ANNIVERSARY ADDRESS 



BEFORE THE AMERICAN INSTITUTE, AT THE CRYSTAL PALACE, 

 OCTOBER 20, 1857. 



By the Hon. N. P. Banks, Speaker of the House of Representatives, 



Mr. President, Ladies and Gentlemen — The year which is 

 about to close will constitute an epoch in our industrial history. 

 It has alternately elated and depressed men of all pursuits. Its 

 opening promised a season of unparalleled prosperity. The farmer, 

 mechanic, and merchant entered upon its duties with high hopes. 

 They looked for the abundant fruits of the earth, and the full 

 products of the artisan in the present and coming year as a means 

 of breaking the bands of monopoly and reducing prices to the 

 natural level upon which flows uninflated trade, the " calm health 

 of nations." An untoward spring and a chilling summer periled 

 the early -promised harvest; but the autumn opened with unusual 

 splendor. The luxuriant vegetation, robed in its most gorgeous 

 colors, gave us but a part of our autumnal pleasures. It extend- 

 ed the beneficent season of summer, repressed the biting frost, 

 and filled the garners of industry with such products as the 

 Goddess of Plenty showers upon her chosen followers. Then 

 new calamities broke upon us and dispelled the happy visions 

 that hovered about us. Commerce, that rests upon its faith in 

 men, stood without solace or support, and sober industry was 

 paralyzed. The full harvest yet lies in the valley of the West, 

 and the exhausted granaries of the East wait the moment when 

 restored credit and lenient seasons may permit the needed transfer. 

 There are few events in life that more strongly challenge sympa- 

 thy than such revulsions in the commercial world. It is sad 

 enough to see fortunes dissipated in an hour that have cost the 



