Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-10-20
M e S S "A 6 Z
FROM THE
FROM THE
GOVERNOR or VERMONT TO
THE LEGISLATURE,

and Fl ouse Of Representatives:
UNDER he peculiarly embarrassing cir
cums;ances which have been operating up
on The currency ana business Of the com.
try tor tw months past, it may have
been exp'c'ed. and by some has been
deemed M duty to have convened the LIE.
stature N spcslal session. NV attention
has been directed to the subject with anx-
'ous solclude, and could have come TO
he c"nc'u'lon. that any act of he ieglsla.
'ure would have afforded relief To our CIT
lz"ns. from the evils consequent upon the
derangrd state o' the currency, eQuvalen,
to the trouble and expense ct an extra seS
| SION. should nave chrerfullv assumed the
responsibility of adopting that measure.
b NJ believing the unwise and unauthor-
| lzed measure ofthe late executive OF the
Genera Government to have been the
primary cause of producing the disastrous
state OF our monetary affairs, | could not
f1at'er myself that any state Legislation
would cure the evil, or restore TO Us that
| safe, sound and convenient currency we had
before enjoyed. TO the General Govern.
men' we must look for remedy common
Surate with the evil.
The citizens OF our own state have suf-
tered, as yet, perhaps less. than those Of
! our sister states, 81 i'll the business and cred
| II of the country have received n shock.
! whose effects. IT not nverted bv some meas
ures OF he Genera Government caIculat ed
10 restore confidence in commnn'y mus,
result IN conseqnncos most Destructive to
be- ndus'ry,enr erprlse and prosperity of on
elbow citizens Our habits and Commercial
intercourse are such, that any a'temp, tt
transact the business oF,he country through
the agency of the precious metals alone
would tend to unSetlle and destroy the
present relative value OF property, and
parayze many Of the great interests OF the
| nation.
The several banks in this state, have, il
is believed, rendered themselves liable to a
forfeiture Of their charters, by their sus-
pension of specie payments. That meas
nre, under the then existing circumstances
was perhaps. the only alternative which a
prudent regard 10 the interests Of comm.
nifty could dictate. Ii was approved BY
the wise and conslderate of all parties.
The question Of lega'lzng 'hIs act o
whole people and TRUST It will be met
discussed and disposed Of with all the wis.
dom, prudence aud moderation to which
from It's Importance, it is entitled. The
motive of the legislature in charterlnc
these institutions was the promotion of the
public good, and if any legislation upor
the subrc shonij be deemed expedlent at
thus tune the interests and safety Of CON
munIly should be kept steadily in view.
A rigid enforcement of the pena Itie
"pr"y'ded in the act regulating the char
,erlng of banks" would, doubtless in.
crease the difficulties of an already suffer
ing people. 1t would destroy, for all gen
era and beneficial purposes. clrcuIatrn.
} medium, to which an uniform value Is at
'ached, and although This medium may b,
; somewhat deprecated below The preciou
metals, still, It Is one with which. bv CON
mon consent, the Indebtedness of ndlvld
uaIs is discharged and the business Of TIT
} country transacted.
Although the banks NAV have been le,
by the circumstances which preceded TIT
suspension oispecle payments ,hroughou
our country, to depart from what is consld
cred by the undersigned. the proper AM
legitimate business of banks, and to max,
loans for purposes which ought always Il
be accomplished with real capital. ant
thereby essened their ability to afford re
lief in time of Pressure yet, since thu
suspension, it is hoped they have beef
steadily engaged, SO far as n due regard I,
the wants and exigencles of communit,
would permit. in placing themselves IN
situation to resume specie payments sim
ultaneously with the banks IN adjoinln!
states. In this crisis great reliance ha
been placed upon the torbearance of on
patriotic fellow citizens, aud 1t is sourc,
peculiar graf lfcalon to say, that thu
far my expectations have been fully real
wed.
,, The past season has beer marked as on
not only ola peculiarly disastrous charac
ter, as It relates to the arrangement of tn
currency, add the effects of that derange
ment upon all the great interests of lh
] country, but It has presented the move
spectacle of people whose pursuits ar
y mainly agricultural, depending upon for
elgn nations not only for the products c
+. manufacture. and the mechanic arts bu
= for bread, This state Of things ought nc