Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-05-19

long report O1 MI secretary laicy, anOlO-
ge,c for the removal Of the Dcposi'cs,
makes no reference to q METALLIC Gun
RENcy, and promises nothing but lJ'BEr
TER CuRRENcY to be furnished by the
STATE BANKser1
We copy from the rcpor, Of MY Sccrc'a.
~ a development of the plans of the Exec
utive;
"lt is well understood That the SUPERIOR
CREDIT heretofore enjoyed by the notes Of
he u. s. Bank. was not founded on any
particular confidence in its management or
or soldily. II was occasioned ALTOGETHER
by the agreement on behalf Of the public IN
the act Of ncoi pora'ion. TO receive them in
all pavmcntst 20 the United States; and il
was this pledge on the part Of the Govern
ment which gave general currency to the
notes PAYABLE at remote branches. The
same engagements, in favor OF any other
monied Institution would give lis notes
EQUAL CREDIT, and make them EQUALLY
CONVENIENT for the purpose OF commerce"
ITO wit.-thc same engagements in favor
Of the Peis--would make the notes Of a
Buffalo, Na,chez or New Orleans branch
worth one hundred cents on the dollar in
Boston. Why does not the Government
make such engagcments'
"Bu this obligation on the part Of the
United States"-the Secretary continues.
evil cease when the charter expires; and
as soon as this happens ALL the outstanding
notes Of the Bank will lose the peculiar
,1,,, ,,,l i, pNtg-
able at distant places becomes as MUCH DE
pREcIATED AS THE NOTES Or THE LOCAL
BANKS"
Not only is this not the case but all
the Bills Of the U. S. Bank have been at
a premium in every part Of the country;
while the local Bills have been at q dis
count in many places Of from to o5 per
cent VIVA, would a Bill of Il Western
Pet Bank be worth in this city, compared
with Bill Of the Same nominal amount Of
the old or new Bank Of the United States !:
Again let my Secretary speak the views
Of the President;
1.-THE State Banhs can, I have no doubt
furnish a general circulating medium, quito
as unifoom in value as that which has been
afforded by the Bank of the United States.
D'ProbaJiy more so."sr1
'Bv agreements among Themselves 10
horcr each oiher's mates and Gr0fs they are
providing a general Currency at least as
SOMA os that Of ,hn Bank Of the United
States, nnd will afford facilities to cons
mcrcc, and in The business Of Domestic En-
changes quite equal to any which the com
mnni'y heretofore enjoyed"
Not syllable thus far from the rresi
dent or my secretary of a Metallic Cur
rency. The only proposed substitute for
the Currency Of the U. S. B. is the Paper
C.,'~onc5 2r Tho Jocol Rn;'Io And this
was the fifth year of the warfare on the
National Bank
1884.
The expositions that were made by the
Wing members of Congress during the
session of 1888 81 demonstrated so clearly
= the incompetcncy Of the State Banks &c
furnish sound and Uniform Currency, that
, the Executive was compelled 10 shift its
ground, and the next rising Of the curtain
was to the first scene of the Gold IIumbng
FIRST HINT OF A METALLIC CURRENCY.
: "Thc progress Of our Goid Coinagc j.
Z, crcdllab'c To the officers of the Mint, anC
, promises in a short pcriod to furnish tho
Country with sound and p0,taJle cu7ron
3 cy, which will much diminish the inconvc'
: nlcncc to travellers Of a general paper
E currency, should the State Banks be incapu
bic of furnishing il."--JachSon's .Nessag,
of '34.
Here is the first in,ima,on of any
h doubt on The part Of the Executive Of The
n ability Of the State Bonks to furnish a suit
able Paper Currency for the country; ant
-, here is the first indstinct and vngue hin
. Of any hing like Specie Currency.
: is only virtual admission of the failure O
the First Experiment.
. 1885.
Q The Message Of 1885 repeats the asser
ton that the Bank Of the United Safe
, had not furnished the country with SCUM
d currency; but withdraws the doubts Of til
capacity of the State Banks, and assert
:, point blank that they have supplied tn
"wnnts of the community, in relation t
-; Exchange and Cwrency as yell as Tie
r. hare crer been Jef0re," 1t asserts also
the most unqualified manner that til
. 'circula'ing medium has been greatly in
, proved"
:, This message is the first document Of III
administration in which the Metallic Gu