Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1843-12-23
this government wi in majority of instances, bs

this government VIII, IN majority OF instances, DC
attended by increase in the value Of the stocks oil
the states. II should therefore, be a mntcr of gen
era conprnula,ion that amidstHnll the embartass-
menis arising from surrounding circumstances the
credit Of the government should have been SO fully
restored that it has been enabled effect loan Of
millions Of dollars to redeem that amount ui
treasury notes, on terms more favorable than any
thnt haze been offered for many years. And the Elk
per cent. stock which created in 1912, has adj
vanced in the hands of the holders to nearly 80 per
cent above its par value. The confidence of the
people in the integrity of their government has thus
been signaly manifested. These opinions relative
to the public lands do not in any manner conflict
with the Observance of the most liberal policy to-
wards those Of fellow citizens who press forward
into the wilderness and the pioneers in the work
of its reclamation. In securing to all such their
rights of pre-emption the government performs but
an act of retrbuttve justice for sufcrings encoun-
tered and h,rdships endured, and finds ample remu-
nera in The comforts which its policy ensures and
| the happiness which it impnrts.
| Should revision Of the tariff, with view TO reve
nue. become necessary in the estimation OF congress,
| | doubt not you will approach the subj ect with just
and enlightened regard to the interests OF the whole
Union The principles and views which have here.
tofore had occasion submit, remain unchanged. l;
can, however, never be too often repeated, that the
prominent interest of every important pursuit OF Lille,
requires for success, permanency and stability in le-
| gisla,ion These can only be attained by adopting
| as the basis of action, moderation in all things,
which lie indspensably necessary secure the hnr-
monious action of the political as of the animal sys-
tenn. IN one seCtlOH OF
the country should desire to have its supposed inter-
esls advanced the sacrifice of all others but union
being the great interest, equally precious TO all,
should be fost0red and sustained by mutual conces-
sions and the cultivation Of that spirit Of compromise
| from which the constitution itself proceeded
You will be informed, by the report from the trea-
department, OF the measures taken under the act
of the last session, authorizing the REISSUE OF the
treasury notes lieu of those then outstanding. The
system adopted in pursuance of existing laws, seems
well calculated 10 save the country large amount oil
interest, while il affords conveniences and obviates
dnnge.s and expense in the transmission OF funds to
discussing agents refer also TO thnt report for
The proposed by the secretary TO increase the
revenue, and particularly 10 that portion OF 1t whc
relates TO the subject oil the ware-housing system,
which earnestly urged upon congress at its last ses-
sion, and 10 the importance Of which my opinion
has undo rpohe no change.
In vi of the disordered condition Of the
cy at this time and the high rates OF exchange be-
tween different parts of the country felt it to be IN
cutnbent on me, TO present the consideration OF
your predecessors, proposition conflicting in no de-
gree with the constitution, with the rights OF the
states, and having the sanction not in detail, but IN
principle, of some Of the eminent men who had pre-
ceded me in the executive office. That proposition
contemplated the issuing of treasury notes denom-
nations not less than FIVE, nor more than one hun
bred dollars. TO be employed in payment of the obi-
cations of the government in lieu of gold and silver
not exceeding 100000. 1t was proposed 10 make
them receivable everywhere, and to establish at va
rous points de posores of gold and silver 10 be held
IN trust ior the redemption OF euCn as
sure their convertibity into specie. No doubt wa:
entertained that such notes would have maintained
la par value with gold and silver, thus furnishing g
paper currency of equal value over the Union. there
by meeting the ust expectations Of the people and
fulfilling the duties of parental government.
Whether the repositories should be permitted to
sell purchase bills under very limited restrictions
together with all its other details was submitted &c
the wisdom of congress, and regarded of second
AIRY importance. | thought then, and think now
that such an arrangement would have been ATTENDED
; with the happest results The whole matter OF the
currency would have been placed where by the con
stitution it was designed to be placed-under the i'm
, mediate supervision and control OF congress. The
action of the government would have been independ
of all corporations, and the eye which rest
Y increasingly on the specie currency and guards /
against adulteraon. would also have rested on the
paper currency, to control and regulate its issues anc
protect II against depreciation. The same reason
? which would forbid congress from parting with thu
power over the coinage, would seem to operate will
nearly equal force in regard TO any substitution TO
the precious metals in the form of circulating me
dunn.
Paper, when substituted for specie, constitutes
standard of value by which the operations Of socet,
are regulated, and whatever causes it's depro citation
affects society to extent nearly if not quite
10 the aduieraon OF the coin. Nor can ! withhold
the remark, that its advantages, conirasted with
bank OF the United States, apart from the fact that
S bank was esteemed as obnoxious TO the public sen
timent, as well on the score OF expediency of con
slltutlonay, appeared to me TO be striking and OBJ
=
issue Of SIS, 100000 OF its judging from the ex
perence of the late United States Bank would no
have occurred in less than 10 years; whereas unde
the proposed arrangement, the relief arising from thu
issue of $l5,000,O00 of treasury notes, would havt
! be en- consummated in one years thus furnishing il
: one-hiteenh part OF the tim IN which bank coul
have accomplished it, paper medium OF exchange
equal in amount to the real wants of the country,
par value with gold and silver. The saving TO I'll
government would have been equal to all the inter
est which it has had to pay treasury notes of pre-
vous as well is subsequent issues, thereby relieving
the government, and al the same time aifording re
lief TO the people. Under all the responsibilities OF
tuched the station which occupy, and in redemp
ton of pledge given the last congress the clos
of its first session, submitted the suggestion il
consideration u: two consecutive sessions, The re
CONNIE ndatiOn, however, met with favor at il
hands. W lille | am tree 10 admit that the necess
/, ties Of the times have since become greatly ameoi
ated, and that there is good reason hope that or
safely and rapidly emerging from the difficulties an
j. embarrassments which every where surrounded
}, iS4, yet cannot but think that its restoration
4, sound and healthy condition. would be greatly ex
4 pedted by u resort to the exPedIenI in u modiie
form.
| The operations OF the treasury rest on the &C
ofl789and the resolution OF 1916, and those laws hav
10 been administered as to produce great guar
tum OF good TO the country their provisions ca
pabe OF yielding. If there had been any distinct e.
% preston of opinion going to show that public sent
ment is ayeise to the plan either heretofore recon
e mended TO congress, or in modified form, while m
opinion in regard to it would remain unchanged
should be very TAR from again presenting II 10 yoI
e consideration. The government has originated wit
is the states and the people, for their own benefit an
81 advantage; and il would he su5versve of the foul
Y dation principles of the political edfce which the
have reared, TO perseycre in measure which in the
e maturer judgments, they ha2 either repudiated
condemned. The will OF our constituents clearly ei