Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-23
From the Boston Atlas.
BANK MYsTERIEs-LANp sPECU
IATIONS

From the Boston Atlas.
BANK MYSTERIEs-LAND sPECU.
LATIONS.
All mystery on The subject oil Banking.
should cease" said Mr. Woodbury. in 1884,
II is unworthy the age in which we live,
and the form OF government we support. and
the real condition of all banking institutions
which claim public confidence and credit.
should be shown, far and wide 10 all interested
fully 10 deserve that confidence and crcditn
This was one of the great beauties of tho
U. S. Bank the monthly publication Of lis
returns. Every body knew its precise situu.
ION lis means and abiies-its expansions
and contraclons-twelye times a year lt4
affairs were always open TO the investigation
oil Congress. But what do the people know
Of the condition OF the Pet Banks 3-except
that they owe the government some forty mil
lions Of dollars, which come under the infer.
esiing denomination Of UNAVAILABLE
FUNDS We know this very well-and
this is all.
The public cun now see the true reason Of
battling and defeating the Wise and Peyton
Investigations Of last winter. Tho deposits in
the western banks consist chiefly Of Govern
ment credits-which are based on the worth.
less paper oil insovent land speculators--and
neither the banks nor the Government will
ever see dollar Of these dues. And when
did those speculatons commence WIrH
THE REMOVAL OF THE DEPosIrEs. On what
were they based2 On The DEPOSITES-
which had previously been used as the bass OF
dscounting short mercantile paper--in liqtA-
dating engagements which had short period
10 run-and were regularly and punctually nd
justed.
There is 10 principle Of banking better
established than this-that no bank credit
should be loaned for speculatons in real os-
nlaIi L.. n
for adjustment Years must elspse before any
thing can be profitably realized. They should
always therefore be carried on, either on the
solid capital Of the speoulntor, or on money
borrowed for series Of years on mortgage.
Any other course must inevitably ruin the
spectators and the banks.
Now the Deposites were no sooner removed
TO the Pet Banks than they Immediately be.
came the basis of vast land spcculatons, into
which all who could obtain a share Of tho
Government Money, plunged at once, heels
over ad-postmasters, custom house officcrs,
navy ageDts,-Pet Bank directors, Ca shiers, and
Observation-Disclosures attorneys, Government
printers, secretaries Of state, postmaster gener-
al, attorneys general, Presidents secretaries,
and collalerally, incidentally, and accidentally,
II common fame speak true, the President
himself! We havo not 10 be sure, positive
evidence of the last fact, though We have
the General when he charged the United
States Bank with insolvency. But tho truth
of orr previous allegations is matter Of general
hotoriety.
1t was this LAND SPECULATION, fostered
and conducted by the facilities u: the De-
PosITE BANKS, that has filled the Treasury
with UNAVAILABLE FUNDS; funds that
in all human probability will never be any
thing else-as far as the Western Dcposito'
n I
terminated as John Quincy Adams prophes-
ed that it would terminaie--in UNIVERSAL
BANKRUPTCY. He had seen il tried once be-
| fore. He had seen and studied lis consc-
quences, and lie saw and forotold the inevita-
bic catastrophe.
And now The PEOPLE DEMANDED IN
! VESTIGATION. ave have fer n long
time" said Mr. Fox in debate in the English
Parliament, chad a cOnfding HOUSE, Of COM
mons. ! want now an lSeuIRrSc HogsE OF
COMMONS. | say that without INQUIRY
| INTO THE CAUSE CT OUR CALAM--
TIES, the public neither will nor ought to be
satisfied" MIR Van Buren, may postpone the
evil duy-by emitting TO convoke Congress,
but come il must. The next House must be
House Of Inquiry. The people will compel
it.. There will be no more Gag Law-ns
more packing Of committees. Public indig-
nation ia too strong. The public voice will
u tHo uOOT VI tlt SCCIetaff-uDu ASK
him how aud why he has thus deceived and in
suited the people.
The truth is, that while Kendall, and Whit
ney, and Forsyth, and Butler-and the whole
number OF associated bandts-are CRYING out
Speculation Over trading Ought TO break
Borrowed capital Fictitious credit"-they
have been themselves engaged in the most
extended speculations on means furnished by
the Deposte Banks. Every body that has
been at w ashington within the last three years
knows that it has been nothing better than n
mart OF Land Speculaiors-and that the Ex-
ecutive officers OF the Government have taken
the lead in it-and now forsooh they cry out
speculation! Down with the gembers and
spectators!
The public will not be satisfied with q sup
pressing committee, sitting committee, u
gagging committee at the next session. They
will demand committee friendly 10 inquiry,
and not concealment: and will then learn the
true origin and nature of the UNAVAILABLE
FUNDS in the Treasury.