Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1858-12-14

It1irectiofl, has fitted ont and des l,tstcsll +
"a naval force, rendezvous near
| Bnenos Ayres, which, u Il believed
will proye sufficient for the occasion
Hits INV earnest desire, however, that
| It may not be found necessary TO re-
sort 10 this last alternative:
When Congress met in December
| last the business Of THE country had
| lust been crushed, BY one Of those
periodical reynlsions which are the
inevitable consequences of-our nm
sound and exfravagant system Of bapk
credits and inflated currency. With
all the elements Of national wealth in
abundance, our manufactures were
Isuspended, onr useful public and pri-
yate enterprises were arrested. and
thousands of laborers were deprived
Of employment and reduced To want.
Universal distress prevailed among
tho commercial, manufacturing, and
mechanical classes.
This reVulsion was felt the more
severely in the, United States because
/ similar causes had produced the like
'ldeplorable effects thrnughohtthe com
'lmercial nation Of Europe. All were
/ experiencing sad reverses at the same
moment. Our manufactures every
where suffered severely. not because 81
1 the recent reduction IN Tie tariff ofduties
on imports, but because there ives no de-
mand at any price for their productions
Tho people were obliged 70 restrict them.
tselyes in their purchases toI articles d
] prime necessity.
In the eneral prostration 81 business
/ tho iron manufactures In different States
probably suffered more than any olhel
4 class, and much destruction was tho in
teyitable consequence, among tho grea
4 number Of workmen who had been en-
i ployed ID this useful branch Of our h
| dustry. There could be 10 supply Wher'
| there was no demand.
Il TO present nm example; there could b
| no ademand for railroad iron, after ou
magnificent system Of railroads, extend
| ing its benefits 20 every portion Of tn
II Union had been brought 70 4 dead pause
The same consequences have resulte,
l from similar causes to many other branch
les Of useful manufactures, 1t il self
,leyident that where there is no ability |,
purchase manufactured articles, thes.
cannot be sold, and consequently mus
cease 70 be produced.
Il No government, and especially gov
eminent Of such limited powers as that 0
the United States, could have preyente,
the late revulsion. The whole CONNER
cial world seemed for years To have BEEF
running 70 this catastrophe. The sam
ruinous consequences would have follow
! ed 10 the United States, whether The .du
ties upon foreign imports had RENAME,
as they were under The tariff of 1856
or had been raised toa much higher stan
4 dard. Tho tariff Of 1867 had no agenc.
Fin the result. The general causes ex
istipg throughout the world could no
have been controlled by tie legislation 0
any particular country.
The periodical revolutions which Lavt
Eexisted in our past history, must con
tinueslo return at intervals, SO long .!
our present unbounded system Of banl
credits shall prevail. They viii, how
lever, probably DO Tie less severe in future
because it is not to be expected, at leas
for many years to come tliat tile CONNER
, cial nations Of Europe, with whose in.
terests our own are SO materially involved
4 will expose themselves tossimilar calami
ties. But This subject was treated Sc
much At largo IN my last annual message
that shall not now pursue itfsrther.
Still, i respectively renew The recon-
mendation, III favor Of tho passage of /
| uniform bankrupt law, applicable q bank
fling institutions This Is all lie powe
loyer tile subject which, / believe; Iii,
j federal government possesses.
il Such a law would mitigate, though j
might not prevent the evil. The instinc
, Of Misrepresentation might produce
! wholesome restraint upon their banking
business, if they knew il advance that ,
suspension Of specie payments would in
carbohydrates their civil death.
But the effects or Tie. reyulsion are
now slowly but surely passing away
] The energy and enterprise Of our cilizons
with our unbounded resources viii, with
i lin the period Of another year, restore /
! state Of wholesome industry and trade
II Capital has again accumulated IN oul
large cities. Tho rate Of interest is Their,
!, very low. Confidence is gradually reyi
!. wing, and 50 soon as it is discovered tina
this capital can be pro6tably employed ii
commercial and manufacturing enterpri
SEES, and in the construction Of railroad.
and other works Of public and private
4 improvement, prosperity win again smilt
J Through the land.
I II is vain, however, 70 disguise III,
u fact from ourselves, that speculative ID
ffiation Of our currency, without a CORES
II ponding initiation in other countries who's,
! manufactures como into competition will
our own, must ever produce disastrou.
i results to our domestic manufacturers
|, No tariff, short of absolute prohibition
can prevent these evil consequences.
In connection with this subject, it il
4 proper to refer to our financial condition
i The Same causes which have produced
+ pecuniary distress throughout the conn
TRY, have SO reduced tie amount Of inn
ports from foreign countries, that the
revenue has proven inadequate to meel
. the necessary expenses of the govern.
mank Ttr o,,o,,t,, fl,n fla6 c;arns, a.,