Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1840-12-26

:
on the Pennsylvania State stock and the report
presented to Congress on the financial embarrass-
nents OF some OF the Southern States has check ed
all improvements; and though those accounts NAV,
and, we trust, will be partly neutralzed bv the
next, they cannot but leave yerv mfr vo,ab,o i'm
preston behind" Why, ask was not iris letter
referred to, why have gentlemen SO cautiously
passed it by in silence? Because sir in II ;s to
be found reason, and one OF the most imporiant
reasons why the credit Of tie State was go mater
Ially impaired in the British msrket What is
the reason here assigned, that there has been a de.
probation in the value of State stocks "Tha re.
port presented TO Congress the financial ern5ar-
| easements OF some of the Southern States has
checked all improvements" Here is the reason,
and by whom was that report presented. Col Ben
ton introduced into the Senate certain resolution.
! repudiating the Idea of an assumption Of State
debts by the General Government, and ei,lcsvored
to create the Impression that application would be
made by the States 10 effect that obi ,ct Hadanv
such application been made or was ,ue-c ne slirhi-
pst probability that any State in this Union was so
Strengthened in its fiscal operations, as to REQUIRE
such an appeal That such application would be
made, is absurd in its character, and an idea which
no statesman ever entertained Benton introduced,
end Mr.. Grundy reported those resolutions, and to
them, H. great degree may be traced the cause
that American stocks were so cheap in London.
II it is necessary that those bonds should be re-
called-if our credit abroad has been Injured il
has been by the destroying hand which introduced
those resolutions into the Senate-introduced them
gratuit0usy and without one scintilla of ptoufth
the exigencies of any State required such meas
ure. The States were fully able to sustain their
credit without such request, and Bgnton knew il.
1t was n artifice, snare into which he hoped to
lead the Wings. 1t was not polite that this letter
should be known and hence the indirect ATTEMPT to
consign it to oblivion. will proceed to examine
the letter of June 3D. to see if there be any thing
in it, to authorize these resolutions. Tha, % TT
deemed ypry I1o; - : has,
words "Ibe attention Of our capitalists and others
engaged in American affairs, is now turned to your
internal politics; and if the prospect for your next
Presidential election, held out by the last accounts
should be realized, this circumstance will contrib
ute more than any other to restore general conf
dence.' What prospects are here referred to !
BY what spirit Of deviation do gentlemen knew
whether these capitalists tad reference to the pros-
poets Vi ITen. Harrison, or to those of Mr.. Van
! Buren,. The writer's here drop no intimaton upon
the SUBJECT Their inference has its origin in con-
scions gullt-they we're aware CT something wrong
among themselves--they knew they were attached
! TO that party whose measures had destroyed our
credit deranged Our currency. If gentlemen ar
rived at their conclusions cOuahed in these reso-
utions from this letter Of the Sd june they
guided to those conclusions by no other light than
that reflected from their past msdeeds but if their
Inference is drawn from the letter of the lih Sep
tember-if that letter contain reasonable designs,
there was nc longer any inducement TO conceal, as
the British capitalists had given it as their opinion
! that change in the Executive would improve the
value of State bonds and increase the werth Of
! American securities. But can the keenest eve de-
tect reasonable designs in these letters--do they
give evidence of what ha, been so roundy asserted
upon this floor that the late triumph was affected
! by British Glli? Are gentlemen serious in the
charge, that the American people have been bribedl
If so, sir they cannot pride themselves upon their
late association, for by reference to the vote of
1896, compared with that of 1910, it will be seen
that not less 60 or 900 have been bought from
the Democratic ranks In 1896 Van Burens ma
jorty was about 40 900, nov Gen. Harrison has Z
majority, ranging betwenn 100 and 100 900. Bat
do these letters furnish proof of any such bribery
Is there any thing more in them than evidence of
what has been predicted by the Wing party for the
last twelve years? During all that time, those who
were in power were adnynished to beware they
were told that the measures they espoused would
lead to bankruptcy at home and PROSTATE credit
abroad, bu, they still kept the even tenor of their
way regardless of all eXPostulatiOn, and shall IL be
said because enlightened merchants stated fact
long predicted, and so well established, that there
fore, they were influenced by REASONABLE purposes!
A nd because these merchants with whom Ibis Bank
is endeavorng to contract for large sums Of mos
ney, take occasion to remark that their attention is
now turned to your internal politics, shall it. there
fore be inferred that they are aiming to bride the
freemen of this coun'ryl Well Nigh. they look
with Jealous eye sir, to the politics of tina: party
which was warning against all State credit. Well
might they hesitate before they would make large
investments of their money in the bonds of q State
whose faith was not pledged for their redemption.
Look at the Journals of the last session Of the Leg
slature of Missouri, ard YOU will there reso-
luton voted down which proposed 10 pledge ire
vocably the faith Of the State for the redemption Of
those bonds. That proposition introduced by
Mr.. Geyer, and by an examination of the vote you
will find every Democratic member opposed to it,
Yes, sir, these very gentlemen who affect TO be
So much alarmed tina foreign pa Ist< should have
their attention turned TO our internal politics are
Tie very mea who invoked this inqUisitiOn.
will pass to the last letter in the series. (Mr,
4. read it, And now sir, what is unreasonable
in this! Men who are trading in foreign countries
have respect to those causes which operate neces-
Sary upon the currency, and are influenced in their
investments by those causes. And on this account
} forsooth, chargeable with reasonable designs
Truly gentlemen mnst be hard run for political cap
Ital who have been forced TO look for il here. They
must be endowed with more than ordinary ingenui'
ty to be able to detect any such designs. Is their
conduct in this matter different from what it might
be expected to be under NnY administration. Are
not the motives which operated upon them precise
ly such as influence every man in al the spheres
IF business! And because they watch their inter
ests and throw around them such safeguards as
common sagacity and common prudence would sus
gast shall we be told that they endeGyotng to
bride our citizens! Sir, that word bribery hurts
my feelings. | have too much confidence in thu
virtue the intelligence and patriotism of the Amer
can people to believe it-and in behalf of my con
: sttuents hurl back the charge, and pronounce j
a foul aspersion upon their character know MOI
by what feelings other gentlemen may be guided
but for one sir, cannot endorse these resolutions
nor can yet believe that this Legislature will b.
its vote, record such caunny upon their country
Y Those tell that 'tall transactions