Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-09-08

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the latest period 10 winch accurate ac-
count. have Oecn received, our banking
caplial was Increased to mbrc than two
hundred nnd fifty ono millions: our paper
circulation 20 more than Que hundred and
forty Millions and the loans and discounts
to more than tour hundred aud fiiy.seven
Millions, To this vast increase are tn be
added the many millions of credit acquired
by means OF foreign loans contracted by the
States and State institutions, and above all,
by the lavish accommodation extended by
BY foreign debtors 10 orr merchants.
The consequences of this redundancy Of
credit, and of the spirit reckless speculation
engendered by it, were a foreign debt, con-
tracted by our citizens, estimated in March
last at more than thirty millions of dollars :;
the extension to traders in the interior of our
country; ofcredlts for supplies greatly beyond
the wants of the people; the investments of
thrtv-nnc and half millions of dollars in
unproductive public lands, in the year 1885
and 1886, while in the preceding year the
sales amounted to only four and a half mill
ions. the creation of debts to an almost count
less amount for real estate in existing or
Anticipated cities and villages, equally unpro-
ductve, and at prices now seen to have been
greatly disproportonate to their real value
the expenditures olimmcnse sums in improve
ments, which in many cases have been found
to be ruinousv improvident; the diversion
to other pursuits of much of the labor that
should have been applied to agriculture,
thereby contributing to the expenditure of
large sums in the importation of grain from
European expenditure amounting in 1881
to about two hundred and fifty thousand dol
lars and, finally, without enumcrating other
injurious results. the rapid growth among all
classes. and especially in our great CONNER
cial towns; luxurious habits, founded too oft
Ell on mere tancied wealth, and detrimental
alike to the industry, the resources, and the
morals Of the people.
In view OF these facts, it would seem
lmposs bic for sincere lnqnlrers after truth
TO resist the convection, that tn, causes OF
the Revision IN bo'h countries have been
substantially the same. Two nations, the
most commercial III the world, enjoying
but recently the highest degree of appa-
rent prosperity, and maintaining with each
other the closest relations, are suddenly, IN
a time OF profound peace, and without any
great national disaster, arrested in their
career, and plunged into n state Of embar-
rassment and distress. In both countries
we have witnessed the same redundancy Of
paper ADD money, and other facilities o.
| credit; the same splrt OF speCulatlon the
same partial successes The same Difficult
ties aud reverses, and. at length. nearly
the same overwhelming catastrophe. The
most material difference between the re.
suits in the two countries has only been
that with us there has also occurred an cX
! tensive arrangement IN the fiscal affairs OF
the Federal Governments, accustomed by
the suspension of specie payments by the
! bank.
The history Of these causes and effects
in Great Britain and the Unted States. Is
substantially the history of the revusor
| IN all other commercial countries.
The present and visible effects of these
circumstances on the operations of the
! Government, and on the industry of The
| people, point out the objects which call To-
your immediate attention.
They are-to regulate By Jaw the safe
keeping, transfer, and disbursement of the
public moneys; to designate the funds t,
be received and paid by the Government
to enable the Treasury to meet prompt
every demand upon It; to prescribe he
terms of Indulgence. and the mode of set
tlement to be adopted, as well IN collecting
from individuals the revenue that has ac
crued, as in withdrawing 1t from iorme
repositories, aud TO devise and adopt sucl
future measures. within the CONSTITUTIONS
competency Of Congress, as viii be hes
calculated to revive the enterprise and t,
promote the prosperity Of the country.
For the deposite, transfer and dlsbnrSe
ment, of the revenue, NATIONAL aud Stat
banks have always, with temporary an
limited exceptions, been heretofore EN-
ployed; but, although advocates of eac
SYST EN- are still to be found, It is anparen
that the events of :he last few months huv
greatly augmented the desire, long cXls
ting among the people Of the United State:
to separate the fiscal operations of tn
5 Government from those of individuals c
corporations.
, Again to create a national bank as
. fiscal agent, would be TO DISREGARD tn
popular Will. twice solemnly and unequi,
: ocalIy expressed, Ga no question of dc
. nestle policy Is there stronger evidenc
r that the senllm3nt, of n large majority ar
: deliberately fixed, and | cannot Gomez
; with those who think they see, in receI
= events, a proof that these sentiments ar,
u or reason that they should BE- change,
: Events, similar m their origin and cha
acier, have heretofore frequently occurre
y without producing any such change, al
the lessons Of experience must be toruo
r ten, II we suppose that the present owe
) throw of credit would have been prevenlc
e by the existence of a national bank
Proneness to excessive issues has ev,
h been the vice OF the banking system;
Y vice as prominent 10 National as in STA
l. institutions. This propensity is as sub,c
r, went to the Advancement OF private int
u Oh IL. q L. Ii M NJ lI,nr. md Ihn