The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-12-16

act. Some of The provisions Of The compro
mise act which will GO into effect on the 30th
day of June next, may, however be found OK
ceedngly incOnVenient in practice, under any
regulations that Congress may adopt, | refer
more particularly to that relating to the homs
vs EuatIOn, A difference IN value of the same,
articles, TO sumo extent, will necessarily ex-
isl at different ports; but that is atOg ether IN
eigu lfcani, when compared with the conflicts
in valuation which are likely TO arise from
the differences Of opinion among the numerous
appraisers of merchandise, In many ins.an-
ces the estimates Of value must be coriectural
and thus as many different rates Of value NAV
be established as there are appraisers. These
differences Of valuation may also be increased
by the inclination which, without the slightest
impuaion on their honesty, may arise on the
partiof :he appraisers in favor Of their respect
i've ports of entry. recommend this whole
subject 10 the consideration Of Congress- with
single additional remark. Certainty and
permanency, in any system Of Governmental
policy, are in all respects eminently desirable;
but more particularly is this true in all that af-
lects trade and commerce, the operations
OF which depend much more on the certainty
of their returns and Cslclations which embrace
distant periods Of time, than on high bounties
or duties, which are liable 10 constant 2uciu-
atone.
At your late session invited your atten-
tion 10 the condition Of the currency and ex>
chenges, and urged the necessity OF adopting
such measures as we're consistent with the
constitutional competency Of the Government,
in order 10 correct the unsoundness of the one,
and ss far as practicable the inequalities of the
other. No country can be 10 the enjoyment
Of its full measure Of prosperity without the
presence of medium Of exchange u2proxi-
mating to uniformity of value. What 10 neces-
sary as between the different nations Of the
earth is also important as between The inhabl-
ants of different parts Of the came country.
With the first, the precious metals constitute
The chief medium Of crcu laiion; and such also
would be the case as 10 the last, but for i'm
veniicns comparatively modern. which have
furnished, in place Of gold and silver, paper
circulation. ! do not propose 10 enter into a
comparative analysis of the merits Of the Two
systems. Such belonged moro properly to the
period Of the introduction Of the paper system.
The speculative philosopher might fiud induce-
menls 10 prosecute the inquiry, but his 70.
searches could only lead him 10 conclude that
the paper system had probably better never
have been introduced, and that society might
have been much happier without it. The prac-
tical statesman has very different task to per.
form. He has to look at things as they are
TO take them as he finds them-.0 supply
deficiencies, and TO pTune excesses, as far 40
in him lies. The task o. furnishing correc.
tive for arrangements of the paper medium,
with US, is almost inexpressibiy great. The
power exefted by the states 10 charter bank
ing corporations, and which, having been
carried TO great excess, has filed the Ooun.
try with, in. most of The States, an irredeem.
able paper medium, is an evil which, in some
way or other, requires corrective. The
rates at which bills of exchange are negotia-
ted between different parts of the country fur
nish an index Of the value of The local subsli-
tute for gold and silver, which is, in. many
parts 60 far deprecated as not be received, ex-
Cept at large discount, in payment Of debts
or in the, purchase Of produce It could ear.
. nesty be desired that every bank, not posses.
sing the means Of resumption, ehoald follow
the example of the late United States Bank of
Pennsylvania, and 60 into liquidation, rather
than. by refusing to do so, 10 continue embar-
easements in the way Of solvent institutions,
thereby augmenting the difficulties incident 10
TO the present condition Of things. Whether
this Government, with due regsrd 10 the rights
of the States, has any power TO consrain tho
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 n most Of
their charters, 10 make loans 10 three times
the amolnt Of their capital, thereby often
deriving three times as much interest on the
same amount of money as any individual To-
permitted by law 20 receive, no sufficen, apol.
ogy can be urged for eiong- continued suspen-
sion OF specie payments. Such such suspen
sion is productive of the greatest detriment to
the public, by expeng from circulation the
precious metals, andBserously hazsrding the
success Of any effort that this Government
can make TO increase commercial facilities and
10 advance the public interests. s-r..
This is The more TO be regretted, and the
Indispensable necessity for sound currency
becomes the more manifest. when we reflect
on the vast amount Of the internal commerce
OF the country. Of this we have no slatis-
tics, nor just data for forming adequate opin--.
ions. But there can be no doubt but that tho.
amount oi transportation coastviss by sea-,