Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1836-12-30


true that the banks Of this country have been
the great instruments Of its improvements and
that, during all the commissions Of the last Is
years. for every American bank which has
failed, at least ten English banks have failed.
So with regard to the lands For the last
lew years the amount Of the sales of the pub.
lie lands have been constant theme of con.
graduation with the Executive. In the very
last message, on the 7th of December, 1885,
he repeats the same strain. Among the
eridences Of increasing prosperity of the
country, not the least gratifying is that aE
torded by The receipts from the sales of The
public lands, aohich amount IN The present
year 10 8 | 100000 This circumstances at.
tests The rapidify NTH which agriculture, the
frsf and most imporfant occupation of man,
Advances, and contributes 10 the arealM and
poieer Of our extended territory" In the
same message he declared that "tbe circu.
lating medium has been greatly improved.
by the use OF the State banks il is ascertained
mat all the toants Of the community in rela-
ton TO exchange and currency are supplied
as ioel as they hare erer been before
Scarcely seven months elapse when these
pastoral and financial visions dissolve in
air. Agriculture ceases to be "tbe first
and most important occupation of man." the
State banks cease 10 be the modes ofexchanpe
and currency; but forth issues the Secreta.
ry with declaration that, to protect the
Treasury +" from frauds, speculation. and
moDopolies in the purchase of public lands"
from excessive bank credits" from ruin.
Gus extension Of bank issues" nothing shall
be received for land but gold and silver.
Now what an exhibition is this
The public lands are exposed 10 public
auction,the prices reduced to encourage sales.
and the President stands by, exultng at the
amount, when suddenly be declares that he
will permit no speculations and that he will
raise the price of the lands BY raising tho
price OF what alone he will receive for them.
Now supposing it true that men have bought
much land: what right has the President to
dictate to the citizens of this country. wheth-
er they buy too much land or too much
broadcloth2 They might be permitted TO
know and to manage their own concerns
quite as well as he does, leaving the evil, il
il be one. to correct itself by its own excess
he prohibits the receipt of any thing but
specie 10 correct land specuations, he NAV
make the same pK1bibition as to the dunes
on hardware or broadclotb. or wines, when
ever his paiernai wisdom shall see us buyino
too many shovels. or too many coats, or TOO
much champagne, and thus bring the entire
industry OF the country under his control.
These troubles may not. however, be Who'll.
ly useless, If we extract from them two great
lessons. The first is, that we can have no
permanent financial prosperity willis the
public revenue is separated from the bust.
ness OF the country. and committed to rash
and Ignorant politicians. with no guides but
their own passions and interests. | have
little doubt that the specie order is the re.
venge of the President upon Congress for
passing the Distribution law. have less
doubt that this dispersion of the revenue
among multitude of banks was to advance
the obscure aspirants Of some Treasury ca.
sar
The other lesson is--one thousand times
repeated and thousand times forgotten--to
distrust all demagogues of all parties. who
profess exclusive love for what they call the
People. For the last six years the country
has been nearly convulsed by efforts TO break
the mutual dependence OF all classes of CHI.
zens-to make this laborer regard his EN-.
ployer as his enemy, and TO array the poor
against the rich. These trashy declaimers
have ended by bringing the country into a
condition where its whole industry is subject.
far more than it ever was before, to the con-
troll of the large capitalists and where every
step tends inevitably to make the rich richer
and the poor poorer
II remains TO speak OF the remedy of these
evils. They follow obviously the causes of
them. The causes are the injudcous trans.
fers of the public moneys and the Treasury
order about specie.
Theft measure OF relief, therefore should
be the instant repeal of the Treasury order
requiring specie for lands; the second, the
adoption OF proper system to execute the
Distribution law.
These measures would restore confidence
in twenty-four hours, and repose it at least
as many days. If the Treasury will not a.
dept them voluntarily, Congress should i'm
mediately command it.
In the mean time, all forbearance and
should be maintained There is
great reason for anxiety--none whatever for
alarm; and with. mutual confidence and
courage, the country may yet be able to de-
Tend Itself against the Government Ia that
struggle my own poor efforts shall not be
wanting 1 gosfor the Country. whoever
rules til go for the Country, best loved
when worst governed-and it will afford me
ar more qualification 10 assist in repairing
is wrongs. than to triumph over those who
nfict them.
With respect and regard yours,
M NJ BIDDLE.
Hon. J. @. ADAMS, Washington. d. G.