Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1836-12-16

tina, the power TO distribute even a tempo.
rnry surplus of revenue is Of that charac-
ter, that it was suggested only in counex.
ion with an appeal TO the source of all lc
gal power 10 the General Government, the
States which have established it.
No such appeal has been taken, and in
my opinon a distribution Of the surplus
revenue by Congress, either to the States
or thepeope, is 10 be considered as among
prohibitions OF The constitution. As already
minated, my views have undergone q
change, so far as TO be convinced that nj
tentative OF the constitution in this respec,
is wise or expcdien'. The influence of an
accumula,ing surplus upon the legislation
Of the General Government and the States.
its effects upon The credit system of The
country, producing dangerous extensions
aud ruinous contraclions, fluctuations in
the price of property, rash speculation, idle
ness, extravaganza, and n deterioration oc
morals. have taught us the important les.
son, that any transient mischief which NAV
attend the reduction Of our revenue TO The
wants Of our Government, is to be borne
in preference TO an ovcrhowing Tresury.
On the establishment of national bank, il
became the interest Of its creditors, that gold
should be superseded by the paper of the bank
as general currency A value was soon at,
tachcd TO the gold coins, which made their OK.
pof'a'ion 10 iorciyh countries. as mercantile
COMMODITY more profitable than Their tcten.
t'on ana use at nome as money. 1t followed
as mailer OF course, fnot designed by those
VINO cstaolIshed the bank, that The bank be
came IN effect. substitute Tor The mint Of
INC oniled states.
Such was the origin of national bank cur.
rency, and such the beginning of those diff
iculties which now appear il The excessive is
sues ofthe banks Incorporated by the various
states.
Although il NAV not be possible. bv anv
Legislative means within our power. TO chance
at once the system which has thus been intro.
duccd and has received the acouicscence of
all portions of the country, il is certainly our
duty TO do all that is consistent with our cop.
stilu,ional obligations in preventing the mis-.
chiefs which are thren,encd Nv liz uuJ,o nv
,o,s;.., TL,, tho ofJ,,,,s .r;bo r',,
Cnvo,n,,on, ~ nn,, Cd .,.;,., !, LINERS ou'
,n,;on,i n,n,,;,;en vac c,,,,,Jnd ''.'
,n,,o Lnn,v,od,,o nr ~. s,,,,i.,o, L "" d" 'r''
omon,iv ,i,o.,ed ,v Tho h;,,or zee" ne
,hn aor,,rv ria .n,no e',o"Io u,
Them ,o ,er1sc ,hc,, snncI;on ~ WITCH lea
,hona ', ,,, " ;" power au-
for banking purposes, now exist in n mncb
stronger dcgce to urge us to exert tho utmost
vigilance in calling into action the means n...
cessary to correct the evils resu!tinp from lilo
unfortunate exercise of The power, and il is IN
be hoped that opportunity for cfT.c,ing ,b;s
great good, will be improved before the conn.
Try witness new scenes o emu arrassment and
distress.
Variablcncss must ever be the characteristic
of a cur ency, of which the precious metals
are not the CHIEF Ingredient, or which can h.
expanded or contracted without regard IN Tho
principles that regulate the value of tbose mo.
tails as q standard in the general trade or Tho
world. With us bank issues constitute such
a currency. and must ever do SO until lhcy are
made dependant on those INST proportions nj
gold and silver as circulating medium which
experience has proved TO he neccssa nv not on
ly in this, but in all other commercial conn.
tries. Where those proportions arc not Infused
into the circulation. and do not control il. il is
manifest thh' prices must vary according to
inc ''dc OF oahk issues, and the value and sta.
bili'y oil properly must stand exposed to all
the uncertainty which attends that adminis-
trat'on OF institutions that arc constantly liza.
o'c 10 inc temptation oil an interest distinct
from ,ha' VI 'he community IN which they are
established.
The progress of an expansion. or ra,bero
depreciation orIhc currency. nv excessive b,nk
iss les, is always attended by loss IN The Ia.
boring classes. This portion of the commu.
nifty have neither time nor oppo,tunitv IN
watch the GIBBS and flows of the money mar.
ket Engaged from day TO dav in tbc;rusc.
full tolls, they do not perceive Thai oI,houoh
Their " ares are nomnallv The Same ~ Oman
somewhat higher, thew are greatly rcdnccd in
fac, by the rapid increase of a spurious cur.
rencv, which, as it appears TO max, nancy
abound, they are ut first inclined TO consdr,
a blessing. 1t isnot SO with the specula,or
by whom this operation is better undcr,lood'
and is made 10 contribute 10 his advantage.
~ Is not unt'' me prices OF the necessities of
ne become so dear mat the laborlng classes
. ,, supply '"cir wants out OF tnc'r wages,
;',a,,,' W. ""su' .,I, anu g'uuuu'y icach
auc,s or,bo i.bor VIA , ,"n. ~ p. Wv. . pro
nrec;,,ion il, conso,ronoa -, ill., ~ 80. W
papcr in circuIa,on ,waoo. Nc d,It" -.
become cxorbi,ant. il is soon fund Inn, The