Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-10-20
Supreme Court

Charles Il Williams, Chief Justice.
Stephen Royce, LIST Assistant I" elected
Samuel S Phelps 81 unani-
jacob Collamer. Sc mously
Isaac r Red6eld ith ="
The Senate retired and the House resum-
ed consideration OF the newspaper resolu.
ton-alter much discussion the resolution
was amended so us TO furnish one daily, aud
adopted. 10 to 90
The animal Message of the Governor
was transmitted 10 the Senate through G. B.
Msnser. Secretary Of Civil and Military Az
fairs, and read by the Secretary Of the SEN
ate, as follows
Feliop Citizens of he Seaate
and House of Representatives.:
UNDER the peculiarly embarrassing cir
cums;ances which have been operating up
on the currency and business OF the country
for few months past. it may have been es-
pected. and by some has been deemed my
duty to have convened the Legislature in
special session Nv attention has been di.
rected TO the subject with anxious solicitude.
and could | have come to The conclusion,
that any act OF the Legislature would have
afforded relief 10 our ciiizens, from the evils
consequent upon the deranged state Of the
currency. equivalent 10 the trouble and ex-
pense Of an extra session, | should have
chrerfully assumed the responsibility OF
adopting that measure But believing the
unwise and unauthorized measures OF the
late executive Of the General Government
to have been the primary cause Of produc-
ing the disastrous state of our monetary Of.
fairs, | could not haiier myself that MY
State Legislation would cure the evil or re-
store TO us that safe. sound and convenient
currency we had before enjoyed. To the
General Government we must look for
remedy commensurate with the evil
The citizens Of our own State have suf-
Tered. as yet. perhaps less than those Of our
sister States, still the business and credit Of
the country have received shock, whose
effects. il not averted by some measures Of
the General Government, calculated 10 re-
store confidence IN community, must result
IN consequences most destructive TO the in
dusry. enterprise and prosperity OF our Eel.
low-ciiizens Our habits and commercial
intercourse are such. that any attrunp, 10
transact the business OF the country through
the agency Of the precious metals alone,
would tend TO nnse,tle and destroy the pres
ent relative value Of properly. and paralyze
many OF the great interests Of the nation.
The several Banks in this State. have. j,
is believed. rendered themselves liable 10 a
forfeiture Of their charters. BY their suspen.
sion Of specie payments. That measure.
under the then existing circumstances was.
perhaps, the only alternative which pru-
dent regard to the interests OF community
could dictate. Twas approved by the wise
and considerate OF all parties.
The question Of legalizing this act Of the
Banks. is one Of intense interest to our
whole people. and trust il will be met. dis
cussed and disposed Of with all The wisdom.
prudence and moderation 10 which, from lis
Importance il is entitled The motive OF
the Legislature in ehanering these ius,ilu-
tons was the promotion Of the public good.
and if any Legislation upon the subject should
be deemed expedient al this time, the inter.
ests and safety of community should be kept
steadily in view.
A rigid enforcement OF the penalties pro-
vided in the 'ac, regulating the charering
of Banks" would, doubtless. increase the
difficulties OF an already suffering people
Ii would destroy. for all general and bene.
fetal purposes, n circulating medium, to
which an uniform value is attached, and al
though this medium may be somewhat de-
preciated below the precious metals. still, il
IS one with which. by common consent, she
Indebtedness OF individuals is discharged
aud the business of The country transacisA,
Although the Banks may have been led
BY the circumstances which preceded the
suspension Of specie payments throughout
our country. to depart from what is consid.
cred by the undersigned, the proper and le-
gii.mate business oil Banks. and to make
loans for purposes which ought always to
be accomplished with real capital. and there
by lessened their ability TO afford relief in
time Of Pressure; yet, since the suspension.
II is hoped they have been steadily engaged,
so far as n due regard TO the wants and ext
gencies Of community would permit, in
placing themselves 10 a situation 10 resume
specie payments simultaneously with the
Banks in adjoining States. Inthis crisis great
reliance has been placed upon the forbear-
anee Of our patriotic iellow-ci,izens. and il is
a source OF peculiar qualification 10 say. that
thus far my expectations have been fully re-
allied
The past season has been marked as one
not only OF peculiarly disastrous character,
as il relates to the arrangement Of the cur
rency. and the effects Of that arrangement
upon oil The great interests Of the country,
but il has presented the noyal spectacle OF n
people whose pursuits are mainly pgrienI-
tura. depending upon foreign nations not
only for the products Of manufacture, and
the mechanic arts, but for bread This state