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

nent OF IT'S enterprise, wealth., ana puOilC
credit, was sustained by it in condition
If the most perfect soundness and pros
,erity. BY a review of the affairs of the
United States for period of forty years.,
Turing which we had the benefit of ma
ional currency, no parallel can be found
IF people who made equal progress in
population, wealth, and all things else which
are promotive of human interests.
We must have national circulating medium
as substitute for coin, emanating from bank
or department Of the Government, as proposed
by The Secretary OF the Treasury, TO serve as
test for the value of all other parts Of the crcu
lating medium throughout the Union. And II
will be impossible for the citizens Of the distant
interior Slstes to renew their commercial inter
course with the seaboard, without the benefit oil
such medium, and in the absence OF which we
must continue 10 experience downward ten
dency in our moneyed concerns, and cores.
ponding decline in the value OF property.
The State banks are not competent TO give
what is wanted. No concert Of action by them
can afford relief The evil is national, and the
remedy must come from Congress; and if it be
not applied promptly, the strong arm Of the Gov
eminent may prove to be insufficient TO restore
public credit.
Our International trade must be placed under
similar regulations 10 those which were in sue
cessful operation prior 10 the compromise act,
and the contemplated tariff should not only be
measure for the purposes Of revenue, but sutf'
cieut 10 exercise a direct conservative influence
upon our importations, so as 10 limit them TO an
amount that shall be more in accordance with
our actual wants and natural means OF payment
The people OF the United States have losI
millions upon millions Of dollars IN the short
period Of Eve years, by the destruction oi the
national currency, and the repeal OF the revenue
laws, end Inc injuries which have resulted rom
The altered condition OF our paper currency, oc
casioned by the sudden creation ana substitution
OF five hundred banks Of local character, in The
place Of one OF competent capital, which was
national.
This Government, which, within short pc.
riod after the peace. so honorabiy e1tingu'shed
its funded debt, amounting 10 upwards Of one
hundred and fifty millions OF dollars, by Judi
cious system Of imposs, is now, when in peace
with all the world, unable 10 protect the public
faith by the prompt payment Of its annual dis
bursements. And why is it thus crcumslanced!
Because Congress in its wisdom gave away the
public revenues 10 foreign manufacturers and
producers, and thereby secured TO them protec
hoh IObPCt'Oh " hhSi'Soh o'''S'S' N'''
placed our whole population in condition 10
pay tribute to foreign industry. Several Of our
States have also been severely crippled in their
finances by the repeal Of the duties, which ena.
bed them 10 procure immense loans in Europe,
and 10 embark in gigantic schemes Of internal
improvement far beyond their natural means Of
accomplishment, and which never ought 10 have
been undertaken except BY the General Govern.
ment. At least one hundred millions Of dollars
Of our Sale bonds and corporate securities have
been sold in Europe. or in effect exchanged for
British and French manufactures; and we now
6nd ourselves indebted foI principal and interest,
without possessing the ability TO meet the just
demands OF our foreign creditors; and if the tariff
had remained in force no such loans could have
been negotiated, for the reason that their payment
in coin would have been impracticable. To
obtain capital in money is highly advantageous
10 young and enterprising nation; but 10 Dor
row it at high rate OF interest, payable in
goods which are worn to rags in twelve months,
IS different affair.
The General Government will find it necessary
TO guaranty the interest upon the bonds OF the
few States that are unable 10 meet their engage.
nenls, or the national credit cannot be restored.
The Indebtedness OF the states which are so cir.
cumslanced has been occasioned by the construc.
ton Of works Of great public concern, which the
Government will be compelled 10 use freely Tor
the transportation Of the mails and other purpo.
SEES, and it must contribute 10 their cost.
The depression OF the revenue from imports
by the operation Of the compromise act ESQ
called) has also had most whitening influence
upon the banking system, by draining their
vaults OF specie for expectation, thereby destroy
ing the foundation Of their credit and usefulness
10 the community.
II the Exchequer should not be established,
Congress might, with great advantage 10 the pub
lie interests, authorize The issue OF Treasury bills
Of various denominations to be disbursed by the
Government and accepted in all payments due
10 it. The smaller descriptions 10 pay by dellv.
cry and the larger by endorsement, so as to adapt
them to local use and distant remittance. Such
an issue would answer all the purposes OF coin
and be accepted everywhere cheer(ully as sub.
stitule for it, and save the Government from the
payment OF any interest on its amount. The
credit Of such an amount would be indisputable,
founded as it would be upon ample revenues.
And the holders should also have the privilege
Of funding them in a FIVE per cent. stock re.
deemable in twenty years.
The Government canno, borrow money upon
reasonable terms 70 meet its wants at this mo
ment, and its credit should not be injured by fur
Their attempts 10 do so. Il should rely upon lis
own resources, which are ample il properly
applied. Let Congress create the requisite reve
nue. and the Treasury may safely issue its notes
for all it may need predicaIed upon such secu
iy.
am, gentlemen, very respectfully. yours,
DENNIS A. SMITH.
As there are great many persons who