Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-02-07
PROPHECY OF MIR SENATOR
CLAYTON.

Tive loss Of confidence among men, The
total arrangement Of that admirable system
Of Exchanges icAich is NOR acknowledged 10
be better than enisfs in any other eouatry on
The globe, orcrtyading and speculation on
false capital IN crery part Of The country,
thai rapid Raetuaiion IN The standard Of
va!ue for money, which like the unseen PEST.
ence, wilhcrs all the Efforts OF Industry,
while the sufferer is in utter ignorance OF
the cause of his destruction; BANKRUPT
cIEs and RUIN, al The anticipation of which
the heart sickens, must follow in the long
train OF evils which are essuredly before Us
Where then-where, then. drlnnnd TO
know, sir, is the remedy TO save Us g
PROPHECY OF JOHN @ ADAMS
(Exraet from Mr. adams Suppressed
Speech April, lS3i)
"Sir the pressure OF the removal OF The
deposiles is nearly past; /, has ruined us
thousands, and afflicted its millions; but The
simeon has blown over. and they who pros
traied themselves on their faces before the
blast, survive unhur,, and may rise, and yet
find their way out of the desert. The press
ure from the removal Of the deposlics rs pas
sing away The prosperity OF great ma
lion cannot long suffer from so Iriling an
incident ms that Blu, the wrong is done.
as lis consequences WILL remain tesfcriag
and infaming The body Of the community
until that wrong shall be repaired. Your
President has usurped legislative power;-
he has laid his hands upon your treasure,
and he is now converting il to his own pur.
poses. He has seized il, and now wlelds il
as weapon Of power to himself, and nm
instrument Of plumber to his par,isons. Yet
his ezpenmeaf has but Just commenced; lis
object is not merely 10 destroy, but TO break
The Bank His chosen Stale Banks are to
be his repositories and engines 10 restore a
metallic currency. With what intuitye sa-
gncity are the means adapted to the end =
Sir. his State banks would land the nation,
they are already HuRLIYo 1T INTO UNI
yERsAL BANKRUPTCY His hand must be
stayed, or the nation is undone !"
The above is prophecy; now for fuel
Take two states. Mississippi and Louisiana,
which have sustained General Jackson and
Mr. Van Buren, for years. and we have. in
the small stale OF Mississippi, bank capital Of
s52,00O.O0o.
and in Louisiana, on increase OF bank cap
ital, since the Experiment began, OF
sio.00000O.
How exactly are Mir Adams words fulfil
led. His state banks are nuRLINo 1T IN.
TO UNIVERSAL BANKRUPTCY"
From Van Bayen's last Message.
r. -
relative to the best mode OF keeping and dis
bursting the public money, still injuriousy
affects the business OF the country The
suspension OF specie payments in 1887. rem
dered the use of deposiIe banks. as prescribed
by the ael OF 1896. source rather oil enbur'
rassment then aid, and Of Necessity placed
the custody OF most Of the public money al.
forwards collected, in charge of the public
officers The new securities for its safety,
which this required, were prin-ipal cause
OF my ccuvening an extra session OF Con-
gress, but in consequence of a disagreement,
brlween the two Houses. neither then, nor
at any subsequent period, has there been any
Legislation on the subject The effort made
a, the last session 10 obtain the authority oil
Congress to punish the use OF public Money
for private purposes as crime, measure
attended under other Governments with sig
nal advantage, was also unsuccessful. from
diversiiies OF opinion in that body. notwlh-
standing the anxiety doubtless felt by il 10 af.
ford every practicable security. The result
Of this is sill to leave the custody ofihe pub
lie money without those safeguards which
have been for several years earnestly desired
bv the Exec utiye and MS the remedy il only
10 be found in the action OF the Legislature,
il imposes on me the duly OF again submit.
ling TO you the proprieiy of passing law,
providing for the safe keeping OF the public
moneys, and especially 10 ask that its use for
private purposes by any officers entrusted
with il, may be declared 10 be felony, pun.
ishobe with penalties proporioned 10 the
magnitude Of the offence
These circumstances, added 10 known de.
fecls in the existing laws, and unusual de.
rangement in the general operations OF trade
have, during The last three years. much IN,
creased the difficulties ,a,lended on the col
lection, keeping, and disbni sement Of the
revenue. and called forth corresponding ex.
erlions from those having them in charge
Happily these have been successful beyond
expectation. Vast sums have been collected
and disbursed by the several Departments
with unexpected chenpuess and ease trans
fers have been readily made to every part oil
the Union, however distant. the deialcetions
have been far less Than might have been an
ticipated, from the absence of adequate legal
restraints Since the officers of The Treasu.
ry and Post Office Departments were charg.