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

Gently the highest degree of prosperity, and
maintaining with each other the closest rela-
tons, are suddenly, in time of profound
peace and without any great national disas-
ter arrested in their career, and plunged in
to state Of embarrassment and distress. In
both countries we have witnessed The same
redundancy Of paper money. and other faci-
tiles Of credit; the same spirit Of speculation;
the same partial successes; the same diff
cultes and reverses; and, at length, nearly
the same overwhelming catastrophe. The
most Observation-Disclosures between the results
In the two countries has only been, that, with
us, there has also occurred an extensive de.
rangement in the fiscal affairs of the FEEDER
al and State Governments, occasioned by
the suspension Of specie payments by the
banks.
The history Of these causes and effects in
Great Britain and the United States, is sub
stanlially the history of the Revision in all
other commercial countries.
The present and visible effects OF these
circumstances on the operations Of the Gov
eminent, and on the interest Of the people,
point out the objects that call for your imme-
date attention.
They are: to regulate by law the safe
keeping, transfer, and disbursement Of the
public moneys; to designate the funds to be
received and paid by The Government; to
enable the Treasury to meet promptly eve
ry demand upon II; to prescribe the terms
OF indulgence, and the mode to be adopted.
as well in collecting from individuals the
revenue that has accrued. within the consti-
tutional competency of Congress, as will be
hact aIa,, tod to al II
TO promote the prosperity of the country.
For the deposite, transfer and disburse-
ment Of the revenue national and Stale banks
have always, with temporary and limited
exceptions, been heretofore employed; but,
although advocates Of each system are still
10 be found, it is apparent that the events Of
the last few months have greatly augmented
the desire, long existing among the people
Of the United States. TO separate the fiscal
operations Of the Government from those OF
individuals or corporations.
! Again 10 create national bank, as fs-
cal agent. would be to disregard the popular
will twice solemnly and unequiyocaIly ex-
pressed. On no question Of domestic policy
is there stronger evidence that the sentiments
of large majority are deliberately fixed =
"bt toutbi WIN tuOcC WIZ lutnk
they see, in recent events. proof that these
sentiments are, or reason that they should
be changed
! Events similar in their origin and charac-
ter have heretofore frequently occurred.
without producing any such change; and
the lessons OF experience must be forgotten
if we suppose that the present overthrow Of
credit would have been prevented by the ex-
slence OF national bank. Proneness 10 ex-
cessive issues has ever been the vice of the
banking system--a vice as prominent in ma
tional as in State institutions. This propen-
siiy is as subservient to the advancement oil
| private interests iD the one as in the other
and those who direct them both. being prin'
cipally guided by the same views aud inhu-
enced by the same motives, will be equally
ready 10 stimulate extravaganza Of enter
prise. by improvidence OF credit. How
1 sirkingly is this conclusion sustained by
experienced The Bank of the United
States, with the vast powers conferred on il
by Congress. did not. or could not. prevent
former and similar embarrassments; nor has
the still greater strength il has been said to
possess under its present charter enabled it
in the emergency, 10 check other institutions
or even TO save itself In Great Britain
where, il has been seen, the same cause:
have been attended with the same effects. 9
national bank, possessing powers far greatel
than are asked for by the warmcsl advocate:
Of such an institution here, has also PROVED
unable to prevent an undue expansion o
credit, and the evils that flow from it,
Nor can find any tenable ground fo
1.-The re-establishment of national bank IL
the arrangement alleged at present to exis
in the domestic exchanges OF the country
or in the facilities il may be capable OF al
I fordng them. Although advantages of thi
sort were anticipated when the first Banl
of the United States was created. they wer'
regarded as an incidental accommodation
not one which the Federal Government wa
r bound, or could be called upon. to furnish
This accommodation is now, indeed, ate
the lapse OF not many years. demanded from
, it, as among its first duties; and an omission
| 10 aid and regulate commercial exchange j
r treated as ground of loud and serious com
, plant Such results only serve 10 exempli
, ~ the constant desire, among some Of GU
citizens, 10 enlarge the powers OF the Gov
: eminent, and extend its control to subject
: with which il should not interfere The,
S can never justify the creation Of an institu
D lion to promote such objects On the con
E trary they justly excite among the conmu
/ nifty more diligent inquiry into the charac
/ Ter of those operations OF trade, toward
: which il is desired to extend such peculla
: iavors
The various transactions which bear tn