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

blow at business from one end of the country Il
the other. The people now began TO learn ina
the president holds power and influence whicr
enables him to PROSTATE their BUSINESS aii1
trample theb under foot at pleasure.
Congress assembled in December following
The president was assured that the puplc con-
sidered the order as odious, but no ehTeaty
could induce him to relax his grippe; power was
dearer and nearer to his heart than mercy
A bill. Introduced 10 rescind the measure pas
sed the senate with but one dissenting Vo'o151n
the house with almost like unnnlinity. "Ilh
,hese nroofs of public feeling aad sentiment IL
went 10 the president for his signature. But 1t
,aoched him on some of the last days OF the SEES
sion. and the session itself expired before the Pc
Rod expired during which he IS authorized by
the constitution TO retain bill before he signs or
returns it, He knew that if he returned it with
out his signature it would become law by n
vote of two thirds OF each house. Regardless,
therefore, ofpublic suffering aud public senti-
ment the president his last official act seized
the accidental circumstance 10 make the people
feel his power by defeating the bill, and leaving
his odious order in force. Thus ended the
career of General Jackson, in pursuing his
favorite scheme of establishing government
bank.
His successor took his seat, and his friends
felt assured that, under the pressure OF pubhc
opinion, whatever might have been his previous
sentiment he would yield to the popular will,
and revoke the order. So sure, sir, were they,
that they considered the thing as certain as
if were done. What then WAS their surprise
when they found him. instead OF yielding to
popular sentiment, resisting II as pertnaclousIy
as his predecessor? Ii public rumor is not in
error he is the parent of the plan. He has felt
the power and influence which the management
of the bank aud finances in New York impart
cd to his party, and might not his ambition whis
per, if that could invigorate party, what
streagth might not be antici pated from the vast
revenues of the United States under the'sole con-
troll ofthe president, with the banking institutions
ut his feet? Whatever might have been his rea-
soning or his motives he trod in the footsteps OF
his predecessor
The order was left to do its fatal work, while the
secretary of the treasury managed, at his own pleas
ure, the public money TO weaken or strengthen
banks, best suited his purpose and, sir, we know
the conjont action made a clear sweep both oil
banks and business. If tempest had passed over
the country it could not more etiectuay have pros
trated and mingled in one mass OF ruin the proper
ty and hopes Of the people This was precisely
what had been predicted The administration
were admonshed of 1t at every step; they were
enreated to spare the country the inevitable mise
ry which such policy must intict upon 1t; but all
argument, all entreatY was vain The right to con-
troll bank issues and bank credit; to diminish bust
ness by taking from the people the means of doing
it; to put down banks, by affecting to put up specie,
was persisted in The results are before us. The
bankruptcy, the suffering and agonized distress of
the people bear testimony to the fearful power OF
the president, and his tyrannical exercise oft.
Now sir, have intimated that, in adopting the
pet bank system, there lay concealed subtle plan
which eventually to build up government
bank on the ruins of the state banks Nothing is
palmer than that the administration knew that the
treasury order, and the policy pursued was fatal TO
the state banks. The avowed design was to come
to specie payments in opposition to banking. What
the state of feeling when, in the career Of spe-
pIa nav antS n
ceased to be medium? Did they mourn at the
failure of the pet system? No, sir not one word OF
solace; not sentiment of commseraton was eX
tended to the banks trained in their service; but
even the secretary turns in contempt and seorn up
on them, and exacts public commentator for con-
demning the ruin with which he and those acting
with him, have visited the country. 1t all
their policy, all their error and yet they stand aside
and censure it asifo others guilty.
Then came the extra session OF congress, sum-
moned by the president His message has been
given to the world. Is there encouraging word
in it to the state institutions? Does the president
much intimate that presidential hostility shall
cease if they will resume specie payments? Not
only is the message cold and heartess, atfording
them no connenance to revive business by a re-
sumption, but they to be esteemed as aliens, and
the best they expect to be let alone, nay they
have assurance even of this. Those who were
foremost in recommending them to public favor and
sustaining them, are now loudest in their condem-
nation. Yes sir, they claim merit for reprobating
their own folly; for condemning the evils they have
produced.
The president calls for divorce from the insti
tutions of the people, and seems to think the peo
pie have few rights or interests in this government
except to pay taxes. He afirms, in opposition to
all the late reports and messages, that the third trial
of state banks has failed, and it cannot be worth
while to repeat ii; in word, the state banks were
thrown aside without sigh for their fate yes, sir,
1T is even worse than this.
The president recommends the passage of a bank
rupt law in regard to banks. What would have
been the probable effect ofsuch measure? TO de-
molish every state bank in the Uuited Estates, by
winding up its concerns. Their assets would
doubtless be seized for the stoppage Of specie pay
ments, placed in the hands of assignees, their doors
closed, and their business brought to end. This,
then, to be the finale. And was it not, Mr.
President, consummae piece of policy to sweep at
every state bank by the board to make way
for this government bank.
Add to this the fact, stated by the president that
he deemed it his duty to direct the revenues to be
paid in specie, when none could be had, and we
shall have some idea the thousands of ways in
which executive power aud oppression assail
US, and break down state institutions His right to
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