Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-16

should come into power themselves. If ind-
vduas entertained any such purposes, they
kept them much 10 themselves. The party,
as a party avowed none such. A third fact,
worthy OF all notice, is, that during this peri
cd, there was no complaint about the stale of
the currency, either by the country, generally,
or by the party then in opposition.
In March, 1929, Gen. jackson was inaugu-
rated. He came in on professions OF reform.
He announced reform OF all abuses TO be the
great and leading object OF his future admins
tration and in his inaugural address he point
ed out the main subjects Of this reform. But
the Bank was not one of them. 1t was not
said the Bank was unconstitutional IL was
not sud 1t was unnecessary or useless. IL
was not said that il had failed TO do all that
had been hoped or expected from it, in regard
10 the currency.
In March, 1929, then the bank stood well 4
very well, with the new administration. II
was regarded so far as appears, as entirely
constitutional, free from political or party faint,
and highly useful 1t had, as yet, found no
place in the catalogue OF abuses TO be REFORM
cd.
But, Gentlemen, nine months wrought
wonderful change. New lights broke forth,
before these months rolled away; and the
President, in his message TO Congress, Dec.
1929, held very different language, and mani
Tested very different purposes.
Although the Eank had then five or six
years Of its charter unexpired, he yet called the
attention Of Congress, very pointedly, 10 the
subject, and declared,
]. That the consljtuonality Of the Bank
was wei doubted by many:
2. That its utility or expcdiency was also
well doubted:
3. That all must admit that il had failed in
undertaking to establish or maintain sound
uniform currency; and
d. That the true Bank for the use of the
Government of the United States, would be a
Bank which should be founded on the reven-
ues and credit OF the Government itself.
These propositions appeared 10 me, at the
time, as very extraordinary, and the last one
as very startling. A bank founded on the rev.
enue and credit Of the Government, and man
| aged and administered by the Executive, was
conception, which had supposed no man.
holding the Chief Executive Power III his own
hands, would venture TO put forth.
But the question now is, what had wrought
this great change of feeling and OF purpose in
regard to The Bunk2 What events had occur
| red, between March & december, that should
AVE caused the Bank, SO constitutional, SO
useful, SO peaceful, and so safe an institution,
in the first OF these months, 10 start up into
| the character oil u monster, and become go
horrid & dangerous, in the laet2
Gentlemen, let us see what the events were,
which had interviewed.
Gen. jackson was elected in Dec. 1885,
His term was 10 begin in March, 1929. A
session Of Congress took place, therefore, be-
tween his election and the commencement of
| his administration.
Now, Gentlemen, the truth is, that during
this session, ard little before the commence
ment Of the new administration, a disposition
| ifae tod hy in fprp
with the management of the Bank. Members
of Congress undertook TO nominate or recon-
mend individuals as Directors in the branches
or offices OF the Bank. They were kind
enough, sometimes, 10 make out whole lists,
or tickets, and to send them 10 Philadelphia,
con aiming the names of those whose appoint
menls would be satisfactory TO Gen Jackson's
friends. Portions OF the correspondence, on
these subjects, have been published in some oil
the volumuous reports, and other documents,
connected with the Bank, but perhaps have
not been generally needed or noticed. Al
filst, the Bank merely declined, as gently as
possible, comp lying with those and similar re-
quests. But like applications began 10 show
themselves from many quarters, and a very
marked case arose early as June, 1922
Certain members OF the Legislature OF New
Hampshire applied for a change in the Presi
dency of the Branch " hch was established ir
that State, A member of the Senate Of the U
S. wrote both TO the President Of the Bank, S
10 the Secretary ofthe Treasury, strongly rec
ommending a change, aud, in his letter 10 ,h'
e Secretary, limiting very distinctly at poliica
considerations, as The ground OF the movement
o her officers in the service OF the Govern
, ment took an interest in the matter, and urget
y the change; and the Secretary himself wrot
; to the Bank, suggesting & recommending it,
The time had come, then, forthe Bank 10 TAX
f its position. Ii did lake il and in my Judge
n ment if it had not acted as il did act, not onl
: would those who had the care of ii been mos
highly censurable, but claim would have beef
n yielded 10, entirely inconsistent with the gov
c eminent Of laws, and subyersiye OF the YER
foundations OF Repubcanism.
: A long correspondence between the Sccrc
c ta.y of the Treasury and the President of In
6 Bank ensued. The Directors deter mined tia
,, they would moi surrender either their rights o
II their duties 10 the control or supervision of Elk
:. ecutive Government. They SAID they had n.y
IS err appointed directors Of their branches on pc
i lilical grounds, and they would not remov
h them on such grounds. They had avoide
g politics. They had sought for mcn of bust
J. ness, capacity, fidelity, and experience in th
g mana cement of pecnniary concerns. The
owed duties, they said, TO the Government
IS which they meant 10 perform, faithfully an
/ imparlially, under all administrations; an
=, they owed duties TO the stock holders Of III
!, Bank, which required them to disregard polii
cal considerations in their appointments. Thi
y correspondence ran along into the fall OF III
e year. and finally terminated in a stern & unar
m imous declaration. made by the directors, an
r transmitted 10 the Secretary OF the Treasur,
n, that tho Bank would continue 10 be indepen
l. IDENTIFY administered, and that the Directors
it once for all, refused 10 submit to the supervis
y. ion of Executive authority in any Of its bran
s ches, in the appointment Of local directors an
or agents This resolution decided the charat
ler Of the future Hostility towards the Bnnl