Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-09-12

pursuss wiu-oui ,ors, the erffent ofk.
government. placed IN the stuatiun tfih.rN
VOWED IN cmhaffassincuis a could net b.,
had IL pursosd ihe euu.sc Slthr iatrf ~
rHssurnis are, mcreovVt, Augmented tt q, MA
and just laws whvh forbid q 90 rsea 49,.
icnry, snd by 90 doing, takr itom ihe e..
ability which individuals have oi ,et.sr
transactions To- such a catastrophe
4 system which can, IN a time & ,..,
when there Ha 'Atgc revenue lad ~ d. M
prevent the application aud he usr OIL. t4f
the people, IN the manner and Gt IN, W.
have directed, cannot be vice hn, ,h
without painful reflection, that. under IA .
iorscrn events might have hriall,n "a. j,
war, ami taken from us IT ihr mom.r Vf
wanted. the use OF those vrfy ,u,ans MI. "a
utcd up To- promote the rat'onsl Nclft.t
national rights ItsuCh ruhsfra.sfns9..
dangers vii ths government be alWAts,r
~ takes TIE moneys tAiecd for, and rr,
pubic service, cut ~ the hapds of t.ov
converts them into n m"te itghi OF sct.-
porasions entrusted with "a. possession DBL.
can such results hc eHrctuall, ruarJ,...
a system, without inycriug Tie Execute. n
troll over the banks thcm-ri,cr, vh..bs, b
uonal, thit might with reason b, u.I,,,,.. N
prohaily the only En,Crnmcu, IN thr w. II
ute, ~ the management at tts fiscal ,aHf.,..
/ r,uc,s The these. But this lnmiuaat q
orly dagger attendant ON jir surrr,a,,
money O. t,c custody md cupttol OF ..... Il
Though the object j. ni4 Go thc lf,au-. e
br 10 iuuoducc into the rrrta'i.tt .f F
nhgcnccs the most tubllr, iuut... .. z
most selfish.
The usc W The banks, fof t..if.t. ..
money deposited with them. has f,r,.,,..
/ ol the government from the tomu, nt.f..... Z
nechou. Inc money received from t....
oi being kept hll 1t is needed mr ib..
sequence oi thus authority, n 1.ut ra. . ...
orr made for In. profit ct ih,se who .......
crs OF stock 10 the banks selected a.t.. ....
supppard and ui'cn exaggerated aara....., Z
boon will ALWAYS cause 1t 90 b. .autl.... .... Il
! VIII not t'tp 10 consider I'm " hou. ...t..
. ,iucui T. II is 10 lr conferred, whether t.
aud control lie trIstrd to Conrrcs. .tie.I
cithrr VIII be sal ct,d g. rppra z. made l...
which iht s1gtolty Of lulrr.si can s.stra,
unless Such system, arr siImn'if~ ..t. /
OF Their fortunate irqu siti"n the d, p.s.'s. I
as AN increase oi capital; loans and c.u
rashiy augmented; and when the pu1ii.tt
qurr rrturn II - attended with rmh,sn
provided for, nor tnrsrcn. Thu. lants u.
themselves most fortunate when the uulN
received Grd themselves most eul,nTaa....
season OF payment sndi,nly nir,v,s
ntoriuuntc'v. too, the evil. Of tine r.st... .
limited 10 the iauhs. II stimulates r.r.,. ...
Of enterprise, and nggrIvat the lUeml,u... .
niece and the currency. This r,sull p7.. ,..
exhibited dung the operation Of t. |f.t
svftem, and especially IN the purcha.ascf p,0 VIC
The order which ultimately du,cta ts' ....
gold and SILVER in such purchases er.s''. e.. ...
could not ntOgcth,r prevent. the cyii Su....
deed more difficult to be procured iuau no, r...
the banks could thcmsclv = co.ir a. A.a..
Sill, being obtained froth th",n as o 4, aua
NJ Il dcposttc Wh Ch they were n.stu "a l.,i'.
u only pass-d round the circle VITA dIni..
This operation could not have b.tn pert,
funds OF the go"t fnurut ron~ iutu Oh" Co.. .
regularly disbu scd, nnd not into hauis. g. .
ont Tor their own r. f., w'uic th"g were ,r..
substitute tot TIA credit ~ account
In expressing hes uluieuis, dosi,r r,..
value the benefits of stlulsty c.,.:t to ,a. D..
enterprise. I he credit bestowed nn pro' j. a..
try IL the Just reward of merit aId ~ a.g..,ii.
tive TO further acquisition. None opy.s B, va
their couutry aud understood its vs., H..r Y,..
IL undGly encouragod-vi II is mad' So Iu.
public mind with the Temptations of so 'G.uaa.
s'hntial wraltli-whcn ii turns industry nutrp
lend sooner or later 20 disappointment ard ds..
becomes liable To- crnSurr, aud needs cpfrcr..r
from helping probiiy and industry, the raia 70
leads falls most severely on thr great mjlup- s
who arc thrown sud lculy out of emplorn,n, .
inc ihlIhr" ct magnificent schemes never n',.
enrich them are deprived ia moment Of o..
resource. Abuses If credit anI eycrs,c4 IN ,.
tlon w'il happen IA despite Of the most s1,n'.r.
no government perhaps can allog, thor proven.
but surely every government Gu RETAIN from
b"ting the stimulus ih,t cllls them into lilo
since, therefore, experience has shown. fhl,
,h' public money 10 the local banks is !l11ird.a,
"P''h'phs OF tho government. at letst Of d iul'g
r'i 10 the institutions themselves, nnA pr,lt.
derangemcnt in the business and r.
% III" country, Is It the pat Of vision ANN o.
the cOunectipn2
is true That such an agency is in many r.
convenient to ih- Treasury, hut it IL noi ,nd.saet
:, n'n''a'"h OF The cxrensrs Of the goYcfnncn
~ ,u"i wants, ana Of the revenue 10 those cgg
wHh convfnltni mems for It's prompt nppl,cs
nc purposes FOX which: Il was rails d. are he ,
winch sc gholld seek TO accomplish. Tho ssl.
slir keeping. tan,frr, md disbursement If The
money can II - believed, be well managed by Of
u me government Its collection and 10 4 g,a
en-, ts disbursement also. have indeed ht.er,o Gc
80 so'tly oy thrm DeIthGr Nitinnil nor :. ttc
'run cnbi"ycd, being required 10 do more than 81
'cf "Hlc IN lhciT custody and tftnsCet and ptg i .
portions and NJ such times as thc rretsory an, %
surely btoks are not more able thin lie govern.
echfe the money IN their possession against arsle
n.e OF liaud' The assertion that ihoy arc 80 nur
'"t ''"It ~ oihk II stronger than ylu,l % We
'! 'hn mat directors, cashiers and clc h. moi b.
Tue government, unirr #. cn,ir,I an, ,,,,,, 4,
'"nhhehce ih'n officers selected from the pe,ulr
S'o 70 me government off rcrs bound b. o,ir..
~ o'nur iW . initL'uI Performance Of their d..,
'rt a a. ,l''' % 'he superFislon 81 Congress
~" hlhrniu"s Of trlusier. anil The al loo,
req Nv b'hks, have bce1 less ti,1u H. nan ,il.. .
ne actual accounts show that BY Ear lie i,,5e,,,
y 'nents IS made within short or convenient d.,gra
ares =" collection; aud the whole nur,her nj o,y
-uou a, NE Treasury IN the year 49, VEN ileIe
II .. WI - beloved Afford safe test or DO ltl
u shot ol i've thousand, or al a,era,. ,f le. tblq
NY inf each state in the city Of Scw Yoa tlCs Sod
u only four. ~ WV '''' 80
-
NC aiheuIiies hFrctofofe eAuiiag ore. mor,p,or.
'ned ny an Increase 10 the chraDu,,s aud ac.l, or
!. ,, } ana may he asserted With conGreare
'Is1's tiahsitfsi a. well ~ the safe kecpus aad
rscnents Of The public money. .,o Le All ..f,t,
"tenlence arc"mplisLcd through he agencies OF ~
t n.'S, 'his 'P'nion has bcou IN some deefee cata
-1'ua' experience SINCE the dscontnuance ~ lie 5i
ageht., IA May iasi, period which IRON 's