Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-09

OF the loan Of 81, tOO, 0oo, winch was authorized ny
! Congress al lis late SESSION, only So,i5s,':o = nave
ie., ,c,o,,at,J. The slortness ci time wbich II had
y, -, has presented 10 incons.derable impeachment III
The way of It's being taken BY capitalists al home, While
the same cause would have operated with much greater
furce in the foreign market. For that reason the Tor
eign market has not been rsorled to; and II - now
submitted, whether it would not be advisable to amend
the law by making what remains undisposed OF, paya-
Bile I'll n more distant day.
Should il be necessary, IN any view thai congress
may take Of the subject, 10 revise the existing tariif oil
duties, beg leave 10 say, that, i'll the performance OF
that most delicate operation, moderate counsels would
seem to be the wisest. The Government, under which
il is our happiness to live, owes It's existence TO Tue SPi'
rit of compromise which prevailed among It's trainers
Earring and discordant opinions could only nave oeen
reconciled by that noble spirit OF PATRIOTISM, winch
prompted Cancellation, and resulted IN harmony. In the
same spirit the compromise bill, as t is commonly call
ed, was adopted at the session oil 1888. While the PEG.
pie of no portion oil the Union will ever hesitate to pay
all necessary taxes for the support OF Government, yet
an innate repugnance exists, 10 the imposition of bur
tbcns not really necessary for that object. In imposing
duties, however, for the purposes Of revenue, a right
to discriminate as to the articles on which the duty
n shall be laid, as well as the amount, necessarily and most
properly exists. Otherwise the Government would be
placed in the condition Of having TO levy the same
duties upon all articles, the productive, as well as the
unproductiye. The slightest duty upon some, might
have the effect of causing their importation to cease,
whereas others entering extensively INTO the consump-
4 tIOl ~ Tax S'ahhJ
out any sensible diminutlon in the amount imported.
So also the Government may be justified in SO dis
eliminating, by reference 10 other considerations Of
domestic policy connected with our manufacturers
So long as the duties shall be lad with distinct refer
ence to The wants Of the Treasury, no well founded
objection can exist against them. 1t might be es-
crmcd desirable that no such augmentation Of The
taxes should take place, rs would have the effect Oh
annulling the land proceeds distribution act oi Inc
last session, which act IS declared TO le imperative
the moment the uuteS are increased beyond ~ per
cent, the maximum rate established by the Ioinpro-
mise Act. Some Of the provisions Of the Compromise
Act which will 90 into effect on the 3jll day Vi June
next, may, however, be found exceedingly inconve-
nicnl in practice, under any regulations That Congress
may adopt. refer more particularly 10 that relating
TO the home valuation. A difference IN salne Of The
same articles 10 some extent, Will, necessarily, exist al
different ports-but that is altogether insignificant,
when compared with The conflicts IN valuation, when
are are likely 10 arise, from the differences Of opinion
among the numerous appraisers Of merchandise. In
many instances lie estimates Of value must be conJec-
tnral, and thus a. many different rates OF value, may
be established as there are appraisers. These Giiier-
rnces in valuation may also be- increased by the incll-
nation, which, without the slightest impuiat'on Oh their
honesty, may arse on the part Of the appraisers IN IA
yor oil Their respective ports OF entry. recommend
this whole subject 10 The consideration ol Congress-,
with a single additional remark. Certainty anu per.
manency IN any system o! governmental policy are, ~
all respects, eninently desirable but more particularly
is this true in all that affects trade aud commerce, the
operations vi which. depend much more on the certain
" of their returns, and calculations which embrace
distant periods Of time, than on high bounties, or du-
ties, winch are lIafl e 10 constant fluctuations.
AT your late session, invited your attention TO the
~condiuon Of the currency and exchanges, and urged the
necessity Of adopting such measures IS we're consistent
r with the constitutional competency oil the Government,
in order 10 correct the unsoundness OF the one, anu as
lar as practicable the inequalities OF the other. N"ccui'
t.y can be in the enjoyment of its fall measure oil pros
i periiy, without the presence OF q medium oil exchange,
approximatIng to uniformity OF value. What IS neces'
sary MS between the different nations OF the earth, IS also
{ important as between The inhabitants OF different parts
of the same country; with the first the precious metals
constitute the chief medium ofcirculatlon, and such also
would he the case as 10 the last, but for inventions com.
paratively modern, which have furnished, in place Of
/ gold and silver, 4 paper circulation. do not propose 10
enter into a comparative analysis Of the merits ofthe two
f systems. Such belonged more properly 10 The period
oil the introduction Of the paper system. The specula-
tive philosopher might find inducements 10 prosecute
the inquiry, but his researches could only lead him 10
j conclude, that the paper system had probably better
never have been introduced, and that society might
, have been much happier without 1t. The practical
statesman has a very different task TO perform. lie
has to look at things as they are-to take them as
, he finds llcm-to supply deficiencies, and to prune
/ excuses a. fur ia in him lies. The task oil fur
:. nishing i corrective for arrangements oil the paper
, medium with US, is almost inexpresslbly great. The
r power exerted by the States, TO charter banking cor
0 porations, and which, having been carried to a great
j excess, has lIlleu Inc country WltHi vi Hiosi vi ~
Z States, an irredcemnhle paper medium, is an EVIL
which, in some way or other, requires a cotrec'
: tive. The rates at which bills Of exchange are ne
gotiated between different parts OF The country,
e furnish an index Of the value Of the local substitute
$ for gold and silver, which is in many parts, SO far de-
r nrecated, rs not 10 be received, except at i large dis
h count, i'll payment Of debts, or in the purchase OF pro-
G duce. II could earnestly be desired that every bank,
J. no, possessing the means of resumption, should follow
the example Of the late u. S. Bank Of Pennsylvania,
r II .J rn ,nto EuriIuiiap r1thpr thar by rplusInU 10 do so
: to continue embarrassments in the way OF solvent m
: stitntions, thereby arsmentng the difficulties incident
! 10 the present condition of things. Whether this CO.
vernmenl with due regard to the rights Of the States, has
any power to constrain the banks, either to res ime
is specie payments, or to force them into liquidation, IS an
inquiry which will not fail 10 claim your consideration.
e In view Of the great advantages which are allowed the
,r corporators, not among the least OF which IS the aulho'
IS rity contained in most of their charters, to make loans
e 10 three times the amount of their capital; thereby Oh
ten deriving three times as much interest on the same
amount of money as any individual is permitted ny
law TO receive, no sufficient apology can be urged lU
y a long continued suspension Of specie payments
Such suspension is productive Of the greatest detrI-
ment TO the public. by ~expelling from circulation the
y precious metals, and seriously h~azarding the success o.
any effort that this Government can make, TO increase
commercial facilities, and 10 advance the public inter
a ests.
This is the more 10 be regretted, and The i%nd,spensa
bic necessity for a sound currency becomes the more
manifest, when we reflect on the vast amount OF the
d internal commerce Of the country. or this We have
no statistics, nor just data for forming adequate OPP
Mons. But there can be no doubt, but that the amount
of transportation coastwise, by sea, and the t%ransporta
e ton inland by railroads and canals, aud by steamboats,
and other modes Of conveyance, over the surface oil oul
vast rivers and immense lakes, and the value Of proper
ty carried and interchanged by these means, form
general aggregate, to winch the foreign commerce Q
the country, large as / is, makes but 4 distant approach
In the absence Of any controlling power over TIM
subject, which by forcing 4 general resumption Of spe
i. Gle payments would at once have the effect Of restoring
4 sound medium Of exchange, and would leave 10 the
country but little TO desire, what measure of relief, fall
ing within the limits Of our constitutional competency
does il become this Government to adopt II was my
painful duty at your last session., under the weight o
most solemn obligations, 10 differ with Congress on thu
= measures which II proposed Tor my approval, and which
il doubtless regarded as corrective of existing evils
e Subsequent reflection, and events since occurring, have
ID only served 10 confirm me in the opinions then enter