Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-03-03
NO. 20.

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But the plan Of the honorable Senate Is
eneet restriction on bank issues. doe e
consist exclusively in reliance on The
oiisn OF the banks or the States He ~
aapPealto theInterest Of the banks. and VIC
hold over them the threat that. unless
cease the issue Of small notes, the public
posltes shall be Withdrawn from their cae.o
dyi IN other words. il is by employing Is
revenue oil the United States. that he wcp
enect the restriction he seeks Nov, 1T.
what sine amount Of this revenuel Twte
Ity.hye or thirty millions per annum. f
wna' d,d he tell US from very high auth
wv Tie told us that the money tIansae e
~ one s'ngle ciiy. the city az New
were estimated several years ago, and W
oy man whom none is better acqualre
with all such matters. at 1900 millions, az
nuai'ys and tia. al this day the amount q
Now II in one single city. the course Il
business requires the employment Of 1903
minions OF dollars, annually. what must
the aggregate amount Of the transactions
al Inc other cities and paris Of the UnioA
Inc amount battles all human calculate
And do you suppose that, BY wieldiue
revenue OF only thirty millions, YOU ea..
business amounts. perhaps, to a thousaaa
times as much2 What proportion does rs
number OF your deposite banks bear 10 til,
Of the whole OF the banks of the Union a.
Before the passage Of The depos,e act thev
amounted, II remember. to less than foriv.
tney are now. perhaps, eighty; and we ais
ioid oy secret authority which seems 10 81
high and controlling. thar their number,
wnen the deposlte act is executed. is spun
70 oe reduced down TO forty but say il is
eighty, and then, by your operation on these
eighty banks you are to bring about az ei-
iect SO important as to deprive the remain
ing nine hundred and twenty banks Of that
which, IN many instances constitutes The
most important part Of their circulation
Can we not see that the thing is perfec.ig
chimerical?
Suppose you prevail with one bank d
give up the issue of its small notes. Whas
Is the Immediate effect2 The vacuum me-
duced by the withdrawal Of the small no.es
OF that bank is instantly filed by the sma
notes oil other banks; and even il you coud
go step further. and prohibit your depos
banks from receiving in deposiie the notes 81
any other bank which issues bilh below & Il.
dollars. what would be the further effect p
the deposite banks and The other banks x
The country; and. as the other banks are SO
much more numerous, the necessary res
would be. the utter destruction of the depos
ite banks themselves We have alreaC
seen some Of the effects resulting from thes
requirements. We passed an act at the les
session. prohibiting the use of notes bele.g
$40, In the disbursements OF The Unirssi
inf all
bank in this city ; and how was the rule o.
served All the Senators who hear me ave
personal witnesses Of its violation in pay-
ment TO themselves Of their daily allow
ance. do not mention this to complain o.
i. II is possible. If you had ordered the ~
ficers OF the Senate to receive either spece
or notes over $40, it would have been com.
piled with. But the bank still goes on, ana
il would still continue its course. no,wills
standing any voluntary restriction which
your wisdom may suggest Is it not too
much to expect. that. when you, to whon
the task belongs, have abandoned the care q
the currency OF the country, the States o,
the banks shall take upon themselves Ia
duty of remedying the defects or the neglecs
Of your legislation The parties will takH
care Of themselves. and will look no further
= ICY wiz ioafc W tue Wuolc 10 pfOVIQe IOf
the interests Of the whole What interesi
have the banks ia Maine. for example, so II
shape their course as TO suit the exingencles
of the community in louisiana We, OF
the contrary, contend for one currency.
which should be general throughout tbn
Union, consisting of the notes Of the bank
OF the General Government, and for a loce
currency. consisting of the BILLS OF local IL
sttutions; so that there might be genera
currency, 10 be employed in purposes of a
general nature, while the local currency
would subservc all local purposes. Our
wish was 10 have the general currency evs
cry where receivable in payment Of the public
dues, while we relied on the local banks for
the medium Of local circulation But YOU
have given mp bank, whose credit was co
extensive with the commercial world, which
supplied currency never surpassed, and
regulated exchanges with an economy IN
examp!cd in this or any other country. And
do you expect these local institutions can be
an adequate substituted Do you cherish
the vain expectation. that the States will
come TO your relief and rcctify your incom-
petency2 No. sir. no. Each State will say.
il is not our affair 10 provide general cur
rency for the United States we must leave
that 10 be managed by the General Govern
ment And does not all experience demon
strate that while local Governments consli
tute the safest depository Of local Interests