Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-15


are termed the domestic exchanges of the
country, serving as the means Of usurious
profit, and constituting the most unsafe and
cies OF traffic. instead of being upheld, ought
to be dlscountenanced by the Government
and the people
In transferring its funds from place to
place, the Government is on the same foot
ing with the private citizen, and may resort
to the same legal means 1t may do so
through the medium OF bills drawn by it,
sell, or purchased from others and, in these
operations, il may. in manner undoubtedly
constitutional and legitimate. facilitate and
assist exchanges OF individuals founded on
real transactions of trade The extent to
which this may be done, and the best means
effecting i, are entitled to the fullest consider
alton. This has been bestowed by the Sec
rotary of the Treasury, and his views will
be submitted 10 you in his report.
But il was not designed by the constiiu-
ton that the Government should assume the
| management OF domestic or foreign ex-
change IL is indeed authorized to regulate,
lby law, the commerce between the States. and
to provide general standard Of value or
medium Of exchange in gold and silver -
but 1t is not its province TO aid individuals
10 the transfer OF their funds, otherwise than
Through the facilities afforded by the Poe,
IUdice Department AS Justly might il be
called on 10 provide for the transportation Of
their merchandise These are operations
Of trade. They ought to be conducted by
those who are interested in them, in the
same manner tina, the incidental difficulties
OF other pursuits are encountered by other
classes Of citizens. Such aid has not been
deemed necessary in other countries
Throughout Europe, the domestic as well
as the foreign exchanges are carried on by
private houses. often. il not generally. with.
out the assistance of banks Yet they ex-
tend throughout distinct sovereignlies. and
far exceed in amount the real exchanges Of
the United States. There is no reason why
our own may not be conducted in the same
manner. with equal cheapness and safety
Certainly this might be accomplished. II it
were favored by those most deeply interest
ed; and few can doubt that their own inter
est, as well as the general welfare oil the
country. would be promoted by leaving such
subject in the hands of those to whom il
properly belongs. A system founded on
: private interest. enterprise. and competition,
without the aid of Legislative grants or rega,
lations by law, would rapidly prosper; ii
! would be free from the influence OF political
{ agitation, and extend the same exemption
to trade ITSELF and il would put an end to
those complaints Of neglect, Partially, in.
; justice, and oppression, which are the una.
voidable results Of interference by the Gov
ernmcnt in the proper concerns OF individ
| uals All former attempts on the part Of the
! Government TO carry its legislation, in this
respect, further than was designed by ths
constitution, have in the end proved injuri
! Gus, and have served only to convince the
great body Of the people. more and more. o
= the certain dangers OF blending private inter
! ests with the operations of public business
and there is no reason to suppose that re
I petition OF them now would be more sue
I cessful.
Ii cannot be concealed that there exists il
our community, opinions and feelings on thi'
: subject, in direct opposition to each other
; A large portion Of them, combining great in
: telligence. activity and influence, are NJ
doubt sincere in their belief that the opera
tions of trade ought to be assisted by such
connection; they regard a national bank a
; necessary for this purpose, and they are dis
y inclined TO every measure that does not ten,
y sooner or later to the establishment Of sucl
an institution On the other hand, MAORI
: ty Of the people are believed to be irrecon
n cilably opposed to that measure; they con
Il slider such concentration of power as dan
!, gerous TO their liberties; and many of then
J. regard il as violation Of the Constitution
$ This collision of opinion has. doubtless
X caused much of the embarrassment 10 whicl
e the commercial transactions of the countr,
have lately been exposed. Banking has be
S come political topic of the highest interest
!. and trade has suffered in the conflict Of par
r lies. A speedy termination Of this state O
n things, however desirable, is scarcely to b
n expected. We have seen for nearly half
IS century, that those who advocate nationa
Y bank. by whatever motive they may be nfu
i enced. constitute portion OF our communit,
r TOO numerous to allow us 10 hope for an cal
= ly abandonment of their iavorite plan. Oh
IS the other hand they must indeed form an Ell
y roneous estimate OF the intelligence and ten
! per of the American people who suppos
/ that they have continued, on slight and in
. sufficient grounds their persevering oppos
: ton to such an institution; or that they ca
3 be induced by pecuniary pressure or by an
y other combination of circumstances to SUI
render principles they have SO long and s
e innexibly maintained.
J. My own views Of the subject are unchang
/. ed They have been repeatedly and unre
& servedly announced TO my felow-citizens
r who, with full knowledge Of them, conierre'
r. l.l-