Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-08-13

greatly accelerated This would have
been postponed, if not altogether avoided,
if the land bill of 1888 had been approved
and executed.
To these three causes, fellow-citizens,
the Veto of the Bank of the United States
with the consequent creation of innumer-
able local banks, the removal of the depos-
ties of the United States, from the Bank Of
the United States, and their subsequent
free use, and the failure of the land bill of
1923, verify believe, all, or nearly all of
the pecuniary embarrassments of the coun-
try are plainly attributable. If the Bank
had been rechartered, the public depostes
suffered to remain undisturbed where the
law required them to be made, and the
land bill gone into operation, it is my firm
conviction that we should have had no
more individual distress and ruin than is
common, in ordinary and regular times, to
trading and commercial community.
And do just now take rapid review Of
of the experiments of our rulers. They
began with incontestible the best currency
in the world, and promised better. That
better currency was to be supplied by the
local banks; and, in the first stages of the
experiment, after the removal of the depo-
sites, they were highly commended from
high authority, for their beneficial and ex-
tensive operations in exchange, the finan-
cial facilities which they afforded to the
Government, &c. &c. But the day of
trouble and difficulty which had been pre-
dicted, for the want of United States
Bank, came. They could not stand the
shock, but gave way, and the suspension of
1887 took place. Then what was the
course of those same rulersl They had
denounced and put down the Bank of the
United States. 1t was monster. They
had extolled and lavished praises on the To-
cal banks. Now, they turned round
against the objects of their own creation
and commentator. Now they were a
brood of little monsters, corrupt and cor
rupting, with separate privileges, preying
upon the vitals of the State. They vehe-
mently call out for divorce of State and
Bank, and meanly retreating under the sub
treasury, from the storm which themselves
had raised, leaving the people to suffer un-
der all its pelting and ptiless rage, they add
insult to injury. by telling them that they
unreasonably expect too much from Gov
eminent, that they must take care of them
selves, and that it is the highest and most
patriotic duty of free Government, to
take care of itself, without regard to the
suferings and distresses of the people,
They began with the best currency and
promised better, and end with giving
none For we might as well resort to the
costumes of our original parents in the
garden of Eden, as, in this enlightened age.
; with the example of the whole commercial
world before US, to cramp this energetic
and enterprising people bya circulation ex-
clusively of the precious metals. Let us
; see how the matter stands with us here in
kentucy, and believe we stand as well as
the people do in most Of the States
!, We have circulation in Bank notes
amounting to about two millions and half.
founded upon specie in their vaults amour
ting to about one million and quarter,
half the actual circulation. Have we too
much money? No! no. exclaimed many
voices.7 If all Banks were put down, and
, all Bank paper annihilatcd, we should have
| am quite sure that one of the immediate
, causes of our present difficulties, is defect
in quantity as well as the quality of our
, circulating medium. And it would be i'm
possible, if we were reduced to such re-
gimen as is proposed by the hard money
theorites, to avoid stop laws, relief laws,
reputation, bankruptcies, and perhaps ci-
| vii commotion.
have traced the principal causes of the
| present embarrassed condition of the coun-
, try, hope with candor and fairnes, and
without giving offence to my felow-cit-
liens, who may have differed in political
opinion from me. 1t would have been far
more agreeable to my feelings to have
dwelt as | did in 1882, during the third
year of the first term Of President Jack
. sons Administrations, upon bright and
cheering prospects of general prosperity
/ thought it useful to contrast that period
= with the present one, and to inquire into
! the causes which have brought upon u:
such a sad and dismal reverse. A muct
e more important object remains to me to at
/ tempt, and that is to point out remedies fol
d existing evils and disorders.
: And the first would suggest require!
It the cooperation of the Government anC
n the people-it is economy and frugality
e strict and perseverng economy, both IL
it public and private affairs. Government
n should incur or continue no expense tina
l. can be Justly and honorably avoided, AM
individuals should do the same. The pros
,f perity of the country has been impaire
Id by causes operating through several years
&c and it will not be restored in day or
or wear, perhaps not in period less than
A. has taken to destroy it. But we must nc
r. only be economical, we must be industriou
d. indefatigably industrious. An immens
al amount of capital has been wasted an