Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-10-09

OF Eflgdnu-anu we are COmpetent II we VIII 20 10
the work with sound judgement and honesty Of pur-
pose, to constitute an institution Of some sort say
not what capabe Of exercising more certainly benc-
ical seton on the currency, than tho Bank oil Eng
land.
do not mean to say there is only one mode, or
only two modes. of accom- lishing this object. do
not say that the bank is the only mode hut do say
that is indispensable that the currency or portion
oft be nationalzed and this hold to be essential to
render proper for tho great business Of exchange
| and circulation.
But shall be asked, perhaps what is to restrain
national institution from creating excess 1-who keep
watch over the scntinelsl The last twenty years
have been fruitful in rich results OF experience both
here and in England. The world has learned much
from them There are modes in my opinion, Of res
training a national currency, however issued from
running TO excess The first of thcis entire publicity
as to the amount. This is more important than may
at first seem. There should be daily weekly state
mcnts of the issues so that when prices rise fall
tho merchant may at once by referring to the state
ments, perceive whether il the natural result of sup
ply and demand or the consequence Of contraction
| expansion of the circulation Such publicity is bcnc-
fetal in thousand ways as it subjects the institution
TO the supervision and control of public opinion which
thus acts upon the power that in turn is to act upon
all the rest If this Government shall be brought
TO consider the adoption Of such institution again,
it should be rather bank of issues than Of discount
and oncylnakng and to the end that its managers
should have no temptation of interest to issue to e1
cess all the earnings stipulated amount should
be paid into the public Treasury.
| 1t has seemed to me that tho Bank of England
adopts in difficult circumstances, an rule Of
Judging of its position Ii looks mainly to its discount
line which, a mere lender OF money, is we'll cnough
but as issuing currency, is falls, mode ofludging
The true object of enquiry and soicude, should be
what proportion the outstanding paper bears to the
nlying specie. I he bank may be perfectly solvent
nay rci-lrom its large amount Of bills receivable,
Of which payment is anticipated but this does not
prove that the bullion in the vaults in just proper
ton with the issue afloat. There are undoubtedly
difficulties in the way of absolutely limiting these is
| m he dn for ia If tho
advantages OF large institution in credit, and whose
paper is not likely to he suddenly returned upon it
from nomcntary causes, that in times Of cmbarrass
ment, It can, by liberal issues materially aid the
munty--yet some limit, some general range within
which the institution should BE- confined seems ndis
pcnsablc. have not said, and do not to say
that ono or other Of these modes of accomplishing the
object in view is Indispensable nevertheless re-
call TO you that President jackson, in his Message in
1892 did say if he had been applied to, no could have
furnished the plan of bank that would be free from
all the constitutional objections urged against the
Bank of the United States and therefore say il is
practicable If we of this generation are competent to
accomplish what Gen. Jackson said he could do to
devise bank tina, shall be free from the Constitutional
objections
Having thus stated what understand to be the
principles established by the Constitution, and sane
toned by experience, all can say now is that if
this Administration will no, not adopt one of
these neasnres,-wll do nothin, TO establish cur
rcncy or give the impress Of the United States to
paper circulation, no uniformly valuable currency
can be obtained. Mr.. Van Buren, declares Congress
has no power in premises, and he refuses 10 recon-
mend any measures having such tendency, because
the Constitution Glves him no power 1t is difficult
not TO express astonishmcnt al what the pre-
sumption of such declaration From the very foun-
datlon and cradle Of the Republic those who framed
the Constitution thOso who recommended to the pcO-
pie and those who were esrly called to administer its
functions for 40 years, adopted system which has
been since steadily followed up sanctioned bv the
Supreme Court approved by the People and now,
at tins time Of day. gentleman stands up and dsre-
gardng all the national Legislative judicial and popu-
lar sanctions says am wiser than all these and |
say there 10 no such power in Congress He says
the People decided against IT, When did they 80 de.
eide HE says General Jackson decided against it,
and went into reelection on that ground and being
reelected, that the people sanctioned his decision.
But General Jackson himself said that although
against the Bank Of the United States he could devise
Bank of the United States that would not be objec-
nonahe and i would be quite as sound argument to
he was in favor of Bank of the United States as be.
cause he against the Bank of the United States
But, in TRUTH General Jackson was re-Slect-d, no,
because OF his opposition to the Bank, but, nowith-
standing that opposition; he had built up party
which his strong arm had caused to bow down, and he
might have DESTROYED many more things as useful as
the Bank and still have been reelected.
Mr.. Van Buren, thinks he was elected because of his
opposition TO the Bank enter not into the cause of
election though am inclined to the belief that if any
one ever came in power of viii and Testament.
this gentleman did 50. Bat il it pretended that it
WOu ne lar inference from the reecctIOn of Gen
eral Jackson or tho election of Mr. Van Buren, that
the nation deci led against the practice Of Washington
and Madison, and experience OF half century,
II authority can determine we have that OF
boih these great namcs-but YOU get none Of
thosc who sustain the new doctrine to answer to the
authorities furnished from the message of President
Nladson-lh ongh you should quote them from sun
rise TO sunset in the longest day of the year have
IN my place IN the Senate referred and quoted pas
sages from these messages but answer, there was
none.
When the Bank was killed. or permitted to expire
without hope of rcsusci,aon, the Administration vr-
tuny subjected the whole business of the country to
the rack. lt- commerce, shipping, fisheries, manu-
acturng and mechanic arts, all put to the stretch
ana torture OF experiment.; they practlccd on it
tried curious and Ingenious devices on ita, if such
interests, instead of being faithfully cherished and
guarded, were only to be used objects of spcculn-
lalivc Investigation But Gen Jackson said he could
make better currency by aid of the State Banks.
Some OF us there were who maintained that this was
not possible that these institutions not adapted
to national purposes, and that however well managed
ana however multiplied, they would be, after all on
~ small arms and not artillery. In 1887 the system
exploded The Administration did not expect it, and
did not then look 10 a Slb-Treasury any more than
they now look to an eclipse-though Of political
eclipse, they have probably some mlsgivngs, They
explosion came. What then Within a few DAYS.
near this spot the abcst defender and champion Of the
party, Mr. Wright, asked what could You expect Mr..
Van Bure1 20 do? He could not 20 back TO the Uni
ted States Bank which he had rejected nor to the De-
posite Banks he recommended, and which had failed.
What then could he do but recommend the Sub Trca-
sury The dilemma could only be escaped BY de-
parting from the settled and successful policy OF 40
years He took back quick enough the opinions he
had had expressed about the depositc bank system
as good, hut ne took not back his opinions respecting
the Bank of the United States; and therefore tn, Sub
Treasury was rcsorted to-a measure that avowedly
wlthdraws the protection from the currency of the
/ country. Moreover, ia the first Sub -Trcaslsy bill
there WAS no specie clause inserted but finding that
II was likely to fail for want of votes and it appearing
that several gentlemen who had been vchcmcntly OPP
posed TO General Jackson, with Mr. Calhoun at their
head, would not support it unless the sp-ic clause
nroduced-t was introduced, and in this form the
bill was carried and then raised the shout
OF hard money hard money; and thus again
was the Adm nistraon driven into II measure it never
I contemplated, Thus they went on punpng from one
d'sFraccul nnd disastrous experiment into another
the country aiwsys the victim.
hsproper enough, and great evidence Of sclf-con.
Placenry TO say, that some of never lie, a month
: pass without rceratng that the deposte bank system
must iail and how were answered. We were
y held up as the enemies Of the G banks anti STATE
nights and az aiming Mt great Federal Institution
TO ride over and control the State institutions What
M AZ 'ha .l.l.