The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-21
GOVERNOR CORWIN'S MESSAGE-THE
BEREAVEMENT OF OUR CURRENCY
OWING TO EXCESSIVE IMPORTA-

In his annual message to the Legislature of Ohio,
Governor Corwn in referring to the existing derange
ment in the currency of the nation assigns the true
cause for the whole difficulty He goes to the very
source, and traces the evil to It's root he says;
"The long continued suspension OF specie payments
by the banks of OF the Middle States, by those
also Of the Southern, Western, and Southwestern
States has brought with it oil the evils of unnatural
and fuctnating rates of exchanges, usury to most
enormous extent, embarrassment in every branch of
business, with great increase of risk attending all
rcial operations This state Of things, if not
remedied soon, will make our currency, which should
be fixed measure of the price of property itself
vendible commodity, more variable in value than
most other common articles OF traffic IL may be well
questioned whether this most unhappy state of things
admits Of any permanent remedy, without important
changes in existing commercial relations with TO
reign countries. This is question over which State
legislation has no control; the National Legislature
alone is competent decide. Whilst the workshops of
England and France, filed with aborers, whose daily
toll brings them only mere subsistence pour into
markets every variety of manufacture, by the laws
Of their respective countries, the precious metals or
cotton with few trfing exceptions) are the only
equivalents they will receive from us in return
Except under duties oneros, as amount to prohi-
bition, the bread stuhs, and other productions of
much the largest portion of the people of the United
States, find no market in the ports of France or
England Il is obvious that, under system so nqui-
tous and unjust towards us, in the fluctuations of
commerce, balances against must occur, and these
must in such be liquidated by an expectation of
the precious metals. This drain, which no human
sagacty always foresee must have the effect to
disturb prices, even were our money purely metallic
should il be of the mixed kind, composed of CON- and
paper, convertible into coin on demand then when
the untavorable balance of sufficient amount,
a suspension of specie payments would seem to be
inevitable As the laws are, the revenues to
the government of the Union, must be raised by d-
tics foreign goods 1t is within the power Of Con-
gress, by proper discrimination in levying duties
necessary for the ordinary expense of government,
To discriminate to restrict foreign impor-
tations within narrow limits, or compel those
with whom we traffic, to opentbeir markets
to the grain grower, as well as the cot
ton planter, terms Of perfect reciprocity. Wheth-
Congress will exert this power, when it shall be
proper, as it must be- TO reconsider the subject,
is question which cannot now be considered as
settled with that certainty which necessary to form
safe basis of State legislation. The existing state
of things, and not the prospect of future national le-
gislation, should be the basis of any policy it may
please the Legislature to adopt touching the subject Of
our currency.--Boston Atlas.