Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-12-21

soundness of the one, and as far as practicable the
| inequalities OF the other. No country can be In
the enjoyment of its full measure of prosperity
without the presence of medium of exchange,
| approxmaung to uniformity of value. What is
necessary 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 medi
um OF circulation, and such also would be the case
as to the last, but tor inventions comparatively mo-
dern, which have furnished in place of gold and
silver, paper circulation | do not propose to
enter into comparative analysis of the merits OF
the two systems. Such belonged more properly
to the period of the introduction of the paper sys
! tenn The speculative philosopher night find in
ducements to prosecute the inquiry, but his
searches could only lead him TO conclude that the
| paper system had probably better never have been
| introduced, and that society mi ght have been much
| napier without It, The practical statesman has
very different task to perform. He has to look
al things as they are-to take them as he finds
| them-to supply deficiencies, and TO prune ex-
cesses as tar as IN him lies The task of furnish
| lng corrective Tor arrangements of the paper
uluih WIN Us, Is almost lnexpressbly great. The
| power exerted by the States to charter banking
! corporations, and which, having been car
RED to great excess, has filled the country with
| In most OF the States, an lrredeemable paper me-
dlum is an evil which, in some way or other, re-
| CURES corrective The rates at which bills of
exchange are negotiated between different parts of
! the country, furnish an index of the value of the
local substitute for gold and silver, which is, in
many parts so tar deprecated, as not to be receiv
co. except at large discount, In payment of debts,
or In tle purchase OF produce. 1t could earnestly
be desired that every Bank, not possessing the
means OF resumption, should follow the example of
| the late United States Bank of PENNSYLVANIA, and
! 60 into Hquldatlon rather than by refusing to do
| in tbe of
vent institutions, thereby augmenting the difficult
ties 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 payment, or to
force them INTO liquidation, is an inquiry which will
not tail to claim your consideration.
Iu view OF the great advantages which are al
| lowed the corporators, not among the least of
which Is the authority contained in most of their
charters, to make loans to three times the amount
OF their capital thereby often deriving three times
as much interest on the same amount of money as
any individual is permitted by law to receive no
sufficient apology can be urged for long contin-
ueu suspension OF specie payments Such suspen-
sion Is productive OF the greatest detriment to the
| pubic, by eXpellng from circulation the precious
metals and seriously hazarding the success of anv
| effort that this government can make, to increase
commercial facilities, hnd to advance the pnbc in
| terestS.
! ms Is more to be regretted, and the indispen-
sable necessity for sound currency becomes the
| more manifest, when reflect on the vast amount
| OF the internal commerce of the country Of this
we nave no statistics; nor Just data for forming ade
| quate opinions But there can be no doubt but
that the amount OF transportation ceastwise bv
sea, and the transportlon inland by railroad and
canals, over the surface of our vast rivers and i'm
nehse lakes, and the value of property carried and
Interchanged by these means form a general ar-
| gregate, to which the foreign commerce of the
Iar(r
! proach ~
| Ia the absence of any controlling nnyver ovor
| this subject, which by forcing general resumn
uon OF specie payments would at once have the
effect OF restoring sound medium of EXCHANGE
and would leave to the country but little to des re
what measure OF relief, falling within the limits of
our constitutional competency does it becoe,e this
Government to adopt? 1t was nv painful dutv
at your last session, under the weight of the most
solemn obhgatlons, to differ with CONGRESS- on the
measures which 1t proposed for my approval. and
winch 1t doubtless regarded as corrective of ex-
lsnnS eV1s. Subsequent reflection, and events
since occurring, have only served to confirm mo
III the opinions then entertained and frankly ex
pressed
must be permitted to add, that no scheme of
governmental policy, unaided by individual excr
uons can be available for ameioratinn the present
coholnon OF things. Commercial modes of ex-
change and a good currency are but the neceooo
ny means OF commerce and intercourse NOT ,ba
direct productive sources of wealth w eaItb can
only be accumulated by the earnincs of indnetr1
and the savings of frugaty; and nothing can be
more Ill Judged than to look to facilities in bor-
rowing 10 redundant circulation for the power of
dlscharglng pecunlary Obligations The country
is u OF resource and the people full of energy and
,he grea tand permanent remedy for present en-
oarrasslnents must be sought in indus economn
and the observance of good faith, and the favora
bic influence of them.
Ia pursuance of a pledge given to YOU
IN my last message TO Congress, which
pledge urge as an apology for ventu-
ring to present you the details of any plan
the Secretary of the Treasury will be rea-
dy TO submit to you, should you require it.
plan oil finance which, while il throws
around the public treasure reasonable
guards Tor its protection, and rests on the
powers acknowledged in practice to exist
from the origin Of the government. will at
the same time furnish to the country
sound paper medium, and afford all rea-
sonabie iacIllies for regulating the ex-
changes. 1t proposes by effectual re-
stralnts, and by invoking The true spirit
OF our institutions, to separate the nurse
from the sword; or more properly to speak
denies any other control 10 the President
over The agents who may be selected TO
carry 1t into execution, but what may be
necessary TO secure the fidelity Of such
agents; and, by wise regulations, keeps
plainly apart from each other, private and
public funds.
1t contempiates the establishment Of
Board OF Control, at the Seat Of Govern
ment, with agencies at prominent CONNER
cia points, or wherever else Congress
shall direct, for the safe keeping and dis
bursement of the public monies, and sub
s''tu'Ion, at the option OF the public credi-
tor OF treasury notes in lieu of gold and