The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1858-12-16


by our Minister to procure their final ad-
justment.
4 On the Cd Of lune last, Congress passed
a joint resolution, authorizing the Presi
dent "to adopt such measures and use such
force as, in.his Judgment, may be necessa.
ry and advisable for the purpose Of ad-
iustng the difference between the United
States and the republic of Paraguay in
connection with the attack on the United
States steamer Water Witch, aud with
other measures referred TO in his annual
message. And on the 18th of July fol-
lowing, they made an appropriation to de-
fray the expenses and compensations of a
commissioner to that republic, should the
President deem proper to make such an
appointment .'
In COZ " zee with these enactments, |
have appointed commissioner, who bas
proceeded to Paraguay, with full power
and Instructions to settle these differences
in an amicable and peaceful manner, ifthis
be practicable. His experience and dis
crelion justify the hope that he may prove
successful in convincing the ParsguaySn
Government that it is due both the to hon.
or and justice that they should voluntarily
and promptly make atonement for the
wrong which they have committed against
the United States, and indemnify our in
iured citizens whom they have forcibly
despoiled OF their property.
Should our Commissioner prove unsuc-
cessful, after a sincere and earnest effort TO
accomplish the object of his mission, then
nc alternative will remain but the employ,
mpnt of force to obtain Just sati faction"
from Paraguay. In view of this conlin
gency, the Secretary OF the Navy, under
nv direction, Las fitted out and despatch
ed naval force, rendezvous near BuenOs
Ayes, which, it it believed, will prove
sufficient for the occasion II is my ear
nest desire, however, that it NAV not be
found necessary to resort to this last alter
native.
When Congress met in December last
the business OF the country had just been
crushed by one OF those periodical revul
sions ich are the inevitable consequent
ces of our unsound and extravagant sys
tenn of bank edits and inflated currency
With all the clements of national wealtl
in abundance, our manufactures were sIs
pended, our useful public and private en-
terprises were arrested, and The thou
sands, of laborers were deprived OF EN-
ployment and reduced to want Universe
distress prevailed among The commercial
manufacturing and mechanical classes
This revulsion was felt the more severel
in the United Safes because similar cause
had pro uced the like deplorable eftect
throughout the commercial nations of Eu
rope All were experiencing sad reverse
, at the same moment Our manufacture
, every. where suffered severely, not becaus
J of the recent reduction in the tariff of du
\ ties on imports, but because there was n
/ demand at any price for their productions
, The people were obliged to restrict them
f selves in their purchases to articles o
prime necessity.
$ In the general prostration of business
the iron manufacturers in different State
, probably suffer more than any other class
[ and much deslitution was the inevltabl
. consequence, among the great number
o workmeh, who had been employ ed in tn
It useful branch of our industry. Thel
' could be no supply where there was
{ demand.
e To present an example; there could
g no demand for railroad iron, after our MAJ
\ nifcent sy TEN of railroads, extending i
benefi to every portion of the Union, ,ha
o been brought to dead pause The san
l. consequences have resulted from simll
j. eau es to many other branches Of usei
,f manufactures. 1t is self evident th
x where there is no ability to purchase ma
', uactured articles, these cannot be sol
" and consequently must cease 10 be pr
ii duced
lie No government, and especially go
IN ernment of such limited powers as that
W the United States, could nave prevent'
Ne the late revolution, The whole CONNIE
C. cial world seemed for years to have be
in rushing into this catastrophe. The Sal
70 ruinous consequences would have follow
I'd in the United States, whether the duti
e, upon foreign imports had remained as tn
ms we're under the tariff of l846 or had be
Ia raised to much higher standard. T
b. tariff Of 1857 had no agency in the resu
at The general causes existing throught
d the world could not have been CONTROL
81 by the Legislation Of any particular COZ
on try.
The periodical revolutions which ha
ms existed in our past history must contin
he to return at intervals so long as our pr
ls- enr unuounded system of bank credit sl
re, prevail They will, however, probably
X The ess severe in future because it is no
an be expected. al least for many years
,re come, that the commercial nations OF |
I'll rope. with whose interests our own are
led materially involved, will expose the
selves to similar calamities. But this s.
las iect was treated SO much at large in
M last annual message that shall not n
zil pursue it further.
in Still, | respectfully renew the recC
has mendation in favor Of the passage of u
ty- form bankrupt law, applicable to bank
of institutions. This is all the power over
zen subject which, believe, the Federal G
or eminent possesses. Such a law wo
mitigate, though ii might not prevent
oyI Tho inafinot of aelf pTeseryal