Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-16
8SattGmap ans &9tats &oarHae.
ga@NTPlsLlERs
TUESDAY, MAY i6, 1887.

Now is the country suffering the very evils
piophecied by the opponents Of the admins !
traton in Congress, when ruthless war was
commenced upon the currency; and yet the
administration editors, from the Globe down.
wards, will have it that this ruthless war is
not the cause Of the " ido spread Jesolation.-
As well might they gay that armies, spread o.
yer the land . eat out its substance and burn
and plage its towns and cities, would not
cause desolalion. However, the people have
nothing less to expect from most of these men,
living as they do upon the smiles and the mo-
ney Of the oAiceholdcrs; the public ought to
know that by these men, any cause but The
right one will be assigned. Thus far "over-
trading" has been quite iavorite phrase with
them, ard the Globe has even pretended that
thr fact, that our trade with foreign lands last
| year exhibited balance Of 80 millions against
us, is to be set down as one prominent cause
OF the pressure. This is readily disposed NJ;
in the frat place it is not shown that the mon
ey has yet been taken from the country TO pay
this debit indeed, the Globe itself shows that
in April last the imports of specie were excee-
ding the exports Of course no ,cant Of money
has yet arisen from this source. Ia the second
place, the payment Of this debt OF 80 milIions
could not possibly occasion failures and losses
TO an amount Of at least five times as great
sum and in the third place, the fact that,
year after year the balance of trade hts been
| To-. Al t.,e'
been paid year after year, without distress or
difficulty, conclusivtly shows that this is not
now the true source Of trouble. "Wd spec
ulalIon" is another favorte phrasc--and We.
scarcity Of money! Never--never. Specula-
ton in particular quarter OF the county will
draw money there, 10 be sure but il will not
stay there, unless the strong arm Of the law,
or the unioarantabie Interference Ofthe Erec-
uiirr, as in recent case, compels it TO stay
there. Any body can see--we caro- not how
pr JUDGED he may be, or however strongly dis
posed not TO sec-that any speculation, even
the most wild, confined within the limits of our
own country, and between citizens Of our own
ney or general distress. However great the
losses Of some individuals may be, others are
the gamers, ard the capital or wealth Of the
mass suffers no loss. But let us turn from the
eigncd causes 10 the trues onc-the mis- gop-
trrment Of The country, and The pant Of conf
de, &c and credit consequent thereto. When
Andrey Jackson came into poWtr-let that
word ba taken in its fullest meaning-hc cav
fit TO attack the bank of the U. s., and his
deuded followers caught the ani-banl, infcc-
ton. NeI. come the gold humbug Of Tom
Benton, which developed the disease-suspi-
cion of and want of confidence in, banks and
paper money At this point, as il for the very
purpose OF bringing about the present reign of
public rsrenus 4 The vaults Of banks, thus az
iordng them n opportunity 10 issue paper
money more abundanl!y upon the strength of
the public revenue and completed his victory
over the U. S. Bank by reiO, defeating a re-
charter, and putting an inconirovertible argn-
menl into the hands of capitalists 10 ask for
more bank capital, which was effectively used
and resulted in doubling The amount of 6onk
capital. Here are elements enough for DIS
tress an enormous increase of banks, and n
population prejudieed against paper money!
, Yet, had JACKSON stopped here, perhaps Tho
country would have escaped from harm, at
least for time bat he did not stop: the no.
( torioas treasury order Observation-Disclosures as
= having been issued by Jackson a few days af-
ter the Senate rejected it, with only solitary
/, dissenting voice, and notorious as being con-
: tinued by Martin Van Buren,, after more han
two thirds in both houses OF Congress have vo.
b. ted 10 repeal it. This order has carried the
I, specie from the North and East and South 10
!, :, the West and South West, and is locking Il up
a there; OF course Gripping the banks, while j,
does nobody any good. In this state of things
brought about directly by the Executive
a banks in plenty, prejudice against banks a
f bounding, and specie, the only soul bank car
8 have, not 10 be had-the failures commence &c
y at New Orleans and quickly followed at New
d York. The country WAS altogether unprepa'
q red Tor such crisis: there wss no Naiiona
. bank with means and power TO have prepared
4 for he Storm and 10 stem il when it come bu
there was and is q host Of banks, disabled b.,
the measures of Jackson and Van Buren, ro,r
;, alordng relief to others, and hard driven, ma
r ny ofIhem, 10 keep themselves above water
+ They dare not supply the wants Of the people
e because they can not do it safely, in the pres
ent state of public feeling and Of pubic affairs
Extortioners and shaverr took the place o
E banks and supplied money-but at rates which