Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-03

mlsmanagefnent and again by the conduct
OF every institution which connects them
with the centre oftrade IN our own country.
they are yet subjected, beyond all this, to eff
feet OF whatever measures policy, necessity
or caprice, may induce those who cout.o
the credits Of England to resort to. lmean
not TO comment upon these measures pres
ent or past, and much less 10 discourage
the prosecution Of fair commercial dealing
between the two countries, based on recipro-
cal benefits; but it having now been made
manifest that the power OF inlicting these
and similar injuries, is, by the resistless law
Oh credit currency and credit trade, equal
~ capable OF extending their consequences
through all the notifications Of our banking
system. and by that means indirectly OBJ
tanning, particularly when our banks are
used as repositories Of the public moneys
dangerous political influence in the Uni
ted States, have deemed il my duty TO bring
the subject TO your notice, and ask for It
your serious consideration
Is an argument required beyond the ex.
position of these facts. to show the inpropr.
ETY. Of using our banking institutions as de.
positories OF the public money2 Can we
venture not only to encounter the risk of
their individual and mutual msmana cement
but at the same time, TO place our foreign
and domestic policy entirely under the con
troll ola foreign moneyed interest ? To do
SO is to impair the independence of our Gov.
eminent, as the present credit system has al.
ready imparedthe independence Of our banks
II is TO submit all its important opera,rons
whether OF peace or war; TO be controlled or
thwarted at first by our own banks and then
by power abroad greater than themselves
canno: bring myself TO depict the humilia.
ton to which this Government and people
might be sooner or later reduced if the
means for the defending their rights are to
be imade dependent upon those who may
have the most powerful motives 10 impair
them.
Nor is i only in reference to the effect OF
this state of things in the independence OF
our Government OF OF our banks, that the
subject presents itself for considerations i, is
TO be viewed also in its relations 10 the
general trade Of our country. The time is
not long past when deficiency Of foreign
crops was thought to afford profitable mar
ket Tor the surplus of our industry but now
we wait with feverish anxiety the news of
the English harvest. not so much from mo-
tives ofcommendable sympathy, but fearful
lest its anticipated failure should narrow the
field Of credit there. Does not this speak
volumes to the patriot2 Can system be
bene6cent, wise. or just, which creates great
cr anxiety for interests dependent on foreign
credit than for the general prosperity OF our
own country, and the profitable expectation
ofthe surplus produce Of our labor
The circumstances 10 which have thus
adverted, appear TO me to afford weighiy
reasons, developed BY late events, TO be ad.
ded TO those which have on former occa-
sions offered, when submitting to your better
knowledge and discernment the proprety of
separating the custody Of The public money
from banking institutions Nor has any
thing occurred to lessen, in my opinion, the
force Of what has been heretofore urged
The only ground on which that custody eau
be desired by the banks. is the profitable
use which they make Of the money. Such
use would be regarded in individuals as a
breach Of trust. or a crime'of grent ma gnilude
and yet it may be reasonably doubted wheth-
er, first and last il is not attended with more
mischievous consequences. when permitted
10 the former than to the latter. The prac-
.tice Of permitting the public money TO be used
BY its keepers as here. il is believed TO be Pc
culiar TO this country, and to exist scarcely
any where else. To procure it here. improp-
er influences are appealed to unwise connec-
tions are established between the Govern.
inent and vast numbers Of powerful State in
slitutions; other motives than the public good
are brought to bear both on the Executive
and Legislative departments. and selfish com
bina,ions, leading to special legislation. are
formed |, is made the interest of banking
institutions and their stockholders through
ont the Union. 10 use their exerlions for the
increase of taxation, and the accumulation
OF surplus revenue; and. while an excess
is afforded. The means are furnished for those
excessive issues which lead to extravagant
trading and speculation. aud are the forerun-
ners of a vast debt abroad, and suspension
OF the banks at home
Impressed. therefore, as am, with the
propriety of the funds ofthe Government be-
ing Withdrawn from the private use OF either
banks or individuals, and the public money
kept by duly appointed public agents ;and be-
lieving, us | do, that such also is the Judge
ment which discussion. reflection and expe-
rience have produced on the public mind. /
leave the subject with you. II is. at all events
essential TO the interests ofthe community
and the business OF the Government, that a
decision should be made. iHifi
Most of the arguments that dissuade US
from employing banks. in the custody and
disbursement of the DubIic money. aDpv with