Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-12-14

money mower is tempted TO become an act'V
agent in political affairs, and all past exper
ence has shown on which side that intiuenc
will be orrayeda We deceive ourselves
we SUPPOSE that il will ever be found assert
ing and supporting the rights of The com
munty at large in opposition TO the clalm
ofthe few. p5s
In Government whose Distinguishing
characteristic should be a diffusion ana e.
uuaIization of its benefits and burdens the
advantage of individuals will be augmented
at the expense Of the mass for the people
Nor is il the nature of combinations OF the
acquisition OF legislative Influence to conhne
their interference 10 the single object Tor
which they were originally formed. The
te nptation 10 extend it 10 Other matters, is on,
the contrary not unfrequently too strong to
be resisted The influence, in the direction
of public affairs, OF the community al large,
is, therefore, in no slight danger of being
sensible and injurousy affected by giving
10 a comparatively small, but very efficient
class, direct and exclusive personal inter-
est in so important a portion OF the legisla-
ton Of Congress as that which relates TO the
custody Of the public moneys. Ii laws ac-
ting upon private interest cannot always be
avoided they should be confined within the
narrowes, limits. and left, wherever possible,
tothe legislatures of the States. When not
thus restricted, they lead 10 combinations Of
powerful associations foster an influence
necessarily selfish, and turn the fair course
oflegislation to sinister ends, rather than to
objects that advance public liberty, and pro-
mote the general good.
The whole subject now rests with you,
and cannot but express hope that some
definite measure will be adopted al the pres
ent session.
1t will not, lam sure, be deemed out Of
place for me here TO remark. that the decla-
ration OF my views in opposition tothe policy
of employing banks as repositories Of the
government funds, cannot justly be cons,ru-
ed as indicative of hostility, official or per
sonal, to those institutions or TO repeat, in
this form, and in connection with this sub
ject opinions which have uniformly enter
tanned, and 90 all proper occasions express
ed. Though always opposed TO their crea-
ton in the form OF exclusive privileges, and,
as a State magistrate, aiming by appropriate
legislation TO secure the community against
the consequences of their occasional mis-
management, have yet ever wished TO see
them protected, in the exercise OF rights con-
ferred by law, and have never doubted their
utility, when properly managed, in promo
ting the interests oftrade, and through that
channel. the other interests ofthe commun-
~. Tothe General Government they pre-
sent themselves merely as State institutions
having no necessary connection with its leg
islation or its administration. Like other
State establishments. they may be used or
not in conducting the affairs ofthe Govern
ment, as public policy and the general inter-
ests .of the Union may seem TO require.
The only safe or proper principle upon
which their intercourse withthe Government
can be regulated, is that which regulates
their intercourse with the private citizen
the comforting of mutual benefits. When
the Government can accomplish financial
operation better with the aid of the banks
than without, il should be at liberty to seek
that aid as it would The services of private
banker, or other capitalists or agents, Civ
ing the preference TO those who will serve il
on the best terms. Nor can there ever exist
an interest in the officers of General Gov
eminent, as such, inducing them TO embar.
rass or annoy the State banks any more than
to incur the hostility Of any other class OF
State institutions, or of private citizens 1t
is not in the nature ofthings that hostility TO
those institutions can spring from this source,
or any opposition TO their course OF business,
except when they themselves depart from
the objects of their creation, and attempt to
usurppowers not conferred upon them, or 10
subvert the standard OF value established by
the.constitution. While opposition to their
regular operations cannot exist in this quar-
ter, resistance to any attempt to make the
Government dependant upon them for the
successful administration OF public affairs is
matter Of duty, as trust il ever will be ofl
inclination, no matter from what motive or
consideration the attempt may originate.
Il is no more than Just 10 the banks 10 say.
thatin the late emergency,most oithem firm
ly resisted the strongesttemptationst TO extend
their paper issues, when apparently sustain.
ed IN suspension OF specie payments by
public opinion, even though in some cases
invited BY legislative enactments To this
honorable course, aided by the resistance of
the General Government, acting in obedi-
ence to the constitution and laws Of the uni.
ted States, to the introduction ofanirredeem.
able paper medium, may be attributed. in |
great degree,the speedy restoration of our cur |
rency TO sound state, and the business of the
country to its wonted prosperity. The banks
have but 10 continue in the same safe course |
and be content in their appropriate sphere,
TO avoid all Interference from the Genera
Government and TO derive from it all the
protection and benefits which it beslows ON
otner State establishments, on the people of
the states themselves. In this, theirtrue no.
eition they cannot but secure The conflancal