The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-08-29
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-rho following intelligence is from the Buffalo
Journal and presents glowing prospect for those
,bo are under the necessity of purchasing bread
stuff. t..f ~,
owe could name, says that paper, ga single bank
eastward of us, which, within few days. has
engaged TO make discounts to the amount of at least
100000 TO three individuals, for the purchase of
yheat-and the agent Of which individuals have al
ready passed this city and gone west to purchase
wheat Of the new crop. We could also name an
association of individuals in another part of our
state, who already own one bank in Michigan and
another in the valley of the Scioto, Ohio, If not,
indeed other banks whose agents in the field
making purchases; say nothing of the dozens of
milling establishments who have their agents
scattered in all directions, and whose means, OBJ
tanned from large number of banks, which COM
petely at their control, are of the most ample
kind. . ,.....
If this is a statement of facts, it shows concu-
sively that there evils connected with the ex-
istence of these Observation-Disclosures cry loud-
ly for reform. That the number of Banks and the
amount of Bank issues far exceed what IS requisite
for the regular business operations of the country
cannot admit of doubt. Hence owing to the SUI
per abundance of Bank paper, we have seen exist
ing every species ofspeculaton and worst of all the
speculation in flour, operating TO Cypress the
greatest number. 1t will be happy for the COM
munity if the time shall ever come when this sub
iect can be met discussed and properly regulated
without making it hobby for political preferment
But it is far otherwise.
You can hardly open Van Buren, paper but you
see asserted that their opponents the "Bank
party" But how stands the matter9 Under whose
administration is it that the Banking capital in the
U. S. has been more than doubed2 What States
in the Union have more than others added to the
amount of irredeemable paper money? 1t is noto
rous that since the commencement of Jackson's
administration the banking capital has been increased
from 145 millions to 1924 Millions and it is equally
demonstrate that most OF this vast increase of
Banking capital has been created in those States
where there has been Van Buren, majority in the
Legislatures. Let it be remembered that the above
article from the Buffalo Journal relates to the ope-
cation of Banks in the State of New York. a Van
Buren, State---And that the " b. Legislature of
that State at their last session passed law which
authorizes these Banks to operate for one gear NTH
out any obligation to redeem their bills acih specie.
Other Van Buren, States, as Connecticut Virginia,
Alabama, &c. have done the same. But no
wing Legislature has adopted course SO obviously
unjus And no wing legislature can do it with
out departure from their principles No, the
Banks chartered with the express provisions
that they "shal not at any time suspend or refuse
payment in gold or silver coin, of any ofheir notes,
bills or obligations" And although circumstances
may exist, like the present. when the public shall
Justify such suspenson it should be continued only
on suffiance; and any legislative action relieving the
Banks from the said liability is an act of injustice
Ito the bill holders. 1t legislative licence for
speculation and gambling 1t is a legislative per-
INIT for the very coordination and monopoly com
plained of in the Buffalo Journal.
"A meeting of the Bank Directors in New York
CITY was lately holden, when committee was ap-
pointed to correspond with Banks in other cities, to
take into consideration the expediency of fixing q