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

been strictly observed until ,he suspension of
specie payments by nc banks, but which are
now violated from necessity and not iiom
choice
The editor Of the Post is pleased TO remark,
that my speech, iu the Senate of the U. States,
about Il year since, on the deposlte act IN
which | vontured some views IN relation 10 our
credit system, twas duly copied into the Wing
papers with great applause" &c. Seeing
those papers but seldom, was no5 aware how
extensively it had been copied OF applauded by
them was. however, at that lime IN the
regular receipt OF the Evening Post, and
90 not remember 10 have seen that
speech copied into its columns md am not a.
ware that its readers have been favored with my
views on that subject, TO enable them to form
au opinion Of the correctness Of the animadyer-
sious OF the Post Those views believed cor
rect at the time, and have seen nothing since
/ To- change Them but every thing 20 confirm
/ them / have no disguise about my opinions
on this subject. / am 10 favor o. well regu-
lated credit systom, and opposed 20 the Chi
merca scheme Of an srclHsiy- me'"hc cuuen-
/ cy. The following extract from the speech
which has so uuccremoniousiy received The
censure of the POST wiii show my opinions
/ then, as well as the opinions which ! now en-
tettain.
"Tho credit system is the distinguishing loa-
/ ufe between despoism and liberty; il is the
oHspung OF free institutions: t is found 10 eX-
ist and it, influence is fot, ia proportion 10
the freedom enjoyed by any people. By free
dom do not mean unreoulated, unrestralned,
| natural liberty, bu, that freedom which is fonn.
dcd on just and equitable laws; where the
rights of personal security, or private property,
and religious federation, are guaranteed TO ev-
cry individual /; where there is general diffu-
sion of knowledge, and the existence of public
and private morality. These are the elements
and they together form the basis OF public con-
! idence on which the credit system rests. This
is the invention of modern times In tho old
governments Of Europe, where liberty never
found a resting place, credit was unknown
To the United States has been left the honor
OF maturing and perfoctlng this system. To
| the United States, also, is the honor due Of
| having first applied the system of steam nav-
CATION. The effects on The general prosperity
of the nation have been as sensibiy felt in the
one case as in the Others and he who should
at this day recommend an entire abandonment
Of our credit system for sole and exclusive
metallic currency, would be deemed no less WIS.,
ionary than he who should attempt TO subsi-
tute Pennsylvania wagon for locomotive
or canal packet or should endeavor to stem
the resistless current of the Mississippi in a
fat boat, instead Of those splendid palaces
which now move majestically on lis waters
Shall we then, Mr. President, check this tide
of prosperity by the introduction of new and
untrled schemes? Shall we not be content
with the necessaries, the comforts, the conve-
niences, and the luxures Of life, which are
widely difnsed throughout this whole country?
Shall we attempt TO overthrow, subvert and
destroy a system which has produced all these
blessings? which has brought happiness and
plenty to the door Of every man and that, too,
for the purpose of adopting some of the explo-
ded doctrines of the political economists OF Eu-
rope? Sir, you might as well attempt TO ap-
! ply the common law of England, which was
born and nurured on the Thames, TO the faith
or of waters in this western world, and 10 our
mighty inland seas, compared with which, the
boosted streams and lakes of Europe dwindle
into rills and ponds beside them. Yes, these
vast inland seas, into which, in the language
Of distinguished senator of my own state,
, you might cast the whole land of the common
law, without producing ripple. Sir, believe
| speak the almost unanimous sentiment of my
political friends in this Senate, when | say
. they intend no such thing | believe speak
the sentiment Of the democratic party through
out the Union, when say, believe they nei-
Their expect or desire any such thing. What,
then, do they expect and desire? answer, no
more, nor less, than every real friend to his
country is willing to adopt, namely, preser-
walton, and at the same time, regulation, Of
the credit system. In all such measures of re-
form will 90 as far as he who goes iarthest.
Preserve and regulate, but not destroy, is my
motto. Enlarge your specie basis introduce,
: as far as practicable, gold currency, by the
9 prohibition Of small not s provide means for
coming at the mint; take all proper measures
= to prevent excessive issues of bank paper, and
the unnecessary increase OF bank incorpora-
tions repeal your restraining laws, so as To
a.. 4 I