Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-02-02
VERMONT PHGNIx.
Friday Morning, February 2, 1888.

Ihe COnstsfeHcy OF TIC HUMANITARIAN
Party.---lt is truly astonishing to see how
coolly the supporters Of the present and last
administrations change their ground as one
after another experiment" fails, and with
what cruel and unblushing impudence they
denounce their own tools and instruments
fsee Mr. Preston's remarks in another col
umn) when they can no longer use them to
advantage What various plans they con-
jure up to take the place Of those which have
exploded, choosing any thing, however chi
merical, rather than to retrace their steps in
TO the good old ,cay, and acknowledge they
were wrong aud the Wings were right.
When General Jackson came into power
we INCIDENTALLY possessed the best currency
in existence for an extensive commercial
country, and the system OF collection and dis
bursement, on account Of the government,
was safe, efficient and convenient We had
then specie enough in the country to form n
basis for paper currency; we had a suffi-
cient number Of banks TO meet the wants
OF business; the paper circulation was
equivalent to specie, being rcdeemable
at the will Of the holder, and the whole cur.
rency was suitably proporioned in specie
and paper; the credit system was in full OPP
and happy We had at the same time ma
iional bank. which served as regulator Of
the local banks and which, by means Of its
branches, furnished domestic exchange al a
low rate, sufficient for all the demands of
trade; it received the public deposits in any
part Of the country where they were collect
ed, and paid the money out again wherever
desired, without expense or risk TO govern
ment For instance. il the Secretary Of the
Treasury wished TO pay public creditor at
ST Louis, he had only to get u draft on the
branch there and remit it, and the money
paid into the branch ut New York for duties
balanced it,
Such was the state Of things when, in an
evil hour, Gen Jackson undertook TO reform
the currency His frs, step was 10 destroy
the national bank and then, as a substitute.
be proposed the Pet Bank system, viz the
employing OF 60 OF 20 local banks in all
parts of the country as financial agents Of
the government, He and his par,isans. from
highest 10 lowest, were loud and confident in
their prophecies tina, this system would be
infinitely safer and equally convenient with
the former one Being the majority. they
succeeded in bringing this plan into operation,
at first were rung through the length and
breadth Of the land In his messages, pres
iden, Jackson repeatedly declared in the
strong, s. terms that his humble efforts to re-
form the currency" had completely succeed
ed. and the local banks had demonstrated that
they were capable OF furnishing domestic
exchanges and performing all the duties OF
fiscal agents Of the government which the
U. S Bank had discharged, and tina, the pub
lie funds were far safer than in so rotten
concern as Nick Biddes bank. These
statements were reiterated by all the admin.
is.ration orators in Congress and out, and in
all the Jackson papers through the land
Alas that such fond hopes and brigh, pros
poets should be blasted. II was soon found
that all the exchanges Of the country were
deranged-the government could no, ira MS
fer its funds from one point TO another and il
became clear that the experiment must be
abandoned. And then was started the chi
mercal scheme OF an exclusive metallic cur
rency The banks being no longer instru-
ments which could be used 10 advantage. were
denounced, aud the whole energy Of gov
eminent and the parry was turned agains,
them-and then followed such commo,ion
Z th"' iuC oduho Wcic III u tltdSuIt pTOStTdttu,
the pets themselves taking the lead in sus-
pending specie payments
And now the last unlried experiment Of the
Sub-Treasury system is offered to the con.
sideration Of the American people VIVA,
the result Of il would be is no more TO be
doubted than the record of the history of the
past experiments Of the Jackson-V Van Buren,
dynasty. Says The N. Y. Express,
THE fate Of the Commonwealth Bank.
which is ub-Trcrsury on a large scale.
is what would be the fate of the Treasury
when entrusted to 100000 biped Sub. Treas.
urers, vulgarly known as office-hoders, ill !
The Expedientmongers gave them new
name. The argument was. 1.-The u. S. Bank /
is unsafe, and the Commonwealth Bank is |
safe" The argument now is, all the Pet
Banks are unsafe, and only the two-legged
Sub Treasures are sale. The truth OF the |
case is, the Treasury never will be safe and
well-maDaged, till il has the direction George
Washington and James Madison gave il,
when they signed bill creating an United
States Bank. The political banking which
MIR Van Buren, introduced into this State
must be done away with and altogether
the best way, and the only way TO divorce
Bank and State is 10 restore the public money
to the custody Of the law that Cen Jackson
broke when he removed Mr. Duane and ere.
ated Mr. fancy his Secretary Of the Treasu-
ry. Business, enterprise. labor. honest men
and the country can never thrive and prosper
r l. -f. - I'll 4