Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-01-24

means enough ont nobody can use his means. u
the usual channels ofcommcrcial dealing block
ed up. The manufacturers of tho North cannot
obtain from he South the proceeds Of the sales Of
their articlcs ; the South htjs money scarce, too,
IN the mds, Of it's abundant exports.
In country extensive and so buey. every
merchants MEANS become more or less dispersed
and exist IN various places IN the shape ol dco,s.
Exchange is the instrument, the waad. bv which
he reaches forth to these means wherever they arc
and uses them tor his immediate and daily purpo.
ses. Bot this instrument is broken lie can no
longer touch with it his distant debt, and mike
that debt present money. lie seeks therefore
for cXpedents, borrows money if he can I'll. tines
change pays enormous rates of ntercsi To main.
tain credit thinks things when at The worst
musl soon change looks for reaction, and sarri.
fees To capitalists, brokers, and money lenders.
the hard earnings Of years, rather than fail 10 ful.
pol hls commercial engagements. II IS a happy
ond blessed hour ths, for grcdy capilal and gras-
ping brokerage an cxcruciajirg ono for honest
industry. The very rich grow every day rich and
he labo'ous and Industrious, every day poorer
Meantime, tho highways OF commercial dealing
and exchanges grow more aud more founderous, or
are all breaking mp. Specie, always most useful
rs the basis OF circulation. when most in epose
gets upon the move. Any time tho last four
months Il, might have happened. and nauy times
doubtless it has hnppned, tina, steamboats, from
Now York, carry wing specie TO Boston, have passed
IN the SOUND steamboats, from Boston carving
specie TO New York. Boating and car,inr money,
backward aud forward, bee ones Tie order or he
day and there are those who, the more they
hear ofspece hauled aud transported about from
place to place, in masses, the more they naucr
themselves with the idea that The country is re- !
turning rapidly 10 a safe and happy specie circu-
latioa
There may be other minor causes They are
not worth cnumorating The great ard imme-
date origin of evil is disturbance in the exchange :
and in my opinion, this disturbance has been Gnu
sei by tho agency Of the Government itself The
hhy millcns in the Treasury has been spito,es bv
unnecessary transfers. As large portion Of this
sum was to be deposited with the State at the be-
ginning OF the next year, the Secretary seems TO
have thought 1t necessary 10 cut up divide and
remove assigned proportions oft before the time
come. II is toe idea of remordl that has wrought
me mischief. In consequence of this, money has
been taken from places of active commercial bust
ness, where It wos mach needed, and all used. and
carried to places where il was not needed. and
could No; be used
The agricultural State Of Indiana for example
Is lull OF specie; the highly numerical nd manu-
featuring State Of Massachusetts is severely drui
ned. In the mean~ilme, the money in Indiana
cannot De used II is waiting for the new year
The moment the Treasury graspis let loose from I
u, 1t VIII tend again TO the great marts Of bust
ness that is to say the restoration of the natural
state Of things will begin to correct the evil ofar
'hrafy and artificial financial arrangements The
money VIII go back to the places where il is VIM
ed' Il VIII seek its level and It's place of useful
ness. 10 my opinion The proper execution oftbo |
iep osiie law did not make it at all necessary for
he treasury 10 order these previous local chanoes
The law Itself is not answeraLe for the iuconye. t
hence which has resulted When the time came
he States, most or all of them, would have been
cry giad 10 receive the moYy where it was.
heY wanted but an order for Il. They desire no
aflog' Can any thing be more preposicrous
nan 10 transfer specie from New York to Nash
Lie whtn to a man in Nashville specie in New .
ork Is two per cent more valuable than if he had
IN his own house There is always a tendency
! specie, not actually in the pockets Of the peo-
ie towards The great marts and places ofexchange.
hose who want it, want it there. There tho =,
reat Transaction of commerce are performed, ond Z.
here The means Of those transactions natursUv
Nis', simply because there they are required ,
'ow, wdat reason was there Cor disturbing the re- =
enuc, thus ing where it had been collected. and
nus mingled Hlln the commerce Of the country1 :,
Wy laboriously drag it of, far from its place Of
seln action. TO places where it "as not wanted -
I'D could do 20 good, and there hold it under The
ey Of the Treasury.
This anticipation Of the operation OF the demo- al
ie la%-lhs attempt at local distribu,ion-ihis y
'bi'rary system of transfer, which seens TO for Y
IT, al Vuce, the necegses Of commerce. and The
al uses Of money, regard a, the direct and {.
'me cause Of The pressure felt By The community. \
tt The Treasury order came poS erfuly in aid Of bi
-. Tais order CHECKED the use of ba-k notes q
the West, and made another loud cal for specie
he specie, therefore, is transferred 10 the West i
pay for lands being received for lands it be- IL
mes public revenue, Is brought 10 East for ex-
'ndltsre, ond passes It's way, other quantities j.,
ing west, 10 bay lands also snd in the srtne
ay 10 return again 10 the East. Nov. sir how
,es all this Improve the currency What fraud 'c
ies It prevent, whit speculation does it arrest. az
hat monopoly does it suppress sm very mach VI
Eisken # all this does not embarrass the small
Irchasor Of land much more Than the large one Of
e no has fifty or hundred thousand dollars g.,
lay out, may collect his specie. not vihou, =,
4