The Sun.
London, England, 1841-12-28 00:00:00

EVENING SUN

the foreign market has not been resorted to ; and it is
now submitted whether it would not be advisable t(
amend the law by making what remains undisposed
payable at a more distant day. •
Should it be necessary, in any view that Con-
fess may take of the subject, to revise the exist-
Ing tariff of duties, I beg leave to say, that, in the
Performance of that most delicate operation, mode-
, • rate counsels would seem to be the wisest. The
...Government, under which it is our happiness to
live, owes its existence to the spirit of compromise
Which prevailed among its framers—jarring and
discordant opinions could only have been recon-
ciled by that noble spirit of patriotism, which prompted
conciliation, and resulted in harmony. In the same
Spirit the Compromise Bill, as it is commonly called, was
adopted at the session of 1833. While the people of no
Portion of the Union will ever hesitate to pay all necessary
taxes for the support of Government, yet an innate repug-
nance exists to the imposition of burthens not really ne-
eeseary for that object. In imposing duties, however,
the'purposes of revenue, a right to discriminate as to
.14-articles on which the duty shall be laid, as well as the
-1; .'!•Mount, necessarily and most properly exists. Otherwise
• e Government would be placed in the condition allay-
'-4't fl levy the same duties upon all articles, the productive
selis'aX, ;well as the unproductive. The slightest duty upon some,
I Aiti,itight have the effect of causing their importation to
• sense; whereas others entering extensively into the
consumption of the country, might bear the heaviest,
without any sensible diminntion in the amount imported.
So also the Government may be justified in so discrimina-
-444, ting, by reference to other considerations of domestic
I 4.',7 Policy connected with our manufactures. So long as
the duties shall be laid with distinct reference to the
'wants of the Treasury, no well founded objection
can exist against them. It might be esteemed
desirable that no such augmentation of the taxes
11,".; should take place as would have the effect of
unsmiling the Land Proceeds Distribution Act of the
last session, which Act is declared to be inoperative the
~lh1,e: moment the duties are increased beyond 20 per cent.,
the maximum rate established by the Compromise
.4, Act. Some of the provisions of the Compromise Act,
which will go into effect on the 30th day of June next,
may, however, be found exceedingly inconvenient in
practice, under any regulations that Congress may
• adopt. I refer more particularly to that relating to the
home valuation. A difference in value of the same
articles to some extent, will, necessarily, exist
at different parts ; but that is altogether insignifi-
cant, when compared with the conflicts in valua-
'''tion which are likely to arise from the differences
of opinion among the numerous appraisers of mer-
chandise. In many instances the estimates of value
Must be conjectural, and thus as many different
rates of value maybe established as there are appraisers.
These differences in valuation may also be increased by
the inclination, which, without the slightest imputation
on their honesty, may arise on the part of the appraisers
in favour of their respective ports of entry. I recommend
this whole subject to the consideration of Congress, with a
single additional remark. Certainty and permanency in
144, any system of governmental policy are, in all respects,
teetll desirable; but more particularly is this true in
tee,,tll that affects trade and commerce, the operations of
'key `Which depend much more on the certainty of their re-
-41,4,;'• tarns, and calculations which embrace distant periods of
Le% 'time, than on high bounties, or duties, which are liable
to constant fluctuations.
At your late session I invited your ajtention to the
Condition of the currency and exchanges, and urged
the necessity of adopting such measures as were consis-
tent
with the corstitutional competency of the Govern-
Inent, in order to correct the unsoundness of the one, and
as far as practicable the inequalities of the other. No
country can be in the enjoyment of its full measure
, of prosperity, without the presence of a medium of ex-
e change, approximating to uniformity- of value. What is
e.
cceessary as between the different nations of the earth,
is also important as between the inhabitants of different
Parts of the same country ; with the first the precious
metals constitute the chief medium of circulation, and
such also would be the case as to the last, but for inven-
tions comparatively modern, which have furnished, in
Place of gold and silver, a paper circulation. I do not
Propose to enter into a comparative analysis of the me-
St rlts of the two systems. Such belonged more properly
`The
the period of the introduction of the paper system.
?The speculative philosopher might find inducements to
li,iiirc!iecute the inquiry, but his researches could only
4ed better him to conclude that the paper system had probably
never have been introduced, and that society
have been much happier without it. The practi-
ch statesman has a very difficult task to perform. He
has
.o to look at things as they are—to take them as ho
hods them, to supply deficiencies, and to prune excesses
as far as in him lies. The task of furnishing a corrective
for derangements of the paper medium with us is almost
inexpressibly great. The power exerted by the States
to charter banking corporations, and which, having been
carried to a great excess, has filled the country with, in
most of the States, an irredeemable paper medium, is an
„evil which, in some way or other, requires a correc-
tive. The rates at which bills of exchange are nego-
tiated between different parts of the country, furnish an
intisex of the value of the local substitute for gold and
silecr, which is, in many parts, so far depreciated as not
to be received, except at a large discount, in payment
of de;tits, or in the purchase of produce. It could ear-
kestly' be desired that every bank, nut possessing the
team; of resumption, should follow the example of the
II? United States Bank of Pennsylvania,.and go into
inid; Ilion, rather than by refusing to do so to continue
iMbar
rassments in the way of solvent institutions,thereby
nting the difficulties incident to the present condi-
tion or things. Whether this Government, with due re-
tard ti ) the rights of the States, has any power to con-
Strain The banks, either to resume specie payments, or to
, °l.ce them into liquidation, is an inquiry which will not
Lfail to claim your consideration. In view. of the great
4(tv antages which are allowed the corporators, not
:rift ng the least of which is the authority contained
1.5 most of their charters to make loans to three
[line's
the amount of their capital, thereby often deriving
LilreE, times as much interest on the same amount of
ty as any individual is permitted by law to receive,
'lO su tlicient apology can be urged for a long continued
ealtspe nsion of specie payments. Such suspension is pro-
`Metive of the greatest detriment to the public, by ex-
Pellinie from circulation the precious metals, and se-
tiously hazarding the success of any effort that this Go-
terms:tent can make to increase commercial facilities and
to advance the public interests.
, This is the more- to be regretted, and ,the indispensa-
ble neceesity for a sound currency becomes the more
111anifest when we reflect on the vast amount of the
Internal commerce of the country. Of this we have
11,0 statistics, nor just data for forming adequate opinions.
there can be no doubt, but that the amount of trans-
tation coastwise, by sea, and the transportation
Inland by railroads and canals, and by steam-boats and
„(411"ir modes of conveyance, over the surface of
h__."llt vast rivers and immense lakes, and the value of pro-
Y carried and interchanged by these means, form a
'''atral aggregate to which the foreign commerce of the
entry large as it is, snakes but a distant approach.
In the absence of any controlling power over this
sub-
re 'which, by forcing a general resumption of specie
Otnents, would at once have the effect of restoring a
bit little
medium of exchange, and would leave to the country
little to desire,what measure of relief, falling within the
thln ts•of our constitutional competency, does it become
la Government to adopt ? It was my painful duty at
JO4
thi last session, under the weight of most solemn
rations, to differ with Congress on the measures
- "1c h h proposed for my approval, and which it doubt-
less :regarded as corrective of existing evils. Subsequent
r
toefit"ti°n, and events since occurring, have only served
f anfirril me in the opinions then entertained, and
rani expressed.
Iraust be permitted to add, that no scheme of govern-
rental policy, unaided by individual exertions, can be
vailable for ameliorating the present condition of things.
ire
modes of exchange and a good currency
..ite but the necessary means of commerce and inter-
„.
,urse not the direct productive sources of wealth.
'Stealth can only be accumulated by the earnings of in-
4aettry and the savings of frugality ; and nothing can be
mire ill-judged than to look to facilities in borrowing,
P. to a. redundant circulation as the power of discharg-
'll: pecuniary obligations. The country is full of re-
. kt trees, and the people full of energy, and the great and
Pee .mastent remedy for present embarrassments must be
tocight in industry, economy, the observance of good
taitii, and the favourable influence of time.
Ir,n. pursuance of a pledge given to you in my last mes-
e to Congress, which pledge I urge as an apology for
e'mn eeaturing to present you the details of any plan, the
"t_e rittary of the Treasury will be ready to submit to you,
short you require it, a plan of finance which, while it
thrce,re
around the public treasure reasonable guards for
is
prac-
tice ot:teeti°l3 and rests on powers acknowledged in
at th ethe Government, will
exist 'from the origin of
.'ame time, furnish to the country a sound paper
bieuhtuzi and afford all reasonable facilities for regulating
tzi
exchanges. When submitted, you will perceive
et it a
to,plait amendatory of the existing laws in relation
uthe Treasury Department—subordinate in all respects
;the will of Congress directly, and the will of the
'people indireci.ly—self-sustaining, should it be found in
taetice to realize its promises in theory, and repealable
&dual
11 the pleasure of. Congress. It proposes by e
tiestraints, and by invoking the true spirit of one institu-
b, '41,8, to separate the parse from the sword; or more pro-
''rty to speak, denies any other control to the President
'(‘-er the agents who may be selected to carry it into ex-
.. eation, but what may be indispensably necessary to
7.!etere the fidelity of such agents ; and, by wise regula-
,"Ms', keeps plainly apart from each other, private and
Public funds: It contemplates the establishment of a
est-T!oard o.f Control at the seat of Government, with agen-
otes at proniinent commercial points, or wherever else
iengress shall direct; for the sate keeping and disburse-
hent of the public moneys, and a substitution, at the
'Pption of the public creditor, of treasury notes, in lieu of
gold and silver. It proposes to limit the issues to an
Ittnount not to exceed 15,000,000 dol., without the express
snction of the Legislative power. It also authorises
the receipt of individual's deposits of gold and silver to
limited amount, and the granting certificates of deposit,
'
dividede into such sums as may be called for by the de-
.Pesitors. It proceeds a step further, and authorises the
purchase and sale of domestic bills and drafts, resting
a real and substantial basis, payable at sight., or
it.aving but a short time to run, and drawn on places not
-s!1 than one hundred miles apart ; which authority, ex-
cept. in so far as may be necessary for Government pur-
rMsee, exclusively, is only to be exerted upon the express
,dition, that its exercise shall not be prohibited by the
State it, which the agency is situated.
it
willln order to cover the expenses incident to the plan,
be authorised to receive moderate premiums for
certificates issued on deposits, and on bills' bought and
5011, and thus, as far as its dealings extend, to furnish
facilities to commercial intercourse at the lowest possi-
ble rates, and to subduct from the earnings of industry,
the least possible sum. It uses the State Banks at a dis-
tance
ru
senn_caY enfrom the agencies as auxiliaries, without impart-
, Power to trade in its name. It is subjected to such
• as and restraints as have appeared to be necessar y