Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-04-17

's.,,,,.. ,lsl .ss s,n'sslaaiy lev In ern-rsi, ,he
hsnl, hss. bstu well conducted, and arc see'"a !"
10 .aissht ard Hsie s
bate of,rc.., 90 ,As s.Bc q tsnk nuc' ioT oHeua-
taH l have eeu5i, s4f that tleir was 'rfy so.
pioFei srpse'ien 'nnc 3rar' aEo' nheh 1900, 1900.
JseA,oa 10 lr.g hss rcgaiitsd IT, Wll iar continuing
The Dank 81 tie Tinted stahs twhiCh oci tstrcm -
%, true original saatee Of all NC df-dc" Of NE cur
f-ncf) 4 vast sddtt0n ass tmmrdiairls made 20 'n'
nun.hrf q Sittr Bake In ic.sI We Ps".' ~ a''s
Nsrr actually removed from tie b2nk 81 tir niltd
Stsst sne placed select STATE Banks And loF ihe
pufp1sc 81 showing hoS mech beiicr The puD'o Novo
b. accommodated without, tdau Nhh, Back ~ 'e
-lsG. i1,sr bsuss Veie not ony tneopiagtd 5u' aa-
inasled 60 be nee aud liberal in loans ana oIsc'""N
.as Dr. ca tne strength of the public moneys i' mcr
rNanis an3 ulher individuals Juc cicu'at cUrf rom
lie Irsssry department addressed 10 ihe new dfPnf
ne banks unasf dai- pf stih Scpemhef l-S' has 'his
significant clau,e, Whch could not have uren msun'
dcfsiead.
The depas,ies or public money viii enable you TO
afford INCREASED facilities 10 commerce, nod 10 c1lrho
your accommodation 60 individuals aud o. me ouh''
which payable q ihe Government au'c from 'hr
husinsps and rurfpIis- Of the merchants Engaged m
fare sn trade, Il but reasonable that they should be
prr lr red u the additional accommodation which ue
paste dsPos'tr wi. e"ao,e your ni'r,"a 70 g.T
Of oihsf classes 81 thr community
Having read this letter Sir, ask leave 10 rcl,r the
.,rat, 10 the ohh section 4 me RiI now before us
There We find TIN, any officer charged IL the safe
keeping ui iar nnury shall nau the came or Any por
ton i,r,oi viih "r without interest, such 1ct shalt be
d,rnrd IA -mbczz'eUrui and hi 90 misc mcano', aud
the party convicted Thereof shall be- need 10 IN
pnsonln,nt SIR, what pretty I.rcr of consistency
Is here Ia lr2I the d"posofrs Of ilo FlHtc money
w-t- lett 10 their desire for gam thrr
wishes - accommodate others. being sufficient IN
crutyrs TO lend II OUT Thea were admonshcd aud d.
r,cicd TO alDfd increased facilities Ga commerce, and TO-
extend their accommodations 10 individual since the
public moneys IN Their vaults would enable thrm t.
1--WE such addition no. accumulation! Now sr, under
ius BILL any officer who sAs. d,any ono Of TIE sane
hinge instead OF being praised Is 80 lie punished nc
20 Be- Judged guilty ct embrzz'cueut and % high
nsde aud IS 10 lie confined fof aught know,
~ cells DARK aud dismal the vaults and safes which
arc 10 oonnin our mr'lll currency But although |
tnk SIR that the acts Of Government created this cx.
paLz ~ ye' am certainly of opinion that there
very undue expansion erected 4 contraction however
had begun aui avn ~ opinion. that had u not been
Tor the specie "rdrt Of Juy $3.50 ana oi The manner m
which the deposlte law was executed, the banks would
have gone through lh- crisis without suspension This
- my iull and firm belief cannot however, discuss
these points here. They treated with very great
alb iity last year, 10y gentleman who then occupied
one of the seats Of GcorIlr utis floor Whppsoevcr
he did not satisfy cfuiot conyiuc" sui sir. the
question Is, wh,,hrr there excess in the genera!
amount OF circulation, in May last whether there
be now such excess
BY what standard is this 20 be judged # the question
BE- whether th,te bee too much plp,t in circulation II
may be answered by reference to lhc amount of coin IN
the hanks from which the paper issues: because ! am
uuqnesNon2u!y 81 opnion-an opinion winch believe
nothing ever shachat the true cri,t be which
cutrency. is - amount If that paper compared with
the gold aud silver ia the banks such excess would
not be proved. absolutely ana certainly, IN every
by tie mere fact o the bis pc OF specie payments
oecaus= such an event might be- produced by pane
regulated system OF paper circulation
but the immediate question now is, whether tnkinp
the whole circulation together both metallic nd paper
there was an excess existing in May or is exccs,
now eNtsung Is one hundred and thirty millions an
oIcrssi'c of undue amount q" regulation for the UNIT
STATES u,I
coin and intended 10 be convertible Is the whole mas,
more than may bee fairly judged necessary represent
the property the transactions, aud tn business uftht
country Or, ~ order 10 sustain such onount of rr
collation., ard To keep tha part Oft winch composed
n paper safe state, should We he OBLIGED to airmp
to draw 10 ourselves than our Just proportion Of
that metallic money, which IN the Of ali tn. com
mSrctM nations These questions appear 10 me TO b,
but different modes OF sitting the same inquiry.
Upon ths SUBJECT we may, perhaps, form some gen
efal ides, by comparing OURSELVES with others Naruus
'hings no doubt eSs ffrrrnt places and c.un,r-s
t. modify, either by changing diminishing, the de.
mh"d "t money or currency IN the Transactions OF bu.
s'hrs' sun The amount ct trade and commerce may
inrnsh general clement Of comparison between dli-
ieren, states or nations The aggregate Of American
imports and exports IN l-3O was three hundred and
eighteen millions that Of England. reckoning the
pound sterling at - 20, ag,n four hundred and
righiy millions, near us can ascertain the curreu.
cy OF EHglan being, az already stated sixty millions
sterling, o. two hundred and cighy-eight millions OF
dollars five gork result from thcs. uronor,ion
the currency of the United States II viii Le found
shou be one hundred and ninety millions IN order "a
Ice equal To that of England but according 10 the es
mates Of the Treasury 1t did not even IN that year J.
ceec one hundred and eighty millions
Dor pppu'ao about eq al 10 that of England and
wales Ih" amount o. our mercantile tonnage. per
haps, one fnh less Bot then We are TO consider that
our country vnsy wider and oar facilities Of inter
InalcHehangri hy means Of bills of exchange, greatly
less Indeed there branches our intercourse IN
which rrmuancc cannot be well mode. except IN cur
rrncy Take one example The agricultural products
OF Kentucky are sold 20 the South her purchases %
commodities made az the North. There BE- there
tore, YeIy little Of direct exchange triwccn her and h
places Of purchase and sale The trade goes round IN
a circle. Therefore. while the Bank % the United
states crested pa uleHts Ia6e 90 vast amour
"a the North ard East b. citizens uf Kentucky, and o.
the states similarly stuated not n bills OF exchange
but 10 the notes Of the Bank
These considerations augment tie demand l0f cuTreu
~ More tlan all, he country s new sri almost tn,
euutr amount Of cur capital active ana tire VIII be
mount At property, ia the sgrrc- gate pdiy increasing
Ia he ast three yrAs thirty millions o! acres Of
snd hsvr Dccn separated from the Wilderness purchas
&C. paid lor, and become subject % private ntisidsa
Ownership. % transfer aad sale ard 90 other disDasi
tons 90 which other TEA cssir ssuhirci Il has u,
b~cnmc property, 20 tr bought and sold for none,
whereas, While 40 the hands Of Govcrnuen. II celc-
Tor 10 expenditure, lorurd the bsss 81 20 trsus-ci,
anc created no ccmbnd iog currency NuFu that s,.,I
P-ii4c our people have bought from Government tc,
r.iUfF q . whole g lrr "A.