Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-12-10

the duties on other articles of our production
mnisned IN nearly the same proportion nave been d.
regret TO state that the government or n
continues to levy export dirty of oho1+ - baMl SIT,
coffee, Notwithstanding this article is admit cent
GUY III the Ohted states This is a heavy H.
lne consumers OF coffee in our country as vn upon
half OF the entire surplus crop of that arc pGIcl
Brazil Our minister under instructions ;I, raised
ms enorts to have this export duty removed Iela
hoped that the enlightened government of the ana
adopt ans WISE Just and equal policy In that
there is good reason to believe that the Comma, y
the two countries will greatly incrre betvn
advantage of BOTH ~'' much to NJ
The claims n1 of t Ser ezens against the government
some OF these rest upon plain prncinies of amount h
settlement ought not to be Ion ger DELAYED aud Their
earnest, and trust successful effort viii b Ienewel and
minister to procure their final adjustment " made by On
| On the I'd of June last, Congress nasnod -.
authorizing the President to adont Sb "a oihl feSOuu
such force as, in his judgment NAV he aud
sable " for the purpose of adjusting the diSro o adv
connexion with the attack the United faraguay
ter WITCH and with other measures referred - Va
nual message And on the 18th July following Ill. In MS
appropriation to defray the expenses and rgS mai
of commissioner to that republic, should tL >at
deem it proper to make such an appointment Iie'."
| In compliance with these enactments I Lo
ed commissioner, who has proceeded to Parai upon
full powers and instructions to settle these dfr; W."
an amicable and peaceful manner, if this be nra?
His experience and discretion justify the hone "t
prove successful in convincing the Paraguan govern '
| that it is due both to honor and justice tbt II
should voluntarily and promptly make atoncrnant.
wrongs which they have committed aganyt gF
States, and indemnify our injured citizens wL '.''
have orcibly despoed of their property ""''" IA.
Should commissioner prove unsuccessful r
cerc and earnest effort, to accomplish the object Of >
sion, then no alternative will remain, but the m ms
force to obtain " just satisfaction " from P1Ir.,
view of this contingency, the Secretary of the
my direction, has fitted out and des patched naval %
rendezvous Buenos Ayres which i 1911? oIte''
prove sufficient for the occasion II is nv oor W"
however, that it may not be found necessary to ro,
this last alternative. 0'+
hen me i'm oharl Ia
country had just been crushed by of those pcod
vulsions which the inevitable consequence Of orr
extravagant system of bank credits inflated cUrr
all the elements of national wealth in abundance onr
lures suspended useful public .and yate ]
SEES arrested and thousands Of laborers We're S
employment and reduced to won't Universal distress Ir
among the commercial manufacturing, mechaticol
This revulsion felt the severely in the Tnt%i
because similar had produced the like deporal
throughout the commercial nations of Europe An w,r
riencing sad reverses at the same moment. Our manu
ton in the tariff of duties on imports but because tbr
demand at any price for their productions The pcY~u
RON noannfactggrers in difSrpnt States nroab Ds
than any other class and much restitution the new
been employs ed in this useful branch of our industry
could be no supply where there was no demand To
example there could be demand for rail iron after
magnificent system Of rail roads, extending its benefits
portion of the Union had been brought dead pause
same consequences have resulted from similar to MAJ
other branches of useful manufactures. is sefeydot
where there is no ability to purchase manufactured ar
duced
No government, and especially government of such m
| H
vented the late revulson. The whole commercial Vs..
seemed for years to have been rushing this catastr
The same ruinous consequences would have followed
United States, whether the duties upon foreign import,
remained they under the tariff of 1916, had b
raised to much higher standard The tariff of N57 bla
agency in the result. The general causes existing %
out the world could not have been controlled by the @
ton of any particular country.
The periodical revulsions which have existed in M
history, must continue to return at intervals, so long
present. unbOunded system of bank credits shall prya
They will, however, probably be the less severe in future
hpP NOT to hn at for
come, that the commercial nations of Europe, with
interests our own materially involved will expo,
themselves to similar caamities. Bat this subject was
ted much at large in my last annual message that
not pursue it further Still respectfully
cOmmendaton in favor of the passage OF uniform ban
law, applicable to banking institutions This is all the
power over the subject which, believe, the federal Cover
ment possesses such a law would mitigate, thoughtful
not prevent the evil The instinct OF seltpreseWaou
produce wholesome restraint upon their banking bu,u
! if they knew in advance, that suspension Of -I.
payments would inevitably produce their civil DEATH
But the effects of the revusOn slowly but sun.
passing away. The energy and enterprise Of Our citizen,
# with our unbounded resources, will within the period Of m
other year. restore state of wholesome industry and
Capital has again accumulated in our large cities The
of interest is there very low. Confidence gradually
J. wing, and soon as it is discovered that this capital can
proftably employed in commercial and manufacturing
terprises and in the and other work
" of public and private Improvement prosperity Will aga
smile throughout the land 1t Is vain, however to dsgi
the fact from ourselves, that speculative imitation OF
currency, without corresponding imitation in other cou
tries whose manufactures come into competition WIN
own, must produce disastrous results to our dom
manufactures No tariff short of absolute prohibition
prevent these evil consequences
In connection with this subject it is proper to refer
our financial condition. The same causes which have s
duced pecuniary distress throughout the country have
reduced the amount of imports from foreign countFe7 I
the revenue has proved inadequate to meet the nece
o expenses of the government. To supply the dehcea
Congress, by the act of the 23d OF December 1891 %
lied the issue OF S20,UO0O00 OF treasury notes and
proving inadequate, they authorized, by the act OF @
18th, 1858, loan of $200O00OO, to be applied to the
ment OF appropriations made by law"
q adj 90
ing the national debt to meet the ordinary expenses
4 government. This would be most ruinous policy. In
of ere dit must be chief resource, at least
the first year, and this would be greatly impaired by ha
contracted large debt in time Of peace, It IS our
policy to increase as to equal our eXpeD
lures. 1t would be runous to continue to borrow. Bessie
may be proper to observe that the incidental pr9te
: mus "Iorueu NY revenue tali' "ouu az ul9 Pit
ment, to some extent increase the confidence OF the man
featuring interests and give fresh impulse to our rey
,, business. To this, surely, no person will object
" In regard to the mode Of assessing andCocctng l"l
undcra strictly revenue tariff havelong entertained
often expressed the opinion, that sound policy reI
% this should be done by specific duties, in cos
l. which these can be properly applied They are well
d opted to commodities which usually sold by |
S. or measure, and which, from their nature Of u
10 equal value. Such, for example, the articles
e OF different classes raw sugar, and foreign VINE
u spirits.
4 4 In my deliberate judgement, specific duties are
T. BEST If not the On means OF securing hercycnu a.
e false and fraudulent invoices, and such has bccnt G
tice adopted for this purpose by other commerc "a
n Besides. specific duties would afford to the American
q ufacturGr the incidental advantages to which ne I'LL
II entitled under a tariff The present system
s sliding scale to his disadvantage Under it, when
d are high and business prosperous the duties rise in anu
- when he least requires their aid. On the contrary
d. prices fall and he is struggling against adversely u
n ties diminished in the proportion, greatly M
S injury.
s, Neither would there be danger that higher ia.
. duty than that intended by Congress, could be lo'"'
the form Of specific duties 1t would be easy to a
the of article Il
TO years and instead of suojectng it to an nd oJor
a. at certain rate per ccntum, to substitute IN It's a
lie equivalent specific duty.
OF By such arrangement, the consumer would mol '
~ jured. 1t is true, he might have to pay little more
n given article in year; but if 50, he woWd I
little less in another and in series OF years these