Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-11-16

day: all of which appears from the records and
files Of the bank.
have to say to the [loisl Bank Inspector of the
State of Vernon: ~ N
Your attack, without notifying inc, was incon-
sistent with the conduct or the bearing Of gen.
teman. Your insinuations are base and gratui-
tous, and your statements are'untrye.
1t does appear, and from the books ofthe Bank,
that the reduction in ciiculation of which you
speak, was made by the Bank ITSELF redceming all
these bills at par, and nothing but ignorance can
he plead as your excuse for having made SO un-
generous an assertion. You do not seem to un-
derstand, sir, that the books of the Bank show its
transactions While was connected with it, you
came there several occasions for the purpose of
examining its general condition, and went away
each time no wiser than you came. Statements
of its affairs were also shown you, not one of
which you understood sufficiently to know wheth-
er il was correct not; its books and papers
were always spread out before you without
serve, but you never did comprehend them. Your
examinations were nero form and show, and a
mounted to nothing, because you never knew
what the movements Of the bank were. Without
n commercial education with mind wanting in
precision aud accuracy, holding to theories on
currency and finance crude and nnarraDged, which
all past times in our history have exploded and
present times have rejected, you did not possess
an important qualification for the station you
cupied, and you performed no important part of
is duties, save that of receiving your fee at the
end of each farce. You took, and was under the
necessity of taking, the word of the Directors for
every thing, ard the only reason that they did not
deceive you was that they felt above doing it, and
not because they could not.
But you exhibit baseness and proHigacy which
never resulted from mere ignorance. The reso-
luton OF the Board of Directors, of which you
have above spoken, reads as follows:
"Voed, tina. Thirty Thousand Dollars be drawn
from the Farmers Bank Iroy and placed in the
Morris Canal and Banking Co. at six per cent in
terest, payable in 60 30 and 100 days, New York;
and also Forty five Thousand Dollars TO 30 drawn
from the Suffolk and Market Banks Boston, and
also placed in the Morris Canal and Banking Co.
at five per cent. interest at the above times paya-
ble at Philadelphia with an equal of Indiana stale
! 5 per cent bonds as collateral security; and that
Hamilton Gay be authorised to make an arrange
ment in accordance with the above"
Copy requested of the above note.
j. S. PETTIBONE, Inspector.
The vouchers and entries relative to the execu-
ton of this trust are plainly written out and in the
bank, showing that it was accomplished with the
leust possible delay.
| This fund, Sir, sustained the credit of the bank
through all the difficulties and contractions Of its
business AID circulation. consequent upon the re-
rumption OF specie payments which soon iolow-
ed, and the still greater difficulties and coEtrac
tons which were inevitable, upon being COMPEL
cd TO encounter the conflicting elements of politi
cal strife from which no prudence or foresight
could enable to escape, and in which, generosi-
ty and exertion seemed Of little avail.
| The wisdom of providing this fand will stand
the test of any scrutiny; and if others, who may
have private griefs to lament or avengc, have in
duced or compelled you TO degrade your Official
station by becoming their champion and eulogst,
a, the expense of all truth and propriety, or have
led you astray, and one side Of your duty, by ia
king advantage Of your incompetency and your
uncomfortable desire to find fault with somebody,
right or wropg-then sir the error is not mine and
the responsibility is not the less yours.
But if you have been led en- by a pure love of
glory and Ivy disposition to acquire fresh aurels
during the present campaign, and TO" wreath 9TH
er garands fair to swell the past"-then, SIR, let
me congratulate you upon the success Of your ga-
liant efforts in so chivaous an enterprise, and up
on the magnanimily and high generosity of thus
officially arraignng, upon such grounds, one, who
had never harboured an evil thought against you,
whose brief career as Banker you knew was al
ready ut close, who was not conscious OF hav.
ing ever crossed your path, or of having done
aught in life to offend your dignity, or even wound
your pride OF feeling
HAMILTON GAY.