Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-10-02

attributable TO the absurd measures Of his pre-
dccessor and himself There lie ono trinng
item however, that he has forgotten in his nc
count, viz. that the new Monster he hns con.
iured up, this same credit system, has mainly
contributed TO the prosperity Of England, by
stimulating industry and enterprise, and fur
nishing the means for the employment Of all
classes of society. lie has too forgotten a.
mother triiing item J. that the first disturbance
in the regular course Of business transactions
in England, arose from the large amount OF
specie and bullion, that the agents of our
Government drew from the vaults of the Bank
of England, which compelled that Bank in
September last, 10 refuse TO discount ANYMORE
American bills of Exchange, allejglnga as n rea-
son Tor this step, that the facilities already CIV
en-, had afforded more ample means TO the A.
gents OF orr Government, 70 draw the precious
metal from her vaults. This refusal soon pro.
duced much embarrassment among the houses
| connected with the American trade who, TO
NEE! their engagements, were obliged 10 force
| cotton into the markell fall in price ensued,
and as more occeptances became due, more
and more was forced into the market until il
| diminished in value from third 10 a half
| This added TO the embarrassment both in Enc.
land and America. Drafts had been nude up
on the strength Of large shipments, on the cal.
culaton that about $500 lbs of cotton wopld
command g 100 sterling, whereas this weight
had fallen to ESQ sterling; the bills were con-
sequently protested and returned. This state of
things prevented the regular payments TO the
manufacturers who had credited American
merchants, and caused much embarrassment
among them.
The Bank Of England finally perceiving
that the course they had pursued was Gripping
their own manufacturing industry, and as her
specie had increased, in March came forward
and assisted the American Houses since
then business has gradually improved and
confidence has been restored. 1t must be re-
marked that the embarrassments in England
were principally confined to what ia there cal
led the American trade and to such others as
had transactions with bankers, mercantile and
manufacturing houses engaged in theAmerican
business. 1t is also worthy Of remark, that
during the English embarrassments the hioh.
est interest that has been paid, was six per
cent. per annum, and that at the last advices
money was plenty at 10 ~ per cent These
facts warrant an opposite conclusion 10 that OF
Mr. Van Buren's. The fair inference TO be
drawn from them appears to be, that if the
currency Of our country had not been disturb
cd by the measures Of our Administration, our
mercantile community would not have expert
enced any serious embarrassment, even if il
had overraded to the extent that the MESA &c
wishes 10 have it implied for it is well
known fact that in an active and enterprising
community, overtruding 10 some extent will
take place every four or five years, and it is c.
qualIy well known that its effects are general.
ly local and the embarrassmcnts occasioned by
1t Of short duration. Had the Government in
lis ruthless war upon the Bank of the United
States, not have destroyed the best currency in
the world, consisting in Bank bills aud inland
bills Of Exchange, the wide spread ruin that
we now see overshadowing our country, would
not have befallcn us. If that Bank had not
been overthrown, the one hundred and fifty
Banks, which were got up principally in the
Jackson states, 10 supply the vacancy occa-
stoned by its destruction, probably would not
have been created, & those facilities for loans
could not have been afforded, and consequent
ly those speculations so much complained of
in the message, could never have taken place +;
but had they occurred with the aid Of as sound
a currency as we had before 1884, the commu-
nifty at large would have beer but slightly in
jured by them Again, if tho Treasury Cir
cuar had not been issued in 1886, by which
| the specie was drawn from the Banks on the
sea-board where it was wanted, and deposited
| in the Western Banks, where it was not wan
ted, thus completely depriving the aboard
Banks Of the specie no 'ssary to maintain a
healthy circulation, and hence Increasing the
pecunlary embarras sments, by declaring the
Banks and the community from its beneficial
use, the Banks would not have been obi ged in
self defence to suspend specie payments In A,
pril, and probably not at any time. Now that
the G Government by its pernicous measures
has porolyzed the industry Of tho whole coun.
try, and ruined tens of thousands of our mos
active and moritorious citizens, they are cal.
ling on The Representatives OF the People fo
help, at the very moment that they are refus
inr their aid Ia relievo the Dublic dlstress TIL,