Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-29

lsoents OF the Government, as the Bank OF
Ithe United StA,es--but he thought the OBJ
Iiections to that National institution were so
linsuperable. that onithe whole he was IN Ia
vor Of the State Bank Deposit System
That system was the system OF the Admin
| istration, and he entered upon high eulo-
qium of the conduct OF State Banks as fiscal
agents. and the benefits that flowed from
them. He spoke Of what had been called
the failure of the State Bank Experiment;
and said the failure arose from the warfare
that had been carried on against the bank
ing institutions Of the country. The war
fare had been carried on mos, nnrelentingly
and steadily by some OF those who had pur-
sued the Bank of the United States with
the greatest hostility. Confidence OF the
Government had been Withdrawn from the
Banks-without which they could not stand.
The moment you can satisfy the people that
the Government has no confidence in these
institutions, the people will withdraw their
confidence He spoke Of the issuing Of the
Treasury specie circular as a part OF the
ruthless warfare against the confidence OF
the community in Banks and declared that
il the will Of the Legislative Department Of
the Government had prevailed on that sub
ject, confidence would have been restored.-
The people looked to the resembling OF the
circular-,hey looked to the Revenue Bill
as the measure Of relief The people ex-
pected President Van Buren, to rescind that
order--and il was the expectation Of the
friends Of that high functionary, when they
eft this city in March, that the order would
be rescinded When he, (Mr L. reached
New York he openly expressed the opin-
! ion--and that community received II with
| Joy and graduation as an announcement OF
relief at hand. and was ready to cxclaim
"Now is tho winter Of our discomfort, made gor-
Gus summer by this son Of York"
/ Mr. TnlmadCe contended that the repeal
Of this measure would have restored conf.
/ dence, and ayeried the suspspsion OF specie
\ payments. He did not indeed regard il as
| panacea for all the commercial evils that op-
] pressed the couniry-but il would have re-
vived dropping confidence. No matter to
what object people look-even suppose II a
mere phan,om-give the people that object /;
and confidence is restored Mr. Tallmadgc
repealed the charges of peridy, ireachery.
&c. which had been brough, ngsinst the
Banks The whole commercial communi-
iy Of New York, OF all parties. was in ia
vor OF the suspension OF specie payments.
when il did take place. The run Of bill
holders on them alarmed the depositors-
and the want OF confidence among the de-
posiors, produced the suspension. He re-
lcrred TO The appreciation BY the people. aud
by the Legislatures OF the State. of the act
| The State Bank Experiment. he maintained.
has no, failed The Banks had performed
their duties rs fiscal agents; and the present
state Of things was brought about by cir
cumstances that could not occur again. He
spoke OF the deposilc act Of June. 1896
and entered upon defence Of his course.
and Of its provisions. He said that be
would iorbear TO refer 10 tho manner 10
which the provisions Of that Bill had been
carried into execution-ihough he had his
opinions on the snbject-but il the transfers
had been effected in a different manner, il
would have produced incaiculabe benefit
10 the whole country. instead OF doing mis-
chief TO portion Of 1t. He declared the
term divorce between Bank and S,aie.n to
be catch phrase-originally got up by po-
litieians, TO delude and misguide the people
The mass of those who have adopted il
have done so without sufficient eonsidera-
ton. He objected TO the use Of such term
by men pretending TO judgment and disere
ton. He though,this Sub Treasury scheme
was fraught with more mischief than any
system that ever been proposed You are
establishing better currency" for the Of
holders--and "bassr currency" fol
the people. The paper currency. payable
in specie on demand, will ever be the cur
rency OF the country. But by your scheme:
you isolate the Government from the PEG
ple--you increase the salaries of your pub
lie officers from 10 to IL pei cent. You de
prve the people. in time, too, Of any ade
, quate currency. He referred TO the propo
! silions made by the President for gold and
silver in payment and 10 the proposition.
offered by MIR Calhoun and Mr. Benton
All end in the same thing It'll gold ant
, silver receipt Of all the public dues in the
! Treasury. If you adopt this Sub-Treasury
E scheme, then even il you adopt a provision
that the notes Of specie paying Banks shall
I be received, it will amount to the same thing
Q as il you were to permit nothing but golt
! and silver TO be received 10 payment lie
4 there be no delusion on this subject lie
! il be understood therefore that if you adop
1 the Sub-Treasury scheme, you must TAX,
E the whole Of it-there is no halfway worl
, about it.
Il MIR Talmadge then portrayed with re
markable power, the effects upon the com
e mercial prosperity which would be produced
0 by this measure and declared that he doubt
d ed not some OF those who now support
q will come hereafter 10 aslk the Governmen