Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-10-09

of the country. That warfare had been |
carried On most unreentingly and steadily |
by some Of those who had pursued the Bank |
Of the United States with the greatest hos
liity. Confidence Of the government had |
been withdrawn from the banks--wihout |
which they could not stand. The moment
you can satisfy the people that the govern
menl las no confidence in these institutions,
the people will Withdraw their confidence.
He spoke Of the issuing of the Treasury
specie circular rs a part Of the ruthless war
fare against the confidence Of the commune
ty in banks; and declared that if tie will
Of the legislative department Of the govern
ment had prevailed on that subject, conf
dcnce would have been restored. The poo
pie looked 10 the resembling of tie circular
they looked TO the revenue bill as the
measure Of reliel. The people expected
President Van Buren, to rescind thai order
and It was the expectation Of the friends
Of that high lunciionary, when they left
! this city in March, thai the order would he
roscindcd. Wien he, (Mr ~ reached N.
York he openly expressed the opniou--anl
that community received i, with Joy & graf
ulaiion as an announcement ofrcliel at hanu,
and were'ready to cxcaim
"Now is the winter of our discomfort, made rio
rlous summer by this son Of York"
Mr. Talmadge commended HAT the repeal
of this measure would have restored cent
dence, and avelIed the suspension OF epe-
Gle payments. He did not indeed regard
II as panacea for all the commercial evils
that oppressed the country--but it would
have revived dropping confidence. No
matter t0 what object peop'e look-cven
suppose il mere phanlom--give the pcu-
pie that object, and confidence is restored.
Mr. Tallmadge repealed the charges Of per-
| hdy, treacIery, &C., which had been
brought against the banks. The whole
commercial community Of New York, of all
parties, was IN favor Of the suspension of
specie payments, when it did take place.
The run oil biIl-holdcrs on them alarmed
the deposltor9-apd the want OF confidence
among the dcpositors produced the suspen-
sion. lie referred TO The appreciation by
the people, and by The legislature of the
State, Of the act. The statejbank expert
ment, he maintained, had not failed The
banks had performed their duties as fiscal
agents; and the present state Of things was
brought about by circumstances that could
not occur again. He spoke of the deposile
act OF June, 1S96-and entered upon a de-
fence Of his course, and Of IFS provisions.-
He said he would lorbeur 10 relerto the
manner in which the provisions OF that bill
had been carried into xecuii0n-thouph ne
had his opinions on the subiect--but Il the
transfers had been effected in a different
manner, il would have produced incacua-
BILE benefit TO the,wholescountrv, instead of
doing mischief TO portion Off. He de-
clared The term "divOrce between bank and
| ctotoO In ho "a catch ,,h, II
up by politicians, TO delude and misIuide
the people The mass Of those who have
adopted ii have done so without sufficient
consideration. He objected to the use Of
such term by men pretending % Judgment
and discretion. He thought this sub-trea-
sury scheme was fraught with more mis-
chief than any system that had eve- been
proposed. You are establishing better
currency" for the office hoGers-and "ba-
sers currency" fer the people. The paper
currency, payable in specie on demand, will
ever be the currency Of the country But
by your schemes you isolate The govern
ment rom the people-you increase the sa-
laries OF your public officers from 10 to l2
per cent. You deprive the people, in time,
too, Of any adequate currency. He referred
to the propositions made by the President
fer gold and silver in payment, and to the
propositions offered by Mr. Calhoun and
Mr. Benton. A i end in The same thing: il
is gold and silver receipt Of all the public
dues in the Treasury. Ifyor adopt this
sub treasury scheme, then even you a.
dept a provision that The notes OF specie
paying banks shall be received it will a
mount to the same thing, as if you were Ia
permit nothing but gold S. silver to be re-
ceived in payment Let there he no delu-
sion on this subject. Let it be understood
therefore that ii you adopt the sub-treasury
J scheme, you must take the whole Of it
there is no hall way work about it.
Mr. Tallmadge then portrayed with re-
markahe power, the effects upon the COM
me:cial prosperity which would be produ-
ced by this measure; aud declared that he
, double not some of those who now supper,
it will come hereafter 10 ask the govern
ment to raise the people from that depth O
, ruin and perdltion into which they will be
plunged by The scheme. He said that the
tendency of this scheme was to bring tho
country back TO an exclusively metallic cur,
rcncy, and illustrated this point at consid
cradle length. We declared moreover, 'ha
5 even il ii should he attempted 20 be carried
out, il would be found utterly impractica
Bile, and il it were possible 10 carry i; inc
= effect, il would destroy the conlmercal conr
e mnnlty in every state.
3 [Mr Benton gave a sign Of dssenl.l
The senator shakes his head, " said NJ
= Talmadge she may try it at home, bu
= lei him copfne il TO his home. While ihC
, senator from Missouri uses his ProcrustcaI
e bed there, and fits his man To it, will no
q consent thai he shall bring his machine I,
5 New York and knock off our man at boil
G ends" MIR T. entered into full exposi
V linn OF Ihe elncls which mnnN iueuiiall /,