Lexington union. (Lexington, Miss.) 1838-18??, 1842-01-01


might have the effect Of causing their i'm
2ortauon to cease; whereas others, enter.
ing extensively into the consumption Of
the county, might bear The heaviest, With
out any sensible dimiuulIon in the amolan,
imported.
So also the Government may b. iustili
ed in so discriminating, by reference to
other considerations OF domestic policy
connected with our manufactures. S.
long Os the duties shall be laid with dis
tinct reference TO the wants OF the Treas
ury, no weII-ioundr,d objection can exist
against them. it might be esteemed de,
sirablc that no such augmentation of the
gaXes should take place as would have the
effect OF annOIing the land proceeds dis.
tributlon Get OF the last session, which
act is declared TO be imperative the mo-
ment the duties are increased beyond
twenty per cent, the maXium rate esrab-
llshed by the compromise act, which will
60 into effect on the 30jh day of June
next, may, however, be found exceeding,
~ incGnyenient in practice, under any
regulations that Congress may adopt.
refer more particularly to that relating TO
the home valuation. A difference in val.
uatIou Of the articles to some extent, will
necessarily exist at different ports; BAT
that is altogether insignificant when com
pared with the conflicts in valuation,
uuh, pb al 10 ,hn Il
ence in opinion among the numerous ap-
yraisers of merchandise.
The many instances The estimates Of
value must be con ectura!, and thus as
many different rates of value may be es-
tablshed as there are appraisers These
differences in valuation may be increased
by the inclination, which, without the
slightest impntation on their honesty, NAV
arise on the part of the appraisers IN IA
vor of their respective poris OF entry. II
recommend this whole subject TO the con-
sIderalion of Congress, with single adj
ditioual remark. Certainty and perma-
nency in any sy tenn OF government policy
are, in all respects, eminenlly desiratie:
but more particularly is this true ia all
that affects trade aud commerce. inc once
ratnns of which depend much more upon
the certainty OF their returns, and caIcu.
lations which embrace distant periods of
time, than on high hodnlies or duties,
which are liable to Constant fluctuations.
At your late session, invited YOUR nt.
tentlon to the condition Of the currency
and exchanges, and urged the necessity Of
adopting measures as were consistent
with the constitutional competency Of the |
government, in order to correct the un-
soundness of the one, and, as far as prac-
ticable, the inequalities Of The other. No
country can be in the enjoyment of its full
measure OF prosperity without the pres.
enee of medium OF exchange approx. |
mating to uniformity Of value. What is
necessary, as between the different nations |
OF the earth, is also important rs between |
the inha bitants of different parts Of the |
same country. With the first, the pre-
cious metals constitute the chief medium
Of circulation; and such also would be the
cas- as 10 the last but for inventions, com. |
paratvely modern, which have furnished |
IN place of gold aud silver paper circu.
lalon.
l do not propose to enter into a COM
parative ana ysls Of the merits of the two
systems. Such belonged more properly
to the period of the Introduction of the
paper system. The speculative phlcso-
pher might find inducements to prosecute
the inquiry, but his researches could only
lead hlmto conclude that The paper system
had probably better never been introduced,
and that society might have been much /
happier without it. The practical states
man has very different task to perform.
He has to look at things as they are-,o
takes things as he finds them; to
supply deficiencies, and to prune excuses
as far as in him lies. The task to furnish
a corrective for arrangements of the paper
medium, with US, is almost inexpressibly
great. The power by the States to char,
ter banking corporations, and which, hav
ing been ca rried to a great excess, has
TILED the country with, in most of The
States, an irredeemabe paper medium, is
an evil which, in some way or other, re,
qulres a corrective. :
The rates at which bills of exchange 8
are negotiated between different parts of |
he country furnish an index of the value
If the local substitute for gold and silver, +
Which is in many parts so deprecated as S
lot TO be received, except at large dis. e
cunt, in payment Of debts, or in ,he pur S
base of produce. 1t could earnestly be a
eslred that every bank not possessing il
he means of resumption should follow a
le example Of the late United States v