, 1840-02-22
EXTRACT FORM GOV. MORTONS
INAUGURAL ADDRESS.

cIsed, than the regulation oil the currency.
1t extends to all the relations Of life, and
the personal interest Of every man
in the community. The great and leading
object of government ever should be, 10 es-
tablish and maintain a uniform end unchange-
able measure of value. Every change in
The common standard o. value, whether it
be caused by acts Of the government or OF
individuals, creates injustice. II ell ects
inequitably all the relations of society, and
infringes private rights. Every contract
should be considered inviolabie. Its obliga-
ton was deemed worthy Of the special guar
anty of the Constitution Of the United States.
And yet every change iu the currency, by
increasing or diminishing circulation, essen.
TALLY varies the obligations of contracts,
and unrighteously affects the relation OF
debtor and creditor. An initiation OF the
currency diminishes the value Of the clrcu-
lating medium, enhance prices, g. thus enables
the debtor to discarge his debts with less in
trinsic value than he contracted to pay. So
a contraction produces opposite effect, and
enables 4 creditor to collect for his debts, a
greater value than he agreed to receive
These two conflicting interests would seem
TO balance and to neutralize each other. But
III t"Ch upOh SOSiCtls SuSh 10 NV
the fact. Debtors, especially those deeply
involved, are stimulated to make strong ef
forts TO initiate the currency, that they may
have the benefit Of enhanced prices, and
extinguishing their obligations with the least
possible value; while creditors and capital
its. often deluded by the apparent increase
of their wealth. support measures which,
though they diminish the intrinsic value, yet
swells the nominal amount Of their proper
ty.
Fluctuations in the currency excite 4
thirst for speculation, and furnish the means
OF its qualification. They stimulate an in or
dinate desire for the sudden acquisition Of
riches, and, by a fsw instances Of success,
divert many from the pursuit Of honest in
dustry. They produce habits Of reckless
extravaganza and wasteful profiigacy. And
what is most of all to be regretted, the con-
sequent dePrsciations and losses fall princi-
pally upon those who did not contribute to
create them, and who, by the very nature
of their useful occupations, are deprived of
the power Of guarding against their Injurious
and unjust effects.
1t should, therefore, be the high aim and the
unceasing effort of government to protect
its members from such calamaties. The
difficulty of the duty has been felt in all CIV
ilized society, and under every form OF gov
ernment. But the nature OF our complicated
system adds new obstacles to its successful
accomplishment. Twety-six sovereignties,
acting independently Of each other, under
very little restraint from the common gov
eminent, and influenced by different interests
and circumstances; can hardly be expected,
~.1- 81 ,o- .ra,,,
which to some extent should be common to
all, to act with unity Of purpose and harmony
Of measures. Even som degree Of emula-
zion to increase the circulation, which ii
should be the duty TO restrain within reason
able limits will naturally if not necessarily
arise.
These complicated difficulties were under.
stood and fully appreciated by the patriotic
statesman who formed our federal Constitu.
ion. Their minds had been awakened to the mo.
mentous importance of the subject, by the
distress and embarrassment in which a fuc-
tuating and depreciating paper currency
had involved both government and people.
And when, in an organic law Of the body
polite, they had empowered the general gov
eminent to coin money, regulate the value
thereof, and Of foreign coins" and had for
bid any state "to coin money, emit bills Of
credit, or make any thing but gold and silver
a tender in payment of diets" they supposed
that they had invested the former with all
the authority necessary to the proper admin
istration of this branch of sovereign over;
and had imposed upon the states all the re-
straints compatible with their sovereign and
independent characters, and all that would
be needed to secure the people against a re-
currence of those abuses and evils from
which they had suffered 50 much. But it is
very manifest, that in the practical construc,
ton and operation Of these provisions, all
the benefits which were expected from them
have not been realised. Although the sew.
eral states are prohibited from emitting "bills
Of credit" yet particularly they nave the
power Of mourning debts, and Of issuing evi.
dences of them, which answer some Of the
purposes Of a circulating medium,-and oil
establishing banks, with authority to issue
bank notes, which constitute a large portion
Of our currency.
These powers possessed by tho several
states sovereignties, require, in their e1er.
eise fOrhearance. canton. moderation and