Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-10-16
MESSAGE
THE
Governor Of Vermont 10 the legislature.
FROM THE
Fello,O CitisenS of The Senate
and House of Representatives l.:

which have been operating upon the currency and bust
ness OF the country for few months past may have
been expected, and by has been deemed my duty
to have convened the Legislature in special session. My
attention has been directed to the subject with anxious
soctude and could have to the conclusion, that
any act of the Legislature would have afforded relief to
citizens from the evils consequent upon the de-
ranged state of the currency, equivalent to the trouble
and expense of session. should have cheerful
ly assumed the responsibility of adopting that
But believing the unwise and unauthorized of
the late executive of the General Government to have
been the primary of producing the disastrous state
of monetary affairs, | could not flatter myself that
any state legislation would cure the evil restore to us
that safe sound and convenient currency had before
enjoyed. To the General Government must look for
a remedy commensurate with the evil.
The citizens Of state have suffered, yet,
perhaps less than those of sister states still the bust
ness and credit of the country have received shock,
whose effects if not averted by of the
General Government calculated restore confidence in
community must result in consequences most destructive
to the industry enterprise and prosperity OF fellow
citizens. Our habits and commercial intercourse
such, that any attempt to transact the business of the
country through the agency of the precious metals alone
would tend to unsette and destroy the present relative
value of property, and parayze many ofthe great inter-
ests of the nation.
The several banks in this state, have it is believed
rendered themselves liable to forfeiture of their char
tiers, by their suspension of specie payments That meas
ure, under the then existing circumstances was, per-
haps the only alternative which prudent regard TO the
interests of community could dictate: 1t was approved
by the wise and consderate of all parties
The question of legazng this act of the banks, is
of intense interest to whole people, and trust it will
be met discussed and disposed of with all the wisdom
prudence and moderation to which, from its importance,
it is entitled The motive of the legislature in charter
ing these institutions the promotion of the public
good, and any legislation upon the subject should be
deemed expeden at this tme the interests and safety of
community should be kept steadily in view.
A rigid enforcement of the penalties provided in the
act regulating the charterng of banks, would doubt
less, increase the difficulties OF an already suffering peo-
pie. 1t would Destroy for all general and beneficial pur-
poses circulating medium to which uniform value is
attached, and although this medium may be somewhat
deprecated below the precious metals still, 1t is one with
which, by consent the Indebtedness OF individuals
discharged and the business of the country transacted
Although the banks may have been led by the crcum
stances which preceded the suspension of specie payments
throughout country to depart from what consider
ed by the undersigned, the proper ana legitimate
business of banks and make loans for purposes which
ought always to be accomplished with real capital and
# thereby essened their ability to afford relief in time
pressure yet the suspension, is hoped they have
been steadily engaged, far as due regard to the
wants and cxgences of community would permit, in pa
cling themselves in a situation to specie payment
simultaneously with the banks in adjoining states II
this crisis great reliance has been placed upon the Tor
beaance of patriotic feow-czens, and 1t is sourc
of peculiar qualification TO say that thus far my expeca
tons have been fully realized.
The mast season has been marked not only o
peculiarly disastrous character, relates to the de
rangemcnt of the currency, and the effects OF that de
upon all the great interests OF the country blu
it has presented the novel spectacle of people who's
pursuits are mainly agricultural, depending upon oreig
nations not only for the products of manufacture and thu
y mechanic arts but for bread This state othngs ought no
to be- The lesson will be duly appreciated by discern
% ing people 1t admonishes oeconomy in our public, an
~ industry and frugality in private affairs.
No community ercluoe!y of an agricultural character
ne can maintain that independence and high standing, whc
r. are essential to the enjoyment of happiness. depend
ence upon foreign nations for the accessories of life, is de
a rogatory to free and intelligent people, and wtha has
nc in times of national difficulties, demoalzing tendency
B. which, by the wise and proyiden legislator will be for
at seen and guarded against Considerations of this char
" acter fully justify the policy heretofore pursued by on
n, national Cover nment in promoting and encouraging
of while in its infancy the mechanical and manufacture
ne skill of our country and continue TO demand its foster
ing care. Efficient protection and encouragement it
true belong the general government still as reemeI
as members of the great national family IS our right
% our duty to express convictions on the subject
1t will be recolectcd that revision of our militia law
was earnestly urged upon the consideration OF the last lie
gislature Another years experience must have serve
to convince, ifanything wanting, all whose attento
has been drawn to the subject ofther utter ineicienc
to secure the objects they designed to accomplish
ed Although gratifed in being able to say that Their
as are some honorable exceptions yet upon the whole,
IL is believed subordnaon and discipline have been upo
4. Avn oto milf