Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-06-02

the State banks. of the whole puOHc rev. |
cnuc, then accumulated To a vast amount, |
aud making this dcposi'e without any 'c-
Gal siralnt or control whatever, Increased
both The power aud disposition OF these
banks for extensive issues. In that. the
Government seems to have administered
every provOcatiun TO the banks, TO lndnce
them 10 extend their circulation. II uni
tormly, zralously, aud successfully opposed
the land bill, II most useful measure, by
which accumulation IN the Treasury would
have been prevented and as If it desired
and sought this accumulation, 1t hnajly
resisted. with all its power, the dcposi'e
among the States. Ii is advanced as
reason for the present overthrow, that an
extraordinary spirit Of speculation has
been manifested, particularly and strongly
in the cndeayor to purchase the public
land, but has not every act Of the Gov
eminent directly encouraged this spirit
It accumulated revenue which it did GOT
need, all Of which it left in the deposi,r
/ banks. The banks had money to lend, ana
there were enough who were ready to
borrow, for the purpose of purchasing the
public lands at Government prices. Inc
public Treasury was thus made the great
|
/ chases which have since been so much de-
noupced as cXtravagant speculation ana
extensive monopoly. These purchasers
borrowed the public money; they used the
public money to buy the public property
| they specu|atcd on the strength OF the pub
| lie money; and while all this was gong on
and every man saw it, the Administration
resisted TO the utmost Of its power every
attempt to withdraw this money from the
banks and from the hands OF those spccnIa-
tors, and distribute it among the People
to whom, it belonged, If there has been
overrading, the Government has cnconr'
aged it; # there has been rash speculation
! IN the public lands, the Government mas
| furnished the means ont o: the Treasury.
| These unprecedented sales OF the pnbIc
domain were boosted OF as proofs OF hap
pv state of things, and Of a wise admnlS>
traton of the Government. down TO the
moment when Congress, IN opposition I"
Executive wishes passed the distribution
law, thus withdrawing the surplus revenue
from the depositc banks. The success
Of that measure compelled change IN the
Executive policy, as the accumulation Of a
vast amount of money in the Treasury
was no longer desirable. This is the most
favorable motive to which | can ascrlbe
the Treasury order Of July. 1t is now said
that that order was issued for the pur.
pose of enforcing q strict execution Of The
law which forbid. the allowance Of credits
upon purchases of the public lands bat
there was no such credit allow d before;
not an hour beyond the time Of sale, In
this respect the order produces no differ
encc whatever. Its only eifec; is TO re-
Qure immediate payment in specie, where
: as, before. an immediate payment IN the
. bills Of specie. paying banks was demanded
E There is no more credit IN the one case
D than in the other; and the Government
gets just as much specie in one case as IN
. the other; for no sooner Is the specie
which the purchaser is compelled TO pro-
cure, often at great charge, paid 10 Tie
I receiver, than 1t is sent to the dcpusllt
g banks, and the Government has credit to'
1t on the books of the bank; but the specie
d itself Is again sold by the bank, or disposed
!. of as it sees fit. 1t is evident that the
5 Government gets nothing by all this
: though the purchasers, and especially The
@ purchasers, OF small tracts, are put TO grca
/. trouble aud expense. No one gains any
thing bu, the banks and the brokers. 1t Il
moreover, most true. that the art of mar
- could not have devised a plan more ell ctu
. ally TO give tn large purchasers or specula
y tors q decided preference and advantage
. over small purchasers, who purchased 10
actual set lement, than the Treasury orde
=, Of Jnly, 1886. The stoppage of the bank
= however, has now placed the actual settle
y IN still more unfortunate situation. How
- is he to obtain money To pay for his quar-
| la vel three
d, times as many mics for it as he has dollar
10 to pay, even # he should be able to Obtain
it at the end of hat journey.
i will not say that other causes, both a
I home and abroad have not had an agenc,
10 in bringing about the present arrangement
! know that credits have been used bcyUnt
) all former example; tina, 1t Is probable the
, spirit Of trade has been too highly excited
: that the pursuit of business may have beer
" pressed 90 fast and too far. Al this an
c ready to admit. But instead OF doing an,
thing to abate its tendency, our Govern
ment has been the prime instrument OF ios
c tcriug and encouraging 1t. 1t has partet
u voluntarily, aud by advice, with all contro
= over the actual currency of the country
e Ii has given a free and full scope TO ,h
: spirit of banking; it has aided the spltlt O
speculation with the public treasure; AM
a it has done all This in the midst Of loud
u sounding promlses-of an exclusive spec
r medium, and a proltsscd detestation Of al
IS banking institutions.
1t is in vain, therefore, to say that th
" present state Of affairs is owing, not to tb
. acts Of Government, but To other causes
over which the Government had no control
! Much Of it is owing to the course of The
u National Government and what is not so
I to causes the operation Of which Govern
=, mcnt was bound, in duty, to use all It's lega
tn al