Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-01-22

ID to the highest pitch of national strength
md public prosperity, sudden reverse was
experienced The foreign debt was de-
the means of meeting the demand
we're not to be found. Individual and pub
tic distress soon spread in every direction.
The extremity of the pressure gave birth to
the revolving idea Of reputation. If, then.
to the fluent current, which was fast sweep
inc away the means of wealth, we added
this hateful doctrine of reputation, and the
still more anti American doctrine-and,
NAV add, in my Judgment the atrocious
doctrine-of the repeal of charters, and the
destruction Of vested rights, and add yet to
these the tergiversations and treachery, in
public, and the falsehoods, forgeries, frauds,
and all the other forms of dishonesty in the
in the walks of private life, wN it any Won
der that men who possessed capital should
lock up and hoard their resources. and not
expose them to mass of population al
ready deeply tainted, and more and more
imbibing the poison of agrarian principles!
In a state of things like this. or rather
upon the approximation of this state OF
things. the American People had risen as
one man, and thrown off, by burst of in
dirnation, the individual whose nal admin
istration had. as they believed, brought
about this unparalleled state Of corruption
and distress. They thought that they were
about to substitute for his reckless misrulc
their own system of remedial measures -
Every one knew how they had been baulk-
ed in that expectation. The history Of this
national crisis would be read by our patri-
otto children with wonder. as page eXhib-
ting the strangcst, most unaccOuntabIc,
and most useless regeneration which the
whole volume recorded, or it would be
closed and passed with loathing and repug
nance. The people had been utterly dis
appointed The measure proposed by
their friends in Congress as the only pana-
cca for the public ills had been offered,
adopted and vetoed at the Extra Session.
And here Mr.. NJ. must be suffered to say,
that, although voting for that measure, he
had always felt great doubt in regard to its
Immediate efficiency. He had had his own
misgivings as to its ctfecting at once all that
good which its friends in their sangulne
moments promised themselves, and, per
haps though l,ss'y, promised to others
He had never been friend to banks: he had
never touched bank by any vote of his
until last summer. The entire system wa
bottomed on such principles that il appear
ed to him to carry its own death within L.
self The measure which the Wings nad
proposed, he believed, might indeed mill
gate. and for a time rcpress the evils con
| nected with it. 1t might withstand some.
, thing of that surge like force with which
, the mad excuses of the system were sweep
, ING over the country.
p But there sill appeared TO him to remain one
. great desideratum witch nothing had as yet beer
able to supply, and that was principle wth''
, the system itself which should operate to checl
;. excessive issues and prevent those fearful alter
nations OF expansion and contraction which SHOOK
the system of public credit, and spread such FIRE
l. quenl ruin throughout the mercantile community
If any such remedy had yet been discovered, Mr.
=. NJ. was uHacquanted with it, and il cerlanI
= had never been applied. Whatever might be
said Of the regulating power exerted over the
5 State institutions by Bank Of the United States
and such an institution did exert that power 10 {
certain exent--yet STILL in proportion to the de.
G gree Of confidence which the public might reposC
! in any Of these State banks, they were invaria
! bly, disposed to push their issues to extremes
. Mr.. Nj. was no bank agent nor bank machnst
: and he admitted that the tendency OF Unlte
J States Bank, IN exerting regulating power
would be to break such Of the State banks a
were essentially unsOCnd-an operation which
IT however sanitary in the end, could not but be at
: tended with vast amount Of private distress ii
their respective vcnties. The mere dsplace
ment Of capital which was necessarily involve
c in subscribing to so great number Of banks wa
e in itself a great evil and must necessarily pro
! duce great structure in the money market. Thel
: the explosion OF rotten banks which must neces
d sarIy accompany reform in the currency wou
# be productive Of great calamity. On the whole
n he believed that the community had gone so ia
IS in the multiplication of banks, and in all thos
n habits to which this gave rise, that it would re
=. qure long course of years to bring the countr
:, back to a sound monetary condition. For thes
:, extended and iuveterate evils Government pc!
), sessed no panacea. 1t might do something b
the establishment Of well regulated Naliona
u Bank, but even under the effect OF such mea
/ IRE many evils must still continue to exs
J. Nothing could elfectualy redeem the nation
j. nothing could ever restore the palmy days Of he
Is past prosperity, but patient labor general hahi
e Of economy, and retrcnchment Of individual e2
o pendtnre
s. But now what did we behold In the di
tresSed and PROSTATE condition Of the whole bus
ness Of the cOuulry--a condition rendered sti
r more distressing iom the defeat Of every plan
- reIieG-we had now a project started, of whic
y he would again say that it was the bodest pus
for absolute power which the people Of this cou
y try had yet witnessed; and further, which ";
y the most porlentous BRIBE to be found in Il
y history Of modern times. Yes, bribe the mo
10 open and barefaced that ever was offered.
+. many parts Of the country the People wei