Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1840-07-18
MORGAN COUNTY, Mo-, {

MORGAN COUNTY, Mo-, {
July 9th 8iO
To Mcssrs. John NJ. Glenn, Tho. Pool W. T.
HotCeU, J. Gore, and others:
GENTLEMEN letter Of the 18th June,
1910, and addressed to me through the Boon's
Llok Democrat Of the 2I,h June, 1870, saw
to, day, for the first time. am now on my res
turn from the extreme South part Of the State,
which accounts for my not seeing the Democrat
earlier.
You ask my views in reference to the "Cur-
rency Bill" introduced into the last Legislature,
which will be freely given, rs 1t may hereafter
prevent misrepresentation by those who CON
slider ''the enG ustfies the meuns.n
have not that bill before me-, nor do know
the mod lcnions it underwent before its final
passage in the House Of Representatives; but
| saw the bill before it was introduced and my
opinion was lien, and is get, that the only ex~
tent to which the Legislature should 90, was
to fix day by law, after which the circulation
of all bank.notes under ten dollars should be
prohibited. The bill should have gone that
far, 0nM no further. This is The opinion have
expressed every achcre. The bill introduced
went beyond this limit, aud thus f r. met my
disapprobaion. am in favor Of excluding
from circulation all bank-notes under ten dol,
lars, for two reasons
FIRST the vacuum created would be filled
with hard mouey-
Secondly, it would place our bank on an
equality with the banks of other States. The
banks Of other States (many of lhem) issue
notes Of all low denominations, down even to II
single dollar, while the bank of Missouri is
prohibited from issuing any less than ten dol
Iars-thus extending to the banks Of other
States privileges which we deny TO our own.
That small bank>notes drive the hard none Y
from circulation, is admitted by most Of the
wings, when they express their willingness, as
most Of them do, to exclude all under five
dollars. As further evidence of this TACT, | give
you an extract from the speech of Daniel Web
sler, delivered in the Senate of the United
States in 1882, on presenting the bill to res
charter the Bank Of the United States and
surely our whig friends will admit Mr.. Web
ster to be high authority. If Mr. Webster is
right, then the only question is between hard
money and the small notes, and the people must
choose between Them This is the exlrac,
from Mr.. We6ster's speech
"But, Mr. President, important is this Object
that think that far from diminishing, we ought ra-
Their to increase and multiply securities; and am
not prepared to say that, with the continuance of
the bark charter, and underits wises administrations
regard this state Of our currency as entirely safe
IT. Is t evident TO me mat the genera paper circulation
Which it rests Orr sTs,e lr az, 'e sPee'e GaS,s on
too far, in my Judgment, With the use Of gJId and
silver. Having learned the of paper as a subs..
tute, we use mat substitute to" freely Now think
evil will snnrs, aI,o ' w u,rtc source oil the
an amount Of specie in circuatm Cortoin,S S'% h
reason is, do not require more. We have but to to
ask its presence, and it would return. Bu we rohla-
IT'H o@~@ W me g'eat a%,oNgt smut """F-"otes
denominations, down sna i''%e notes q" az
it possible to retain specie in crencv under such cir.
culnstances! All experience shows it to be impossi
pie. me paper ~W take the place of the gold and
Parliament ~ Ia 'Te eur proposed IN