Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-01
AN HISTORICAL EXPOSITION


Hermitage, he still seems to be TeguIded by Ihe
Globe. and bv no small portion OF the faithful,
No the only true head ofthe patty. The devo-
tel shickoryn men appear TO have adopted the
The maxim of the English law, that "ihe King
never des;o maxim which they apply per-
sonalv 10 their "veneraied chief" whom they
sill look I'D to as the only inialbe guide; not
withstandng the successor OF his predecess-
or'' now occupies the Presidential chair.
A The Globe once perhaps in month, alludes
10 MIR Van Buren, under the somewhat ambg-
nous epithet of the s'author of the letter to
Sherrod Williams" but il is full of references
10 the s.hero of New Orleans" and his opin-
ions, past and present, on the currencyj and Is
constantly publishing his private letters, by
wav of comforting the faithful, and keeping
them in good heart
This fact gives all importance to the opln-
ions Of Gen. Jackson on the subject OF the cur
renew which would not otherwise attach u
then Considered merely as man and cltl-
zen, MS opinions upon this subject are not OF
the slightest value; because he has nerer hdd
the opportunity or The means 10 imbibe any
correct ideas upon The subject; and such ideas
as he has, have been taken up under the lniiu-
ence of violent prepossessions and prtJudices,
sufficient til disqualily a much cooler ana a
much clearer head than his from coming To any
trustworthy conclusions.
The first public occasion upon which Cen
e;a jackson expressed any decided Opinions
upon the subject of the Deposite Banks, was
ia his annual message to Congress OF Deem
Der 2, 1884. Touching the Deposite Banks
he says:-Boston Atlas.
Happily it is already illustrated that the a.
pcncy of such an institution las National
Bank is not necessary to the fiscal operations
of the Government. The State Banks ARE
fund fully adequate to the performance OF all
services which were required of the Bank OF
the United States, quite as promptly, and with
the same cheapness, They have maintained
themselves and discharged all these duties,
while the Bank of the United States was still
powerful, and in the field as an open enemy;
and a. is not possible TO conceive that they trfH
find greater difficulties an their Operations,
,ohen that enemy shall cease TO erist.
This good opinion respecting the Opposite
Banks, r, manned unchanged till the next sess-
ion of Congress; for in his message OF Deceul-
her 8, 1885, we find him expressing himself as
follows:
1t has been seen that without the agency OF
great moneyed monopoly, the rerenue can De
collected, and conveniently and safely applied
10 The purposes of the public expenditure. IT
is ALSO AsCERTAISED THAT, INSTEAD OF BE-
ING NECESSARILY MADE TO PROMOTE THE
EVILS OF An UNCHECKED PAPER SfS
TEN, the management of the revenue can be
made auxiliary 10 the reform which the Legis-
latures of several of the States have already
commenced in regard to the suppression of
small bills, and which has only to be tostered
by proper regulations on the part Of Congress
to SECURE practical return, to the extent re-
uuired for the security of the currency, to the
Constitutional medium. Severed from the
Government as political engines, AND NOT
SUSCEPTIBLE OF DANGEROUS EXTENSION and
combination, The Slate Banks, trW not be
tempted nor ,cW they hare MePo,rer which We
have seen exercised, TO DIVERT THE PUBLIC
FUNDS FROM THE LEGITIMATE PURPOSES OF
GovERNMEET. The collection and custody o.
the rerenue being on HE contrary, a source Of
credit 10 them, ui ! increase the security
,ohich The States prouide for a faithful erect-
ton Of their trusts, by multiplying The scru-
TIMES TO ,phich their operations and accounts
sciH be subjected. Thus disposed as well from
interest as the obligation of their charters, il
cannot be doubted that such conditions as
Congress may see fit TO adopt respecting the
deposites in those Institutions, with view Il
the gradual disuse of the small bills, will be
cheerfuly complied with; and that re shall
soon gain, in place of the United States Bank
A PRACTICAL REFORM IN THE
WHOLE PAPER SYSTEM OF THE
COUNTRY. q
The Deposite Banks still continued to re-
tain the good opinion of General Jackson; for
in his m ssage of December +, lsS6,-his last
annual message, he says:
Experience continues to realise the expecta-
tons entertained as to the capacity Of the State
Banks to perform the duties of fiscal agents lor
The Government, at the time of the removal OF
the depostes. II was alleged by the advo-
Gates of The Bank of the United STATES that
the State Banks, whatever might be the regu-
lltions Of the Treasury Department, could mol
make the transfers required by the GoUern-
mea,, or negotiate tte domestic exchanges OF
the couniyy. IT is NOW WELL AscERTAINED,
that the real domestic exchanges performed
through discounts by the United States Bank
and its twenty-five branches, were at least one
third less than those of the deposite banks ioI
an equal period Of time; and if a comparison be
instituted between the amount of services rem
dered by these institutions, on the broader ba-
sis which has been used by the advocates ofihe
United States Bank, in estimating what they
consider the domestic exchanges transacted by
il, the result will BE- still more favorable to the
deposite banks.
After stating some facts or pretended facts
as a proof of the above assertions, the message
adds:--
independently of these services, which are
far greater than those rendered by the United
States Bank, and its twenty FIVE branches, q
number of the Deposite Banks have, WITH
coMMEHDABLE ZEAL TO AID IN THE IMPROVE
MENT OF THE CURRENCY, imported from a.
broad al their olcn expense, large sums Of the
precious metals for coinage aud circulation.
For aught that appears to the contrary
General Jackson continued to hold these sam,