The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-12-19

gnnn 4
Hoy n .tuniversa crash is heard Ihey ia' anu
fsify all their millions Of promises at once my
are unable TO pay over the funds OF the soNerno''
The government says, "hencetorth we VIII nor en-
Iov 99on tn take charge of our fundswe think best
ia take care ofour money so that we can hdVo
at command when and where me puo''c eA'son-
ces require" when 10 and behold up rise some
eoh; or ten hundred Dr0hen bdHhS, or heir rlehuS,
stncndiaries md dependents, and boldly assert thHt
The government cannot get along without ther ana;
that it is absolutely dpende"t upon them ior us very
existence and preservation Inc N'nerLcuh Nc
public-the only government upon earth worthy
tho name of neutrality-suspicious. upon 6anhS-Oro-
ken Janksi What fragrant insult to every AmerI-
can freeman 1t is enough to distuiD the repose OF
at The price of blood ~ Vermont Patriot.
The case TRULY stated.--Tho u. S. Bank had for
twelve or fifteen years been the fiscal agent OF the
Government During ;his period, it received in
doposite hundreds of millions of the public moneys,
and faithfully discussed the same when called upon
The Government lost not a dollar of her revenue
incurred no expense for the transportation OF specie
from one part ofho country to the other, exchanges
were easily effected, and general security was felt
by the people in the currency of the country. Gen
jackson conceived the idea of making the U. >.
Bank subsorviont to the political schemes OF his
administration The Bank refused Gen. Jackson
determined to crush the Bank the party enabled
ILLEGALLY Withdrawn from the u. S. Bank, and plac-
ed in the hands of 80 of the State Banks, selected
by Gen jackson. Webster, and Clay, and Adams,
and Binncy and all of the prominent Wings of both
houses of Congress, protested against the measure,
and warned the administration of the consequences
predicting the failure of the deposte banks, and the
catastrophe which has followed. The administra-
ton persisted and the Secretary Of the Treasury in
his circular to the dcposite banks instructed them
to use the funds of the government. "The Depos-
ties of the public money says he 'wilI enable you
to afford increased facilities to the commercial and
other classes of the community, and the Department
anticipates from you the adoption of such course
respecting your accommodations will prove &c
ceptable to the people,
The depositc Banks following the instructions of
the Secretary ofthe Treasury, loan the public money
to land spectators and others-Gen. Jackson as
sures Congress- in his last message, that the public
money is safe, and that the scheme of the deposite
| banks had fulfilled the expectations of the govern
ment--tho commercial pressure increases-conf-
dence is dcstroycd-lhe best commercial paper is
discredted-Iho banks refuse to increase their dis
counts--failures multiply-.a run is commenced
upon tho Banks for specic-general panic - the
banks driven to tho alternatives either to exhaust
their vaults at once Of specie, and thus render their
own failure certain, and that of the whole commu-
nifty, Cor temporarily to suspend specie payments
until the panic should cease, and public confidence
be measurably rcstored--the latter alternative is
chosen, and the specie is thus retained in the
try, which otherwise would have flowed to England
and France to liqndate foreign debts by this delay
these debt will be paid in cotton and other products
of the country. Meantime, Gen. Jackson, chagrin-
ed at the failure Of his deposite bank SYSTEM umi
mates from his retirement at the ''lermtage,' his
anathomas against the DeposteBanks accusing them
of fraud and breach of faith to the government;
the Jackson presses echo the slang and cry ''down
with tho Banks" 'he federal monopoly Banks
aye, the federal monopoly banks, the creatures of
Jackson's administrations Mr. Van Buren, calls a
special session of Congrcss-hs message admits the
failure Of the experiment, but, instead of
mending return to the "good old way" he pro-
| poses another eXpelment-the ub-treasury scheme
constituting host of Coz crnmcnt officers as the
fiscal agents, in whose hands the peoples money is
to be deposited-to be used, doubt, for the public
good influencing elections buying lands in Tenqs