Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-07-31

in the name OF the Pcoplc-all for the sake OF
maintaining the principles of Democracy. AS
wastclul expenditure was augmented, and ca
ecutyo usufpation grew holder and more rcck-
less, did tho cry Of Democracy become louder
and longer. Every stride in this career was
accompanied by the cxclamation--b behold our
hatred Of arisocracy, and our zeal Tor the rights
Of the dear people
From the moment that the present dynasty
became ascendant in 1929 TO the present time,
one great purpose has controlled its movements
and absorbed its energies. That purpose has
been the augmentation Of ertcutipe influence
and po,cer To accomplish il, more than Of
binary ambition would have been content with
so using the power OF removal and appoint
ment as 10 convert tho agents experimenting
the vast machinery OF government into the mere
ministers Of the executive will, and agents 10
suporintend the machinery OF parly. 1hls
would, to an ambition Of more than ordinary
grasp, have been deemed an agent sufficiently
powerful TO control the press-to guard The
ballot box--to act upon State legis latIon, and
to influence tho deliberations OF Congress
But the ambition OF our modern rejOrmerS rca-
chai FAR beyond this and the great project
was conceived of Reinforcing these means with
the entire revenues Of the country, and Of uni
ting to the political, tho money potcer And
this introduces us TO the "erpeinlen" under
which the colntry is now groanng-the begin
ming, progress and termination Of which we
will now, as b 'iefly as possible, describe.
The great experiment embraced succession
of experiments, which We will glance at in
their order. The first wus the experiment of
making the Bank Of the U. S. political engine,
subservient 10 tho will OF the executive. This
experiment failed The Bank had not mingled
in the politics of the country, and II would not.
1t had not opposed the elevation Of Gen. Jack
son to power, and ii would not, when he had
obtained it, bow TO that power.
The decree went forth that it should he crush
ed
The next experiment was, 10 create doubts
of the solvency of the Bauk-oban q vote OF
Congress that the public monies were unsafe
in its possession, and thus sustain the mcda-
ted measure OF their removal from lis custody.
This experiment also failed. Neither could the
credit of the bank be shaken in the public es-
timaton by the ilagitious attempt OF the ad-
minislration 10 impair it, nor could Congress
be induced 10 declare the revenues 10 be an
safc in lis custody. A direct effort TO this e.
feet, resulted in the report Of q committee Of
the House OF Representative a majority Of
whom were the Presidents political fnends-
that the public monies ,cers safe; and that re-
port was sustained by an overwhelming vote of
ment. The credit of the bank remained un.
shaken, both in Congress and throughout the
country, and the public monies remained in
their legal depository.
And now came the main experiment. The
la,U made the public monies removable from
the Bank Of The U. S. only blythe Secretary Of
the Treasury. The President undertook the
experiment OF commanding that officer, on pain
Of his diepleasure, TO do what the iaic had left
TO his own discretion, under responsibility to
Congress. Mr. Mclean was AT the head Of the
Department. He felt his legal responsibility
and declined q compliance with the Presidents
mandate. He was transferred 10 another Of
flee, and Mr. Duane was selected to perform
the service. To him the Presidents pleasure
wss signfed. He hesitated. He was tho
Presidents iriend-his carly friend-& would
do any thing to serve him, but surrender to his
dictation the discretion which he was bound
by law 10 exercise, upon responsibility TO an
other power. The demand was too much
He declared that the revenues of the govern
| IN ont ,voro safe and TINT no could not remove
| them. The President was inexorable. The
| Secretary resigned! The great experiment
struggled for existence. The independence OF
two Secrttarys had proved an over match for
the Experimenter A third effort found an in
strument who could be used, aud tho work
fiom q safe national bank, provided for their
custody and disbursement by the legislation Of
| Congress, and over which there was u super
vision Jy lac, 10 numerous state banks, select
ed by tie Executive, and subject 10 his super
| vision and control.
Thus was consummated tho great expert
ment OF obtaining The control Of Tie money PotO-
en-. The revenues OF the government W, re ra-
pidly increasing. The vast surplus which
would necessarily accumulate Qhc public debt
being paid) was too tempting. II the lao was
LETT 10 lis operation, that surplus would remain
where Congress had determined; but i the
President could succeed in removing it 10 state
banks of his own selection, he might thereby
reach the long arm of his power into the state:
lay hold of their monicd institutions, and Sc
cure their support and the support OF their Dor
rowers, by tho consciousness of pecuniary dc
pcndcnce upon Executive favor.
The President and his friends were admon
ished of the ruin which this experiment woulC
bring upon the country. They were told tina
the public monies in the hands of the stat,
banks could not be made TO perform the bcnc
fetal operation in regulating the exchanges o
the country, and maintaining 0 sound cnrren
cy, which they had been known to do in the de
pository which Congress had provided The
were told that The destruction Of the naliona
institution, would have the effect of muliplyin,
state banks, enlarging their capitals, and in
, creasing the aggregate amount of bank crcu
aion; that an appetite for wild and extrava
giant speculation would be thereby excited an
fed and that the currency would be expand
ed, until the bubble should burst and universe
bankruptcy follow. We could fill pages wit
these warnings, but our limits will not permit
! We give from among them, the summary pro
! pheces OF two distinguished members OF Con
gress, in speeches delivered three years ago.
5 Mr. Adams said-'Your President has usul
T ped legislative power. He has laid his hand
e upon your treasure. He has seized it, an
Q | now wjclds il asa weapcn of mower TO hiinscl