Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1840-11-28

sary 10 maintain independence oil character, and
provide resources to meet eme igencies Extrava-
gance in public expenditures leads to public debts,
The unhappy effects Of which are seen in the ab.
scence Of that high toned spirit OF independence,
which republican government, OF all others,
should take pride in maintsining the increased
burdens that are thrown upon the people. partlcu.
larly upon the cutivGtors OF the soil, the largest
portion Of the population OF our country; and in
the laxity Of public morals, as exhibited in leSls
aton Of q partial and sectional character
These views are no less applicable to the states
than to the general government It is obvious that
the same causes would produce the same results,
in the one case as in the other.
1t has been we'll said, in reference TO the gen.
eral government, that 1.-The creation, in time oil
peace, of debt likely to become permanent, is
an evil for which there is no equivalent" This
wise maxim applies with equal force to the state
governments, and its truth should stimulate us to
! the adoption Of every measure which would has
ten the extingushment Of our political debt.
The encroachment Of Schools and the means Of
education, is enloined upon the General Assembly
by the constitution. Whatever measures you may
adopt for the diffusion Of knowledge, consistent
with the other interests Of the State, will meet with
my hearty concurrence.
While recognize the benefits which would,
undoubtedly, flow from the improvement OF our
road and navigable rivers, and would, cheerluIly
cooperate in any prudent system TO effect so de-
srable an end, | cannot, consistently with my
present views Of the impolicy OF contracting large
t public debts, recommend the adoption OF any sys
, tenn of internal improvement, which would i'm.
, pose upon the State heavy obligations Of this ma
lure The experience OF our sister States has, in
my opinion, fully demonstrated, not only the i'm.
policy, bu: the disastrous consequences, OF adopt
ing systems OF internal Improvements OF specu-
lave character requiring the contraction OF large
5 public debt for their construction. Much good,
5 undoubtedly might be accomplished, by setting
f apart such portions Of the State revenue might
e not be necessary to meet the indispensable ex
penses Of the State, and extinguish gradually the
! public debt, as permanent fund for the improve.
ment of our roads, and removing the distractions
+ in our secondary rivers and clearing the timber
e from their banks. Relying upon such fund
It alone, it is believed that the execution Of the sys.
!, tenn devised at the last session Of the Legislature
i will be attended with an expense incompatible
n with our present resources; and that the State may
wisely dispense, at least for the present, with mos
t OF the officers thereby created, il not entirely sus-
IS pend the operation OF the act
# or the many important subjects which will,
). probably, claim your attention during your present
community, than the condition Of The currency.
n The evils of an unsound and fuctuatng curren
cy are so apparent and so universally felt, that il
is needless to dwell upon their unhappy influence
This fuctuation is mainly the result Of the opera
n tons Of the suspended banks, and whether pro
n duced by design, to operate upon and control the
IF elections OF the country, mismanagement, the eli
feet is equally disastrous to the people, and calls
10 loundly for corrective.
t, The right(u authority Of every State to pre-
" scribe the kind of bank paper that shall be per
mtted 10 circulate within it, is denied by but few
S. is the power the States have never surrendered
lie and should be exercised in such manner TO give
st the greatest stability to the currency The policy
n that will increase the circulation Of gold and sill
J. ver the standard of value should be desired by all
:, and only be attained to any considerable extent
IS while banks of issue exist by the exclusion o
E, small bank notes, which, usurp the place Of the
t, precious metals.
D. The people, by their representatives in 1886
At decided, and that decision is yet unreserved, tina
is the Bank of the State Of Missouri, the work o
their own hands, and in which they are the larges
n stockholders, should issue no note of a less de
in nomination than ten dollars; and that policy woul
ut be suicidal, which would extend to the banks o
v. other States privileges which we have denied t
On our own. Concurring, fully, in the limitatto
ed imposed upon the Bank OF Missouri, should fec
h; myself derelic in duty 10 our common conslitu
es ents, if omitted, on this occasion, 10 urge tn
- propriety Of prohibiting by law, under suitabl
wv sanctions, the circulation Of all bank paper Of
Mt less denomination than ten dollars. Care shout
CHI be taken, however, to give ample time to the ho
Id derso such paper to dispose Of it, before the la,
nd goes into operation. The effect of the measur
TO- would be, to increase the circulation of the pre-
an cous metals to the extent Of The paper excluded
ed 1t is, doubtless, the true policy of every State
Id that desires sound circulating medium, to pre-
ID hbit their banks from issuing any note less tina
lid twenty dollars; but while the Bank of our ow
lot State is permitted TO issue notes of less demon
nation, have felt that we would be wanting
OF comfy to our sister States oexend the prohibito
OF further.
he The opinion is generally entertained, that III
ef law prohibits the circulation Of all bank pt
er per of less denomination than five dollars; it
he berved that careful examination OF the &C
n. will render texremely doubtful whether any papt
20. is embraced in the prohibition, than that issued
N. individuals. invite attention to the subject an
s. to the propriety Of such suitable legislation as wi
n. remove all doubt and elfectually suppress ii
al evil The idea that there is not suli cient virtue
a patriotism, and love of good order abiding wit
er the people, TO enforce the execution OF the law
ID. is certainly mistaken one, and ought not 10 b
entertained. II, however, it be true, that in an
ul part Of the State, the election Of officers, who.
n duty it is to prosecute for all violations OF the Law
n. have been controlled, with view to its non.ex
ct. cuton, it is time for the legislature to apply Il