The People's press, and anti-masonic Democrat. [volume] (Middlebury, Vt.) 1836-1838, 1837-09-12

prived of accustomed and expec,ed credits, but
called upon for payments, whicAJia. the actual
posture ofthings here. could ONLY lie made thro'
a general pressure, and at the mcil ruinous sac
rifces.
! In view of these facts, it would seem impos-
sible for sincere inqurers after tis to resist the
conviction, that the causes of ih5h revulsion in
both countries have been substs Gslly the same.
Two nations the most commerce. ii IN the world,
enjoying but recently the highest degree of
apparent prosperity, and main1.1rlg with each
other the closest relations. rrddenly, in
time of profound peace, and 'Fitht->Sny great
national disaster, arrested in their car per, and
plunged into state of embarrassment iand dis
tress. In both countries we have Witnessed
the same redundancy ofpaper money, I'd oth-
er facilities of credit; the same spirit onSPecu'
latlon; the same partial successes; thaA same
difficulties and reverses and, at length, Nearly
the same overwhelming catastrophe IL The
most material difference between the restH IN
the two countries has only been, that vi US
there has also occurred an extensive detfnge-
ment in the fiscal affairs of the Feders and
State Governments, occasioned By The ASPEN
sion of specie payments by the banks.
The history of these causes and efScts, IN
Great Britain and the United States, is sA5stan-
tally the history Of the revulsion IN other
commercial countries. III
The present and visible effects Of tbuse Cir
cumstances on the operations es.tac d|overn-
ment, and on the industry of the peopA point
out the objects which call for your imr5 ediate
attention. III
They are to regulate by law the stat keep
ing, transfer, and disbursement, of theloublic
IN IL, l.. NpIVpd
and paid by the Government. 70 enabH the
it; to prescribe the terms of indulgencey and
the mode ofsettlement to be adopted, as well in
collecting from individuals the revenue tbht has
accrued, as in Withdrawing it from forGer de-
positories, and to devise and adopt such further
within the constitutional competency
of Congress, as will be best calculated to revive
the enterprise and to promote the prosperity OF
the country.
For the deposite, transfer, and disbursement,
of the revenue, National anG.,Ssias,. ss:.A have.
aiways, win temporary ana Ima.sS-excepsIons,
been heretofore employed but, although ad-
vocates Of each system are still TO be found, it
is apparent that the events Of the last few
months have greatly augmented the desire,
long existing among the people Of the United
bOIdlGS, ~ SCpuIdiC TIC OpCIdllOuS vi llc
Government from those of individuals or cor
porations.
Again to create national bank, as fiscal
agent, would be to disregard the popular will,
twice solemnly and unequivocally expressed.
On no question Of domestic policy is there
stronger evidence that the sentiments of large
majority are deliberately fixed, and cannot
concur with those who think they see, in recent
events, proof that these sentiments are, or a
reason that they should be, changed.
Events, similar in their origin and charac-
ter, have heretofore frequently occurred, with
out producing any such change; and the les
sons of experience must be forgotten, if We
suppose that the present overthrow of credit
would have been prevented by the existence OF
a national bank.-Proneness to excessive is
sues has ever been the vice of the banking sys-
tenn; a vice as prominent in National as il
State institutions. This propensity is as sub.
servient to the advancement of private interests
in the one as in the other; and those who di
rect them both, being principally guided by the
same views, and influence by the same mo-
tives, will be equally ready to stimulate extra
vagance Of enterprise by improvidence o
credit. How strikingly is this conclusion sus
tanned by experience.
The Bank Of the United States, with thu
vast power conferred on it by Congress, did no
or could not prevent former and similar embar
easements nor has the still Speater strength
5 it has been said to possess, under its presen
charter, enabled it, in the existing emergency
to check other institutions, or even to save il
r self. In Great Britain, where, it has been seen
}, the same causes have been attended with tn
= same effects. national bank, possessing pow
9 ers far greater than are asked for by the warm
n est advocates of such an institution here, ha
d also proved unable to prevent an undue expan
n sion of credit, and the evils that flow from it
Nor can | find any tenabe ground for the re
l. establishment of national bank, in the de
: rangement alleged at present to exist in tn
If domestic exchanges of the country, or in tn
/ facilities it may be capable of affording them
/ Although advantages of this sort were antici
!, pated when the first Bank of the United State
s was created, they were regarded as incident:
Of accommodation not one which the FEEDER;
r Government was bound, or could be called TIT
]. on, to furnish.
The accommodation is now, indeed. after III
y lapse of not many years, demaaded from it a
l. among It's first duties and an omission to nj
l. and regulate commercial exchange, is treate
ID as ground Of loud and serious comnIain
IN Such results only serve to exemplify the col
re slant desire, among some of our citizens,
r enlarge the powers of the Government, and e,
rs tend its control to subjects with which it shou
in not interfere. They can never justify the ere;
is ton OF an Institution to promote such object