M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1858-12-23
lalion of anH narticular country.

Luz pcIlOulCil IcfulslOIlS WHICH
have existed in our past history, must
continue to return at intervals 80 long
Rs Cur present mbounded system Of
bank credits shalt prevail. They will,
however, probably be the less severe
in future; because it is not to be ex-
pected at least for many years to come,
that the commercial nations of Europe,
with whose interests our own are 80
materially involved, will expose them
selves to similar calamities. Butthis
subject was treated so much at large
in my last annual message, that | shall
not now pursue it further. Still, re-
spectfully renew the recommendation
in favor of tie passage of uniform
bankrupt law, applicable to banking
institutions. This 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 oI
self--preserystion might produce O
wholesome restraint upon their bank,
ing business, ifthey knew in advance
that a suspension Of specie payments
wOuld inevitably produce their civil
death.
But the effects Of the revision nre
now slowly but surely passing away.
The energy and enterprise Of our citi-
zens, with our unbounded resources
will, within the period of the next
year, restore a state Of wholesome in
dustry and trade. Capital has again
accumulated in our large cities. The
rate ofinterest is there very low. Con-
fidence is gradually reviving; and SC
Boon as it is discovered that this capi.
tai can be proftably employed in com.
mercial aud manufacturing enterpris-
es, and in the construction Of railroads
and other works of public and private
improvement, prosperity will again
smile throughout the land. It's vain,
however, to disguise the fact from our
selves, that speculative initiation Of
our currency, without a corresponding
initiation in our countries whose manu-
Sacturers como into competition with
our own, must ever produce disastrous
results to our domestic manufactures.
No tariff short of absolute prohibition,
can prevent these evil consequences.
In connection with this subject, it
is proper to refer to our financial con.
dition. The same causes which have
produced pecuniary distress through
out the country, have so reduced the
amount of imports from foreign coun-
tries, s,that the revenue has proved inad-
equate to meet the necessary expenses
of tSe Government. To supply the
deficiency, Congress, by the act ofthe
23d of December, 1857, authorized
the issue Of 100000 of Treasury
notes; and this proving inadequate,
they authorized, by the act of June
IA, 1858, loan OF $20,0O0,000, "to
be applied to the payment of appro-
priations made by law"
No statesman would advise that we
should 60 on increasing the national
debt to meet the ordinary expenses of
Government. This would be a most
ruinous policy. In case of war, our
credit must be our chief resource, at
least for the first year, and this would
be greatly impaired by having con-
tracted large debt in time of peace.
1t is our true policy to increase our
revenue 80 as to equal our eXpendi.
lures. 1t would be ruinous to contin-
ue to borrow. Besides, it may be
proper to observe the incidental pro.
lection thus afforded by revenue
tariff, would at the present moment, to
some extent, increase the confidence
of the manufacturing interests, and
give fresh impulse to our reviving
business. To this, surely, no person
will object.
In regard to the mode OF assessing
and collecting duties under q strictly
revenue tariff, | have long entertained
and often expressed the opinion, that
sound policy requires this should be
done by specific duties. in cases to
which these can be properly applied
They are well adapted to commodi-
ties which arc usually sold by weight
or by measure, and which, from their
nature, are Of equal or of nearly equal
value. Such, for example, 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, if not the only
means Of securing the revenue against
false and fraudulent invoices; and
such has been the practice adopted
for this purpose by other commercial
nations. Besides, specific duties
would afford to the American manu-.
facturer the incidental advantages to
which he is fairly entitled under rev.
enue 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 he least requires their
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