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

They have been repeatedly and.unreservedly an
nounced to my fellow-citizens, who with full
knowledge CT taem, conferred upon me the two
highest Offices of tile government. On the last of
these occasions, felt it due to the people to
apprise them distinctly that in the event of my
election, would not be able TO cooperate in the
lre-establishment of a national bank. To these
sentiments have now only to add the expression
of an increased conviction, that the re-establish-
ment of national bank, i'll any form, whilst It
would not accomplish the beneficial purpose
promised by its advocates, would impair the
rightful supremacy of the popular will injure
the character and diminish the influence of our
| POLITICAL system and bring once more into ex-
istence concentrated monied power hostile to
the spirit, and threatening the permanency of our
! republican institutions
/ Local banks have 5een employ ed for The dc.
post and distribution Of the revenue, al all times
partially, and three different occasions excIu-
sively; first anterior to the establishment of the
first bank of the United States; and secondly in
the interval between the termination of that inst-
tutiCn and the charter of its SUCCESSOR and thirdly
during the limited period which has now so alb
ruptly closed. The connexion thus repeatedly
attempted, proved unsatisfactory on each success
Sive occasion, notwithstanding the various meas
which adopted to facilitate insure its sue
cess On the last occasion, in the year 1888, the
employment of the State banks was guarded es-
peciallY in every way which experience and
required for the safe keeping and prompt payment
of The moneys to be received, and full returns of
their condition were from time to time to be made
by the repositories. In the first stages the
measure was eminently successful, notwith-
standing the violent deposition of the bank of
the United States, and the uneeasing efforts made
to overthrow it.
The selected banks performed with fidelity,
and without any embarrassment TO themselves or
to the community, their engagements to the Gov
eminent, and the system promised TO be perma-
nehtly useful. But when it became necessary,
under the act of June 1886, to withdraw from
them the public money, for the purpose Of placing
it in additional institutions, of transferring 1t
to the States they found it in many cases. incon-
venient to comply with the demands of the treas
ury, and numerous and pressing applications were
made for indulgence or relief. As the instalmen ts
under the deposite law became payable, their own
embarassments, and the necessity under which
they lay of curtailng their discounts and calling
in their debts, decreased the general distress, and
contributed with other causes, TO hasten the reVul-
in which, at length, they, in common with the
the other banks, were fatally involved.
| Under these circumstances, IT becomes our SOL
en1n duty to inquire whether there not, in
banks of issue, evils of great magnitude, inherent
in its very nature. And against which, mo- pre-
cautions can effectually guard.
Unforeseen in the organization of the govern
ment and forced on the treasury by early necesi-
ties, the practice of employing banks, was in truth
from the beginning, more measure ofemergency
than Of sound policy. When we started into ex-
istence as a nation, in addition to the burdens of
the new government, we assumed all the large
but honorable load of debt which was the price of
our liberty but we hesitated TO weigh down the
infant industry Of the country by resorting TO
ADEQUATE taxation for the necessary revenue. The
facilities of banks in return for the privileges they
, acquired, were promptly offered, and perhaps too
readily received, by an embarrassed treasury. =.
During the long continuance of the national
debt, and the intervening difficulties of foreign
: war the connection was continued from motives
Inconvenience but these causes nave long since
passed away. We have no emergencies Thai
, make banks necessary 10 aid the wants of the
I Treasury we have no load of national debt to
provide for, and we haveOn actual deposie large
surplus. No public interest," therefore, requires
the renewal of the connection that circumstances
d have dissolved. The complete organization of
Y our Government, the abundance of our resources
the general harmony between the different states
f and with foreign powers, all enable now to
select the system most consistent with the con-
stituton and most conducive to the public welfare.
4 Should we then connect the treasury for fourth
= time with the local ba ks il can be only under a
Il convection that past failures have arisen from
/ accidental, and not inherent defects.
A danger. difficult if not impossible, to be
o avoided in such arrangement, is made strik-
" Ingly evident in the very event by which it ha S
now been defeated. sudden act of the banks
n intrusted with the funds Of the people, deprves
IS the treasury without fault agency of the
, government, Of the ability TO pay ITS creditors
!; in the currency they have by law light to de
: mand This circumstance no tuctuatlon Of
commerce could have produced, if the public rev
If enue had been collected in the legal currency
/; md kept in that form by the officers of the treas
,r ury. The citizen whose money was in bank
receives it back since the suspension, at sacrifice
y in its amount; whilst he who keptit in the lega
I, currency and In his own possession, pursues
II without loss, the current of his business. The
government placed in the situation of the former
at is involved in embarrassments it could not have
N suffered had it pursued the course Of the latter
d These endorsements are, moreover, augmented
e by those sautary and just laws which forbid it Il
g use deprecated currency and, by so doing, take
a, from the Government the ability which individ
- uals have of accommodating their transactions Il
- such catastrophe.
. A system Which can, it, a time of profound
u peace, when there is large revenue laid by. thu
ot suddenly prevent Il e application and The use O
OF the money oftle people in the manner and for tn
K objects they have directed. cannot be wise bu
who can think without painful reflection, tina
at under it. the same unforeseen events might hav
er beialIen US in the midst of war, and taken ror
,r- u.s. at the moment when most wanted, the use
rs those very meaus which treasured mp .
tie proIoie the national welfare and guard 4Inr ma
M tional rights? To such endorsements & to sue
IL danger will this government be always expose