Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-30

pIf NyNWs pau ~ ttt' NlAlAf'g W. utuNt ~ uhl
satisfaction, We confess. Now 10 the main
point what ere the primary causes Of that dis
tress which does exist, although the admins.
traion presses denied the fact to the last Let
as hear the Patriot: "ODa banking, tie creation
ofa vast amount of fictitious capital, or prom
ises 10 pay is the primary catse Of ali our trou.
bles" Aud again, 'afer depicting tie results
OF oycrbankng, such as speculation, city and
village building, and extravaganza Of every
sort us it not plain that orerbankiHg, orp-
trading aad speculation aud their concomiiants
lay at the foundation Of all our difficulties 2"
Without eSpaiatng upon the awful discrep-
ancy which the editor exhibits, declaring in
G moment that 'it is clear enough that over.
ira ling and speculation are not tie primary
causes" SC. and in the next chasing these i
IDENTICAL things among the cause that "iay at
TEE foundation Of all our diGiculteso--lct US
tfy to give The true Jrill Of the Patriot, thus
Oserbnkiug has produced b. eriraiing and spec
ulgtion, and Hese, IN their iurn, haze been
prorinaie causes cfhe present distress. Now
Ibis is marvellous approximation towards the
truth; we heartily concur in it, and onlyregrct
that tt5 'superfciaI' views of tho ed I do not
extend little farther. Cannot ey he see
that depreciation of paper--high pr. liums on
! specie-enorrcus rates OF interest the failure
to pay our foreign debts which h lead TO a
ruinous reduction in the price Of cotton equal
to loss of iwmly millions on last years crop
aloDe-and in fine, the loss Of confidence among
business men, and currency run o,aa--haye
all contributed TO produce and aggraya,c the
distress? Can he not sec that these & inaum.
able other causes haze been actively ut wo,k
compared with which oycrrcdirs and srccula-
ton are as moe-hills beside moa. tl,ns2 Can
he not soe----No, he can't; no has driven
W The stake 10 mark the farthest bound 10
/ Ahich is vision can extend. Ovcrbanking
il the 'mrru' the first, the great cause-lhal
| 18th a,ed ad'ny, &c. lies al lie foundation :
that is he il beyond which all Is thick dark
ness to his ',ilosophicaP mind this abomin
ator Of 'epe. eiaiiiy can bring his scoops
two u three icdiate, Pro1ina.e, causes O
dist .s b. ior lis life he can't-poa't- seek
the graa i.ad from which these caus.
yes CONE ". We the Patriot, then
to ret on the sweets Of supsyGeiaiG will
all The phi sophy' ii can muster. Our bust
ness is 90 consider matters beyond ts KEN
With whom ,os.s the responsibility Of The dis
;ress' I. must be with men, and not with in
animate 'd'rgs y 40 ard AHA has fulnishe,
the substrcium So n over5all ug n d eve
ry other in,ermc1ial- "a $ isress has beei
built? We reply that n. Jacsson e. CO. Rr
Z he men who are responsible 70, tie distress
n seen 9,GAsuats i1.Se D-vU 10 srs,. mr. So
causss If Al. Bearing in mind that overbankn
is fruitful instrument Of evil, let us begin Wit
seeking he causes ct operbanking. First w
fud the destruction he U. S. Bank, by An
drew Jackson. One Of the most importar
= purposes Of this bank was 10 cheek srer issue
and regulate eXchanges-a work which it we
performed, md secured 10 the nation a scts an
0 sound currency. lis destruction removed Ga
main ckeck to Operbankiag, and at the sam
q time created an implied accessiiy iol NOR
1 BANKS, host Of which were granted, alike b
Jackson and arli-Jackson legislatures. Al
, other measure Of government was the dsposi
= ing The public reUenue, siriy u seveniy mulioi
u per onnum, in banks, which were not only pc
y mittcd, but instructed if we do no, mistake,
j. make liberal discounts upon the strength Of u
d public reUenue. And think you, reader, he
measures Of government did not produce ore
l. banking? Letthe fact onsw e thai c. Jacl
J. son commenced his civil irar, bank loans ar
s. discounts have been increased more ihan Mr
1t hundred and ninety millions = Thus ropd
y have we traced the sin OF oyerbankng 10 Il
i measures ofgorerHneAt. Another rapid CLAN,
e in.o the field forbidden 10 Patriotic eyes A
/ ter the banks had got under full Roadway,
Pr the high pressure principle, just Ike LOGON
l. live on railway, without al engineer TO reg
ID late or a car TO retord its speed, another runo
70 MEASURE cfgOverHmeM was mercessly apple
le which we regard as one Of tho immediate Al
r. principal causes Of distress. The avowed o.
" jcct o. the Specie Circular wac 70 stop Out
ID banking, oreriraaing aad speculation. twas
ls harsh Il mody, sw3asnlgpplicd, and aae~peeis
l. " and unjasiiGatiy enforced utter congre
e had repealed ii. The eject u this "
suddenly 10 contract 5aak issues, which haa
the revious policy Of the government be
. suddenly and enormously increased Aim,
Instantly the banks found themselves crippl
" and as necessary consequence they could =
afford the merchants that aid which was nee
ed and expected. Necessarily The merchar
!" In die ciiins hmm 10 lnll-thnir crnd fcrs