Is My System Toast?

Sounds like you had a decent power surge.
 

These speakers aren’t worth much. If one of the speakers smoked that means the amp sent a good amount of current to the speakers and the voice coils as well as other parts such as crossover are fried.

The amp may still be ok if it turns on but you would need to check it with some other set of speakers. If it doesn’t turn on, check the fuse. 

FWIT I live in central California. We suffer under PG&E as our only provider. However when power is the culprit, they can be liable for damage. My internal motor control on my air unit was damaged by low voltage and I was able to file a claim. I’m pretty ignorant of other parts of the US, but I see many areas suffer from lightning strikes and power surges. FWIT when I’m gone my rig is powered off and unplugged for vacation. If there is an outage while I’m home I pull the plug(s) on my gear and turn my air units to OFF as I had one blow when the power came on after being off for a day. Sorry for your experience, Mike B. 

So sorry to hear about your misfortune.  Hope you can find a fix. 

Does the amp still power on? It sounds like it does if you can switch the input to CD. You need another pair of speakers to confirm if both channels are still working. Replace the fuse, if it does work, just for the peace of mind of having a newer fuse.

If it is confirmed the amp is dead, what a great opportunity to upgrade, and nobody can tell you "no" :)

Like others have said, check and most likely replace the fuse in your amp. Then you’ll know how to proceed.

All the best.