I believe the question you're asking deals with an inductance, a resistor, switch, and a battery all connected in series. When the switch is closed, current begins to flow.
The answer, as Loren Booda said, deals with the inductance. When you run current through an inductor, a magnetic field is built up through the coil. The magnetic field stores energy.
Faraday's law essentially says that a changing magnetic field through a conductor induces a voltage in the conductor. Futhermore, the faster the magnetic field changes, the larger is the induced voltage.
When the switch is first closed, the magnetic field is changing the fastest. It is built up in an (inverse) exponential fashion -- the field strength rises rapidly at first, and slows down.
So when the switch is first closed, the inductor's magnetic field is changing very rapidly, so the induced voltage across the coil is very large. As the circuit "settles," the magnetic field increases more slowly, so the induced voltage across the coil decreases.
After a period of time (which can range from microseconds to seconds, depending on the size of the inductor), the circuit is stable -- the field through the inductor is constant, which means there is zero voltage across it. In a steady-state condition, the inductor acts as a short circuit. It is sometimes said that inductors are shorts to DC.
- Warren