Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-03-12

nifty at large in all private relations. 10
the combination Of these two primary OBJ
lec,s it should look, in the perception of its
revenues, and to the same in their custody,
Transmission and disbursement.
Whatever course of policy Government
may choose to adopt in these respects, il
must, of necessity, as the indispensable con-
dition precedent of any regular system OF
fiscal measures. fix a money standard, or
measure of value, for the regulation of all
dealings between itself and the community,
unless il receive o~cry thing in kind, and
pay out the same. Even tiIcIi, Il mus, have
some sort of measure Of value. Other.Uise
all taxation will be arbitrary, unequal and
oppressive. |; is convenient that the STAN
dard Of value, between itself and the COM
munitv, shall, if possible. be the same as that
between the individuals of the community
themselves in their own mutual dealings
1t is moreover, in other relations, praper
function of Government, for the sake of
uniformity, for the prevention of disputes,
and for the execution of the laws between
man and man, TO prescribe the measure by
which the value of property, the exchange
of commodities, and the collection of debts
shall be regulated. Unless there be such
fixed standard of value, the property and the
labor of all will be at the mercy of the Gov
eminent and of individuals. Hence the
universal exercise, by all civilized govern
ments, of the power to coin money, and as
sign to it a standard denomination Of val.
ne.
! If it were possible to discover or devise
any substance, or thing, of the same I'M
changable quantity and value at all times
and places, lmperishable, safe, portable,
perfectly convenient, indefinitely divisible,
and upon which neither time nor man could
act 10 its injury or abuse, that would be the
true money standard,
In the adoption, amongst nearly all civil
lied nations, from the earliest periods, Of
gold and silver a. the monev-standard, man.
kind have but selected that which, by the
common. consent Of all, approached the
nearest in its qualities TO the thing required.
The use of the precious metals in this way
resulted from their intrinsic adaptation TO
that use; and governments only added the
Illegal rate of value, and the stamp CO cert.
ticate Of purity and denomination, for con-
Nenience in counting and in passing from
hand to hand.
| . But the precious metals themselves, in
addition to their uses for coin, are likewise,
whether coined or uncoined, commodity,
or article of production, consumption and
merchandise. themselves are part Of that
general property of the community, of all
the rest of which they are1hs measure; and
they are of actual value different in differ
ent places, according to the contingencies
of goNeInment or commerce. Their ag-
gregate quantity is subject to be diminished
by casual destruction or abortion in the
a-s nf had
+ augmented by the greater or less number
or production of TnSpes, and thus their az
gregate value relatively z other commodi-
ties is liable to perpetual change. The in
hucncc Of these facts upon Prices upon
pubic affairs and upon commerce. Ssdzsi-
bic in all the financial history of modern
times.
Besides which, coin is subject to debase.
ment, TO be made a lega! tender at rate
exceeding its actual value, by the arbtra-
ry act of the Government. which controls
its coinage and preScribes its legal Value
Ia times when the uses of paper curren-
cy and Of public stocks were not under
stood or not practised, and communities had
not begun TO resort to paper symbol or
nominal representative Of money, capable
of being fabricated at will the adulleration
of coin, instead of it, was, it is well known,
the frequent expedient Of public necessity
or public cupidity 10 obtain relief from
some pressing pee uniary embarrassment.
Moreover, the precious metals, though
OF less bulk in proportion to their value
than most 9th er commodities, yet cannot
be transported from place 10 place without
cost and risk; coin is subject to be stolen
or lost. and in that case cannot easily be
identified, 50 as TO be reclaimed; the con-
tnual counting of it in large sums is incon-
u venient; it would be unsafe. and would
> cause much money 10 lay idle and unfruit-
s. ful, if every merchant kept constantly on
{ hand sum of coin for all his transactions;
u and the displacement of large amounts of
i coin, lis transfer from one community or
: one country to another. is liable 10 occasion
y fluctuations in the value of property or Ia.
Dor, and to embarrass commercial opera
tions. And there is no necessity that for
each and every commercial transaction be-
e tween two individuals, or two communi.
= ties there should be a transfer of coin from
:, one to the other, to render payment there.
;, for The mutual dealings of all the mem
. bers of a community, or of two separate
communities, will, TO 4 certain degree, pro.
! duce state of reciprocal Indebtedness OF
j the one, balancing, more or less, that of the
:, other, and the excess only of which needs tc
: be paid in coin. And TO release individual:
= aad governments from the inconvenience
= attending the continual personal custody
. and handling and transpol tation of specie
from one place 10 another, bills of exchange