Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1836-09-23
NO. 3.

equal twenty millions at any one return, and
seldom exceeded II; being quite one third
less than what is now done by the deposite
banks. II further appears. that exchanges
have in many cases been effected at lower
rates by the deposite banks than by the Uni
ted States Bank. Indeed, can il be doubt
ed, that even ifthere was not single bank,
State or National, in the country, il would
nevertheless be quite easy to place its do
mestic exchanges upon an advantageous
and safe footing, so long as there is suffi-.
cheney Of solid capital to be employed in the
business From the nature Of the thing it.
self and from the experience Of Europe, we
may be assured that the profits and necessi-
ties of trade would invite and obtain ample
facilities for the business of exchange from
other sources. so long as the commercial
community with one accord desire to see it
successfully carried on, and assist in good
faith in effecting it.
Lastly, the currency. The proportion Of
our whole circulating medium that was COM
posed Of the notes OF the Bank Of the United
States, during the existence of that insti;u-
ton. was much smaller than was generally
supposed The circulation of the United
States Bank, as | am informed, ranged, for
some years before it expired, at about TWEEN
ty millions, often below that amount, which
was not over one-fourth Of the paper circu-
lation Of the United States Some think it
has been less than oneffth. The great
mass OF the business OF the country was,
therefore, even then carried on so far as mo-
ney was employed in it, by means OF the
notes Of State banks and specie. The bene-
fetal effects that were claimed to be render
ed by that institution in respect 10 the cur
rency, consisted
lst In supplying bills ,ha, were current
Throughout the Union and
! I'd. The salutary effects of its supervision
over the State banks, in preventing over-is-
sues and compelling them 10 keep on hand
larger supplies Of specie for the redemption
of their notes
The transactions in which it became nee
essary or was usual to carry bank notes
from one State to another. were very limited
in their amounts large sums being then, as
lthey are now. and ever will be, transmitted
through the medium of bills of exchange. 1t
4 will not even now, think. be seriously de-
, MED, that the increase Of the gold coinage.
/ and the facilities of getting that species of
4 coin, together with the large denomination
= of notes issued by the leading State banks.
0 are abundantly sufficient for those purposes.
: and that they can be quite as conveniently
; employed in them.
e AS to the benefits alleged to have been
rendered by the Bank Of the United States.
D in checking excessive issues by the State
5 banks. and in compelling them to maintain
4 an adequate supply of specie, whilst by no
means disposedto undervalue them, l yet
! think the same objects can be accomplished.
e not only without the agency Of any such in
stitution but to much greater and more
: useful extent without than with it, provided
a proper policy be pursued by the Federal
: and State Governments; by the former.
Through the mint and the Treasury Depart
# ment; by the latter. by suppressing small
i bills, by discouraging the extension of the
e paper system. and by subjectiug existing
{ banks to wholesome restraints and 10 rigid
S supervision.
: That gold and silver should constitute
h much greater proportion of the circulating
Il medium fthe country than they now do, is
I, a position which few are disposed TO deny
y How great the increase. and how rapidly it
II ought to be effected. are questions in regard
e to which difference of opinion may from
E, time to time arise amongst men having the
r same general object in view. No benefi-
d cal reform in the affairs Of the world was
e ever accomplished. in which similar diversi-
D. ties OF opinion were not found among its adj
s. vocates but it is consolation to know that
l. embarrassment arising from that source
have been overcome, and may be again. To
IF protect the working classes. (who, generally
e speaking. have no control over paper cur
y rency & derive no profit from bank stock, }
% against losses arising from depreciation, by
l. securing a metallic currency sufficient at
e. least for all minor Misunderstanding tho
), payment of labor the most important as well
IS as the most pressing use there is for money
IS Ito furnish q more substantial specie basis
d for that part of the currency which consists
e, of paper. and thereby save the whole COM
Of munity from loss in consequence of any sud-
,r den withdrawal of onfidence-should be
oil our first object, as it is our imperative duty.
s. Other countries are wiser than we are in
at this respect. England prohibits the circu-
D. laton of all bank noses under 81 equal to
h about S25 and France all under 500
ID francs, equal 10 about 500; and there is
n scarcely "A village, or even an inn, in Eng
lie land, in which you cannot without the
is slightest Inconvenience, change five or ten
Is pound note, and even those of higher de-
o. nomination, into gold and silver and in
h France there are like facilities
X Our situation has for long time past been
le widely different a fact easily to be account
OF ed for when we reflect upon the past course
it of the Federal Government. The consitu-