Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1840-08-08
by CYREA e. CADY

We'll. gentlemen, some rev OF tneID O'ltNtu num-
and like the followers Of Jo Smith, they stick to
him yet, and like good souls, attribute their disap-
ponnent, more to their own want OF faith, than
to the want of ability, in the "little Magician, TO
perform the predicted miracle.
But the clear sighted and rational Of all parties.
regarded the prediction mere hoax, "god
| hnmbup :" and it is only occasionally that now
come across one of those gold expectants, fishing
for hard money, and though he exhibits all the pa
tience becoming such pursuit, the only bite, or
even nbble, which he get, from any thing in
the name of money, is from occasional stray five
dollar Illinois bill and even these, like angels
visits, are becoming "few, and for between"
At its first presentation, he affects disgust, but
when informed that he can get nothing else,
he concludes he had as well pocket it, consoling
himself with the reflection, that even rye
| bread. is better far, than actual starvation.
But am ware of the fact gentlemen, that many
Of the friends Of the present administration, deny,
that the removal of the deposites, or the destruc-
ton Of the u. s. Bank had any agency in prOIuc-
ing tho present state Of confusion. in which oar
currency IS involved. Shifting the re- pon~ibi'ity
! from their own shoulders, they lay it all upon IN"
people They alone, it seems, are to blame. Il j.
heir ovPr'rading-thcir extravaganza their rage
! for speculation, which has brought upon them TIE
evils of winch they complain. Well now, would
it he any thing than reasonable, to ask these
gentlemen how people can overtrade, unless ;hey
have tie means of doing it! And will they not
confess, that it is the natural tendency OF SUPER
abundance of money. 10 produce extravaganza. over
| trading, and thirst for speculation! And 10 we
not all know, that it the policy which the "
eminent adopted, in the special denOsite system.
which deuged our country, as it were. with bank
paper, and furnished the means of speculation to
| every individual who would ask them We do
| know it. We know that, after the federal
executive vetoed the law Of Congress, continuing
the charter of the National Bank, vast number Of
| additional State institutions sprung up. for the
avowed purpose Of filling the vacuum, which would
be produced, by the destruction of the u. 5. Bank.
And gentlemen, all recollect something of a
circular, issued by the Secretary of the Treasury,
TO those Stale banks, which were then the peculiar
favorites Of the government informing them, that
the public funds were not placed in their charge to
remain idle and unemployed in their vaults; (such
an unnatural disposition Of them, he indeed de-
nounced as being contrary to the genius OF our in
stitutons) he hoped, therefore, that the additional
credit they would receive, from the circumstance
of their being the repositories Of the national
purse, would enable them to extend their circula-
ton, supply the demand for currency, and grant
every possible facility, TO trade and commerce.
Well, gentlemen, these State ba nks acted upon
this gracious hint Of the Secretary of the Treasury
They did extend their circulation, and grant fac-
ties, with an unparalleled liberaly And then
what glorious swimming times we had! 1t was
the only period ever knew, in which men did not
speak Of the ''hard times" and the period above
all others distinguished for the multitude of broad
grins, and the scarcity of long faces. And how the
friends of the administration at that time, ridi.
culed the panic making Wings! With what eXul-
tntion did they point TO the sudden prosperity with
which they were inflated, and tdUntingiy eXclam,
where now is the greet necessity for your much
talked of National bank All these things gen.
temen are yet in our memories, ircsha as the record
of Yesterday
And Gen. Jackson himself. in his subsequent
messages to Congress-, congratulating the country
upon the of The great experiment, remarked,
| that experience had demonstrated the utter fallacy
Of the notion, that National Bank necessary
as a fiscal agent of the government; and that by
the use OF State banks as substitute the business
of exchange, both foreign and domestic, had not
only been conducted with convenience, but that the
circulating medium OF the country had been greatly
improved.
Well, gentlemen, if the administration at that
period. deserved the credit which they claimed for
the artificial prosperity which resulted from their
policy, should not the subsequent reaction, which
followed necessarily, the e6bing succeeds the
fowingof the tide be attributed to that same policy
also? Most undoubtedly it should They did not
in the midst of their sudden prosperity, dsoaim
the credit which was given to them Oh no! The
praise so palatable they couldn't reject it!
They Ell ther gulped it down without hesitation, or
rolled it as a sweet morsel under their tongue,
But no sooner does the predicted reverse come
upon them, than they begin to shuttle And to
screen themselves, they raise a cry about the eX-
travagance of the people, and the treachery of the
banks, which, they just happen at the moment to
discover are nothing but rotten Wing institutions,
any how.
Now all this had been foreold by the panic
: making Wings: by Clay, Webster, Calhoun, and a
host of others. They had told U.s., that these Whg
banks, if you will have it 50, not safe deposit
tories of the public money, and that, III selecting
, them for such purpose, would either flood the
country with rredeemablG paper, or involve it in
universal bankruptcy and ruin Aud were they
believed! No, indeed. They denounced n
the enemies Of State banks, and the advOCaCs Of a
mammoth monopoly which would swallow them
all up Yet no sooner their predictions verI-
2 fed to the letter, than these iayorite bank,
of the government, are in their turn denounced a
2 Wing banks while the curses, which they hue
Just uttered against the Wings for opposing them
e were not yet cold upon their lips And yet Ael
Y SDnsiiMeS preach aJOHt consistency!
: Well gentlemen, after finding that their expert
: ment, from which they expected such great re-
e suits, had turned out complete failure, aad in
, vuved the whule country, government, people, anC
e all, in bankruptcy, instead Of acknowledging ;hc
error, and retracing their steps, TO the plain ano
;, beaten path Of safety, they suddenly disc. r.
that the only duty Of the government is 10 ta,e oar
e Of ITSELF And at this point, the Subtreasury pro
n iect, to which proposed, in the commencement 0
this address, to direct your attention, is conceived
J, And this is all that we are now to expect in lle
- Of that Bank, which appears to be so much the oh
d ect Of the honorable gentlemGn'4 adherence, an
It by attacking which, now that it is dead, he ha
d this day exhibited so much courage
l. The avOwed object, gentlemen, of this lndepend
ent Treasury Bill, which has at length passed bot
ID houses of Congress- ind ere this time, doubles
ID resolved the executive sanction, is to secure tn