Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1837-08-09


ION as to remedy for the present state of
the currency of the country. Believing
mat many of our readers would be interest
cd to know the views of such man, on
such subject, at such a time as this, we
give an extract from Mr. Adams reply. So
lar as we have any knowledge of the mat
Ter, Mr.. Adams is claimed by neither OF the
present, contending political parties.
We arc'now in the midst of a national
oankruPtcy-occasionedby the insolvency
OF muIttudes of individuals. We are now
told that all the Banhs in the .. States
nave suspended specie payments-and
what IS the suspension Of specie payments
but setting the laws of property at def
ance? If the President and Directors of
a Bank have issued a million of Bills
promising TO pay five dollars to the holder
OF each and every one Of them, the, sus-
pension OF specie payments is, by one act,
l the breach of one million of PROMISES
What is this but fraud upon every holder
of their bills? Aud w hat difference is
there between the President and Direct
ors Of such bank, and the skiful artist,
who engraves bank bill, a fac s.nile of
the bill signed by the President and Di-
rectors, and saves them the trouble of
! signing it, by doing it for them? The
only difference that can see in the two
operations is, that the artist gives evidence
Of superior skill, and superior modcsty.
1t requires more talent TO sign another
mans name than ones own; and the
counerfeiter does at least his work in the
dark, while the snspendcrs Of specie pay
ments brazen it in the face Of day, AMI
laugh at the victims and dupes, who have
put faith in their promises.
You ask what is to BE- the remedy for
this state Of things? There are two rem
edlrs, both of which may be practicable
| One is, that the Congress of the u States
should exercise its powers to regulate the
currency; but they must do this (Which
they will not, without consulting Banks
their Presidents and Directors. The LIE
gislatures of New-York and Virginia
have a!read y shown what the Presidents
and Directors of Banks will advise. And
the propose Of the President Of broken
bank in Charleston, S. c., to begin with
an amendment TO The Constitution grant
ing powers to Congress, which have al
| ready been granted to them, and which
they have twice exercised to the great ben
Eft Of the nation, is an insult at once to
our understanding and upon our miSfor
tunes.
AS little do | relish his other proposal
of a general convention of broken bank
Presidents and Directors, 10 enlghtem
Congress with their advice "a conven-
tlon OF bankrupts to teach Congress rev.
erence for the obligation Of contracts, and
how to make nothing but gold and silver
tender for the payment of debts !-of all
remedies for existing evils the last I would
resort to would be a spurious coin from
the mint of notification.
The other remed which | believe prac-
ticabe is that Of SoIon-a spunge upon
the account Of debtor and creditor-wipe
out all old scores and begin again. This
is the hard-money system, and so far as |
Can Judge, it is the essential system Of the
present administration-it is to detach the
government from all banking, and deal in
nothing but the precious metals If Mr..
Van Buren, is made Of stuff to 90 thro'
with this operation, wish him well out Of
it; but he will want other co-epcrators than
the Legislatures of New York and Vir-
GINA and other advisers than presidents
or directors Of broken banks, or land job
bcrs upon loans from deposite banks.
| think Of this as | thought Of the dry
dock gun-boat, restrictive anti-navv svs-
tenn Of Mr.. Jefferson. It cost the nation
a terrible war to be delivered of that, but
the nation was effectually cured of It's by
drophoba. The war was drastic purge,
, but it ef1ectualIy worked its cure fear
that our present bankruptcy will need a
still more4violent course Of alternatives,
but the cure will come when the people
are prepared to receive it, They are GER
tainly not so now-thev will most proba-
, bly, not be so during the remnant of my
term of life. hope yon will live to wit
ness and enjoy the conva!cscence.
Forgive the freedom with which ha We
answered your letter, and believe me to
Y be. with great respect, your friend and
D servant, J. O. ADAMS
=. SHIP PENNsYLvANIA.-This immense
ship war was recently launche at Phil
7 a1elphia; it was eliminated that 100000
e spectators were present. 1t Is to carry
Y l4O guns and is of 5000 tons burden lis
e largest anchor weighs about 6 tons.-
" Why all this waste! Why cannot ma
:. lions expend their resources in prompting
the peace and welfare of the people rath
IS er than to build these huge enemies o
r blood and death 2-Why not contribute a:
: largely to give tone to morals and to char
acter2
- The only change Of note in the marke
VI for the mas. uank - the fall If It I0ur -