Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-12-14

W. 'c'H'taHco ana exchange and by |
steadily declining to employ as general de-
pusitories OF the public revenues or receive |
the notes of all banks which refused to
redeem them with specie by these mea-
surcs, aided by the favorable action of |
some of the banks, and by the support and !
corporation of Il large norton of the CON.
munl'y VIC have Witnessed an early re-
sumption Of specie payments in our great
commercial capital, promptly followed in |
almost every part of the uniicd States. !
THIS result has sheen alike salu,a,y to the |
true interests Of agriculture, commerce.
and manufactures to public morals, res
pcct to the laws, and that conf lcnce
between man and man which is so essen
tai III all our social relations.
The contrast between the suspension OF
lGlland that of 1887 is most striking. -
The short duration of the latter the
PROMPT restoration Of business the evil
dcil benefits resulting from an adherence
by tie Government To the constitutional
standard Of value, instead Of sapctlCn!ng
the suspension by The receipt of irredecm-
able paper and tie advants gcs derived
b
duced into the country previous to 1897.
afford valuable illustration of the true
policy Of the Government in such = cri
/ sis ; nor can tie comparison fail 10 re-
move tie Impress OF that rational bank
- necessary III such eDprLencIes. Not
only we're specie payments resumed Wilh-
out lis AID. bat exchanges have also been
] liu =,
! ted, thereby showing that private capital.
enterprise. and prudence are fully ade-
1uaie 10 ihcse ends. On all these poinls
. experience seems to have confirmed The
views heretofore submitted to Congress.
We have been saved the modification of
seeing the dstre>ses o. the community
for the thIIC time seized on TO tasten up
on tie country SO dangerous all instltu-
ton and we may also hope that the bu-
sluess of individuals Will hereafter be re-.
!eved from the injurious effects Of con-
tiuued agitation of that disturbing sub.
ject. The limited influence Of nation
al bank in aver;lng arrangement in the
exchanges of the country or in compell-
inc the resumption of specie payments. Is
now not less apparent that its tendency e.
!ncrea.e inOrdnate. speculation Ivy sud
den expansions and coutractOns lis dis
position to create panic and embdrrass
ment for the promotion of its own de
: sign lis interference with politics &
, It's far greater power for evil than to
, good, either in regard TO the local insti
/ tu'ons or the operations Of Government
, itself. hat was, in these respects bu
= apprehension or opinion when a natona
:, bank was first established, now stand
), confirmed by humilietiug experiences
;, The scenes through which We have pas:
ed concIusively prove how little our con
!. uercc, agriculture, manufactures, or T
- nances, require such an institution, an
. what dangers arc attendant, on liz; poWC
: ii power, trust, never tn be conteuc
-, by the American people upon their CO.
T., eminent, and still less upon individual
Tot responsible to them for its unayoid,
\ bic abuses.
\. Ny conviction OF The necessity of lu
d TIER legislative provisions for the SAT
II teerir" and disbursement Of public no
C. eys, and my opinion III regard to /,
10 measures best adapted to the acccl
ss rIishment OF those objects, have b.
le already sub,nittcd to you. These ha
al been strengthened by recent events a
a. in the full conviction ,lat time aud exp
he .icnce must sill further demonstrate tit
AZ proprcty, feel 1t ny duty, with rcspe
,ss full Difference TO the conflicting views
ce others, again to invite your attention
m. them.
he With the exception Of limited sums
,Or posi- ed in the few banks still employ
ial under the act Of 1864 amounts rece
ct- ed for duties, aud, with very inconsidc
d- BILE exceptions, those accruing from lal
of also, have since the general suspension
the specie payments Ly the depos,c bat
per been kept and dl>hursed by the rreasui
ud- under his general legal powers, subj
by to the superintendent of the Secre,
bic Of the Treasury. The proprieiy of
ms, fuing more specifically, aud nf regulat
me by law, the exercise Of this wide Sc
to of Executive discretion, has been alre
submitted to Congress.
no. A change in the Office Of collector
lent one Of our principal ports, las brouoh
BY liaht dcialcallon Of the gravest char
site ,er, the particulars Of which will be
sew before you in a special report from
tie Secretary Of the Treasury, BY this
the port and the accompanying docume
clal il will be seen that the weekly return
Tho the defaultng officer apparently eAhOl
in throughout, Il faithful administration
a. fls.fVa IN