Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-23

vengeance. w no uOes not see tnat TIE g00u
people Of these United States have been most
beautifully mbugged-humbugged out Of
sound national bank-humbugged out Of
sound national urrency-humbugged out Of
credit, and on of cash! Bat what shall we
say Of the ioisdom Of A. Jackson s. Co. p
faiied-are the words stamped
in staring capitals upon every experiment the
Government las in fact itself failed, for its
funds are in bank credits, for which it can get
no specie il pays no specie-it must receive
its revenues in notes Of banks which pay no
specie, or run the hazard Of collecting no reve-
cue. What but the most consummate folly
could have produced these effects What but
most deplorable ignorance or reckessnoss
could have led 10 such currency as the coun-
try now has7 No matter whether the present
state Of things has been brought about more
Immediately by speculation, or ovorIrading, or
what not-wc hold the administration respon-
sible, for il was it's duty, high and imperative
one, to forsee such thngs, and provide against
their occurrence. The constitution has not
given complete control over the currency to the
National Government for nothing: it was ex-
poctol that this power would be used, not only
TO relieve tho people when in difficulty, but TO
place proper guards and take proper precau-
tons 10 keep them out Of difficulty. The peo-
pie can see hoe this duty has been performed
they can feel the benign eff cts OF the faith
neI,, ,,,l,;nk A oob G, 10 hoy t,La
Of the currency.
For our own part, we cannot gee how it is
possible for any sensible aud intelligent man
TO defend, either the late or the present admin
istraton, for the course pursued upon this sub
ject. The experience Of this country from 1912
to 1917 lnught them better than to trifle as they
have done. The future OF one experiment
after another since 1929, must have been Sc
rious and loud warning to them. Were these
not sufficient reasons TO cause them 10 stop and
retrace their steps, we yet hold them without
excuse. Step after step as they have gone
madly on, the voice Of warning, OF exhortation,
OF reason and of argument, has been faithfully
sounded in their cars by the patriots tho stntes-
men and the orators Of the land-some Of them
the oldest and most experienced in the halls Of
Congrcss-men whose opinions were entitled
TO the highest respect, and whose forecast and
sagacity are now most fully proved. We can
not better close this article than by quoting q
few passages from speeches deli' cred since the
commencement Of the war upon the currency
by Jackson & Co.
In the debate in the Senate OF tho United
States on the llth OF July, 1882, on the veto
Of General Jackson Of the bill for rechartering
the Bank Of the United States, Mr.. Clayton,
in his speech on that occasion, said,
The loss of confidence among men, the total
derang enent Of that admirable system of erchan-
ges Which /, now acknowledged 10 be be.ier than
crisis in any other country on Tie globe, overtra-
ding and speculation On false capital in every
part Of the country, that rapid flu .tuaiion in the
standard of raiue for money, which, like the I'M
seen pesllenee, withers all the efforts Of indus
try, while the sufferer is in utter ignorance Of
the cause of his destruction; bankruptcies and
| rain at the anticipation Of which the heart
sickens, must follow in the long train OF evils
which are assn. eddy before US. Where then
remedy to save us !"
John Quincy Adams (1S34) said:
"Sir, the pressure of the removal oil the de-
! posites is nearly past; it has ruined its thou
sands, and afflicted its millions but the 81
moon has blown over, and they who Frustrated
themselves on their faces before the blast, sur
| vive unhnrt, and may rise and yet find their
way out of the desert. The pressure from the
removal Of The deposites is passing away
The prosperity of great nation cannot long
suffer from so tri1ng an incident as that. But
the wrong is done, and its consequences piH re-
main fostering and inyfaming The body Of the
community until that wrong shall be repaired
Your President has usurped legislative power;
he has laid his hands upon your treasure, and
he is now converting it to his own purposes
lie has seized il, and now wields il as a weap.
on Of power to himself and an instrumen,
OF plumber, TO his partzans. Yet his expert
ment has but just commenced; its object is MOI
merely TO destroy, but TO break the bank. His
( chosen State banks are TO be his depositore.
| and engines 10 restore q metallic CURRENCY
With what intuitive sagaciiy are the means a
dapted to the end Sir, his State banks woult
land the nation, they are already hurting il in
10 universal bankruptcy. His hand must b.
stayed, or the nation is undone."
In 1885, Mr.. CLAY said
"The Bank has been doomed TO destruction
and no one now thinks the recharter Of i
practicable, or ought 10 he attempted. lear
said Mr. Clay, thai the people will have jus
and severe cause TO regret its destruction. Tn,
administration Of it was uncommonly able
and one is d, loss which most TO admire
the imperturabe temper or the wisdom of it
enlightened President. No country can posi-
bly, possess a better general currency than
supplies. The injurious consequences Of tn
sacrifice of this valuable institution teiH 500,
be felt There being no longer any scnlDe
at the head Of our banking establishments, l.
warn them, by its information and operation
of approaching DANGER the local institutions