Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1836-12-13


s,,s.s'', mva .'er te TIE chs-r,ers,e If,
~h"h the rree,'-s. metal. srs % tho ehrf
,,r., s'r'r"ed % Contracted ~uhc.t r-s.rd 10 an.
-. inst r~guate the sase q thee ue,s,, a,
so, VOC 'esalsr trade ef tho world VIA a. s.r, 49,. :.
49,. - e"oh cu'fency. sd ever DO a. s,,n ~
"e oepe Nd,n, ~ those los, prapa,,ioo. ef 80
su,'', So circulating nprd,sm ~h,eh es,~ns,e. sea
m.,r,sI e,,, not oel, 10 this, bat 10 ell other eo.
| where those prcp~rilon. arc an, ,.s,. ,,, A.,
' 800 20 mol ouhtfoi ~. " 10 p,,,ee., ~,
,hn, ~ . 80 Voc 81 s'ns tssses md tho ,sjus .ss
80, !" p"per'v mS', nd rinr.~d 10 Al. an. -.
I'''nt' which site a. the =" '"e Vheef.
" MY 'h'- 10 the temptation Of al tn.,s. w.
IT, NV ~ o"''mun ~ IN ~hirh the, ale ,,,,hl,.la,
''e progress Of an e,p,u.,nn ~ ,,,het d.,,s'','
n' "'oessise b,nk ir,u.s - a-.,, .,,,.s.. w
az, have oe,bc, n.y., .,''. Th, p''on Of tie eonas.
~ a. '' 'in'e n"' opro,iuny to watch the ,sh 90
n"' w 'hr m"nrs market. Encared ,,or A. ~ ~ sou
40. oon,t ~ 'ne' DO not zee that although their r.s,,
" ""h''N thc sfn~, or even sor,,wh, hi,t., 49,
g"au, reduced N fact b, the ,,n,a my he
", a, H., 1870, . " appe''' To make abouna the,
- " ny lh'hn'd 10 consider hle..ior III i, M, =. -
w" 'pc"ulh'"f b, whom tn. !, h.,,,, " .n
"' n'ue 70 opnf'h'e to h.. advantage Il, no,
e prc' q" tho of In. tec,,e an A., -,
inc ',inp classes cannot ,uppi, ,he, ~sns on, ~ ~,
wages w ~ Tue ~'P"s, rec md Gradual, ts,eh ,,.l,
p''iionrj t'e Ia that the products of Their hh5, W.
~ Wy '"'p'roahon ~ consequence ~ the ausnt,, ~
pei IN circulation ~Nges well =, p,ic., berom, 49,,
y = soon "une that the whole effect of the ,duls,,
m W MN on our h"ru" Industry b~n,ft ~
countries where gold snd silver circulate and ms,o,s 80
"rm,'y and moderation 10 prices '
u Is ihrn perceived tha, the enhanesm.n, of,h. ,. ,
| u Np'' ~ "uees corresponding increase IN the o,r,
go, wv INV, 'n"se do not sus,slns competition wit
manufactured
ma agricultural productions cease to bear etno,,,a g.
oarf' o' the spurious ou'trnoy because they
We '"n 10y 70" Thu. 10 the proors. by which sp-c, IA M,
'ho9 bv the paper If The banks Their vaults AZ, .oon
h7n"ed I" nav for foreign conmoie. tho nert .,sn
sopr'pe :" .p"c'e p"ment unusu,l depression OF price.
he n'n ~ u'bofs and the accumulation ofpropet, N,
hands of c'eduors and coui,ous capitalists, " "
wn.,n v'sw n' these evils, i"eetLer with the danger
"" power welded bv The bank orthe Uaited State, ia
r"picnarcr Ia constitution that I wa, induced e., go.
f """n, conferred upon me nv the Amere1 IN people. Ia
prevent VI" continuance Of that institution Rot, s,ho.sh
''r"n dangers :" republican instution, n, =. h..
aied bv the failure nj that bunk To rsor, from Tho
me 'enrw'l Of tis chatter Il il obyo th,, I,o g.
been accomplished excerpt saut,r, change or n,hI, ~
"n towards restoring 10 tho country the ,ound our,r,s,
drd for in the constituon In The ,c,. nT
we aes prohibiting the circulation o sm,i notes and n.
auxiliary en1cinens Of Congress al III. ,,, ,,s,inr go.
nnp .r reception or p'yment public account n. t,p,
P'y q" IN" country hiss heen advanced and ,,r.,
lion {" the precious metals infused int gu, c,rr -
'nn hose measures will probably be followed up n due
time bv the enactment Of laws b,n,b,no om ei,,
a'ion bank noirs fs higher md m. oh
ec may or materially promoted by further acts Congress,
"'"oong thr employment fiscal SCENTS OF surb bsnk.
{" continue To issue If low denopjn,jon, nd ,h,n
nped'men'' In the way of the circulation gold snd si
~
The effects of extension Of b,nt credit, ,..
{" bank paper have zen s,rkngy illustrated IN the ssJes f
the public lands From the returns made by tho sariou,
H"g ers and receivers in the early part last suu,me, N
was that the receipt, ssnp from the sale of oubllr
a"ds ~"e increasing TO m unprecedented amount IL e.
ect h"wever these receipts amounted nothing more than
credits IN banks Tho banks lent the, no,es q, ,oecy
a'ors they were p,d In the receivers srd mmeda., "a,
turned To the banks to I've lent ,g,n and again rno
mere instruments To transfer To sp-cuiaos the mos, yo,
bic pupc land and pay the Government by credit on he
Those credit. the hooks of some Of he western h.nk
n'u7'v called depo.s were aIredy greatly yord tb.
d ':Rs -,
."ne had one individual company p,d note.
,hcy were Immediately lent to another for like pupos. and
the hunks were extending their business and their issue. ..
i't"v as IN alarm co,sderatc nd rcnde, il douslui
whether these bank credits If permitted TO .ceumu,s
"d ultimately he ofthe least value to tho Goyernm.o,
he sp't of expansion and wss not IN
the deposit b'nt. hut pervaded the muuds Of b.nI.
thr0nphnut and o,x
tons In ag1ravatr the evil.
The safety 9th public funds and the p,e.,, Of N. REQ
pie penersve ,hrt there should b. chet
~ md 1t becomes the duty branch ensri and
state "'ernmen,' to adopt all Terminate proper mean.
'" p'dnre that sau'ay effect Under th view Of nv du
" directed the issuing Of order which will he ,1 be
lore Won nv the Secretary Of IN. Trea.ury recurring p.,
mem i"r the public lands sod b. made 70 M AZ
exception mil III" 18Th Of the present month in f,yo, ,e
tna' settlers This measure tss produced many salutw,
consequences checked The career Of the western bspt
and gave them additional strength In anticipation Of N.
which has since prraded our a. weI a. Tho
European commercial citie,.
Nv preventing the ettenson NJ the c,ed, ,vs,s r,ss
oab'y cnt on the nr'ns Of speculation and retarded lie
prne'e' N monopo'iznr the mos, valuable Of the pebble
lands II has tended 10 s,ve the Stst.s from non
d'nf prop'i"sp one of the greatest obscss the Id.
'ancemcni ola new country and The proprietor Of an ola
nv engrnis Government, prices, instead Of th., tsn;
compelled To purchase NJ speeul double prices And
rnnve,na int" the interior large Of silver and
GOV" There =" enter permanently into the currency Of the
country sof place On 6rmer foundation Il Is conf.
IDENTIFY mlrv.a that the country will find In tho
wh,r ndpred thst o'dcr and the happv conseouepcss
which will have en'ued much commend and nohnf
condemn.
remains for Congress. fsbey approve the policy ~heA
dictated ms order Z" follow up various bearinqs
Nnch good N judgement BE- proiucsd By prohib-
t'ng sales nj III" public lands except scua settlers
reasonable reduction of price, and to limit tho cusnty
which sh'h be- sold to them. Although It 10 believed the
General G"vernmen, ought receive anything
the constitutional currency in eschange public lands
t1t point would lie If les in portanoe n the lands
"ld Tor mne1'e settlement and cultivation. Inds I'd there
ss"1rcey mischief Arising 81 pesen' land system
iorudng tho 'crumuis'ing .u-pns revenue which would
be rer-d'rd IT oncc nv restriction IN land sale,
'u seer- and promises other advantages To the eoua.
try gene al and 4" the S,i-s IN partieular shh
cannot 'i to receive tn. n'' profound consideration oeos
prrss
Ehprr continues reslze the expectations ehef
t'inrd ~ IN tho cap'ry ~ ,hr,S Backs perom da,s
o. the fiscal agents pr the Govt Al the time Of the
moy1l "i,h- deprs's il allcdged by the sdyocaes
TIE hank If the limited tars thu the State b1nks Whist
might lie the regulation Of the Tr.asur, Dspsrmo
could M" make the transfers required nv the Gosefnme
or n"F"ti7tr the domestic exchanges Of the country.
nov that the real domestic eIchsnr peofn
thr"ugh diseonh's BY the United S,tes Bank ard 10
ano "c" NJ east third less thsn .hose the de-
post banks Tor m oqu,l period n time snd conplfsos
b instituted between the OF service rendered By
these Institutions the broader b,,i. which has bta uset
"" advocates oi the Un,ted State. iak IN esinrng ~h
e' considered th" dpines'ic exchanges transacted by H.