, 1840-04-18
BOVLING-GREEN, MO. SATURDAY, APRIL IS, $40.

ject of the British debts formed one of thHse
matters which were embraced in the nero
tiations and treaty of peace which terunin-
ated the Revolutionary war? And that il
was a topic of angry and protracted discus.
sion long after, until it was finally ARRANGED
by Mr.. jays treaty Of 1894.
Look into the works of DR.. Franklin, in
which there is more practical good sense to
be met with in the same compass any where.
He was the agent of pennsylvania from about
the middle of the last century until the break
ing out of the Revolutionary war, and a part
of the time the agent, also, OF tie lcolonies
OF Georgia and Massachusetts. His, CORES
p~ondence shows that the specie OF the colo
mic, was constantly flowing from them for
the purchase of British goods, insomuch that
the colonies were left absolutely destitute of
a local currency; and one of the main objects
OF his agency was to obtain the sanction of
The parent country TO those issues Of paper
money which the necessities of Pennsylva-
MIA compelled her to make. The issues was
strenuousiy opposed by the merchants en-.
gagged in The American trade, on account Of
the difficulty which it created in making col
~Iections and remitfanccs home. 81 great was
that drain of specie, that we know that Vir-
giT.ia and other Colonies were constrained to
adopt tobacco as 4 substitute for money.
The principal cause. therefore, Of the in
huence Of the moneyed power Of London
over this country is to be found in the vast
extent of our dealings with her. The tru.
remedy is 10 increase manufactures and pur-
chase less of hers, and 10 augment our ex-
ports by all the means in our power, and to
diminish our Imports as much rs pissib!e.-
We must increase our productions, or econ
omize much more than we have done. New
Jersey before the Revolution, being much
pressed for flO0,OO0 sterling, Mr.. franklin
proposed Il plan by which she could, in one
year, make up that SUN. The plan was this;
She was in the habit Of importing annually
from England merchandise 10 the amount OF
f200.00o. H. recommended that the ladies'
should buy only half the amount oGsilks, cal
icoes, teas, g., during the year, which they
had been in the habit of CONSUMING. and in
this way by saving the colony would make
the required sun of fiOOO1). five would
for 4 few years, import oa!y hall tie amount
from England hat we have been in the hlbi,
of doing. We should no longer iecl. the iuflu.
Of the London money power.
Mr.. President, gentlnen, in my humble
opinion, utterly deceive themselves in suppo.l
silion that this measure is demanded By az
majority Of the people of the United States,
and in alleging that this is proven by the re-
suit Of the elections of the past year. That
were a vast majority of them opposed
10 it was demonstrated incontes,a5ly by pre-
vious elections. The elections of the last
year did not in many, perhaps most instan-
ceS, turn at all upon the merits of this
measure. In several States the people were
deceived by assurances that the Sub-TreaSu-
~ was at an end, and would BE- no longer
In others the people had reason
10 be satisfied with the conduct Of the banks;
and they were a%rtfully led 10 believe that
this bill would supply a corrective of the
errors Of the banking system. And where
have apparently yielded their assent to
the bill. it has been that sort OF assent which
the patient yields, whose constitution has
exhausted and destoyed by the ex-
periments of empiricism, and who finally
TO take the last quack medicine
to him in the hope Of saving his life.
| know the people of the United States will.
They are ever ready cheerfuIly 10 admit TO
any burden demanded by the interest, hon
or, or the glory Of their country. But what
people ever consented TO increase their own
unnecessarily The effect of this
measure is, by exacting specie exclusively
from the people, and paying tout to the Off
cial corps and the public creditor, to augment
the burdens Of the people. and to swell the
emoluments of office. 1t is an insult 10 the
understanding and judgment Of the eniight-
ened people Of the intel States 10 assert
that they can approve such a measure.
No true patriot can contemplate the course
the party in power without the most pain
full and mortified feeling. They began some
years ago their war on the bank OF the Uni
led States. 1t was dangerous To liberty: it
had failed to fulfil the purposes of its %institu-
ton it die not furnish a sound currency, al
the sun, in all its course, never shone
upon a better it was, in short, a monster,
which was condemned to death, and it was
executed accordingly. During the progress
Of that war, the state banks were the COLI
slant theme of praise, in speech and song,
IF the dominant party. They were the best
Institutions in the world. free from all danger
~f -.lI.- tI-x --.-. ~ ,H4I