Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-01-03

Dut mat the government prevents ther fecev-
ing payment for any. Moreover, in the com.
mercial cities money can be had, though at
extravagant rates, for capitalists add to the
ordinary charges for the use Of il, high insur-
ance against the loss Of it. 1t is not, then,
so much that money is not lc be procured, as
that doubt and alarm increase the hazards Of
lending IL.
Then as 10 the Banks. II is quite probable
that many Of the Banks have extended their
whose fault is i'll Who called
those Banks into cxistence1 The Executive.
Who tempted and goaded them 10 those is
sues? Undoubtedly the Executive. The
country, five years ago, was in possession Of
the most beautiful machinery of currency and
exchanges the world ever saw II consisted
Of number Of State Banks protected, and, at
the same time, restrained by the Bank Of the
United States.
The people Of the United States, through ,
their Representatives, re.chartered that insti-
tuition. But the Executive, Disconnected with |
its independence, rejected the Act OF Congress
-and the favorite topic of defamation was,
that the State would make banks, and that
these banks could create better system Of
currency and exchange. The states accord !
ingly made banks-and then followed idle |
patades about the loans Of these banks, and
their enlarged dealings in exchange. And
Nnul is Inc con sequence lie UdUk OF INC
United States has not ceased 10 exist more
than seven months, and already the whole
currency and exchange are running into mex
,r,c,hlc confusion and tho indnstrv or tho
country i h,rdsnpd win cvt+oyngani chergcs
on all the commercial intercourse Of the Union.
A nd now, where these banks have been Gre
uted by the Executive, and urged into these
excesscs, instead Of gentle and gradual reme-
dice, q fierce crusade is raised against them
tho,n and ,b"v aro iorced to cxtraordinarv
n,on,'s nr dcc,.nce aco;nstth, vcrv no,vst which
hro,,nht ,hnn1 inIo Gring Tbev received. and
- ovr,an,,,j ~ ,,ce,,o in novn,ent crr tho
,',,,,or,,,,,,,, ,I,o no,cs of eocb Dim ond rho
5s7o,,,s ~ othsr bnnts o,d tho t,r,ii,v win
,,',iob ,Lo,, ia en- vy,s n cround ,,r sn,cial
! ron,n,opdstion nv the Government. And nov
tbot covernmcot has lei loose upon them a de.
,nnnd Inr snccie tn the whole amount of these
no,os On further. There is an eu,crv A.
had rnised Inv faction md echoed bv i1Ilv.
oaoin,t the banl in the limited STATES. Unni
f,vas disturbed bv the government. the bank
Inc svster, in Tho United States was at least
ne Good as that oC anv other commercial coun.
try What was desired for its perlecilon. was
,,y,c;sclv what have so long slrjyen 10 nc-
nan,nl,sL--to widen the metallic basis al The
currency. nv greater infusion OF coin into the
smaller channels Of circulation, This was in
= oroJ,nI and ;pdicious train of accomolish
mSnt. But lbis miserable toolery about an
lv.vIusi, ely .nstulii. e~.ronay, 10 inito Of ab
surd as to discard the steamboats, and 90 back
TO poiing up the Mississippi. Banks may Of
ten err lom want OF skill, and occasionally be
injurious as steam is-but II Is not The less
true, that the banks OF this country have been
the great instrument Of lis Improvement, and
that during all the commissions oil the last fiji
teen years, for every American bank which
has tailed, at least ten English banks have
failed.
So with regard to Inc lands. For the last
f-w years, the amount Ut the sales OF the pub
lie lands has been constant theme OF con-
graduation by the Executive. In the very last
message, on The 18th OF December, 1888, he
repeats the same strain. Among the eUt-
) detceS Of the Increasing prosperity Of Tie coun-
try, not the least gratifying IS, lhdt afforded by
the receipts Of the nuGl'c lands, iohich amounts
in The present year TO eteUen millions Of dollars.
This circumstance atteSts The raptdty ioM ichtch
agriculture, he JrSt ana most important occn-
patton u man, advances, ana contributes TO Inc
lCealh and pouer o. our extended territory
J In the same message he declares that the
J circulating medium has been greatly improved
) BY the use OF the State Banks II is ascedalned
that all The t1ants Of the community, IN relation
10 erchange and currency, are supplied as ueA
, as they haze eper been before" Scarcely sever
months elaPse, when these pastoral ana imam
cal visions dissolve IN air. Agriculture ceases
e TO be the hGst ana most important occnpa
t ton OF man"'-the state banks cease to be The
5 mode! OF exchange and currency but iorli
/ issues the Secretary with declaration, that t'
: protect The treasury " from frauds, speculation
: and monopoly, in the purchase Of public lands
4 from Z" excessive bank credltsb-fTom 'ruIn