Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-08-14
From the Boston Atlas.
JUDGE WHITES DISCLOSURES-A
TREASURY BANK.

General Jackson's manifesto, that measured
six or seven yards in the Nashville papers, has
called forth reply from Judge White; a cool,
temperate and candid reply, with slight iniu-
sion Of acid and causiic. In this document,
which is addressed to the Freemen CT Tennes.
see, and appears in the Knoxville Register with
the signature of it's author, several topics OF no
little interest very plainly treated, and in a
style that makes the whole paper valuable
addition to the materials for q History of Gen. |
Jackson's administration.
Judge White is Of opinion that the General |
never lost sight of his original project Of Trea-
SWy Bank-the project which Mr. Van Buren,
expects 10 consummate through the wreck ard
ruin OF another stupendous Experiment. The
Treasury Circular, he believes TO have been
one Of the instruments calculated and intended
10 bring about this result. 1t was promulga-
ted during the tendency of Presidential cleo
ton, and the distinctions which it makes be-
tween different classes of The community were
designed TO operate on its Issue. By permit
ting the people of the neio States 10 pay for
their lands in Bank notes until after the cleo
ton, il was supposed that their votes would be
influenced IN favor of Gen. Jackson's candi.
date. To this inducemcnt was added the hope
Of breaking the Western Banks, by producing
such run Tor specie as would make their sus-
pension inevitable. BY destroying the credit oi
tailment of their discounts; and this curtall-
. ment would ruin all those who dealt on Dor
y rowed capital without reaching the best part
Of the popnlation.' In regard 10 the course OF
. the Deposite banks, the Judge holds the fol.
lowing language, which we recommend to the
= special attention OF the Gsbe:
Il have no doubt the Banks had extended
: their discounts loo far in many instances, and i
: may likewise be true that merchants had over
, traded but have 10 doubt The great error il
q some of the Banks consisted in making ex
travagant loans, 10 companies Of land purchas
ers, at our public sales, and Of Indian reserpa
+ Ito, s. This prevented, in many instances, III
:. usual accommodations TO merchants, and enable
/ the friends and Jarorites Of the .4dminisiratiO
)" 10 monopoiize immense bodies Of our most paluo
+ Die lands, al The minimum price. No aiemI
Ut that we know oil was made 10 check the depos
o' lie banks in this course, until the desired pul
- chases were completed, and the political view
u Of The party were accomplished. They WEI
no lauded and society was taught 10 believe III
u wise measures Of The Executive would prcsen
o. ly give us all wealth 10 our hearts CONTENT
ne Thus the banks were first encouraged III the
ID mprudence and when the proper time arrive
W. those who had used them, for pecuniary ar
ie eeciioneering purposes, caused the Treasul
'u order TO be issued, and followed up by Il
es' worse than useless mode of transferring Il
TO public monies, and by these means have cal
10 Sod the disasters to the merchants, and the su
IS. pension OF specie payments, 10 the great di
OF credit of the banks, and loss of every port,
So Of the community
10" This is fair statement Of the case. In
on ply to the interrogatory ichy The administrat
was DESTROYS TO compel the Banks 10 suspe
specie payments, the Judge says:
81 will answer The question in all sncent
her because believe Gen Jackson nO,o iUishes
bad Bank of The United States, founded upon
rry monies Of The United States, and attached to t
eve Treasury Department.
hty We all know that in more than one of
airy messages he recommended such Bank, ant
our know that in 1929, he wished Mr. Grundy
and ecied 10 the Senate, in preference to Judge
yes e Anderson, because he believed Mr. Grun
ore. could better aid in making up party in &C
and gress 10 establish such Bank.
ced His object when he came into the Preside
rom cy was to have such Bank nothing was 81
raw by him recommending it after Mr. McDuii
was report. In common with others, | believed
of had despaired of it after that report until re
'uld the Treasury Circular, aud from that tim,
un haze beiiered that IL icas an object he had ne
had lost sight Of aud that he and his advisers h.
the put into operation a series Of measures dis
'nts tr0u' to the country al large and ruiro; to n