Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-07-31


men in power hitherto shalt thou come and
no farther, and here shall thy experiments and
abuses of power be stayed.
But after all, there are those who give to the
cnqnry--what shall lie done? very different
answer from that which We have suggested
They see the condition to which Tie ex1cri-
ment has brought the country; but instead Of
returning 10 tho safe condition from which it
has departed, they would have II 90 forward
TO an exclusive metallic currency. Their cry
is away with monopolics-down with banks.
Give US equal rights aud privileges, and the
good old hard money constitutional currcn-
cy.
Now all this appears very fair and democrat
c. But let us look at it moment.
What is monopoly 1t is an exclusive
right. And is this necessarily anti republican
and odious? What then becomes Of the rights
oil Terry, and other exclusive rights, which
have, time out of mind, been granted by the
legislature of this truly republican state
Whether such grants be, or be not proper, de-
ponds, not upon the question whether they are
monopolieS, but whether they arc beneficial 10
The communiiy--ihe public good being always,
righiully, the reason and the rule Of such
CUNTS. To dGclaim against ALL monopolies
is but blind opposition TO a hated and odious
name, without understanding the true grounds
OF objection TO tho thing which it signifies
Monopolics arc justly odous when they are
granted by Kings 10 extend The Royal iniln.
encc and sustain the royal power-just as the
exclusive privilege Of Office granted 10 the
friends OF our national Executive, to extend his
influence, and sustain his power. is Justly obi
Gus. But il, by no means, follows that the
people, through their immediate representa-
lives, may not grant exclusive rights, for linn
tied periods, under specific responsibilities, and
for purposes not otherwise 10 be accomplished
which are beneficial to tho public Such
grants may be strictly monopoles--as truly SO
as grants of perpetual and exclusive privileges,
made to sustain royal power; and yot who ear
not SEQ the wide practical difference which ex'
lists between them
In the indlscrimnatcness of tho opposition
against mOnopolies, il il often directed against
grants OF corporate privileges for manufacture
ing, and other purposes, grants not only clear
ly beneficial, in their effects on our productive
industry, but when properly restricted and
regulated, truly republican, nasmuch ne, there
by, numerous individuals OF small capitals may
combine their capital and energy to benefit
themselves and the community, and maintain
successful competition with individuals o.
great fcealih, who need no such facilities.
1t ia by such combinations of capital and
energy that most OF the noble enterprises OF the
in which the rich and the poor capitalists and
laborers--farmers, mechanics, merchants all
| have deep common interest. What would
| have been the progress of our country in man
| ufacturcs, and how successful lis competition
with the capital and industry Of other countries
| but for the privileges granted 10 manufacture
J ing corporations But Tor thcso we would
now have been hewers Of wood and drawers Of
water to the manufacturing urstocracy" o.
Europe.
The objection to banks on the part of the
NEW LIGHTS, is, that they are grants Of cxclu
sive privileges, and that they are authorized
TO issue paper as circulating medium. Now
if ii be expedient that we should have pape
currency at all, the question is-how shall VI
have it Shall every man--for tho sake Q
carrying ont the theory OF equal privileges
have the right TO issue his notes and put Their
in circulation as currency2 Who is prepare
to subject.the contents OF his pocket book I
ouch hazard as this
five arc 10 have paper currency, it must
obviously, be regulated by law. But how
Either by general banking law, whereby Al
who are disposed 10 associate, with given q
mount of capital, shall have the privilege of is
suing bills, and opening offices OF discount an
deposite, or by special laws, passed ~ it ma
from time to time, seem meet 10 the Legisli
|
rations for the public benefit.
II we are TO have banks which shall opcrai
safely toMe community, it is apparent that the
number must be limited by some regulation
and the moment this 10 done, their right 10 ca
ercse banking powers becomes, in some sens
an erclusire pripilege-a monopoly"
Now which would the new lights prefer
f To give every man the privilege Of issuing bill
as currency or give it by general law, I
all who may associate for that purposc2 {
grant banks, in the usual way, as it may b
made TO appear that the business OF the COMMIT
nifty may require then2 The frstis out oft
/ question. The second would fill the state vii
banks, to overilowing; while the third woul
, place the whole matter npon the direct cOntro
oihe Legislature, upon its view, from time
: time, o. the condition and wants Of the cor
munity. The last, it seems 10 ns, every OPP,
! nentsof extensive banking must prefer. Ar
yet the new lights Glamour against it as an Cd
Gus monopoly, becauese the privilege OF banl
. ing is not allowed 10 every man in The comm
nifty.
, 1t is thus that the bngbcar Of "monopol,
= vanishes at the touch Of moments investig
. ton.
:, We admit, however, that ;herc may be odio
q onopolies-such, for examples, as a grant
the exclusive right of selling provisions, or c
ercising particular trade, without certain In
ts-the effect, and the great mischief OF viii
4, would be, TO destroy competitions &. opprts SO Il
> community Nth erorbitani prices But no SUI
effects arise from bank interpretations, becau
e the rate OF interest is limited by law, and tn
l. are, or should be, granted in sufficient nunbe
= to produce wholesome competition, if the IA
n of interest were not limited.
-, The great question, then, isis il, on t
= whole best 10 have banks, an currency col
,. posed partly Of paper or shall we 90 with I
~ despotsms of SPAN, Portugal, Italy, and'Tl
l. key, for an entire exclusion Of the credit 50
I'd ten, and the employment OF II currency excl
sivcly melalic?