The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-08-08

II -
Them into circulation as currency VINO T.
Dreparod to subject the contents Of his pockc-book
To such a hazard o. this
&C we arc To have paper currency, II must o.
Niousv bo regulated by law. But how L''her
bv general banking law, whereby all who are
disposed TO associate, with gwen amour. u' cup,
mi, shall have the privilege OF ISSUING Oiiif; anu
upcning offices Of discount and depo'lie or by spe-
cial laws passed ns IL may from lime TO time, seem
meet TO The Legislature and such institutions
should be put m operation for the public benefit.
II we are 10 have banks which shall operate
Saftlu 20 the community, II IS apparent mat thcr
number must BIO limited by some reputation ana
the moment tbs Is done, Their RICH, to exercise
banking powers become, IN some sense, an tftlH-
sire yririicgc,-a " monopo'u'
Now which would the new lights prefer To give
cyory man tho privilege Of issuing bills as currcn
cv or give il by general law, to all who may as.
socialo for that purpose grant banks in The usual
way, ~ 1t may be made 10 appear that tho business
Of the community may require them; lhelrSt Is
ont Of the question The Sfc0Hd would MI me
state with banks, 10 overlooking; while the MiTd
would place ihe whole matter upon the direct con
troll of the Legislature, upon It's view from time to
timo, Of the condition and want Of the community.
The last, II seems to Us, every opponent OF eXien-
sive banking must prefer. And yet the new lights
carnor aEans, i, us an odIous monopoly, because
tho privilege Of banking is not allowed to every
man in community.
1t is thus that The bugboar Of monopoly" van
ishcs al tho touch OF n moments Investigation.
We admit however, that there may be OdiOuS
monopolIcs-such, for examples, as II grant Of the
exclusive righ, of selling provisions, or exercising
particular trade without certain mlts-the effect,
and great mischief Of which would be, to destroy
competition, and Cypress tho community ,cM en-
hOrbiiaat prices But no such effects arise from
bank interpretations, because the rate Of interest is
limited by law, aud they are, or should be, granted
in sufficient numbers TO produce wholesome com
petition, if the rate Of interest were not limited
The great question, then, IS is it, on the whole
best 10 have banks and a currency composed partly
Of paper; or shall we go with the dcspotisms Of
Spain, Portugal, Italy, and Turkey, for an entire
exclusion Of the credit system, and the employment
Of II currency exclusively metallic?
5 Oar limits will not permit us to 60 into exam
inallon OF THIS great question. But Wo will ask,
whether those who are for putting down all banks,
and depending upon currency purely metallic, have
considered The admitted fact, that it would require
the whole Of the specie in the world TO furnish the
United States with a sufficient quantity for lis vast
and Increasing exchanges And if ii did not require |
the half Of il if the destruction Of the banking
system would require but the doubling of our pres
cat amount 40 millions) of specie where we
TO get the additional eighty mlons' Will the new
lights tell US WHY, only the sudden forcing of
loss than half the sum into the country from Eu-
rope, unde the late disastrous experiment. has pro-
duccd such drain from England to derango her
monetary system, and thus aided as we have shown,
inproducing the arrangement Of our own.
But, suppose could get additional eighty
millions by forced means. How long could we
keep it, a twenty feet head of water might as
well be kept from flowing out of unrestricted
passage, 10 keep such undue proportion o! the
specie Of the world in any country. 1t will find its
level, in spite Of legislative, executive conriv-
anccs and prohibitions.
And besides, who is prepared to hayo property
and labor of tho country reduced TO one half or
three fourths, in value by the diminishing amount
Of circulating medium necessarily consequent
upon resort TO currency exclusively metallic -
Who does not see that debtors-who must discharge
their obligations in the numhcr of doers expressed
Incp-wDull hpi lIv oil yp
an operation this
And then there is sudden check which would
be given to the great enterprises of country-a
Reorganization of half a century in lis career OF inn.
provemcni-a sudden transition from the vgor of |
MANHOOD with rapid circulation of the blood Of
healthy credit system, TO the sluggish circulation,
and the enfeebled energies OF decriped old age.
The truth is, we must continue the credit system
and must have banks. They are, indeed, liable to
be abused, as is every good thing. But shall we
therefore destroy them? We do not destroy our
rail roads and steam boats, and return to rutted
roads and sloop navigation, because now and then
"A car runs of the track, and steam boat bursts
her boiler. We try rather to improve the rail roads
and strengthen boilers, and make the managers
more careful Thus we should do, with the credit
system; and thus shall we do if wise and prudent
councils are gwen 20 the country.
There cannot be a greater humbug than the idea
Of an exclusive metallic currency for these United
States, in the middle Of the nineteenth century,
And yet there men among u.s. who arc mad
rather than admit that the admInisra lion has fatally
erred, and take the true ground Of retuyning to tie
old safe tcdy from which, in its misguided ambi-
ton, ii has driven the country. To that ground we
must finally come. Experience has proved it TO be
safe; and this is proof which the common sense of
@the community will value far more than the specu-
lailons of ambitious party leaders, who, TO divert
public attention from the true causes of the present
calamity, and shield tho administration from lust
censuro, are seizlng on the present excitement TO
urge the country TO new and dangerous experiments
Fellow citizens The pending election occurs
a. crisis OF almost unexampled interest Shall the
ruling Dynasty which in its mad e1pcri,aent for
Pofer, has brought us to the verge of ruin be eus
tanned by the people ofNermont; This is the oues
ton now submitted to your decision Blu, ves,er
day, II was in the full pride of its power Ii seem.
cd 10 say-our mountains stand strong and we
shall never be moved But the days of the conn
ty's adversely, predicted by the thoughtful and
wise, have suddenly como: Shall it have come in
vain Shall no wisdom be learned by this lesson
of bitter experience Shall the country be made
the victim OF new experiments and tho ds.,es of
new delusions, rather than yield 10 sober councils
and BIO guided by the lights of safe experience p
Shall we, in short, go Laek 10 the pos...s. !. de
par,ure, or shall we suffer ourselves lo, ,y,,
still further on by the igns Gtuus which n1sso IA
tally mlsled the country Here is the ISSUE. II
canno; be disguised. viii you then, fasten YOUR
selves to the car Of the administration or stand
your giound and maintain your independence =