Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-04-27
NO. 81.

we nau TWO nunuTeu anu elhiV fodbhc-uoW
we have nearly nine hundred M
In short, what reliance have the Banks
now, with The executive hostile 10 them -
What protection like that OF the late Bank
OF the United States have they to sustain
them None whatever. a4
The only circumstance not wholly unfa-
vorable in the comparison is the low rate Of
exchange with England But nothing gem
eral or permanent can be inferred from This
circumstance which frequently occurs, and
on ihe present occasion is wholly accident
al in New York, from The unnatural condi-
ton into which her measures Of extreme IL
eor has driven every thing. II under ordi-
nary circumstances. while other things un-
derwent no depression, exchange on Eng
land should decline, it might be inferred that
England owes to the United States more
than we have yet drawn from her. But il
is not exchange alone that has fallen.--Ex-
change on England has not fallen in New
York as much as the internal exchanges, or
stocks. or real estate or house rem havs fall
len. This fact seem decisive as to the CAUSE
But can this depression continued Certain
Iy not These rigorous measures are un-
derstood to be only prcminary-oniy pre-
paratons for an expansion by the Banks Of
New York, whi.h is to restore ease and
confidence. Well the moment this ease
and confidence return. all things will rise.
and exchange Of course nmong the number.
Besides this unna,prnl condition aviIl work
its own remedy. as all irregularities are cur
| ed by their own excuses. To sell every
thug and TO buy nothing is impracticable.
and when the English have bought all the
produce we have 10 spare. we must Of course
buv from them what manufactures they
have to spare. As soon as the proceeds OF
our industry are realizedn England while
we have gradually exhausted our supply of
English goods--our own merchants VII.
convert their profits into fresh supply 10
be brought over; or, il this process be too
slow, the English manufacturers themselves
will send their own goods for sale. In Ell
Their case the exchange will recover its equi-
librium, ard of course will rise here, for be-
tween two such countries as America and
Eng land, permanent inequality OF ex-
change, as basis OF the metallic currency
of either, is impossible
" Percevine nothing in the conduct Of
the Government TO justify an early resump-
ton let us see il there be any thing in the
} state oithe country which recommends it,
, Now what is the condition Of our affairs 2
The suspension found us with heavy Debt
9 to the Banks-not less probably than five
Q hundred millions-with large balances from
the Southern and Western States TO the AT.
D laniic cities, and with very considerable
: debt 10 Europe. Alt parties were willing to
!, pay; almost all were able 10 pay ; but great
: lorbearunce and great indulgence were ne
5 cessary from the creditor, and above oil, at.
r Ter such a CONFUSION, the great Iestorer was
time; time 10 settle time to adjust ac
Z counts; time 10 send the debtors crops to
n market; time 10 dispose of his crops at the
>, least sacrifice; time 10 bring out his resour-
:, ces TO pay his debts In all the large move
S ments OF human affairs, as in the operations
d of nature the great law is genlleness-vio-
y lence is the last resource Of weakness. The
It disease OF the country was an over-strained
J. and distempered energy. The remedy was
a repose. The question Of the currency tho
b important. was only secondary. The FIRST
: concern was TO pay our debts, and especially
e not 10 depreciate the value OF our means OF
l. paying them. Accordingly il seemed TO me
2 that after The suspension, the true course Of
+ this county was 10 begin gentle and grad
e ual diminuiion Of loans sufficient to prevent
,, the hazards of expansion while the restraints
e ofspecie payments was removed, and 10 pre-
i pare for the resumption, but with no rash
l. competition as 10 the amount which the sew
Z eral banks could cural--to make no violent
e changes in the standard of value. and give
Il time for settlement with foreigners. and
Q among ourselves, on the same or nearly the
same basis upon which these mutual engage
!, mentS were coniractcd-lelling the crops
;. go TO their destined markets without depre-
IS ciaing their price. Aher this, the resump-
ton, with the aid Of Congress, would have
>, been easy and spontaneous. |. was in this
!. spirit thallhe Bank of the United States has
: not diminished ten per cent. of its loans
i while il added about three millions TO its
d spece-and will have given the necessary
i facilities for shipping the crops Of the South
|. and West 10 The amount probably Of fifteen
d or twenty millions Of dollars placing its
il own confidential agent in England 10 pro-
tect the great commercial and pecuniary in
/. lerests Of The country. This seemed TO be
its proper Junction. Ii was thus that il hop
IS ed TO discharge its duty 10 The whole Union.
I II was thus, too, it could show its fidelity to
Pennsylvania by aiding its public improve
e mens--by keeping its business and its peo-
(, pie in comparative ease, and by not suffer-
If ing the prosperity of its commercial capital
n TO be proslrated--o objects these far more i'm
portant than whether specie payments be re-
n sumed few months sooner or later.
f The injurious effects of a contrary course
are seen in all the relations Of business
It Take for instance the debts TO Banks and to
e individuals. The debts were mainly con-