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. Under this system the
public finances have been carried through a foreign war, involving the
necessity of loans and extraordinary expenditures and requiring distant
transfers and disbursements, without embarrassment, and no loss has
occurred of any of the public money deposited under its provisions.
Whilst it has proved to be safe and useful to the Government, its
effects have been most beneficial upon the business of the country. It
has tended powerfully to secure an exemption from that inflation and
fluctuation of the paper currency so injurious to domestic industry
and rendering so uncertain the rewards of labor, and, it is believed,
has largely contributed to preserve the whole country from a serious
commercial revulsion, such as often occurred under the bank deposit
system. In the year 1847 there was a revulsion in the business of Great
Britain of great extent and intensity, which was followed by failures
in that Kingdom unprecedented in number and amount of losses. This is
believed to be the first instance when such disastrous bankruptcies,
occurring in a country with which we have such extensive commerce,
produced little or no injurious effect upon our trade or currency.
We remained but little affected in our money market, and our business
and industry were still prosperous and progressive.

During the present year nearly the whole continent of Europe has been
convulsed by civil war and revolutions, attended by numerous
bankruptcies, by an unprecedented fall in their public securities, and
an almost universal paralysis of commerce and industry; and yet,
although our trade and the prices of our products must have been
somewhat unfavorably affected by these causes, we have escaped a
revulsion, our money market is comparatively easy, and public and
private credit