Du Buque visitor. [volume] (Dubuque, Lead Mines, Wisconsin Territory) 1836-1837, 1836-12-07

the .tfddler." If issuing notes for
currency IS to be likcpavingi hestreefs
for the special benefit Of the city
then let the burdens Of each be borne
in the same way: Let the corporate
authority Of your city ordain that all
property within the limits Of the city
shall be taxed to any extent necessary
to redeem all the notes the bank may
issue and not be able to redeem. If
st. Louis will have bank Of circu-
lation, it is nothing but right that she
should guarantee an honest administra-
lion of its bank affairs. To incorporate
a bank for the merchants of St. Louis,
and subject the people of the country
to bear large proportion, perhaps all,
of the evil consequences of failure
particularly as,you claim the manage
ment Of the institution-would be
downright fraud upon the rights of the
people; all that we of the country ask of
city is to give US no spurious
ordepreciated currency;g guarantee this,
and you have our hearty cooperation.
in every measure calculated to advance
your prosperity. Will youask meif no
one from the country shall be permit
ted to be stakeholder, and if SO how
is he to be made liable? My answer to
such question would be this: Make
the lands, houses, slaves, cattle and
household goods of all the stock hold
ers responsible for the debts of the
bank. This, together with a pledge
from the city, and also from the state
so far as she may become interest
ed, would secure the public against
having deprecated or worthless cur
rency thrown on their hands. But Mr..
Editor, why not have bank Of dis
count and deposite merely? Such in
situations cannot involve the sUhole
community in the consequencesof mis-
management. "The Agency" now
doing business in yeur city under the
designation of Commercial Bank"
isbut bank Of discount and deposite "
1t cannot issue note of its own; and
l am informed that it is doing good
business. Col. Benton advocates such
institutions; read his speech delivered
last winter on the bill to charter litter
of banks in the District of Columbia.
And Gov. Dunklin recommended
a bank of discount and deposite in a
special communication made to the
Senate Of the last session of the Gen.
Assembly. And do not these gentle
men understand the interest of the
people Of this State? It is but reasona-
BILE to suppose they do. They have
been long in the employ of the public,
and each in a capacity that required
him to study the interest of Missouri,
and to do every thing in his power to
promote her interests.
The general objection to the paper
system is not taken into view in this
communication; nor does the writer
design in any future number, to fatigue
your readers with what the intelligent
part of them must already know. But
there is one point in which he does
not recollect to have seen the subject,
viewed; it is this, What object had
the trainers Of the Federal constitution
in view, when they declared, no state
shall coin money nor .fr tie Valxe
thereof? These are not the precise
words of the constitution THAT instru-
ment is not before me) but it is the sub
stance Of the restriction. Do not the
States unfr the .sv0l,se" that Con-
gress fred for the "coins," by doub-
ling the currency? Is there any reading
and thinking man so stupid as not to
know that il the circulating medium
be doubled that it becomes Of but halt
its former value? The fact cannot be
seriously questioned that the value Of
coins is in proportion to the quantity.
The Congress Of the United States
has the exclusive right Of firing the
!"value OIL" coins" and any act Of the
States that has the effect to change the
value fixed by Congress-, is virtually a
breach Of the constitution. The States
might just as well double the alloy
and in that way double the nominal
amount Of money, as to double the
quantity by issuing paper.
NINETY EIGHT.
0Thc Lancaster, (Ohio) Express,
new paper, says, cat the late COM
mencement Of the Augusta College;
KY, the Degree Of Doctor Of Laws
was conferred upon the Hon. Thomas
IL 4