The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1858-12-17

raroads, extending IFS benefits to ever
portion of tile U Uaion, lad been brought to
dead pause. T6e same, conse quence hav
resulted from similar causes 10 many othe
branches of useful y, .nufscturers 1t i
self-eyident that where there Is no ability D
purchase manufactured articles, these can
no. BE- sold, and consequently -mas.e
be produced.
oi NaGoSernmebtband Especially govern
ment ofsuch limited powers as that of the
1United States, could have prevented tn
late revulsiony Ths whole commerci,
|. world seenedlfor yearsdo Nave been rush
ing to this catastrophe. The same ruinou
COZ sequences would have followed in TIL
United States, wether the duties upol
foreign imports had rem aimed as they wer
under the Tariff Of l8 Is, or had been RAISED
TO a much higher standard. Tie Tariff o
1857 had no agency in the result; the gen
eral causes existing throughout the world
could not have been control by the legisla
ton OF any particular couulry.s8 e oa sa'
| The periodical reyulsions which have ex
listed in our past history, must continue tt
return at intervals so long as our present
acknowledgement Of bank credits shall
prevail. They will, however, probably bt
the less severe in future; because it Isl no,
be expected, at least for many years te
come. thatthe commercial nations Of Europe
withwhose interests our own are so mate
rally involved, viii expose thems. yes 10
similar oalamties. But this Subject was
treated so much at large in my last Annu
Message, thatI shall not now pursue it
further. Still, l respectfully renew the
recommendation in favor of tha passage OF
a uniform bankrupt law, applicable to
banking institutions. This is all the direct
power over the subject which, Ijoeieve,
the Federal Government possesses Such
law would mitigate, though it might not
prevent the evil. The instinct of self
preser vation, might produce wholesome
restraint upon their banking business, if
they knew 10 advance teat a suspension of
specie payments would inevitably produce
their civil death. . alI ss,je l5iieF
'o But the effects Of the lrcvulsion are now
slowly but surely passing away. The en-
ergy and enterprise of our cilizans, with
ourunbounded resources, will. within the
period OF another year, restore a state OF
wholesome industry and trade Capital
has again accumulatea in our large cities.
The rate of interest is very low.--Coni
dence'is gradually reviving, and as soon
as it is discovered s,hatgaths capital can be
profitably employed in commcrcial and
manufacturing enterprises, q and % in the
construction OF railroads and otherl works
of public and private Improvement, pros
perity will again smile throuy yhout the
land. Its vain, however, 10 disguise the
fact from ourselves, that speculative inla-
ton Of our currency, without a cnrrespon
ding inhalion in other countries whose
come into competition with
our own, must ever produce disasterous
results to our domestic manufacturers. No
tariff, short Of absolute. prohibition can
prevent these evil and dasterous consequen-
ces. ,.,,,..,9. 4..,.., ,,ii...;..,.. ......i.
In connection with this subject, il is pro-
per to refer to our fnaocial condition. The
same causes which have produced pecunia-
ry distress throughout the country, have
SO reduced the amount of imports from for
eign countries, thai. the revenue has proved
inadcquateto meet the necessary expenses
Of the government. TO supply the def
cheney, Congress, by the act of the s3d of
December, 857, authorized the issue of
800, 100000 Of treasury notes; and this
proving inadequate. they author zed, by
the act Of June nth, 1858, a loan OF
$40, ZOO. 900, "to be applied othe pay ment
Of appropriations made by law" s5:5
No statesman would advise, that we
should go on increasing the national debt to
meet the ordinary expenses Of the govern
ment This would be most rulnous pol
icy. In case Of war, our credit must be our
chief resource, at least for the first year,
and this would be greatly inquired by hay.
ing contracted a large debt in time Of peace.
Itis our true policy, to increase our reve-
nue. SO as to equal our expenditures. 1t
would be rdinous to continue to borrow
Besides, it may be proper to observe, that
the incidental protection, thus afforded by |
a revenue tariff, would at the present mo.
ment, to some extent. increase the cunti
dence Of the manufacturing interests, and
give fresh impulselto our reviying bust
ness. To this, surely, no person will OBJ
ject. ia" a. s23sir. sf.j ~ 2pnvs
In regard to the mode Of assessing and
duties under strictly revenue
tariff, Ihave long entertained and often ex-
pressed tie opinion, that sound policy re-
quires this should be done by specific du.
lies, in cases to which these can be proper.
|y applied. They are well adapted 10 com
modilies which are usually sold by weight
or measure, and which, from their nature,
are Of equal or nearly equal value. Such, /
for example, are the articles Of iron Of diff.