State journal. [volume] (Montpelier, Vt.) 1831-1836, 1836-11-29
LEGISLATURE of vermont.
Surplus revenue--IN SENATE, Nov. ID.
nERAV'E

We bill, reported by the committee on
finance.
Mr.. Ranncy remarked in substance as
follows consider the objections urged
against the passage of the BILL and in sup
port of the amendment, 10 consiSt-1st in
the difficulty Of distributing it among the
several towns in this state and Cd in recov-
ering it again from the towns, in case it
should be wanted by the general govern
| ment. In answer to the first of these OBJ
jectlons, suffer me to reply that the cashiers
Of the several banks in their respective
counties would rejoice in the opportunity Of
receiving the money from the treasury and
paving it out to the several town authors
ties without expense to the state, notwith-
standing the provision for its payment in
four successive instruments. And as to Il G
specious pretencc, that in case it should be
called for by the wants of the national
! treasury, it is sufficient 10 observe that
there is not the least probability and scarce
! ly a possibility Of such a contingency ever
| happening. For, no one, at all conversant
with the proceedings Of Congress for the
last two or three years can refuse his as
sent to the position that the distribution
bill of the last session, is, de .facto Clay's
celebrated land bill, and the provision for
repayment to the national treasury, eman-
ated, not from an expectation Of such a re-
suit, but to remove constitutional scruples,
and as neutral ground between tie two
great political parties. This proviso in
the bill gave an opportunity for the oppo-
nents Of the immortal Clay TO accede TO his
proposition and at the same time preserve
invoate their freedom Of opinion.
But the improbability bits repayment
must be apparent from the consideration
that the money, when distributed, is in the
hands Of the people-identifed with the in
terests Of the several states, and lift is ever
called for, it must be done by the votes of
the representatives of that people. And
nothing but a state of things requiring d.
rect taxation could authorize such an event.
The policy Of our nation ever has been,
and trust ever will be, to supply the wants
of government by protective tarih--by a
revenue which, while it encourages manu-
featuring industry and enterprise, richly
repenishes our national treasury.
But, for argument sake, grant tie posi-
tion assumed by gentlemen in support of
the proposed amendment, and admit that
a repayment Of the money in question
should be demandcd--is it not sale, Mr..
president, in the hands OF the people are
| not town corporations always solvent =
individuals may fail; corporations Of your
own manufacture, Mr. President, may fail
--and think have heard Of the failure of
banks, but never yet heard of toocnS fail
! ing A bankrupt town would be an an
omaly indeed in commercial affairs =
Then think it must be evident that the
money will be safe in the hands of the
towns--and as to the practcabllity of lis
collection, | have not the least suspicion of
the professional skill Of the lawyers upon
this floor on this subject--let the same Sc
curities be given to the state treasury, that
are required Of the several states by the ma
tional government--and none can deny
the available condition Of this sacred fund.
| Ii is also commended, MIR. President, that
| the will of the people, in relation TO the
final disposition Of the money, is yet TO be
ascertaincd. Is this indeed so? Have gen
| tlemen lived in the midst of their constnu-
ents ever since the passage OF the distribu-
ton act, and are yet unacquainted with
their wishes' Was not provision for the
reception and disposition Of the surplus
revenue, long since considered by the peo-
pie as one OF the most prominent subjects
Of legislation al this session? But, say the
gentlemen on the opposite side of this ques-
lion, we are entirely unrestricted on this
momentous subject and would wish to de-
fer defintive action, at least, till the next
session of the legislature. We'll, sir, |
would be the last man TO urge precipltate
legislation, or to oppose the wishes Of my
constituents, but in my humble estimation,
the people have expressed an opinion on
this subject-an opinion too, which can
neither be denied nor resisted. The over
whelmng majority which brought this bill
from the other housc-which sustained it
there through contest the most daring,
determined and obstinate-a conflict wa
ged by talent unexampled in Vermont leg
isation, and hostility that defed opposi-
ton, | regard as the ror popuh on this eX-
citing subject. In that department Of this
legislature, sir, the various sections, and
interests, and sentiments of the Permont
ye0manry-- of the green mountain boys
are truly and faithfully represented.
But you comply with the provisions of
this amendment, Mr.. President, and depos-
tie this million OF dollars in the numerous |
banks Of Vermont, and you create non
led aristocracy, which will have most
powerful influence in the councils Of the |
state it will double or thrbble banking |
operations and bank dependencies, and |
give them character and influence which |
cannot be controlled nor resisted. 1t is !
said, leave the money there only till the
will of the people can be known, or till the
census of lS4O will enable us TO make a
more equal distribution. Well sir, what
would be the effect of such delay? The
history of this bill thus far, and the impen-
ding storm ahead, admonishes us of the
consequences TO be feared At the next
session Of the legislature, you will, on the
one hand, be obliged TO contend with all
the mighty engines Of bank coniederacy-
of Tail-road enthusiasm and numerous 9th