Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-07-25

and put them IN circulation as currency Who,
prepared TO subject the contents OF his poekeboot
to such a hesatd as this
II We are 10 have any paper currency. IL mus, oh
,ourly be regulated by law. But how Etbe,
by 9 general banking law whereby ell who ,,c
disposed TO associate, with given amount Of cam
tai, shall have the privilege Of issuing bills and
opening Offices Of discount aud deposit or by ,ne
eel laws passed II may from time TO time seem
meet to the legislature hS, such institutions be "a,
in operation for he pubic LfHcM.
II We are TO have bat rs which shall opetats AL
~ 10 The community. II is apparent iha, their nun.
Der must be limited by some regulation and Tho
moment this is done, their right to exercise bank.
inc powers bee Jme-. III some sense, an ,rolu,ias
pririicgc monopoly"
Now which aould the new lights prefer r,
give every man the privilege of issuing bills az,
currency or give II by general law to oil Who
may associate for that purpose or gran, banks IN
the usual way, us IT may be made TO appear That
the business of the community requires them Tie
first Is out ofthe question. The second would oil
the state with banks TO overlooking while the
third would place the whole matter under tho d.
rect control Of the Legislature upon its view from
time TO time of the condition and wants of the com.
munity The last, ii seems TO u.s. every opponent
Of excessive banking must prefer. And vet the
new lights tamor egains, it as an odious monopo.
ly, because the privilege Of banking s not allowed
TO every man in the community.
1t is thus that the bugbcar of monopoly" va,
ishcs at the touch Of moments investigation.
We admit, however, that there may be odous
monopoes--such for example, as a grant Of the
exclusive right for selling provisions, exercising
particular trade, with certain limits-the effect
and the great mischief Of which would be, TO de
! ..
erorJitdm prices. But no such effects result from
bank interpretations because he rate OF interest is
limited by law, and they are, should be- granted
in sufficient numbers 10 produce a wholesome com
petition If the rate of interest were not limited
The great question, then, ISIS it, on The whole
best TO have any banks, and currency compOsed
partly Of paper or shall we 60 with the despo-
inns Of Spain, Portugal, Italy, and Turkey for m
entire exclusion of the credit system, and the em-
ploymcnt Of currency exclusively metallic
Our limits will moi permit 10 90 into an cx-
animation of this great question But we will ask
whether those who are foi putting down all banks
and depending upon currency purely metallic,
have considered the admitted fact, that il would
require the whole Of the spccie Of the world to
furnish the United States with suficicn, quantity
for 'ts vast and increasing exchanges And If j,
did not require the half of i, if the destruction Of
/
of our present amount 80 millions) Of specie
where are we 10 get the additional 40 ,,iDiono
W ii! the new lights tell us Why, only the Cor.
cling of less than half that sum into this country
from Europe, under the late disastrous expe meni,
has produced such drain from England as TO de
runge her monetary system, and thus aid, We
have shown, in producing the arrangement of our
own.
Bu, suppose could get additional eighty millions by
forced means How long could We keePhl a twenty
feet head of might well be kept from flowing Of
unobs uced passage to keep such undue proper
ton of specie Of the world in any country. II will find
level in spite OF legislative, or executive contnvanecs and
prohibitions
And besides who is prepared to have the property and I,
by the diminished amount Of med Jun necessarily
consequent upon resort to currency exclusively metnl
Who does not see that debiorswho must their
obligations in the number Of dollars expressed upon the,
faccwould be inevitably ruined by such operaii.a 40
And then there s the sudden check which would be civ
to the great enterprises Of country Of
half century IN its career Of sdden
on flom the vgor OF manhood, with the rapid circulation
the blood OF healthy credit system to the sluggish citcu
ation, and enleebied energies Of decrepd old age.
/ The truth is must continue the credit system and ".
must have banks They indeed liable TO he abused az
in every good thing But shall we therefore them
We do not destroy railroads and STEAMBOATS, and return
TO ruted roads and soop navigation because
ca runs OF the track, and steamboat bursts boiler
Wetry rather to improve the railroads. and the
boilers, aud make the managers careful Thus should
wodo with the credit system and thus shall do If wise
and prudent councils are TO govern the country.
There cannot be greater hunbug than Of an CT
cluslvey metallic currency for these United States in the
middle OF the nineteenth century And yet there men
among who mad enough out The experiment To
that extremity. rather than admit that the
has fatally erred and take the ground of returning 10
the old and safe iooy from which in its misguided ambition
II has driven the country. To that ground finally
come EsPtRIEHoE has proved il TO be safe and this Is
proof which the Of the community will value
far more than the specuBtions Of ambitious party leaders
who, TO divert public attention from the causes Of t
present calamity, and shield the administration from ua
eensnre are sezlng the present excitement urge the
country to new and dangerous experiments
Fellow cltizens-The pending election occurs at a crisis
OF almost uneSampled Interest Shall the ruling Dyaasy
which, It's mad experiment, for power has brought the
verge OF run be sustained by the people Of Vermont TINS
the question submitted to your decision Bot yesier
ierday was IN the full pride Of lis power II seemed to
sayour mouain stands strong and shall be moY.
ed Bot the day Of the counrys adsersy predicted by the
thoughtful aud wise has suddenly Shall have come
N 'an Shall no wisdom be learned by this lesson ofb
Ter experience Shall the country be made the victim Of
ne" experiments and the dupe Of usions rather than
yield to sober councils aud be guided by rights Of sober
experience Shall we in short back to the point Of o."
departure or shall suffer ourselves be drawn still far
Their on by the gns iatuus which has fatally med we
country Here ia he issue II cannot be disguised "m
you then asen yourselves to the OF the administrator
stand ground nd MAINTAIN Ihse