The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-12-14

T'TVTHVTO1I,
! coun sells would seem TO bo the wisost. The Gov
ernm ent, under which il il our happiness 10 live
owes its ext tence To the spirit of compromls
| which prevailed among its DEMONSTRATING and dis
cordant opinions could only have heon rocOncet
by that noble spirit Of patriotism which promp tet
conciliauon, and resulted in harmony. In The SANE
spirit the compromise bill, as il is commonly called
was adopted al the session of 1898.
While the people Of no portion of the Union vii
ever hesitate 10 pay all necessary taxes for the SUI
port of Government, yet an innate repugnance ex'
lists The imposition OF burthens not really neces
sary for thar oh ject. in imposing duties, however
tor the purposes of revcrue, right 10 discriminate
as to the articles which the duty shall be land
as we'll az the amount, necessar aud most proper
" exists. Otherwise the Government would be
placed in the condition OF having 10 levy the same
dor ies upOn all articles, the productive well as
The IN productive. The slightest duty upon some
might have the effect Of causing their impor aton
cease, whereas others enleri ing extensively INTO
the c0nsumpllu Of The country might bear the
heaviest without any visible diminuti0n in the am
cunt imported, So also the Government may be
justified discriminating, BY refei ence To other
conscientious of domestic policy connected with
our manufactures. So long the duties shall be
land with distinct reference TO the wants of the
Treasury, no well founded objection can exist a
gninst them. astr
1 might be deemed desirable that no snch aug
me ntalion Of the taxes should take place would
la ve the effect ofannuiing the land proceeds dis
tr ibulI0n act Of the last session, which act is decar
ed 10 be imperative the moment the duties are IN
ere sed beyond 20 per cent, the maximum rate
tablished by The Compromise AcI Some Of the
pro- visions Of the Compromise Act, which will go
into effect The 30lh day OF June next, may how
ever be found exceedingly inconvenient in prac-
tice under any regulations which Congress may
adopt refer more particularly to TINT relating To
The home valuation. "A difference in value of the
same articles some extent, will. necessarily, ex
isl AT different pnrts-but that is altogether insight
fcant, when compared With the conflicts in valua
ton. which likely to arise from the differences
Of opinions among the numerous Apr asers of mer
n he pstiu of nj
ue be conf ectural, and thus many different
rates of value may be established = there are ap
praisers. These differences in valuation may also
he increased by the t0clIDation, which, without The
slightest mputation on their honesty NAV aTIse on
the part of the appraisers in favor of iheir respeC
tive ports of enuy. recommend the whole sub
ieci the consideration OF Congress, with u single
add itional remark
Certainty and permanently in any system of gov
ernmental policy are, in all respects, emnenily de.
sirable but particularly Is this true III ali that
affects trade and commerce, the operations of which
depend much more on the cerainty Ofheir returns
aud calculations which embrace distant periods of
,ime, than on the high bountcs, or duties, which
liable to constant tlucuatiOn
AT your late session, invited your attention TO
the condition of the currency and exchanges, and
urged the necessity of adopting such measures as
were consistent with the constitutional competency
Of the Government in order 10 correct the ursound
of The one, and far practicable the inc.
qualities of the other. No country can be IN the
enjoyment Of us foil measure OF prosperity, without
the presence of medium of exchange, approximat
ing to uniformity Of value. What is necessary as
between different nations of the earth is also i'm
portan as between the inhabitants Of different parts
OF the same country; with the first the precious
metals constitute the chief medium of circulation
aud such also wonld be the The last, but for
inventions comparatively modern, " hIch have fur
nshed, in place OF gold aud silver, paper circula-
ton do not propose 10 enter into II imperative
analysis OF the merits Of the two systems. Such
belonged more property the period of The intro.
dnctl"n OF the paper sy stem
The speculative philosopher might find induce.
ments prosecute the inquiry, but his researches
could only lead him conclude, that the paper
system had probably better never been introduced
and that society might have been much happie:
without it The practical statesman has n very
different task perinrm. He has To look at things
they are--to take them as he finds ihem-to sup
ply deficiencies, and to prune iaras in
him lies. The task of furnishing corrective for
dera gements of the paper medium with us, is in
oXpressibIv great. The powet exerlGd ~ The States
to charter banking corporations and Which, haPIng
been carried to great excess, has filled the Coun>
Try with, IN most Of the States, an rredeemabe pm
per medium, is an evil which, in way 9th
err, requires corrective. The rates at which bills
of exchange are negotiated between different parts
of the country furnish an index the value OF the
local substitute for gold and silver which is IN ma
ny parts, so far deprecated, not be received
except at large discount, in payment of debts, or
IN the purchase OF produce.
1t could earnesil, be desired that every bank,
not possessing the means OF resumption, should fol
low the example of the late United States Bank Of
jPennsylvania, and go int" liquidation, rather than
by reinsug 10 do so 20 continue embarrassmens in
The way Ut solvent institutions, thereby augment
ing The ditfcuues incident TO the present condi,
ton of things Whether This Government, with
due regard TO the rights Of The States, has any pow
er to c"nsiraln the banks, either 20 resume specie
payments, or III force them into liqudution is an
inquiry which will not fail to claim your consider.
alton.
In view OF the great advantages which are al.
lowed The corporators not among the least of which
is the authority confined in most of their char
teis, To make loans to three times the amoupt of
their capital, thereby often deriving three times as
nuch interest on the same amount oil money as
any indiv idnal is permitted by law to receive no
sufficient apology can be urged for a long contnu-
ed suspension Of specie payments. Such suspen.
SION Is productive of tho greatest detriment to the
public: by expelling from circulation the precious
metals, and seriously hazarding the success of any
effort that this Government can make, to increase
commercial facilities, and To advance the public in
terests
This is the more TO be regretted, and the indis
pensable necessity for soInd currency becomes
the more manifest, when reflect on the vast
amount OF the internal commerce Of the country
Of this q have % 81.