Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-29


chiefin every State These banks so select
ed were mostly conducted by their own po-
litical friends and coadjutors; and. therefore
the most unworthy Of all others to be trusted
Into the vaults of these selected banks they
then poured about forty millions OF dollars,
being the whole contents Of the federal treas
ury, with permission to make use of it, as
SO much capital, on which to discount notes
to an unlimited amount to the most reckless
OF their Jackson Spectators; always having
in view, by this treasury operation, the pro-
curing Of patronage and strength 10 support
themselves in the administration BY this
corrupt treasury stimulus, that wild excite
ment that raised the first delrious "Hurra
for Jackson was hoped TO be kept up; well
knowing that SO long as it could be continu
ed undated. the infatuated multitude would
sustain them. No matter how much honest
men suffered and mourned, provided the
wicked could bear sway. But it is OF the
nature Of wckedness and misrule TO be
caught sooner or later in their own devices.
So in this case the administration were not
able, by great personal efforts, superadded 10
ull their party mac hinery, 10 prevent the
surplus revenue from being distributed
among the States where it belonged The
selected banks upon that event, were imme-
diately compelled to contract their issues,
and to call upon their specializing Jackson
debtors and customers. to pay back the funds
upon which they had been overtrading and
gambling in lands and stocks. This brought
on family quarrel among themselves. The
celebrated "specie circular" intended TO sus-
tain the pet banks through the crisis that
was seen to DO approaching, was found, like
the other administration nostrums, wholly
inadequate to the object.
II was now seen that the administration
banks had discounted not upon their own
capital, but upon public deposits. When
these were Withdrawn, there was no basi:
left 10 sustain their immense, corrupt cleo
toneerng issues Their bills we're dshon
ored as fast as they were returned; aud a
length their creditors, public as well as prl
! vale, the government as well as individuals
were openly set at defiance, and specie Who'll
, ly denied This breach OF faith IN tn
: treasury banks, Immediately reacted upo'
{ all others. and compelled them also to sus
pend the payment OF their bills.
Thus the public distresses are traced di
{ recty to the wilful and corrupt mlsmanage
: ment OF the administration.
And now what answer do they make TO al
e this? Do they propose to correct their 81
. rors2 BY no means. On the contrary
d they begin by abusing most Justify their ow
6 banks whose operations il is well know
y have been directed by themselves and thei
y agents They next cndeavor 10 raise popt
lar prejudice against all banks,-callin
s. their issues rags; and for effect dignifyin
+ specie with the name Of constitutional Gu
5 r.ncy"-hugging themselves with the sill
o pretence that they alone OF all the worl
h were the first TO discover that gold and 81
e yer only are lawful tender for debts an
taxes. The CRY Of Bank and State" is ne
Is raised evidently with odious allusion TO Il
t. term "Chureh and State" formerly broug
into SO great disrcputc by pretended reli
ionists And the only "untried expedieni'
They have 10 offer amidst the universal wrec
and ruin they have brought upon themseiv
z and the country is to place themselves uptt
their vantage ground. and there III
:. drowning men struggling for the last plar
= of the wreck, demand the specie for the
!, own dues, and cry, "sare qai Peat " (sa
= himself who can) 10 all others. And II
=, thew call the "honesln administration OF I
4 affairs Of great and generous nation' en-
j fling them to an honorable and patriotic 81
:, porti The mercless injustice that the
~ men have inflicted upon the people by th'
hs .yrannical and oppressive acts is equalled.
- " by the impudence which embodens th'
- 10 call upon the "patrio,ism Of the people
support them under the pressure OF diffic
!. ties" resulting from those acts, with win
ss they are environed." CLEMENT
i've n, ri;s : ,s,v torn Of
OF Senator Wright. Evidently ashamed OF