Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-07-25

rsore iisra the summary prophecies y two DO
iinsUisbcd mcnh,fs u eong'cs'. IN speeches ceN'-
cred three yss's $50.
Ma An.wssfid--'Y Your Pfcsidco, hss usufred
jeg,,,sii,c power lie hss luid be hands upon
,out ites.ure. lie hes SEIZED o. end now wieids
s'sta vesrun II power 60 himself, and insirumcn,
81 pluntct io his purizaus. Yet h.s experiment
hss BOT Iast commenced. il ohlcc, is not merely
TO dcstrov, bot brock the bank. lie chosen sia,o
banks are 70 BE- ms drposi'ores and engines 10
EL.rrt a. wFrsLi4c crHEBScr With what lniu-
rive sarsciiy are the means adapted 20 iho end
ST. Lis state banks vii isnd the melton they are
slrcady huflng 1t 10 UNIVERSAL BANERUPrO. lis
hsnd must BE- stayed. or The usuou is undono.'
Mn EiN>Ei ,aid--"Sir Tho project of the Sec
rotary Il ate Treasury asjonishcs ne. II lac as
ioaishcd tie country. II Is bcte that 2e ijud
pregnant source Of the rrcscn, eeouy. lis The
clearly a,oNed design 10 bring, second time up
IN this land, tie curse Of an vnrse nidtcG uaeoHhoi
I'D siate bank p0po currency. We are again TO
sec the drama which already, IN the course "fthc
present century, has passed before us and closed
IN ruin. il The project shall be successful. We are
sga.n TO eoo tie paper missiles shooting In every
direction through the couutfy--0 arrangement OF
all values deprecated circulation Suppression q
syccie yaya. opis, then further extension Of the
same deiestsble pepper, stl greater depreciation,
with failures Of traders and allurcs q banks IN IT.
train to arrive at last at the same point from which
We departed ~ lSl1.'
These prophetic warnings were disregarded.
The PrcsiJcu, had got possession Of the public
monies, aud put down he Bank Of The L. States
and it seemed 10 be imagined that he who had done
au this, witLou, being crushed under tie weight
of public Indignation. might snbycrt the establish
ed laws of finance and sustain q forced and unuat
oral system Of mcnied operations by the more mag
&c Of political power. But how lncorrgble and
unyielding are the laws which regulate and con-
troll, in spite Of Executive fats, tie financial oper
atinns Of county. The moment that Gen. Jack
son had removed the public monies, aud put down
the bank, be put in operation causes which even
his power could not control. The fatal decd had
been done and its legitimate effects must follow.
These effects soon began TO be visible New
state banks were chartered by scores, and the cap
itals Of the cid banks enlarged by millions hrough>
out the country; and espccidiiy in states rhere hc
Jdotson party had deod,d prcdominonce. The
public monies became the basis Of discounts and
circulation by the selected banks to an unprece-
denied amount and spoculatious in the public
lands, with the aid OF these very discounts, s"ollcd
the nominal amount ofrcceipts from that source
to an extent unknown in the history of nation
al domain These effects may be illustrated by a
few fc,s 10 which We beg leave to call the special
attention Of the people.
a The number Of banks IN the United States, in
taly 1882, when the experiment begun by
the veto Of The bill recharerng tie bank OF the u.
s. was Alb.
p Their capital amounted TO Sl73 600 900
Their circulation to rs 600 600
Their loans and discounts 10 o62 0no. 900
On the Is, of December 1886, the number Of
banks had increased to 677, besides lac bfanches.
Their capitals had increased to 1924 600 900
Their circulation to $50 600 600
Their loans and discounts 10 $50 600 600
To show bow very extraordinary was the in
crease Of banks, bank capital circulation and dis
couns, during the -four & half years ofexperiment
from July 1882, to December 1896, let it he com
pared with the increase from 1890 to 1892
period entirely free from experiments upon the cur
( rency.
From 1870 TO 1890 the increase in the number
Of banks was but II.
Increase of bank capital SIS 900 600
" of circulation l6 900 000
" Of loans and discounts, 10000 00O
Behold the contrast, Ten years increase Of
the number Of banks without experiment -l2.
-Four and half years under the experiment.
26i besides lac branches
5 Ten years increase of bank pitnl without EEK,
d perimeni," Ss.00O.0OC
s -Four and half years increase
, With The experiment" 1851 900, 00C
+ Ten years increase of bank circulation without
= experiment" $4,000, 00C
. -Four and half years increase
II with the experiment, Sl02 600 00C
@ Ten years increase of loans ana discounts Xh
c out experiment" $40, 600 00l
, -Four and half years increase,
t with the experiment, $500, O0O, OOC
g What an experiment
d Let US now look at a single item Of the specula
y lions produced by i. The following statement
$, will show the advantage in the sales Of the public
O lands cotemporaneously with lis comm cnccmen
and It's progress. Their sales from 1929 TO 1896
inclusive were as follows:
e. 1929 1912 0j9
: 1880 2 800 356
1881 2i7965S
h lc32 31l5375
1888 1912 2Sl
= 1884 6 099, 9el
1885 I757 600