Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-08-22
From the Neto York sta.

II Is remarkable circumstance N the political
annals OF this country that the veY errors if not
despotlc acts of the administration, ruinous and
ueploraOle as they are admitted &c be, are seized
upon by the men IN power, and made IN a measure
10 operate TO their advanage-tfat is to say, BY
perversion OF the truth.and a shifu adaptation Of
popular feelings and opinions, they hope to I'M
pute to others, the faults. which are ulone their
own. This is one of themsnserous features of
the presenl rulers of this countrv for rather than
admit error, or rettace their steps or surrender
their power they draw and defend themselves to
the last, ike the smugglers of Europe, who would
rather die than allow their contuband articles to
Take ono case for an example We nran the
Banks. The stuppage OF specie payments, The
avodable consequences of the Government, de-
rangement Of the currency has made the banks
unpopular, and has swelled the number of those
who never were friendly either to hanks or To the
credit system. Foremost In The pack that opens
against the banks, denouuccs Them in measured
strain, and rings the changes of hard money cur
rehcy is the worthy President Of the L. States
and his friend and counsellor the editor OF The
Globe and IN the course Of their denuncaiions and
prescriptions, the vast accumulation Of state banks
is bitterly complained o:-the stoppage of specie
payments is deemed and pronounced great fraud
and the honest payment II the debt due by our
merchants in Europe, is considered a subserviauce
to foreign power. By this attitude the admins.
tratiun hopes to draw of public attention from the
sole cause the and origin Of all the evils We
now sutier-to draw of attention from themselves
The cry is up-the clsmor loud-the suferngs
deep and severe, and the oudest in the cry is the
administration ltself-lke the common practice Of
the thief, when pursued, who cries "stop thefw
the loudest. Are we wrong Not in solitary
point.
The administration party, with the hope Of
catching a few struggling Loco Foco vote, droin-
ed the banks Of silver, by compelling them to pay
IN specie their noles of one two aud three dolare,
which specie adyisedly Withdrawn aud
boarded by the enemies of the credit system. This
,cas The commencement ofhe epii.
The administration Withdrew the peoples mon
ey, amounting to more than twenty millions, and
deposited the same 10 the banks on the ground
that state banks were just rs safe Nstional
Institution The Pet banks have stopped payment,
aud the government itself is compelled TO Issue.
without authority, Treasury Drafts, to meet the
current expenses.
Is not This true?
The bank Of the United States had so regulated
the Exchanges Of the country, that merchant
could place his money in any direction or receive
his money from any state, al a small premium
the administration destroyed the bDuk. and ul'r
chant who has money laying 10 the West, cannot
now obtain it without ineufring loss Of tNenty
per cent.
IL not his true ,
To carry on, the doctrines " the sdm.nislra
ton that state banks were preferable to a Nation
81 bank the states attached 10 the administration
Incorporated banks with capital Of scrcatg ttro
millions three hundred and sisfy pee housaHd doiL,rs
u addition to thuse already Ia existence The ad-
mlu,tratiou advocated aud ,egaIzod ths immense
addition 10 .he pepper issues of The country, and
lac grea, an,i.bank patriot aO~ al the head 81 he
government encouraged states under his political
control To augmeui thor bank capital. 10 order 10
transact oil the business iica the United States
bank usually had transacted.
Il moi his true
With the view Of transaeung hard money cur
rency bot 10 reality TO encourage private specUla-
lions IN the public lands, the specie circular var
illegally issued, which made second drain on lhe
banks, carried the specie West, where greet part
IVES lost 10 Pets that could Dot psy, sud Wheu
Congress almost onsnimously otaered lhsi Cifee-
lar 10 be repealed. The Us1fPef eoolly p0cAeied
the Law and ran Of .ih ii TO Tennessee, Hnd h's
successor beng pledged 10 his patron DOT TO fePesi
the Specie circular refused "a The face VI 80 eE-
prss. ~iiI Of Congress. TO repeal II.
10 81 fhii 'rye