Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-12-16

only $5,432, 726 SO have been negotiat-
go. The shortness of time which il. had
10 run has presented no inconsiderahle i'm.
pediment in the way of its being taken by
capitalists at home, while the same caus,
would have operated with much greater
force in the foreign market. For thai
reason, the foreign market has not been
resorted to and it is now submitted,
whether il would not be advisable f.
amend the law by making what remains
~undisposed Of payable at d more distant
day.
Should il be necessary, in any view
that Congress may take of the subject, "a
revise the existing tariff ofuuiies, | beg
leave to say, that, in the performance oil
that most delicate operation, moderate
counsels would seem 70 be the wisest.
The Government, under which it is our
happiness to live, owes its existence to
the spirit of compromise which prevailed
among its framers-jarring and discor-
dant opinions could only have been re.
conciled by that noble spirit of patriotism,
which prompted Cancellation, and resulted
in harmony. ln the same spirit the com.
promise bill, as il is commonly called,
was adopted at the session of 1879
While the people of no portion of the
Union will ever hesitate to pay all neces-
sary taxes for the support of the Govern.
ment, yet an innate repugnaace exists, TO
the imposition of burtheus not really ne
cessary for that object. In imposing du.
tine Lnuayar far thu nurnoess aG rpvanup
a right to discriminate as to the articles on
which the duty shalt be laid, as well as
the amount, necessarily and most proper
Iy exists. Otherwise the Government
would be placed in the condition Of hav.
ing TO levy the same duties upon all nrti
Giles, the productive, as well as the unpro-
duc,ive. The slightest duty upon some,
nigh, have the effect of causing their i'm
por,ation to cease, whereas others enter
ing extensively into the consumption OF
the country, might bear the heaviest,
without any sensible %diminution in the a.
mount imported. So also the Govern.
ment may be justified 10 50 discriminst.
ing, by reference to other considerations
of domestic policy connected with our
manufactures. So long as the duties
shall be laid with distinct reference to the
wants Of the Treasury, no well founded
objection can exist against Them. 1t
might be esteemed desirable that no such
augmentation of the taxes should take
place as would have the effect of anDul.
ling the land proceeds distribution act OF
the last session, which act is declared to
be imperative the moment the duties are
increased beyond 90 per cent, the max
imum rate established by the COMPROMISE
act. Some oil the provisions of the Com
promise act, which will go into effect on
the Both day Of June next, may, how
ever, be found exceedingly announcement
in practice, under any regulations that
Congress may adopt. | refer more par
ticularly to that relating to the home val
uation. A d ference in value Of the same
articles TO some extent. will necessarily,
exist AT different ports but that is alto
gether insignificant, when compared with
the conflicts in valuation, which are like
y to arise, from the differences of opinion
among the numerous appraisers Of mer-
chandize. In many instances the estl-
mates OF value must be conjectural, and
thus as many different rates Of value may
be established as there are appraisers
These differences in valuation may also
be increased by the inclination, which,
without the slightest imputaiion on their
honesty, may arise on the part of the ap.
praisers in favor Of their respective ports
of entry. | recommend this whole sub.
iect to the consideration Of Congress, with
a single additional remark. Certainty
and permsneDcy in any system Of gov.
erEmental policy are, in all respects, emf
nently desirable ; but more particularly
is this true in all that affects trade and
commerce, the operations OF which de-
pend much more on the certainty of theil
returns, and calculations which embrace
distan, periods Of time. than on high boun,
ties, or duties, which are liable to con.
slant fluctuations.
At your late session, ] invited your at
~tention to the condition of the currency
and exchanges, and urged the necessity
of adopting such measures as were con-
sistent with the constitutional competency
ofthe Government, in order TO correct thu
u~nsoundness of the one, and as far al
practicable the inequalities of the other
No country can be in the enjoyment 0
its Gull measure of prosperlty, without the
presence Of a medium of exchange, ap,
proximating to uniformity Of Value
What is necessary as between the differ
ent nations ofthe earth, is nlso important
as between the Inhabitants Of different
parts of the same country with the frs
the precious metals constitute the chieI
medium OF circulation, and such also
would be the case as 10 the last, but foi
inventions comparatively modern, which
have furnished, in place of gold and sill
yer, a paper circulation. do not pro-
pose to enter into a comparative analysis
of the merits OF the two systems. Such
belonged more properly to tho period Of
the introduction Of the paper system
The speculative philosopher might n Id
ducements TO prosecute the inquiry, but
his researches could only lead HIM to con-
clude, that the paper system had proba-
blv better never have been introduced,
and that society might have been much
HAMMER 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 be finds them-to sup.
ply deficiencies, and to prune excuses as