The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-07-03

| But the Executive affirms that the people have
deranged il by speculation, overtradlng, ana gam
bling as gentlemen pleased TO term rash spec
| ulation.
The people reply that the whole responsibility
rests on the administration. 1t found elght years
ago good currency; undertook to make 1t bet
ter; managed things in its own way, using the
whole political power as it pleased, and this is
the better fruits of its fatal experiments. itsow-
ed the wind, and we are now reaping the whrl-
wind. If it had forborne to regulate, and had
left things as it found them, the country would
now be in palmy state of prosperity.
AS one of the people, / go with them in the
issue they make / hold the administration to its
just responsibility; 1t must answer for its acts
it must not be allowed to escape censure by shift
ing the reproach upon those who hold no power
and have no means of winding tolls round the
country. Things were well this no one denies
the administration undertook to make them bet
ter; they were in It's hands, managed by it, and
have come to what they are. The administration
alone would seem to be responsible.
To understand the means which have been
employed to derange the currency, i must, at the
hazard of being tedious, recapituate some of the
leading events of the last nine years; for the pol
icy which produced the present crisis cannot he
we'll understood without this retrospecton.
In 1929 General Jackson was inaugurated ;
the bank of the United States then collected and
disbursed the revenues of the country; they were
placed in its custody by law, and could only be
drawn out by law it was an agent, therefore,
not dependent on the President for its power for
authority, but independent of him, as it should
be, and dependent on law.
A state of things then existed which was sat
sfaclory to all; none complained the circulation
of that bank, and all others, was convertible at
pleasure into specie; no person was obliged to
receive any thing but specie, and if any one took
hR ien
for his choice lay before him. This was a state
of things which one would think could not be
greatly improved. Indeed, to compel man, by
law, to take specie when he prefers paper is q
bridging his liberty. Can my condition be i'm
proved by denying me the right of choice?
The exchanges were also II footing entire
ly satisfactory. That paper which is used TO pay
of balances between two places, MS London and
New York. or Boston and New Orleans, gener
ally passes under the name of exchange. Ii
good paper, payable in Boston, may he purchus
ed in New Orleans at one fourth OF one per cent,
and paper, payable in New Orleans, may he
bought in Boston at the same, or any other Ger.
tain rate, then all persons know how to deal in
the trade between those places, for they know
how debts can be paid; the medium is thus GER
tain The Bank of the United States as it col
lected and disbursed the revenue, was able 10 af-
ford business exchange to Il great amount, which
was seldom sold for II greater premium than one
half of one per cent. This was, perhaps, as low
or lower than it is afforded in any country on
the earth Of equal extent. The amount of it was
this, if merchant or manufacturers, in Boston,
owed ten thousand dollars In New Orleans, the
bank RENTED his funds for him at that, or per-
haps, a less rate of premium. Then trade was
active; no embarrassment felt, no change de-
sired.
Now, almost all business is suspended, for pre-.
ciselv the opposite reason T; the rate of exchange
is uncertain, fluctualing greatly; men know not
on what terms to buy or sell, because the value
of the medium of payment is uncertain; If pur-
chase is made on the supposltion that exchange
will he one per cent, and it turns out to be TWEEN
ty, then the difference is disastrous.
Much has been said OF the conduct of the
bank and its intermeddng with politics. am
neither its accuser or its vlndicator, but shall
speak of some matters connected with it, which
mostly belong to political history, and are mostly
verified by public documents. For one sir,
had never heard of the bank interfering, in any
manner with politics, making any question, in
regard to them, till an attempt was made by tine
par,isans of the administration to thrust out OF
office the president ofthe wHampshire branch
These partisans had early turned their eyes upon
the revenues of the government, and lamented
The want of power, which the possession and
political use of the money would bring wuh II.
The control of was, therefore. directly aimed
At, by superceding the bank officers by partisans
Of the admin istralion, who would work this mon
ey for their own and the benefit of the party.
Application made to the Secretary of Treas
lry to procure the removal of this branch pres
dent Now, sir, the secretary had no more right
Dr. authority to interfere in this matter than any
other individual; but he did, and the papers are
all before the public.
The answer of the bank to the charges and
demands generally was, thatitwas business in
,titution and did not interfere with politics that
{ did not select individuals for its service be-
cause of their political opinions, but for their ill.,
egrity and capacity to discharge the duties as
igned to them; that whenever any of its officers
we're unfaithful, unjust, or negligent, they would
,e removed without hesitation, and charges of
Misconduct would, at all times, be carefully ex
mined. While it gave every assurance OF
discharge of all its obligations and
uties, it disclaimed politics, as in no respect be-
ongng to, or influencing the institution.
This was the exact ground on which 1t should
tand. 1t was not created for party, but tor the
country; rot for the administration but tor the
,eope But the conclusion of the bank that 1t