Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-02-07
polrical Reyiew Of the Currency Que.tion.

Message of Dec. 3, l535--from his Message OF
Dec 6, 1886.
The Prophecies of Daniel Webster, con-
tanned in his Speech delivered in the Senate
Jan. 1884, also Feb. 1884.
The Prophecy of Hon. Senator Clayton,
18th of July, 1882.
Also the Prophecy of John q. Adams, from
his suppressed Speech in the House, Ap. 1884.
We give also the opinion Of the whole Sys-
TEN, by Martin Van Buren,, in his last Message.
Ana after all, we ask each and every Free
ma, in this State, and throughout the U. s.,
90 tax. up the subject and look at il candidly
and coolly, and judge which Of all the above
Statesmen judged most correctly OF the result
that would follow the measured then about to
be commenced. And in view Of the past what
may we expect from the further operations OF
the same system. Let every poor man look at
the subject and see if the results foretold have
not been literally fulflled; and tell US plainly
if they get work or pay more punctual than
formerly, or whether they can support their
families easier than before the new system Of
Finance was adopted.
son says in his Message Of 1884,
Happily it is already illustrated that the
agency of such an institution las a National
Bank is-nol necessary 10 the fiscal opera
tions of the Government. The State Banks
are foundfaiiy adequate 10 the performance OF
all service which were required ofthe Bank
of the United States, quite as promptly, and
with The same cheapness. They have main
tanned themselves and discharged all these
duties. while the Bank Of the United States
was still powerful, and in the field as an
open enemy; and IL is not possible 10 CON
eeive that they ariH find greater difficulties
an their operations. schem that enemy shall
cease 10 erist
In his Message Of December 2, 1885, we
find him expressing himself as follows:
II has been seen that without the agency
OF a great moneyed monopoly, the rcoenue
can be collected, and conveniently and safely
applied TO the purposes Of The public erpendi-
fure. IT is ALSO AscERTAINED THAT, IN
STEAD OF BEING NECESSARILY MADE TO
PROMOTE THE EVILS OF AN UNCHECK-
ED PAPER SYSTEM, the management
of The revenue can be made auxiliary 10 the
reform which the legislatures Of several Of
the States have already commenced in re-
gard 10 the suppression Of small bills, & has
only to be fostered by proper regulations on
the part OF Congress 10 secure q practical
return, 10 the extent required for the security
Of the currency. 10 the Constitutional medi
um Serered from The Government as poiiH.
cal engines AND NOT SUSCEPTIBLE OF DAN.
GERoUs EXTENSION aud combination, the
Slate Banks, tciH no; be tempted, nor pilf
they hare The po,cer which we have seen ex.
erclsed, TO DIVERT THE PUBLIC FUNDS
FROM THE LEGITIMATE PURPOSES OF Gov
ERNMENT. The collection and custody OF
the repsnue being on the contrary, a source u
credit TO them, loiH increase The security
,chieh the states provide for faithful erecu
ton Of their trusts, By multiplying the seru
TIMES 10 ,chich their operations and accounts
Uili be subjected. Thus disposed as well
from interest as the obligation Of their char
ters, il cannot be doubted that such condi
lions as Congress may see fit TO adopt respec-
ting the deposites in those institutions, with
view to the gradual disuse Of the small
bills. will be cheerfully complied with and
that zoe shall soon gain, in place of The Uni
ted STATES Bank, A PRACTICAL RE
FORM IN THE WHOLE PAPER
SYSTEM OF THE COUNTRY. Q)
By the use Of the State Banks, which do
not derive their charters from the Genera
Government and are not controlled by its
authority. tits ascerlained that the monies Of
the United States can be collected and dis
6ursed without loss or Inconvenience, and that
oil the wants olihe community in relation 10
exchange and currency, are supplied as wei
as they have ever been before.
The Deposite Banks still continued TO re-
tain the good opinion of General Jackson !;
for in his message OF December g. 1885,
his last annual message, he says:
Experience continues to realise the ex.
pectalions entertained as to the capacity OF
the State Banks to perform the duties of fs-
cal agents for the Government, at the time
the removal OF the deposiles. 1t was al.
legged by the advocates OF the Bank of the
United States, that the State Banks, whatever
might be the regulations OF the Treasury De.
par.ment could not make The ransfersrequir-
ed By The Government or negotiate the do.
Hestic exchanges of the country. lr is now
WELL AscERTAINEp. that the real domestic
exchanges performed through discounts by
The United States Bank and its twenty-five
branches, were at least one third less than
those of the deposiie banks for an equal peri
Cd OF time and if comparison be Instituted
between the amount Of services rendered BY
these institutions, on the broader basis which
has been used by the advocates of the Uni.
tod States Rank in ee,inoat;no ,yba, 49,.