Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-03-03

4 Bank Of the United States in 1927 And
while am very sure that the Senator from
Virginia did not take from the speech or INV
friend on that occasion the anecdote which
he introduced into bis own, of the nesssoe
sent by Mr. Burke TO MIR Pitt, warning him.
that u he permitted the issue Of one pound
notes ne would never again see guinea IN
England, yet i does so happen that that We
1 ry anecdote was related by the Senator from
Massachusetts. in bis speech before the Sem
e'e IN 1882 and was used By him expressly
10 support Of the idea OF increasing ana
strengthening the metallic basis Of our paper
currency.
But whilst both gentlemen concur in the
proprieiy Of imposing some limitation on onr
paper circulation, yet there is wide differ
ence between them as to the mode in which
that desirable object is to be effected. The
Senator from Virginia would RELY on the
voluntary action OF thousand banks. and Of
twenty-six State sovereiguties operating on
those banks. We, Of the Opposition, on the
contrary, thought il wisesi 10 RELY on rem
edy within our own power, 10 trust TO our
own laws, and TO look to that which we could
effect by our own energies and the exertion
OF our constitutional authority. We consid-
cr this practical and efficacious MEANS
The Senator from Virginia relies on what |
consider wholly inefficient. His reliance.
II seems. is on the enlightened patriotism Of
nine hundred or u thousand banks. created
rthe sole purpose Of making money! But,
sir, have we no lessons from experience in
our own past history. as to the degree Of re-
lance which may safely be placed on the
mere voluntary action Of any community,
however enlightened or patriotic il may be
What was the state oflhings during our own
Revolution, when we were coniending in the
most glorious cause that ever animated the
hearts, or nerved the arms of men2 The
reliance was then on the voluntary payment
Of the quotas, not oftwenty-six, but OF thirteen
States, indispensable to the success of that
cause and 10 our soldiers. who. unfed and un-
clad, were enduring every suffering to which
humanity can be possibly exposed Let me
ask the Hon. Senator, in view Of what then
took place, whether reliance on patriotism,
even Of enlightened States, much less that OF
banking corporations, is safe and secure
Il is now four or FIVE years since the poll
cy was first announced on our side, and was
afterwards taken up BY a portion Of the
friends Of the Administration, to widen the
metallic foundation Of the currency by a pro-
hibition of small bank notes and what has
been the RESULT How many States has en-
lighlened patriotism induced to adopt the
policy2 The Senator from Virginia men,
toned Virginia. Pennsylvania and Mary land,
TO which be might have added Kentucky,
and possibly one or two others. as having
imposed the desired restriction; but they did
il either prior to. or without any reference TO
the annunciation ofthe policy from Washing
ton. OF all the twenty-six States. he believ.
ed that New York and Maine only had con-
formed their Legislation to the recommended
tion sent forth from this city. And i is re-
markable with respect to Maine. as be had
understood that. after the restriction was i'm
posed, supply ofihe pro hibitednoles below
hive dollars was sent for to Massac husetts,
for small change 10 the transaction of busi-
ness.
No, sir; no man has higher opinion Of
the patriotism Of the country Than have
There is no one who entertains higher
opinion of the patriotism OF the States or is
more disposedlo place due and proper degree
of reliance upon it; but consider it sound
policy not exclusively to depend upon it, but
to add TO that security the salutary vigor Of
the law. Hence we supposed that il had been
demonstrated by all experience in this coun.
try. that national bank, created by, and un-
der the proper control oil. this Government,
was fit and necessary instrument to guard
the paper system OF the country against its
tendency 10 run into excessive issues, and Ill
timately into utter disorder; thai such bank
would at least retard such deplorable state
of things; and that If il could not prevent il,
when the notes of the local banks had los,
all confidence, and ceased to be secure cir
culatipn. the notes of the national bank would
remain q safe medium, in which the revenue
OF the country could be collected and disbur-
sed
From the moment that the Bank Of the
United States ceased 10 exist you gave up
the rndder OF the national currency. and |
greatly fear that il will get into such state
of confusion. that we shall see il go on.
from worse 10 worse, until all shall unite
inlotally Withdrawing from ilthe public con-
fidence.
But il it were even possible that you could
succeed, by appeals TO the States, and to the
banks, in bringing about the restoration OF
sound currency. how long would il last2--
Surprising general pressure TO be produ-
ced by the withdrawal OF specie from the
country would not the banks be Instantly
prompted. by the States themselves. TO sup
ply the wants of the community by furnish
ing the desired medium2 Trace back your
own history; look TO that period which pre-
ceded the Revolution when the colonies