,
that it is due both to honor and justice. that
they should voluntarily and promptly make
atonement for the wrongs which they have
committed against the United States, and in
demnify our injured citizens whom they have
forcibly despoiled Of their property.
Should our commissioner prove unsuccess-
fu. after 4 sincere and earnest effort, to ac-
complish the object of his mission, then no
alternative will remain, but the employment
of force to obtain Just satisfaction from
Dor In &C Il, Il.
Secretary of the Navy, uuder my direction
has fitted out and despatched naval force,
to rendezvous near Buenos Ayres, which, it
is believed, will prove sufficient for the occa-
sion. 1t is my earnest desire, however, that
it may not be found necessary to resort to
this last alternative.
When Congress met in December last, the
business Of the country had just been crush
Ell by one of those periodical revulsions,
which are the inevitable consequence of our
unsound and extravagant system of bank
credits and inflated currency. With all the
! elements of national wealth ia abundance our
manufactures were suspended, our useful pub
lie and aud private enterprises were arrested,
| and thousands of laborers We're deprived of
employment and reduced to want. Univer-
! sal distress prevailed among the commercial,
manufacturing, and mechanical classes
! This reyulsion was felt the more severely in
the United States, because similar caIses had
produced the like deplorable effects through
out the commercial nations of Europe All
were experiencing sad reverses at the same
moment. Our manufacturers everywhere
suffered severely, not because of the recent
reduction in the tariff Of duties on imports,
but because there was no demand at any
nrice for their productions. The people were
obliged to restrict themselves, in their pur-
chases, " articles Of nrime necessity. In the
general prostration of business, the iror
manufacturers in different States probably
suffered more than any other class, and muct
destitution was the inevitable consequence
among the great number of workmen WIZ
had been employed in this useful branch o
our industry. There could be no supply
where there was no demand. To present al
example, there could be no demand for rail
road iron, after our magnificent ystem 0
railroads, extending its benefits to every por
ton of the Uniou, had been brought to dea,
pause. The same consequences have resul
ted from similar causes to many other bran
ches of useful manufactures. 1t is self-evi
dent that where there is no ability to pur
chase manufactured articles, these ca mot b
sold, and consequently must cease to be pro
duced.
! No government, and especially a govern
United States. could have prevented the lat
revulsion. The whole commercial worl
seemed for years to have been rushing to thi
catastrophe. The same ruinous consequence
> would have followed in the United States
) whether the duties upon foreign imports ha
Remained as they were under the tariff {
r 1916, or had been raised to much highe
standard. The tariff of 1857 had no agenc
in the result. The general causes existin
throughout the world, could not have bee
2 controlled by the legislation of any particula
country,
; The periodical revulsions which have ez
listed in our past history, must continue
: return at intervals. so long as our prescr
e unbounded system of bank credits shall pre-
: vail. They will, however, probably be tt
less severe in future; because it is not to
y expected, at least for many years to COM
u that the commercial nations of Europe, wit
. whose interests our own are so materially il
r volved, will expose themselves to simil
o calamities. But this subject was treated
e much at large IN my last annual MESA!
q that shall not now pursue it further. Still
e | respectfully renew the recommendation,
favor of the passage of a uniform bankru
If law, applicable to banking institutions. Th
y is all the power over the subject which,
J. believe. the federal government possesses.
n Such law would mitigate though it mig
e not prevent the evil. The instinct of Sc
Z, preservation might produce a wholesome +
IS straint upon their banking business, if th
lr knew in advance, that a suspension of spec
-e payments would inevitably produce their ci
/; il death.
l. But the effects of the revulsion are NJ
:, slowly but surely passing away, The en'
re gy and enterprise of our citizens, with Q
20 unbounded resources, will, within the peri
J. of another year. restore state of wholeso
| ;xaar,strx. md trada Caxital has min