Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-08-20

limited in their aggregate by law, II would
be unnecessary to restrict the amount OF
such issues. The extension Of the period
Of discount to sixty or ninety days is indis-
pensable to its usefulness in the Southern
States, for il would be impracticable TO re-
alize the value Of the products of those
States shipped to the North in shorter pc
Rod. The capital proposed could be most
easily procured by issuing the bonds of the
redeemable at the expiration
of twenty years, bearing interest of six
per cent. and payable out of the funds Of
the Erchequer; and five millions would be
sufficient for the commencement of its op-
erations. AS the institution would be I'M
der the immediate supervision of Congress,
and required to furnish to that body annu-
ally printed lists of all the bills purchased,
there never could exist any abuse of power,
especially as its directors would be salaried
officers, subject TO removal, and should have
no connexion with trade or participation
in the facilities Of the institution.
A National Bank, for the benefit of in
dividual capitalists, has been bone of po-
litical contention from the origin of the
first, and if another should be established
it will be increasingly assaled by large
proportion of our populations; but it would
be quite otherwise with an institution ex-
clusively national in its character; for il is
evident that a large majority of the People
are fully aware of the necessity of mo-
neyed functionary, under the patronage OF
the Government, for the well being of all
interests, and the minority would soon be-
come reconcied as its emouments would
60 into the public Golfers for the use of the
common veal, and its circulation become
universally acceptable. And if such one,
wholly independent of individual owners,
could be put into operation, il is highly
probable that il would become as perrna-
nent as the Government itself. 1t is also
clear to my mind that National Bank, re-
quiring large subscriptions for the consti-
tuition of its capital, cannot for many years
be put into operation. 1t is, in the first
place, almost impossible to obtain proper
charter for such an institution from Con-
gress, and no man, except one who has had
an active agency in soliciting the renewal
Of the two last, can correctly estimate the
chances which exist agains: the procure
ment of another that would be acceptable
TO stockholders, and as the capitalists of
the United States and England have wit
; messed the destruction of two banks of
great public utility by party spirit, they
cannot soon be induced 10 embark their
means in third.
l apprehend that it will not be denied in
any section of the Union that our country
is at present suffering unparalleled pecuni-
ary distress, and that the inability of the
ties, and the People TO fulfil their monied
Obligation. is daily increasing, and must
eventuate ia consequences still more calam-
itous 10 the debtor classes of our fellow
citizens. Local and peculiar circumstan-
ces in one or more sections Of our extern
ded territory may create an unusual de-
mand for money, and consequent embar-
E rassment within such limits; but when a
nation Of seventeen millions of inhabitants,
heretofore respected abroad and at home
for their punctilious regard 10 national and
mercantile obligation, find themselves de-
prived of the necessary capital or credit
for the prosecution of their accustomed
pursuits, they must, in calm reflection, see
that such distressing reverse Of condition
has resulted from an unwise administration
of our public affairs.
Our embarrassments cannot at this Pc
riod be attributed with any degree of JUS
tice to overtrading or to redundancy of
bank issues, so often alleged in the halls of
legislation, as the causes of arrangement in
our monetary affairs; for, during the last
two years, there has not been the slightest
disposition TO speculation or enterprise in
any section of our country, and every
branch of business and industry is at this
moment in a condition of extreme con-
traction, and many of our most valuable
manufacturing establishments, particularly
in cotton and iron, have been compelled to
suspend for the want of means to meet the
ordinary disbursements of their establish
ments. This deplorable condition, which
has reduced large number of worthy cit
liens suddenly to a state of dependence
and want, is The effect of the severe as
tringent policy which the banks have been
compelled TO pursue during the last two
years, by public camor and legislative en-
actments, in order TO meet the payment of
their liabilities in coin; and such has been
=. the unparalleled dimnution in the circula-
ting medium that but little is left in the
shape of money or credit for the transac-
ton of business. The bank circulation in
our principal cities, in the aggregate, is
now below what it was thirty years ago.
In 1905, 6 and 7, when our currency was
a convertible one, two banks in Baltimore
had circulation amounting together to a
sum varying from fifteen TO sixteen hun
dred thousand dollars, which was about
equal to the whole amount Of the issues
outstanding of the nine banks of this city
at the period of the late resumption of spe-
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