The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1858-12-22


their predictions The people were obliged
10 restrict themselves in their purchases to
articles Of prime necessity. In the general
\ prostssiion Of business the iron msnufs cso.
ries in different States probably suffered more
than any other class. and much destiiusion
wss the inevitable consequence. Among
the great number Of woskmen Who had been
empIoyed in this useful branch Of our indus.
uy there could be no supply where there
wss no demand.
To present en- example, there could be no
demand for railroad iron sfter our nseri6-
cent system Of railroads, extending lie bene-
kis 10 every porlion Of the Unior, had been
brought TO : dead pause. The same couse-
quences have resulted from similar causes 70
many other branches OF useiu ma nufresures.
No government. and especis,Iy governmen ni
Of such limited powers % that Of the United
States. could have prevented the late revul-
sicn- The whole commercial world seemed
70 have been rushing TO this catastrophe -
The same ruinous consequences would have
followed in The United States whether The
duties upon foreign imports lad remained o.
they were Under the tsr.ff Of 1915. or had
been raised % much cher stsnda,d. The
tariff Of 1857 had no agency in the result;
'he general causes existing throu. hout the
world could not have been controlled By the
legislation Of any particular country, but Tho
effects Of the revulsiOn are How slowly bul
surely passing away. TIE energy and en-
'efPrise Of our citizens. with our nnboundcd
resources. will, within the period Of another
year. restore state Cl Wholesome indus Ut
and trade. Capital hss sgsin accumulated
in cur large cities; the rate Of interest Is
there very low; cor fdenee is gradually re-
siving. and. % soon ss IL is discovered thai,
this capital can be prcf,ably employed IN
commercial and manufacturing enterprises,
and in The construction Of rsilrosds and other
works Of public and private improvement
prosperity will sgain smile Throughout tie
land II 10 vain. ho~ev@v. 70 Disguise she
fact from ourselves that . speculative iras-
ton az cur currency, wirhrnt . correspond
ing inlation In other countries, hose man
uiactures come into competition with our
own, must ever produce disastrous results to
our Domestic manufactures. No tariff. short
Of absolute prohibition. can prevent these
svil consequences
In connection with f.lis subject Il i PRO-
per % refer 70 cur financial condition. The
same causes which have produred pecsniary
distress ihrcughout The country have 50 re-
tueed the amount OF imports from. foreign
countries thss the revenue has proved mad
sqrste % NEE. ihe Necessary expenses cfl
gcvernnent- To suFply this deficiency i
Congress. By che act Of the 23d of Decem-I
Der, lsJ1, saihcrixsd the Issue Of twenty
millioa dollars Of tress1ry notc<. and this
proving inadequate. IL authorized bv the ac.I
Of June "A. 1858. loan Of 100000. tcl
Be applied 70 The pay meat Of appropriations
urds By Law No Statesman would advise
that we should 90 on Increasing the national
debt 70 meet the orcinsry expenses Of Gov
ernmert. This would be . most ruinousl
policy; besides i may be observed that the
Incidental protection Afforded By revenue
tariff ~culi. q tie present mcmens. 10 some
extent increase the confidence Of The manu-
featuring interests. and give fresh impulse
70 cur revivirg business. To lhis surely no
person will object.
He rcrcws the recommendation Ia favor
ci Uniform bsskrups Iaw. spPlicstIe 70
banking institutions, and thinks il wosld
mitigate though il nigh, not prevent the evil
Of such revulsious ~ We have recently Wit
messed. Ths instinct Of SELL preservation
might produce wholesome restraint upon
their banking business. II they knew 10 sd-
vance that Suspension or specie payments
would inevitably produce their civil death.
There wss balance in the treasury On
the lst Of July. ls5s. bsirg the commence
ment OF the present fiscal year. Of $685.
SIG 10. The receipts during The first quar-
Ter Of the present fiscal year. including one
half the loan Of 10000. COO. were s25 80
579 46, sDd The estims,sd receipts tor the
three-qusrters, 70 the 30th June,
1859. from ordinary sources. ere $3s, 500 600
msking total for the yesr OF S.0.l29. 1885, n