Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-09-04


same causes were then at work TO produce
large revenue, that had been during the year
'36-that is, the tariff the banks and the spe.
Gle circular: how, then, did they know thai
there would be a great falling of in the reven-
ne, unless they toresato, las did the Wings
long before, and warned the administration Of
il y the dreadful combustion Which tcas 10 come
To inc it seems plain, that it was their duty 10
throw themselves into tho breach and save the
country-if they could. They did not do it
they did nothing but 10 hold on to tho specie
circular, or Treasury order, which large ma
jority Of Congress condemned They are cor-
tanly guilty, either of great want Of foresight,
or Of an objectionable sin Of omission.
The storm has come-it has swept over tho
land and the wrecks are scattered in every
corner, sad mementoes of what VIC haze been
and what is the relief offered? | have seen
none-though months of suffering have already
passed noihing even in the shape Of relief I'm.
til the past week revealed the project of a new
system--not bank exactly, but bankiSh not
a thing 10 giUe relief such as we want, but &
sort Of promise that the country can have but
Uery HtHe-irom the men in power. | am not
10 discuss the political bearing Of the new plan
the increase OF Executive power and the ha-
zaid OF loss by it. | am 10 look at it merely
as plan OF relief; and ask The business nun,
(who wants money with which to carry on his
business, without paying an enormous bonus,
10 get it in the first pace and transport il after
wards,) TO look along with me. The PROPOSE
ton is 10 issue the revenue as paper money, in
the shape OF drafts. Will it bring relief to the
country2 Say there is 80 millions 10 be issu-
ed within one year, l-2 millions per month:
will that more than supply the importers of
| foreign goods, who live at the very doors Of the
all, To 10 -. L. -
| conceive that the revenue raised from duties on
foreign goods, with what can be got from the
public lands, will much more than pay the for
eign debt. Again the Treasury drafts would
probably be in good dcmand-the amount
must necessarily be limited; and as Q neces sa.
ny result they would be, as specie now is, at o
premium, and other paper money would be be-
lou par. How often should we see q Treasury
draft in Vermont? And if a VeTmontor should
wish 10 transmit money to pay distant debt
how much would he have 10 pay for treasury
draft-or how much would he be obliged to
lose on other money? We want good cur
rency Of at least 200 millions. Your 10, Is,
30 or 80 millions Of treasury drafts would like
the long promised and never found gold, prove
but an ignis fatuus, or at beet but drop in the
bucket. 1t would be iavored-an aristocrat-
ic-a onopollzing-currency as far as it goes,
|
money any thing but worse. | know that the
men who propose this plan, also propose to let
he state banks alone. This cannot avail them
nor help the country. They, as leaders, have
set the country by the ears against the stale
banks and now they can't control their follow
ers. The spectacle is presented Of the party
warning against all baDks-while the leaders
are leaving the banks at their mercy, and pro-
pose only a meagre shadOto (as far as relief,
and currency are concerncd,) to supply their
place.
Perhaps might be deemed uncharilabe,
were to say that the proposition OF the ad-
ministraton, so far as il is gees to let the
the state banks alone, is nothing but empty
pretence. However, il does seem to me TO
be quite as bad as that. 1t seems 10 me
that the administration is not merely leav-
ing the banks at the mercy Of the ocofocOs,
but that il is, itself, making a direct and ia
tai lcar upon all the state banks, indiscrinl-
inateLy. Glance at the proposition again !:
it is 10 receive the national revenue in spe-
Gle only. The operation will be TO with
draw from the banks specie 10 the amount
Of the annual revenue-say 80 millions. !
say ii must be acithdra,gR from the banks !;
it must necessarily be in the treasury TO re-
deem its dra lts-and about that sum must
be constantly going out Of ana back into
the treasury again. Probably three things
would follow first, one half OF The specie
OF the banks would be taken away they
are attacked in their specie-at the very
spot " here they most need strength. Sec
ondly, the amount Of circulating medium
the banks Ordinarily could issue ninety
millions OF paper with perfect safety, while
the treasury will issue barely dollar for dol
lar-thus the country is left minus at least
sixty millions OF circulating medium. The
third thing will be another turn OF the
screws "a pressure, worse and worse
The bare reduction of the circulation will
tend 10 this, and the requiring olspece for
the revenue will perfect the work of ruin.
We have seen that the specie circular, re-
quiring specie for lands, induced widespread
ruin how will it be when the government
requires specie for the tchole rereuite II
This scheme is persisted in, when can the
hanks resume & continue specie pa, menls;
when will money become plenty and good /;
when will The shavers cease to bleed The
honest debtor when will the merchants
resume healthy busiDess-the Inanuiac-
turers SET their spiDdes at work-the far
mers gel a fair price for their products
and the laborers a sure and just reward for
their industry?
But must stop and let me do it with three
iuGerences;
|. The ruling party got the country into a
bad box.
IL. They are doing nothing worth naming
TO get her OUT and
III. The people of Vermont, initiating the
noble example Of the Far West, must help vote
the unlaithful rulers out, and put good servants
in. COMMON SENSE.