Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-12-25

to the currency and exchanges, and urged the ne.
cessiiy OF adopting such measures as were con.
sstent with the constitutional competency OF the
Government in order TO correct the unsoundness
Of the one, and as far as practicable the inequal-
ties OF the other. No country can be in the en-.
joyment of its full measure Of prosperity, with.
out the presence OF medium OF exchange, APP
proximaling 10 uniformity OF value. What IS
necessary. as between The different nations OF
the earth, is also important as between the in.
habitants Of different parts Of the same country;
with the first, the precious metals constitute the
chief medium OF exchange, and such also would
be the case as to the last but for inventions com
paratively modern, which have furnished in place
OF gold and silver, paper circulation. do
not propose to enter into comparative, analysis
of the merits of the two systems. Such belong
ed more properly to the period Of the introduce
lion of the paper system. The speculative phi
osopher might find inducements to prosecute the
inquiry; but his researches would only lead him
to conclude, that the paper system had probably
better never been introduced, and that society
might have been much happier without it. The
practical statesman has very different task to
perform. He has to look at things as they are
to take them as he finds them-to supply def.
ciences and to prune excuses as fer as in him
lies. The task Of furnishing O corrective Tor
arrangements Of the paper medium with US, is
almost inexpressbly great. The power exertec
by the States 10 charter banking corporations,
and which, having been carried 10 great excess,
has filled the country with, in most oil the States,
an rredeemable paper medium, is an evil which,
in some way or other requires corrective.
The rates at which bills OF exchange are ne.
gotated between different parts Of the country
| furnish an index Of the value OF the local sub.
stue for gold and silver which is in many
parts so lar deprecated as not to be received, ex
cept at large discount, in payment OF debts, or
in the purchase of produce. 1t could earnestly
be desired that every bank not possessing the
means Of resumption, should follow the example
OF the late United States Bank of Pennsylvania,
and go into liquidation, rather than by refusing
TO do so, to continue embarrassments in the way
Of solvent institutions, thereby augmenting the
difficulties incident to the present condition oil
things. Whether this Government, with due re.
gard TO the rights OF the States, has any power to
constrain the banks, either to resume specie pay
monts, or to force them into liquidation, is an in
quiry which will not fell to claim your consider
alton. In view OF the great advantages which
are allowed the corporations, not among the least
OF which is the authority contained in most OF
their charters to make loans TO three times the
amount Of their capital, thereby often deriving
three times as much interest on the same amount
OF money as any individual is permitted by law
to receive. no sufficient apology can be urged
for a long continued suspension OF specie pay
ments Such suspension is productive Of the
greatest detriment to the public by enpelling
from circulation the precious metals, and Seri.
ously hazarding the success Of any effort that
this Government can make 10 increase CONNER
IN Oh
This is the more to be regretted, and the nds-
pensable necessity for sound currency becomes
the more manifest, when we reflect on the vast
amount Of the internal commerce Of the country.
OF this we have no statistics nor just data for
forming adequate opinions. But there cen be
no doubt but that the amount of transportation
coastwise, by sea, and the transportation inland.
by railroads and canals, and by steamboats,, and
other modes of conveyance, over the surface OF
our vast rivers and immense lakes, and the value
OF property carried and interchanged by these
means, form general aggregate, 10 which the
foreign commerce Of the country, large as it is,
makes but distant approach.
In the absence Of any controlling power over
this subject, which BY forcing general resump-
ton OF specie payments, would at once have the
effect Of restoring a sound medium Of exchange
and would leave TO the country but little to desire,
what measure of relief, falling within the limits
! OF our constitutional competency, does it become
this Government 10 adopt? 1t was my painful
duty at your last session, under the weight OF
most solemn obligations, to differ with Congress
on the measures which it proposed for my appro-
val; and which it doubtless regarded as corrective
of existing evils. Subsequent reflection, and
events since occurring, have only served to con-
firm me in the opinions then entertained, and
frankly expressed.
must be permitted 10 add, that no scheme oil
governmental policy, unaided by individual exer.
tons, can be available for smeliorating the pres.
ent condition OF things. Commercial modes oil
exchange, and good currency, are but the ne.
cessary means Of commerce and intercourse, moi
the direct productive sources of wealth. Wealth
can only be accumulated by the earnings OF in
dustry and the savings Of frugality; and nothing
can be more ll,iudged than 10 look to facilities
in borrowing or 10 a redundant circulation, for
the power of discharging pecunary obligations
The country is full Of resources and the people
of energy, and the great and permanent remedy
for present endorsements must be sought in in
dustry, economy, the observance Of good faith,
and the favorable influence Of time.
In pursuance Of pledge given to you in my
last message to Congress, which pledge urge as
an apology for advenuring to present you the de.
tails of any plan, the Secretary of the Treasury
will be ready TO submit to you, should you re-
qure it, plan OF finance which, while il throw:
around the public treasure reasonable guards foI
It's protection, and rests on powers acknowledged
in practice TO exist from the origin Of the govern
ment, will, at the same time furnish to the coun
try, sound paper medium, and afford all reason
lnhI f.. .l....