Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-08-25
HEAR HIM HEAR HIMlI

Congress from Rhode Island, had refused
to stand as Van Buren, candidate for re
election, on account OF change in his pc
litical views This the Tory presses deni
ed and charged the Wings with falsehood
The following will show who was right
Another indication OF the revolution o
political opinion in Rhode Island, is present
ed in the avowed secession of the Hon
VIM SPRAeuE, member Of the last Con
gress, from the ranks OF the administration
The Tories wished to run this gentleman
upon the same ticket with Mr. Pearce bu
MIR Sprague, with exemplary good taste
declined the association. He has since come
before the public in letter to James DWolf
Esq in which he denounces the policy o.
the administration, and takes a candid view
of the existing state OF affairs IN this coun-
try, and the causes which induced them.
After tracing the inordinate expansion Of
our paper currency TO its true origin-the
war against the United States Bank, and
the despotic removal Of the deposiles, Mr.
Sprague continues Boston Atlas.
That portion which was sent 10 the West
and South West was, undoubtedly, the cause
Of the commencement of the land specula-
lions, and was loaned out over and over again
for that purpose. New Banks were also
established for the purpose OF receiving
portion of these deposites. The law alter
ing the standard value Of gold was passed
in June. 1884. BY the operation OF this
law upwards Of thirty millions of coin and
bullion came into the country, over and "a
bove the exports, even where the balance of
trade was against us, aud Immediately be-
came the basis upon which new banks were
established.
In consequence, therefore, Of these meas
ures Of General Jackson, the banks and
banking capital of the country have increas-
ed nearly three to one since the first Of Jan.
1880. They have afforded facilities for
speculatons in land, and in almost all kinds
of property, and in connection with the law
reducing the duty on imports, have been the
cause of excessive importation, and saddled
us with very large amount Of foreign
debts
We have seen how their Banks have
been created, let us now see how they have
Been effected The Treasury Circular re.
curing gold and silver in payment of pub.
lie lands was issued in July. 1886. By the
operation of this instrument, about seven
millions were distracted from their vaults,
In as many months, and placed on special
deposite in the deposite banks, to the credit |
of the government Continued drains were
made upon them by the Loco Focos, who
had arrayed themselves as a party against
all Banks, and for aught | know, against
erery thing else that is useful. Remittances
were called for 10 liquidate the balance a.
gainst US in favor OF foreigners The con-
sequence was certain. The Banks were at
once deprived Of the foundation upon which
they were erected. suspension OF specie
payments, and general prostration Of bu-
siness and industry, was The inevitable re-
suit.
From what have said, it necessarily fol-
lows as my belief that if GEN. JACKSON
HAD LET WELL ENOUGH ALONE" AS he
FOUND 1T IN $780, THE EVILS WE NOW
SUFFER WOULD HAVE BEEN SPARED US.
do not believe, that the banks would have in
creased beyond the wants Of the legitimate
business of the Country Consequently,
speculatious in lands. over mportations, and
a surplus revenue could not have existed
and there could not have been any necessity
for the suspension Of specie payments.
But the past is beyond our control. We
may, II we will, provide for the future
we must have general currency; gold
and silver for its basis, and "a circulating
medium equivalent TO it. The government t
Of the United States has the power and il is S
lis duty TO furnish such currency. 1t is a
idle to suppose, that it can be furnished by (
he ftuctuating Legislation Of twen,y.six in
dependent State governments. As well r
might we suppose that the movements of an
army could be judiciously directed BY TWEEN. i
y.six independent Generals; or, as well 1
night we say, that the government of the 7
United States was supernumerary mac hine. !
md that all the Legislation necessary for the :
nation, could be furnished by the twenty. +
Tx independent State Legislatures. /
will make single remark upon the 1
Loco Foco system. consider this system =
war upon labor and industry, and upon $
property, which is the offspring OF Industry n
Us advocates are opposed to all banks and
What ,despot is not; and for the very reason, T
hat they enable the people 10 haze a control r
rer Their oaon labor and industry. Were &c
ne subjects of the despots of the old world n
permitted to have establishments so that thew 2
ould control their own labor and industrv J.,
he time would not be far distant, when thew ~
would shake despotsm itself to its centre : ~
5ut be this as it may, we cannot haze an ear. sr
tnsipe specie currency; and for the best oil h,
easons: that is We have not got, neither h,
an we have, sufficient gold and silver for =,
be purpose
But banks, to be most useful, must be req. =,
lated Fixed rules must be prescribed for h,
q frrp Il