Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1858-12-10

Shouiu our commissioner prove unSuccesS'
full, after a sincere and earnest effort 10 accom-.
plish the object of his mission. then no alter
datiye will remain but the employment ol
/ force to obtain - just satisfaction from Para.
quay" In view of this contingency the Sec
retary of the Navy, under my direction, has
| fitted out and despatched a naval force, rcndez-
vous near Buenos Ayres, which it is believed,
will prove sufficient for the occasion. 1t is my
earnest desire, however, that it may not be
! found necessary to resort to this last alerna-
| tive.
When Congress met in December last, the bust
mes. of the country had just been crushed, by one
Of those periodical revulsiOns which are the nevi-
table consequence of eur unsound and ex,ravagant
system Of bank credits and inflated currency
With all the elements Of national wealth in abun-
dance, our manufactures were suspended, our use
! ful public and private enterprises all arres-
! TED, and thousands of abOrers were deprived Of
employment and reduced to want. Universal dis
/ tTcSs prevailed among the commercial, manufac-
/ turing, and mechanical classes.
This reyulson felt the more severely in the
United States because similar causes had produced
the Ike deplorable effects throughout the CONNER
cial nations Of Europe All were experiencing
sad rcverses at the same moment. Our msnulIc-
turers everywhere suffered severely, not because
Of the recent reduction in the tariff Of duties on
imprrts, but because there was no demand at any
. price, Tor tuelr PRODUCTIONS Inc people were
obliged to restrict themselves in their purchases to
articles of prime necessity.
In the general prOstratIon of business, the
iron manufactures in different States probably
suffered more than any other class, aud much
destitutiOn was the inevitable consequence,
among the great number of wOrkmen who
had been employed in the useful branch Of
our industry. There could be no supply where
there was no demand.
To present an example; there could be no
demand for railroad iron, after our ma gnfccEt
system of railroads, extending its benefits to
every portion of he Union, had been brought
to dead pause The same consequences have
resulted from similar causes to many other
branches useful manufactures. 1t is self
evident that where there is no ability to pur-
chase manufactured articles, these cannot be
sold, and consequently must cease TO be pro-
duced
No government, and especially a government of
such limited powers that of the Uni.ed States,
could have prevented the late revulsion. The
whole conmerea! world seemed for years to have
been rushing 10 this catastrophe. The same ruin
Gus Consequences would have followed in the Uni
ted States whether the duties upon foreign imports
had remained they under the tariff of SIG,
or had been raised to much higher standard. The
tariff OF 1897 had no agency i'll the result. The
general causes existing throughout the world, could
not have been controlled by the legislation of any
particular country.
The nerioIic.i revolutions which have cx-
listed in our past history. must continue to re-
turn at intervals. 50 Ionr AS our present nm
houudel system of bank credits shall prevaiI
They will however. probably be the less severe
in future: because il is not 10 be expected nj
least for many wears TO come that the CONNER
cIal nations of Europe, with whose interests
our own are so materially involved. will expose
themselves to similar calamities But this
subject was treated 50 much at large in nv last
annual message. that | shall not now pursue il
further
Stin, respectfully renew the rceommenIl-
ton. in favor ofthc passage Of a uniform bank
rupt law. aupIiclblc to banking institutions.
Til, is all the power over the subject which. |
believe, the federal government possesses.
Such a law would mitigate, though it might
not prevent the evil. The instinct of self rre.
soryatI,n might produce a wholesome restraint
npon their banking business. if they knew in
advance. that Il SUSPENSION of specie payment
would inevitably pralu.e lh4fy ri,Itn' arr. no,y
,, g,r;. ~, .,r.I,- ,,,ssi,,,,a w.v Tho energy
y -, i,,,,. - NH o,,, ,',,,
r',,,,I.J r.s,,,rres viii within tLc perioj of
o,,.,rI,o. ,c,r res,or.. =, state of Wholesome in
II ~ IL C,,.it.1 Inc .,,ain oc.,,,,,,,-
III ,',,r I,,,.. ..i,;h. rio ITO nf ini,,c,,
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,;,i,., sor, -. !, T.. ,Ii.cover,Itb,itI,i This
80 - H. ,,.ef,"Il,. l,.,,'ra,-,I :, ,.,,r,,,,,r
-, l ,,.,,,.;., .,,,,i H.,
If ,.,iI.,,3d. and ,tLo, wi. of
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,,,r..IroS ,bat = .rnc,,Io,iy, int,tinn nf our
-. ,,,I,,|,t n .r.,,,,,,I;n,, i,loIio il,
,I.,. ,,,.,ni,f,c.,,.s como into
,,,,,., - L.
Ji.alt.a,,s rasn1ts to our domestic manur,c-
,,,-o. To tor;f sbnrt of ,hsoInre nrob;bition
49,, ,'rs,.,,t ,b,.se o., II co,sooponccs
l., ,,,,,a,i,,, ,r;,I, iii. snbiact !, is nronor
,,'..f,,. ~ orr f,,on,,i,I con,IiIf,n The same
-. lii, Io, ,,.,,l,,cal ,ocun;,r, distress
,br,,,nhn,,t ,tn cinntr, have " raiuccd tho
-, 8 ;..,,..,, e. c.,;,,,, ,.,,,n,i.,s th,
- r., ,'r,al ;,aJorra,o ~ ,,,oci
me It'e''ue mas .L' .o,',I - ~
~ 1Ae iee.ss! ie % 'e h''
~, S"Pi,y ',nI ,I os
oo6 nnn on0 80 -. ,,,a. a,,I ~ ro,
-. w.. ,ia r., -
Ing mn ie!c Ia, 80 30 non o6n az, ha
,,,1;,i =, ,ba ,'o,,,,a,,t of tbo o,,,.,,,r;a,i,,n
"Ff''' 81. f'' ''-0'-' - NV "if' VI '''
ila"e py la"' =,
No Statesman Wouia aisise, that We shouiu go
on increasing the national debt 10 meet the OF IL
nary expenses of the government. This would
be a most ruinOus policy. In case of war, our
credit must be our chief resource, at least for