Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-03-14

NN'N'A
ton had not been particularly drawn to the !
subject to i0rescc all the consequences ola |
currency exclusively Of paper; and we |
ought not, on that account, to be surprised |
at the facility with which laws were obtain
ed to carry into effect the paper system
Honest, and even enlightened men, are
sometimes misled by the specious and pau-
sibe statements of the designing. But ex-
oerence has now proved the mcchieis and |
dangers of paper currency, and II rests
with YOU to determine whether the proper
remedy shall be applied.
'rhe paper system being founded on pub
lie confidence, and having Of itself no in
trinsic value, it is liable to great and sud-
den fluctuations thereby rendering prop
erty insecure, and the wages of labor UNI
steady and uncertain. The corporations
which create the paper money cannot be
relied upon to keep the circulating medium
uniform in amount. In times of prosperi
tv, when confidence ia high they are temp
/ ted, by the prospect OF gain, or by the IN
| fuence Of those who hope to profit by it,
! TO extend their issues OF paper beyond the
| bounds of discretion and the reasonable de-
( mands of business. And when these issues
! have been pushed on, from day TO day, un-
| I'll public confidence is at length shaken,
| then q reaction takes place, and they imme-
diatelv Withdraw the credits they have Civ
en-: suddenly curtail their issues and pro-
duce an unexpected and ruin0us contrac-
ton Of the circulating medium, which is
felt by the whole community. The banks,
nv this means, save themselves, aid the
mischievous consequences Of their impru-
deuce or cupidity are visited upon the pub
lie. Nor does the evil stop here. These
GIBBS and flows in the currency, and these
indiscreet extensions of credit, naturally
enrender a spirit Of speculation injurious to
the habits and character of the people. We
have already seen its effects in the wild spir-
it of speculation in the public lands, and
various kinds Of stock, which, within the
last year or two seized upon such multi
tude Of our citizens, and threatened to per-
wade all classes OF society, and TO withdraw
their attention from the sober pursuits of
honest industry 1t is not by ENCOURAGING
this spirit that we shall best preserve pub
lie virtue and promote the true interests Of
four country. But if your currency contin-
ues as exclusively paper as it now is, it will
foster this eager desire to amass wealth
without labor it will multiply the number
of dependents on bank accommodations
and bank favors the temptation to obtain
money al any sacrifice will become stron-
ger and stronger, and inevitably lead TO
corruption, which will find its ;way into
your public councils, and destroy, at no dis
tant day, the purity Of your Government.
Some Of the evils which arise from this sys-
TEN of paper, press with peculiar hardship
upon the class OF society least able TO bear
it. portion OF this currency frequently
becomes deprecated or worthless, and all
Of it is easily counterleited, in such a man
ner ms to require peculiar skill and much
experience to distinguish the counterfeit
from the genuine note. These frauds are
most generally perpetrated in the smaller
notes, which are USED in the daily transact
tons of ordinary business and the losses
occasoned by them are commonly thrown
upon the laboring classes Of society, whose
situation Il pursuits put it out of their pow
err to guard themselves from these imposi-
tons, and whose daily wages are necessary
for their subsistence. 1t is the duty of ev-
cry Government so to regulate its currency
as to protect this numerous class as far as
practicable from the impositions Of avarice
, and fraud. 1t is more especially the duty
, Of the United States, where the Govern
= ment is emphatically the Government of the
people, and where this respectable portion
] ! vi Uul ClNlAGllS ulC SO lJIOuUly ulStlI2USDSQ
from the laborng classes of all other ma
= tons, by their independent spirit, their love
, Of liberty, their intelligence, and their high
= tone of moral character. Their industry
in peace, is the source of wealth; and their
: bravery, in war, has covered us with glo-
ry; and the Government of the United
: States will butill discharge its duties if ii
leaves them q prey TO such dishonest impo-
= Gil MT ~ 10 otrilapt 4bo4 tba,n ;nto
I ests cannot be efiectualy protected unless
} silver and gold are restored to circulation.
] These views alone, Of thepaper currency
= are sufficient to call for immediate reform
but there is another consideration which
s should still more strongly press itupon your
, attention.
q Recent events have proved that the pa
. per money system OF this country may be
, used as an engine TO undermine your free
. Institutions; and that those who desire tC
c engross all power in the hands Of the few
e and 10 govern by corruption or force, are
r aware gifts power, andprcpared TO employ
. il. Your banks now furnish your only cir.
D culaiing medium, and money is plenty OF
i scarce, according to the quantity Of notes
l issued by them. White they have capitals
= not greatly disproportione0 to each other
9 they are competitors in business 4 no one
j, Of them can exercise dominion over the rest;
= and although, IN the present state OF The
J., currency, these banks may and do operate
= njuriously upon the habits OF business, the
pecuniary concenS and the moral tone o
d society; yet, from their number and dis.
II persed situation, they cannot combine fol
5, the purposes OF influence; & whatever may
e be the dispositions ofsome Of them, then
d power OF mischief must necessarily be con