Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1837-06-28

6tSe ~ StCoACt oAAO uul tIldn Itbc present
products Of our own industry can REPAY.
All this b TO be regretted, but it is past,
and i cannot now be helped.
But let us remember that these con-
tracts were voluntarily made, and that
hey are in equity binding. If we have
purchased at too high prices, or have pur-
chased more than we could afford, this is
our own fault, for which no one else is
responsible. Whatever may be the cri-
sis, or whatever the pressure, let US re-
member that the country and every ind-
vidual in it " is dishonest, unless we dis
charge these debts to the uttermost far
thing."' The present distress, great as
it is, would be nothing in comparison to
an universal violation of faith, and the
shameless avowal Of disregard of solemn
engagements.
The resources ofthe country are mex
haustible. and the skill and industry of its
citizens are unexampled. What cannot
be done, within time, may be done out of
time. Ifthe products ofthe past year will
not pay our debts, we may pay them
with the products of the present year
And, although losses must be sustained.
and suferings must be borne, yet our
character will remain unsullied, and we
shall gain in morals more than we shall
lose in wealth. What we justly owe
God helping us, let us manfully and hon.
estly pay; and let the universal sentiment
ofthe community be, we will sacrifice ev-
cry thing but our honor.
But, in order to accomplish this result,
it is evident that we must cultivate spirit
Of mutual Cancellation and forbearance,
and Of generous confidence in each other.
In times Of public distress, the individual
is always strongly tempted to save him
SELF let what may happen to the public
But every one must see that such a pol
icy must end IN inevitable and universal
ruin. Our only safety is in a generous
and self-sacrifcing public spirit. If the
whole can be saved, the individual is pre-
served But if the community be bank
rupted, the individual is crushed beneath
the universal ruin.
But this is not enough. FIVE have
consumed too much and produced too
little, the muUal remedy is to produce
more and to consume less. IF we antici-
pated, last year, the earnings of the pres
ent we must devote the earnings of the
present to meet the deficiency. And,
hence, the greater our industry, and the
more scrupuIous our frugaIitv, the soon
er will that deficiency be supplied. Let
US, then, cheerfully and universally COM
mence q course of industry on the one
hand, and of retrenchment on the other.
Let every useless and frivolous gratihca-
ton be abandoned. Let every expendi-
ture be, so far as possible, diminished
Let every one do something more than he
has done before towards maintaining him
self, and adding to that stock on which we
all depend for the means OF physical hap
piness. 1t is, sure v, time, in a republi-
can government and at such crisis as
this, that labor be esteemed honorable
And until il be esteemed honorable, see
not how we shall escape from our present
embarrassments.
And, here, make my appeal specially
to the Young. Let me ask YOU, nv
young friends, what have you thus far
done, and what are you now capable of
doing. towards your own maintenance
Ii the answer be, we have done nothing,
allow me to say; you have, thus far. been
useless members Of the body polite
Nay more. great part, perhaps the great
e! part Of that expenditure which now
emharrasses = parents, has been in
CURED, directIy or Indirectly, or your &C
count. Let each young person enquire,
then, how can add to the income of the
family Of which form a part. In this
manner, will you give substantial proof of
your gratitude for that parental kindness
which. in the hour of prosperity, so liber-
ally scattered around you the means Of
qualification.
In this manner, may we best be reliev-
ed from bebt. But, besides the debt
which presses upon US, and doubtless,
ore1tly in consequence Of it, the xchang-
es Of the country are sadly embarrassed.
This embarrassment has come to a pres
ent crisis IN the universal suspension of
specie payments by all the banks in the
country.
This is surely to be regretted but let
as not make it worse either by our own
rashness or our own folly. A bank that
was solvent before is equally solvent now.
The bill Of bank that has suspended
specie payment is just as good as it was
before, itthat bank be only retained in
sound condition. The only difference is,
that then we possessed. in the fact that it
redeemed its bills, an obvious guaranty
that It was able to redeem them. Now,
that guaranty is Withdrawn. and our onlv
security consists in the confidence which
we repose in those OF our citizens to whom
its affairs are entrusted.
Now, in such state of affairs, there is
nianltestly mutual duty imposed upon
the officers Of the banks and the commu-
NIFTY at large. lnasmuch as the ordinary