Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-04-20
FRIDAY. APRIL go, 1898.

dCiuuHy ch'S''US w VIZ S'p"'s, w" w
which | have now given you simple. /
And yet there are persons who constantly
camor against this state OF things. They
call it aris,ocracy. They beseech the poor
to make war upon the rich, while, in truth, |
they know not who are either rich or poor.
They complain of oppression. speculation.
and the prrnclous influence Of accumulated
wealth. They cry oul loudly against all
banks and corporations, and all The mean
bv which small capitals b come nn'cd IN
order to pruduc" important AMI bon"hcial
results. Thcy cary on mad hosi,l'v
against all established 'n1'ltu'lons. They
would choke up the fountains Of industry.
and dry all its streams. In a country of
unbounded liberty, they clamor agains,
oppression. In a country ofperfect equal
~, they would move heaven and earth
against privilege and monopoly. In q
country where the wages OF labor are high
beyond all parallel, and where lands are
cheap. and the means of living low, they
would teach the Iaborer that he is but an
oppressed slave. Sir, what can such men
want What do they mean? They can
want nothing. sir, but to enjoy the fruits OF
other mems labor. They can mean moth
ing. but disturbance and disorder: the
diffusion of corrupt principles, and the
destruction Of the moral sentiments and
moral habits Of society. A licen'lousness
Of feeling and of action is sometimes pro-
duced by prosperity itself. Men cannot
| always resist The temptation to which they
are exposed by the very abundance OF ire
boun,es Of Providence and the very hap
pIncss of their own condition; as the steed,
fuI Of the pasture, will. sometimes, throw
himself against lis enclosures. break away
from its confinement, and, feeling now free
from needless restraint, bcake himself to
| TO the moors and barrens, where want, ere
long, brings him to his senses, and slarva.
| ton and death close his career.
Having SAID 50 much, sir, on the general
condition of the country, and explained
what understand by credit, [ proceed To
consider the present actual state Of the
currency
The most recent Treasury estimate
which have seen. supposes that there are
eighty millions of metallic money now in
the country. This believe, however. to
be good Gea| too high, cannot believe
1t exceeds sixty millions. at most; and
suppo-lng one hat this sum to b. IN The
banks, thirty Millions are in circnlat,rn, at
IN private hands. We have seven bundled
banks and branches, with capitals assignee
for the security of their notes and biis
amounting 10 two hundred and eighty mtI
lions. The amount ot bank notes IN ac'uh
circulation is supposed to b. one hundred
millions so that our whole clrcula'ion l.
abou, one hundred and thirty millions
! The amount of dNbrs due to The banks, u
the amount of their loans and discounts
may be taken at four hundred and fit.
millions.
Now, sir. this very short statement ex
hlbl,s at once general outline OF on
existing system of currency aud credit
We see great amount of money or prop
pirate capital, and we see great amour
due to these banks. These bank debtor
generally belong to the classes of activ
business, or are such as have taken l.
credits for purposes OF investment in land
or merchandise, looking to future proceed
as the means Of repayment. If we com
pare this state of circulation, of bank car
, ital and bank debt, with the same thing
in England, important differences will NJ
fail to strike us.
The whole PAGER circulation Of England
by The latest accounts, is twenty eight M
q lions s'erllng-mlde up of eighteen mllIlnr
f of Bank of Fog gland notes. and ten milllor
f of the notes of private bankers aud joint
: stock companies; bullion in the bank. mir
aud half millions; deb due the Bank
Il England, twentv-two and n half million
The amount If lonns and discounts BY pr
vate bankers and JOINT stock companies
no, usually stated, believe, in the publ
accounts. II It bear the same proporll'
q to their notes in circulation, a. in The cas-
of the Bank of England, it would cxcct
twelve millions. We may, therefore. tai
n The amount of bank debts in England
be ihrty-tive millions. But suppose ha
a of the securities held by the bank Of En-
q land, eXchequcr notes Constitute lar!
" part IN other words, that a large part
:. the bank debt is due by The Governmer
Il The amsunt Of CON IN &C ual circulation
a estimated to be thirty and a halt million
!. The whole amour, Of circulation ~ En-
ID land mplaillcand paper, Is usually state
!. IN round numbers, al sixty millions who
rating the pound sterling N s. go. Is ECU
!. to two hundred and elghly,e'ght miIio
"a OF dollars.
,, 1t will be seen, sir, that our paper Giro
Is lation is One.hali less than that of Englar
C but our bank debt is, nevertheless, mn
:. greater since thirty five millions s,erh
At amount to only one hundred and six'y.elg
Q, millions of dollars and this sum, /,
70 includes the amount of exchequer bills,
v. Government debt IN the form of such bill
I'd which the bank holds. These facts a
I'd very ma,eria to any just comparison of I
ct state of things, in the two countries. II
al whole, or nearly the whole capital of I
nd Bank of England, is lent to Governme
Up not by means Of exchequcr notes. out OF
al permanent loan. And as to the prlv'