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

Your letter of the 22d inst received last
evening, inviting me, in behalf OF number
of NV late constituents, TO accept OF Pub
lie Dinner which you have been pleased TO
snv is rendered to me as testimony Of re-
spect for my private, and an approval OF my
public character
This unexpected demonstration Of esteem
and confidence, coming from those, with
many of whom | have been associated for
years, even from the day that first entered
this city, poor, unknown, and friendless
boy, fills me with the deepest sensiblity, and
demands my most grateful and profound ac
acknowledgements.
When accepted the high and important
trust of representing this District in Con
gress. well knew the responsibility had
assumed, and did not take it upon myself
without much solicitude distressing my abil-
ty to fulfil the reasonable expectations of
my friends.
felt that great indulgence would be ex-
tended TO me, in consequence OF my entire
want of experience, never having before
been member of Legislative body; but
could not forget the distinguished individuals
who had preceded me, all of them eminent
for their talents, requirements and practical
ed the weight of responsibility which al
ready oppressed me; took my seat in Con-
gress with full knowledge Of my de6cien-
cies, but with feeling of patriotic devotion
10 the Public interests, which liondly hoped
would sustain me, not only in the House,
but with my constituents and the country.
If the trust coh6ded to me by the people
of this District has been discharged to their
satisfaction, it is the highest reward that can
be conferred upon me.
In the discharge of my public duties, it
has been my fate TO entertain opinions differ
ing from those of the late Executive and
majority of Congress, and in speaking of
some OF the measures of the late adminlstra-
ton, beg to be understood us meaning no
personal disrepect to General Jackson or
any other individual: 1 shall briefly COM
ment upon measures and not men.
| have always kept in view in Legislation
those principles which would carry home to
the MANY, the greatest amount Of prosperity
and happiness, believing that the FEW can
always take care of themselves. Who are
the many2 Are they not farmers, mechan-
les traders and laborers2 And who are the
few Are they not the money-holders and
class can transfer their persons and their
property TO any given place in or out of the
country, having the means always about
them to do So.
Ii is not the case with the former class a
farmer cannot remove his farm, nor the me-
chanic his shop; the wealth Of the country
is founded in its labor and in giving securi-
ty tothe labor, we protect the property Of the
whole country.
A system of measures has been recon-
mended by the late Executive. and some Of
them adopted which are now in a course of
development, that will tend TO place an I'M
due proportion of the property Of the coun-
try in the hands OF overgrown capitalists, at
the expense of the other classes of society,
The present state Of the currency is a
perfect illustration of this position, and the
question now is, what have been the causes
of its deranged state throughout the Union.
There are different opinions in regard TO the
causes, but none as to the effects.
The most reasonable explanation may per
haps be found in a series of measures, com
mencing with General Jacksons Veto of
the Charter of the Bank of the United States
in ls32,-followed by removal of the pub
lie money in 1888.
The moment the Charter of the Bank of
the United States was vetoed, an expectation
prevailed that it would be forced to wind up
its concerns on the 4th of March, 1885,
and a large number of Banks were charter
ed in several of the States. In Oct. 1888,
the Public Deposites were removed and
placed, if my memory serves me, as soon as
it could conveniently be done, in Thirty-six
Banks, over which the Government had not
the least control, all acting independently of
each other
While they remained in the Bank of the
United States they were employed thorugh-
out the country for legitimate commercial
purposes, but when they were placed in these
thiry-six Independent institutions, large
amount of the Government money took
new direction it was completely Withdrawn
from the regular channels of trade, causing
great scarcity, which stimulated the char
,ering by the States of more Banks in 1884 !
This, together with an intimation from the |
Executive that we must have a metallic cur
rency caused heavy loans to be negotiated
abroad by some of the Deposites Banks, and |
specie was brought into the country from
England aud etseechere, when it is believed
that we were indebted largely to Europe.
The new Banks made large issues of pa
per- Notwithstanding the METALLIC CUR.
RENcY,) the prices of every thing that is
bought and sold, continued to rise, and in
1885 and 1886 more banks were chartered
and some very large ones by the States =
state loans to great amount were negocial-
ed in Europe; private credit pledged for