The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1858-12-16

listed in our past history. must continue to
return atintervals, so long as our present un-
| bounded system Of bank credits shall pre-
vail. They will, however, probably be less
severe in the future; because it Is not to be
expected, at least for many years to come,
! that the commercial nations OF Europe, with
whose interests our own are so materially
involved, will expose themselves to similar
calamilies. But this subject was treated SO
much at large in my last annual message
that I'shall not now pursue il further. Still, |
respectfully renew the recommendation, in
favor of the passage of a uniform bankrupt
law, applicable to banking Institutions
This is all the power over the subject which,
I believe, the federal government possesses.
Such law would mitigate, though It might
not prevent the evil. The instinct Of self.
preservation might produce a wholesome re-
straint upon their banking business, II they
knew in advance, that q suspension OF spe'
Gle payments would inevitably produce their
civil death.
But the effects OF the revulsion are now
slowly but surely passing away. The ener.
ey and enterprise Of our citizens, with our
unbounded resources, will, within the period
OF another year, restore a state of whole
some industry and trade. Capital has again
accumulated IN our large cities. The rate OF
interest is there very low. Confidence is
gradually reviving, and so soon as 1t is dis.
covered that this capital can be profitably
employed in commercial and manufacturing
enterprises, and in the construction of rail-
roads and other works of public and private
improvement, prosperity will again smile
| throughout the land. 1t is vain, however, 10
disguise the fact from ourselves, that spe-
cuative imitation of our currency, without a
corresponding imitation in other countries
whose manufactures come into competition
with our own, must ever produce disastrous
results to our domestic manufactures. No
tariff, short Of absolute prohibition, can pre-
vent these evil consequences.
In connexion with this subject, it is pro-
per to refer 10 our financial condition. The
same causes which have produced pecuniary
distress throughout the country, have SO re-
duced the amount of imports from foreign
countries, that the revenue has proved made
quate 10 meet the necessary expenses of the
government. To supply the deficiency, Con.
gress, by the act of the 23d of December,
1857, authorized the issue of $20,000,000 Of
treasury notes; and this proving inadequate,
they authorized, by the act Of June l4th,
1858, loan Of $20, 100000, "to be applied
to the payment of appropriations nude by
law"
No statesman would advise, that we should
go on increasing the national debt to meet
the ordinary expenses of the government
This would be most ruinous policy. In case
Of war, our credit must be our chief resource,
at least for the first year, and tris would be
greatly impaired by having contracted lurge
debt in time of peace. 1t is our true policy,
to increase our revenue so as to equal our ex
pendhures. 1t would be runous 10 continue
to borrow. Besides, it may be proper to OBJ.
serve, that the incidental protection, thus af-
forded by revenue tariff, would at the pre-
sent moment, to some extent, increase the
confidence of the manufacturing interests,
and give fresh impulse to our reviviug busi-
ness. To this, surely, no person will OBJ.
i iect.
IN regard to the mode of assessing and col.
Eecting duties under strictly revenue tariff,
! have long entertained and often expressed
the opinion, that sound policy requires this
] should be done by specific du'ies, in cases to
] which these can be properly applied. They
are we'll adapted to commodities which are
nsaally sold by weight or measure, and which
from their nat,-re. are OF equal or Of nearly
equal value. Such, for xamp!e, are the ar.
ticles OF iron OF different classes, raw sugar,
and foreign wines and spirits.
In my deliberate Judgment, specific duties
are the best, it not The only nYeur5 of secur.
ing the revenue against false and fraudulent
invoices, and such has been the practice
adopted for this purpose by her CONNER.
clal nations. Besides, specific duties would
afford to the American manufacturer the in.
cldental advantages to which he is fairly ell.
titled under q revenue tariff. The present
system is sliding scale to his disadvantage.
Under it, when prices are high and business
| prosperous, the duties rise in amount when
| be least requires their aid. On the contrary,
when prices fall, and he is struggling against
adversely, the duties ore diminished in the
same proportion, greatly to his injury.
! Neither would there be danger that a high
er rate of duty than that intended by Con-
gress, could be levied in the form OF specific
duties. 1t would be easy to ascertain the
average value of any imported article for q
series Of years; and instead of subjecting it
10 an aa ualorem duty at q certain rate per
centum, to substitute in its place an eqniva.
lent specific duty.
BY such an arrangement the consumer
would not be injured. 1t is true, he might
have TO pay little more duty on given ar,
ticle in one year but if SO, he would pay q
little less in another, and in series of years
these would counterbalance each other, and
amount to the same thing, SO far as his in.
terest is concerned. This inconvenience
would be trifing, when contrasted with the
additional security thus afforded against
frauds upon the revenue, in which every con.
sumer is directly interested.
| have thrown out these suggestions as
the fruit Of my own observation, to which
Congress, in their better judgment, will give
such weight as they may justly deserve.
The report of the Secretary of the Trea.
sury will explain in detail the operations OF
that department of the government The re-
ceipts into the treasury from all sources dur
ing the fiscal year ending 30th June, 1858,
including the treasury notes authorized by
the act of December 23d, 1857, were seven.
ty million two hundred and seventy three
thousand eight hundred and sixty-nine dol.
lars and ffty-nine cents, ($70, ,273,s69 3d.
which amount, with the balance Of seventeen
millions seven hundred and ten thousand one
hundred and fourteen dollars and twenty.
seven cents, C$l7,7lO,ll4 27) remaining in
the treasury at the commencement of the
| wear. m0da an aO0PpOatn fOr the snrvcn nj