Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-03-19

ana observation OF every one utHloustTdtc
that local currency, however sound, can
not have that universal credit which would
attach to currency of the General Gov
eminent, founded on specie basis, and
carrying with it the responsibility of the
Government for the safe custody of the
specie which it represents. Neither would
local currency, though founded on sim
liar basis, possess that universal credit.
And perhaps the most concise reason which
can be given is, that one is local and the
other general. To the General Govern
ment the people of the whole country
look-to the State Government the people
of the State look. The credit of the one,
SO far as currency is concerned, is uni
versal; the credit of the other is local.
The currency of the New York banks.
and the currency of the Kentucky banks,
when paying specie, is as good for all prac
tical purposes, within their respective
spheres of circulation, az Government
currency. The same may be said of any
other distant points. All that is wanting,
then, 10 make uniform currency over the
whole Union, is one Of such undoubted
credit, and SO universally known, that il
will be as good in New York as in Ken
lucky, and as good in Maine as in Arka n
sas; currency which, for travel and re-
mittance, will enable one to 60 or send
from one of these spheres of local clrcula-
ton to another. This the proposed Gov
eminent currency would do; and il would
require but moderate amount, compared
with the whole circulation of the country.
This amount would be furnished, /. By
the disbursement of the public revenues, in
specie notes in payment to the public credl-
tor, and which would be preferred by him
to coin: 2. By the issue of such notes, on
the deposites of specie by individuals, for
the purpose of entering into general cir
cuIatiop. The greater amount of these
specie notes would be issued from the
agencies at the great commercial empo-
RUINS of the country, and would have
universal credit throughout the Union
The receipt and disbursement of twenty
five millions of public revenue, annually,
would keep up an active circulation of an
amount adequate to the disbursement of so
large a sum; and which amount, with that
which would be issued on private deposites,
and in connexion with the selling and COL
Letting of exchange, would be fully ado.
quate, with a sound local circulation, to
furnish a uniform currency throug bout the
country.
There would be no difficulty in keeping
sufficient amount in circulation TO an
swer all the purposes for which they are
intended Although two-thirds or three
! fifths of the revenue from customs Is col
lected in the city of New York, still there
is but a comparatively small portion OF II
disbursed there. The large disbursements
of the Government are made in the West,
for Indian treaties, Indian annuities, for
the army for military roads, fortihcations
and forts, for the Improvement OF lakes,
barbors, and the channels of rivers, for the
great variety of expenses for public build
ings, internal improvements, and the civil
administration of the Territories, with
! thousands of other disbursements which
cannot be enumerated. All these would
undoubtedly be paid in the specie notes
| of the Exchequcr. And, although they
are receivable for public dues. and the nat
ural tendency would be TO follow the
course of trade so the Atlantic cities, still
there would be counteractng causes TO re:
tain them there.
A large amount would be retained for
land office money; and the smaller denon-
nations, having entered into circulation a.
mongst the People, would be retained in
circulation by reason of its convenience
and undoubted credit; and even the amount
T which should find its way to the Atlantic
cities in payment of public dues, would al
once be thrown back upon the West, in
payment of the public creditors The
West would also receive very large a
mount of this circulation from the emf.
grants of New England, New York. Eir:
gnia, and other Atlantic States, as well as
from the vast influx of foreigner from the
E continent of Europe. All would deposite
their specie in the Atlantic agencies, and
! take, in lieu of it, the specie notes of the
| Exchequer. On their arrival in the Yves,
they would pay them into the land offices
instead of being subjected to the expense
/ and risk of carrying specie, or any
local currency on which they nigh
| be compelled to pay large discoun
to procure specie. They would also us'
these specie notes in all their disbursc
ments for the purchase of stock ant
: for the improvement of their farms. A
Il gain, Eastern merchants would send thes
). specie notes TO pay their purchases Of tn
p products of the West. Itseems to the com
- mittee that the West would have an abu1
= dant share of this Government currency
|, and, in connexion with the benefits which j
i. would derive from exchanges, that its in
. terests would be peculiarly promoted b.
!. the establishment of this system.
This paper circulation. based upon spe
# Gle, dollar for dollar, will not add to IN
c circulating medium of the country. Th
: committee have heretofore shown that
:. ought not TO add to it. Rot il ba