The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1839-11-19

State Banks are the best and the safest ue
postories OF the public money anu t'e neNt
wear denies that it is constitutional tc ePoy "o'i
agencies or even to receive their paper: PRESIDENT
J9ckson nronoses 10 "strengthen the States" by
encouraging their local institutions ana ,Iresi-
dent Van Buren, proposes 10 strengthen me eaer-
al government by separating II from the State
banks President Jackson promises to "protect
the State banks"-and Tammany Hall procaims
that all banks ''fraudulent institutions" Now
State bank paper IS curse yesterday IL was
the "Better Currency.
And why have we suffered all this To carry
out the experiment of General Jackson, first sug.
gested in 1929, since pursued with unrelen,ing
pertinacity, and in 1889 terminating, how As
Mr. Adams, as Mr. Webster as Mr. Clay, as Mr.
Binney, and other wise and experienced statesmen,
have thousand times predicted. ''The pressure
from the removal of the deposites. said Mr. Ad-
in his suppressed speech of what Tories call
in derison the ''ranic session; '-"s passing away
The prosperity of great nation cannot long suffer
from so trfng an incident as that. RHt the aorC"g
IS done, and its consequences 7oM remain fostering
and intlnm'img the body Of the communsty emit" the
aorong SHALT repaired. Your President has
usurped Legislative power he has laid his hands
upon youi treasure, and he is now converting 4 to
his purposes. He has seized il, and now
yields it as weapon Of power 10 himself, and an
instrument of plumber to his partizans. Yet his
experiment has but just commenced its object is
not merely to destroy, but to break the bank. His
chosen State banks are to be his repositories and
engines to restore metallic currency. With what
intuitive sagactty the means adapted to the end
Sir his State bnnhS aoould iead the notion they are
alreadU huring u into universal banhruptCy Hrs
HAND MUST DE STAYED, OR THE NATION is UNDoNE!
Thus was the view entertained BY Mr. Adams Of
General Jackson's experiment" What said Mr.
Webster? "Undera prctence Of design to re-
urn to a currency which shall be ALL SPECIE, we
me likely TO have the currency IN which there
shall be no SPECIE AT ALL. We in danger Of
being overwhelmed with IRREDEEMABLE PAPER
mere paper-representing not gold and silver,-no
sir representing nothing but broken promises, had
faith bankrupt corporations, CHEATED CREDITORS,
,tNnKr,
AT that stage of the experiment, when the Fed.
eral administration claimed in express terms, the
right which they now repudiate, the right of Greg
ulatng the currency" Mr. Tanney promised to
expol tho existing general currency, and 10 intro
duce a "better currency,i in the bills Of the local
banks This then put forth as the object in
view Of the adminislration-the one great end OF
the experiment. The inevitable result Of this pol
icy foretold 70 the Federal Government. |The
local banks, said Mr. Bnney, in his minority re.
port of the Committee of Ways aud Means, sub.
mittted TO the House of Representatives in March
1884 twill be constantly endeavoring, at least in
great many cases, to send out their paper to CT
cess, and there cannot be the regular application OF
the corrective that will constantly prevent it,.
1t may be repressed in some instances, in an IT.
regular way, by sound State banks; it may also
be partially repressed by demands from oher States
but the effort to do it regularly will be wi thout in
ducement, and will not be sustained by the requis-
tie ability. Excess will creep upon the country
until it is universally ditfused and when an acci.
dental turn Of the currency shall turn the excess
it, dishonor will come, and with ii universal alarm
and bankruptcy. This IS q history Of the past and
lesson far the future.
There is need of multiplying extracts to
prove what all must remember that certain results
were predicted by the opposition as the inevitable
consequences Of General Jacksons financial ex-
pertinent These is no need of odducing evidence
to prove that those results have occurred they
were foetold; of thus every mans personal ex-
perience furnishes abundant testimony. The men
who predicted these results laid claim to supe-
sor sagacity. They did not pretend to the gift OF
second sight. Their steps were guided by the
lamp of experience, They thought with Bacon
''that it is good not try experiments in states,
cept the necessity be urgent, the utility evident
They neither evident utility urgent ne
cessity in the proposed experiment Of General
Jackson, butthe certainty of deranged currency,
general confusion and disaster. and ultimate bank
ruptcy and ruin In the emphatic language of Mr.
Binney-"thIs the history of the past, and
lesson for the future" But the ''ntutive sagacity
of General Jackson spurned the lessons and der'd
ed the apprehensons Of craftsmanship and expert
The experiment went forward. The ex-
pertinent is still in progress. The nation groans
under its accumulated fortunes.