The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-01-07

dariU
II is in vain, when the influences ana impulses are
the same TO look for difference IN cohouct or re-
suits .xo,oy Of tho co,ntry
Ae. r"1 o,,;ls from the operations of the State
49, ~ IL cannot and ought not to be overlook
ed By their means we have been hooded win a
denreciated PAPER which IT was evidently the de-
80 - ,ho trainers of the Constitution TO prevent,
80 ST. ,bev required Congress to "coin money and
"ite rho value Of foreign CONS" and when they
cShode the States ''tO coin money, emit bills OF
III, make any thing but gold and silver a tender
IN nayrnent of debts" or "pass any law imparing
,ho obligation of contracts 1T they did not
guard more explicitly against the present state of
things, it was because they could not have antic-
pated that the few banks then existing were to
swell TO an extent which would eXpel to so great
a degree the gold and silver, for which they had
provided, from the channels of circulation, and fill
Them with q currency that defeats the objects they
had in view The remedy for this must chiefly
rest with the States from whose legislation II mas
sprung. No good that might accrue IN particular
case from the exercise of powers not obviously con-
ferred on the General Government, would author-
ize its rife ence, Justify course that might,
in the slightest degree, at the expense OF the States
the power of the Federal authorities-nor 40
doubt that the States will apply the remedy. with
in the last few years, events nave aPPeaieo 10 'ne
too strongly TO he dsregarded: They have seen
that the Constitution, though theoretically adhered
TO- is subverted in practice; that while on the stat
ute books there is legal tender but gold and sill
yer, no law imparing the obligations of contracts,
vet that in polLt Of fact the privileges conferred
m banking rpOratlOnS nave Inauc tHe
currency Of the country; that the obligations I'M
.oosedby those notes violated under the impulses
'ofinerest or convenience; and that the number
and power Of the persons connected win 'hese
,corporations or placed under their influence, give
ybem fearful weight when their interest is in op-
position to the spirit of the Constitution and laws.
To the people it is mmaterlal whether these results
are produced by open violations OF the latter or oy
the Workings Of a system of which the result the
same. An nfeXible execution even OF the existing
statutes of most of the States, would redress many
evils now endured; would etiectually show tho
hanks the dangers of mIsmanaSement when I'm
nuni,v encourages them to repeat; aud would teach
I'll cornoratiops lie useful lesson that they are the
subjects of the law and the servants OF tue people
In the meun.ime it is the duty OF the General
Government to cooperate with the States, by a
wise exercise of its constitutional powers and the
enforcement of its existing laws Inc extent 10
which it may DO so by further enactment, nave
already advered to, and the wisdom OF Congress
NAV vet enlarge them. But, above all 1t is ncunl-
bent upon lis to hold erect the principles OF mora-
~ and law, constantly executing our own contracts
in accordance with the provisions OF the Consutu-
tion and thus serving as raliying point by winch
our whole country may be brought back TO that
safe and honored standard -
Our neoule will not long be nsensible to the ex-
tent of the burdens entaled upon them by Inc
Mlse sy stem that las been operating on their san-
guine energetic, aud industrious character nor
10 the means necessary to eXtricate themselves
from these enbarassinents. Inc weight whlch
presses upon a large portion OF the people ana the
States, is an enormous debt, forelSn ana comes
The foreign debt of our States, corporations, and
OF business, can scarcely he less l'"l Noo
millions ofdollars requiring more than ten mliIions
of dollars a wear to pay the interest. ms sum
has 10 be paid out of tho exports Oh Inc county,
and must of necessity cut of imports 10 mat eA
tent or plunge the country more deeply IN ueo'
from YEA, to year 1t is easy To see that the III
crease of this foreign debt must aug men The anhu,
al demand on the exports to pay the lh'e'es', a'u
10 the same extent diminish the imports and III
nronortion 10 the enlargement of The foreign debt
and the quent increase Ct interest, must oe
the decrease of the import trade. In lieu Oh inc
comforts which 1t now brings us, we might nave
our gigantic banking Institutions, and sPlendd, put
in many instances, profitcss, railroads ana chhais,
absorbing, to a great extern, IN interest uPo" 'o
capital borrowed to construct them, the surplus
fruits of national industry for years to come ana
securing TO posterity adequate return Tor me
comforts which the labors of their hands might
otherwise have secured 1t is not by the increase
of this debt that relief is to he sought, but IN It's
diminution Upon this point, there is, am happy
to say hope before us not so inuch ih ''e .e'ui"
of confidence abroad, which will enable the States
to borrow more money, as in Il change oi PuDc
feeling at home, which prompts our people to
nause in their career and think OF the means by
wAch debts TO be paid before they are contrac'
led.
five would escape embarrassment, public ana
private, we must cease TO run In dobt' except ioI
objects of necessity, such will yield cerlaih
return. Let the faith Of the States, corporations
and individuals, already pledged, be Kept VIII me
character, as well as to JUSTICE that this should on
the part of each, be fixed principle OF conduct
But it behoves us all to be more chary in Piedg'ns
inc the surnlus Of our crops and incomes to the
discharge Of existing CATIONS, buying less and
selling more, and managing all affairs, public and
private, with strict economy and fruga'ity, we
shall our country soon recover from leh'Poi
any depression, arising not from natural and perma
nent, causes, but from those l have enumerated,
and advance with renewed vigor in her career Oh
prosperity h.. ,ho
Fortunately for u.s. at this moment, when t ,!e
balance of trade is greatly against US, and the or,
feuy Of meeting j. enhanced by the Of d!s PrdS;.
state of our money affairs, the bounties Oh i.or
dence have come to relieve us from the consoqueh
ces of past errors faithful application OF the 1,,
immense results of the labors ofthe last season VIII
afford partial relief for the present, ana perseEel
ance IN the same course will, in due season, &C
complish the rest We have had full experience
IN times past, of the past, of the extraordinary le
suits which can, in this respect, be broughi aouu
h .I