Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-01-06

open violations of the latter, by the workings oil
system of which the result is the same. An in. d
flexible execution even of the existing statutes of n
most of the States, would redress many evils now L
endured would effrctlally show the banks The I
danger of nsmanagcment which impunity encour- /
ages them to repeat aud would teach all corpora
lions the useful lesson that they the subjects OF
the law aud the servants OF the people. What is c
still wanting to effect these objects must be sought
in additional eglslaton or, il that be inadequate,
in such further constitutional grants or restrictions
ms may bring us back into the path from which
we have so widely wandered c
In the mean time it is the duty of he general gov
ernment operate with the States, by wise exer
else offs constitutional powers, and the enforce
meat of its existing laws. The extent 20 which
it may do 80 by further enactments, have already
adverted to, and the wisdom of Congress may
yet enlarge them. But above all, it is incumbent
upon us tn hold correct principles OF morality and
law, constantly executing our own contracts IN
accordance with the provsio 3 ofthe Constitution,
aud thus serving rs rallying point by which our
whole country may he brought back to that safe
aud honored standard.
Our people will not be long nsensihe to the
extent of The burdens cnailed upon them by the
false system tint has been operating their SAN
gulne, energetic, and industrious character; nor
to the means necessary to eXtricate themselves |
from these emlarasnents. The weight which
presses upon large portion of the people and
States is an enormous debt, foreign aud domes-
tic. The foreign debt Of our States, corporations,
and men OF business, can scarcely be less than
two hundred millions OF dollars requiring more
than ten millions of dollars year to pay the
interest This sum has not been PAID out OF me
exports OF the country, and must OF Necessity
off exports to that extent, plunge the couil-
try more deeply in debt from year 10 year 1t is
easy to the increase OF this foreign debt must
augment the nnual demand on the exports 10
pay the interest, and to the same extent diminish
the imports; and in proportion TO the enlarge
ment Of the foreign debt, and the consequent
increase Of interest, must he the decrease Of the
import trade.
In lieu ofthe comforts which it now brings us,
we might have our gigantic banking institutions,
and splendid but III many instances, proitless
railroads and canals. absorbng,to u great extent,
in interest upon the capital borrowed to construct
them, the surplus fruits of national industry for
years to come, and securing poserty no ade-
qinte return from comforts which laborS oil their
hands might have secured. 1t is not by the in
Of this debt that relief is to he sought, but
in is dlminuton, Upon this point, there is, am
happy TO say, hope before us; not so much in
the return OF confidence abroad, which will ena-
BILE the States to borrow more money, us in
change of public feeling at home, which prompts
our people TO pause in their career and think of
the means by which debts are to he paid, before
they are contracted
III we would escape embarrassment, public and
private, we must cease to run in debt, except for
objects oil necessity ,or such will yield certain
return Let the faith of the States, corporations
and individuals, pledged, be kept with most pune
tiious regard 1t is due to our national character,
MS well as to Justice, that this should on the pal
of each be fixed principle of conduct. But it be-
hOves us all to be more chary in pledgng 1t
hereafter by ceasing to run ia debt, and apply
ing tho surplus of our crops and incomes TO the
discharge OF existing obligations buying less and
selling more, and managing all affairs, public
and private, with strict economy and trugality
we MIR ,ntr -
rary Depression arising not from natural aud
| permanent causes but from those | have emu
merated, and advance with renewed vgor in
| her career of prosperity.
Fortunately for us, at this TN )nent, when the
balance of trade is greatly against us, and the
difficulty of meeting it enhanced by the disturbed
state Of our money affairs, the bountes of Provi-
dence have come to relieve us from the conse-
quence of past errors. faithful application of the
immense results of labours of the Inst sea son
| will afford partial relief for the present. and per.
| severance in the same conrse will, in due season,
accomplish the rest. We have had full expert
rnce, in times past, OF the extraordinary result
which in this respect, can be brought about
| IL / short period, by the united and well directed
| 81 rs of n community like ours. Our surplus
| prVs, the energy and industry of our population,
| AMI The wonderful advantages which Providence
| has bestowed upon our country, in its climate,
| in various productions, indispensable to other ma
lions, will in due time afford abundant means 10
|
the States have been plungng themselves OF
| late in embarrassment and debt, without imposing
on ourselves or our children such fearful burdens
But let it be indelby engraven minds
that relief is not to he found in expedients. In
debtedness cannot be lessened by borrowing more
money, or by changing the form of debt The
balance of trade is not to be turned in favour
10y creating new demands upon us abroad. Our
currency cannot he improved by the creation OF
new banks, or more issues from those that Exist
| Although these devices sometimes appear 10 give
Temporary relief, they almost invariably aggravale
the evil in the end. IL is only b. retrenchmen,
aud reform, by curlailing public and private ex.
pendturcs. by p wing our debts, and Ivy reforming
our banking system, that we are expect efftctu
nj relief, security for the future, and enduring
| prosperity. la shaping the inst tulons or policy
of The General Government so as TO promote as
far rs it can with It's limited powers these inpor-
TAM ends you may rely on my most cordial co
operation
That there should have have been, in the pro-
| gress OF recent events, doubts in many quarters
and in some n heated opposition to every change
cannot surprise us. Doubts are properly atlen
dant on all reform and it is peculiarly the nature
OF such abuses we are now encOuntering, Il
seek TO perpeuate their power by means of in
luence they have been permitted to acquire. |
IS their result If not their object, TO gain for the
few an ascendency over The many, by securing tt
them monopoly of currency the me um through
which most ofthe wants of mankind are supple,
TO produce throughout china of dependenc,
which leads all classes TO look 10 privileged associ
atoms for the means OF speculation and exrava
gance to noursh in preference TO the mani,
virtues that gave dignity TO human nature II era
wing desire for luxurious enjoyment aud suddel
wealth, which renders those who seek Them de
penden on those who supply them--lo substitute
for Republican simplicity and economical habit
asi"kly appetite for effemnate indulgence, and ii
: imitation of that reckless extravaganza which i'm
pove ished and enslaved the industrious people u
foreign lands; and at last fix upon us, instea
!, OF those equal political rights an acquisition O
which alike the object and supposed rewar