Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1836-12-20

Remarks OF Mr.. Shel don, in reply ~ Mr..
, Watson.
IMR. PRESIDENT:
can and do most cordially unite with |
Ithe Hon. Member from Bennington, in de- !
Iprecaling nonopolles OF every description.
IThey ought not 10 exist III any country, " !
certainly not IN America. But, Sir, as |
understand the term monopoly, we have I
but little OF it in this state. Our banking I
and manufacturing corporations are so con |
slituted, that doubt the propriety of call !
ing them monopoes. But whether they !
are 50 or not is quite immaterlal: we have
adopted them, and il has become the set
tied policy OF the state to sustain them.
| The question now TO be determined is,
where shall we create the power 70 regu
late and control these institutions. And
with this view, Sir, | will call your auen-
ton, for few moments. TO the proposition
o amendment.
The amendment proposed will reserve
TO the legislature the absolute control of
/ the bank in other words it will, in effect
lake the power o. regulating the operations
Of the bank from the supreme court, and
place it i'll the hands OF the legislature.
This proposition, as am disposed TO view
il, has nothing TO recommend 1t but It's no.
ueity. We ought, perhaps, 10 enquire as
To its parentage lis place Oi nativity; the
object oil its visit 10 Vermont, and upon
what principle OF sound policy it can prcdl-
cate claim 10 an introduction among the
banking institutions OF this state. We are
informed, Sir, that tins prodigy makes high
pretenslonS as 10 origin, birth, sc. &c. 1t
is said, Sir, that few years since The &C.
m0cracv OF New York came in labor, and
in one OF her most agonizing throes brought
form this wonderful production: sand that
from the hour Of It's birth she has caSped it
| 10 her bosom with all the ardur and all the
l0ndneSs OF mothers iove.-Thls may be
true, Sir, and beng true, il would be dar-
ing presumption III us 10 offer the least III
dignity TO the dear creature. We are
lurher informed, SIR, that the democracy
OF Vermont are adopting, or are willing to
adopt, the New York darling, and make it
their nursing, and even a tesl question Of
political orthodoxy. This, Sir, | do not
and cannot believe that certain individuals
OF tiic democratic party III this state have
advocated The adoption Of such measure
is tue, but believe, Sir, that this project
has not yet been sufficiently examined to
inrn part vi the political creed of any
party. II | have correct view of Vermont
democracy such proposition can never
/ find favor or acceptance in their estimation,
| i telieve, Sir, that the democratic party
! have ever been the first 20 advocate a well
baanced government they have ever CON
sloered il all important, that the different
/ branches OF the government should be kent
( seoerate and distinct from, and inGeyen-
! dent OF, each other: they have ever been
tie ready advocates and vigllant guardians
| of the rights of the people. But, Sir, they
I never have been, and ] trust they never
will become, the advocates Of nlobocracu.
hope, Sir, that no party in our state will
ever become 50 infatuated through excess
sive love OF the people, as to wish the lcgs-
ature to assume and exercise a power.
which can, with Infinitely more propriety
and safety, be administered by different
branch OF the government. We are in
vited 10 adopt the proposed amendment,
because il is said that the charter, in It's
present form, may be brought into cor
nexion with the political affairs OF the state.
This suggestion, If well founded, is worthy
Of serious consideration, and the event an,
iicipaed should by all means be avoided.
But would enquire, Sir, is not the remedy
proposed infinitely worse than the evil com
planned OH Are we not receiving into our
bosoms the very viper we wish to avoid
Adopt the amendment, and you may claim
the honor OF having created one of the most
perfect political engines that was ever franz
ed by the ingenuity of man. The banks,
instead OF being peaceable, quiet, business
institution, entirely and exclusively devoted
TO its own affairs, will be forced into So
cely, will be compelled to become polilical;
and they may produce a result, which we
ought all, with one accord, W depricate.
| Swell The number OF your banks to forty,
| place them all at the mercy OF the egisla-
lure, subject them, as you unavoidably
must, to The caprice and bitterness of party
spirit, and where will he the circulating me-
dium ofyour stale? What will be its stand
ing at home and abrood' What will here
| alter be the character Of your IegiSlalions?
And what he fate OF all the important bust
ness transactions Of the state? Al answer
To these enquiries will be readily suggested
! to the mind Of every member of the sen ltc,
and think we shall all agree, that the a.
doption Of such measure might, and pro-
baby would be, in a high degree, disaster
Gus to the best interests uf the state. |
will now invite your attention, Sir, Tor
few moments, 10 the charter in its present
form. The bill on your table is, in sub
stance, the same as all The other bank char
Iers in the stale.-Il CLEARLY defines, on the
one hand, the rights and privileges OF the
corporators; and on the other, it sets forth,
with equal cearness and certainty, the du-
lies 10 be by them performed, anG the en-
joyment Of those immuntics is made to
depend entirely upon The perlurmance ol
those duties. Il would seem, Sir, 10 us who
nave seen such machinery in opera lion for
The last twenty or thirty years, and who
have witnessed the almost unrivalled pros
peri'y I'he State during that period, tina