, 1840-12-05

u III tiut tIC SuhpS r.
duce the same results in one case as IN an
other.
II has been well said. 10 reference to the
General Government, that "The creation. IN
time of peace. of a debt likely TO become
permanent. is an evil for which there is no
eauivalent.' This wise maxim applies with
equal force to the State governments, and
its truth should stimulate US 10 the adoption
Of every measure which would hasten the
extineuishment ef our public debt.
The encouragement Of schools, and The
means Of education. is e%njoihed upon the
General Assembly by the C'nstI,utinn.-
Wh~:ever measures you may adopt tor the
diffusion cf knowledge. consistent with the
other interests of the State, will meet my
hearty concurrence.
While I recognize the benefits which would,
undoubtedly, low from he improvement OF
on. roads ard navigable rivers. and would
cheerfrily cooperate in any prudent system
TO et3ec: so desirable an end, | cannot. con-
sisteliy with my present views OF the Inpoli-
cy Of contracting large public debts. recon-
mend the adoption of any system of intern
al improvements, which would impose upon
the Stale heavy obligations of this nature.-
Tie e1Eeriance Of our sister Safes. his. m
my OPT ion. fully demonstrated. not "nly
the ippolicy. but the disastrous consequen-
ces. OF adopting systems OF internal Impr"v-
ments Of a speculative character. requiring
the contraction of large public debts fortheir
constitution. Much good, undoubtedly might
be accomplished, by setting apart such P"r-
tons CT The State revenue as might not lie
Necessary 20 meet the Indispensable expenses
al the State. aud exiinguish gradually tie
pubic debt. IS a permanent fund for The n-
provemant of our roads, & ing the oh
struct:ons ia ouf secondary rivers. and cle"r-
ing he timber from their banks. Rely Inn
upon such a. fund alone. ii is believed that
thu execution of the system devised ut the
last session of the legislature, will he attend.
ed w':n an expense incompatible with our
present resources; and that tho State may
wise,v dispense. nj least for the present. with
most Of the officers thereby created. if not
entirely slspenI the operation of the act.
Ofthe many important subjects which will.
p%robabiy. claim Your attention during your
present session. hone Is of more vital interest
IL the whole community. than the CONDITION
of the currency. The evils of IN un.ound
SAsu IbuNtUsitbl- . ' ~ 81 sln'iitiIts
and So universally felt, TINT 1t is needless tu
dwell upon their unhappy Influence. This
fiuctua:ion is mainly the result of the OPERA
lions ofthe suspended banks. and whether
produced by design. tn Operate upon and
control the elections of The c,nn;rv. or rI>
management. the effect is equally disastrous
10 the people, and calls loudly for a correc-
tive.
The rightful authority Of every State. Ia
prescribe the kind of bank paper that shalt he
permitted To circulate within il. - denied b,
but few; il isa power the State have ncver
surrendered, and should he exercised in such
mar.ncr IS to give the greatest stability la
the currency. the policy that will Increase
the circulation Of gold and sli yer. the stand
ard CT va;Je, should be desired hv all. and
can cniy be attained. to any considerable rN-
tent while banks of issue exist. bv the eycIu
sion Of small bank notes, which usurp the
place oil the precious metlls.
The people, bv their representatives, in
1885. decided. and tint decision Is vt u,-
reversed. that the b INK of tn. State Of Ms
souri,. tao work of their own hands. and "a
whiCi, ti:ey are the ~larrrSi St".kh dies
shoI!G issus 10 note uf 4 less ir]nuniniti,n
fhG2'tea dollars; and that policy would 10
sucida:. which wnnld extend to the > ,nks of
other States privileges which we have dent
ed IS our Own. Cnncurrrng. fully in the
Limitation imposed upon the Bank of Nilsson.
ri | should feel msself dprrlict in duty to
our common constituents, If omitted. on
this occasion. 10 urge the proprie;y OF prohih-
iting bylaw, under suitable sanctions. the
circulation Of al! bank paper If 4 les demon
ina:ioR than zen doll rS. Cure should b..
taken h0we:er. 10 give am.,Ie ii u. la the
holders Of suci paper t" hi.p'<."tir. before
the law goes intn nPerrl,.n The effect #
the measure wopld he. I" increase III. rrr-
~cuiat!cn c! :Ee precious metils To the extent
OF lie paper excluded.
K is DOUBTLESS the true policy Of every
State nat desires L sound circulating mrdi-
UNI, n prohibit their b,nk> from issuing anv
nota less tiIaa twenty dollars; but. while the
ban o! cur " State is permitted 10 Issue
notes OF a less denomination. | have felt that
we world be wanting in comfy To oar sister
STATE 70 extend the prnhIbition further.
TIE opinion Is generally entertained thu
the law now prohibits the circulation ofaiI
bank pfpe: OF a less denomination than five
4 LII