Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1840-04-18
LEVI WOODBURY.,

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your obedient servant
LEVI WOODBURY.,
Secretary oftht Treasury.
We have seen this printed as 1897 as well az
1885. The date can be matter of little import.
unce, as 1t seems to be circular. To be filed up
from time to time whenever bank was selected
as depository Of the federal revenue. This selec.
ton commenced with the removal Of the deposites
IN '34--and the policyof the government in refer.
ence TO these State Bank expansions is only for.
gotten by those whose interest it is to divert the
attention Of the people from such disastrous and
silic,ing incidents in the history of their career.
We cannot lay our hand on a similar letter, which
we remember to have read at the time, addressed to
the President Of one Of the deposte banks in New
England, urging similar - increased facilities
"apOut the period of the woul-cp" It lisa shame,
however. and would be matter of special wonder
in ordinary times, that the shameless deninls Of
some, and the contemplate prevs RIGA tons of other
prominent members of "the party" should render
it even necessary TO resort TO the proof that many
of these banks openly preferred their petitions TO be
thus employed account Of the political purposes
Of their directors and officers, and that they cers
used TO promote the objects of their employers. No
candid, well informed man, will deny either propo.
siton in company with those who can confront
hem with the facts-vet neither the presses Of the
party nor the leaders of the party, have the manli.
ness to acknowledge, and forgiveness for this
terror of party" On the contrary, they cuunten.
snce the "hue and cry" which has been aised for
the purpose of absoving themselves from oil
blame whatever, and suddenly converting the Wing
party int the Bank party The following is from
the last annual message of President Jackson,
under date of December 6, 1885,
Experience continues TO realize the expectations
entertained as to the capacity of the State banks to
perform the duties Of fiscal agents for the Govern
ment al the time Of the removal of the depuSites
II was alleged by the advocates of the Bank of the
United States, that the State hanks. whatever might
be the regulations Of the Treasury Department.
could not make the transfers required by the Gov.
eminent, or negotiate the domestic exchanges Of
the country 1t is now well asceriained that tho
real domestic exchanges, performed through dis
counts, by the United States Bank and ITS twenty
| hive branches, were at least one, third less than
those of the depUste banks for al equal period of
time; and If comparison he instituted between
the amounts of service rendered by these institute
tiOns, on the broader basis which has been used BY
the advocates of the United States Bank in esti-
mating what they consider the domestic exchanges
transacted by it, the result will be still more favour
able to the depositc banks"
The reason why the domestic exchanges of the bank
OF the United States were third less than those
Of the deposite banks for the period Of time
is explained by the Circular Of Woodbury.. The
banks were commanded to go beyond the prudent
bounds prescribed by the directory of the National
Bank, in order to make Mr.. Van Buren, President
on the show of what the leaders and contrivers
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the country's prosperity. or They did as they
were bid-lr3- Accomplished the object in view
i0L--M Mr.. Van Buren, Presideut-.-0t.5-But
broke themselves down in the operation! Yet,
for this, the Whigs are blamed, denounced and viii
| fled !; and the people conjured, in the name of
party 10 listen to nothing they say Fellow cit-
zsns, we do not believe General Jackson fure>sw
the wreck and ruin which was involved in this sys.
temaic desi IN Of those who were in his confidence.
and who conld have never succeeded except BY the
influence of his nume. Apart from the abuse Of
his confidence. to which we have before alluded,
the splendid and charitable apology Of the poet
should now be permitted to mantle his errors in
stead of yet seeking TO appropriate the influence of
his great name to give c0untenance TO new designs
which he never entertained.
.ln ife's las, scenes what prodigies surprise.
| Fears of the brave and foIlies OF the wise
We desire, fellow citizens, tina. the sub-treas ury
system proposed by the President should be tried
on its own intrinsic merits, and with no further
reference 10 the fac: that ii denounced BY the
late President ind all his leading friends towards
the close Of his Administrations tina may be neces.
sary in contrasting the pledge of Mr.. Van Buren,,
o. to tread generally in the footsteps Of hi preo>
cessor') with his practices since. We have seen
that, up to the close Of General Jackson's admins.
irntion, Banks and Bank paper were used by the
Government and its Office holders as we'll as the
people All contracts had been entered into in ref.
erence 10 that policy of the Government which
was pledge to foster the banking institutions of
the States. The Farmer, the Mechanic and tho
Trader-in short all the great interests of the
country had been squared and adapted to the lib
ersl standard of "credit" set up By the alminislra-
tion-For, notwithstanding the out-of.doOrs de-
Carnations in favour of hard money governments
and the 'divorce* Of bank and State" (intrnded
then, and the same song is intended now to
wholly different design decisive had been the
rejection, and so marked and impressive had been
project during the last year of the last adIninisra
lion, and so decidedly had the Legislation of Con-
gress~ and the action Of the government tended 10
foster and encourage the Banking mania which
they now denounce. that it would have been treated
as insulting distrust Of the integrity Of the party
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