The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-10-17
ESSAGE.
FelIoac Citizens Of the Senate

and House Of Representatives.:
UNDER the peculiarly embarrassing circumstances
which have been operating upon the currency ana
business of the country for few months past, II
NAV have been expected, and by some 1t has been
deemed my duty to have Gonvend the Legislature
in special session. My attention has been directed TO
thc subject with anxious solicitude, and could
have come to the conclusioD that any act OF the le
gsaure would have afforded relief to our citizens,
from the evils consequent upon the deranged state
of The currency, equivalent TO the trouble ana eX-
ponse of extra session, should have cheerfuly
assumed the responsibility oiadopting that measure
But believing the unwise and Unauthorized mems
ures of tho late executive of the General Govern
ment to have been the primary cause of producing
the DISASTROUS state of our monetary affairs, could
not Aatter myself that any state legislation would
the evil, or restore to that safe, sound and
convenient currency we had before enjoyed. To
the General Government we must look for a RENE
dy commensurate with the evil.
The citizens of our own state have suffered, as
yet, perhaps less, than these OF our sister states,
still the business aud credit of the country have
ceIved shock, whose effects, if not averted by
some measures of the General Government calcu-
lated to restore confidence in community, must re-
suit IN consequences most destructive to the INDUS
try, enterprise and prosperity OF our fellow citizens
Our habits and commercial intercourse arc such,
that any attempt to transact the business OF the
country through the agency of the precious metals
alone, would tend to unsotte and destroy the pres
ent relative value of property, and paralyzo many
of the great interests Of the nation.
The several banks in this state have, it is beev-
ed rendered themselves liable a forfeiture of their
charters, by their suspension of specie payments.
Thut measure, under the then existing circumsan-
ces was, perhaps, the only alternative which pru-
dent regard to the interests of conRnunity could
dictate. 1t was approved by the wise and consde-
rate of all parties.
The question of legazing this act of the banks,
is one of intense interestato whole people, and
Etrust it will be met, discussed and disposed of
with all the wisdom, prudence and moderation to
which, from its Importance, it is entitled. The
motive of tho Legislature in chartering these insi
tutions the promotion of the public good, and
if any Legislation upon the subject should be deem
ed expedent at this time, the interest and safety
of community should be kept steadily in view
A rigid enforcement of the penalties provided in
lhe'act regulating the charering of banks, would,
increase tho difficulties of an already suf
fering people. 1t would destroy for all general and
beneficial purposes, circulating medium, to which
an uniform value is attached, and although this
medium may be somewhat deprecated below the
precious metals, still, tits with which, by COM
mon consent the Indebtedness of individuals is dis
charged and the business of the country transacted
Although the banks may have been led by the
circumstances which preceded the suspension Of
specie payments throughout country to depart
from what is considered by the undersigned, the
proper and Legitimate business ofbanks, and to make
loans for purposes which ought always to be ac
,ompshed with real capital, and thereby lesscnod |
heir ability TO afford relief in time ofpressure yet,