Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-12-21

~nicn nau AIDED the great interests OF this coun
try to enter honorably the list of competition, in
all necessary and valuable works ofimprovement,
with those of the old world. At the first moment
OF difficulty, they are condemned as unworthy oil
public confidence, and even dangerous TO liberty !
Again, in December, 1887 SO, this Sub Treasury
is pressed on the consideration of Congress, as
the grand panacea of all our woes
! Congress was composed oil majority of his
friends, and it is quite immaterial whethee they
considered his project incompetent for the crisis
defective in principe,or nerveless in expediency-l
it was rejected
The President now seemed to take the matter
seriously to heart. rThe only measure he had
concocted, by the aid of the Secretary of the
Treasury must not be treated So lightly. HIS
forces are marshalled anew-the untaithiul dis
charge. and more supple tools put in their pla.
ces Ley open their battery upon the dead
bank. The dying and living banks they repre-
sented the hydra-headed monster, against
which the former President had TO exert his Her
culean strength to keep in check. Corporations
of all kinds were declared dangerous to lberty,
to the poor, and TO the democracy. Congress
convenes, and the President draws a strong and
vivid picture of the disresses of the country, and
again recommends the locking up of the public
money in safes and vaults, the means Of relief
This doubtless was pro torma as he bad no mon
ey in the Treasury to he locked up, The fact
that he has had 10 ISSUE from time 10 time, Treas
ury notes, shews how preposterous it is 10 expect
relief at present. at least, from o scheme on which
the government is destitute of the materials to
operate.
To make this Sub Treasury scheme II law, the
State of New jersey has been Observation-Disclosures
legal aud official atestations trampled under foot,
her sovereignty vioated-her rights disregarded
and nsulted by the friends of The present admin
istration, in the House oil Representatives, by re.
fiising in their body TO persons regularly com
missoned under her authority, and clothed with
all TIE attributes OF her sovereignty. by this act
every Safe in the Union has received blow
which should not be disregarded
What good can result from the withdrawal oil
all governmental connectlon-al its fiscal opera =
tons from the Banks, and leaving the States to
regulate the currency among themselves as they
best may? Ii is like separating the head from the
body, and expecting their joint functions 10 be
continued. The President says that the Banks
form chain of dependence from one end of our
country 10 the other, and that it reaches across
the ocean and ends in London, the centre of the
credit systems" and with this chain OF depend
ence of mighty magnitude, he will have nothing
10 do, but leave us TO the tender mercies OF the
English TO regulate our currency and credit, per
fectly Indifferent TO our fate, so that the govern.
;nent and its officers get their dues in gold and
silver.
The President certainly looks TO total destruc
ton of all Banks ween he says, Ii is moreover @
principle, Than which none is heter settled by eX
perence, that the supply of the precious metal;
will always be found adequate 10 the uses ol
which they are required. They abound in coun
tries where no other currency is allowed" Like
the tabled appearance of men in Rhoderick Dhu
is only necessary 10 tcH and we shall have
plenty of specie, which seems TO he so dear to hi
feelings He overlooks forgets entirely, th'
sacrifices 10 which we must submit 10 obtain II II
competition with those countries where il is nov
held Ii will he first necessary to make the bal
ance of trade preponderate in our favor in orde
10 effect this, (ihe aid OF Bank credit and our hith
erto liberal and enlightened policy having beef
dispensed with.) We must submit to the Euro
pean and Asialic prices of labor their rigid econ
omy, their grinding slavish habits of toll, beor
we can successfully compete with them in trade
Agriculture and manufactures, or produce bal
ance in our favor 10 be discharged in coin i
expect permanence Of the precious metals iron
forced and unnatural importation, would b
about as rational as TO attempt suspension OF tn
+ laws Of grayitaiion.
The President says, "in a country as CONNER
cal as ours, banks in some form will probably al
/, ways exist and thinks the sub treasury will de
prive them of the character of monopolies, an
, be salutary regulator 10 keep them in check
In this expectation of the continuance OF BANK
he may be sincere but the recent destruction {
= these institutions in the District of Columba,shew
= very conclusively the wish and intention OF D
Q party. The collection OF gold and silver IN Il
IS dues of the United States may have some INIT
o ence on the banks in the large cities, where lare
d disbursements are made and where the balanC
of trade concentrates they will no doubt be lea