Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1839-01-25
VOL. XH..No. sos

throughout the south and west, where pay.
mcDis were wanted.
Many are not aware, perhaps. by what
influence OF advice the government adopted
THIS revolution in its financial policy.
learn that they were in q degree persuaded
into it by the entrenties and advice OF John
Ross aud other Cherokee chiefs. These
wild Indians had found he Inconvenience
OF heavy boxes Of specie, carrying with
,hem INTO the woods and requested az a
favor that they might be permitted TO take
bills of the U. S. Bank for the monies due
them by the government. In four years
they had experienced the safety Of these
notes. and preferred them to every thing
else. 1t is remarkable coincidence in the
history OF society that about the same
period that the Indians we're requesting Of
The United States government convertible
paper instead Of gold, Laitte. in Paris,
vas endeavoring to create the same system
tor he advancement oftrade and commerce
IN France-thus furnishing an example OF
he extremes Of civilization and barbarism.
meeting, at the interval Of 1000 miles, ou
the same system of credit.
The employment Of the Bank BY the
government has had other effects The
transmission in specie Of As 900 900 or
|
sites to the south and west, would have
created crisis somewhat similar TO that
caused by The famous Circular 10 the land
Offices in 1886 Instead of this movement,
The Bank undertakes the task, issues its
own notes at the points required; these
notes are preferred by the public debtors
they enter into the general currency-aid
the banks in that region 10 resume and
furnish medium Of exchange back 10 the
Atlantic perfectly secure and easy Of con.
veyance. One Of the principal causes
aiding the southern banks to resume, lie this
very negotiation between the Bank and
the government. In this respect, Mr.. Van
Buren,, in abandoning the footsteps Of his
) "illustrious predecessor" has done wisely.
Poor devil! better late than never.
But The present position and future policy
OF the U. 5. Bank are perhaps more im-
portant than all that it has passed through.
Mr.. Bldd'e is only beginning q new and
greater career of usefulness, power, influ.
ence. and public spirit. There is no use
10 be reserved or squea mish in these mat.
tiers. Mystery ia only the weapons of little
minds and small ciiques. such as exist in
Wall street. In few years finance in
this country will be a greater element Of
power than politics. There never wiiI BE-
another bank chartered by Congress. Mr..
Biddie is as much opposed to new Ma
'lonal Bank as Mr.. Van Buren, himself
Or this point their views are identical,
So will the banking interests of Wall
street. as soon as the institutions under the
new law have formed firm footing. Other
States are passing Free Bank Laws. As
soon as this shalt have completed it's circle,
the U. S. Bank will have its branches at
every commercial point-so also will one
or two of the large banks organizing in
Wall street.
This state of things will begct a rivalry
and competition, that, with the aid OF
rail road and steam improvements, will
equallze, on permanent footing, the cur.
rency throughout the Union, from Boston
to New Orleans. Mr.. Bddle will then
have several rivals in the field. His oper.
atoms in cotton are abandoned with the
cessation of the cause that fixed them upon
h'm-but still he is yet master Of the
American Stock market in Europe, as we'll
as the foreign exchanges with this country
every where. These operations will OCCUPY
his capital and credit, till new field shall
have been opened wider and more exten.
slve than any other he has yet occupied.
! have alteady said that Philadelphia is
TO be the Manchester of this country. All
New England and New York con never
enter into serious competition with the
manufacturing powers and elements Of
Pennsylvania. Water power is limited,
but the coal and iron, found together in
this state, are unlimited. This slate, east
as well as west will be the great manufac.
turing state-grea'er and more extensive
than even Engla 1t will not require
thirty years TO develope this power.
Now, who is TO be the agent in this new
career of Philadelphia and Pennsylvania !
The U. S. Bank, and the other banks
following in its wake and adopting it's poll
cy. In process Of time, it will become, as
Mr. Bddle says in his last letter. "a simple
state institutions" bu, in that simplicity it
will perhaps occupy more powerful posi-.
ton, and exercise greater influence. than
; when 1t organized the exchanges Of India
and Europe, established an agency in Lon
don to protect the market for state stocks,
: or furnished The means for bringing two
crops OF cotton TO market, at an advantage
Of $50 600 900 or more TO the planting
interest. The industry, capital, talent and
genius Of Pennsylvania are beginning to
} take a new start, and one of the most eff
cent instruments IN this movement, will
be the u s. Bank, conducted BY it's present
enlightened President. How vain is it for
miserable blockheads, who call themselves
politicians in Pennsylvania Avenue, or
foancers in Wall street, to be kicking up
their heels every other moment. crying out
-"My God! there again! Nick Bidde
has trampled on my sore toe."
lLLISoIs.-ilow far this young AMI gallant
state is implicated in the support Of the sub treasury
scheme, may be decided from the fact that the col.
lowing resO ulion was passed in The lower Houss Of