Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1858-12-10


an amicahlc and peaceful manner, " this be
practicable. His experience and discretion
Justify the hope that he may prove suecoss-
iul. in convincing the Paraguayan govern
mcnt that Il i due both g. honor and JUS
tee that they sh0ald Voluntarily aud prlmt-
" make atonemen, Tor the wrongs which
thew have eommitteci against the Unitei
stlt.,., and indemnify our Injured citizens
whom they have forcibly depoilcd u their
property.
should our commissioner prove unsuccrss
iul, after sincere and earnest effort to ac.
eomplish the ohcct OF his mission, then no
alternative will remain but the employment
Of force % obtain +" inst satisfaction from
Paraguay. In view 20 ,h.s contingency,
the Sscretary Of the Navy. undrr my dirc'-
ton, has fitted out and dispatched naval
force, % rendezvous near Buncos Ayrcs,
which, Il il believed, will prove sufficient
for the occasion. IL i my earnest dNsirc,
90 resort however. that IL may not be ueces-
sary 20 this last alternative.
When Congress met In December last. the
business OF the country has Just been crush
"a hy one Of those periodical rrvulsious
which arc the inevitable Consequence Of our
uusouui and eNtraagant system o., hank
credits and inflated currency. With al the
elements ol national wealth in abundance.
our manufactures wcro suspended. our
useful public and private enterprises were
arrested. and thousands Of lahlrcrs were
deprived Of employment, ami reduced 90
want. Universal distress prevailed among
the commercial manufacturing and mschnn-
zeal class. This rcyulsi1n was frlt the
more severely in the United State h.cAusc
SIMILAR causes bah produced Ike dspl5rahl'
Effects throughout the commercial nations
of EorDrs. Al were experiencing sAi ~
vcrs.s az the same moment Our manula-.
turrr. -srryw herci werr suffering severely
not b-caus, 20 the rrcrut reduction In tariff
Of dutie. On imports, bat bcraus, there ~,
~ demand az any price or their pr1duc-
tious. The people Wsrc obliged % restrict
thcmsclvc. in their Purchases q articles %
prime neccssity. Ia the general prostraiion
OF businrss the iron manufacturer, in dit
fcrcnt States probably suffered more than
any other elias, and On uch test.tuuUn was
tie inevitable Consequence lmlns the crrat
number % workman who bah BEEN employ
"a IA this useful branch 90 our industry.
There could be no supply where thcrc was
~ lsnand. To pusent an example, there
could D. no demand Tor railroad iron after
our magnificent system Of railroads. extend
iue 10 hruofts O. cyr-y portion ~ the TN
ION. hai b,yn br1ught o a dad pauss.
The same consequences have resulted from
similar causes o many other BRANCHES OF
useful manufactures. IL j. self evident
that when there 3. no ability q purchase
Manufactured articles, these cannot be sold,
and consequently must ccaso 90 be prcdu-
cd.
No government. and esp,cial'ya govern
meut OF slch limited power, ~ that ~ the
United States, could have prevented the
late reyu,s.ln The whole clmmcricAl
world seemed flr year. o have BEEN rushing
., this catAstrophr The sane ruinous con-
sequence. would have followed 10 the United
States. whether the dutic- upon foreign I'm.
port. bad remained A. they were under the
trf ID lSi6, or bal been rAisi % a much
higher standard The tariff OF l-j7 bad no
agency m the result. The general cause
EXISTING throughout the world, could not
have bccn controlled ~ tie legislation Of
any particular country.
The periodical rryulsions which have eX-
isied Ia our past history must continue O
return az intervals - long A. our present
unb1unisl system OF bank crcii,s shal! pre-
vail. They Will however. probably b. the
ls,s. severe ia luturc; because it % not % be
expected. az least Tor many ycAr- % come,
that the cJmmtrical nations Of Edrppc, with
whose interests our own are - materially
involved. will expose themselves o similar
ealamities. Bot this sub-ct was treated 20
much 40 large IN my last annual message
that shall not now pursue u further.
still. respectfully rcnew the r'ccImmcniA-
ton in favor of tie passage Of a UNIFORM
bankrupt law. applicable % hInkius ins''-
tut,1ns This = al the dircct power over
the subject which. believe, Oh, federal gov
eminent possess. such law woald nit
isatc thOush it might not prevent the evil.
The instinct OF snli-prcssrya,i0n might p-o-
duce wholesome restraint upon their bank
ing business, II they Knew, ia advance, that
a suspension u specie payments would in-
eyiiab,y produce their civil death.
But the effects 0i the ryvglsiOn are now
sl0wly bot surely passing away. Inc en-
cry and enterprise or our citizens, with our
uub1undri resources, will within the PERI
Cd % another ycar. restore a state Of whole
some industry and trade. Capital has
az AN ANNM NNAahNNA NA NAA AAA - ~ ..'
rates % interest u there yery los. Cont
dence j. gradually rcyivins, and a. soon as
it's discovered that this capital can bc pro-
fably employed pa commercial and manu-
iactuTu. enterprises, and iu the construc-
ton OF railroad, aud other WORKS ui pubIir
aud private improvement, prosperity will
a-aiu smile throughout the land. IL is boz
vain. however. O. Disguise The fact from our
sslve-, that q speculative imitation iu our
currency, without corresponding iuhttlon
in other g1lniTiJ, Whose manufacture come
into c1mpeuti1u with our own, must ever
uruluce disastrous results % our dom sic
manufactures. No iarf short 81 ahs0lu te
prohibition, can prevent these cyil conse-
quluce..
In connection with ,hi. subject, it is pro-
rer 90 refer o. our financial condition. The
sane causes which have produced pecuniary
distrrs, throughout the country, have 80 -
duc,,l che amount Of imports from foreign
countries, that the rcvenuc has proved mad
equats o. meet the necessary expenses OF
the government. To supply the deficiency.
Congrcss, hy act oi the I'D % December.
1857, AUTHORISED the issue 81 S20 on 900 Of
Treasury notes, and, this proving made
quaie. they authorized. ~ the act 81 June
IL. ISIS. loan Of S20,oO0,0OO. "to be
applied 10 the payment Of appropriation
made by laW
Ne Statesmen would advise that We should
60 on increasing toe national debt % meet
The ordinary cXpeu~c- of the government,
this would De a most rutn0us policy, in ca,
~ war our credit must De- our chief resources
az least for the tr,t year, and this would
te greatly impaired by having contracted a
large debt in time of peace IL i our true
policy O. Increase our revenue 50 a. 10 equal
-, .,,..,Ts,yr.. IL would - ruinlus A