Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-10-09


Pnion thpn on banks to reform the curren-
sy and he believed that public opinion
would coerce government to correct
course Of measures. He saw no difficulty |
in correcting the currency by the agency OF
B,sie Banks. Unless these agents could be |
successfully employed in controlling the
currency, the people will not be long satlS-
fled without national institution such as
he most fervently deprecated. He denied |
that the project OF State Banks had Jailed.
Il might as we'll be said on the explosion Of
n steamboat, that this great discovery OF
the sge has turned out 20 be failure. lie
went into history Of the experiment in the
Stale Banks. lie justified the removal Of
the deposites from The Bank of the u. S.
and condemned the faithless and ambitious
course oil that institution. The conduct of
the state banks this crisis, he laudcd ms
deserving Of all praise and all confidence
The Secretary OF the Treasury had shown
in his report that these banIs could still
sustain themselves. IF the State Banks had
failed, the new u. s. Bank had failed, and
the hard money system had failed by the
same test. He considered the fictitious and
forced importation OF specie into the coun-
try, disturbing the level Of the currency,
forced into tie banks because it could not
occupy The channels which are filled with
small notes, ss one Of The ca uses of the eX-
isling evil. Ii induced these banks to issue
three dolsrs in paper for every one thus
forced into their vaults in specie. I he irea-
suiy circular was 0lso another of The great
causes Of the evil operating most injurious
ly, ss soon as that became the permanent
policy OF the government. It's effect was
TO create run on banks, dspacing the
precious metals, and thus having no small
agency in introducing the present distress.
He defended the Deposite Act ms one Of the
wisest efforts OF American Legislation but
thought there has been great error in the
administration OF that law by which the
currency had been disturbed. AS 10 the
surplus revenue, he believed we should now
hear no more OF it, and we should conse-
quen,ly have no more Geposiie acts. As
TO the Treasury circular, il was for Con-
gress to determine whether it should be the
settled policy OF the country. Whenever
gentlemen could show him one republican
authority for sub-treasnry scheme, he
would show him hundreds OF republican
authorities in favor of state banks and
made some quotations from Jefferson to sus-
tain him. He inferred the inadequacy Of
the sub-treasury system from the frequent
difficulties which occurred in the settlement
Of the receivers ofthe public money and
the Treasury.
He was not disposed to lay go heavy q
trial on human infi.mity as to deposite a
sum OF great magnitude in the hands OF in
dividuals. The bill which had been pass
ed was but the germ OF an immense ma
chinery which would spread over the land.
When he lived in France, he understood
that under the sub-reasury system there,
100000 persons were employed. This was
the grain OF mustard seed, the smallest Of
all seeds which would grow up and be a
large tree, whose branches would overshsd-
ow the land, and The birds Of the air. he
would not say the birds ofprey, would take
shelter therein. He had no doubt the sys-
tenn would ultimately become bank OF such
q character as would provoke the people 10
call for National Bank disconnected with
the government.
Disclaiming any personal or pecunary
interest in any bAsS# owing nothing to any,
owning no share in any, and having no
friend who held any considerable interest
in any, he called on The Senate s, tho ooun-
try to credit The purity Of his motives. He
invoked gentlemen who desire a gold cur
rency to unite with him 10 get that curren-
ey Tor all ,ums under twenty dollars before
they went any further. He thought there
was common ground in this bill on which
oil might stand and carry out their patriot
10 views.
Leave was then given TO introduce the
bill which was read first time and ordered
second reading.