Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-16

Treasury orders, Accommodations at the mni,
and other conitiyancos, there TO retain II, is
course of policy, bordering, as ii appears to the,
on political insanity. II is boosted that we
have seventy five or eighty millions OF epccie
now in the county. But what more sonselcss
what more absurd than this boast, il there is
a balance against us abroad, Of which payment
s desired, sooner than reinittanccs oil our own
products are likely 10 make that payment q
What is more miserable than 10 boast Of hav-
ing that which is not ours,--which belongs 10
others, and which the convenience Of others,
and our own convenience, also, requires that
they should posscss7 II Boston we're in debt
to New York, would il he wise in Boston, in
stead of paying its dcbts, to conrive all posi-
BILE means oil obtaining specie from the New
York Banks, AMI boarding II at home And
vet this is, as think, precisely sensible as
the course, which the Government of the Uni
ted States, at present pursucs. We have with
out doubt, great amount OF specie IN the
country, but il does not answer its accustomed
end--it does not perform its proper duty.-lt
neither goes abb Dad 10 settle balances against
ne, and thereby quiet those who have de-
nands upon us; nor is IL SO disposed of home,
as TO sustain the circulation TO the extent which
the circumstances Of the times require.
great part Of ii is in the Western Banks, in
the Land Offices, on tho roads through the
Wilderness, ON the passages over the Lakes,
from the Land Offices TO the Deposite banks,
and from the Deposite banks back TO the Land
Offices. Another portion is in the hands Of
buyers and sellers Of specie Of men in tho
West who sell Land Office money TO the new
settlers for a high premium. Another portion,
again, Is kept in private hands, to be used
when circumstances shall tempt 10 tie pur.
chase Of lands. And, Gentlemen, am in
clined to think, so loud has been the cry about
hard money, and so sweeping the denunca-
LII h1o
ding, prevails to some extent, in different parts
OF the country. Those eighty millions of sre-
Gle, therefore, really do as little good. We are
weaker, in our circulation, I have do doubt,
our credit is feeber, money is scarcer with us,
at this moment, than IL twenty millions Of this
specie were shipped to Europe, and general
confidence thereby restored.
Gentlemen, will not cay that some degree
Of pressure might not have como upon us, il
the Treasury order had not been issued.
will not say that there has not been over-traG-
ing, and over-productlon, and too great cx-
pansion oil Bank circulation. This may all be
SO, and the last mentioned evil, il was easy to
torsee, was likely 10 happen when The United
States discontinued their own Bank. But
what do say is, that netting uron tho state Of
things, as il actually existed, and is now actu-
ally existing, the Treasury order has been and
now is productive Of great distress. 1t acts
upon a state of things, which gives extroordi-
nary force to its stroke, and extraordinary
point TO its sting. II arrests specie, when the
free use and circulation of specie are most I'M
portant; lit crpples the banks, at mo-
ment when the banks, more than ever, need
NIL their means. II makes the merchant una
bic 10 remit when remittance is necessary for
his own credit, and for the general adjustment
Of commercial balances. | am not now dis
GUESSING ,he general question whether prices
must q OF come down, and adjust themselves,
anew, to the amount OF bullion existing in Eu-
rope and America. am dealing only with
the measures OF our own government on The
subject Of the currency, and insist that these
measures have been most unfortunate, and
most fuinous on the ordinary means Of our cir
culalion, at home, and our ability Of remit
tunce abroad.
Their effects, too, by deranging and mispln.
cling the specie, which is in the country, are
most disastrous on domestic exchanges. Let
him who has lent all ear TO all these promises
O, more Uniform currency, see how he can
now sell his draft on New Orleans or Mobile.
Let the northern manufacturers and mechanics,
those who have sold the products oil their Ia
Dor 10 the South, and heretofore realized the
prices, with little loss Of exchange, let them
Try present facilities. Let them see what re-
form Of the currency has Gone for them. Lei
them inquire whether, in this respect, theIl
condition is better or worse than il was five oil
six years ago.
Gentlemen, | hold this disturbance Of the
measure Of value, and the means Of payment
and exchanges--this arrangement, and il
may say so--lhis violation Of the currency, tS
be ono Of tho most objectionable Of politica
fauts. He who hampers with the currency
robs labor of its bread. He panders, indeed
to greedy capital, which is keen-sighted ant
may shift FOR itself; bat he beggars labor
which is honest, unsuspecting, and too bus!
with the present TO calculate On the future
The prosperity Of the working class, lives
moves, and has its being in established credit
and steady medium Of payment. All suddei
changes destroy it.. Honest industry ncvc
comes in for any part Of the spoils in tina
scramble, which takes place when the cur
rency Of the country is dsordered. Did wilt
schemes and projects ever benefit The industri
Gus class? Did irredeemable paper eve
benefit tho Industrious Did violent fuctua
Iions ever do good to him, who depends on hi
daily labor for his daily bread Certainly
never. All these things may crafty greedi
ness tor sudden gain, or the rashness OF dar
ing speculation but they can bring nothing
but injury and distress to the homes OF paiien
industry and honest labor. Who are they tina
profit by tho present state Of thinSs? The
are not the many, but the few. They 81
spectators, brokers, dealers in money, an,
lenders Of money at exorbitant interest. Sinai
capitalists are cruihed, and their means, be
ing dispersed, as usual, in various parts OF III
country, and this miserable policy having de
stroyed exchanges, they have no longer eithe
money or credit. And all classes of labo
partake ard must partake in The same calam
ty. And what consolation Cor all this, is i
that the public lands are paid for in specie
That whatever embarrassment and distrea
porvade tho country, the western wilderness
thickly sprinkled over with eagles and dollars
That gold goes weekly from Milwaukee an
Chicago 10 Detroit, and back again frol
Detroit TO Milwaukee ard Chicago, and pei