Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1840-04-25

"
1t sa measure which proposes as its foundation
the subyerson of the fundamental principles Of our
government. II proposes TO place the public reven-
ucs in the hands of the Exec through agents
appointed by him and removable q. his will. 1t
unitcs the "swordand the purse" and deprivcs the
people Of all control over the public revenue. 1t
takes the custody of the public money from those
who pay, and places it unreservedy in the hands |
that spend it. 1t vastly increases the power of the
Federal Executive by putting in his hands the
means of corruption. 1t creates multitude of new
officers, and enables the Executive to send forth
swarns of officers, "tO hdrdsS our people and eat o
their substance" 1t unies in the person Of the En-
ecutye the command of the Army and Navy, the
execution ofthe laws, und thekrcping and disburse
ment of the public revenues, and endows him with
every attribute which defines a monarch and creates
tyrant 1t brings the whole banking business and
financial interests of the country at the feet Of the
Executive, and enables him to sport with the liber-
lies and fortunes Of our people. 1t creates Tie
most odiouS aud terrible of all Natona! Bunks-an
Executive Bank--posseSsing all power and not ac-
countable to the people. The agents TO WELD this
''interna machine" are the servants Of the Exccu-
tive, and only removable by him, and when he is
freshly seated in the chair Of State for CONSTITUTE
Onal term, he may again mock at your Impotence by
saying YOU shall have these corrupt Instruments,
over you for four years, in spite Of all lamentations
here or elsewhere. 1t separates the government
from the people, and renders the servant superior to
his master.
It's influence upon the public interests, are equal
" direct and dreadful. IT is valid part Of the
plan, and the only scheme that the President has
ever recommended, that the public revenues shall
be received in gold and silver only; and to deludo
you into the adoption Of this measure, you are told
that it will enlarge the specie basis ard bring the
precious metals into more general circulation; that
it will create demand for specie, and the supply
will come. These are fatal errors! and we warh
you against their adoption. lthas always happened,
and it always will happen, that tn greater the de-
mand you create for money the less will be the sup
ply; and the is that it is not subject 10 the
rules Of demand and supply, but it governs them.
The action Of the Sub-Treasury scheme will dtmm'
iSh and absorb your specie baSs--bring down your
| credit system-your lands, productions and labor
and infict upon you all the untold and incaculabe
snfcrngs OF transitive state of society. 1t will
do this by its most obvious operation. The plan Is
to receive nothing but gold and silver in the pay
ment Of the government dues The disbursements
to be made in drafts OF the Treasurer Of the u
States upon the Receivers General-These drafts
are to be in the form Of bank notes. and form me-
dunn Of general circulation. Let briefly call
your attention 10 the practical operation OF this
scheme, and see where it will land. The collector
at New York begins to receive gold and silver only,
aud makes his return to the Treasurer of the United
States. We will assume that he receives $4,000
per day in payment of government dues. This a
mount is drawn from the people and locked up
in his iron chest. The Treasurer the United
States then issues his drafts, in the form Of bank
bills, upon the collector al New York against the
money so received, and sends them to the public
creditors at Green Bay, Florida. and in every part
of the Union They pass their drafts in payment of
their debts They circulate, as paper money ever
Will circulate, because il is more convenient than
gold and silver while il believed to be equally as
good.
The public we'll know, that, unless the Sub-Trcas-
urer has used the money in his Speculations or lent
it TO some friend, away with it. that there is
dO"r for dollar in deposile to meet these drafts;
and they will hold the draft with as much security
| as they would the gold and silver, and as they now
do the notes OF their specie paying banks. Thus
the drafts OF the Treasurer become part Of the
general circulation, 0nd are boarded money, and
not presented to the Sub reasurers, or the spe
Gle they represent returned to the channels of trade.
These drafts represent the SPECIE and the specie if
the Sub-TrcasUrer is honest, remains under his
| "bOts and bars" Bu what is the effect Of this
process upon the banks and the community! In.
the ciy Of New York where this $40 900 day is
to be withdrawn, there is not over $1,000, 900 Of
specie, and suppose the Treasurer'S dfafts against
the collections, to remain outstanding, it is their
tendency 10 do, how long would il be before every
dollar specie in the city would he brought into
the vault Of The collector! Only about serenity
dayS!! But it may be said that the drafts would
not remain out until the city would be thus drained!
| Why should they not! And when would they first
begin to come in! 1t is undeniable that they would
remain out 50 long the paper currency they far
nlsh, in common with the other paper currency OF
the country, was equal to gold and silver because
Of their convenience. Then, they would only begin
10 come III when the paper money was dgprecia!ei
and when specie was at premium compared TO
paper; winch would not be until the dr1in of the
government had broken the banks! Then they
would come in TO some extent because the premium
they would bear would pay the expense of present.
ing, and transporting specie. To that ''complexiUn
it would come at laSttbe destrucli IN of the banks
the ruin Of the credit system and the establish
ment of pure metallic currency. These are the
results it, friends promise you, and this faint sketch
will enable you to perceive the unerr ng certainty
Of their accomplishment.
Suppose you to have metal!i: currency How
then viii your condition be improved! We have in
this country about sixty million dollars Of specie
our present circulation notwithstanding the severe
pressure of the times, is not less than five hundred
million. How much more freely will ynn breathe
whtl the screw Of the President SHAH have brought
| you down to sixty million dOilarsl The man who
now gets dollar per dav for his work will then get
a shilling! And think himself fortunate to find
employment at that The man who owns farm
and owes one-eighth part Of its present value will
nse his estate and be reduced to WANT The man
who has now ample means Of meeting his engage
Imenls will be reduced to hopeless nsolvency You
can pretty nearly estimate how often any thing cal
led money would be seen among you. There have
been now about twenty million dollars of Treasury
notes issued by the federal government and yet who
Of you have ever seen a Treasury note! II twenty
million dollars of this money has never been visible
10 you what appearance viii sixty million dollars Of
specie make,
80, q M