Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-12-29

ttrv taICgi1g tnv advantages whic1 can re-
( ult iic0 a national 4nk may n3re Argument
its She gsiis here hr uae ug Of iht intimate
Imoneyed relations between US, need not now
be discussed, though probably their influence
vas large and unfavorable.
| The causes first named were, likewise, in
iTall operation here in 1916 and 1917, and were
succeeded ty many of the same deplorable
con. cnuences in 1919 and 1920. One follow
ed tho o,n,cr as inevitably as the ebb of the
tide succeeds its nnccod.
The great principles OF trade can never be
long violated with impunity; and n""yy hctiii"us
or unnatural excess of credit soon ends III re-
WILSON'S, as the essence of legitimate COM
merce consists in an exchange of values for
each other, or of values for what truly repre-
sents values, and can be readily converted in
| to them.
| All business otherwise becomes a mere game
of hazard speculation must enter into every
| affair of life; riches and poverty will be de-
pendent on the merest bubble; prices will change
oftener than the wind regularity in receipts
and expenditures be impossible; estimates for
the future, whether in public or private matters,
become mere conjectures tariffs require year.
ly alteration to meet the fuctuatiOn of bust
ness and the community be kept under the
constant excitement and depression of the hot
and cold fits Of violent fever
The first remedy sought in 1Sl6b by the estab-
lishment of a national bank was supposed, du-
ring few ensuing years, to have aggravated
those evils; and the next remedy, adopted in
1924 by high tariff, did not prevent the low
prices and bankruptcies Of 1925, which cover
ed the country with wrecks and ruin.
Undoubtedly, the best relief on suuh occa-
sions is to be found IN removing the cause of
| the disease.-So far as regards the General
Government, this was attempted in 1897. and
SINCE, by gradually Withdrawing from the use
Of banks and their paperinits fiscal operations,
so as neither to stimulate or contract their is.
sues by other influence than ordinary business,
and by urging on those, who might find their
employment sometimes useful, a closer regard
IN doing 1t, to the safe and sober influence OF
the universal laws of trade las we'll as an nflex-
ible adherence to the constitutional standard OF
value.
While the General Government shall con
! tinue to pursue such course, it will mitigate
and check the evils which others produce, and
which they alone, under tho limitations in the
Constitution, are able entirely to remove. Al
all events, it will faithfully perform momen-
ious duty, and exhibit a useful example for
imitation.
Ina period of peace and comparative exemp-
difficulty in financial operations, it would hard
, ly seem proper To attempt more by assumptions
Of doubtful powers, and by forced construc-
, tons in favor of measures by no means Ger.
, tain, If adopted, not to aggravate rather than
diminish existing evils, and not TO produce
others Of a character still more dangerous
: Much less can it be considered respectful Ell
. ther to State rights or the people, and certain
!, ly hot competent, in the opinion of the under
: signed, TO exercise such powers by creating
) moneyed corporations among them, which ma
| ny of their number have repeatedly denounced
, as unconstitutional, and the authority to es
tablish which, was originally refused rathe
than confded to the General Government b,
the people and the States that formed it.
5 But some other powers expressly conferred
, can, without question, be exercised farhe
than has yet been done by Cong ress, and il
such a manner as to produce very beneficial
, consequences upon the currency. Still, il j:
hoped they will never be pushed so as to tres
i pass on GROUND really dnnhff,i ''rd-r tho 90.
/, stiiuiion and prevent the States from contnu
hg TO exercise all legitimate authority the,
+ now possess as 10 banks and debts, howeve
much it may be regretted that public opinion
has not yet run with more strength agains
. the abuses Of both land led to their prompt cor
, rection. II is not proposed at this time to g,
into the consideration OF farther details OF
these points. But the danger to be guarde,
against now seems to be rather of an OPPOSITE
character from that of over action by the gen
eral government in the exercise of its expires
powers.
4 On the contrary, apprehensions exist tina
i II NAV not continue firm in the support Of al
which has already been accomplished in con
Dection with the currency. II it should no
and should thus not aid to correct in anv de
gree the rashness of many to force somethin
like formidable steam power into all kind
y OF business, w ithout due guards 10 prevent cor
: slant and fatal explosions, myriads of indivd
u uals, as well as some corporations and state.
: are likely TO be overwhelmed in still wide
= ruin, and will ere long probably look TO n
escape except the sponge OF a general banl
! rupt law TO all private liabilities, and the VI
= constitutional assumption Of the public one
by the General Government, so as to tax OF
piessively those portions of the communii
who have anything left, to pay for the losse
: and follies OF the rest.
= A remedy which has been adveried to b
+" some, and which consists in the creation
.EH e cure the mischief OF an exis
us credit, or the formation OF large
Pr taa.s et Ike power Of abuses, in order
af'f ones, must usually sggrava
therefore, where il is free fro
ht' objections, may in point of ei
y ae1r5 s,well be countensnced.