Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-10-20

1 80. ..- atrtl claar tt
urging upon tho favorable consideration Of In n,
raj Assembly tho propriciy OF geological v,
Of the State. Much valuable information on la
jcct may DO found embodied in the report. n.s
tho three last sessions of the legislature
| The difficulties which have bcsct the business =
actions of the country since 1886, are BY lara
jority Of the people ofths State, considered % VI
grown out Of the improvidcnt measures Of tho a,,
government. Many Of our most enlightened I'D
gacious statesmen clearly forcsaw and predicted
results; majority ofthe community nots ithvtsnS
deceived by tho plausible reasoning and speoiou,r
misses Of interested and designing men, aud BY the
parent prosperity and success with which mos, ii
OF business were then pursued. were led, for rss
10 give them their support. The people, housI
are now engaged in fearful strife TO remove f'cs
administration Of the federal government thoss
In the discharge Of their official trusts, they be-
have wantonly disrcgarded the interests Of thsi
stltuents. As the struggle progresses. tho Goal
appears less and less doubtful. The recent eleea
Indicate with a certainty almost unerring. thsi
great mass Of the people whose Interest 10 go'
ment 10 to have 1t wisely and ffugally sdminn's'
arc becoming convinced Of tho ruinous tendency
some Of the leading measures OF tho admin.shl
This result 10 the more to DO priled, sRordng
docs, .indubitable evidence OF that honesty ofPs'r
and purity Of intention, which have ever cnataets1Y
ed the great body of American people. u can Fl
ly be otherwise, while the interesrs oil 'hc g,ca
jorty of each Of the political parties, INTO when
country is at present dvided,n the same Tue VI
est good to tho greatest number. ; ..';'a,.
sure guarantee for the durability OF ouF 'ns''a'n
and serious admontion to our rulers, 'hal 'hel
always receive rebuke at the hands oil Inc PEI
whenever they make the success oil pafUiah
eurcs an object paramount to public good
The subject of the currency will double" cha
| IN
| paper medium, for tho transaction OF business
country, has been carried on in an unrelenllT
| IN some instances, in n vindictivc spirit. Vi
some openly assail, and would at once sbolh |
thereby compelling resort to M exclusively ~
currency, Others, with pretended conviction Of NJ
utility and necessity, covertly attempt Their desns
ton, by advocating measures and principles, VINCE
sustained and adopted would ultimately sMecN W
ruin, by taking from them all their aohy .o' @t
ness. Among other charges, IL has been sMua "
operations OF banks have induced high ptee
the farmer, the artizan or the merchant suffered i
consequence High prices and ready sale are ~
encouragemcnts to individual industry and ensn
Low prices operate TO the reverse. II is ADJ
that they have given n fictitious value to proTer
he 1t sos under this state of things and during
existence immense Indebtedness and liabilities
been incurred, in the purchase Of property, mss
ments IN manufacturing Establishments and MAD
cry, and IN permanent and valuable impfoyew"
the condition Of the country. Would il 30 10
humane or honorable, for the same go'ema
whch authorised the establishment Of bank
gave them power to exert this influence over
siness OF the community by encouraging hbenl
counts In aid Of these enterprises, at once to ~
late these institutions. or, what is equiva lent
credit their issues and thus bring the property
country to what is claimed to be its real speceu
While thus unsettling The value Of property 90
relative condition Of our whole population, II Va
remembered chat Indebtedness cannot be reduce
on the contrary II will be increased in the SAM
, in which tho price of property is reduced an
, means for payment lcsssned. The contrddf
whole property Of the country would thus
be placed in the hands Of capitalists neS'S
lenders.
, would not be understood as being mh'
cate for an irresponsible use OF the banking
ciple. But, believing as do that the l'elp
{ heretofore afforded by banks and the eredH
TEN, have eminently contributed 10 iosn'
, carry on the great interests OF our county,
it 10 be our duty--our imperative duty
SENATORS of the public welfare, TO sustain
. and efficient banking system, as The BEST
the only means of securing and promoting
4 pecuniary prosperity Of our commitments
: | have no hesitation in saying that oahh !"
= been chartered with too great facility ~s ~
s improper principles in some sections " ~ 4
Q pc rhaps 10 some extent ia this STATE. NV.
!, the prejudice now existing against uese l'''
!, tons has 0riser from this fact, ana n'p'
u improper management. Where bhDk' ny "a,
established upon solid capital, N pa'.o,o.
y bona fdo business transactions heeoe' ~
= dations from that capital, and where uis
= has been ptoperly distributed aud owned y
italists seeking such Investment OF 'hen sy
IS have heard but little or no coinpla'n'. - -,
/. il is be leyed that, IN the most disastrous
n the last four years, such banks ihs~aI
liable TO The censure so freely besto"eo Y
n banks-oi crppling and expressing co'na
), have uniformly afforded more nIo anu ~
! reasonable rate, Than wouil nave oe,"
a had the same amount Of capital been VIZ
r. control OF individuals -
= The danger and loss 10 community ha"
- rrem granting bank charters, where
business OF the country did not require Wv
' from having them placed in operation uY.,
e titious capital, managed by borrowers
e lender, their accommodate ms lnoh9p
Il directors OF their friends, and emO4iAIt -
srdous-not 10 say desperate
" While the business Of the country ieH.
n petous. ,he bills Of tie bank are redesD
% obtain credit; but when a reverse oc.s
= money canno, be raised from the psiu'l Il
= siness in which the borrowers are ens,s A
/ bank fails 10 meet It's liabilities and ps ~
e ers must suffer the loss; for whenever 4
of nation takes place, the notes for los%
capital stock Of the bank, are found 49,, n
ID cal The history Of one Of these 'Siho
Is iutions would require but little yaii.no"s
= as the history Of every bsnk when d.
T. New England. Jlz u
- The benefits between ths.bank' acc -
d pie should be reciprocal. There woD, ~
q pology for granting 10 capitalisis he a 81
" sssociaiing for bank purposes ssis -, ~
n satisfied that, at the same Time Nc