despoiled of their property.

Should our commissioner prove unsuccessful after a sincere and earnest
effort to accomplish the object of his mission, then no alternative will
remain but the employment of force to obtain "just satisfaction" from
Paraguay. In view of this contingency, the Secretary of the Navy, under
my direction, has fitted out and dispatched a naval force to rendezvous
near Buenos Ayres, which, it is believed, will prove sufficient for the
occasion. It is my earnest desire, however, that it may not be found
necessary to resort to this last alternative.

When Congress met in December last the business of the country had
just been crushed by one of those periodical revulsions which are the
inevitable consequence of our unsound and extravagant system of bank
credits and inflated currency. With all the elements of national wealth
in abundance, our manufactures were suspended, our useful public and
private enterprises were arrested, and thousands of laborers were
deprived of employment and reduced to want. Universal distress prevailed
among the commercial, manufacturing, and mechanical classes. This
revulsion was felt the more severely in the United States because
similar causes had produced the like deplorable effects throughout the
commercial nations of Europe. All were experiencing sad reverses at the
same moment. Our manufacturers everywhere suffered severely, not because
of the recent reduction in the tariff of duties on imports, but because
there was no demand at any price for their productions. The people were
obliged to restrict themselves in their purchases to articles of prime
necessity. In the general prostration of business the iron manufacturers
in different States probably suffered more than any other class, and
much destitution was the inevitable consequence among the great number
of workmen who had been employed in this useful branch of industry.