State journal. [volume] (Montpelier, Vt.) 1831-1836, 1836-11-29

notwithstanding the nature Of the deposits,
and the privilege reserved by the United
States for the recall, if found necessary
He supposes the money will become so
entitled with the interests OF the people,
that their representatives in Congress will
neither desire nor venture to vote for its
recall.
This might possibly be the case, were
all the several states 10 make the same dis
position OF their respective deposits, that
TIC bill from the House proposes to make
Of those contemplated to be placed at our
dlsposa for i'll such case, the people
would submit to any species of taxation,
rather than collect and return those dcpos-
its, which would be most ruinous TO any
people-producing such pressure in mon
cy matters as tie people heve not yet
known.
Surprising, Gas we have a right to sup
pose) that ma ority of the states should
be wise in this matter, and the rest foolish
surprising Vermont alone should be fool-
ish-and that all the states except Vermont
should invest their deposits in bank stock,
or in any other profitable stock, whereby
the people from year to year could receive
the interest, (and more ample interest than
i'll any other way,) reservlng the principal
forever in a way and manner that it might
readily be called in and returned to tie
United States when called for, CT that
event should ever happenD without afiec-
ting the interests of individuals in those
states, and almost without their knowledge
or concern and supposing under those
circumstances, it should be necessary for
the United States 10 call in those der sits,
or to raise taxes to the amount by other
means-is there doubt which method the
representatives. of the people of the United
States would adopt;
Let us, then, be as wise as others NAV
be. Let us not be hasty in a matter SC
important. Let us not undertake to set
an example in a matter Wich it is doubtful,
to say the least, whether another individu-
al state will follow. Let us not be too has
Z ~ in Vermont 10 exhibit our knowledge
and skill in political economy, and financial
/ concerns, in matters OF so vast magnitude
| and probable consequences but rather to
provide Tor the safety Of the deposits, with
| a view 10 the present and future interests
o, the state, and cndgavor 10 elicit, or OBJ
tain wisdom from the dongs o. our sister
states in relation to the same matter.
1t was generally conceded on all hands,
that 4 vast majority Of the people of YER
mont wished the interest Of the prospective
deposits should 90 TO the support Of COM
mon schools: bat it was in no wise CONGO
ded, or shown, that the people Of Vermont
wished TO scatter the principal through the
scvera towns, for their management and
control. Not an individual would say that
this was tie wish OF the town which lie
represented, or TO which he Belonged
Then why so hasty TO thus dispose OF It at
this particular juncture; Why not defer
the disposition Of the money in prospect
until the wishes and interests Of the poo
pie could better be consulted and ascer-
tanned? Are gentlemen willing to say
they will not trust the pcople' that they
shall not be left to Judge Tor themselves,
lest their judgement should be errone 1us'
But gentlemen say it is a matter Of 90
much consequence to be left to the people
that it Wlll be too exciting a subject,
and will agitate them at our next fall et>c-
tion--that they will have various projects
with respect to the manner in which it
shall be disposed of; and that il will affect
the election OF members.
The magnitude OF the subject is q reason
why it should be considered by the people,
and possibly why it should affect the cleo
ton OF some members TO the general as
sembly. But this distrust of t'e peop'c
would rarely be accepted or received by
them, in lieu of a rational love, esteem or
regard for them.
1t was objected by gentlemen, that the
proposed amendment would place the mon
ey as fast as received for the coming wear
in banks, in those hated monopolies, al an
interest until the legislature should again
convene with instructions from the ploplc)
not less than five per cent per annUm, When
those banks were receiving a per cent on
their capital vastly above the legal interest.
But il was doubtful whether the towns for
the coming year could realize more than 5
per cent per annum; and should future le-
gislatoIr, who would conc prepared to make
disposition of the money Tor all tine, see
fit to place or invest it in bank stock, the
people of the state would not only receive
such interest yearly as the stockholders of
banks receive, but in case of recall Of the
money, not an individual in the state would
be troubled thereby, as the state would on
ly have to recall or withdraw their capital
from the several banks, which capital would
doubtless BE- replaced by capitalists, and
thereby produce no pressure i'll the money
market; and the financial wisdom Of the
state could be in no way better evnced,
than by so using the prot6red boon as TO
receive the greatest benefit while with us.
and by suffering the least evil or nconven- n
fence whenever it might be recalled.
Mr. Young said he hoped the proposed
amendment would be adopted.
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