Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-01-19

OoA = VI VIII IDOL re
iceive them-Specie be cannot eet--ond q,
for an United States currenc which wouI(
pass any where in the Union. that has 6ear
long since destroyed What then shall h,
dof Why-he must either go without lib,
goods, or pay the Brokers an enormous pre-
MUM 10 change his money, which would
more than eat up the profits of his bust.
ness.
And this is precisely the state of the
country at the present time. The Southern
ana western States are actually in need OF
our manufactured goods TO an immense a.
mount: and they are d~evising every posi-.
bic way to get them but they canno pro.
cure them. because there is no currency by
which they can pay foi them, though they
have their State Bank Bills, as plenty as we
nave ours here. And we too, because they
cannot purchase OF US, are compelled TO ston
our manufactures and our laborers and me-
chanlcs find nothing TO do.
Is I not therefore perfectly apparent from
'his illustration that we must have some cur
rency besides mere Stale Bank Bills2 Is il
DOL certain that we must have some Nation
al United States currency which will pass
equally well in every State in the Union y
winch Will restore the trade between the
Norm and the South, the East and the West.
mar Is now SO completely Frustrated, and
BRING back prosperity again TO every branch
Of industry Can there bea doubt that this
could our currency be restored All Il,
our President stands pledged to oppose and
veto a National Bank at all hazards.
We would not be understood as advocat-
ing an United States Bank precisely like
that Of the old Bank. That Bank NAV have
had It's taults-probably had but because
that institution may have been corrupt. il
does not follow that another must be. We
believe there may be a Bank whose charter
shall be so guarded as 10 secure the neonle
from any injustice or oppression-and one
winch VIII enable our hants 10 carry on
trade. AT least we do not believe it can be
more dangerous to our liberties than the
Sub-Trcasury system of Mr. Van Buren,,
which would hold all the power and infu-
ence OF a Bank. and yet would not facilitate
the trade between different parts of the
country in the least.
1t has been argued by leading men in the
Democratic party, that we may and ought
10 dispense with Banks altogether, and do
business upon a specie currency. /, should
be remembered however, that when the
Banks were first attacked. although we then
had specie in abundance, we now can scarce
~ procure ii at alll-and that the Banks.
which were then in good condition are now
thrown into the utmost confusion and disoT-
der, and have been compelled TO suspend
specie Observation-Disclosures than this
just at a lime when specie had almost en-
tlrely vanished from among us, our Banks
have been prohibited by our Legislature
from issuing small bills! a law that may do
well enough for the rich man, whose pocket
book is lined with SIS Sl0's and secs,
bul which operates inexpressibly severe up,
on the poor man, who needs his dollar atthe
end Of every days labor for the comfort OF
himself and his family. And it Il is difficult
for us TO see why a Bank that is good for
IRE dollars, is not equally good for one dol
lar.
Now even though we had specie in all the
abundance with which it has been promised,
it would be utterly impossible for our mer-
chants TO do business with it. The freight
and insurance OF specie from the extreme
parts OF the country 10 distant parts, varies
rom ten 10 hiteen per cent. IL then West
ern merchants We're obliged 10 pay fifteen
dollars for the transportation of every hun
dyed dOliarS, it would more than eat up the
profits of their business, besides the loss OF
interest during lis passage, and the dangers
of theft and robbery. 1t is therefore per-
fectly absurd 10 think of doing business
with specie, even though we had it ever so
abundant.
Believing therefore, that our distress is
owing principally TO the breaking up of our
currency by our Government, we deem it
erroneous and unjust to attribute it wholly
TO "over banking. over trading, and specula-
ton" That there has been over trading TO
some extent, no one will deny-and it is
equally true that this over trading has been
chiefly owing to Orer banking. But it
should be remembered, that although the
Bank capital of the United States in 1880,
was only N AMI TEN MILLIONS,
II now amounts to THREE AND
SEVENTY EIGHT MILLIONS land that this
increase was in consequence of the destruc-
ton of the United States Bank by the lead
ing men of the Democratic party-and
iohiie that party has been in full poorer. 1t
is evident, therefore, that if that Bank had
not been destroyed, or if another had been
chartered in its stead, we should not have
had this expansion of banking capital,
which has led 10 so much over trading.
1t is an admitted fact that the value of our
property-not only real estate, but lumber,
hides, manufactures, &c.-depends upon the
prosperity ofthe country, entirely. lfthere-
fore through the injudicious policy OF the
Administration, over banking and over
trade and speculation has ensued-our trade
between the different States broken up--our