Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1836-12-30

WIN uIe Wiling 10 pay, and, under ordinary
circumstances, able 10 pay but, by the
mere fault Of tho government,as obvious as
II an earthquake had swallowed them up,
their debtors are disabled from making i'm.
mediate payment. 1t is not that the Allan.
tic merchants have sold too many goods,
but that the government prevents their re-
celvlng payment for any. Moreover, in the
commercial cities money can be had, though
at extravagant rates, for capitalists add to
to the ordinary charges for the use of it, a
high insurance against the loss of it. 1t is
not, then, so much that money is not to be
procured, as that doubt and alarm increase
the hazards of lending it.
Then as to the Banks. II is quite prob
able that many of the Banks have extended
their iisues--but whose fault is it? Who
called these Banks into existence' The
Executive. Who tempted and goaded
hem to these issues? Undoubtedly the
Executive. The country, five years ago,
! was IN possession OF the most beautiful ma
chnery OF currency and exchanges the
world ever saw. 1t consisted of number
of State Banks. protected and at the same
time restrained by the Bank of the United
States.
The people Of the United States, through
their representatives, re-chartered that in.
stitution. But the Executive ,dscont ented
with its independence, rejected the act of
Congressman the favorIte topic of decln
nation was. that the State would make
Banks, and that these Banks would create
better system of currency and exchanges.
The States accordingly made Banks-and
then followed the idle parades about the
loans OF these banks, and their enlarged
dealings in exchange. And what is the
consequence? The Bank of the United
States has not ceased to exist more than
seven months, and already the whole cur.
rency and exchanges are running into mex
tricable confusion, and the industry of the
country is burdened with extravagant char,
ges on oil the commercial intercourse ofthe
Union. And now, when these Banks have
been created by the Executive, and urged
into these excuses, instead of gentle and
gradual remedies, fierce crusade is raised
against them-the fluids are harshly and
suddenly taken from them, and they are
forced TO extraordinary means Of defence
against the very power which brought them
into being.
They received and were expected to re-
ceive in payment for the government, the
notes of each other, and the notes of other
banks. and the facility with which they die
so, was ground Of special commentator
by the government. And now that gov.
eminent has let loose upon them demand
for specie, TO the whole amount Of these
notes. ] 60 further. There is an outcry
abroad, raised by faction, and echoed by
folly, against the Banks in the U. S. I'm
til it was disturbed bv government, the
Banking system of the United States was
at least as good as that of any other COM
mercial country.
What was desired for the perfection was
precisely what have 80 long s,rived to &C
compsh--to widen the metallic basis o.
the currency, by greater infusion of cor
into the smaller channels of circulation. -
This was in gradual and jud'cious train o.
accomp ishment. But this miserable fool
cry about an exclusively metallic currency
is quite as absurd as to discard the steam
boats, and 60 back to polling up the Missis
sippi. Banks may often err from want o.
skill and occasionally be injurious as steam
is-but 1t is not the less true, that the
Banks of this country have been the grea
instruments OF its improvement, and that
during all the convulsons of the last fifteer
years, for every American bank which hss
failed, at least ten English banks have fail
ed.
So with regard to the lands. For the
last few years, the amount of the sales o
the public lands has been constant theme
OF congratulaton with the Executive. II
the very last message, on the 18th of De
cember, 1885, he repeats the same strain
Among the evidences Of increasing pros
perity Of the country, not the least crafty
ing is that afforded by the receipts of tn,
public lands. which amount in the presen
year to eleven millions of dollars. Thi
> circumstance attests the rspidlty with which
agriculture, the first and most importan
occupation Of man, advances, and contrib
utes to the wealth and power of our exten
ding territory" In the same message, h.
E declared that "the circulating medium ha
been greatly improved. By the use of tn
= State Banks it is ascertained that all tn
. wants OF the community, in relation to ex
change and currency, are supplied as we
as they have ever been before" Scarcel
seven months elapse when these pastora
e and financial visions dissolve in air. Agri
5 culture ceases to be "the first ind most i'm
i portant occupation of man"-the Stat
G Banks cease to be the models of exchang
and currency-but forth issues the Secre
u tary with declaration, that TO protect th
e Treasury "from frauds, speculation and me
y nopolies in the purchase of public ands"-
from excessive bank credlts"-from ru
= nous extension of bank s"--nothn
shall be received for land but gold and 81
Z yer.
Now what an exhibition is this,
e The public lands are exposed 10 public aue
e lion, the prices reduced, in order TO encourag
3, sales, & the President stands by. exulting
Il the amount, when suddenly he declares tn,
n he will permit no speculations, and that b
y will raise the price of the lands by raising III
o price of what alone he will receive for them
lie Now. supposng il true, that men have bougl
a much land. What right has tho President /