Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-05-12

lcally only. MY opinion OF us utliityi anu
OF the extraordinaryabil and success, with
which its affairs were conducted, for many
years before the termination OF its charter,
is well known. have often expressed it.
and ! have not altered it. But at present,
speak fihe bank. only as it makes neces-
sary part in the history Of events, which
wish now to recapitulate.
Mr. Adams commenced his administra- |
ton in March, 1925 He had been elected
by the House Of Representatives, and began |
his career as President, under a strong and
powerful opposition From the very first
day, he was warmly, even violently, oppos-
ed in all his measures; and this opposition.
as we all know, continued without abate-
ment, either in force or asperity, through
his whole term of four years. Gentlemen, |
am not about to say whether this opposi-
ton was well or il-iounded, just or unjust
| only state the fact, as connected with 9TH
er facts The Bank of the United States
during these four years Of Mr. Adams's ad
Ininistration, was full in operation. II was
performing the fiscal duties, enjoined on it
by its charter; it had established numerous
offices-was maintaining a largecirculaton,
and transacting vast business in exchange
Its character, conduct. and manner OF adj
mnistration, were all well known to the
whole country.
Now there aretwo or three things worthy
of especial notice One is, that during the
whole of this heated political controversy,
from 1925 10 1929, the Party which was en-
deavoring to produce change Of admins
tration, brought no change Of political inter
ference against the Bank OF the United States.
If any thing, it was rather favorite with
the party generally. Certainly, the party,
as party, did not ascribe to il undue attach
ment TO other parties. or TO the existing ad-
mlnlstration.
i Another important fact is, that during the
whole OF the same period, those who had
espoused the cause OF General Jackson, and
r who sought TO bring about revolution I'M
der his name, did no, propose the destruc-
ton of the bank, or its dscontinuance. as
one of the objects which were to be ac-
complished BY The proposed revolution
They did not tell the country that the bank
was unconstitutional; they did not declare ii
unnecessary; they did not propose TO get a.
, long without it, when they should come into
power themselves If individuals entertain
ed any such purposes, they kept them much
TO themselves. The party, as party. avow-
5 ed none SUCH A third fact worthy oil all
, notice. is, that during this period, there was
no complaint about the state OF the curren-
t cy, either by the country generally, OF by the
! party then in opposition.
4 In March, 1929, Gen. Jackson was inau
2 gurated. lie came in on professions Of re
form. He announced reform OF all abuses
to be the great and leading object of his fu
, L., "A. inn ral
address he pointed out the main subjects o
this reform. But the bank was not one o
them. Ii was not said the bank was uncon
stitutional. 1t was not said that it was un
q necessary or useless. 1t was not said that j
had failed to do all that had been hoped Of
. expected from it, in regard 10 the currency
! In March, 1929, then, the bank was well
). very well, with the new administration. |
e was regarded so far as appears, as entirel!
constitutional. free from political or party
r. faint. and highly useful II had, as yet, foun'
}. no place in the catalogue Of abuses TO be re
n formed.
q But gentlemen, nine months wrought
= wonderful change New lights broke forth
Is before these months rolled away; and tn
.. President in his message TO Congress i
" December, 1929, held very different lar
). guage, and manifested very different purpc
l. SEES.
IS Although the bank had then five or 81
n years of its charter unexpred, he yet Gale
h the attention OF Congress, very pointedly, I
N the subject, and declared
b. |. That the constitutionality OF the ban
e. was well doubted by many;
s. 9. That its utility or expediency was ais
al well doubted;
to 3. That all must admit that it had faile
I'd in undertaking TO establish or maintain
ID sound and uniform currency; and
RI 4. That the true bank for the use of tb
d government Of the United States, would be
ne bank which would be founded on the reveI
10 ues and credi, of the government ITSELF
to these propositions appeared to me, at the tim
I'd as very extraordinary, and the last one yer
nj startling. A bank, founded on the revenu
to and credit of the government, and manage
Ct and administered by the executive, was
n conception which had supposed no mai
holding the chief executive power in his ow
hands, would venture to put forth.
nc Butthe Question now is, what had wrougl
this great change of feeling and of purpos
90 in regard 10 the bank2 What events ha
y. ~ occurred, between March and Decembe
-, that should have caused the bank, SO col
'' stitutional. so useful, SO peaceable, and
:. sale an institution, in the first OF the'
Y, months, to start up in the character of moi
70 ster, and become so horrible and dangerou
~ in the last2