Parties

Cover Parties
Parties
Boyd, James P[enny], 1836- [from Old Catalog]
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Ruin was deep and universal. Ere it ceased there were 5ii23 commercial failures. The government was compelled Digitized by VjOOQIC 246 mSTORV OF AMERICAN tARtP^ to borrow money for necessary expenses at a discount of eight to ten per cent Up to 1861 the public debt increased 1^46,000,000, and during the same time the expenditures exceeded the receipts by ^77,234,1 16. President Buchanan, in his annual message, said : " With unsurpassed plenty in all the productions and all the elements of natur
...al wealth, our manufacturers have suspended; our public works are retarded; our private enterprises of different kinds are abandoned ; thousands of useful laborers are thrown out of employment and reduced to want. We have possessed aU the elements of material wealth in rich abundance, and yet, notwithstanding all these advantages, our country, in its monetary interests, is in a deplorable condition." TARIFF ACT OF 1861.
The Democratic platform of i860 affirmed that of 1856.
The Republican platform favored a revenue for duties, with such adjustment of them as would " develop the industries of the whole country." By the withdrawal of members from the Thirty-sixth Congress, to follow the seceding States, the Republicans came into a strong majority during the second session, met December 3, i860.


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