I hesitate not to say, that, as this
_veto_ travels to the West, it will depreciate the value of every man's
property from the Atlantic States to the capital of Missouri. Its
effects will be felt in the price of lands, the great and leading
article of Western property, in the price of crops, in the products of
labor, in the repression of enterprise, and in embarrassment to every
kind of business and occupation. I state this opinion strongly, because
I have no doubt of its truth, and am willing its correctness should be
judged by the event. Without personal acquaintance with the Western
States, I know enough of their condition to be satisfied that what I
have predicted must happen. The people of the West are rich, but their
riches consist in their immense quantities of excellent land, in the
products of these lands, and in their spirit of enterprise. The actual
value of money, or rate of interest, with them is high, because their
pecuniary capital bears little proportion to their landed interest. At
an average rate, money is not worth less than eight per cent per annum
throughout the whole Western country, notwithstanding that it has now a
loan or an advance from the bank of thirty millions, at six per cent. To
call in this loan, at the rate of eight millions a year, in addition to
the interest on the whole, and to take away, at the same time, that
circulation which constitutes so great a portion of the medium of
payment throughout that whole region, is an operation, which, however
wisely conducted, cannot but inflict a blow on the community of
tremendous force and frightful consequences.
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