Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-01-03


all public Transactions, were II not fu an
apprehension that surplus in the tre,sn.
~ mich, Withdraw n large portion # it
from circulation, and lock II up nnpro'ia-
hlv in the pubic vaults. u would pot, NJ
my opinion, be d niculr ioprrVcnt such an
Inconvenience from occurring bit the
authentic statements which have nitcndy
submitted 10 You N regard TO ,he aclua
amount in the treasury at any one 'm'
dnr,nr The period embraced IN them, ant
the little probability Of different state o
the Treasury for at least some years 'o
come, seem TO render 1t unnecessary Il
dwell upon il. Congress moreover, rs
have before observed, will in every yen
have an opportunity TO guard against "
should the occurrence Of any Circumstance
lead US tn npprchend lnjnry from this
source. Viewing the subject IN all ~ as
poets, cannot believe that any period
viii be more suspicious than the present
for The adoption Of all measures necessary
10 MAINTAIN the sanc'l'y of our own en-
gagcmen,s. and TO aid IN securing to the
community that abundant su2py OF the
precious metals which adds so much to
their prosperity, and gives such increased
stability to all their dealings.
In country so commercial as ,urq,
banks in some form will probably always
exist but this serves only to render The
more incumbent on US, wlhs.0rdng
the discnuracenents Of the past, ~ erive
in our respective stations to mitigate the
evils they produce: TO take from 'hAn ts
rapidly as the obligations Of public biih
and careful con- lderatlon Of the lmmtdl
ate interests Of the community vii permit
the unjust character Of monopolIes TO
check so far as may be practicable BY pm
dent legislation. those temptations Of II
terest and those opportunities for 'hir
dangerous indulgence which beset them n
every side, and TO confine them strictly o
the performance Of their paramount duy.
tia, OF aiding The operations Of commerce.
rather than consulting their own excnsi Q
! advantage. These md any other salu'ay
reforms NAV. It Is believed, be accomphs.
ed without The vlnla'lOn uf any OF the gret
principles Of ~ocla compact, The OBJ servane
Of which Is indispensable to lis ex's'cnc,
or interfering in any way with The use'd
and profitable employment Of rea capita.
Institutions so framed have existed ami
still exist elscw here, giving 20 ccmmerc,d
intercourse all necessary facilities. wlhou
INITIATING or deprec,ating the currency u
stimulating speculation. Thus accomplish
ing their legitimate ends, they have game.
the surest guarantee tor their pro; c'Ior
and encouragement in the GOOD Will of h,
community. Among people so Just a
ours, the same results cou'd rot fail to at
END a Similar course. The direct suparvis
ION of the banks, belongs, from the na,nr,
OF our government, TO the states who an
thorpe them. 1t is to their legislature.
that tho people must many look for actor
on that subject. But as the conduct o
the Federal government in the manage
menl Of It's revenue has also a powerful
though less immediate influence upon H. m
1t becomes our duty to see that proper
direction IS gwen to IT, While the keep
ing OF The public revenue in a separate and
,udcr-rdc"t ~ n-"-y. nod ,he o.Ilcc,.~ =
OF II IN gold and silver. will have n "a lu,a
~ Influence on the system of paper c,cdu
with which oil banks are counpcrcd and
thus ard those that are sound and well
managed. it will at the same time sen,,b y
check those which are otherwise, b. n,
once withholding the means Of exttavl.
gancc afforded bv The public funds. and
restraining them from excessive issues u
notes which they would b. cons uni'v cal
led upon to redeem.
am aware that It has been urged tha
his control may h" bos' attained and ry,
erred by means of a National Bark. Tn,
constitutional objections wh'ch am WEI
known to entertain. would proven, M il
any event from proposing or asserting II
that remedy; but IN addition 10 this, can
not, after pas, experience. b'lnr mv.ef tC
think that It can any longer b. extensively
regarded as eff crrvc for such a pu,po,r.
rne history IT The late Naional Bonk rh,o
II lis mutations shows that It was not 50.
IN the contrary. It may. after a careful
consideration Of the subject, be. think
s,'cly stated that nj every period Of Ban
king excess II '"rk he lend. that IN 1917
AID 1916, IN 1873 N 1881. and IN 1884
usvast expansions, followed by distressing
| co,'rnc'ions. led 10 those of the Safe ~.
s'nions, 1t sWcIeG and maddcned the
lids of The banking system. but seldom
a|la'ed or safely directed them. Alta few
pernds only was salu'ary control cx'r
ci>e,, but an eager desire, on the contrary
exhibited for profit in the frs places and
! IT, atrr wards, IT'S measures were severe TO.
wards other nslltu'lons, it YVES because rs
own slie,v compelled It to adop' them. Il
dld-no differ from them ir principle or IN
form; Ms measures emanatod from the
same s,rr Of gam It felt he same temp
tatron . over-r.,ues it suffered from, and
was tony unable to avert th,se inevtsbIe
laws ot''ade by which it was fself effected
equa lyw NH them: and at leal on one &C.
CASTOR, atan early day. it was saved only
by extraordinary eXerlions from the same
fate that il,en'ed The weakest institution
it proessed to supervise. lnl837 It faded
equally with others, 10 redeeulng rs notes.
'hcngh The two years allowed by lis char
tei for lho purpose hsd not expired, a large
amount oi which rema,ns to the presen,
tine outstanding,