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


This Ns,ii, ~ the the word herr usct, ~ pr
feet novelty, especially IN the United States. Nkr
kttP thu public moneys that to say, why hoard ,ht
Why kr6p thru out OF usr The ct money - IN
the exchange II - designed to circulate aud not 10
be boarded Al that Government should have 10 Do
with IT, Is 10 receive IT to-day, that IL mst put ava,
io-mettow 1t should not receive IT, before II ncedsbr
aud II should part with 1t ns snun as IL owes a. r.
kstp uthsi 10. To detam u. TO hold II back fom gene
raj USE, 10 hoard H. ~ conception belonging TO bafba
Gus times and baIbarnus governments How woa!Ju
strike u.s. If We should 80 other great comurrc,l NJ,
tons acting upon such system II Eng land with,
revenue Of 6Gy millions sterling year were iound 10
be collecting aud dsbursng every shilling IL in hara
money through all the tam'tcaon of hrf append
ilure, should We not think her mad But The fy,lca
is worse here, because 1t withdraws JUS, much &C
tive capital from the Of country that requires can
ia aud Is paying interest for eap'Ll wherever can
obtain It.
Bu, now, err allow me to examine the operation Of
tbs measure upon the general interest of commerce
and upon the general currency Of the county And
IN THIS point Of view, the first great question ia: HAa,
amount u goH dRd silrtr ,eiH this operation saifra
from he circulation ! the country. md from The use5
hs 6anLs2
In regard to this important inquiry we are no, with.
ou, the means OF forming some judgement An OF.
cal report from the Treasury, made " the other lous-
SHOWS mat " HE 'att zen vcnrs, there has been, at the
end OF each year on an average. iucrn millions and
iohr hundred thousand dollars in the Treasury And
THIS sum IS exclusive OF all that had been collected If
the people, but had not yet reached the Treasury and
also Of all that had been drawn from the Treasury bv
dls5u-sinr officers, but which had vet been hy Them
r..
and The result Is, that average Tor the hs, len
yea,a there have tecn at least twenty millions Of dollar.
in the T,easury.
do not mean, Of course that tins sum is the mol,
of ii inappropriate. mean that this amount has IN
fact been in the Treasury, thcr not appropriated O,
not called lot under appropriations that II ia rub
treasury scheme had been "a operation, in times pa,i
oil the specie ~ the currency. twenty millions would
have been constantly locked up in the safes and vault,
Now, sir do not believe that f1r tbcs, tea y.afs IA.
whole amour, of silver md gold in the country h,,
d. a n he f. t tvtv ff,,
believe e1ctcds sixty millions al the present moment.
aud If we had now the whole system ia complrtc orrr
ati"n would lock up, and keep locked up, foil
third OF al! the specie IN the country. Locked up saw
- oarded-rcndecd as useless to all purposes Of com
and business # it WIRE carried back To- i,s ~,
tive MINES Sir, is il moi inconcrvahr that any man
should fall upon Bach scheme Of policy M this. |,
II possible that any one fail 70 tho destructive
effects Of such policy the commerce and the cur.
rency of the country
II IS true, the system docs come into operation
all at once. Bot II begins its demands for specie i'm.
mcda'ey; ii calls upon the banks and it calls open
individuals, for their hard dollars that they mny be
put away and locked up in the Treasury, al he rem
mJ'ncnt mhcn TIE C2"Hry suffering tor Of more
spcrio IN lie ctrcaot0n, md he 6aSS suffering tr
means 10 e@aNc Them 10 resume their loymsnts. And
this, II is expected, VIII improve the currency nj "a
. ciitaie resumption,
1t has heretofore been asserted that the general cur
rency at the country needed to be strng thcnrd by the
introduction OF more specie into the circulation THIS
has been insisted on for years. lie, il be e1cd
have admitted II, and, indeed, contcndpd for the pro-
position heretofore, aud CndtayOTrd il. But
II must be plain 10 every body that any addition Of spe
CHE, IN order TO be useful must either 70 into the CIR
cuIaton part of that circulation or ELSE it ,nnst
90 INTO The banks to enable them the better snsain
and redeem their paper. Bat this bin is calculated ia
promote neither OF those ends but exactly the reverse
II whdfaws specie from The ol.culaon and from tho
banks and piles II up useless heaps ia the Treasury
u w'ak"hs Tie general circulation, by making the po
ton {" specie, which IS part ot H. 50 much the less IT
wenkens the banks, by reducing the amount If CON
which supports their cuculllion The general evil
imputed 10 our currency, Tor "A. that
paper has formed too great portion OF It The oper.
aiInh ct TINS measure must be to increase That very
r' have admitted the ryl and cnncurred ia meas.
, utcs 10 remedy IL have favored the vithd wing Of
snail bills iron circulation 10 the end that spec. sht
take their place discussed thls policy, and support
ed H. AS early rs IS;i2 Ms colleague who shortly
alter that period, placed ~ the chair of tbe chief
magSaey OF Massachusetts, pres. ed IFS consideration
~ ths upon Ne attention of The legislature o. that
I state stu THINK It was rigLt policy.
some ~ the states had br,un to adopt it, But the
measures OF tHe administrations and rspecislly this pro
posed n""sufe 'hfo" tins POLICY all aback They
undo at once AL that have been labornr for Such
and 80 pertInacous has been the demand of Govern.
m"nt for specie, aud such demand DOES this bill
promise to create, hat the states have found thcm,eve.
compelled again 10 isue small bills for the use of the
people II was day Of rejoicing, as W. have lately
seen, among the people Of New York when the cgi,.
azure OF That stat suspended the small bin restraining
law and furnished t'ir people with some NEE ia n tor
small payments, better than tho miserable trash ybrn
nnuoys the community
IGe G9vefnmrat In rciore, insist, is evidently
) ~
openly and manesy defeating It's own ptoes.ed o.
Jects.
And yet, theory, Imagination, pfe.ump,uous genera.
. khiion, lie application of military movements 10 qnes
""hso coHmtrc" hnd finance, and the distractions Of
henphyHcsi offer rs, in such state Of things their
p1"iceH And what Is II What is 10 cure or nit.
gaze tHeSe cNis or w1 is 10 ward OIL future caamhes'
why Sir, the most agreeable remedy imu ginablc the
k'hdrsl tehdrfesii most soothing mud s5acng appica.
ton IN the whole world Nothing Sir nothing upon
earth but smart, delightful, perpetual and Irrrcon.
.h'n'r warfare. hri"een ia" government Of United
states and the state banks Al vii be- SELL We are
insured, wh"1 he government and the bank broom.
antaeonislca! Yes -lr "auhg 1HIstcal that "a the
word NhIt stiosc # policy or, is this, Usas
delicate straiagen Is po, old KING Iears and GOOD
dedi L]" u II proposes that we should tread lightly
along 3" FELT q 90 velvet, i we get the banks v'tha
our power ana then kill, ki!l 90
Sif we may talk as much we please about the 70.
tu"p''H o. specie payments bot tell you that with
government thus warning upon the banks At tesump-
Won sH"Hd take place another suspension fear would
'''"' IL Ia not var, sIccrssiui OF unsuccrssul be.
l"rrh Government and the banks; il Is ONLY n,,ce
"u '"Lharher ihat Gao restore the prosperity Of Tie
I'u"iy ms s}slem o. perpetual annoyance To the
i'nAs' ,',s hoaflHg uP 81 money which the country
"FII*hds Tor lis u~u necessary usfs ol