Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-03-05

hcaVy or unreasonable loss. True, II the
Bank failed to act in the prompt manner
indicated, and submitted to the usual dull
delay of liquidation" every man must be
his own Judge, and the extent of his neces-
sites would perhaps control his Judgment.
But in the event of "liquidation," which
he did not for one moment entertain, he
could foresee no possibility of ultimate loss.
Much had been said, and many thousands
of anathemas would vet be heaped upon a
class of money dealers called brokers"
1t was the opinion of some that all the
money difficulties of the country had their
origin among this class, and large portion
of the community supposed depreciation
OF 25 per cent.upon money ultimately good,
quite God send' for the money changers.
Mr.. B. had travelled perhaps portion of
a degree into the science of brokerage, and
from what he knew and believed, the bro
kers had but little fancy for dead money,
which might ultimately be good. Their
fancy was pleased by quick turns, and their
profits consisted in purchasing money good
at the place of issue, but inconvertble at
the place of sale. The business of lex
change" well understood by practical men,
did the remainder.
But brokers, say some, always buy up
the inconvcrtible and deprecated money.
True. The world has yet within her bor-
ders class of men, wealthy, intelligent,
and in the possession of spare means,
which is always ready for safe and profta-
BILE investment, on long time. These men
are generally citizens of first rate judgment
and ripe experience. They look into these
very "bank tables" of which we are
speaking, and if they happen to arrive at
the conclusion that money at twenty-five
per cent. discount will be available in
twelve, eighteen, or twenty-four months
they step to broker in whom they have
confidence, and pay him a commission OF
one per cent. for purchasing the amount
desired. This is generally the entire inter.
est of the broker, and while he is compelled
to endure the odium of the un-initiated
a secret and unseen hand withdraws the
uncurrcnt money from circulation, and
pockets the twelve, fifteen, or twenty pei
cent interest.
The brokers, he said, were not to blame
The true cause had deeper seat, and was
based upon panic and want of confidence
the very confidence he desired to restore.
In conclusion, he said he hoped the citi
zens of Fayette would set the example Of
receiving the notes of the State Bans al
some fixed and certain rate. AS at present
advised he did not hesitate to fix the
standard at fifteen per cent. discount in
fair sales, and twenty in bona fide col
lections-going on to reduce or increase
the rates as information might justify.
All will admit the necessity of this
Thera ie pow in Howard marc IF this dc.
scription of funds than any other county
except St. LONESOME fixing the quantity
at one hundred thousand dollars. A large
, portion is in the hands of the farmers
who have received it at reduced rates fol
their labor, and common decency and non
esty requires that arrangements be made
to prevent the more ignorant and less in
formed from the swindling operation of &
sharper and shaver. The resolutions, there
fore, ought to be adopted.