Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-03-23
FRIDAY. MARCH 23, 1888,

mond premium, or be nj par, throughout
the whole extent Of the United States; and
we have seen that the Secretary of the
Treasury is invested with ample authority
to concentrate at that point the whole rev.
enuc Of the United States.
Al! experience has demonstrated that in
banking operations much larger amount
OF paper can be kept out in circulation than
the specie which it is necessary to retain
in the vaults TO meet ii whom presented for
payment. The proportions which the same
experience has ascertancd to be entirely safe
are ono ofspccic to three of paper, If. there
fore, the Executive Government had sixty
millions Of dollars accumulated at the port
OF Now York. in the hands ofrcccivcr general,
represented by sixty millions of Goycrnn ont
drafts in circulation, it would be known that
twenty OF that sixty millions would be sulI
cicnl TO retain TO meet any amount Of drafts
which, IN ordinary times, would be presented
for payment There would then remain forty
millions in the vaults, idle and unproductivc,
aud ofwhicli no practical use could be made.
We'll; great election is at hand in tho
State Of New York, the result Of which will
seal the fate of an cXis,ing administration
If the application of len millions of that dor.
meat capital could save, at some future day,
a corrupt Executive form overthrow can il be
doubted that the ten millions would be ap.
piled TO preserve it in power? Again let us
suppose soma great cXigcncy TO arise, a seas
son of war. creating severe financial pressure
and embarrassment. Would not an issue of
paper. founded upon and exceeding the specie
in the vaults, in some such proportions as
experience had demonstrated might be safely
emitted, be authorized Finally. the whole
4 81, L.. ~.
then, as it is easier to cngrave and issue bank
notes than to perform the unpopular Office of
imposing taxes and burdens, the discovery
would be made that the crtdH ofthe Govern
mcnt was a sufficient basis whereupon to
make emissions ofpapcr money. to be redeem.
ed when peace and prosperity returned.--
Then we should have the days of continental
money, and Of assignats, restored! Then we
should have that Government paper medium,
which the Senator from South Carolina Mr..
CALHOUN corridors the mos! perfect of all
currency
Meantime, and during the progress of
this vast Government machine, the State
banks would be all Frustrated. Working
well, as it may, it honestly administered,
in the first period of its existence, it will
be utterly impossible for them to maintain
maintain il, even if the Government were
actua,ed by no unfriendly feelings towards
them. But when we know the spirit which
anma,cs tho present Executive towards
them, VINO can doubt that they must fall
| in the unequal contest' Their issues will
be dscred,ted and dscnuntenanced and
that system of bankruptcy which the
President would even now put into opera
ton against them, will, in the sequel, BE-
passed and enforced without difficulty.
Assuming the downfall of the loca
banks, the inevitable consequence of the
operations of this great Government bank
assuming, as have shown would be the
case, that the Government would monopo
liZc the paper issues of the country, anC
obtain the possession Of a great portion o
the specie of the country, we should ,bel
behold combined and concentrated mo
ncved power equal to hat Of all The exist
ing banks of the United States, with tina
of the late Bank of the United State:
superaddcd This tremendous power wou}t
be welded by the Secretary Of the Treas
ury, acting under the immediate commands
Of the President of the United Safes
Here would be perfect union Of the
ina glnarv, but an actual, visible, tangible
consolidation OF tie m0ncyed power -
Who o. what could withstand 1t? The
States them selves would become sCppIant:
at The fee, of The Executive for portion
of those paper emissions, of the power tc
issue which they had been stripped, an'
which lie now exclusively possessed.
Mr.. President, my observation and eXpc
renee have satisfied me that the safety o
liberty aud prosperity consists IN the dvls
ion of power. whether political or pecunlary
In our federa'lve system, our security Is It
! be found IN that happy distribution of pow
, err which exists between the Federal Gov
erpment and the S ate Governments. II
: our monetary system, as it lately existed
its excellence resulted from that beau'itu
Arrangement, by which the States had thcl
institutions for local purposes, and tn
l General Government its lnstl ntlon tor tn
| more general purposes Of the whole Union
: There existed the greatest congcnioll
t between all the parts of the admirable sys
2 tenn. All was homogeneous. There was n
separation of the Federal Government lrol
: the States or from the People There wa
o no a,tcmpt to execute practically that at
: surdiy of sustaining, among the same rec
u ME, two different Currencies OF uncqnt
= value. And how admirably did the who
d system, during the forty years OF ITS eX's
= ence, move and work And on the tw
9 unfortunate occasions ofi's ceasIng to e1
II isl, how quickly did the business and trans
actions of The country run into Wild DISC
n der and utter confusion!
II Hitherto, ! have considered tins ne
d project as it is, according to It's true hatn'
81 and character, and what 1t must lnevltaO
&c become. have not examined 1t as It
II not, but as It's friends would represent 1t
II oe. They hold gu, the idea That 1t is
t. simple con,rvance to collect, to keep, al
d. | ~ lshnrSn lhn nnhllr InYnnun. In III