Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-08-25
From The New York Daily Express.

II From the New York Daily Express.
/, THE TWO HUMBUGS OF THE DAY
The Missouri humbngger (Col Benton
proposes to humbug the people yet with hi
exclusive metallic currency, and the Virgin
! ia humbugged (Mr Rives) proposes TO 60 OF
with the existing humbug system OF the ex
elusive State Banks Between the hum
6uggers and the humbugged the Wings anon
must decide
! II we understand the division now in the
Administration ranks, il is this Benton be-
lieves this is hard money Government, and
that paper currency is unconstitutional
and that gold and silver is the only consti.
tutional currency. Now Benton, this has
been the Jackson doctrine also FOL six years
past, and it was upon this ground that the
United States Bank was put down. Hence
the Specie Circular, the adulteraton Of The
coin, and the branch minis Rives, on the
other hand, for the first time last winter dis.
covered, when Benton was making head
way as an 'embryo Presidential candidate,
that he had been humbugged. aud that he
must set up for himself Hence he turned
halfhumbugger, and continued haiEhum.
proposing to do away with all
bank notes under twenty dollars, and to leave
the bank paper, the banks, &C., to such rs
had need OF notes over twenty dolars--a,
the same time making no proposals for the
regulation of the domestic exchanges. but
proposing 10 continue in existence the eight
hundred existing State Banks of the twenty.
six States.
Now, Benton, in his project of hum6ug-
giag, had the rigid edict of the Constitution
on his sde-the prejudices of ignorance
and that necessity, which, in the dernier re.
Sort makes it imperious to fix upon gold
and silver as the standard of value. Ben
ton proposes the three Branch Minis the
Globe spoke of-whcreas Rives proposes
eight hundred Branch Minis, moi to coin
gold and silver, but TO coin paper. Benlon's
currency is good for something, were il pos
siblc TO create il, without barbdriziag the
age, and reducing our Iaboring population
to the condition Of serfs TO those .oho en- gross
the gold and siirer,-bui Rivess currency
is no currency at all beyond the atmosphere
where II is coined. and whatever sembIance
of a currency il has, it can only be used at
brokers' boards, In shaving shops-with in
gennlty and arifice that the poor man but
poorly understands. Bentons project in
short, is an exclusive metallic currency.-
Rives's project is an irredeemabIe currency
OF Bank rags,-for let Mr. Rives say what
ne may, II the State Banks can, after break |
ing twothirds Of the merchants of the coun- |
try, and reducing the price of all our com.
modilies, labor, and every thing else, return
to specie payments, yet the same state OF |
things which has brought about the present |
suspension OF specie payments, would bring
It about again in less than five wears, unless I
there be some National Bank to check the
Banks oil twenty-six States Just as the Fed
eral Government checks the State Govern.
ments Of the twenty-six States
We are happy 10 find that our views on
lh's subject are strengthened by Mr. Web
s'ers; Tor we find in his speech at Detroit,
as reported in the Detroit Advertiser the
words -
Mr. w. said there were two or three other
questions generally discussed, upou which
ne should give his opinions, without feel.
ng that they were entitled to more respect
han those OF any other man. In the first
place, ne wished 10 say and to be understood.
hat he held the present state of things to be
wholly unconstitutional. illegal, and uN.
DURABLE Mr. Webster then went at some
ehgth INTO an investigation OF the two ex.
RENE propositions relating TO the curren.
~ He spoke Of the project of an exclu.
'ive metallic circulation as utterly impractic.
ble. Bur IN REGARD TO AN IRREprrm. q
IBLE PAPER CURRENCY, HE WAS NOT SURE O
HAT HE WOULD NOT GO FOR HUMBUs '
'ATHER THAN THAT. The matter was moi f
be lrlfied with. In his judgment il was
ne OF serious consideration for the people e
mere soas an end 10 all security of groper f
y--fo erery private right which ,oas 10 er;st p
nm men-y that Which aoas 10 represent a
roPerfy-that. schich acas 10 rewayd labor s
'ere nothing but rags. No man would In. d
or,nnless he knew what he was to get should a
e something that was valuable. Wbot en-. n
engagement would there be. if every meal
man cal, ne was to enter into specula-
on how he should pay for the next, with "
ow much or how little trash be could buv q
good dinner or good breakfast For n
lat was speculation upon one anotber's a
fedulity, II he had to enquire the value Of #
piece OF paper which he takes IN. these -
'ere circumstances in which the wise and II
,e sagacions' and the cunning, would spec 81
late upon the honest part of the COMMUNE +
lie wished TO be understood. that the nres. :,
al state OF things was to be teredr,ba, q,
lere should be nothing stirring that was moi "
Sterling value-that gold or silver or m
'u' winch was to answer for it, should be Sc
'e only currency of the country, g.
The cry was for capital. And il was ,rue Il
al aeeH regulated baking system did, 10 m