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

3. But much more important advantage
than either of those / have yet adverted to.
is to be found in the check which the adop-
ton of this plan will impose on the effiux
of the precfons metals from this countryto
foreign countries. shall not now go into
the causes by which the Country has been
brought down from the elevated condition
of prosperity it once enjoyed to its present
state of general embarrassment and dis
tress. | think that those causes are as dis
tincty in my understanding and memory
as any subjects were ever impr ossed there;
but have no desire to go into discussion
which can only revive the remembrance
Of unpleasant topics. NY purpose, my fix
ed purpose on this occasion, has been to APP
peal to all gentleman on all political sides of
this Chamber to come out and make a sa-
crifce of all lesser differences in patriotic,
generous and general relief of their Coun-
try. shall not open those bleeding wounds
which have, in too many instances, been in
fiicted by brothers hands-especially will
not do so at this time, and on this occasion.
| shall look merely at the facts as they are.
| shall not ask what have been the remote
causes of the depression and wretchedness
of our once glorious and happy Country
L will turn my view only on causes which
are proximate indisputable and immediate
| ly before US.
One great, if not sole, cause is TO be found
in the withdrawal of coin from the Coun-
try to pay debts accrued or accruing abroad
for foreign imports, or debts contracted du-
ring former periods Of prosperity, and still
a hanging over the Country. How this with
, drawal operates in practice is not difficult
to be understood. The banks of the Coun.
try, when they are in a sound state, act up
on this coin as the basis of their crcula-
ton and DISCOUNTS the withdrawal of it not
only obliges the banks to with aid dis
counts and accommodations but to draw
in what is due from their debtors. at the
precise time when they, sharing in the gen.
: eral structure, are least able to meet the
, calls. Property is then thrown into the
market to raise means to comply with those
!. demands, depression ensues, and, as is inva-
D riably the case when there is a downward
d tendency in its value, it falls below its real
: worth. But the foreign demand for specie
d to pay commercial and other public debts
c operates directly upon the precious metals
| themselves, which are grthcred up by bank
O ers and brokers and others, obtained from
: these repositories, and thence exported
s. Thus this foreign demand has double op-
h Grafton, one upon the banks, and through
, them upon the community, and the other
upon the coin of the Country. Gentlemen,
+ in my humble opinion, utterly deceive
themselves in attributing to the banking in
e situations all the dstresses of the Country.
#. Doubtless the erroneous and fraudulent adj
~ mnistration of some of them has occasion
at ed much local and individual distress. But
is this would be temporary and limited, whilst
b.. the other cause.-the continued effiux eff
lie specie from the Country-if not arrested,
would perpetuate the distress. Could you
E. annihilate every bank in the Union, and
n burn every bank note, and substitute in
y, their place a circulation Of nothing but the
a. precious metals, as long as such a tariff con-
tn tinues as now exists, two years would not
I'd elapse till you would find the imperative
d. necessity of some paper medium for con-
l. Quoting the domestic exchanges.
II | announce only an historical truth when
Is | declare, that during and ever since our
rs colonial existence, necessity has given rise
III to the existence Of paper circulation of
d some form in every colony on this CONT
y nent; and there was perpetual struggle
al between the Crown and Royal Governors
81 on one hand, and the Colonial Legislatures
e, on the other, on this very subject Of paper
"a money. No, if you had tomorrow a cir
TO culation consisting of nothing but the pre-
al cious metals, they would leave you as the
j. morning dew leaves the fields, and you
4 would be left under the necessity of devil
n = sing mode to fill the chasm produced by
VI their absence.
nc am ready to make one concession to the
es gentlemen on the other side. admit that
u.s. if the circulation were in coin alone, the
ny thermometer of our monetary fluctuations
n would not rise as high or fall as low a:
TO- when the circulation is of mixed charac
" ter. consisting partly of coin and partly OF
a paper. But then the fluctuations them
IN selves, within a more circumscribed range
would be quite as numerous, and they will
~ and must exist SO long as such tariff re
on mains as forces the precious metals abroad
i eu | again repeat the assertion that, could you
he annihilate tomorrow every bank in tn
country, the very same description of EN-
ise barrassment, if not in the same degree
oe would still be found which now peryade
10. "n our country.
ms, What, then, is to be done to check thi
Dw foreign drainl We have tried free trade.
re- We have had the principles of free trad
yes operating on more than halfthe total amour
to of our imports for the greater part of min
ent years past. That will not do it, we see.-
Do let me recall to the recollection of tn