Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-04-16


and amidst the embarrassments which SUR
round the country on all sides, and beset
both the General and the State Govern
ments, il appears to me that the objects
first and highest in Importance; is TO estab-
lish the credit of this Government and to
place it on durable foundations, and thus
afford the most effectual support to the
credit of the States, equal, at least, to
what it would receive from direct distri-
button of the proceeds of the sale of the
public lands.
When the Distribution law was passed,
there was reason TO anticipate that there
soon would be a real surplus to distribute.
On that assumption, it was, in my opinion,
a wise, just, and benificent measure.
But to continue it in force, while there is
no such surplus to distribute, whenit is
manifestly necessary not only to increase
the duties, but at the same time to borrow
money in order to liquidatc the public
debt and disembarrass the public Treasu-
ry, would cause it to be regarded as an
unwse alienation of the best security of
the public creditor, which would with diff
Guilty be excused, and could not be lusti-
fed.
Causes of no ordinary character have
recently depressed American credit in the
stock market of the world to degree
quite unprecedented. need scarcely men,
ton the condition of the banking institu
tons of some of the States-the vast
amount of foreign debt contracted during
period of wild speculation by corpora
tons and individuals, and, above all, the
doctrine Of reputation of contracts SOL
EMMY entered into by States, which, al
though as yet applied only under circum-
stances of peculiar character, and gen.
orally rebuked with severity by the moral
sense of the community, is yet so very
| licentious, and in Government depending
wholly in opinion, SO very alarming, that
the impression made by it to our disad-
vantage, as people, is any thing but sur.
prising. Under such circumstances, it is
imperatiyely due from US to the people
whom we represent, that when we go into
the money market to contract loan, we
should render such securities as TO cause
the money-ender as well at home as
abroad, to feel that the most propitious
opportunity is afforded him of investing,
profitably and judiciously, his capital. A
Government which has paid off the debts
of two wars, waged with the most power
full nation of modern times, should not be
brought to the necessity of chaffering for
terms in the money market. Under such
circumstances as | have adverted to, our
object should be to produce with the cap
itaist Il feeling of entire confidence, by
tender of that sort of security which, in
all times past, has been esteemed sufficient,
and which, for the small amount of our
proposed Indebtedness, will unhesitatingly
be regarded as amply adequate, while a
| pledge of all the revenues amount to no
more than is implied in every instance,
when the Government contracts debt,
and although it ought under ordinary cir
cumstances, to be entirely satisfactory, yet
in times like these, the capitalist would feel
better satisfied with the pledge of spc-
cic fund, ample in magnitude to the pay
mcnt of his interest, and ultimate reim-
bursemcnt of his principal. Such is the
character Of the Land fund. The most
vigilant money dealer will readily perceive
that not only will his interest be secure, on
such pledge, but that debt of $lS,0O0,-
900, or S20,000,000, would. by the surplus
of sales over and above the payment of
the interest fixed for its redemption, be ex-
tinguished within any reasonable time.
To relieve the Treasury from its embar-
easements, and to aid in meeting its requi-
sitions, until time is allowed for any new
tariff of duties to become available, it
would seem to be necessary to fund a
debt, approaching to Sl5O0O,OOO, and in
order to place the negotiation of the loan
beyond reasonable doubt, | submit to
Congress whether the proceeds of the
sales of the public lands should not be
pledged for the payment of the interest,
and the Secretary of the Treasury be au-
thorized out of the surplus of the proceeds
of such sales, to purchase the stock; and
also when it can be procured on such
terms as will render it beneficial in that
way to extinguish the debt, and prevent
accumulation of such surplus, while its dis
tribution is suspended.
No one can doubt that were the Federal
Treasury now as prosperous as it was ten
years ago, and its fiscal operations conduc-
ted by an efficient agency of its own, CO.
extensive with the Union, the embarrass-
ments of the States, and corporations in
them, would produce, EVENT. they contin-
ued as they are, (were that possble) eff
fects far less disastrous than those now ex-
perienced. 1t is the disorder here, at the
heart and centre of the system, that par
alyzes and deranges every part of it. Who
does not know the permanent importance,
not to the Federal Government alone, but
to every State and every individual within
its Jurisdiction, even in their most indepen-
dent and isolated individual pursuits, in
the preservation of a sound state of public