Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-10-13

was currency of gold and silver and pa
per--thal is, before the suspension oil specie
payments.
A. The results of the specie circular, by
it's acting in violation Of all the laws oil ex-
change, were most ruinous. Such were the
results Of what the Senator from Missouri,
(Mr Benton) called the "giorious-giorious
specie circular p referring 10 the Ian
puaoe used by Mr. Benton few days ago
lHere Mr. Benton nodded assent and said
sAg, glorious") We now, however, said
Mr. King, have found that this glory had
somewhat deprecated, like some bank rags,
and from the same cause, namely, that It was
found not to rest on a very solid basis. We
now, he said, beheld our Government lnsol.
vent and disgraced in a time of profound
peace; our young and prosperous nation
branded as a nation of fraudulent bankrupts
and swindlers-ils merchants bankrupts--
its manufacturers languishing in idlcness
and dislress-.planters ruined, and two
thirds of the working class threatened with
actual starvation. So much, said Mr. King,
for glory Mr. King thought this 100 much
glory to be endured any longer.
Mr. King called upon his political friends
to join him in restoring the control OF the
finances OF the country to Congress, and res
cuinp them from exclusive executive legis.
lation. MIR King did not say that there had
existed no disease in the banking system -
but the methods adopted to cure the disease
were Just as bad as if physician were to
turn a man heels upwards in order TO cure
him Of an upoplexy.
In relation to the Bank Of the u. States,
Mr. King spoke with great energy and
pointedness. He said the fate Of that bank
was very extraordinary. But before he
could venture to utter n word in favor OF
that institution, he felt as if he must give his
reasons for so speaking, for whoever now
would open his mouth in its defence was
obliged to defend himself rs If he were a
feon or traitor.
He had grown up from his earliest life a
democrat in habits and associations. MIR
King was a democrat in heart real de-
mocrat; he used not the word as catch
word he despised catch-words. He went
for an economical administration, and no
one should find him with Democracy on
bis lips, but Tyranny and Plumber in his
heart He ",couid borrow no false iirery Of
Hearen 10 serre the derit in" He was de-
mocra, from his youth, and when he frs,
entered upon public life he found the Bank
of the United States established by the de-
mocra,ic party. His party established this
Bank in 1916; that was the remedy when
proposed and found efficient and from the
time OF its establishment TO the period when
it was put down, we had currency better
than any other nation was ever blessed with.
Such an institution, in fact. seemed neccssa-
~ to the Government Of this country. No
country having mixed currency could do
without it, 1t was necessary 10 trust the
finances Of the country to some agency
The fate Of this bank. established by the de-
mocratic party. Mr. King said. was extra
ordinary; and he proceeded TO show The
injustice and inconsistency OF the Aminis-
uation towards it, II Mr. Biddle lay down,
he was useless; if he stood up, he was inn
prudent; if he sat down. he was suspicious.
II he expanded, he was bribing the coun-
try; if he contracted, he was running the
country. II he imported specie, he was spe-
culating upon the country; il he exported
specie, he was conspiring against the coun-
try In short, whether he passed above or
below the President, he equally mudded the
water. MIR King referred to an attack on
the Bank by Mr. Niles. for not exporting
specie in 1882, and compared that with the
late policy OF the Administration in regard
to the expectation Of specie In truth, Mr.
King went on 10 say, that institution had, by
shipping five millions Of specie. performed
an operation more favorable for this coun-
try than ever could be expected from an in.
stitution which had been warred against as
il had been.
Mr. King referred to all these things to
vindicate himself and others who had al
ways entertained these opinions of the
bank and not meaning to indicate any
course on his part in relation to bank va
RANT from the opinions Of the mass of his
constituents, which. when he last heard from
them, were, he believed, averse TO Nation
al Bank
Mr. King made also number Of remark.
in defence Of the Bank Of the United State.
against the charge of having used its inAu
ence for political purposes. He denied tha
the Bank had meddled in the politics of the
country, and he dared any man 10 place hi.
finger on a single instance in which the
Bank had done so-at least before the lat,
President had commenced his war OH the
bank-a war which originated in the reta
sal Of the bank to make its management
subservient TO party purposes.
Mr. King next referred TO declaration
made by Mr. Calhoun on former day, thai
he would not now take the Bank of the u
States as a Bank of public deposite, even as