Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-06-27

SPECULATION AND SPECTATORS.
The Naturalization accountable for The specu-
tdtion, and Engaged in IL.


The times are ont Of Joint. and who il res
ponsibo for III Let those who arc, answer
for the desootion which is spread over tho
land. II NC had been visited by wars, BY fame
inc, by pesllonce, or by any Other Great yror
tdenttaL calamity, we could then trace cur spf
'erlngs to satisfactory origin. But. il is a
time Of profound peace, and health and penfv
abound, at least TO such an extent az 10 SUNNY
all reasonable expectations the laborer has
commanded extraordinary wages, and al the
great agricultural staples have botno unexam-
pled pHcesj and yet in the midst Of these greut
elements OF prosperity, while Providence ia
still indulgent, and sill blcsses human exef.
lions, t. energies Of the country are SUSPEND
cd; IN tho midst Of plenty, there is suffering
and want in the midst Of riches, there is dis.
irossing poverty; men, struck with astonisb-
mont, gaze at each other, survey the ruin which
surrounds them, and anxiously ask-Whnt IL
10 be done Where is This desOlation TO ena2
We recommend TO them, rather to inquire.
l7here and ho'o 1t begun to trace cause TO eff.
iect; TO keep in their minds the history OF the
past and the remedy will be sufficiently an
parent. BE not doluded or misicd by the false
pretenccs which are set up by the miserable
subtcruges which are resoried TO, by those
who have raised the storm, to conceul theit
work.
Among the apologies for the present state
of things, which have been industrously prop
ogated by the affiliated presses is the gambling
and specializing, which, ii is said, have prevail
ed in stocks, and other property. That there
have been corrupt gambling and speculations,
we do not doubt. That this stock lobbng and
speculation in what has been called fancy pro-
perty is new feature in our morals and tac~
tics, is equally certain. But when state of
things, unknown 10 the country, splings up
hon Il h. Iaa0
take new and untried ways, there must be some
cause for il. Some change has been wrought
in our circumstances, which produces such a
result, for we may rely upon it, people do not
suddenly break away from good and honest
pursuits OF industry, TO hunt for success in the
stews OF gaming house.
Where then did the stock jobbihg com.
mcnce2 Where was the disposition first nour-
ished What is the nliment on which il has
fed 2 And who is responsible for poisoning
the public mind with excited hopes Of immod-
crate gains by gambling in stocks? Before
Gen. Jackson became President we hoard
nothing Of stock jobbing-of set of traders e.
spectators called gamblers we heard nothing
Of fancy stocks; Of cities on paper sold in tho
market; Of men, either with no capital or but
a very modelate amount, yet failing for mill
ions; OF few individuals monopoIizng the
vast cotton trade; of great land companies,
formed to seize the public domain and sell it
at their own price; of companies formed to
monopoze Indian Reservations, and, as one
of the Adventures aptly expresses it, TO steal
land ,; and yet all this is part Of the history Of
! the past six years
A deep game has been played upon The crc-
dulity Of the public, and those who are most
! implicated in this ckcdness, have, TO divert
| public attention from themselves, been first &
loudcst in their hypocritcal cry against it.
General Jackson took many occasions to
denounce the stock .jobbers and gamblers; and
now, let ia see wnother this was done 10 mis-
guide the public or suppress the evil. We wilt
show when the gambling commenced, and
leave it 10 the public to Judge whether he dis
approved of it. We shall appeal 10 no facts,
except such as are capable o. the most cohclu-
| sive proof
The whole country knows the hostility Of
Gen. Jackson to the Bank Of the Z. States,
and with what zeal and success he hunted il
down. After trying various experiments upon
the Institution, 10 impair lis credit, and after
causing its affairs TO be Investigated, by a COM
mlttee of his own friends at Philadelphia, With
out producing any unlavorablc evidence. he re-
solved to take bold and decisive stcpio bring
the institution into discredit. 1t was the de-
postory Of all the public revenue, and the u.
States owned seven millions ofthe stock.
What, theG, was so well calculated TO OK
cite public apprehension, and 10 arouse suspi-
cion, when the U, S. had several directors in
the board, appointed by the President, and the
bank itself was obliged to make monthly re-
turns OF ITS condition to the Secretary of the
Treasury, as for the President IN his annual
message, to inform the people that it was un-
worthy Of confidence, and that the public inter.
ests were at hazard What so likely 10 &c.
press the stock, and render it of little value o.
! The President, it was known, had access,
, through his officers, 10 all means OF accurat,
f intelligence, and it could not be credited, that
I in plain matter Of fact, lie would misin(orm
the public when acting as their chief masis-
trate, and in fufillmcnt Of his duty, in cominu-
ncating the state Off public affairs to the nation
} Yet, in 1882, he did denounce the bank, and
: in ambiguous terms, state, in his annual mes.
3 sage, that he distrusted its security us place
e OF public deposite, and urged the investigation
Of its affairs as indispensably necessary. The
annual report of the Secretary of the Tfeasu,
E ry, substantially endorsed this opinion. The
stock of the bank was then at Sl26 share
and it Immediately fell. as might have been an.
ticlpated, 10 about par, or 500.
This message was delivered 10 Congress or
the fourth of December. One Henry w, To.
: land, two believe his name was) an agent anc
t partzan Of the administration, had been previ
e ously despatched 10 Philadelphia TO examinl
q into the affairs of the Bank, and to make re-
f port It may be easily conjectured what kline
: of report was desired. On the same fourth
+. Of December, Toland made his communicates
b to The Secretary, and, no doubt contrary t.
o the hopes and expectations OF The President, b,
, represented that the soundness Of The Bank
a and its ability TO meet all its engagements, wa
: conclusive and could not be doubted. Yet thi
: report is filed away in the department., and thel
the message was left to do all the mischief L
Il the widows and orphans who held stock, tina
i such high authority was capable Of inllctng
D The motive Of this was soon manicsted, 10