Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1836-09-23

given up, tne pTlnC1pdt OOStiuSuoho w snN
circulation Of the gold coins will cease to
operate--the leading motive for discrediting
this species OF currency will have been done
away-politicians will no longer find an in,
ducement to engage in such efforts; nor
will the people allow matter in which
their welfare is so vitality concerned to be
any longer mingled up with party strife
The slightest reflection must convince them
that thew have no interest in the party con-
flicts OF the day, which can justify SO suici-
dal course. The passage of the deposite
bill will also be regarded by the people as
pledge from all parties to give to the exist
ing system, which excludes the idea OF
National Bank, fair trial The country
moreover desires repose, and we may reas-
onably hope that the whole community will
be disposed to encourage rather than dis
courage a specie currency. This object
will also, as before observed, be greatly pro-
NOTED by the new stimulus which it will re-
ceive from the recent Legislation Of Con-
gress. Three additional minis have been
established, and the President is authorized
by the depositc bill TO keep them amply sup
piled with bullion, and the Secretary of the
Treasury is empowered to require an in
crease Of specie in any deposite bank, and is
restricted from employing as an agent for
the Government any State Bank which is
sues bills under the denomination Of So
By another general law the notes of such
banks are prohibited from being received for
debts due to the United States of any de-
scription and it has also been provided by
law that no note shall hereafter be offered in
payment by the United States or Post Office
Department of less denomination than ten
dollars and after the third day Of March
next of a less denomination than twenty dol
lars, nor any note of any denomination
which is not payable and paid on demand
in gold and silver at the place where issued,
and which should not be equivalent to spe-
Gle at the place where offered, and converti-
Bile upon the spot into gold or silver, at the
will of the holder, and without loss or delay
to him. Nor have the States Jagged behind
in their efforts to improve the currency by
nfusing into it a greater portion of the pre-
cious metals Already are the issuing Of
bills under the denomination of five dollars
prohibited by the States Of Pennsylvania
Maryland, Virginia. Georgia. Tennessee,
Louisiana, North Carolina, Indiana, Ken
lucky, Maine, New York, New Jersey, and
Alabama, and Of one and two dollars by
Connecticut. That this policy will become
general and gradually extended, cannot be
doubted To what precise extent it may be
carried with advantage 10 the country, will
be decided by time, experience and judicious
observation. EMISSIONS Of it may for q sea-
son take place, and some slight inconven-
fence arise from the change, but they will
both he temporary. The Union Committee
OF the city Of New York. confessedly com
binng some Of the best business talents OF
our great commercial emporium. regarded
| it as an improvement of the currency OF
great importance to all classes of the people ::
Legislative bodies have shown great unan-
Unity in its favor: it is approved by the peo-
| pie, and must prevail.
The banks can neither be so blind TO their
interest or disloyal TO their duty, as 10 seek
to defeat directly or indirectly policy, by
the success OF which their own security and
permanent interests will be promoted, and
the failure of which, through their fault,
would certainly excite, deeply the prejudice
of the community against them. But even
if it we're otherwise. the Legislatures have
the power to compel them to do their duty,
and with the possession of the power will be
also the obligation to exercise it. The sim
gle consideration that il is the denomination
of money in respect to amount in which the
labor Of the country is paid for, and most
| OF the laborer's dealing transacted, will be
sufficient Of itself TO consecrate what has
been done to exempt that portion of the cur
rency from the possibility Of depreciation.
| The administration Of the General Govern.
ment, confding in the stability of measure
SO extensively adopted by the States, and
with such unanimity in the respective LIE
gislatures has based its own measures in re-
lation TO the currency on its supposed con-
tnuance. The General Government will
not assuredly be abandoned by those States
in the prosecution ola wise policy the adop
ton of which they have themselves invited
1t is not 10 be apprehended that a course Of
Legislation so yaccillating and unnecessary
will become the reproach of any of them.
That the result of all these measures mus
be large and healthful infusion of gold and
silver into the circulating medium of the
country, doing more good to the currency
than was done by the old or than can be ex
pected from new bank, no one can doubt
Independent Of all this, the Treasury has il
in its power TO exert a sautary influence
first over the deposite banks, which will al
ways be selected from the principal banks
in the State and through them over the res
due. Whatever check was exercised BY
the United States Bank on the issues of the
State banks, was done either by refusing tc
take their notes in dcposite, or if taken, BY
returning them quickly for specie, if it be
lieved their issues to be excessive. The de
j nnsiia hanks have a rinhi To do The sa m.