Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1843-05-20
HARD MONEY.

HARD MONEY.
We recur to this subject now, says the
National Intelligencer, from having met,
in valuable English publication of the
last year, with an article bearing such
strong resemblance to Mr. Webster's re-
marks, and exposing so fully and power
fully the folly of the idea Of being able to
transact extensive business by mere metal.
lie exchanges, as to induce US to make room
for the insertion Of both in our columns.
We hold the condition Of things in this
country to be such as can never admit of
thorough remedy without the existence Of
a well secured, safe currency, of equal and
universal receivabilty and value, consist
ing Of paper, redeemabe in gold and silver
on demand and we never look TO see
currency having these qualities, unless it be
one which shall carry with it the stamp and
sanction of the Government This is our
judgment, the result of thirty years expe-
riencc-
Ertract from Mr.. Wcbster's speech, March
49, ASOC'
"As to an exclusive metallic currency,
sir, the administration on this point, is reg
ularly Janus.faced. Out doors and among
the people it shows itself "all clinquant, all
in gold" There, every thing is to be hard
money--no paper rags--no deusive cred
i,s--no bank monopolies--no trust in paper
of any kind But, in the Treasury Depart
ment and in the House of Congress we sec
another aspect--a mixed appearance, partly
gold and partly paper-gold for govern
ment and paper for the people. The small
voice which is heard here, allows the abso.
lu.e necessity Of paper of some sort, and
to some extent; while shouts in the COM
munity demand the destruction of all
banks, and the final determination of all
paper circulation.
ITO the people, the lion roars against pa
per money in all the loudness and terror Of
his natural voice; but to members of Con
grcss he is more discreet, lest he should
Brighten them out of their wits, he here re-
strains and modulates, and roars "as gently
as any sucking dove, or, as it were any
nightingale" The impracticabiity of an
exclusive metallic currency, the absurdity
of attempting any such thing in country
like this, is so manifest, that nobody here
undertakes to support it by any reasoning
or argument. All that is said in its favor is
a general denuncation of paper, bolster
GUS outcry against the banks, and dcclama-
ton against existing institutions, full of
sound and fury, signifying nothing.
"Sir, the moment any one considers it, he
sees how ridiculous any such attempt would
be. An exclusive metallic circulation for
the second commercial country on earth, in
the nineteenth century! Sir, you might as
well propose to abolish commerce al
together.
"The Currency of England is estimated
at sixty millions sterling; and it is MIR. Nc
Culoch's calculation that if this currency
were all good, allowing one quarter of one
per cent. for wear Of metals the annual
expense attending such currency would
he three millions and quarter year. or
nearly five per cent. upon the whole
With us this charge would be much greater
The loss Of capital would be more owing
TO the higher rates of interest; and besides
all this, is the cost Of transportation, which
in country so extensive as ours would be
vast and not easily calculated We should
also require, proportionally, more specie
than is requisite in England, because ouI
system Of exchange, by means of bills Of
exchange,is at present, and would be, under
such system as is proposed, much less per
feet and convenient than that of England
Besides, The English metallic circulation i:
mostly gold; gold being in England the
standard metal With US silver and golc
are both made standards at fixed relation
and if we should succeed to keep this rela
ton so true as to preserve both of the pre-
cious metals among US, (Which, indeed, il
not very probable0 our circulation woulo
be still more extensive and cumbrous, from
The quantity Of silver it would contain
The silver in the world is estimated to b.
fifteen times as much as the gold in amount
and consequently something more than
three times in value. If both should circu
late therefore equally in proportion TO val
ne, the currency would be three parts slve
and one gold.
Nov, sir, the annual expense of such
circulation, upon the basis Of Mr.. McCul
loch's estimate, would exceed the whole an
nuaI expenditure for our army and our ma
w. Consider sir. the amount Of actua