Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-07-28


and declined q compliance with the Presi-
dents mandate. He was transferred to
another office, and Mr.. Duane was selected
dents pleasure was signified, He hesiIa-
ted. He was the Presidents friend his
early friend and would do any thing to !
serve him, but surrender to his dictdtion the |
discretion which he was bound by law to
exercise, upon responsibility to another
power. The demand was too much. lie
declared that the revenues of the govern.
ment were safe and that he could not re-
move them. The Prcsdant was inexora
bic. The Secretary resigned! The great |
experiment struggled for existence. The
Independence of two Secretaries had proved
an over match for the Experimental. A
third effort found an instrument who could
be used and the work was done. The
public monies were removed from q safe
national bank, provided for their custody
AID disbursement by the legislation Of con
gress, and over which there was snpervls'
ION by ia,o, 10 numerous state banks, seIec-
ted by The Executive, and subject TO has su-
pcrvison and control.
Thus was consnmmated the great cXper
imsnt of OBTAINING THE CONTROL
OF THE MONEY POWER. The rev.
enucs Of the government were rapidly IN
creasng. The vast surplus which would
necessarily accumulate (the public debt be
ing pald) was too tempting. If the ta'o
was left to lis operation, that surplus would
remain where congress had determined;
but if the President could succeed IN re-
moving j, TO state banks Of his own seIec
ton, he might thereby reach the long arm
Of his power into the states--lay hold OF
their monied institutions, and secure their
support and the support OF their borrowers
by the consciousness Of pecunary depend.
ence upon Executive favor.
The President and his friends were ad-
monished of the ruin which this experiment
would bring upon the country. They were
told that the public monies in the hands OF
the state banks could not be made to per-
form the beneficial operation in regulating
the exchanges Of the country, and maintain.
ing sound currency, which they had been
known to do in the depository which con-
gress had provided. They were told that
the destruction Of the national institution.
would have the eAtc, Of multiplying state
banks, enlaTging their capitals and lncreas
mo the aggregate amount of bank clrcula.
ton; that an appetite for wild and eXtrav.
agaut speculation would be thorcby excited
aod fed; and that the currency would be
expanded, until the bubble should burst,
and universal bankruptcy follow. We
could fill pages with these warnings. but
our limits wall not permit. We give from
among them, the summary prophecies OF
two distinguished members of congress, in
speeches delivered three years ago.
Mr.. ADAMS said--''Your President has
nsurped legislative power. He has laid his
hands upon your treasure. He has seized
1t. and now wields it as a weapon of power
to himself, and instrument of plumber 10 his
partzans Yet bis experiment has but
Just commenced. Its object is not merely
to destroy, but break the bank. His cho
sen state banks are to be HIS repositories,
and engines TO RESTORE A METALLIC CUR
RENCY. With what lntultive sagacity are
the means adapted to the end Sir, his
state banks will land the nation-they are
already hurting it to UNIVERSAL BANKRUPT.
cY. His hand must be stayed, or the ma
ton is nndone."
|
the Secretary of the Treasury astonishes
me. 1t has astonlshed the country. 1t Is
here that we find pregnant source OF the
present agony. 1t Is the clearly avowed
design to bring, a second time, upon this
| land, the curse Of an unreguiated, unc0n
trotied state Jant paper currency. We are
again to see the drama which already, in
the course Of the present century. has pas
sed before US, and closed in ruin. II the
project shall be successful, we are again &c
see the paper missiles shooting IN every dr.
recllon through the counirv--a derange
ment of all values, deprecated circulation
a suspension Of specie payments, then fur
Their extension oithG same detestab,e paper
a still greater depreciation, with failures o
traders and failures Of banks in its train. Il
arrive at last at the same point from which
we departed in 1917"
These prophetic warnings were disre
garded. The President had got possession
of the pubic monies, and put down The
Bank of the United States. and it seemed
to be imagined that he who had done al
this, without being crushed under the
weight public Indignation, might subver
the established laws of finance, and sustain
a forced and unnatural system of monlet
operations by the mere magic OF polIllca
power But how incorrigble and unyIel
ding are the laws which regulate and con
troll, IN spite of executive fats, the tnancla
operations of country, The moment tina
Gen. jackson had removed the public mon
les, and put down the bank, he put in oper
alton causes which even his power coul'
not control. The fatal deed had beer
done and It's legitimate effects must follow
These effects soon began to be visible
New state banks were chartered by scores
and the capitals Of the old banks enlarged
by millions, throughout the country; an
T especially in states aohere The Jachson part