Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-08-14

less inc suCCbSSOI, uCSISuulSh ny
elected, the great measures OF his admnistra-
ton would not be carried out, and il they we're
no; carried out, the great value Of oil he had
done would be lost.
What great measure isyct TO be carried out?
answer the making Treasury Baiik. How
was the public mind TO be prepared for such an
institution By The Gerry means he hdi employ
ed. The u States Bank must first be put
down, because while it lasted there could be
no use for Treasury Bank, and in the second
place it must be proved, by actual experiment,
that the State Banks cannot do the fiscal BUSH
ness of the Government, and give society
sound currency. Now whenever the Banks
refuse 10 pay in specie the government depos-
tics, and decline paying specie generally, what
is the argument2 1t is, that VIC have tired
Bank of the U States by incorporating indipid'
uals, and find that ii will not answer, because
it will soon have so nuch power that 1t will
control the government ITSELF We have made !
an experiment with the State Banks, and find
they cannot do our fiscal business, nor can
they give us sound currency, therefore there
is no alternative, but to create Bank Of our
oion, upon our o,cn funds, and which will al
ways be subject TO our control.
Every circumstance which is now transpi !
ring, connected with this subject confirms me
! in The opinion that have expressed"
| We give these views at length, because they
are Of the utnost importance; and though we
do not suspect Gen. Jackson of an original de-
sire 10 break the Pets in order 10 Introduce his
Treasury Bank-we have no doubt that 1t is
the present plan Of the administration 10 weary
the people into an ac9uicscence in such an in
stitulior. Under the pretence Of dlvorcing the
| Government from Banks, they are determined
| 10 make a Bank of the Government; and by
thus concentrating at single point the money
power and the political power oil the country,
maintain the ascendancy of the regning dy-
| nasty, and perpctuate the Government Iii the
| hands of the dominant faction.
| Without copying the judges letter at length,
we select the passages that most materially af-
feet this subject. The writer has occupied
position which cannot but give weight to his
! opinions. Recent indications give us every
reason TO believe that Treasury Bank is 10 be
forced upon the people, Some members of
Congress are expected to compromise for such
q Bank in preference to the ten thousand sub
treasures and the preposterOus attempt 10
restore an Exclusive Metallic Currency
Some are expected to compromise their coasti-
futional % objections in this way Some will
90 for it as the Jackson Bank, which the old
Hero first Of all recommended, and which must
be the only thing which can save the country.
Some are expected 10 take il in preference TO
No Bank-and some because they are willing
10 try any remedy that promises even tempo-
rary relief from our present lamcntable situa-
ton. The conclusion OF Judge Whites re-
marks on thi head we give below:
"At the time the deposits were removed, be-
, fore that time, and ever since, have been OF
opinion that the fiscal concerns of The govern
, ment could be managed through the agency OF
State Banks, and that they could at the same
4 time furnish the country sound currency, and
had the most unbounded confidence in the in
tegrlty Of the Chief Magistrate and believed he
. would cause fair experiment to be made
q Had then foreseen what | now believe 10 bC
: true, tina, the real design was 10 obtain con
= troll over the public monies, that they and thu
= STATE Banks might be used for electioneerins
u purposes, and as means by which favorile
!. could monopolizc our public lands, and tia
70 then the Banks were TO be compelled TO sus
O. pend specie payments TO prepare the publ
% mind Tor Treasury Bank, such course 70
II such purposes could have had no countenanc
r from me-
il. l consider the experiment which has bee
y. made with the State Banks, an experiment I
RI ascertain whether our public deposits will enc
Of Bile an Executive to obtain so much contrt
i. over State Banks as TO enable him 10 Undue
he them 10 overtrade themselves, and after The p,
lical and pecuniary purposes Of himself an
n friends have been accomplished, then to con
il pei them TO suspend specie payments, and tn
,r- that experiment has been successful.
~. have felt it my duty 10 make these remarl
nc to prevent if possible my constituents from h
M. ing incautiousy led into a trap, which ! thin
The has been set for the people of the States /;
Ied mean the support of a Trea'uy Bank. Shou
i'm, such an one be established, and placed, as
M must be- under the control of the Federal L
,nt ecutive, the power thus conferred, when add
as TO that already possessed, will give us 10 eve
mr.. substantial purpose, as complete monarc
rvs as exists any where, and one which will equ
ero if it does not excel, in its means Of corrupio
tho any government known 10 the civilized wor
mt According TO what we see in the pub
prints, Congress is 10 convene on the Fl
,a;, Monday in September next for what purpc
,ed we are not told, but all presume, 10 aid in So
md plan 10 relieve the country and goYernm
mr., from the existing embarrassments. Should
liz be my fortune 10 make one of that hOnora
Tho body, will most heartily concur in any me
nm. ures which may conform to the Const.lu
,ns. and be calculated 10 promote the welfare of
dc country but use The occasion 10 say exl
,;on city, that | will be asked in vain, as now al
sed to concur in the establishment Of Ire
70. ury Bank, because believe that it would
tion slroy the last hope, that your children
lend mine could enjoy that liberty which is II
blrthrishl"
itv. Other topics Of Judge Whites letter we
es a sew 'oi u"o'''o' ",''o'e' "iea" " Wv. we
the not ou' express our vo"N'cuon, tna' inc ao
alton. Through the pains and perils of ane
b;s er Experiment, the people are TO be driven
nd the establishment of Treasury Bank;
" this is what the administration papers mean
w the enforcement of Bank and State.' Il
,nL,, mean the enforcement of the Money Pc
S any from Congress, and regular consumma
0'"- of its union with the Executive.