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

,,,an in Ms report TO say that paper 10 very con
Venient; that private bills OF exchange ana cefu1
cafes not on interest, may be issued TO pubic cren
TORS without touching tho debateable ground OF
United States bank.
Here, then, comes the paper which is to work
exchanges, and to circulate for the beneht Oh the
commercial and trading community, Here Is
mode of sbunning constitutional objections, and yet
giving paper circulation, payable at the treasury
and its offices. IL this the foundation OF bahk' ii
not, why issue paper at all2 The government has
no occasion for IL it solely tor public accommo,
dntion. Sir, this beginning will grow and expand
upon the necessities aud distress OF the country III
absence Of ordinary business facilities, I'll IL draws
under is control every other monIed l'situtioh,
and holds within its grasp the whole business o'
the country. , .
Now sir, if the two presidents have not aimed at
this institution, through the whole of tins expert
ment, what has been their design! desire MN
who undertakes TO rofute this, 10 tell me why the
Bank of the United States was Pot down! why
the state banks were overturned? why the specie
order was issued? Why bank issues and bank cred
its were restrained? Why the president lnteriered
with embarrassed bnsiness' why the friends OF
this policy rejoice at the prostration of the banks
and business Why they deny us every measure
of relief but this' Why do they propose TO give us
paper all? why, against the whole popular
sense, have they chung 10 measures winch must
produce exactly such results MS we see before u.s.
Sir this policy has been pursued with an untirng
and perfdous zeal, from step TO step, till the way
is now believed TO be open for lis consummatlon
Indeed, sir, the senator from south Caroilna (Mr
Calhoun) declares we have but one alternative; we
must take this bill the amendment of Mr. Rives,
proposing to try again state banks. But one altern-
alive! Does the distinguished senator perceive thai
the administrations from the beg inning, have aimed
10 make exactly this issue? Both presidents avow-
ed themselves enemies of the Bank of the United
States The one veloed bill rechartering it, the
other has pni forth oass, letters and uncalled for
documents, giving the public to understand that he
will do the same. Therefore, says the senator,
such bank is out of the question
Now, says tho president, the state banks have
been thrice tried and tailed, | cannot, therefore,
consent to 90 for them No matter even il the fail
ure and discredit brought about by his own un-
Just interference.
thing left. So the president, and reasons
should reason. He has fallen into the trap! He
has como to alternative which probably perplex-
es no one but himself
And can we allow the president 10 iorestall leg
isIation2 win he allow him to make case, en-
larging his power and be forced TO vote for It
because the president will veto wiser and better
measure? Will he allow the president thus TO make
conditions, and then Justify pernlcious votes on the
ground that the president had made an alternative
would not recede from it? Forbid it, patriotism!
Forbid it, public spirit!
If we could be thus influenced, we should be a.
like criminal with the president, We cannot thus
compromise duty. We cannot make such con-
cessons. Om business Is to make wise and neces-
sary laws, and leave the president to sign veto,
upon his own responsibility. We are not to shelter
him, to consult his opinions.
TContinued neat 2oeek.1