Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1846-08-01

SIOW W UdNt pI0Ncuttu tU0 open ana OeCIdreO
bankruptcy Of the treasury. Under these circum i
Stances the resource'of taxation was impossible;
q temporary loan was the next resource, and upon
this the Finance committee OF the Senate resolved i
that in opposition TO the Secretary OF the Treasury,
(Mr. Woodbury. who recommended an issue OF
treasury notes The committee condemned this
resort, but finally yielded TO the Secretary on his
firm observation that loans could not be obtsned
in time 10 prevent the catastrophe Of bpnkfup,
treasury. Under these circumstances, the treas.
ury note act Of 1887 was brought In but guarded
with many provisions 10 prevent the notes from
sliding into currency, so as to make govern.
ment paper money The act Of 1887 was guard.
ed and donby guarded, against that evil; first, 10
giving authority to issue, without authority to re-.
issue notes; and then by a specisl clause express
ly lor5idding ressuesl and positively requiring
each note to be cancelled and destroyed whom
once redeemed by the United States. With
these guards, and some others. the bill was passed
| voted for il. but with revulsion OF stomach
almost convusive, and with misgiving OF the
heart which proved to be prophetic. In a little
time the guards were all broken down. reissues
Of the same notes was legalised; and these notes
entered and left the treasury as bank notes enter
and leave bank. or course did not vote for
this overthrow Of the guards which had assisted
to set up; but the want Of my vote made no differ
ence. The mischief had been done in the first
STEP once issued, treasury notes were strong
enough 10 reissue themselves, and slide into paper
| currency. 81 -s.a . d .---.. II.
These are my objections to the bill itself, and
Of its policy. The policy Of this early resort to
means Of supporting the government, which,
from its dangerous and seductive nature, should
be left for the last, and the almost desperate re
sources. Taxation should be The first resort
and here must say, that utterly object to the
omission OF any fair objection OF taxation from
our revenue bill. Certainly l should like TO
leave them out, and great many others, il there
was no necessity for taxation. But there is ne
cessity. This treasury note bill proves the ne.
cessity, and em for taking all objects fairly tax
able. Taxes first, loans next, treasury notes last,
is my creed; and have no idea OF hinching from
my own duties under the assumption that the PEG.
pie will not do theirs. 1t is the duty OF every
generation to pay its own debts as we'll as fight
its own battles. Our constituents will pay tax
on tea and coffee, if necessary, and that tax is
now necessary. But a modern idea has sprung
up that tea and coffee are necessares OF life. and
must be free. while iron, salt, wooden and fire
pay tax. According to this idea tea and coffee
are the first Of necessaries; and il the question OF
Cassius to Rrutus should be answered, upon .chat
meats doth his orr Julius feed9 the answer would
be tea and coffee! Not so the people. They are
as honest as brave-ss ready to pay their own
debts as TO fight their own battles. We have no
wars in which the people have no interest: our
wars are their wars; not so with Great Britain
when the foundation Of her public debt was laid
on loans and exchequer bills in the time OF King
William and his SUCCESSORS OF the house OF Hano
Coptipoptol ,uh;ob - r
England had no interest, were their portions with
the houses OF Orange and Hanover. Security OF
the Dutch barrier, reduction OF The French monar
chy, settlement Of the Spanish succession, nam
tenance OF the Germanic liberties, were then the
causes Of English wars. Ministers and the Par
lament were justly afraid to tax the people Tor
such wars; they therefore taxed poserity! They
made loans, and issued exchequer bills and OF the
burdens which these threw upon posterity, il was
that Mr.. Justice Blackstone SO Justly complain.
ed. But our wars are our own they are the
wars Of the people, and the people are as honest
as brave, and will pay their own debts as we'll as
fight their own battles. They will pay tax on
tea and coffee rather than 60 in debt; they will
bear burdens rather than throw them upon their
posteri,y. What father is willing to throw debts
upon his son! What government would wish TO
hurhen posterity? Every generation will have its
own burdens to bear-ts own battles to fight and
its own taxes 10 pay-and should not be burden
ed with the debts Of its ancestors. The present
enormous British debt has its origin in the unw.e
and cowardly policy of throwing burden. upon
poserity; let us avoid what we have seen so fatal
among our English ancestors.
Taxes first. loans next, treasury paper last. are
my resources; but here we begin with paper; for
although the bill has an alternative clause that The
President may either borrow or issue notes, yet
the alternative is nothing. The issue OF the notes
is The easy and seductive course; and for the same
reason that we refuse to order the loan, he will
refuse to make it. ru.