Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1841-12-31

the treasury, no wei IOunoeu ooJco'o" ~
erist against them. It might be esteemed de-
sirable that no such augmentation OF the taxes
should take place as would have the effect OF
annulling the land proceedg distribution act
of the last session, which act is declared TO
no inoneratiye the moment the duties are in-
creased beyond twenty per cent, the maxi
mum rate established by the compromise act
Some Of the provisions ofthe compromise ac''
which 90 icto effect on tho 3Oth day OF June
next. NAV however, be found exceedingly; In
convenient in practice, under any regulations
,har Congress- may adopt. lrefer more par
ticulary to that relating to the home valuation.
4 difference in the value Of the same articles
to some extent, will necessarily. exist at dill
erent ports but that is altogether insignificant
when compared with the conflicts in valuation,
which are likely to arise from the differences
Of opinion among the numerous appraisers q
merchandise. :.
In MANY instances the estimates of value
mnst be comectural, and thus as many dliicr-
ant rates Of value may be established as there
are appraisers. These differences in valuation
NAV also be increased by the inclination,
which, without the slightest imputation on
their honesty, may arise on the part OF the
appraisers in favor of their respective ports OF
entry. | recommend this whole subject to the
consideration Of Congress. with single adj
ditional remark. Certainty and permanency
in any system of governmental policy are, IN
all respects. eminenty desirable; but more
particularly is this true in all that effects trade
and commerce, the operations OF which depend
much more upon the certainty CT their returns
and calculations which embrace distant peri
DDS of time, than on high bounties or duties,
which are liable to constant t1uctuatlonss
The Currency.
AT your late session, invited your attention
TO the condition of the currenco and exchanges,
and urged the necessity of adopting such
measures as were consistent with the constl-
tuticual competency 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 enjoy
ment Of its full measure of prosperity without
the presence of medium of exchange approx
mating to uniformity of value. What is
necessary, as between the different nations of
the earth, is also important as between the
inhabitants of different parts of the same coun-
try. With the first, the precious metals con-
stitute the chief medium Of circulation, aud
such also would be the case as to the last but
for inventions, comparatively modern, which
have furnished in. place Of gold and silver
paper circulation. do not propose to enter
into a comparative analysis of the merits of
the two systems. Such belonged more proper
ly to the period of the introduction of the pa
per system. The speculative philosopher
might find inducements to prosecute the lnqul-
ry, but his researches could only lead him to
conclude 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 differ
ent task TO perform. He has 10 look at things
as they are, to take things as he finds them !;
to supply deficiencies, and to prune excuses
as far as in him lies. The task of furnishing
a corrective for arrangements Of the paper
medium, with us, is almost inexpressibly
great. The power exerted by the States to
charter banking institutions, and which have
been carried TO a great excess, has filled the
country with, in most of the States, an ire
deemable paper medium, is an evil which, in
some way or other, requires corrective.
The rates at which bills Of exchange are me-
gotiated between different parts of the country
furnish an index of the value of the local sub
stitute for gold and silver, which is in many
parts SO far deprecated as not to be received,
except at large discsunt, in payment of debts
or in the purchase Of produce. 1t could earn
estly be desired that every bank not possess
ing the means Of resumption should follow the
example Of the United States Bank of Penn.
sylvana. and go into liquidation, rather than
by refusing to do so to continue embarrass
ments in the way of solvent institutions, there.
by augmenting the difficulties incident to the
present condition of things. Whether this
Government, with due regard to the rights Of
the States, has any power to constrain the
banks either to resume specie payments, or to
force them into liquidation, is an inquiry which
will not fail to claim your consideration. In
view of the great advantages which are allow.
ed the corporators, not among the least Of
which is the authority contained in most oil
their charters, to make loans to three times the
amount Of their capital, thereby often deriving
three times as much interest on the same a.
mount of money as an individual is permitted
by law to receive, no sufficient apology can be
urged for long continued suspension of spe-
Gle payments. Such suspension is productive
of the greatest detriment to the public by ex.
polling from crulation the precious metals,
and seriously hazarding the success Of any eff
fort that this Government can make to increase
commercial facilities and to advance the pub
lie interests.
This is the more 10 be regretted, and the in
dispensable necessity for sound currency be-
comes the more manifest when we reflect on
the vast amount of the internal commerce of
the country. Of this we have no statistics,
nor just data, for forming adequate opinion
But there can be no doubt but that the amount
Of transportation coastwise, by sea, and the
transportation inland, by railroads and canals
and by steamboats,, and by other modes of con-