Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-05-19

suspension of Specie payments by the
Banks has created degree Of cheerfulness
on the countenances of our population,
which we have not seen for weeks before.
The cheerfulness is mixed however with
much regret that measure SO injurious as
this is liable to be to the credit of our city,
should have been necessary. Every mer
chant feels that his own reputation is inn
plicated and must suffer, unless the most
vigorous measures are adopted to restore
soundness to the currency, by the earliest
possible return to specie payments. The
merchants have borne the agonizing pres
sure which in the midst of ample fortunes
broke them rapidly down one after another,
and although they knew that the suspen-
sion on the part of the Banks would afford
them relief, they preferred to bear the
pressure and break under it, rather than
that the central heart of. the moneyed ac-
ton should be impaired. Never did high
mercantile honor carry men to more liberal
lengths of self-devotion. But the alarm
which others felt without cause, has brought
them relief and now that the measure of
suspension has been forced upon the Banks,
not as one of relief, but of necessity, they
may enjoy the relief, conscious that the
public reputation has not been sacrificed to
save that of individuals. The Banks too
have turned down the screws with as little
mercy as the merchants called for, deter
mined that their honor should be preserv-
ed, and no suspicion be left that any UNI
x,o,sb,, ,,,ot,,, boI ir1,,onoaI tI,a,r co,,
duct. The measures past, are guarantee
for measures to come Neither the mer-
chants nor the Banks will allow any thing
to interfere with the grand and all absorb
ing purpose of recovering the position from
which they have been driven. Before
this will be possible, however, there must
be some relief from the tortures which
have existed business must in some mea-
sure revive, and confidence and quiet be
restored. Until the dstrust which has
brought about the suspension be efectually
removed, it would be useless to attempt
any thing.
Now as to measures to be adopted, we
suppose they are obvious to all. If any
legal provision renders the Banks liable to
be enjoined and shut up by the Chancellor,
it must be repealed. For if that provision
were carried into execution, it is evident
there would be no currency but little
specie, and that is most of it hid in old
stockings. In such state of things there
would be no value TO any thing, and not
ten men in the city would pay their notes
for week. In the second place, we mus;
have the small notes restored to circulation |
for in a little time specie will disappear al |
together, and it will be impossible to make
payments except in even and unbroken
sums not less than five dollors. Possibly
small change enough may be kept adoat to
make up the broken parts of dollar, but
no more. If our own Legislature will not
furnish us this indispensable facility, we
must be furnished from other States. For
some time past, small notes of other States
have been in great favor. In our markets
it has almost been impossible to get five
dollar notes changed. The market people
will trust, or do anything rather than
change five dollar bills; and in general
they cannot do it for there is not quar-
ter specie enough in circulation to enable
the exchanges to be made.
After these measures of accommodation,
the Bank Commissioners will be called
upon to exercise an unsparing vigilance in
combining the operations of all the Banks
in the State within the limits of the law.
Some extension of discounts ought GER
tainly to be made. Solvent houses who
have contrived, SO far, to make brick with
out straw, ought to be relieved and re-
lief ought to be afforded to some extent
generally. The pressure, up to this time,
has been too awfully severe. Some re-
lief ought TO be expected. Merchandise
has been forced down unreasonably low.
Nothing but mischief can result from such
an unnatural depression. A better and
easier condition of things must exist before
confidence can be so much restored as to
render return to specie payments posi-
BILE and the sooner that relief is admins
tered the better.
The measures to be adopted by the c
community are obvious. Every man whose
affairs are at all involved, must use every n
means to economist his expenditures, and Il
pay his debts. This is the golden oppor- b
tunity. Wo to him who under such cir Y
seeks to relieve himself by new !
speculations and getting deeper in debt.
The business of the nation must be done Il }
its surplus products exported foreign ar
ticles of necessity brought back; and the r
Il l. Il