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

purity, the peace, the prosperity ana Tue
happiness of the country. -,
TO etTcc, this reform, The country should
Immediately cmancpato itself. as Tar as pos
.ible. fiom the ttammels of the reignng
Dynasty. nv presenting a phalanx III both
Houses of Congress, and IN EVERY STATE
GOVERNMENT, which shall take its stand bold
Nv on the ground of genuine Wing Principles,
and say to the men in power-hlihcrlo SHAT
thou come and no farther, aud here shall thy
experiments and agents of power be stayed.
But. after all, there are those who give
to tue cnqulrv--what shall be done! u
very different answer from that which we
have suggested. They see the condition
10 winch the experiment has brought the
country: but instead of returning To the
safe position from which it has departed.
they would have II 60 forward to an cXcIn
sive metallic currency. Their cry IS
AWAY with mouopolcs-- Down with hanks.
Give Us equal rights and privileges, and
the good old bard money, constitutional
currency.
Nov all this appears very fair and
democratic. But 1T Us look at I, moment
What is monopoiy? 1t is an exclusive
right. And is this neceSSariiy autl-rrpubh.
can and odious? What, then, becomes Of
the rights of ferry and other exclusive
rights, whch have, time out of mnd, been
granted by the legislature Of this truly
republican state. Whether such grants
be, or be not proper, depends, not upon the
question whether they are monopoiieS bnt
whether they are Jen.fciW 10 Tie coBlmuni-
ty--thc PUBLIC G. Oh beng always, RIGHT
fully, the rea-oa and The rule of such
grants. To dccalm against all mnnopo-
lies is but Il blind opposition to hated and
odious name, without undersa landing the
true grounds Of objection TO the thing
when It signifies. Nonopoles nto jutiy
odlous when they are granted By Kings to
extend the rova Influence, and su,,uin the
royal power nsl as the exclusive prlvi
lcge Of office granted to the friends Of our
National Executive. to extend his iDflu
tnce, aud sustain his power, Is justly
odlous. But it, by no means, follows that
the people, through their immediate repre-.
sen'atives. may not grant exclusive rights,
for limited perlndS, under specific response
bliiies. aud for purposes, not otherwise to
be Accomplished which are beneficial to
the public. Such grants may be strictly
monOpol>es--as truly so, as grants oi per-
p',na and exclusive privileges, made to
slstan royal power; and vet who cannot,
see tie wide practical difference which
exists between ,hem'
In the lndscrlmlnateness Of the OPPOSE
ton. against monoplIcS, 1t is often directed
against grants Of corporate privileges for
manufacturing, and other purposes. grants
not only clearly beneficial, in their effects
on our productive industry, but when prop
ery restricted and regulate ed truly repubi-
can, inasmuch as, thereby, Numerous lnd-
viduals Of small capital may combine their
capital and energy to benefit themselves
ana the community, and MAINTAIN sue
cessinI compcliIon with indiriduals Of
great aceaHh, who need no such facilities.
1t is by such combinations of capital and
energy that most of the noble enterprises
of the present day are carried forward--
enterprises in which the rich and the poor
--capllallsls and aborers--farmcrs. me-
chanlcs, merchans--all have deep com.
mon interest. What would have been the
progress OF our country IN manufactures.
and how successful lls competition with
the capital and industry Of other countries.
but for he privileges granted to manuiac-
turing corporatlous2 But for these we
should now have been hewers Of wood and
drawers Of water TO the manufacturing
"arrs' ocracy" of Europe.
The objections 10 banks on the part of
the NEW LIGHTS, Is, that they are grants
If exclusive privileges, and that they are
authorized Ia issue puper as circulating
medium. Now if n be expcdicnt that we
toy a al bo
question is--how shall we have it, Shall
every man-tor the sake Of carrying out
tie theory of equal prvr'eges-have the
rlgh' To issue his notes and put them in
circulation as currency, Who ia prepared
Ia subject ,he con'ruts Of his pocket book
To such a hazard as this ,
five are To have any paper currency, it
must, obviously, b. regulated by law
Bu how: Either by general banking
law. whereby all VINO are disposed to asso.
cate, with given amount Of capital, shall
have the privilege of issuing bills, and
opening Offices OF discount and deposte, or
by SPECIAL laws, passed "a !, may from time
10 time. seem meet TO The Legislature that
such INSTITUTIONS should be put IN opera
Uon far the pubHc benQh.
II We are To have banks which shall
operate safely 10 The community, 1t Is appa
rent that their number must be hunted by
s0mH regulation and the moment this l.,
done, ihrr right To exercise banking pow,
rr- becomes, in some sense, an exclusive
priwlese-'a ''monopoly."
Now which would the new lights pre-
fer To give erery man the privilege OF
ISSUING bills as a currencys or give it by
general law, to all who NAV associate for
that purpose or grant banks, N The u,u
al way. as II may be made to appear tina,
the business Of the community require,
,hem' The first Is out Of the question
The second would fill the state wuh banks