The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1839-10-29
A TRUE BILL.

refused
A TRUE BILL.
T.. A correspondent OF the New York American
has condensed into n small space, the results Of
the experiments of the last eight years When
our currency thinkers first set about IheIr blessed
business there no country on the lace "' tho
globe that could boast of II better currency or
souuder credit than the United States Of North A
merica The lapse of eight years has brought
us to the end of their experiments and our prosper
y This proud county now reels ooneI'h ,l's
blows which have been denlt by wicked ara
imbecile rulers Credit blasted, currency destroyed,
enterprise FRUSTRATED, and industry para'yzed' are
the fruits of the present season nc pniy law
The harvest Since Cen Jackson, in 1887, 'leit TINS
great people prosperous and happy, the Govern
ment has broken once, the Banks twice, and the
hetter currency which were promised seems
moro remote than ever !.4Abany Duly .Adrcrt-
From the .Ne1o York american.
my humble efforts to restore the constitutions
Currency.
Il leave my people prosperous and happy
It is now ten years since that illustrous and sa-
'eacous man, Andrew Jackson, commenced his
efforts to reform and improve our currency: Inc
success and prosperity OF his measures arc before
the country and his successor is pledged to tot
low in his footsteps, may be be excused for r1call-
ing 10 the minds of the public some OF she proml-
nent acta through which he has endeaVored ana
succeeded, in restori ng us to the situation of the
country at the time Of the adoption of the
Constitution, viz: could not travel more
than nifty miles without gong peyohu 'he creoit "
In September 1888 the Secretary of the Treas
ury (Mr Duane) and The deposits were removed
together, he from his place, and the deposits nom
theirs, and the latter put into state Banks, lhey
pledged themselves to supply the place Of The Bank
and keep the currency in wholesome condition
We all know the ontcry raised throughout the
country, and that Congress avoiding eitherapproV
ing or condemning it leaving all the monied pow
err of the country in the hands Of the President,
who pledged himself to supply US with better cur
renew
A very extensive bankruptcy took place through
out the mercantile community, great doubts were
expressed of the solvency of our State institutions,
and a rapid change took place against the admin
istration in the public mind, TO divert which
through foreign influence, n bill was brought into
Congress reduce the value of gold in the eagle,
which passed; immense amounts were coined
every retainer of the Administration was furnished
with them, and the people were told that they were
to have nothing but ''yeow boys" and taught
to shout, ''huzza for Jackson, down with the
BanksH
In tins warfare many Bank Presidents, Cash
iers, and Directors, were cnqaged-not ioreseeins
that the storm they were raising would Ultimate
ly overwhelm them.
TO fill up the void about to nc occusoned by the
withdrawal Of much capital, applications were
made TO the State Legislatures for Bank Char.
ters;-and in this State, every patriot who wanted
office for services rendered IN the Administra-
ton party, was paid in tho profits arising from
Bank charters
The Bank of the United States, whose charter
to the Loco Foco legislature of Pennsy lvania, and
succeeded in getting charter from the State The
Girar1 Bank was, believe created about The same
the Unietd States Bank ceased Its functions rs an
United States institution, and became that OF II
States
lnFAugust, SO, General Jackson issued his spc-
Gle ircular against received any thing hut specie
for public lands, aud the government Official COM
menced its lectures on over'radng; dong al 1t
could while credit extended, to destroy It,
In February, 81, the Loco Focos OF the city of
New York. headed by officer OF the customs,
met in the Park with inscriptions upon their
banners 'down with the rags give us g Id and
silver, &c, and after address from this officer,
proceeded and broke open several -four stores.
In May, 81 the Banks of this city suspended
specie Payments, which was followed by all the
l}unks of the country In July, Gen. Jackson
his letter denouncing them ''frauduent in
stilutions, forgetting how much character some Of
his friends in them had lost his account
Prior to this, Mr. Van Buren refused to call Con
gress together, denying that there was any neces-
sitv of so doing. but the moment that the salaries
of the office holders affected, he saw the ne
cessi,y of calling it together u laid before his ia
.nOus bill, for the protection of the office holders
salaries, or the separation ofthe government from
'the people.
In May, SO, the banks in this city recommended
specie payments which was followed, after a short
time throughout the country, and there seemed "A
prospect of some little prosperity to the country,
In the early part of this year, Mr. Benton, who
has suffered by Bank notes, commenced his war
cry of specie gold, &c. Mr. Van Buren,, the moment
he'pu his foot on the shores of his native State, be-
gan the old song of "irresponsiblo institutions -
The New Era and all that kidney, recommended
that they should be upon, and general dis
trust was caused.
This month the Banks of Pennsylvania have
stopped, and doubt the southern and southwest
ern Banks will follow: here and at New England
we shall stand firm.
now up the results: In Mach 81, Gen
erdl jackson left the Presidential chair with the
above declaration, since then the Government has
broke once and the Banks twice, and the better
currency which was promised, seems more remote
than ever.
[ write this in a spirit Of seriousness, trusting
that the above plain recital of facts may call back
my countrymen who have wandered after the evil
spirit of Loco Focoism to the proper path.
To the Editors ofthe Courier & Inquirer.
To put an end to the enormous quantity Of
Locofoco misrepresentation and falsehoods
ailoat in the community, request that the fol-
lowing plain facts may he stated:
I e =,