Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-04-21

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another-W hen that institution was in full
operation, we had currency equal to any
in the world ever witnessed its notes were
at par in every part of the United States and
in Canada and Nova Scotia, Money could
be placed in New Orleans by persons resid-
ing in the Atlantic States at less than the
cost of insurance, and there was no trans
porting Of specie from one end Of the con
tinent to the other, in common commercial
What do we see now2 The
public money deposited in eightysi1 State
Banks; an increase of bank capital since
General Jackson's veto Of the Bank of the
United States, Of not less than TWO HUN
DRED AND FIFTY MILLIONS OF dollars, and
an inc rease of bank notes in circulation of
not less than EIGHTY MILLIONS OF DOL
LARS 1t is said the business of the country
has increased; we all know there is u great
increase of population and consequently Of
business but has the legitimate business in
creased in proportion to the increase OF bank
capital and circulation Has not the bust
ness been stimulated and carried far beyond
its natural growth by the aliment received
from this EIGHTY millions of paper2 We
know what our condition was four years
ago perhaps it would be well to inquire
what it is now.--We have near one hundred
Deposte Banks (acing without concert,) in
which there must be at this time to the cred
it of the Treasurer of the United States,
and the Discussing officers of the Govern
ment, about ftiy millions Of dollars we
have an increase of state bank paper Of
eighty millions of dollars AN expansion
which is unnatural and over which the Cen
eral Government has no control.
The inequality of the currency is made
manifest by the demands Of gold and silver
in some sections of the Country for public
dues, while in others paper is received in
payment
We are largely indebted 10 Great Britain,
the produce OF our Country falling in price,
abroad and at home, our exchanges all in
disorder confidence impaired, and proba-
bility OF considerable shipments Of specie to
pay the balances we owe abroad The day
of contraction has arrived, and a revolution
is to take place in the business Of the Coun-
uy.
The causes of the great speculatons in
lands, and the oyerlrading in other branches
of business may be attributed to the i'm
moderate expansion Of bank notes, and the
forcing of specie into the country contrary
TO the natural laws that govern trade. 1t
has been shown, that this increase Of bank
capital and bank paper, was produced by the
action Of the Executive and by legislation
The promised currency has never been re-
allied, and that class of persons who were
assured by General Jackson that they should
derive important advantages by his new sys-
tenn, are TO be sufferers.
There is one class of men who have
been, and are gathering golden harvest
from his experiments upon the currency =
that is, the money lenders,-the great CAPT.
talists of the Countrywide persons against
whome these measures were principally d-
recled. The equality which was TO be pro-
duced has not taken place; on the other
hand, human ingenuity could not have de-
vised scheme better calculated 10 satisfy
the appetite of avarace than the one now in
operation. The labor of the Country is
eventually TO suffer from the determination
Of the Executive to carry into effect this ex-
pertinent upon the currency. |, is the MANY
and NOT the FEW who are to suffer Time
has revealed to us but q small part of the eff
iects of the quackery which has been infict,
ed upon us by an interference with one of
the most difficult and delicate subjects that
can be touched by the Executive hand. We
have twentysix independent sovereignties,
all having the power 10 create banks, and
those banks have power TO issue notes, un.
controlled by the General Government
How long such system can or will be CON
tinued must be left with the people to de-
eide.
| shall pass with reluctance from this
fruitful aud interesting topic, to another Of
general interest, viz. the public lands. The
Land Bill that passed the Senate and was
laid on the table in the House, was by no
means acceptable 10 those who are DESTROYS
OF having distribution of the revenue arts
ing from that source, among It's lawful pro-
prietors. The Bill was partial and unjust
in It's operation and amounted to surrender
OF the public domain, with little prospect OF
much compensation The public lands of
the United States are of immense value, al
most beyond computation, and belong in
common to all the States in this contederacy
they will be source of great revenue an,
nually for long time TO come, and the
money derived from them should be dis.
tributed among the States. A plan, known
by the name Of MIR Clay's Land Bill is
thought, by persons in all parts OF the Coun-
try in favor of distributing the proceeds, 10
be the most judicious that has yet been pre-
sented to Congress. This Bill passed both
Houses Of Congress once, but was vetoed by
General Jackson The provisions of the
Bill are favorable to the new States, and
such as should be satisfactory to them, un-
less they expect to obtain the whole nnhlio