Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1834-04-24

must have engaged his attention; and II
was natural that he should speak of them,
IN connexion with the Legislation which
they called for, with the frankness that be
came the chief magistrate. And
Sd In respect to the currency. Re-
garding the constitution as contemplating
no other national currency than that of
metallic one, he Is understood to entertain
the opinion, that among the greatest Of the
evils attending the operation of the bank OF
the U. States, has been its tendency TO de-
feat this imp 'rtant object. He has accord
ingly had an eye to the condition of the
country, as al present affected by the system
of banking, in the considerations which
have guided his suggestion in regard to the
employment of the Stale Barks as substi-l
tu,e for the U. S. Bank Sensible that an
immediate return to the metallic currency
would be productive of great embarrass-
ment, if not impossible, at the present time,
he has turned his attention to such eXpe.
dents as would mitigate the evils growing
out OF the present system. Among these
the most practicable one that has occurred
10 him, is that of authorizing the secretary
of the treasury, as far as Congress has the
constitutional power, to use the public de-
lposlies SO as to encourage the gradual sup
preston of the issues of small bank notes
beginning with five dollars, and so on g-a-
Idually to such scale as would be found
consistent with the wants and interests of
the country. 1t cannot be doubted, that such
a law. judiciously guarded, would in short
time greatly enlarge the specie circulation,
and in conjunction with law changing the
standard value of gold and silver, so as to
prevent the undue expectation of gold,
which, instead of forming a material part
OF the currency, has, by the operation of
the present laws, been converted into a
mere mercantile commodity-a suggestion
; which the president has frequently made
would place our currency beyond the reach
of those fluctuations which are now SO much
complained Of.
In illustrating the necessity which exist
ed for some such restraint as this upon the
bank issues, the president has, no doubt
made frequent reference to the vast amount
> OF such circulation, compared with the spe-
r Gle which it represents, and has condemn
ed, in strong language, system that is
= and derange the sources Of credit. He has
Il drawn the just distinction between those
G classes OF society that labor, and those that
5 do not; those that earn their living by The
OF sweat OF their brow and constitute the bnnt
e and muscle of the country, defending it il.
: war and supporting it in peace--and those
, who live by their interests in the stocks
and the various speculations that are favor
ed by an extension of bank credit. He has
endeavorcd to show that the burden of the
present system falls almost exclusively up
on the former class, and that while they are
thus injured, there can be no benefit to
others to justify its continuance.
In this view of the subject, il can he
hardly necessary TO notice the various
statements that the hank parisans have
made Of the presidents declarations res
pecting those who borrow money. II
there be any among the various commit
lees that have converscd with him, who
really objected to his views in regard to
the evils of extensive bank loans. thew
have doubtless not weighed mat,,rely his
words, or the sentiment they were in
5 tended TO express. No man of candor
can suppose that the idea that all Dor
l rowers of money ought to break. or that
: credit, in its proper forms, should be dis.
J Outraged, was even for moment har
t bored by the president. Yet every one
must see that there are excuses in the
resort to credit, favored by the banking
system of the present day, which are
calculated to do incalculable mischief,
and winch may well call forth The sever.
est rehuke from the patriot and states
man.
/, On this branch of the subject we feel
, assured that the president must have left
upon the mind of all who have conyersed
!, with him, deep impression Of the soil.
, cltude TO see the laboring class of the
country freed from the unnecessary tax
which it now pays to the evils of bank
ing; and that he has expressed no sep,i
ment in regard TO other classes of So
Iciety, which was contrary t" the wish
that their interests should receive all the
consideration which the legislation Of
Congress could bcstow upon them, con.
Is'stent with the general good. His mot
to is, Let labor have security, prosper,
|ity will follow-all other interests res,
upon it, and must flourish if it flourishes
Governor Marcy forgot himself in re-