Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-09-04
For the Waterman and Journal
BRIEF INFERENCES FROM A LONG
SIIRJECT


MEssRs. EDIToRs,-I am n man-not
lawyer, nor parson, neither ueryyoung man.
One word more only, as 10 myself: have no.
tons Of my own on a particular subject; and
here, reader, give them TO you, free, gratis
and for nothing" The good people oil the u
nitcd States have fallen on evil times how
happens it? we, the people, have followed
names, moro than things trusted 10 profess
sions, rather than 10 principles followed lea
ders, instead Of leaving them in The ditch =
elected leaders to Offices, and suffered them 10
assume the responsibility of masters, while in
fact their only business should be to perform
the part of servants. But what are the imme.
diate causes Of the present disastrous times
1T amt I'-says the party which has been in
power for eight years and q half Who has
not observed that the most mlschierous lad in
district school is always first to cry faint
H. on every occasion of delinquency? Sirs,
human nature in boys leads me 10 distrust the
men who echo the boys cry Let US look at
single act of the late President he put nil
lions of public money in banks ia different
parts Of the country, and those banks were Of
ficially ordered to lend money literally on these
funds. That induced opertrading and spectia-
ton. Look at another fact /; he prevented the
recharter oil the national bank, and consequent
ly produced more than three hundred state
banks. These produced more speculation and
opertrading. IL the reader doubts, let him 20
to Andre Jackson, and TO his friends their
language was, after the removal OF the depos-
| its, and the increase Of the banks, that the
publiclands ,1ere going too fast-that the reven-
ue was getting to be merely bank Credits and
that all this must be stopped. They were
right: this was the true result OF the first Eek
, pertinent and the President was certainly
right in the idea that this ought TO be stepped.
But hOio did he endeavor to stop this specula-
ton and overtrading2 Ii was by what is re-
proachfuly termed Experiment, No. 9,--that
is to say, the specie circular. This was inten-
deJ 10 check speculation, particularly in lands !;
at least tho President and his friends said so,
and thus most unwittingly admitted the truth
that the first experiment had led them into a
bad scrape. Let us see how this new pana-
cea worked first it took large quantity of
specie from the seaboard. Next this specie,
for sake OF illustration, say 6,000,000) was
expended for lands. 1t went Immediately into
the pet banks, and was Immediately loaned
ont at handsome premium, and with it was
purchased millions worth more Of ldnd-and
thus the two operations, under the specie crcu-
lar, made sale for l6 million dollars worth of
land Again the operation was performed,
and the same money purchased another mil
lions worth. How, then, did the specie circu-
lar stop ouertrading and speculation? Not at
all ; the disease wentiro bad TO worse twen-
~ oil thirty millions worth oflands were bought
with not more than eight Of specie and the
Government found its revenue TO consist OF
bank credits, even more exclusively than ever
In truth, the sovereign remedy for the evils
brought about by the removal Of the deposites
and the increase of banks, only increased the