Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-09-12
IN -, = y, 80,


ports ot the puhc money add 81 tccurg ,hr rmrloY
ofs,sis district aod territorial bauks ta PUT
pose mace ct the duy 81 thc Secretary ofthe Treasury
Discontinue the t such 81 them shuld AZ aus
refuse 90 redeem Their notes specie and 20 sab.
s'Itute other banks provided sufficient number could
be obtained 60 receive The public deposit. upon He
terms and Conditions therein pfcscthtd The general
aud almost simulisncou Suspension of c~ payments
by the banks ia May last rendered the performance a.
this duiy imperative, IN respect 80 thuse wh.,b bad
brrn selected under tc aud made b. a. she ea..e
inc, impraoicshle 10 employ the requisite numbered
oihcTs upon the prcscr.h,J cout.tions The ,rt,itc
populations established by Congress flf thr rpo.t end
safe keeping Of the puhlc "a. n,s. having thus uncx-
Pcctedy become imperative, ic - to be ny tuV to
aft rt you early orp,tuny for tc exercise OF YOU,
suPcr' iscfy powers over the subject
was a,fo lea 10 appr,hrnd that toe suspension Of
specie pay m,n's, Increasing tine rubarGsutnta before
existing the pecuniary 0nbrs Of "a. country would
fat diminish Size public trvcnue that the tccruine
receipts into tic Treasury would not With the reserved
Eve millions, be sufficient to drituy the uuat oidsbl, ~
pcnscs Of u' government until the usual period Tor
the meeting % Congress whilst Tie authority 90 call
upon The states for portion OF the sums deposited with
them, too restricted 10 enable the depattmen
aliz sui ccnt amount from that source. 1hrsc APP
prehensions have been justified subsequent results,
which render 1t certain tina, this deficiency viii Occur,
Al additional mcsns he not provided ~ Congress.
The dihcules experienced by the mercantile intci.
est, m meeting their engagements induced them 10 sp.
ply 10 he previously Il the actual suspension Of specie
payments, for indulgence upon th,r bonds E. duties
and the relic faulhorzedh, law promptly aud cheer
fully gtsnisd The dependence of The Treasury upon
the aSas of these bonds, enable il 10 make lie de.
posts which the states required Ly law led me IN the
outset TO limit this indulgence 10 the first Of September
but II has since been extended T. the first If October
that the matter might be submitted to youI further d.
rccon
Questions were also expected 10 arise ia the recess
IN respect 10 the October nsalucui # those posts
requiring the nterpusItIon OF Congress.
provision 81 another act, passed about tie same
tune aud intended TO secure faithful compliancc with
the obligation 81 the United States 10 satisfy all de.
munds upon them in specie or its cqu.vslrnt prolib.
NED The oef Of any bank note, not convertible the
spo; into gold silver Of the viii Of the holder and
Ae ability Ct the government, with m.ilinus dcpc,
a. 10 meet ats engagements in TIE manner thus qucd
10y law was rendered very doubtful ly the event 10
which have referred.
Sensible that adequate provisions for these uuexnrc
ted chieen'cs could only be made By Congress con.
Ninccd that some OF them would be- Indispensable ne
cessary to the public scryi,e before the cuar period
Of your meeting snd DESTROYS also 10 enable Won cx
ercise, al the earliest moment, your full constitutional
powers for the relief # the country could not with
proprety, AVOID snt"oung you 10 the Inconvenience Of
assembling al as early day the Of the popular
approximation would permit am sure that have
done bat justice to your feelings IN b. eyng that this
inconvenience vii be chrrrfuily encountered, in the
hope OF rendering your meeting conducive 10 the good
OF thr country.
During the earlier stages of the rcvulaion through
which We have just passed, much acrimonious Discus
sion arose. and great diversity opinion existed, as 10
ITS rra! causes This was not surprising. The opera.
lions of credit diversified and the influences
winch affect item SO numerous and often subtle that
even impartial and well informed persons are seldom
found TO agree IN respect to them Toinherent dfcul.
ties added other tendencies, which were Lv no
means favorable TO The discovery of truth II hlrd-
y to be expected that those who dsa2provcd the poll
cy Of ;he government IN relson to tie currency wod
IN the excited state of public feeling produced hy the
occasion, fail 10 attribute 10 that policy any extensive
embarrassment ~ the monetary affairs Of the country
he matter thus became connected with the passions
ard conflict Of party opinions were more OF less nfirc
tee by political c"nflccrauons and differences were
prolonged which N GIT Otherwise have been deormin-
ed By appeal OF facts by the exercise Of r,ason
by mutual concession. II is however u cheering re-
fiction tina; cuusibuces II this nature cannot pre
vent community 50 intelligent az from ultimate.
ly arriving al correct conclusions Encourarcd by the
firm belief Of this truth proceed to state my 50
Gar asmay he nee ssarj 10 clear understanding the
remedies feel II my du,y to propose and If ihe rea
sons by " hch have Leon led 10 recommend them.
The history oi trade in the States for the ast three
or four years, ahprcs the most convincing evidence
that oui present condition IL clofy arbu"d t. over
action IN all the departments If business an over-ac-
ton deriving perhaps, It's fret impulses from anccc.
dent causes tut simulated 10 It's destructive consc.
quences by excessive issues OF hank Vspcr and bv 9th
eT facilities for the acquisition and enlargement Of cred
IT. At the comm. ncrment Of the year -3f the bank.
ing capital Of the SGies inc ludiHg that OF tc nation
al bank then eNsiins amounted TO about two hundred
millions Of dollars tie bank notes then in circulation
to about ninety five millions ana the loans and dis
counts OF the banks to three hundred and tu
millions. Between that tine and the first Of January
o36 ben. the latest p tod 10 which accurate accouri
have been received, banking capital was increased
10 more than two hundred and hity one millions our
,
even millions. To tins increase are To BE- all-J
e many millions ui credit, acquired BY means OF ,
gn loans, contracted b. the states ami state ipt.,
ions, and above ALL BY the lavish accolnaod tops cy
ended by foreign dealers 10 rur merchants
The consequences Of tins redundaury or credit c
he tpir Of reckless speculation engend.rpd by wrr
foreign debt contracted hy our citizens Is, mated In
haTch last at more than thirty millions Of collars; the
Atension TO finders 90 the interior Of our country of
redls Tor supplies, greatly beyond the wants Of tbc
eoPle The ln'rslmt Dt Of tlriy nine and half mill
'ns 81 collars IN unProduciiVc public lsnds m the ~
eais l''o and lH6 whilst in tie prcc ding wear ih+
ubic sales amounted TO only fDuraud half millions %
he creation 81 debts, 10 almost countless au,oup -
'' ia estate ~ rHisiing anticipated ties and villa
. equally uuPToGucLye, aud al prices now soon ia .
AFe been greatly oa0fuonatc h their feai value
he expenditure 81 immense sums ~ i.fn-gyru,,ts h
inca, IA macy easel have been found 10 lie t,.,,tl -
nPfoNio-nt, the diversion 10 other pursuits of cb a. ~
'e labor that should have itcn applied 10 apfeututs .
iehy cenubnung 10 the expenditure Of LARGE Sums !,
we imP'i'ahon Of gram irom Eutcpean .stsfg,. .,
re which, amounting ia 1891 20 about two turd,e9 80
Do ny Thousand dollars, was IN the Grst Two quar-. -
~ 81 me pFrteni year, Increased "a more than y -
''"oh' 81 oo'afs end nrally, without enum.raiIBg -
hef 'HI9tions results the rapid growth anon, al n
ass's aud especially ia great commercial MN
injurious habit founded la often On p,.,ety t,et =
rhlih and Sentimental alike o. i.s ipdu.t,x d. 20 -
s'ess, and The morals Of oar people =
II vas s. mp1s able that such ,t.. ~