Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1839-11-29

The Wings nave been faxed by the Loco
Focos with the multiplication OF State banks.
and the embarrassment which have arisen
from an excess OF bank issues and consequent
oyertradiug. Let US examine The subject dis.
passionalelv, and inthe inquiry let facts speak
for themselves. For the purpose ofarriving
at the real causes ofthe present condition Of
things, il will be necessary to go back a few
years.
The party which now controls the desti-
mics OF the country, came into power on the
Alb. 0 fMarch, 1929. In 1890 they commen-
ced The war upon the Bank Of The United
States. In 1883 they seized upon the
government deposits, and distributed them
amongst their pei State banks. and In 1886
the United States bank ceased 10 exist A
brief examination into the state ofthe bnnk-
ing system Of the United States as il existed
atthe commencement OF the war upon the
national bank, and at the consummalion Of
the policy Of the administration in its over
throw, will enable US 10 solve the question
with which we head this article.
The administration justified its assault upon
the Bank ofthe United States for these reas-
ons (amongst others.)--tha the Stale banks
WIN give W TUG pCoDtC u CIT c8ffcNtf
than they possessed at that time, and would
likewise e~qualize exchanges more perfectly,
and upon better terms than that institution
did. At the period we speak Of, 1880, the
currency OF the United States was as perfect
as human wisdom could make il, The
notes Of the United States Bank were equiv
silent TO specie every where. and the people
resped the reward Of their la Dor in a circu-
lation as stable as the precious metals them
selves. At that period, also. there were in
the United States only three hundred and
~tEirty-nine State banks with an aggregate
capital Of one hundred and elevea millions Of
dollars. Now mark the effect Of the exper-
iment In 1887 the number of State banks
had swollen, under the fostering policy ofthe
administration, to eight hundred and ticeaty-
three, with an aggregate capital ofthree hun
dred and s~euenty-eight millions Of dollars
Here then, we have an increase oil four hun
dred and eighty-four in the number OF banks,
and we AND SIXTY SEVEN MIL.
LIONS OF DOLLARS in the amount of their
capital brought about by the action Of the
administration in the short space Of seven
years. Is not MIR. Van Buren, and his party
therefore, responsible for the multiplicity Of
banking institutions. and the consequences
thai have flowed from that causef
But let us look into the question Of respon.
sibillty more narrowly. Ii will be borne IN
mind, that from 1890 10 1887. the late Pres
ident was ia the noon s. meridian ofhis popn
lariy. The State legislatures were filled
with his political partizans. who followed in
his lead with blind devotion. This was es
p~ecialiy the case in respect to the Southern
States-indeed in respect to nearly every Stat,
in the union. BY these legislatures then vfLeC
with administration partizaas. have all thess
banks been created. The imitation Of tn,
currency. together with the unnatural stImu
lus to speculation and overtrading, was theil
act and deed. That party. with its chiefs. i
responsible 10 the nation for the mischief
which have been produced by the derange
ment ofour monetary system. fol- they deran
ged it. They made the State banks, the,
destroyed the United States bank-and their
10 the accountability for whatever Of evil ma,
arise. and has arisen, from those causes.
Surely, the people have not forgotten tn
strains liberalization which were poured fortl
BY every Loco Foco minstrel, at the impetu
given TO every species Of traficking by tn
sudden multiplication of banks, conscquen
upon the Reputation of the United State
bank The better currency, zoe mere tola
had actually been given to the people an,
the returns from the custom houses. as the,
would show an increase in the importation Q
foreign fabrics. were waved in triumph befor
the eyes Of the Wings as evidences Of tn
enhanced prosperity Of the country, and th
wisdom OF the administration that produce
it. II was not then discovered that this seen
ing success in the financial hypothesis ofth