Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-12-24

fidelity has been observed in accounting for, and
paying over BY the subordinates Of the Depart.
msnt, tho moneys which have been received
For the details Of the service, refer you to the
report.
hs.tsr myself that the exhibition thus made
Of the condition Of tho public administration will
serve to convince you that every proper attention
has been pad to the interests Of the country by
those who have been called to the heads OF the
different Departments. The reduction in the an.
nusl expenditures OF the Government aresdy nc.
complished, furnishes q sure evidence that econo.
my in the application Of the public moneys, is
regarded o. paramount duty.
At peace with all the world--the personal lib.
erty OF the citizens sacredly maintained, and his
rights secured under political institutions deriving
oil their authority from the direct sanction OF the
people--with soil fertile almost beyond exam.
pie; and a country blessed with every diversity
Of climate and production, what remains TO be
done In order to advance the happiness and pros.
psrity Of such = people? Under ordinary cir.
cumstanees this enquiry could be readily answer.
ed. The best that probably could be done for
people inhabiting such country, would be to
for,fy their peace and security in the prosecution
Of their various pursuits, BY guarding them against
invasions from without, and violence from within.
The rest, for the greater part, might be left to
their own energy and enterprise. The chief en-.
bsrrassments which at the moment exhibit them.
selves, have arisen from over.actien; and the
most difficult task which remains to be accom-
plished is that Of correcting and overcoming its
effects. Between the years 1882 and 1888, ad
ditions were made to bank capital and bank is
sues, in the form Of notes designed for circula.
ton, to an extent enormously great. The ques.
ton seemed to be, not how the best currency
could DO provided, but in wha, manner the great
est amour, Of bank paper could be put in circu.
la,iou. Thus a vast amount Of what is called
money--since for the time being it answered the
purposes Of money--was thrown upon the coun.
try; an over issue which was attended. az ne
cesssry consequence, by an exIavagant increase
OF the prices Of all articles Of property, the
spread Of speculative mania oil over the coun
try. and has finally ended in general indebted.
ness on the part OF the States and individuals,
the prostraton OF public and private credit, de
precia.ion in the market value o. real and person.
al estate, and has left large districts Of country
almost entirely without any circulating medium.
In view Of the fact that, in 1880. the whole
bank note circulation within the United States
amounted to but Sol $685. 1898, according to the
Treasury statements, and that an addition had
been made thereto Of the enormous sum Of $685..
600, 900 in seven years, (the circulation on the
frs. Of January, 1887, being stated at s149,.
1876, 1907 aided by the great facilities afforded in
obtaining loans from European capitalists, who
were seized with the same speculative mania
which prevailed in the Unred States-and the
large importations Of funds from abroad, the re.
suit Of stock sales and loans--no one can be
surprised at the apparent but unsubstantial state
Of prosperity which every where prevailed ovel
the land; and while cause Of surprise should be
felt at the presen, prostrstion Of every thing and
the ruin which has befalIen so many of our fel
lowe citizens in the sudden withdrawal from circu
iation oil 40 large an amount Of bank issues since
lS37-exceeding as is believed, the amount I'D
dsd 10 the paper currency Tor similar period
antecedent 10 1887, it ceases to be matter OF as
constituent that such extensive shpwreck should
have been made Of private fortunes, or that diff
cuties should exist in meeting their engagement.
on the part OF the debtor States. Apart from
which, il there be taken into account the i'm
raense losses sustained in the dishonor OF numer
Gus banks, it is less a matter OF surprise that ia
solvency should have visited many Of our fellow
citizens, than that go many should have escaped
the blightins influences Of the times.
In the solemn convictions OF these truths, and
with an ardent desire to meet the pressing neces
sites Of the country, Eel, it TO be my duty t.
cause 10 be submitted to you at the commence
msnt OF your late session, plan of an Exche
quer, the whole power and duty Of maintainin,
which, in purity and vigor. was to b exercised
oy the representatives Of the People and thu
States, and therefore virtually. by the Peop
themselves. 1t was proposed to place it unde
the direction and control OF Treasury Board. L
consist OF three Commissioners, whose duty
should b. to see that the law Of It's creation wa
executed, and that the great end of supplying
paper medium OF exchange. at all times CONVEX,
ible into gold and silver, should be attained. Tn
Board thus constituted, was given as much pei
mansncy a. could be impaired 10 it, without on
dangering the proper share Of responsible
which shonld attach to all public agents. In OF
der to insure all the advantages Of we'll ma,ur
cd experience, the Commissioners were to hol
their Offices for the respective periods Of two
four and six years, thereby securing al all times
in the management OF the Exchequer, the serv
ces OF Two men OF experience; and 10 place ,heu
IN condition 10 exercise perfect independence
oil m'nd aud action. It was provided that their re
moval should only take place for actual incaps
city or in6delity to the trust. and to be foilowe
by Iha President with an exposition Of the eau
ses Of such removal, should it occur. Il wa
proposed TO establish subordinate boards in eac
oil the States, under the same restrictions On
laW,.aR n