Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-03-13

JANUARY as, 1910.

Mr. Davis s rise Mr. President with grea, reluctance this late
hour address the Senate fgucd with unusually long
and exhausted by the debate; but, painful is
indulgence while make brief the doctrines which
been for the first tme published here and through
that leave doubt their being the doctrines of the Admins
on They involve and have drawn this debate great aud mo-
considerations affecting the cherished interests of the
pie represents well of nearly the whole With the ex-
cepon of few incidental remarks made by me day or two ago. no
North East has addressed during this discussion;
d
ed personally position incapable of ref
utaton irresistible Of duynsy cannot
concie myself to forbear from making reply
The Senator from Mississippi Nir wk with his usual acknow
edged ability and the distinguished Senator from Pennsylvania Mr. Bu-
following his have advanced the propositions that the
distress which the been gevousy
afflicted for several and which paaye all its eneres
mpuae the pecus influence Of bank papers that this bill
contains the corrective, will check the mpoaons of for
gn goods suppress what they call the credit and by restoring
specie reduce the Of the aboe the value OF
property. u44es
This the character given the by its ends and, alarm
ing the doctrines gfed that they frankly svowed
anticipated considerable by the Senator from
Mississippi (Mr Hendeon) In what have shall however
con6ne myself chiefly the Of the Senator from Pennsylvania,
who has gone detail no the subject for all acknowledge his
ability this floor and his capacity 10 ample justice to the subjects
which he discusses.
do propose follow him through large portion of his
elaborate that Executive has Of late been shun
instead sought aer present and the old Bank of the
United States IDENTICAL and both national banks Enough been
points, has, however,
ed all the which have before used the SubTas
because the has proved them unsound Not
far from With Others entered into that debate which before the
be proess task them here and this is the why
they passed in the discussion
But viii dwell upon these that
hand The Senator labor under distressing embaasens,
and do will have the hadhood for all the
try in hears testimony We have,
CLEAN Of light obscue
roudd gloomy uncertainty He further that the the
excessive issue of bank speculation, and boaed q his
wods) credit He lodges the guilt the backs of the banks
alone neither just fair hold them alone responsible, and
will make manifest by showing that they duced into
by the Administration.
Before the (Jackson) the public money and took
il into his custody in 1885, complaint
ncy; all the people know this for ALL the President himself
OF his messages united in declaring in substance sound
equal to that Of nation earth There complaint
from this business
contentmcnt and satisfaction About
mistake, win here attempt refuie
But from that Of the President which
reform the this day. there
been pleased call xpansion contraction rapid
fearful succession; crisis crisis pressure panic upon
panic have succeeded till we have reached suspicion and alarm
that has dcnged and almost suspended fury
has swept over the country and uproong the ast and
hes trees ana leaving its track adea desoate waste It's marks
are too deeply distinct well Defined thing
uncertan-any thing equvoca fell upon with such whitening
erey as toleave doubt when, began.
Gentlemen their ingenuity they venions
discover other dehy beabo up
Sna @ hsv e banks as change the
body knows it, till 1888 Then reform BY the removal
of the depostesad then began rapid expanson con-
traction and exoson-hen followed crisis
exchanges and the which have
whemcd the countyhn hundred banks which
The Senator speaks though he has probably number beyond
historical 8fft gsfltt - NIX
The Senator admits, what denied Administration
proposed and carried into effect the State bank dpos system
W pace ana o them that staie banks taken favor ed
and boastngy held arinp better and safer
currency Into them the sums they
were directed to loan feey il by the President
uon OF The people, AID his pride and pleasure
nh the public money thus employed being up;
astng commentary the plan Of vaults Safes
President. 49,, = -
The this was the policy Of the
ana that the disastrous predicted BY the Opposition
been verified He might have fute equally
nabe that this policy sowed the seed
whole number Of of more
man one hall OF the caa that the parent paper
SION contraction and expsion Of which he has spoken
]ust seyefty hatt alike the of boated
winch ne am has made all gamblers; that the speculation
which ragged over the theme for defamation
and denunciaton these ha for three years past bgoen BY H.
such are the facts and the policy lei The response
onIy rest We had 'expansons exposons
long PERIOD thai did not fairly belong 10 The vibrations
excited alarm seriously disturbed public confidence ill
TINS reforming pocyi bur since then the public mind has