Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-06-12

depends, in On eminent degree, the establishment
Of currency Of uniform value, which is OF so
great importance to oil the essentel interests of
society, and on the wisdom to be manifested in
its creation much depends. So intimately in.
terwoven are its operations, not only with the
interests OF individuals, but Of States, that it
may be regarded, to great degree, as controlling
both. If paper be used as the chief medium oil
circulation; and the power be vested in the Gov.
eminent Of issuing it at pleasure, either in the
form Of Treasury drafts or any other; Or il Banks
be used as the public repositories, with liberty
to regard all SURPRISES from day to day, as so
much added to their active capital, prices are ex.
posed TO constant fluctuations and industry TO
severe suffering. In the one case political con.
siderations directed TO party purposes may con.
troll, while excessive cupdity may prevail in the
other. The public is thus constantly liable to
imposition.
Expansions and contractions may follow each
other in rapid succession--the one engendering
a reckless spirit OF adventure and speculation,
which embraces States as we'll as Individuals
the other causing fall in prices, and accom-
pishing an entire change in the aspect Of affairs.
Stocks of all sorts rapidly decline, individuals
are ruined, and States embarrassed in
their efforts to meet with punctuality the interest
on their debts. Such unhoppily, is the condition
Of things now existing in the United States
These effects may readily be traced to the causes
above referred to. The public revenues being
removed from the then Bank OF the United States,
under an order Of late President, were placed
in selected State Banks, which, actuated by the
double motive Of concliaLng the Government,
and augmenting their profits to the greatest pos.
sible extent, enlarged extravagantly their dis.
oil o,ba
do the same.
Large dividends were declared, which stimula.
ting the cupidty OF capitalists, caused a rush to
be made to the Legislatures of the respective
States for similar acts OF incorporation, which
by many of the States, under the temporary in
latuaon, were readily granted-and thus the
augmentation Of the circulating medium, con
sisting almost exclusively of paper, produced
most fatal deluson. An illustration derived
from the land sales Of the period alluded to, will
serve best to show the effect OF the whole system.
The average sales Of the public lands for period
Of ten vears prior to 1884, had not much exceeded
S2,006,00 per annum. In 1884, they attained
in round numbers TO the amount of $4,000, 900,
in the succeeding year of 1885, they reached
$16,000,000, and the next year, of 1886. they
amounted to the enormous sum OF 1926, 900, 900
thus crowdng into the short space OF three
years, upwards Of seventy three years purchase
of the public domain So apparent had become
the necessity Of arresting this course Of things,
that the Executive Department assumed the
highly questionable power Of discriminating in
the funds to be used in payment, by different
classes Of public debtors.
| After the public moneys were withdrawn from the
United States Bank, they were placed in deposite
with the State Banks, and the result of that poll.
cy has been before the country. To say nothing as
to the question whether that experiment was made
under propitous or adverse circumstances, it may
be safely asserted that it did receive the unqualified
condemnation of most of its early advocates and it
is believed was also condemned by the popular SEN.
timent. The existing b-Treasury does not seem
to stand in higher favor with the people, but has
Gently been condemned in manner too plainly in
cicated to admit of doubt.
Objects of political grandisement may seduce the
first, and the promptings of boundess cupidity
will assai the last. Aided by the experience of the
pse it will be the pleasure of Congress so to guard
and fortify the public interests, in the creation of
any new agent, as 10 place them; so far as human
wisdom can accomplish it, on footing U; perfect
security. Within few years past three different
schemes have been before the country.
The charter Of the Bank of the U. S. expired by
its own limitations in 1886; an effort was made to
renew it, which received the sanction of the two
United States exercised his veto power and the
measure was defeated. A regard to truth requires
me to say, that the President was fully justified in
the course he had taken by the popular voice.
His successor to the Chair Of State unqualified
y pronounced his opposition to any new charter of
similar institution; and not only the popular cleo
ton which brought him into power. but the elections
through much Of his term seemed clearly to nd-
cate concurrence with him in sentiment on the
part of the people.
A discrimination which was doubtlcsslv designed
to correct this most runous state of things by the
exaction of specie in all payments for the public
lands, but which could not at once arrest the tide
which had 50 strongly set in. Hence the demands
for specie became unceasing, and corresponding
prostraion rapidly ensued under the necessities cre-
ated.wth the banks, to curtai their discounts and
thereby TO reduce their circulation recur to these
existing thngsnOt with the disposition to censure
pre.eXsting administrations of the Government,
but simply in exempiication of the truth of the
position which have asssmed. If, then, any fs-
cal agent which might be created, shall be placed
without dne restrictions, either in the hands Of the
administrators ofthe government, those of private
individuals, the temptation to abuse will prove to be
resistless.
Thus, in the short period Of eight years, the
! popular voice may be regarded as having sues
cessfuIy condemned each of the three schemes
of finance to which have adverled. As to the
first it was introduced at time (18l6) when
the Stale Banks, then comparatively few in
number, had been forced to suspend specie pay
nens by reason Of the war which had previ.
ousIy prevailed with Great Britain. Whether,
If the U. States Bank charter which expired IN
1911, had been renewed in due season. it would
have been enabled TO continue specie pay ments,
during the war, and the disastrous period to
the commerce Of the country which mmed>