es to some extent will necessarily exist at different ports, but
that is altogether insignificant when compared with the conflicts in
valuation which are likely to arise from the differences of opinion
among the numerous appraisers of merchandise. In many instances the
estimates of value must be conjectural, and thus as many different rates
of value may be established as there are appraisers. These differences
in valuation may also be increased by the inclination which, without
the slightest imputation on their honesty, may arise on the part of the
appraisers in favor of their respective ports of entry. I recommend this
whole subject to the consideration of Congress with a single additional
remark. Certainty and permanency in any system of governmental policy
are in all respects eminently desirable, but more particularly is this
true in all that affects trade and commerce, the operations of which
depend much more on the certainty of their returns and calculations
which embrace distant periods of time than on high bounties or duties,
which are liable to constant fluctuations.

At your late session I 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 to correct the unsoundness 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
a medium of exchange approximating to uniformity of value. What is
necessary as 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 medium
of circulation, and such also would be the case as to the last but for
inventions comparatively modern, which have furnished in place of gold
and silver a paper circulation. I do not propose to enter into a
comparative analysis of the merits of the two systems. Such belonged
more properly to the period of the introduction of the paper system. The
speculative philosopher might find inducements to prosecute the inquiry,
but his researches could only lead him to conclude that the paper system
had probably better never have been introduced and that society might
have been much happier without it. The practical statesman has a very
different task to perform. He has to look at things