Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-23
THE AGE OF IIUMBUG.

In 1929, when the country possessed bet.
Ter currency than this nation at any time, or
any nation upon the earth ever possessed, "a
currency produced, guarded, regulated aud
sustained, by q National Bank, with reputa-
ton for caution, prudence and sagucty, which
gave currency TO its bills in every civilized
country in the world-at time when industry
was sure OF its reward in bills Of specie paying
banks, and business of every kind was carried
on with confidence and succoss-Andrew
Jackson declared that the U. S. bank had "fail-
ed in the great end Of establishing a uniform
and sound currency" Strange as II may be,
the influence Of his name gave credit to the as
sortion, contradict cd as it was by the prosperi-
ty Of the country; and then the process Of tin
kering was begun in good earnest. First, the
Presi don't recommended national bank, Joun-
aed upon the credit Of the Government and its
repenaes-which every body secuted as poiit-
zeal bank, and new scheme 10 increase erecu-
Tive pOperj and the President himself aban-
doned the project. In 1880, he suggested an
other scheme, but still embracing bank, as q
brdneh Of the Treasury Department-and this,
too, fell through. In 1881, apparently tired Of
offering schSmes which nobody regarded with
complacency, he left the bank "to the invest-
CATION OF an enlightened people and their rep
resentatives" which investigation was had
and resulted in q recharter of the bank, and he
vetoed the act, assigning among other reasons
that the executive department did not wish nor
need it, and consequently the act was prernn-
t,re. In 1882, a renewed attack was made
upon the bank, although its charter was about
TO expire and its business to be wound up
an attack upon the credit Of tho bank; but
Congress, composed Of majority Of his own
friends, pronounced the bank safe and solvent.
Immediately the deposites were removed, not
wilhstanding Congress would not order them
removed. In 1888, the Secretary of the Trea'
sury promised better currescy through the
state (dopose) baaks-a circulating medium,
quite as uniform in value as that which has
been afforded by the bank Of the United States;
probably moro So" Thus far not a word is
snid, either by the President or his advisers, OF
a metallic currency. Bank, bank,-and banks
were the burden Of the Executive recon-
Hendations, from first to last; but every at
tempt had failed, and then came the gold hum
bug, in 1884, when President Jackson said
that ain q short periOd' the gold coinage
would "furAish the country with sound and
portable currency !" and the great Globe echo
ed as follows ain seven months from this
lime bank rags will be abolished and the ,ohOls
country will be opersprsad With gold. Every
farmer and merchant in the West will have
long silk purse OF open net work, through the
interstces Of which the yellotp gold will shine
md glii,er". In 1885, he seems rather to
90 back 10 the project Of a currency by the
state banks, inasmuch as he says they have
well supplied the wants Of the community;
however, he sticks to the gold humbug and de-
clares that, If Congress and every body else
will do so and SO, "it is apparent that gold and
silver will become the principal circulating me-
dunn" In 1886, the grand effort is made 10
force a specie currency by the Treasury order
hoo iOiScu thU hPSSiS ous VI thO YUM
try at large, and concentrated the most Of it at
few points in the soiids Of the Wesi!i
Thus we have condensed into brief space
true view of the tnkering OF the currency by
A. Jackson & Co., principally compiled from
an article in the Boston Atlas. And what are
the RESULTS Jackson declared that the
bank had failed in the great end Of establish
ing q uniform and sound currency: has he
been more successful He declared a rcchar-
Ter unnecessary: has the experience Of the
country under his most pise and successful I'D.
ministration, PROVED it TO be unnecessary
The Secretary Of the Treasury promised
through the pets "a circulating medium quite
as uniform in value" as it was previous 10 the
destruction OF the bank, and "probabiy mort
So" But Inns not the fact been that there has
been total want both Of uniformity and siabil.
lily in the value Of paperf Domestic exchan
ges hare existed, but at rates amounting to ar
enormous tax upon the people; the bills ofth'
dePosite banks, even in their best days, hav,
been below par at different points in the Union
and inally the very best paper which could b.
found, was the paper Of the so much abused
bank of The United States. And lastly, wher
is that gold, which moro than two years ag'
the venerable President promised in a shor
time to scatter over the country, wherewitha
10 furnish sound and portable currency D
Alas for the veracity Of the President-alas
for tho country-alas for the farmers an,
merchants Of the Wes,-the fine gold has be