Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-01-15
No. II.

and retain this advantage Of known an
unquestioned character and universal con
fdence. No matter whether the note o
bill present itself in Maryland or Missouri
Maine or Georgia, If il promise to V il
specie, on demand. and that promise b.
supposed to be guaranteed by the character
and credit Of the Government. il spring,
Immediately 10 value equivalent to specie.
IN" impress of the National Government.
connected with the fact OF its immediate
c"nvertIbI'lty. stamps the paper with q
mark OF perfect and universal reliance. be
cause all the People in all the States, are
alike interested in the General Government
alike acquainted with its proceedings. and
nave IKE ialth IN paper to which it gives
It's sanction. We seem to be called upon,
therefore, 20 act on this subject with three
important truths made clear before US: first.
that paper circulation will continue a
mong US; second that no paper circulation
OF universal credit can ever be furnished
By State banks; third, that such paper can
be furnished under the authority of the
Government OF the United States.
II is under the influence of these real,
ties that 1t is now proposed to issue. to
some extent. paper currency. according
to the provisions of this bill. Its uses are
expected to be two-fold. In the first place
as already stated, it will furnish safe pa.
per medium, in which payments may he
made 10 Government OF all debts and tax
es. Few persons, perhaps, are sufficiently
impressed with what would be the value
OF this, in certain emergencies.
Debts to Government are now TO I've paid
IN specie, or the notes Of specie. pal ing
banks. Let us suppose that some exlgcn-
cy should come suddenly upon the country.
requiring the immediate assessment of heaY-
y taxes, and that the same exrgency should
compel all the State Banks to suspend spe
Gle payments. In such posture of affIirs
how could the taxes be paid? OF specie
there would be little to be had; of the bills
OF specie-paying banks, none. Govern
ment would be driven to absolute neces-
slty to the use of paper resting on its own
credit, and created for the occasion. 1t
would have no other resource. All must
see how vastly useful the system now propo-
sed would be, upon the happening OF such
an emergency. The Exchequer would be
found in operation, and IN possession of
certain quantity of specie; its notes would
have become familiar to the public; would
have, in addition to it's specie and its own
established character the amount of reve-
nue., whatever the amount might be, to
sustain its circulation. 1t would furnish
notes for disbursement. and receive them
tor taxes. With these means, and BY faith
tu and skiItul management, though it might
be embarrassed by the prostitution of other
around it, it would still retain
its own credit; and that would be a vivlrv.
ing and iructltylng germ amidst general
blight and barrenness. But this part OF
the bill has another purpose equlIly or still
more important. The measure is intended
Tor the People as well as fol the Govern
ment. The issue of Treasury notes al
ways redeemabe in gold and silver, and the
use OF them in payments from the Treasury
and IN the purchase Of exchange, cannot
but be beneficial. it is conceived, in high
degree, TO the whole commerce and all the
business concerns of the country. In this
part Of its operation the system presents
itself as benefcent and productive Of es.
sental good. 1t seeks not Government
emolument or Government convenience
only, but the public good, the good of the
people, in the largest and most comprehen-
Sve sense. Its effect is to give to the peo-
Pile, 10 their labor x their Internal trade, the
active use of funds which would otherwise
be locked up, and to give them, at the same
time, good money, 1t employs those funds
to sustain credit, to supply sound curren-
cy, and to favor useful intercourse between
the States. And it does this without assum.
ing undelegated powers, or alarming the
jealousy or wounding the pride OF the
States.
Yet it cannot with any juSiic or pro prize
ty be called a Government Bank. The eS-
sentIal elements OF bank are still want.
ing TO it. Government seeks not to Gil its
own Golfers by discounts, or 10 make gains
by the use Of its own credit, or to make
the issue of the EXchequer Il substitute for
revenue in order to meet its own neceSsi-
ties. Nor does 1t propose to inillct on the
People the evils and the scourge Of an I'M
redeemabIe Government paper, because no
paper is To be issued which is not payable
in gold or silver on demand-alI paper thus
resting on the double basis Of immediate
and the public faith. 1t is
not easy to conceive how any paper intend.
ed for circulation could be more safe or
more useful Tor the purposes of commerce;
and it is believed that ii is just such paper
as the wants of the country now loudly
demand.
The extent to which this paper may be
issued and circulated is. it must be confess
ed, IN some degree uncertain. This must
depend on the amount OF revenues collected
and disbursed, and on the degree OF success
which may attend the operations provided