The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-12-24

chnndizo,
In macy instances the estimates Of value must
be COnieCural, and thus many different rates OF
value may be established as there are appraisers.
These differences in valuation may also be in
creased by the inclination, which, without the
slightest imputatiOn on their honesty, may arise
on the part OF the appraisers in favor OF their re-
spective ports OF entry. | recommend this whole
subject to the consideration OF Congress, with
single additional remark. Certainty and peTma-
nency in any system OF governmental policy IRE,
in all respects, eminently desirable; but more par
tculary is this true in all that affects trade and
commerce, the operations OF which depend much |
more on the certainty at their returns, and cRlcu
lations which embrace distant periods OF time,
than on high bOuntios, or duties, which are liable
10 constant fluctuations.
AZ 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 cOmpeten-
cy Of the government, in order to correct the IN
sOVndness 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 prosperi-
~, without the presence of medium of exchange
apprOximating to uniformity of value What is
necessary, as between the different natOns OF the
earth, is also important as between the inhabitants
Of different parts OF the same country; with the
frst the precious metals constitute the chief me-
dunn OF exchange, and such also would also be
Auo Cun6 as 10 TIC TASTE out lOE
TaGvely modern, which have furnished in place Of
gold and silver, paper circulation. do not pro-
pose 20 enter into a comparative analysis OF the
merits OF the two systems. Such belonged more
property to the period Of the Introduction of the
paper system. The speculative philosopher ght
find inducements to prosecute the inquiry; but
his researches could only lead him to conclude,
that the paper system had probably better never
been introduced, and that society might have been
much happier without it.. The practical states
man has a very different task to perform. He has
TO look at things as they are-to take them as he
finds them-to supply deficiencies, and to prune
excuses as far as in him lies The task of fur
nishing corrective for arrangements of the pa
per medium with us, is almost inexpressbly great
The power exerted by the States TO charter bank
ing 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 other, requires
corrective.
The rates at which bills of exchange are nego-
tiated between different parts of the country, fur
nsh an index of the value of the local substitute
for gold and silver, which is in many parts so fa
deprecated, as not to be received, except at
large discount, IN payment of debts, in the pur
chase of produce. 1t could earnestly be desired
that every bank not possessing the means of re-
sumption should follow the example of the late
United States Bank Of Pennsylvania, and 60 int
liquidation, rather than by refusing TO do so e
continue embarrasSments in the way of solven
institutions, thereby augmentng the difficulties in
cident to the present condition of things. Whethe
this government, with due regard to the rights o
the States, has any power to constrain the banks
either to resume specie payments, to force then
into liquidation, Is an inquiry which will not TAI
TO claim your consideration. In view of the grea
advantages which are allowed the corporators, no
among the least of which is the authority con
tanned in most of their charters, to make loans t
e IL i a.
often deriving three times as much interest on tn
same amount of money any individual is pei
mitted by law to receive, no sufficient apology ca
be urged for long continued suspension of spt
Gle payments. Such suspension is productive
the greatest detriment to the public, by expellin
from circulation tho precious metals, and serious
ly hOZardng the success of any effort that this q
vernment can make, to increase commercial fac
iities, and to advance the public interests.
This is the more to be regretted, and the indi
pensable necessity for the sound currency becom
more manifest when we reflect on the vast amou
of the internal commerce Of the country. or I'll
we have no statistics, nor Just data for formi
adequate opinions. But there can be no doubt
that the amount OF transportation coast-wise,
sea, and the transportation inland, by rail-roa
and canals, and by steamboats,, and other modes
conveyance, over the surface Of the vast al
immense lakes, and the value of property cani
and interchanged by these MEANS forms geuer
aggregate, to which the foreign commerce of 4
country, large as il is makes but distant approac
In the absence of any controlling power Ov
this subject, which by forcing general resumpti
Of specie payments, would at once have the CffC
Of restoring q sound medium Of exchange, a
would leave to the country but little to desire, VIII
measure Of relief, falling within the limits of o
constitutional competency, does it become 4
Government to adopt 1t was my painful duty
your last session. under the weight of most soleI
nhliOofiOna IN differ wit COnUrprc no c1
which it proposed for my approval, and which
doubtless regarded as corrective of existing ev
Subsequent reflection, and events since occur
have only served to confirm me in the opinions I'll
entertained, and frankly expressed.
must be permitted to add, that no scheme
Governmental policy, unaided by individual ex
tons, can be available for ameliOrating the prest
condition Of things. Commercial modes of
change, and good currency, are but the necess9
means of commerce and intercourse, not the dir
productive sources of wealth. Wealth can Of
be accumulated by the earnings of industry
the savings Of frugaty; and nothing can be m
il-iudged than TO look TO facilities in borrowing
20 redundant circulation, for the power of {
charging pecuniary obligations The countrr
full Of resources and the people full of energy,
the great and pertinent remedy for present
barFassments must be sought in industry, econoI
the observance of good faith, and the fay Orable
huance of time.
This government has manifested its repugna
to the slave trade, in manner which cannot
misunderstood. By its fundamental law, it =
scribes limits in point of time to its contint1an
ard against its own citizens, who might so far
get the rights of humanity as to engage in Il
wicked traffic, it has long since, by its munioi
laws, denounced the most condign punishment
Many OF the States composing this Union,
made appeals TO the civilized world for its suppl
sion, long before the moral sense of other natl
had become shocked BY the iniquities of the trai
Whether this government should not enter il
frnniiea containing mutual sIinnlntinns nnnn 1