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

neglect; no refusal to obey the laws; de,en-
ton of the revenues when needed for public
use. But sir he rejected all circuitous paths;
all njunctons of law, and came at once to the
matter. His secretary was ordered to make
the removal; he refused, seeing no cause for
such step, and believing 10 illegal. He was at
once hurried from his Office, and one of more
congenial and plant sentiments employed to do
the work.
The president and his advisers had seen the
experiment from 1912 to 1916, and knew the
result; could not they well as others compre-
bend that like causes produce like effects?
Could not they foresee what might be done by
working these funds in the state banks at their
discretion? They new it placed the monied
power of the country in the hands of the execu-
tive, where it might he worked for good or evil.
The banks might he strengthened or weakened
at pleasure; business might be expanded or con-
tracted, and nothing easier with this power
than to throw the currency into utter confusion,
and the country into deplorabe Distress 1t was
plainly lever i'm the hands ofthe executive with
which he couli move the whole country.
The removal was made by the executive, at
his own chosen moment; in his own way; and
these funds have been managed at his own dis
creton The result is that the pets from being
strong, have become feeble; from paying specie
they pay none. Business active and pros
porous; now it is PROSTATE with embarrassments
from which it cannot disengage itself
Mr.. President, the executive not only COM
menced this policy at his own time and in his
own way, but he has, throughout, kept it in
hs.own hands, and worked it at his own pleas
ure.
We all know that PLAUSIBLE front was kept
upon the pet bank arrangement at first. The
people were assured by the press that it would
succeed.
AT length, in 1886, the Bank of the United
States Obtained charter from Pennsylvania,
and became state bank, with capital of thirty
FIVE millions We all know how unwelcome
this intelligence was to the president; what threats
and denuncations it called forth; what hitter hos
tlity was every where, by him and his friends,
manifested. We know also, that measures were
taken TO imbue with this feeling the state legisa-
lures, and TO prompt them TO make laws inhib-
tng, all agencies of this new bank within their
respective territories. Were the president and
his friends alarmed lest, with the aid of this great
bank, the pet system would succeed, or that with
this mammoth at their head he would find it less
easy to PROSTATE stale hanks!
1t is not for me, sir, to speak OF motives beyond
what is justified by public and official acrs.
These all proper matters for our consideration,
and we have a right to scruitiniZe the motives
in which they originate.
In 1886, congress adjourned on the 18th of July,
after holding a session of seven months and CIV
ing the president the most ample opportunity to
seek their aid in amending the currency, ifhe
desired it. During all this period he kept silent
month, eight days after the Adjournment, he
caused the celebrated treasury order TO issued,
commanding the receivers of the revenue from
public lands to take nothing but specie.
What was this for? To aid the banks? Or
to overthrow the banks, and thus clear the way
for government bank? Let public documents
answer this question:. Among the reasons
signed in that brief order for extraordinary
measure sthis: "to discourage the ruanouS erten-
sion of bank issues and BANK CREDIT" This
order is introduced into the official newspaper,
with some tw o or three columns Of preface, head
ed with Roman Capitals, in this language: "Pre-
vention of fraudulent speculation and conversion
of the public domain into paper" The order is
appended to this manifesto 10 Il preface, which
prefesses to speak the presidents sentiments, to
explain his motives and to spread before the
public his Qualifications for the measure. 1t says,
among other things that the public reuenue IS paid
IN certificates ofdcpoSie; letters Of credit land Of
fee m,eney; bank }acilities-any III ng tatrG, mon
ey. 1t asserts, ALSO that specie is abundant, hav-
ing doubled in quantity since the deposites
were removed, and adds stis time to come to spe-
cae payments, for the currency aoiU be radically and
tnprovedby ii; & incacerated millions
IN the Atlantic banks ,oM emigratc to The interior.
These are found among The reasons assigned;
md can they be rnisun lerstood nisinterpre-
ed? RniDous banks issues and rlinous bank
,redits are to be restrained We were to cease
o receive land Office money and bank facilities.
know not what sort If money that is, but we
al do know that it was passed To the credit of
he United States, i'll the repositories, as specie,
,r 1t could not have been received by law 1t
vas piper, convertible at sight, under whatever
name ii passed, and must have been received as
such.
But the president felt himself authorized to
heck the sales of public land though the coun-
ny was realizing the price established by law for
hem. The remedy for correcting bank issues
md bank credit, and diminishing the revenue
vas, to come to specie payments. This would
RAW the specie from the Atlantic banks and
ransfer it into the land office of the west
Could more deadly blow he aimed at the
anks and through them the business ofthe
oun'ry? Banks give credit only and whatever
onches credit touches the business of the people.
BANKS loan ont the capital of individuals inves-
sd in them. When, therefore, you propose to
eny to banks the right to loan or ny Indirect
leans restrain Them the blow falls not on the