Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-12-23

VIZ PfoeVNhS lHlS quostluH, IN d name
satisfactory 10 the great body Of the
community.
In creating banks, care should he tn
ken to guard against any unnatural in
flation of the currency. The idea o
raising The price of wheat, or any other
staple commodity which we produce, and
transport 10 a foreign market for sale,
by increasing The amount of bank pa
per IN this State. | be'teve to BIZ a laIla.
cy, and calculated TO deceive. The price
OF our wheat, and other articles OF export
most mainly depend or the price which
they comm and ln the foreign market TO
which they are transported and sold -
The price which they will command in
the foreign market will depend on the
demand and supply, and upon the infa-
ted or oppressed state oF the circulation
"a; that point. The price of wheat 10
Ohio will depend upon the price Of flour
III New York, New Orleans, or at other
points TO which ii may be transported
aud sold. The price OF our cattle will
depend on their value in The eastern
market; and so with every other article
raised IN this Stale, aud sold ia d foreign
market. An imitation Of The currency
at the points where our producu ms are
sod and consumed, would, undoubtedly
raise The price there, and, consequently.
here. But an unnatural augmentation
OF the currency at home, beyond The real
business wa0ts oil The commuaitv, would
only have a tendency TO raise The price
OF The articles we purchase and consume.
and not those we export, and consequent.
Iy would have a tendency 10 swell the
profits ofths foreign producer, impover.
ISL the State, aud increase our pecunia-
ny efn6n rrassments. In creating banks,
therefore, our object should not be to in
Hate prices, as that cannot be done
successfully as 10 our exports, aud when
applied TO our imports, is a tax on our
labor and industry.
woLId respectfully urge upon YOU
the policy and even necessity, of avoid
ing any further increase OF our State
debt, except such as may be demanded
In order to meet promptly and faithfully
our present contracts. The credit of our
and the public faith should be held
InVlolate. 1t ia gratifying to know thai,
among our citizens, without regard to
party names, there is but one c%pinioa
md one sentiment 90 This subject. How.
much we may be divided on the DO
I'ticaI questions that agitate the country,
unite IN maintaining, with the most
scrupuIous eXacIness, the plIghted faith
The Stale. While we all regard our
State credit as an object Of the first inn
DortaHce, we annot be too careful not
10 imPar it by any po!Icy or measure
We mey adopt. An increase of State
1ebt Tor sew objects, would not only add
o the preaeat burdens oil the people. bul.
the same tiEe materially deDress our
State bonds. by avoiding all new sour
'eS OF expenditure, and l~otusIng he mos,
Igid economy into every branch Of the
public service, our credit will be- equal
o that Of any other State in the Union.
At present our State bonds are selling al
| price which cannot be accounted for
looking TO extraneous causea.-
They may be found in the failure of ma.
" Of The States 10 pay the interest on
heir bonds, while a fear has been excl.
ed that some Of The States may repwdi.
.Ie their State debts. This has bad a
.eDdency 10 throw discredit on all State
locks, and the good and bad have been
ontounded together. But this cannot
Ong be the case. We have aIways
romptIv paid the interest on our debt,
nd no fears are entertained that we will
.ot be able to do so hereafter: and the
%octrine of Reputation has found no ad
ocate within the limits of our Stnte.-
When we first commenced our system
f internal improvements, and 1t became
eceesary to borrow money TO carry it
n we, at the same time adopted The pol l
of raising annually, by taxation, suf
Gent TO pay punctuaIIy the interest On
ur debt, This is the true and settled
'oliCy ofIho State, and it has been ow-
ng to this, that we have preserved OUR
rediI and met our engagements. IL has
cen mainly owing to ;he want of n SIM
ar policy, that the n%oupaying States
ave failed to pay their interest, which
as SC much shaken the public conf
indlscriminalely in all State oh.
CATIONS, Win our present aud rnpid
Y increasing resources, and the known
determination Of The citizens Of The State, J
apply them TO the faithful fulflment
{ all our public engagements, we have
very reason to believe, that the credit
{ the Stale will soon recover from its
resent depression, and be duly appre. :
lated both at home and abroad.
The creditors on the Public Works
no entitled TO your special consideration
he law of last %sessiun. aiIhouub /, was