Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-09-08


was created, they regarded ii "a an Incl
dental accommodation not one winch tho
Federal Government was bound, or could
be called upon, to furnish. TINS accom,'
dation is now, indeed, after the lapse OF
not many years, demanded from It AZ among
It's first duties; aud an omission to aid ana
regulate commcrcla exchange. Is treated
as a ground of loud and serious COMPLAINT.
Such results only serve TO cXemplty the
constant desire, among some OF our cltI'
zens, to enlarge The powers OF the Govern
ment and extend lis control to subjects
with which it should not interfere. They
can never Justify the creation of an iusr
tuition to promote such objects. On the
contrary, they justly excite among the
community more jDhgent inquiry into the
character of those operations OF trade, to.
wards which it is desired 10 extend such
peculiar tavors.
The various transactions which bear the
name Of domestic exchanges, differ essen
italy in their nature, operation, and utility.
One class Of them consists of bulls OF eX-
change, drawn for the purpose of trans
ferring actual capital from one part OF the
country to another, or TO anticipate the
proceeds of property actually transmitted.
Bls of this DESCRIPTION are highly useful
! in the movements of trade, and we'll de
serve all the encouragement watch can
! rightfuIv be given to them. Another
class is made no of bills of exchange. not
drawn to transfer actual capital, nor on the
credit OF property Transmitted, but to ere.
ate fictitious capital, parlaklng at once OF
the character of notes discounted ~ bank.
and of bank notes IN circulation, ana swell.
ling the mass of paper credits to vast
eXten: in the most oblec'i'nable manner.
/ These bills have formed, for the last few
years, large proportion o: what are
termed the domestic exchanges OF the
country, serving as The means OF usuriouS
profit and constituting the most unsafe aud
precarious paper in circulation, rms spe-
clcs of traffic, instead OF beng upheld,
ought to be dlsconn'enanCed by The GOV
ernmenl and the people.
In transferring liz funds from place TO
place. the Government is on the same foot
ing with The private citizen, and may resort
to the same legal means. II may do 81
through the medium Of bills drawn bv it.
self, or purchased from Others and III
these operations 1t may, IN manner un
doub,edv constitutional and legitimate
facilitate aud assist exchanges of lndlvldu
ais founded on rea' transactions of trade
The extent to winch tins mGy b. done. ant
the bes, means OF eifeclng it. are entitled
to the fnlcst consideration. TINS has beer
bestowed by the Secretary Of the Treasu
ry, and his views will be submitted to yol
in his report.
1t cannot be concealed that there exists il
our community opinions and feelings on th
subject in direct opposition to each other. a
large portion of them, combining great intel
ligence. activity, and influence, are no doub
sincere in their belief that the operations o
trade ought to be assisted by such Il connec
ton; they regard a national bank rs ncces
sary for this purpose, and they are dlsinclnct
to every measure that does not tend soone
or later to the establishment OF such an InNtl
tuition. On the other hand, majority ofth'
people are believed to be lrrcconcIlably op
posed to that measure they consider such
concentration of pow r dangerous to orr I'D
critics and many them regard 1t as VIOLA
ton of the constitution. TINS collision o
opinion has doubtless caused much ofthc EN-
barrasSment to which the commercial transac
tons ofthe country have been exposed. Banl
ing has become political topic OF the hlghcs
interest. and trade has suffered in the conillc
of parties. \ speedy termination Of this stat
of things, however desirable, is scarcely L
: be expected. We have seen for nearly hal
a century, that those who advocate natlona
bank. by whatever motive they may be ntlu
enced, constitute portion OF our communit
too numerous to allow rs to hope for an earl
| -r,l,, {, al In |,
other hand, they must indeed form an erro
, neous estimate of the intelligence and tempe
of the American people, who suppose tn;
they have continued, on slight or lsutiicIcr
grounds, their pcrscvcring opposition to sue
an Institution or that they can be induce
| bv pecuniary PRESSURE or by any other con
g bination of circumstances, to surrender prlr
: ciples they have so long and 50 ineNlbl
. maintained.
e Nv own views of the subject are unchan:
r ed. They have been repeatedly and unr'
scrvcdly announced to my fellow citizen
q who, with full knowledge Of them, conicrre
a upon me the two highest offices of the govern
mcnt. On the last Of these occasions, te
it due to the people, to apprsc them dlstnctl
that. in the event of my election, | won
t not be able to cooperate III the rc-cstablisl
e ment of ii national bank. To these sent
r mcnts | have only To add the expression
It an increased conviction, that the re- establis
J, ment of such a bank, in any form, whilst
!. would not accomplish the beneficial purpo
= promised by its advocates, would impair Il
|. rightul supremacy ofthe popular wall; lnlu
a the character and diminish the influence
y. our political system; and bring once mo
into existence moneyed power, hostile to Il
, spirit, and threatening the pormanency OF o
u republican institutions.
>, Local banks have been employed for Il
- deposit and distribution Of the revenue, at
~ times partially and on three different occ
&c sions exclusively; first anterior To the csta
r. lishment the first bank of the United State
r secondly, in the interval between the tern
L. IL