Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-06-06

aud successfully opposed The land bill, most
useful measure, by which accumulation in tle
treasury would have been prevented; and, as
if it desired AID sought this accumulation, it f. |
naIly resisted, with oil its power, the dcposito
among the states. 1t is advanced as a reason
for the present overthrow, that an extraotdna-
ny spirit of speculation las gone abroad, and
has been manifested, particularly aud strongly
in the endeavor TO purchase the public lands !
but has not every act OF the government direct !
" encouraged this syirit7 Ii accumulated rev.
enue which it did not need, all of which it left
in the dcposte banks. The banks had money
10 lend, and there were enough who were roa-
dy 10 borrow, for the purpose Of purchasing
the public lands al government prices. The
public treasury ,cas thus made The great and eJ-
fcienl means Of eftcting those purchases which
hare since been so much denounced as ertrduG-
giant speculation md extensive MONOPOLY
These purchasers borrowed The public money,
they used the public money 10 buy The public
they specuiaied on The strength Of The
public monty and tohiie al his lCas going
on, and every man sao IL, the administration re-
sisted 10 the utmost of as poicer, euery attempt 10
igithdraio this money from the banks aud from
The hands of those spectators, and distribute IL
among the people TO 'ohom ii belonged. If there
has been overlrading. the government has en-
1
tons in the public lands, tho GOVERNMENT
HAS FURNISHED THE MEANS OUT
OF THE TREASURY These unprcce-
dcnted sales of the public domain were boast
ed of as proofs Of a happy state Of things, and
Of wise administration Of the government,
down to the moment when Congress, in oppo-
silion to executive wishes, passed the dis;rlbu-
ton law, thus Withdrawing the surplus reven-
ne from the deposite banks. The success OF
that measure compelled change in the exec
nlive policy, as the accumulation OF vast A.
mount Gl money in the treasury was no longer
desirable. This is The mos, favorable motive
10 which can asclbc the treasury order Of
July. |! is now said that that order was issu-
ed for the purpose Ui enforcing strict execu-
ton of the law which forbds the allowance OF
credits upon purchases oil the public lands but
there was no such credit allowed beforo-not
an hour was given beyond the Time of sale
I In this respect, the order produces no differ
ence whatever. It's only effect is TO require an
immediate payment in specie, whereas, before,
an immediate payment in the bills Of specie
paying banks vas demanded. There is no
more credit in The one case than IN the other;
and the government gets ust rs much specie
IN one case as in the other for no sooner il
the specie, which the purchaser is compelled
10 procure, often Ut great charge, paid TO the
receiver, than il is sent TO the Opposite Bank 8,
and the government has credit for it on the
books of the bank but the specie itself is a.
gam sold by ,l,u bank, disp posed oil as 1t secs
fit. 1t is evident that the government gets
nothing by all this, though The purchasers of
small tracts are put 10 great trouble and ex
pense. No one gains any thing but the bank IS
l'and the brok ers. 1t is moreover most true,
that the art Of man could not have devised u
plan more eiiectually 10 give the large purcha-
or Spectators decided preference and
advantage over small purchasers, who purcha-
sed for actual settlement, than the treasury or
der Of July, 1886. The stoppaee of the banks,
however, has now placed the actual settler in
u still more unfortunate situation. How is he
10 obtain money 10 pay for his quartz, section
lie must travel three or four times as many
miles for it as he has dollars to pay, even if he
should be able to obtain it at the end Of that
journey.
will not say that other causes, al home and
abroad, have not had an agency in bringing a
bout the present arrangement. know that
credits have been used boy ond all former ex.
ample, that II is probable tho spirit of trade
has been too highly excited, that The pursuit Of
business may have been pressed too last & 100
far. Ill this am ready TO admit. But in
stead of doing any thing TO ahate this tenden-
cy, our government has been the prime instru-
uent OF fostering and encouraging il. 1t has
parted voluntarily, and by advice, with all con-
troll over the actual currency Of the county,
1t has given free aud full scope TO the spirit
Of bunking it has aided the spirit oil specua-
ton with the public treasures, and il has done
all this, in the midst OF loud sounding plomis-
es Of an exclusive specie medium, and n pro-
lcssed detestation of all banking institutions.
1t is vain, therefore, 10 say that the present
I e tba
eminent, but 10 other causes over which gov
eminent could exercise no control. Much Of
it is owing 10 the course of the national gov.
eminent and What is not 20, 10 causes, the
operation of which, government was bound, in
duty, 10 use all lis legal powers 10 control.
I Is there an intelligent man in the community
! at this moment, who believes that, had the
Bank Of The United States been continued, ii
the deposites had not been removed, ifihe spe-
Gle circular Lad not been issued, The financial
affairs of the country would have been in as
bad a state as they now are? When certain
consequences are repeatedly depicted and fore
told trom particular causes, when the manner
in which these consequences will be produced
is precisely pointed out, beforehand, and when
| the consequences come in the manner foretold
who will stand up and dee4are, that, notwllh-
standing all this, there Is no connexlon between
| the cause and The consequence, and that all
these effects are attributable 10 some other cau-
ses, nobody kpows What
| No doubt we shall hear every cause but the
true ones assigned for the present distress. Ii
will be laid TO the opposition in and out Of Con.
Srcss, II will be luid 10 the bank, it will he laid
! 10 The merchants, il will be laid TO the manu-
iaclurcrs, Il will be laid 10 the ,ariI, il will be
laid to the North Star, or 10 the mulign inlu-
encc of the last camet, whose tail swept near
or acrnss the orbit of our earth, before we shall
be allowed 10 ascrbe it TO lis just, niain cause,
a tampsring triih the currency, and an attempt
to stretch Ereeutipe Poiver oUer u subject mol
consiituiiondliy wiihin its reach.
We huYe heard gentlemen Of the tuspen-