The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-12-17
more particularly to that relating to the home val

extent will necessarily, exist at different p0rlsbut
that is altogether insignificant, when compared with
the conflicts in valuation, which are likely to arise
! from the difference of opinion among The numer-
Gus appraisers Of Merchandise In many instan-
ces the estimates of value must be conectural, and
thus as many different rates Of value may be
tablished as there are appraisers. These differ
ences in value may also be increased by the incli-
nation, which without the slightest imputaton on
their honesty, may arise the part ofapprasers in
| favor Of their respective ports of entry, recon-
mcnded this whole subject TO the consideration Of
Congress, with single additional remark. Ger
! tainly and permunCncy in any system Of Govern
mental policy ale in all respects, emnently desira-
BILE; but more particularly this true IN all that al
lecls trade and commerce, the operations of which
depend much more on the certainty oither returns
and calculations which embrace distant periods of
time, than on high bounties or duties, which are
Liable to constant fluctuations.
! At your last 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 compe-
tency of the Government, in order TO correct the
unsoundcess of the one, and as practicable the
inequalities Of the other. No country can be in the
enjoyment oIits full measure of prosperity, with
out the presence Of medium of exchange, approx
/ >
as between the different nations Of the earth, IS al
so important as between the inhabitants Of differ
ent parts of the same country with the first the pre-
cious metals constitute the chief medium of circu-
la,ion, and such also would be the case as to the
I last but for inventions comparatively modern, which
have furnished, in place Of gold md silver and pa
per circulation. do not propose to enter into
comparative analysis oflhe merits Of the two sys-
| tens, Such belong more properly TO the period
olihe introduction OF the paper system. The spec
ulalve philosopher might find Involvement TO pros
ecute the inquiry, but his researches could only
| lead him to conclude, that the paper sytem had
| probably better have never heen introduced and
/ that society might have been much happier without
it, The practical statesman has very different
task to perform,
| lie has 10 look at things as they arctic take
! them rs he finds them 10 supply Deficiencies, and
! to prunC excuses as far as in him lies. The task
of furnishing a corrective for arrangements Of the
paper medium with US, is ineXpressbly great The
| power cXerlcd by the States to chatter banking
corporations, aud which having been carried to Il
great excess, has filed the county WITH in most of
the States, an irrcdeemabe paper medium, is an
evil which, in some way or other, requires Il cor
rectve The rates at which bills Of exchange ure
negotiated between different parts Of the country,
! furnished an index of the value o! the local sub
stitute Of gold and silver, which IL, in many parts,
so far deprecated, as not to be received, cXccp,
at large discount in payment of debts, or in pur-
chase of produce. II should earnestly be desired
that every bank, not possessing the means ofre-
sumption, should follow the example Of the late
| United States bank Of Pennsylvania, and 70 into
liquidation, rather than by refusing 10 do so to con-
tinue emhurrUssmcns N the way of solvent ins-
utions, thereby augmcnlng the difficulties Incl
dent 10 the present condition Of things.
! Whether The government with dur regard to
the rights of the States, hus amy power 10 cons,raln
the banks, either to resume specie payments, or
to force them into liquidation, is an enquiry which
will not fail TO claim your consideration. In view
Of the great advantages which are allowed the cor
poruions, not among the least which is the author
| ity contained in most of their charters to make
| oans to three times the amount of their capital
| thereby often deriving three times as much inter-
est on the same amount of money as any indivdu-
al is permitted by law to receive, no su!hclent IL
poloav Car be urged for long continued suspen
sion OF specie payments. Such suspension is pro-
duclye Of the greatest dctrmcnt to the public, by
eXpe,lmg from circulation the precious metals. and
seriously ha2ardng the success of any effort that
this Government can make, to increase CONNER
cial faculties, and to advance the public interests,
This is more to be regretted, and the indspcnsu-
bic necessity for n sound currency becomes the
more manifest when we reflect on the vast amount
oftho internal commerce of the country, OF this
we have 10 Statistics nor Just date for forming adj
equule opinions. But there can be no doubt, but
that the amounlof transportation coas,wse by sea +,
and the transportation inland by railroads and ca
nails, and by steamboats, and other modes Of con-
vcyarne, ever the surface of our vast rivers ant
the value Of property led and interclmnged by
these means, for general aggregate, to which the
foreign commerce Of the country large us it IS,
makes but distant approach
In the absence Of any controlling power over
this subject, which by forcing general resumption
of specie payments would at once have the effect
Of restoring n sound medium Of exchange, and
would lca,e 10 the country but little 10 desire,
what measures of relief, falling within the limits
ofour constitutional compete ncy, does it become
| this Government TO Nddopt; 1t was my painful
duty al your last session. under the weight Of most
solemn obligations, TO dIi.rI with Congress on the
measures which it proposed iOr my approval and
which doubtless regarded as corrective of existing
evils. Subsequent reflection, and events since oc-
curing, have only served TO confirm ne in the opn-
ions then entertained, and frankly expressed.
! must he permitted to add, that no scheme Of
government policy, unudcd by individual cxerlons
can be available for amelloratng the present con-
dition ofthings. Commercial modes Of exchange
and good currency, are but the necessary means
Of commerce ard intercourse, and the direct pro-
duci,c sources of Wealth. Wealth can only he
accumulated by the earnings of industry and the
savings OF lrugaity and nothing be more i'll judged
than to look 10 facilities for borrowing, or TO Il re
dundant circulation, for the power of dischnrgng
pecuniory obligations The country is full Of re-
sources and the people full of energy, and The great
and permanent remedy for present cmbarrassmen,s
must be sought in industry, econonomy, the OBJ
scrvanco of good iah und the favorable influence
of time.
In pursuance of pledge given to You in my last
message to Congress, which pledge | urge as an
apology for adycnluring to present YOU the details
of any plan, the Secretary of the Treasury will be
ready to submit to you, should YOU require it,
plan Of finance which, while it throws around the
public treasure reasonable guards for its protection
and rests on powers acknowledged in practice TO
exist from the origin of the Government, will, at
the same time, furnish TO the country a sound pa
1iutu mud ,nnrI all reasonable c,cuttios