Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-01-30

prevail. Those letters Of F. HUH & Co.. but
express the natural and unavoidable conclusions
Of every foreigner at all conversant with the cur.
rent hstoryof American politics
Those letters were made known to the Gen.
eral Assembly, at the present sessisn, and were
eagerly seized upon, by the destructive majority,
as furnishing a fit occasion to display their hos.
tility 10 credit-their own credit-State bonds
that they themselves have issued and sent to Eu.
rope for sale, payable sin sterling currency,
Francs or Guilders.
Bonds issued expressly for the foreign market,
made payable in foreign city, in the money Of
account Of foreign country, and delivered to
TO the bank, in full payment Of the stock sub.
scribed for by the State, and sent by the bank,
for sale in the very market indicated by the char.
ter and yet the Assembly takes upon itself, by
resolution, to forbid the sale and withdraw them
from market, because F. HUH & Co. are OF opin.
ion that the chance Of selling the bonds, at par,
will be increased by Harrson's election What
right has the Assembly to interfere with the sale
of these bonds? They belong not to the State
but to the bank, which not only has the general
right, as owner, to sell them where and how it
pleases, but is empowered by the very letter OF
the charter, "in any manner and by any means
to bring them into market and sell them" The
only restriction is that they shall not be sold un
der par.
Although the Assembly has no lawful author.
lty TO withdraw the bonds from the London mar
ket, 1t is probable that theNbank will obey the
usurping order, because the bank officers hold
their places at the caprice Of the governing pow
er in the Assembly. What can be the object of
the Assembly, in this Obstructive movement My
own opinion is but conjectural, and | give it for
only what it is worth The leaders are the
avowed enemies Of all banks, and notwithsand-
ing these State bonds are Of their own issuing,
and this bank Of their own creating, they are
determined, first, to bring the bank into weak
ness and contempt, and then destroy it. In the
meantime, they can divide the spois, and out Of
the diminishing funds Of the bank, make very
comfortable provisions for sundry Of their favor
ties. The first step in this undermining process
is the sale Of the bonds, to the amount Of ST.
100000 which Mr.. Smith LEFT in London for
sale. They are part Of the bank capital, and as
there seems to be no chance to sell them, except
in Europe, they must remain useless in the hands
of the bank, bearing no interest, and forming no
fund on which to issue bank notes. Thus situa.
ted the bank will have no interest in keeping
them; and have little doubt that he whose nod
governs the Assembly, intends to take in the
bonds and cancel them. Another batch Of bonds
amounting to one million dollars, has been
pledged by the bank to secure a temporary loan
of half million, effected in New ork, a few
months since, to pay the United States debt
due for public money deposited in the bank at
St. Louis. This last million the Assembly can
not reach just now. Those bonds are bearing
interest, at the rate Of six per cent on the whole
million, although only half the nominal amount
has been realized, and on that half, the bank is
paying ten per cent. interest. If The bank should
be unable to redeem them, by paying the Dor.
rowed money when it falls due, the bonds may
be sold, by the holders according to contract,
without notice, or limitation Of price, for what
they will fetch. But if redeemed, they will
come back into the hands Of the bank, liable to
the same fate which awaits the million and a
half, left for sale, with HUH & Co. Of London
Thus it seems, that under the wretched policy
of the Legislature, two and half millions Of
the States bonds are lying useless in the hands
Of the bank; while all that have been actually
sold, whether issued for loans made by the bank
to the State, or in payment Of bank shares (as
well as can discover, in the mystifed published
statements) amounts to only 1852, 1874.
There are other reasons for believing that it is
the object Of the Legislature, in the end, and that
at no distant day, to destroy the bank, out and
out. To pass by the Jack Cado motion lately
made in the Senate, to repeal the charter; already
have they crippled the bank, and made it certain,
that it can deal only On very small capital,
quite unequal to the demands Of commerce in
this State. They have driven out the agencies o.
al! other banks. They ale warning upon the
Insurance Companies and Brokers' and, to drive
the screw Of oppressive folly to the last turn,
they are now urging forward the currency bill,
which, if it pass, and be enforced, will reduce
the people Of Missouri to the exclusive use 0
Missouri bank noes-or which there are nont
in circulation and bad money-of which there
is next to none.
There may be ignorant men in the Assem-
bly, who know not what they do but the LEAD
Frs there in obedience to THEIR LEADER, are,
firmly believe, determined to reduce us to tht
specie standard, nothing caring whether or not
the cruel experiment reduces half the people TO
utter bankruptcy.
The subject of the bank will be continued
and some remarks made upon its condition, it
officers, and the reports of its proceedings by
A COUNTRYMAN.