Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1839-12-04
4 SOUND ARTICLE.
bs- The following article is copied from
the Baltimore Chronicle -
TaE EXPERIMENT.

TIE EXPERIMENT.
The progress OF the Government Expert
mentto give 10 the nation a 'better currency"
is now the subject Of conversation ia all cir.
cles. Go where you may, you hear Of
remark In relation 10 the financial difficulties
of the country. 1t engrosses every thing be-
side. II may not be amiss, nay. il should be
the duty Of public journals 10 recur 10 the be-
ginning ofihe end" and 10 remind the whole
people Of the promises made and broken
Adopting the strong language Of the New
York Courier. we desire to look back to the
beginning OF this yet unfinished experiment.
For what purpose has this People passed
through ten years OF alternate excitement and
prostraiion2 Why has the body polite
been subject 10 the alternate shoe ks Of paral.
ysis and CONFUSION, with which at short in
~tervals il has been visited for so long a Pc
riod I'VE have passed through suffering
and sorrow severe enough. one would sup
pose, 10 sliie the laughter Of pensioned wits
and to shake the confidence Of The slernesi
expcrImenter. All the relations Of life and
business have been unseuled.-At one time
we have been driven into wild speculation,
with boundless confidence, and the most Ella.
ted and insane hopes. AT another moment
the mercury is down TO the freez.
ing point Confidence is dead. public cred
il is degraded. private credit is destroyed
Today the Secretary of The Treasury calls
upon the banks TO discount freely on depos.
ties tomorrow he proposes 10 Congress TO
make such use Of public funds a penItentiary
offence. One year the Secretary tells us that
the State Banks are the best and the safest
possible repositories Of The public money; and
the next year denies that il is constitutional
10 employ such agencies or even to receive
their paper. President Jackson proposes 10
strengthen the States" by encouraging their
local institutions and President Van Buren,
proposes 10 Strengthen the Federal govern
meni, by separating it from the State banks.
President Jackson promises 10 'proleclihe
State banks"-and Tammany Hall proclaims
that oil banks are fraudulent institutions" -
Now Stale bank paper is a 'curse"-yester-
day II was the Better Currency"
And why have we suffered all this 2 To
carry out the experiment Of General Jackson
first suggested in 1929. since pursued with
unrelrniing perinacily. and in 1889 termin-
uliDg. how AS Mr.. Adams. as Mr.. Web
sler, as Mr.. Clay, as Mr.. Binney, aud other
"'Se "nu SApeiieuSeu s'attstutn, nave a
thousand lines predicted. The pressure
IRON the removal OF the deposites. said Mr.
Adams in his suppressed speech Of wha, To
ries call in derision the panic session -
"is passing away. The pros periiy ola great
nation cannot long suffer from so iriling an
incident as that But The trrong is done, and
lis consequences ioiA remain fostering and
iafamiag The body Of The community unlil
The prong shall be repaired. Your prrsi.
den, has usurped Legislative power; he has
laid his hands upon your treasure. and he is
now converting il 10 his own purposes. He
has seized il, and now wields /, as a weapon
OF power 10 himself. and an Instrument OF
plunde. 10 his partizsns. Yet his experiment
has but just commenced his object is not
merely 10 destroy. but TO break the bank
His chosen State hunks are TO be his deposit
cries and engines to restore a metallic curren-
cy. With what ~intuiiive sagaci,y are the
means adapted 10 the end Sir, his STATE
banks scoud lead the nation; fhey are already
huriing IL into universal bankruptcy His
HAND MUST BE STAYED. or II NATION IS
UNDoSEl'
THIS was the view entertained by Mir. Ad.
ans Of General Jaekson's experiment.
What said Mr.. Webs,er2 .Upder a pre-.
tenre Of a design 10 return 10 a currency
which shall be ALL SPECIE, we are likely TO
have The currency in which there shall be no
SPECIE AT ALL. We are in danger Of being
overwhelmed with ~REDEKMAB pArER-I