The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1839-08-13
From the Hermont Mercurn.

From the Vermont Mercury,
Ever since General Jackson commenced his
warfare upou tho late United States Bank aud, in
tha prosecution of that warfare, threw the currency
of the country into state of utter confusion ft las
bees the principal object of his party, to produce
an Impression upon the public mind, that banks
were Tho whole cause of the confusion and that
banks must be reformed, that is, in the newest
sense of the term, dnnihIatcd and that they
were created and are upheld and sustained by the
wing party at least, such is the attempt Of the
Jackson party in Vermont. In this attempt, judg
ing from analogy, they will fail to produce the eff
foct they have in Wow they VIII fan, because
they have assumed false position, and though
"fasehood flies and truth comes limping after il,
still truth will prevail. One fact is sufficient TO
rofute the position that banks are exclusively OF
wlEg origin Tho State of New York, until the
present year, has been thorough Jacksonian, Van
Buren, state That party have had such ajority
in the legislature that they have had their own
way. They have chartered banks more freely
than any other state-and it has been well under
stood too, that their banks, when chartered, should
be in the hands of the friends of that party II in
Vermont banks have been chartered at all, it mu st
have been By some other than Jackson Van
Buren, Legislature, for we never, yet, have had such
body. But it is true that until the party betook
themselves TO the eXpedlent o. converting .leglsa-
ton into elecliopeenng machinery the Jackson or
Van Buren, in the legislature voted cordial
ly for banks any other class of men in the legis
lature. Witness the recharter of the bank Of St
Adams in 1886, sustained and carried through the
House by the influence and excrtion of Mr.. Smith
the present Van Buren, Representative in Congress-
from the fourth district, and in the senate guarded
and defended al all points by MessIs Sheldon and
Hubbell, the senators from Franklin county,
who were and are Van Buren, men. Mr. Smith OPP
posed the amendment proposed by Mr. Fitch and
Mr. Field, placing the bank under the control Of a
future Legislature and subj ecting directors to the
payment of bills, should the bank fail, and tho
journals VIII show that no and such "unflinching
democrats" as Messrs Haswell of Burlington, Saw.
yer of Hydepark and Villas of Johnson, all 'demo-
cratic leaders, voted for the passage of the bill
without any of the ''guards,' deemed so vitality es.
sential by the principles of reform. The bill pass
ed the house by vote of 1903, to rs. Among the
yeas are Van Buren, men, among the nays, Wings.
In the Senate, the bill passed by yeas Is, nays II,
aud scren out Of the ttodce aocre wings VIII
Messrs Hammond, Henry, Miller, Pierpoin, Tenny
and Van Sickn. Those who are desrous Of
the proceedings of their servants and representa-
tives are respectfully referred this piece of evil
dence to ptove-whatever it does prove This and
all other legislation banks until the invention of
Legislation for effect prove that they were not par
The Van Buren, papers and the slop bowls Of the
uartv press into which are cast all the (roth and
filth which accumulates in the great work of Re
form, are loud and long Upon certain amendments
proposed the last session to the bill recharerng
the Bank OF Rutland, which were rejected. One
of these amendments conternplates snbjecting the
property of stockholders to the payment of debts
of the corporation, which was discussed last week
and concei ming which, have nothing further 10
saw than that specific amendment offered
which if adopted, could have been of any practical
benefit the ostenSible object for the rea
object to have the proposition rejected that the
rejection might be used to party purposes, 1t
is Another proposition was to require of stock
holders in the bank mortgage pledge of rea
estate for the security of the public. This scheme
is also faacious. 1t is the plan of the Michigan
Banks called Wild Cut Banks. 1t was said, las
year, that these banks must be good, for real estate
was pledged for the security Of the pnblc. 1t has
come to pass that Michigan Banks are the worst ir
a., H.,
useless 1t is altogether too unwieldly for the ac
tive business required OF banks. 1t is not enough
that bank should be sound and solvent. It's fund:
must be so situated that they can be commanded a
pleasure, and bank paper will cease to be current
whenever il is known, that tits notredeemed ,eithe
at the bank whence it is issued, or at the money
market of the country, Experience has shown
.hot these real estate pledges all false and icti-
nous and the banks, which relied upon them, are
ir ruins But what became of The bill recharter
i-g the Bank of Rutland, which the wing legsla
rl~e are accused of refusing to amend according &c
lattern /? Did it pass and become law with al
ta imperfections upon its head ?-Oh no, it die
not pass at all, either amended or unamended =
Who then is injured ?-The truth is this. bill
was introduced !; the Van Buren, party sought tt
amend it the Wings majority and would
neither amend it or pass it in any way. They had
no faith in the amendment and deemed it unneces
sary to pass the bill. And now the complaint is
that il was not amended agreeably to the PROPOSE
ton of that portion Of the House, who were de
ternined TO vote against 1t at any rate,-amendet
or hot,-with or without the real estate clauses'-
The upshot o. the matter is, that the amendments
were proposed for the very use to which they are
now attempted to be appied-not to mako the bill
any better not to make it so that the movers o
the amendment would vote for its passage, (or they
are principled against banks) but to be used al
wadding and stuffing of :he image, to when I'M
people invited to do homage, called "Smah
and Bank RySrm.' OBSERVER
a hard question.-Prence Of the Louisville
Journal, puts the following pertinent question -
'sWhy did Mr. Van Buren,, when he left Washing