Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-06-22


Eternal" it should not be rechartered. Ii
was not. The bank expired by limitation
of its charter, paying the government
fifteen per cent. premium on its stock.
And here commenced the "experiments"
of the Executive branch of the govern.
ment in furnishing the country with a"oet-
ter currency" How well they have sue
ceeded, need not be written; nor need we
mention the quadrup!e OF local banks,
which, stimulated by the government to
excessive issues, flooded the country with
pa per, until money was the cheapest artl'
Gle in market--the consequent appreciation
of proper,y-tho mania for speculation,
the idcness, extravaganza, bankruptcy
and distress which followed. for these
events are too severely felt in their conse
quences at the present moment to require
urging upon the attention of any man who
has intelligence enough to reason or can
dor to ascribe to causes their Legitimate
and obvious effects.
Having destroyed the best currency the
world ever knew, and brought the country
to the very verge Of ruin, Gen. Jackson
retired to the Hermitage on the 4th Of
March 1887, announcing to the world. 81
leave my people prosperous and happy"
Sage conclusion Within ninety days
from that time, the entire business of the
country was PROSTATE, the Treasury bank
rupt, and the nation without n currency.
At this juncture, Mr.. BiddIe, whose capa-
cious mind takes in the whole country at o
glance, perceiving the rulnous relation in
which the planter stood to the merchant,
and our merchant to the merchant IN
Liverpool, for the mere want of a medium
OF exchange, stepped forward with the bills
Of the old U. S. Bank, purchased the cot
ton crop at the market price, and shipped it
to Liverpool on his own account-thus ena.
bling the planter to pay the atlantic mer-
chant, and, at the same time furnishing
the importer with the means of paying
the balance against him in Liverpool
without resort to shipping specie, which
was than twelve to twenty per cent. pre-
MUM. There was surely no wickedness
in this. But alas. the consequences
These United States bills, instead of i'm.
medateIy returning upon Mr.. Bidde for
redemption, as. might naturally be expected
when it was recolIected that the Presiden,
of the United States had pronounced them
worthless, have continued in circulation
from that time to this. They have consti-
tu!ed considerable portion Of the circu.
lating medium at the South--have been
sought for by those who wished to hoard
their money, and until quite recently have
been at one per cent. premium over specie
Thus surely does truth prevail over false.
hood and public opinion, though some
times slow, is sure ultimately to do homage
to virtue and integrity.
But this was too much for the "Romau
firmness'' of Gen. Jackson. In vain hat
he fought the battle Of New Orleans
more than vain had been his reign o
"glory" and how impotent his 'veto," if
after all, the good name and reputation o
Biddlcs Bank was to survive the admins
tration that had warred upon it Alas
the glory of his great deeds, the multitude
of his followers, and the things wherein
the people had promoted him, "wha
avaed him all this, while Mordecai thu
Jew sat at the Kings gate" A more
unhappy frame of mind could hardly b'
conceived of, and Mr.. Blddle has undoubt
edy rendered himself liable to indctmen
at common law for the "infliction Of severe
and unusual punishment" However, as
sort of peace Offering to the perturbe'
spirit of an honest but mistaken old man
who is fast disappearing in the oblivion
forgetfulncss of those who made him tn,
instrument Of ncalculablc mischief to th
country, Congress has entertained Law
fcrbiddIng the circulation of these bills
Under these circumstances, it seems SOM
one has declined to receive them, and thi
event the Gazette considers of sufiicien
importance to require gloriication.-
Small favors taken at par.
But the true inference from all this is
,, pregnant one. The good sense Of tn