Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-10-21
VOL. XIII. NO.

sohau6 utsA SPSeI0uS 1lOLi1oCo VI lltefeS
ed and designing men. aud by the ann,
rent prosperity and success with wbir.g
most kinds of business were then purs"
ed, were led, for season, to give thss
their support The people, however, N.
now engaged in fearful strife to remm'
from the administration of the federal o.,
eminent those, who, in the discharge
their official trusts, they believe, bas
wantonly disregarded the best Interests.
their constituents. As the struggle m
crosses, the final result appears lesssg
less doubtful. The recent elections II
cate. with certainty almost unerri
that the great mass of our populatis
whose only interest in government is,
have it wisely and frugally administers
are becoming convinced of the ruines
tendency of some ofthe leading measure
fine administration. This result is ii
more to be priced, afording, as il doe
indubitabie evidence of that honesty 6
purpose and purity Of intention, whci
have ever characterized the great body
the American people. It can hardly b.
otherwise, while the interest of the grea
majority of each of the political partie.
into which the country is at present divii.
ed, is the same, the greatest good of tbs
greatest plumber. 1t furnishes a Sun
guarantee for the durability Of our inst
tutions, and a serious admonition 10 OBJ
rulers, that they viii always receive r.
buke at the hands of the people, whene,
er they make the success efpartizan me-,
ures an object paramount TO the genen
good.
The subject Of the currency will, douk
less, claim share OF your attention. Tn 5
hostility to banks and paper mediun
for the transaction of the business Of ID
country, has been carried on in an unrs
lenting, and in some instances, vindictir
spirit. While some openly assail, an
would al once abolish them, thereby con
peIIing resort to an exclusive specie Gu
rency, others, with pretended convic0c
Of their utility and necessity, eovertIys
temp. their destruction, by advocatl
measures and principles, which, if 81
tanned and adopted, would, ultimately,
feet their ruin, by taking from them
their ability for usefulness. Among olb
charges, it has been said, that the opa
tons of banks have Induced high pru
Has the farmer, the artizan, OF the NE
chant. suffered in consequence HI:
prices and ready sale are great -encoa
agements TO individual industry and ent
prise. It is alledged, that they have OF
en- fictitious value to properly. b.
so; under this state of things, and dura
their existence, immense indebtedness
liabilities have been incurred, in the pD
chase of property. in investments in rns
ufacturing establishments and nacbiner
and in permanent and valuable imurop
ments in the condition of the country
Would il be just, or humane, OF heoon
bic, for the same government, which az
thorlzed the establishment of banks. al
| gave them power TO exert this inaueac
over the business Of the community, l.
encouraging liberal discounts in id
these enterprises, at once 10 annihs
these institutions, or, what is eeuivaltE
to discredit their issues, and thus brn
the property of the country to what
claimed to be lis real specific value /,
While thus unsettling the vahte of pre-
erty, and the relative condition Of
whole population, il must be remember
that Indebtedness cannot be reduced, b.
on the contrary, il will be increased int
same ratio IN which the price OF proper
is reduced, and the means for payment
sened. The control of the whole prop
| ty OF the country would thus soon be ps
ed in the hands of capitalists and mon
lenders
! | would not be understood as being
advocate for an irresponsible OF unS
banking system. But, believing, as
do, that the facilities heretofore afob
by banks and the credit system. baa
emlnently contributed to foster and caG
forward the great Interests of our eouD.
] hold 1t to be cur duty, our imperalD
du y, as conservators of the public weIflr
10 sustain safe and efficient bankR
system. as the best, if not the only, meal
OF securing and promoting the pecuna,
prosperity OF our Constituents.
| have no hesitation in saving tb1
banks have been chartered with
great facility, and upon improper pria
pies, IN some sections of the Union p
maps, to some extent, in this State MG
OF the prejudice, now existing against ibe-
institutions, has arisen flom this fact. o
from their improper management. Wbs
banks have been established upon So
capital, in places whose bona tfde busiDe
transactions needed accommodations FRI
that capital, and where the stock has be-
properly distributed and owned BY CAP
tailsts seeking such investment of The
money, | have heard but IittIe or no Coz
plant. Indeed, it is believed, that, in d
most disastrous season of The last fol!
years, such banks, instead Of being lia
70 the censure so freely bestowed upon
bankS-of crinnlino "a ..; nm