Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1843-02-18
From ne 81. Louis Mo Era.
MEMORANDA FOR THE PEOPLE

4
the people of the United States we're in
prosperous condition. having good cur
rency, furnished by National Bank, or
regulated, as to the value and amount, di-
rec,y, or indirectly, by the influence on the
country, of such an institution.
A cry was raised against the re.charier
of such an institution-not, at first on the
ground of its dangerous tendency, as po-
liical instrument, but on the pretended
conscientious scruples of certain politicians
in regard to the question of its being with
in the constitutional power of the National
Government to create such an institution;
withsandng all the departments of the
Government had long before decided that
question in ofirmance of the power land
these more modern sages argued, in their
selfsufficient wisdom, that. as there was
doubt, it was perhaps best not to re.char-
ter the Bank inasmuch as they had hope
that the States, in their individual charac-
ter and capacities, as sovercignties, might,
per possibility, be found adequate to the
business of providing a sufficient currency
for the wants and convenience of the peo-
pie. At that time it was mere constitu-
tional scruple that caused the bject to be
agitated by the military agitator and those
designing politicians who Aattered and used
him. The next step in this downward his
tory, was the removal Of the National mo-
new from the safe-keeping of the vaults of
that institution where they were safe. and
where they were by law placed; which re-
moval was done under the pretence that
II lo,,bt nF tbnip cafotu And
here was palpable violation of the char
tered rights of that corporation. This
step produced discussion, and the inciplent
formation Of parties in reference to this
question. The State Institutions were
made the guardians of the national purse ;
and the national financial institution was
made the Subject of abuse and detraction,
bv the national Solomons, who had robbed
it Of its rights, and deprived the nation Of
It's most important services thereby, And
these Soiomnns simultaneously urged upon
the State depnsite Banks, the propriety and
expedienry of charging their paper issues
for the accommodation of the community;
and the State Banks were not slow to take
The hint, but proved by their vast expan,
sion of bank issues. that their hint was
quite superflunus. The State Legislatures
too, leach as it Solomons decreed for the
moment advisable, acting under whatever
impulses operated on them, in their geo.
graphical limits, and unreslraned by the
Wholesome influences of national finan-
cal ins,itu,ion.) chartered and set going an
immense number Of new banks thus adj
ding to the circulating paper currency OF
the country an almost unlimited amount
and producing thereby an appearance Of
commercial and business prosperity The
Soons. who had put down the National
Bank. and who had cried out against it SO
Justify for several years. now, in view of
the 0ppa, ent prosperity produced by the
over issues of local banks in twenty-six
States. cried out in their foolish selfSuffi.
cheney, II told you so. The State Banks
make us first rate currency! Where
is an the evil that would result from the de.
strucron of The United States Bank?"--
ani thn s"rt at explanatory argument did
stagger the faith nf same superficial obser-
vers. Bu,. by and by the Stale banks be-
gan to suspend payment, and then these moi
sv Solons, who had had all their curses for
years dtiUlfN W "''iuc- Ec Dunn
the Bank!," had only to add one letter,
one little to the word, and the Bqmk,!-
the BankS!'--in their view, became the
Pandora's box, from which all the financial
ills of The nation came They had per-
suaded the people that the U. S. Bank was
the source If all The mischief, and having
destroyed that, yet found the supposed evils
made real ones, and multiplied hundred
fold, they very wisely turn their clamor
against ALL Banks; and, what is worse
than all for their veracty, tn, y are all rea-
dy to swear that they were always opposed
To the vhole Banking system, and that the
Stale Bank system is the system of theiI
Opponents Did ever impotence surpass
this? Having first demuried to baseIes'
and only pretended scrupIe about consl,u
tiona power--and next preached up be
lief or hope that the State Banks wOuc
do as well-and next tried their experiment
of State Banks and the unchecked hydra
headed legislation of t,oenty-Sir sovereign
ties for ONE NATION, and rejoiced in the
momentary apparent success Of that ex
periment--and finally found the bite
fruits of that merely superficial prosper
ity to be only destruction and ruin, they
turn round and denounce it, as the workin!
of scheme of their opponents! They
are next full of holy horror at the yer,
thought of Banks in any form, or for an!
nurnnSal