Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-07-28

1884 6099,93l
1885 14,757,69O
1886 23.g84,I92
Now mark the commencement and pro.
gress Depreciation. The bank of the u.
s. was vetoed in July 1882. In that year
the sales of public lands amounted to about
THREE MILLIONS. They rose the next
year to about THREE MILLIONS. They
rose the next year to about FIVE MIL.
LIONS; 1.-THE next to sIX--lhc next to FOUR
| TEEN AND THREE QUARTERS. and the next
to TWENTY. -FOUR MILLIONS!
Thus far we have contemplated the eX-
! pertinent as one Simply TO OBTAIN THE
! CONTROL OF THE MONEY POWER. THIS is
| its true character. We are now to look
| at n branch of it, which wears n somewhat
different pect-designed to cover its
real purpose, and amuse the people with
another object
When the bank was vetoed, the public
deposites removed, and the state banks
made the objects of Executive favor, the
| idea OF an erclusiue metallic currency was
suggested by no one. 1t seemed to form
no part Of the experiment. The monster
had been put down. the public monies
|
the President, and nothing could be heard
but songs of glory to the chief whose
proves had been thus signalized, and thus
successful. But soon there came a pres
sure and panic. Public Indignation was
reused. The evil was charged up the
experiment, and the administration was
driven TO eXtremities to quiet the public
feeling.
And now behold the meeting Of extremes.
State banks. and state bank paper had
been the Executive favorites. But now
there suddenly arose the idea Of an erciu-
size metallic currency; and Gen. Jackson
was the man to give 1t to the county,
Gold was to take the place Of u. s. bank
bills, and "long silk purses" filled with
''yelow boys" were to be every where
found in the pockets Of the people.
1t was thus that the imagrnalionS OF
one portion Of the people were TO be daz.
lied and cop'vated, while the operation of
increasing the number Of State banks,
augmentrg their issues, and feeding the
spirit Of speculation was to fill the pocket
of another.
And now came the schemes to force in
to the country an increased quantity of the
precious metals-especlally of gold To
tins end the standard of our gold coinage
was altered and the payment of the
French and Neapotan lndemnites Sc
cured in that metal And this policy was
aided by importation of specie for the pur
pose Of putting in operation the new state
banks which the policy of the admlnsira-
ton had brought into existence.
R,, bn Of -,
in the country was greatly increased. while
that increase was boosted Of as an evi-
dcnce OF a rapid advance towards the con.
summation of an exclusive specie curren
cv. Fatal niatuallon! that lost sight of
The relations between us aud that country
from which large portion Of our sudden
accnumation of specie was unnalurally
forced. The overlradlng stimulated by
the state bank experiment increased our
mpora,ons from Great Britain. The
debt thus incurred was to be paid either
IN produce or specie. Our mporta,lons q;
specie had reached the Bank of England,
diminished its amount in her vaults, and
compelled her to cur,ail her accommoda-
tons to the purchasers aud manufacturers
OF cotton, our chef means OF remit ance.
Its price Suddenly fell about one half, and
our means OF payment were proporllonally
diminished, But The debt was still due,
: and must be paid, either IN cotton Or srE.
, ciE. Hence the sudden demand for specie
A pressure upon the banks necessarily fol-
| lowed--lhclr discounts were, OF courst
| cur,alied money became scarce--lho cal
. for specie lncrcasod-panlc followed l. an,
a suspension oi payments closed the scene