Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-12-18
WHOLE NUMBER $40.

Significant, when compared with the conflicts IN
J valuation, which arc likely TO arise. from the diff
, fefences OF opinion among the numerous npprai-
sers Of merchandise. In many instances The es-
Inmates OF value must be copjec,ural, and thus as
many different rates of value may he established
az there are appraisers. These differences mny
also be increased by The inclination, which, with
ont Tho slightest impu,a,ion on their honesty,
NAV arise on the part of the appraisers in favor
of their respective ports Of entry. recommend
this " hole u hJect 10 tho consideration Of Con
gress, with n single additional remark. Certain
~ and permnnency in any system OF govern
mental policy are, IN all respects, eminentiy de-
sIrable; but more particularly is this true in oil
that affects trade and commerce., the operations Of
which depend much more on the certainty Of their
returns, and calculations which embrace distant
periods Of time. than on high boun,ies or duties.
which are linble 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 mess-
ures as were consistent with the constitutional
competency Of the Government, in order 10 cor
rect the unsoundness Of the one, and as far rs
practicable tho inequalities Of the other. No
country can be 10 the enjoym ent Of its full mea-
sure of prosperity, without the presence OF a me-
dunn of exchange, npProximatiDg TO uniformity
OF value. What IS necessary as between the dit-
ferent nations Of the earth, IS also important as
between the inhabitants Of different parts Of tho
same country; with the first the precious metals
>o'AS' III NhaSt sAOobuhb ~
such also would be the case as 10 the last, but for
inventions comparatively modern, which have
furnished, in place Of gold and silver, a paper cir
cula,ion. do not propose to enter into a com.
parative analysis Of the merits Of the two systems.
Such belonged more properly TO the period OF tho
introduction of the paper system. The epeculo-
tive philosopher nigh, find inducements TO pros
ecute the inquiry, but his researches could only
lead him TO conclude, that the paper system had
probably better never have been introduced, and
m 4 oncletv rpiUht hAVn hoon ro,,~h honnIoP - nh
out II. The practical statesman has a very DIFF
ferent task TO perform. lie has TO look nj things
as they are-to take them as he finds them-to
supply Deficiencies and, 10 prune excuses as far
as in him lies. The task Of furnishing q correc-
tive for arrangements Of the pnper medium with
us, is a!mos, inexpressibly eroat. The power ex-
eried by the States to charter banking corpora
tons, and which, having been carried TO a grcat
excess, has filled tho country with, in most Of the
States, an i~rredeemable paper medium, is an evil
which, in some way or other, requires o correc-
tive. The rates at which bills Of exchange nro
negotiated between different parts Of the country,
furnish an index Of the value of the local substl.
iu'e for gold and silver. which is, in many paris,
SO far deprecated, as not to be received exceptn at
a large discount. in payment OF debts, or IN tho
purchase Of produce.
II could earnestly be desired that every bank,
not possessing the means Of resumption, should
follow the example Of the late United HGR
Baum u. renn,yIvania, and go into liquidation,
rather than by refusing TO do 50 10 continue en-
barrassments in the way Of solvent institutions.
thereby augmenting the difficulties incident 10
the present condition Of things. Whether this
Government, with due regard to the rights Of tho
states, has any power TO consirain the banks,
either TO resume specie payments, or TO force
Them into liquidation, IS any enquiry which will
not fail 10 claim your consideration. 10 view Of
me great advantages which are allowed tho cor
not among the least Of which is the au-
h0FIfV OnfavnaA in vpnnN III H.. -L-s.- -
make loans to three times tho amour, Of their
capital, thereby often deriving three times as
much interest on the same amount Of money a.
my individual is permitted by law to receive. no
apology can be urged for a long contin-
led suspension Of specie payments. Such eus-
pension Is productive of the greatest deiriment TO
he public. by expeH.Ing from circulation the pre-
Ious metals, and seriously hazarding the success
f any effort that this Government can make. 10
commercial facilities, and to advance tho
'ublic interests.
This is the more to be regretted and The inJ,s-
necessity for n sound currency become
he moro manifest, when we reflect on the vas,
mount OF the internal commerce Of the country.
)t this we have no Statistics. nor lust data of
orming adequate opinions. Bu, there can be no
oub' but that the amount Of transportation
10y sea, and the transportation inland
y railroads and canals, and by steamboats, and
ther modes of conveyance, over the surface Of
ur vast rivers and immense lakes, and the value
! property carried and interchanged by ihese
form a general aggregates, to which the
ommerce Of the country, largo A. il il, makes
ut a distant approach.
In The absence Of any controlling power. over
ais subject, which BY forcing q general res ump.
on OF specie payments would at ono have tho
feet of restoring a sound medium Of exchange.
I'D would leave to the country bu, little to de-.
re, what measure Of relief. falling within the
mi,s of our constitutional compeiency,does iabe-
2me this Government to adopt II was INV
ainiul duty at your last session. under tho weigh,
most solemn obligations. to differ With Con-
'ess on the measures which it proposed for nv
and which it doubtless regarded as cor.
'c,ive Of existing evils. Subsequent reflection.
I'd evenis since occurring, have only served Ia