Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-04-24

thfoue h anF series of vents aud g. thus standing BE
woulJ exert hs acknowledged ability trsiote tiie
prosperity of the country, aud put end 60 the
chiefs Of reckless experiments and dangerous nnoyu
unns. would not ouy willingly oct uth hun, would
utdcr hun | would follow him. would support
him would back ham, every ttcp. the uttutsi af
my power and ahily Such not 10 BE- destiny
That dcst w. that part and all tha can iutth
sty thai be carries with him the rehnT Of per-
sonal kindness part. The hearty good vii
which have acreiotoIo inspired me.
There have bccn three principal uccasoUs. sr. on
which the honorable gentleman has expressed his npir
IONS open the question now under discussion. They
are his speech Of the 18th September. hs published
letter @. he "a November, aHd he heading speech At
the present session. These productions al marked
with bis Characteristic ability they orc ingenious.
bic. condensed. and striking lhct deserve an answer.
10 of the observations iu the speech o s. pembcr
made reply on the day of its delivery thcte are
other parts % IT, however, which require more delber'
ate examination.
MIR President. The honorable gentleman declares in
tina, speech 1hat be belongs the States Rights par
~ that that party from the beginning OF the Govern.
mont has been opposed 90 national bank ~ unconst
tutional nespcdent and dangerous that il has ever
dreaded the union Of the political and moneyed power,
and the central action OF the government 20 which II
strongly tends that the connexon Of The govern
meni with the banks whether It be with a combination
Of state banks, with NATIONAL institution, will ne
cessatv centraze the action ol the system at the prn
cpal point OF collection and disinrsement and nj which
the mother bank. the head OF the league of state
banks. must be located From that point. the whole
system. through the conurNiou with thc Government,
4 enabled
and abroad aud with II, the commerce foreign and DO
nestle, including exports and imports
Now. sir. this conncxIon between government and
the banks 10 vhich he implies such misculeyous
sequences he describes - be the receiving and pny
ing away their notes cash and the use Of the pub
lie money, the ume OF the collection 10 the DIS
burscmcnt
Sir. # clearly comprehe nd the honorable gentleman,
he means no more, after all, than this that while the
! public revenues collected heretofore, through
the banks they will lie IN the banks between the time
ut,A 81 ia
ing that period, they will be regarded one pnt Of
the means Of business and Of discount possessed 10y
the banks and that greater portion u. the Teve.
nue. Is collected IA large cites Than ia small ones these
large cities viii Of coutsc, derive greater benefit than
/ the small ones from tnese depostcs in the banks In
other words, that, the importing merchants 10 great
city pay more duties to government than those ~ q
small one SO they enjoy an advantage 70 be derived
from any which the banks may make Of these
| eys, while on dtposIic with them.
Now, sir, ] would be very glad TO know, supporting
all this to be true what there rs IL It either unequal or
! unjust The benefit is exactly ia proportion 10 the
amount Of business, and 70 the sums paid II indlVid
uals in large cities enjoy the incidental use oi more
money, II IS SIMPLY because .h'y pay morc money Il
is like the Of credit on duty bonds Whoever i'm
ports goods with he benefit Of giving bonds io dutes,
instead OF making present pas meat, enjoys cVInin
benefit aud this benefit, IN direct sense, Is IA proper
ton to the amount Of goods imporedthc large Impor-
ter having credit for large sum- is small importer
having credit for suIa..cr sum. Bot the advautage,
the benefit, The Indulgence or Whatever We call IT, Is
nevertheless entirely equal
How then, does the collection Of revenue through
the banks "ceutralIze, the action Of the commercial
system 1t seems me- sf, the is mistaken or
the SECT. The greatest amount OF revenue is collcc
ted in the greatest city, because tts already the great
est city. because It's looal advantage It's population
is capital and enterprise. draw business toward q, con
stltutc II central point ia Commercial operuons, and
have made il the greatest city. II is the Capitalization
Of commerce by these Iust and proper causcFcausei
which must always * st IN every country which pro-
duces large collection of IN the favored spot
The amount Of capital Is one very important cansc 10
doubt and leaving The public money IN the banks al
wanted, allows % merchants, IN places Of large import
degree Of incidental benefit, IN Just proportion 10 it
amount Of capital by them employed N trade, and n'
suppose sr il i. the natural course Of things ~
every commercial country, that some place. or ir~
places should en- ahead Of others ~ commercial busi
ness and importance. THIS must ever be so, until All
places possess precisely equal natural ndvauagcs -
And suppose. too. that. instead Of being mschieynus
10 Is rather for the good Of a that there should
be some commercial emporium some central point io
the exchanges Of trade Government c~rtaulY SHOULD
not seek produce lhiT result By the bestowa Of une
ouql privileges bot suraly 1t would be- very straug
and indrtensble policy winch should lead thc Govern
nieni 10 withhold any portion OF the capital 81 TIE
country r0m useful employment. merely because that
e enploved shile an enjoyed the benefit proportion
atcly, Old would not ENJOY II with the same absolute
o. mathematical equality
So uucl eif for concentration. arising from doplE
ting the revenues banks. Let new took 10 th'
other part of the connection the receiving OF baul
Notes ar drttcs How the world DOES this ''ceutfli
p izc the commercial system Tho whole tendency
and c,ct,a 10 lne, is directly the otAet way
30 c.untrfarts Capitalization. n gives all possible ed
yautag. O. local currency and payments, and i.re1,
. encourages buth imports and eKp.lts. Il tends C
make ivgs, money good every watre j. good. Ja lm
ported rt, Charleston, The duties are pad u Charles
Ion uot,a. New York notes are not demanded "ou'
M certainly, cam Do laifer rqIrl taau ihls
Z ana u3t.r. more utofaJ.e 20 iLr Chanesioa iuP'r
. tsfs
Dor how would that system wo'S aA.ci Use g.a'ie
iuan himself PrDp'tes
81 he psn could prevail, he roa,d have the dage
collected either iu specis or 40 government paper
D Doe ,sued from tie Treasury lie would roget 40 baul
. -n,t~s whatever II the eeni'rmuH sr. fears cfnfa.
4 zaYn en- aaioDishgd that hr does MOI sre r~nifslz
ton boo ait efforn ,s gsry proposition Of bis o~H
- pfay a..oW % asA g. where uIl tis gnysrnnlDn
n.p-r 800 u.- t.uf-e ui ls.-r end ci1c1su'p. Ga
t-Ir CENTRE 10 blt paut uilI n tend tefatnl}
most orra.1iy Co ie gresss piuls OF collection 60
raaeudufs ta - braft 81 ihr mrifof1isiah ci]
wherever tbsl ciy .Isy b- a Do sf Inrvltahir as u
ID iI of Natrr ii~ f-s1's 81 aifetHn u $40 ihfa
of t.rr dutirt I- coesra 90 Aea lefk, % a iali9'
% 81 course faf iaofa5 % ans gDF~futlfni p1Pcf r
i. trsyed aa;rr a bel tbefe received, aHa q i
Iuofe % BEE there fhau elsewhere 1Ar fa.le
ser paper a4uia Ce-st in be- fecsiv4 l.y lnd nH
r iar s.s~ ~ no4.1 aia1Ys tff, fn~seiar drrcilY
b iA- sa. who're t~ CREATES, Dfmar4 sHA.1 east if