Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-04-27
VOL. 80, NO. 32-wHoLE NO. 1749.

that paper pny his debts purchase such proper
~ ms he might wish This practice is Mt This mo
rnent in operation. For every hundred dollars
pnld me us II member Of Congress, can receive
one hundred aud eight or nine dollars in bank
notes, aud with them pay the landlord who leeds
or the tailor who clothes me.
Itappeared TO me, If we commence this entire
operation which your Resolution cOntenpates
aud go into this thorough hard money system, we
shall presently, in Tennessee, especially he in
deplorabe condition. Look Mt its effects: all
debts and taxes are 10 be paid to the federal gov
eminent in hard money, or in bank notes, for
which the specie will he Immediately received,
ana the specie thus received is TO he locked up Sc
cretly until it is paid out in discharge of some
debt due by the government Suppose our first
years taxes paid, in all the States amounting TO
some twenty-f five or thirty millions oil dollars
That is only to be returned into circulation when
the federal government pays the debts which 1t
owes. What chance will Tennessee have to re-
ceive, by federal disbursement, any portion of
what she may have paid /? We have no FORTS no
foundries, no nrsenals, no fortlfcations no army,
no navy, navy yards or dry docks. In short, we
have next to no objects upon which the federal
government expends money, therefore mono of it
would he returned us We must pay up our full
proportion Of all Indirect taxes III hard money,
with certainty that little or none of it would be
returned to us by federal expenditures, and in the
course of very few years we must I've drained OF
every hard dollar we now have
There is another class OF objections against this
measure entitled, and think, to still more grave
consideration.
The addition it will make to the powers of the
| federal executive. Every officer with which the
money is TO deposited, or left for safe keeping,
will he appointed by the Presidant and remoUobie
1T his pleasure. We might ps well give it 10 the
| President himself ms entrust it to those whom he
can and will control.
This plan will multiply officers AMI increase
considerably our expenses at It's commencement,
and in the end no man can ioresee the savarnls OF
dependents it may generate. aud the additions 1t
may occasion to our expenditures OF the public
money.
BY the Use of the patronage already belonging
to that officer, we all know and feel that large
portion of the power vested in the legislative de
partment exists only IN name; il is IN substance
vested in, aud expressed by, the President as he
wills shall we, then, give him controlling pow
er over all the pecunlary resources OF the federal
government For one cannot consent 10 it.
Lastly this Sub Treasury is nothing bur step
ping stone to II bank created by the federal gov
eminent, hottoined OH its own funds, attached to
the Treasury Department, and all placed ut The
control of the President, or OF those who Will new
er have any will which does not correspond with
his
1t appears to me, no reasonable man can think
if we commence this system, we are TO stop shor
o such bank.
Let one year only pass with all your revenue
in specie, and Tint locked ny, your Stain Banks
aud PAPER currency derunged, and what then
Those who inay wish TO carry out this system vii
then recur TO tie sound doctrine advanced by The
late President Jackson, d" that he money OF the
country ought not to I've KEEP locked up by the
government, my more ihaa the arms belonging tt
the cilizens-boh viii he sure TO he misused,
Aud it will be urged that society in suffering for
sound circulating Medium: we pass law author
izing ths money to I've loaned, the interest vii
ease us OF the payment of much taxes, and by cir
culuting Treasury notes or drafts drawn by one o
these Treasures upon another we will have ;
sound paper currency, good every where and bot
iou,ad on metallic basis This doctrine will be
come the democratic doctrine, and every man wh'
opposes it, will be denounced ms IA bank houeh
federalisi, the law will pass and in due form W.
shall have The Treasury Bank; and what then ?
THE purse and the Sioord ioW be united, and
power to increase The purse, ms need may require
not by adding eagles and hard dollars to our funds
bnt by issues Of pnper, in such sums as may b.
deemed necessary and proper. This bank witt
its pecuniary means, and the credit and resource
it will possess ran either destroy render subser
Went TO the views ofthe Executive any State Bank
which may be in existence. The whole moneye
power net only of the federal government but G
all State Banks, being thus placed in The hands c
The President. he will be able 10 control the DIES
tnes Of the country.
Ills Utt UecoUltS tHC INV VI tHt itIu. lie WI
never again have to appeal TO The sober secon
thought ofhe people" 10 carry any iavorte meas
ure His first recommendation will always secur
its speedy enactment INFO n law
In the views which take Of this subject | ma
he in error but they are sincerely entertained
In the first instance placed my vote against il
under the hrliefthat such were The sentiments @
the people ] represented. Afterwards, was in
srncicd by The Legislature 10 continue my oppo
son. did so, from conviction that | was rigl
and nothing would give Inc more pleasure than 1
conform my vote 10 yonr wishes, il the measur
were an ordinary one, or if beievcd the error O
sanclioning it could be corrected; but, believing
as do, that the power once granted TO the Exec
tive can never he recalled, and that IT'S exercs
will take from the people that freedom although
and of action which alone entities our government
to he considered Free, most respectfully, hut de
cidedIy, safe, that cannot and wii not obey N
instruction contained in your second resolution.
To be coniinued)