The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-01-14

ming from Bank TO Bank picking up Specie to pay
their Duties, their purchases Of Public Lands hei'
Patents, and their Postages. But 1t would not
could not, be ever thus. Men would grow tired o.
being sent home from The Land Office or Post Oh.
flee empty handed, because they did not happen
TO have the sum requted o. Ihem IN Specie Bank
notes, stripped by an act of Government OF the es
sentiu character of money would cease 10 circulate
holder would below shall convert these rags
into money which can be used-lnto coin =
Here is one inevitable tendency OF The SUB, cas-
ury system which the President has entirely DIS
REGARDED But the People cannot and must not dis
REGARD IT, Neither must they disregard the conse-
uuences of collecting Fifteen or twenty miillous
per annum in this City IN coin, ana oIsouIsing II
in Florida, in the Far West, on me worm Eastern
frontier &c This is consideration winch must
and will be weighed by practical men, though the
President seems 10 have overlooked It.
With most of The Presidents remarks on the
late Suspension, over banking &C &C. we asIce'
But when he endeavors TO convert these conse-
auences of an unreguated and vicious system OF
State Banking into proofs Of the netticency or de-
pravity of National Bank, he talks wildly. his
theories and assumptions are opposed 10 positive
and notorious facts. During the fifty years dnra-
alton thus far of our Federal Government, forty
have witnessed the existence and operations OF TWO
successive National Banks, while ten have been
passed without any. During the forty years, there
were imnortant changes in foreign and domestic
policy fluctuations in trade, short crops, and every
other Indictment 10 commercial Revision, ana such
revusIon accordingly was more than once eAPer-
fenced But there was not one general suspension
Of Specie PAYMENTS or depreciation Of the Curren-
CIV while during the ten years non existence OF
National Bank, there have been no less than three
Suspensions one Of them continuing several years
until a National Bank was reconstructed the sec,
ond lasting more than year and the third sun
upon u.s. Are not these facts pregnant with nstruc-
ton So also have we seen the Bank OF Engiaho
carry The Currency Of that country safely through
the Tevulsrons of 1887 and 80, while our own was
Frustrated. Even the fearfuly deficient harvest
of the Three Kingdoms last year prov ed inadequate
10 oveTbear her vast resources and credit.
But the President says that the Bank oil EhgIa"u
once suspended lCer,ainly il did, but only because
the Government was bankrupt and neeoeo such
Suspension for lis own purpose 90 ~ "u. oM"
Government should at any time be driVeh oy ne
cessity to absorb the entire resources oil Nau"Hal
Bank the Bank must thence subsist on lis cream
alone but this is property Government ana mol
a Bank Suspension. re-
The President, therefore, misapprehends or fails
10 consider The difference in character and position
betwe con a National and State Banks, when he ar
gues that the former is as liable 10 Suspension as
the latter. Uniform experience as wei as clear
analogy is against him. And, when he prings Ior-
ward the present misnamed nited States Bank 10
stand in the place of q National Bank, gravely
quoting its alleged errors and misdemeanoTs as EVIL
dence against something which 1t Is not: ne Goes
violence to reason and fairness EsPeciaily goes
he this when lac converts the flourish OF Mr. BlddIe
on procuring MS State Charter that the Bank was
now stronger than ever, into grave eHloence OF
" hat he is laboring 10 establish, Stronger: How
For what Not, certainly, regulator OF The
Currency and Exchange of the Country for such
il had ceased altogether to be. But IT IS idle TO
waste words a shift so plainly exec Puona5le
and futile.
Enough. The independent Treasury is des-
tined in loords 10 become the law of the land we
do not doubt its establishment In the course oil the
present winter But that will be rigidly enforc-
ed and continue be strictly regarded in practice,
we cannot believe 1t is u reiogade toward bar
barism which cannot, in the nature Of things, be
real and enduring Ifit would be thoroughly and
in good faith enforced, should hardly regret 10
see it in operation for the single year that 1t would
be tolerated There some folhes which can
only be effectually cured by the stern lessons OF
Experience and Suffering.