Neither the foreign war in which we have been involved, nor
the loans which have absorbed so large a portion of our capital, nor the
commercial revulsion in Great Britain in 1847, nor the paralysis of
credit and commerce throughout Europe in 1848, have affected injuriously
to any considerable extent any of the great interests of the country or
arrested our onward march to greatness, wealth, and power.
Had the disturbances in Europe not occurred, our commerce would
undoubtedly have been still more extended, and would have added still
more to the national wealth and public prosperity. But notwithstanding
these disturbances, the operations of the revenue system established
by the tariff act of 1846 have been so generally beneficial to the
Government and the business of the country that no change in its
provisions is demanded by a wise public policy, and none is recommended.
The operations of the constitutional treasury established by the act of
the 6th of August, 1846, in the receipt, custody, and disbursement of
the public money have continued to be successful.
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