Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-17

'"oN "a HhNJ bOot pnt S"in III lAAfuR iOt ",
and so managed the charter as 10 Keep an
4 eye on the business Of the Bank. and having
FIVE Government Directors always in the
Bank, so that nothing could go wrong. and
on any complaint, walk the Bank up right
before Congress, and ifany thing was wrong
4 hatchel EN- right offand correct il.
! This Bank went right to work. clearing
tout the shin plaster folks, and there was sad
work for spell among EN- il was like a
dose Of salts and rubarb in an over eaten stom.
ach but il all work'd out right, and they
kept things smooth and regular as long as
its charter lasted. Was the democratic
Parry deslroy'd by il7 Was credit des.
ltroy'd by it2 No, on the contrary, the
democratic party never was sounder, and
purer, and stronger, and credit never sounder
and better than during the time the Bank
was at work; every thing prospered equally;
State Banks were sound the U. s. Bank
kept EN- so; and they. in turn, kept the
U. S. Bank sound they all work d together,
list like the State Government and the u S.
Government--and destroy either, and tolher
runs right Otto ruin.
| Some folks don't seem TO see-(or If they
do see il and act contrary, are bigger roguts
than fools)--lhat any plan that destroys
credit trips up the heels ofthe democ racy-
democracy aint born TO fortune there aint
more than one democrat ina hundred born
with silver spoon in his mouth Now
am one of those kind OF democrats who
though began 10 eat with q horn spoon,
should like to be able by my honest industry
and enterprise TO eat my mush and milk
in my old days with silver spoon il l want
to- but 1.-THE doctrine is no credif-aH hard
money-how Is man 10 get along who
don't happen 10 be born to hard money! do
as they do in no-credi- hard.money .coun.
tries. suppose-dig and grub from the
cradle 10 the grave--for there as a man is
born so he dies il he is born poor be dies
poor, just as his daddy did afore him. and
so if he is born rich he dies rich, iist as his
daddy did afore him-and this is modern
Democracy.
Now when YOU come TO pin down one Of
these modern Democrats TO this argument
he flies off'and says-O we don't mean to
destroy credit. we only want to destroy the
Banks. Such kind of credit as Bills OF Elk.
change and Promissory Notes. and so forth,
we don't wish TO destroy; but il is Bank
Credit especially U. S. Bank Credit and
the State Bank Credit. Now the blasted
scamps-itlere several voices called 10 or
der, and the Major looked round 10 the bvn.
ches where the voices came from. evidently
much excited. turning up his cuffs and spit
ling in his hands, and gave evident signs Of
resisting the call TO order)-when the Mod.
orator rose and said, the Major will take
his seat''-he obeyed instantly. The Mod.
orator then Proceeded and said that the words
blasted scamps, he supposed were the words
objected TO. He must say himself il made
10 apply TO any member OF the Convention
they were wrong and if any member would
rise and say he felt them as applying 10 him.
self, the Major must explain and clear il up
or stop speaking and as regards settling
ont elsewhere you all know my notions.
No one rising. the Moderator said the
Major will go on. He then rose and said
Mr. Moderator. my steam. believe, was get
ting up little too high. and just opened
a safety valveto let it off
will now say instead Of "blasted scamps,"
these 'modern Democrats" when you corner
EN-, don't seem TO see that Bank Credit is
nothing more or less than the capital of
small means rolled into Jumps. to do in a
lump what can't be done in small particles
What is Bank but capital made up Of
so and 100 dollar shares, owned by thou.
sands, and doing what could be done only By
one man having a capital OF his own equal
TO Bank2 In the case of one man all the
profit OF Banking is his alone. Suppose he
is rogue, then all the roguery is his'n and
which is safest in the long run to trust One
man who keeps his own accounts and lets
no one see how he manages, or a man who
lets his business open 10 ten or fifteen direc-
tors appointed by others who have direct
interest in the good management OF the at.
fairs2 This is jist the difference between
private Banking and Corporation Banking.
But the cry is. all corporations are monop
oles. Monopolies Of whal2 They are
monopolies-but Democratic monopoiies,-
the monopoies ofsmal means of thousands
against the operations Of large means in a
few like all that kind of monopoly tha,
enables me 10 put my fifty dollars or one
hundred dollars, more or less. as | choose
into any kind OF business and keep il there
so long as il is pro6ta ble,-and when | can
do better, sell out. and clear out, and 90 nj
something else. No matter what that bust
ness Isl steam-boating, raitroading brid-
ging, baNkiag, manufacturing or any
thing else that requires large capital to car
ry on. lii want for this kind Of monopoly,
such work would be done, if done at ali, BY
folks born to large fortune Now was not
so born. and YET | like 10 take cut with
the biggest, and that is my notion OF De-
mocracy