Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-12-16

be imperative the moment the duties are increas.
Ell beyond 90 per cent, the maximum rate estab-
lished by the Compromise act. Some of the pro-
visions OF the Compromise act, which will 20 in.
to effect on the 30th day Of June next, may, how
ever, be found exec dinghy inconvenient i'm prac-
tice, under any regulation that Congress may a.
dept. refer more particularly to that relating
to the home valuation. a difference i'm value Of
the same articles to some extent, will, necessar-
~, exist at different ports-but that is altogether
insignificant, when compared with the conflicts
in valuation, which are likely to arise, from the
differences of opinion among tho numerous APP
praisers of merchandise. In many instances the
estimates of value must be conjectural, and thus
as many different rates Of value may be estab-
iished as there arc appraisers. These differences
in valuation may also be increased by the incli-
nation, which, without the slightest impuration
on their honesty, may arise on the part OF the APP
praisers in favor of their respective ports of en-
try. recommend this whole subject to the con-
sideraton OF Congress, with single additional
remark. Certainty and permanency in any sys-
TEN OF governmental policy arc, In all respects,
emlnently desirable; but more particularly is this
true In all that effects trade and commerce, the
operations of which depend much moro on the
certainty ofthcir returns, and calculations, which
embrace distant periods Of time, than on high
bounties, or duties, which are liable to constant
fluctuations.
AT your late session invited your attention to
the condition of the currency and exchanges, and
urged the necessity of adopting such measures as
were consistent with the constitutional compe-
tency OF the Government, 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 medium of exchange
approximating to uniformity Of value. What is
necessary as between the different nations Of the
earth IS also important between the inhabitants
OF different parts of the same country. With the
first, the precious metals constitute the chief me-
dunn OF circulation; and such also would be the
case as to the last, but for inventions, compare
lively modern, which have furnished, in place Of
gold and silver, paper circulation. / do not
propose to enter into comparative analysis ofthe
merits OF the two systems. Such belonged more
properly TO the period of the introduction of the
paper system. The speculative philosopher
might find inducements to prosecute the inquiry,
but his researches could only lead him to con-
clude that the paper system had probably better
never have been introduced, and that society
might have been much happier without it. The
practical statesman has very different task to
perform. He has to look at things they are
to take them as he finds them-to supply def
ciencles, and to prune excuses, as far as in him
lies. Tho task of furnishing corrective for de-
rangements Of the paper medium, with us, is al
most inexpressibly great. Tho power oxerted
by the States to charter banking corporations, and
which, having been carried TO great excess, has
lrredeemabe paper medium, is an evil which, in
some way or other, requires corrective. The
rates al which bills of exchanges negotiated
between different parts of the country furnish an
index OF the value of the local substitute for gold
and silver, which is, in many part, so far depre-
ciated as not to be received, except at large dis
count, in payment of debts or in the purchase of
produce. 1t could earnestly be desired that eve
ny bank, not possessing the means or resumption,
should follow the example of the late u. S. Bank
OF pennsylvania. and go into liquidation, rather
Than, by refusing to do so, to continue embarrass-
ments in the way of solvent institutions, thereby
augmenting the difficulties incident to the present
condition of things.
"hether the Government, with duo regard to
the rights of the States, has any power to con-
strain the banks either to resume specie pay.
mcnts, OF tv force them INTO liquidation, 10 ar n-
Guiry which will not fail to claim your conside-
ration. In view of the great advantages which
are allowed the corporators, not among the least
OF which is the authority contained in most of
their charters to make loans to three times the a.
mount of their capital, thereby often deriving
three times as much interest on the same amount
of money as any individual is permitted by law
20 receive, no sufficient apology can be urged for
along-continued suspension Of specie payments.
such suspension is productive of the greatest
detrment to the public, by expelling from circu-
laton the precious metals, and seriously hazard
ing the success of any effort that this Govern
and to advance the public interests.
his is the more to be regretted, and the indis-
Pensable necessity for a sound currency becomes
The more manifest, when we reflect on the vast
amount oflhe internal commerce of the country.
VI this We have no statistics, nor just data for
forming adequate opinions. But ,here can be no
doubt but that the amount Transportation coast
Wise by sea, and the transportation inland by
railroads and canals, and by steamboats, and 9TH
er modes OF conveyance, over the surface Of our
vast rivers and immense lakes, and the value of
property carried and interchanged by these
means, form general aggregate to which the
foreign commerce of the country, large as it is,
makes but distant approach.
In the absence of any controlling power over
this subject, which, by forcing general resump.
ton OF specie payments, would at cnce have the |
effect of restoring sound medium of exchange, |
and would leave to the country but little to de- |
sire, what measure Of relief, falling within the
limits OF our constitutional competency, does it |
become this Government to adopt? 1t was my |
painful duty, at your last session, under the |
weight oil most solemn obligations, to differ with |
Congress on the measures which it proposed for
my approval, and which it doubtless regarded as
corrective of existing evils. Subsequent refec-
tion and events since occurring, have only served
TO confirm me In the opinions then entertained,
and frankly expressed.
must be permitted to add, that no scheme of
governmental policy, unaided by individual ex-
ertons, can be available for ameiorating the pre-
sent condition Of thing. Commercial modes of
exchange and good currency are but the neces-
sary means of commerce and intercourse, not the
direct productive sources ofwealth. Wealth can
only be accumulated by the earnings Of industry