Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1841-12-14
No. IO.-WHOLE No. 374

may also be incrsa sed by the inclination
which. without the slightest ImPutation
OIL their honesty may arise on The part
Of the appraisers IN favor Of their re-.
sreCuye pnr's oI entry. recomend
/ his HhnIr surl cl to the consideration Of
/ Congress, wir1 a single additional re-
mark. Certainty and permanency IN
any system Of governmental policy are,
~ all respects, emInenlly desirable;
but more particularly IS this true IN all
that effects trade and commerce, the oP.
eralious OF which depend much more
on the certainty Of their return and
calculations which embrace distant Pc
RODS OF lime, than on high bountles, or
duties, Whlch are liable TO constant huCiu
atlons.
A your late session, invited your at
tentlon 10 the currency and exchanges,
and urged the necessity Of adopting such
measures as we're consistent with the
constitutional competency Ct the Gov
ernmenr, in order 10 correct lhe unsound-
ness Of the one, and as far as practica-
bic The inequalities Of the other. No
country can be in The enj njoyment oi It's IulI
measure ol prosperity, without The pies
encG ola medium Of exchange, approxlm'
aIng to uniformity or value. WHAT'S
necessary ss between the different ma
lions Of the earth, is also important as
between he inhabitants Of different paris
Of the same country, with the first, the
precious meta : constitute the chlel medI-
um Of circulation, aud such also would
he the ease as 10 the last, but for in.
venl!ous comparatively modern, which
have furnished, in place Of gold and sill
yer. a paper circulation. | do not
propose 20 enter into a comparative ana
l'els Of the merits of the two systems.
Such belonged more properly 10 the pc
rod Of The introduction Of the paper sys.
ten! The speculative philosopher might
fad inducements to prosecute the InquI-
rP, but his researches could only lead
him 10 conclude, that the paper system
had probably better never have been in.
tr,duced, aud that society might have
been much happier without il.
The practical statesman has very
different task 10 perform. He has TO
look at things as they areas he finds
them-to supply deficiencies, q 10 pruns
excesses as far as in him lies The
task OF FURNISHING corrective for the
arrangements OF the paper medium with
US, is almost inexpressibly great. The
power exerled blythe States to charter
banking corporations, and which, hav-
Inc been carried on to great eIcess,
has filled The country with, in most Iof
the S'ales, all irredeemable paper me-
dunn, is an evil which 10 some way or
other, requires corrective, TheIrates
at which bills Of exchanges are nego.
tiated between The different parts of Tho
country, furnish an index Of the value
of the local substitute for gold and sl.
yer, which is 10 many parts, so far de-.
pfecaIed, as MOI 10 be received, except
at large discount, in the payment Of
debts, or in the Purshase Of produce. 1t
could earnestly be desired that every
bank not possessing the means of re-
should follow the example Of
the late Uui!ed States Bank Of Pennsyl-
MIA, and 90 into liquidation rather than
by refusing 10 do so, continue embar-
easements in the way Of solvent insti-
lutlons, thereby augnenIaIing the
incident 10 the present con.
dlllon OF things, Whether this Govern.
msnl, with due regard 10 the rights of
the States, has any power to constrAin
the banks, either 20 resume specie pay.
ments, or 10 force them into the liquida.
tlon, is an inquiry which will not fail to
claim your consideration. In view Of
The great advantages which are allowed
hese corporations, not among the least
Of which is the authority contained in
most of their charters, to make loans to
three times the amount of their capital
hereby often deriving three times as
much money as any individual is permit.
ed by law TO receive, no sufficient
apology can be urged for a long con.
nued suspension Of specie payments.
This is 10 be more regretted, and the
indispensable necessity for a sound cur.
ency becomes the more manifest when
We reflect on The vast amount OF inter-
lal commerce Of the country. or this
We have no statistics or just data for
orming adequate opinions. But there
an be no doubt that the amount Of
transportation coastwise, by sea, and
he transp sportation inland, by railroads
nd canals and by steamboats, and other
nodes Of conveyance, over the surface
{ our vast rivers md immense lakes,
nd the value of property carried and
llerchange1 by these means form
enera aggregate, 10 which the foreign
Of the country, large as it is,
lakes but distant approach.
In the absence of any controlling
over ovsr this subject, which by fore
g general resumption Of specie pay.