Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-01-15
far less likely than any pernicious central

1t may be objected to all dealing in ex-
changes, that parties on bills will become
debtors to Government; that in case OF any |
general pressure they will petition for re-
lief, and thus embarrass Government, as
well by neglect of punctuallty of payment
as by importantly Tor indulgence. 1t Is |
readily admitted that the delicate rea-
ton Of debtor and creditor should be
avoided, as far as may be, between Govern
ment and the People. But IN many cases
it must exist. The imposition OF every |
tax creates that relation; every custom
house bond creates it, and it is found in ma
nv other forms. But better answer to
this objection is, that the credit, so far as
any may arise under the operations of this
bill, will be commercial credit, Of all 9th.
ers the most unlikely to he violated-of
few days continuance only, existing be,
tween the Government and each indvidu-
al, By himself. out of which no common
cause, no common interest to delay, no
common importantly for relief, can well
arise.
AS the great object of the whole measure
is to put an end to controversies, and give
repose, ii Is left to the States to prohibit
the practice of private deposits and deal
ings in exchange within their respective
limits, if any Of them shall see fit. OF such
prohibition no apprehension is entertained,
vet the less scruple has been felt in recon.
mending the provision, as 1t may AVOID dit
| iculties, by manilesling Il disposition Meth
er to tread on any questionable ground, nor
to give rise to unnecessary differences OF
opiaion.-The plan will present itself to all
the States and all the People. 1t proposes
general benefits to ALL and no fear is enter
tanned lest either the States or the People
should examine it with too close a scrutiny.
The section which authorizes the Secretary
Of the Treasury to issue, if found unneces.
sary, five millions of stocks, is designed as
a provision against contingencies incident
to the fluctuations of trade. In an agent
Of Government, such as is now proposed to
be created, it is proper that there should
exist every security for the maintenance OF
, its credit. Misfortunes may tall on private
institutions, in the revulsions Of commerce
and business, and they may be compelled to
) stop payment; but whatever is identified
: with the character Of Government should
be placed on the safest possible foundations
AS the means Of the country are most am
pie. its credit high, and the burdens of the
5 People light, there is wisdom in giving to
: the EXchequer the power of immediate re-
, sort in case Of necessity, to the unstained
and unquestioned faith of the nation
!. There should be 10 hesitation, no scruple,
no lingering doubt, about the ability OF the
e institution now proposed to be established
: to fulfil with punctua!ity all its engage
q ments, under any occurrences, not OF force
3. to disturb the Government itself.
e Such are the general views of the i'm
= portant measure which now invites the
: consideration of the Legislature.
4. The extremes of public sentiment on the
d subjects embraced in this bill, are imbodied in
\ the system of the Sub Treasury on the one
: hand. and in Bank Of the United States on
e the other. The great problem now PROFOUND
e ed to practical craftsmanship is, whether re.
e pose and reconciliation Of opinion can be at
$ tained, whether an end be put to distressing
doubts and eXasQerated controversies, touching
, the policy of the Government, by the adoption
, of an Intermediate system; a system eXercis.
ing no ungranted power, establishing no mo
uupoiv, besrowing no lndeIeaSlbIe rights. at
tempting no divorce of the Government from
the People; but, on the other hand, Converting
the most auslerc, though the most indispensa
bic and plainly constitutional duty Of the Coy
: very means Of sustaining the industry, inter
l. changing the commodities. and increasing the
l. gains of those by whom taxes are paid,
e This intermediate position, the plan struck
y GU, ia the Presidents Message proposes to oc>
IS cupy. On the one hand, it performs one grand
= junction which the Sub Treasury could not and
did not seek to perform.
y 1t asserts and recognises the constitutions
y duty of chershng and SUSTAINING The com
, merce between the S 'ates, by all proper anC
; constitutional means, and turns away from
, nothing within the limits Of the Constitution
. which may support general credit.
:, 1t admits the mpolcv and impracicabilry
y without violence to the business of life Of CO
~ ercing an entire substitution of the precious
> metals for that convertible currency which has
J. come to occupy their place.
. But, on the other hand, it is not a corpora
D. ton; it alarms nobody by the assertion of pow
d er to enter the States, to engross local bushes
or grasp at local gains, exempt from liabiIit
Ia to local burdens.
ri If a measure may ever be accomplished, a
ie the good sense, the fraternal sentiments. an
En- The business necessities Of the American PEG
le pie must lead them ardentIy to DESIRE b
m which existing elements Of djscord shall b
=. Withdrawn from national politics, and III
70 country be suffered to enjoy tranquility i
r. things nearly affecting mems daily labor an
or daily bread, it is confidently believed that
j., may be matured by the wisdom Of the Legi:
:" lature, out of the general provisions Of III
: bill now submitted 10 its consideration.
&c w. FORWARD,
e- Secretary Of The Treasury.