The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-05-29

are the banks to the public! Can they get dol
lar out of lhem No, Why not Are they not
in an unprecedented condition for discounling .
Yes, no one will deny that What is the trouble
then? THE BANKS HAVE TAKEN THE PO-
LITICALFIELD-lhat is the trouble. The banks
in this state, control the currency Of the state.
They are the enemies of the laborng man-they
swinde him out of his honest dues. They control
the price of the poor mans labor. They reduce
his wages. They compel him to go to the ballot
box and vote as they tell him. Tliis is what they
have done, are doing this nOment-this very mo-
ment their cashiers, and directors, ard tell
ers and feed lawyers and bribed editors and mis-
cradle dependents are standing in the public hous-
es, in the streets, in the lanes and the byways, and
by the hedges, viy ing and abusing the Admins
traiion; calling upon the poor man to vote it down,
conjuring him by the want of that very employ
ment, of which they have deprived him, to aban-
don his principles, and support them. Two or
three years since when the terrible Adminis,l alton
was warning upon the banks, and they dare not
discount dollar, when the suffering farmers who
had breathcd them into existence could not COM
mand with the best names i'll the state, a single
cent, certain spectators took thousands and thou
sands of dollars out Of the Vermont banks aud en-
gagged in the flour speculation. What was the con-
sequence II was run up to twelve dollars bar
rel in Burlington, and the poor lahorer, who before
bought it for six and seven, was Oblighed TO pay a
price doubled Who and what caused this in
crease in the price of -four and the consequent SUI
fering of the laborng man? o, the Administration
and the awful Sub Treasury, of course Bur, as
the banks made the poor man pay double price for
his flour, of course, heing very humane beings,
and greatly disturbed, always for the cause of the
poor man-Of course they raised the price of his
| la thuv howl thf 4
made themselves rich and let him starve. They
had the currency of the State in their hands, they
made him pay them what they pleased for his bread
and they paid him what they pleased for his labor
All the past winter, when the Burlington, banks
could not discount to the people, certain few have
had the control Of all the money they wished =
The banks in the State as they are managed are
no benefit to the pcOple--they only benefit a few.
1t was just said that the banks have the control OF
the currency of the State. About one short year
since the banks in the state had in circulation moi
far from two millions of dollars now they prob
ably hive not one The Withdrawing from active
circulation in one short year of about Il million o.
dollars in the little state Of Vermont. can have nj
bad effect upon the business men-does not he'll
make money "iight" Oh no 1t is the Admin.
sitmtion that does all the mischief-Oh, yes
The banks the of there being 50 little specie II
the country. Hear mr. Webster in lelG'
"Why have we small amount of specie in circulation
Certainly the only reason because We dS not require
more. We have hut To ask it, presence and il will re
turn but we voluntarily blus II b. the great amount o
snail bank notes In most of the States, the banks ss
notes of low denominations down even to single donr
How is it possible, under such circumstances to retai
specie IN circulation All experience shows II to he impoS
sle The PAPER will take the paCe Of go,l and silver
The evil then is the ssnie of small notes by state banks
OF these notes, TINT IL to say Of notes under five dollars
the amount now in circulation is doubtless eight or TEL
millions oi dolars.' Can these NOTES he withdrawn
they their place will he Immediately supplied by spe
Gle circulation of equal amount The subject Is grcn
one it is connected with the satv aud stability of til
currency, and will justify serious reflection on the mean
accomplishing H. It's but for other States To fol
low the good example otosc which haze pr0pibed then
and the work sdone We must hope TINT all notes nnde
live dollars may he entirely withdrawn from circulation"
Is not this conclusive The people of Vernon
should understand this matter. Their forciathers
honest and wise, rcpuda,cd n paper currency n
being runous to their best interest. They were 70
gold and silver.
The greatest cmbarra ssment existed in this Stat
after the close of the Revolutionary War. TIL
pecunmry condition of the people was ten-fo.'
worse than it is now. Poverty and bankruptcy pei
vaded every portion Of the State. There wer
gatherings of the people, resolutions passed ex
pressiye of the sense of the community, and pc
tons preferred to the legislature, praying that DO
DIV to adopt some measures of relief ln 1856 III
General Assembly took into consideration the sub
iec of redress of grierdaces, rs set forth in tn
various petitions of the people, and adopted seve
distinct propositions, aud resolved that the sam
should be referred TO the ircemen Of the State
Among these different propositions was thu follow
ing, deemed the most important and which eicite
the greatest vote &c shat the LEGISLATURE author
i:c The emission Of Bank paper Currency 2"
This question was put to the people and the fol
! lowing.s the vote of the several towns as rccor
ded in the journals of 1857.
From the House Journals, page ~.
FRIDAY fEDag,R SO, ES..-Aereenble TO order IN
Clerk made the following report or stating Of the yeas hi
SAYS Of the frcemcn the several questions relative
pader money, tender act, Nc. which was read III lis OF
der viz.