Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-07-25

std psuic. Ppbic indignation was rrnsod. Tie
c,l IVES charged up The experiment, and the sd-
uiu,sitsii0n eas driven &C. eVtrnitics 10 quiet The
public feeling.
And now behold the meeting of extremes.
state banks and state bank paper had bccn The TX
ccu,iye fsv5rtes. But now there suddenly arose
ihe idea Of an ,gciusrs ntioiic currency end Gen
Jackson WAS The man TO rvei TO The county
Gold ~ss 10 tsko the place q L. States Bank bills
tnd "oug silk purses" flied with yellow boys
wee 10 be every where found IN The pockets Of The
people.
II vas thus that Tie sginajions Of one portion
OF The people were 10 be dazzlod and espiI'atcd,
while The operation &C. increasing the number OF
state banks. augmou;iue their issues, aud feeding
the sriut Of speculation was to I'll tho pockets OF
another.
And row came the schemes to force into the
country an increased quantity ofthe precious met
als-csp erlally gold. TO this end the standard oil
cur gold Coinage was altered, and the payment o.
tho French and Nrapolitan lntcmnlues secured ~
Tia, metal. And tai. policy Was aided by impo''-
alton of specie for the purpose Of putting 10 opera
ton he new state banks which the policy Of the
Gdmips,tn ion had brought into existence.
BY these means the quantity of specie IN the
county was greatly iacrnased y lille that increase
was bnusrcd or as on evidence OF rapid advance
towards the consmlnaiion Of an exclusive specie
currency. Fatal In.aiuajion ! that lost sight OF
The relations between us and the country from
which large potion Of our sudden accuniula'lch
Of 81 ecic unnaturaNy forced. The overira-
ding INFLATED by the state bank experiment M
creased our imporiatons from Great Britain. The
debt thus incurred was to be paid, either in pro-
ducc or in specie. Our mportatons of specie bad
reached the Bank Of England diminished It's a.
.',, oil cd lpr n
her accommodations TO the purchasers and manu-
facursrs Of cotton. our chief means of remittance.
lis price suddenly fell, about one half and our
means of payment were proportionally diminished.
But the debt was still due, and must be paid e-
Their in cotton OF SPECIE. Hence the sudden de
mand for specie. A pressure upon the banks ne
cessary followed. their discounts were, Of course
curiailed-money became scarce-the call for spe-
Gle ncroased-panic followed-and suspension
Of payments closed the scene.
There was a subordinate branch Of the expert
mcnt which contributed materially to increase this
result. There had been forced operation 10 get
specie into the country. There was now lo:ced
operation 10 keep it here, which, like most qnack
nos,rums, aggravated The disease ii pfofessod 10
cure. Against the clearly expressed will of the
Senate the President issued the celebrated specie
circular" by which it ordered that payments
/ for the public lads should be made in specie il
was thus drawn in large quantities from the At
antic cities where it might be wanted to sustain
pressure, to the vest, where TO great extent, 1t
would be : useless for that purpose, as so much
/ lead or iron. The pressure came and ii came
upon on amCuLt Of specie in the Atlantic cities. d.
ninished by so much as il had been thus drawn Of
and accumulated in the west. The amount thus
unwiseIy abstrueted from the place where il should
have BEEN might if left there have so far satisfied
the foreign dcmpnd for specie as 10 have saved The
/ panlc-thc run upon the banks aud their final sus-
/ pension Of payment. lfit had gone to England, II
| would have Onswe ed the purpose Of paying part
-four debt, while, by relieving the pressure there,
it would have raised tie price of cotton as TO
have aided materially in the payment of the remain
/ der. The folly of the administration locked it up
1 in the western deposit banks md thus prcciptoted
/ the calamity with which the great experiment fur
INCREASING EXECUTIVE POWER had long threatened
the country.
And now we ask-who can soberly review The
history of the experiment, without feeling beyont
the power of resistance the conviction that it has
produced the calamity which now overw helms tic
country How vain the attempt TO resist TIN,
conviction by atirbuing the result to over banking
and over radng merely. The FIRE has burned til,
city but who kinded it and famed the fame .
The prodgal wasted his esiote, and came 10 want
bui where was the wisdom Of the father " no CAV,
him the estate aud told him to use it % The
banks-especiay the government favori,cs -hav
over issued, and men have over traded and owe
specuated. Bot where was the government ,vhlc
is invested. expressly with the power TO regula
the currency oftie country, tina, ii did bot Restrain
rather lhan stimulate these tendencies lis chic
magistrate was making GRAND EXPgRIMEFr
AUGMENT The EXECUTIVE POWER The lights
forty years experience clearly showed lhat 'h
course from which the administration saught u
force the country, was The course OF saIe'y au
prosperity. These lights we're unheeded' In
warnings of sober, consdcrH'c statesmen "en
sounded in It's ears They we're despised. Th
voice of the immediate Representatives. of the PEG
ole in Congress was raised.--lt MAS dsregafded
The GREAT PURPOSE was not to be abandoned
THE Of bank facilities by the State banks, va
not only naturally induced by the OF the admin
trstion but fTpTessy ncOtnGged by a. appears
the following instruction ofthe Treasury department n
pet banks -
TLe deposits Of the public irH enable you 10 Al
ford tscRTAsTD FACILITIES TO COMMERCIAL AS
oTHfR CLAssts % THE ooMsusi1H, AID THP DEPAR1
MIST anticipates from you he adoption Of such eoui