Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-03

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theoretically adhered 10, ia subverted in prac-
tlce that while on the statute books there is
no legal tender but gold aud silver, no law i'm
pairing the obligations OF contracts, vet that,
IN point Of fact, the privileges conferred on
banking corporations have made their notes
the currency of the country that the obliga-
lions imposed by these notes are violated UNI
der the impulses Of interest or convenience
and that the number and power Of the persons
connected with these corporations, or placed
under their influence, give them a fearful
weight when their interest is in opposition 10
the spirit Of the Constitution and laws. To
The people il IS immaterial whether these re-
suits are produced by open violations of the
taller, or by the workings ofa system Of which
The result Is the same. AS infiexible execution
even OF the existing statutes of most of the
States, would redress mnny evils now endur-
ed would eiiectualy show the banks the dan
ger OF mismanagement which impunity en-
courages them to repeat and would teach all
corporations the useful lesson that they are the
subjects oil the law and the servants of the
people. What is sill wanting to effect these
objects must be sought in additional leqisla-
ton or, it thatbe inadequate in such further
constitutional giants or restrictions as may
bring US back into the Path from which we
have so widely wandered. H
| In the meantime, il is the duty of the Gen
ernl Government 10 cooperate with the States,
by wise exercise Of its constitutional powers,
and the enforcement Gifts existing laws. The
extent 10 which il may do SO by farther enact
ments, have already advened 10, and the wis
dom OF Congress may yet enlarge them. But,
above all, il is incumbent upon us 10 hold erect
the principles Of morality and law, constantly
executing our own contracts in accordance
with the provisions Of the Constitution, and
thus serving as a rallying point by which our
whole country may be brought back 10 that
safe and honored standard.
Our people viii not be long insensible to the
extent of the burdens cn,ailcd upon them by
the false system that has been operating on
their sauguine, energetic, and industrious
character; nor IL the means necessary to ex-
trcate themselves from these eniharrassments.
The weight which presses upon large por-
ton OF the people and the States, is an enor-
nous debt, foreign and domestic. The foreign
debt of our States, corporations, and men of
business, can scarcely be less than two hundred
millions OF dollars, requiring more than ten
millions OF dollars year 10 pay the Interest,"
This sum has TO be paid out Of the exports of
the country, and must Of necessity cut off i'm
ports 10 that extent, or plunge the country
more deeply in debt from year 10 year. Ii is
easy TO see that the increase Of this foreign
debt must augment the annual demand on the
exports TO pay the interest, and 10 the same
extent diminish the imports ; and in proportion
to1he enlargement of the foreign debt, and the
consequent increase Of interest, mustbe the de-
crease of The import trade. 10 lieu of the com
forts which il now brings US, we might have our
gigantic banking Institutions, and splendid, but,
in many instances, profitlcss railroads and ca
nails, absorbing 10 great extent, in interest
upon the capital borrowed TO construct them,
the surplus fruits of national industry for years
TO come, and securing to posleiity no adequate
return for the comforts which the labors of
their hands might otherwise have secured. II
is not by the increase Of this debt that relief is
TO be sought, but in its diminuiion. Upon this
point there is, ] am happy to say, hope before
us not so much in the return of confidence
abroad, which will enable the States to Dor
row more money, as in change Of public feel
ing at home, which prompts our people to
pause IN their career, and think Of the means
oy which debts are 10 be paid before they aie
contracted. II we would escape embarrass-
ment, public and private, we must cease to run
IN debt, except for objects of necessity, or such
as VIII yield certain return. Let the faith
oil tne States, corporations, aud individuals, al
ready pledged, be,kept with the most punctil-
ious regard. Il is due TO our national charac-
ter, as well as TO justice, that this should on
the part Of each be a fixed principle Of conduct
But Il behooyes us all to be more chary in
pledging il hereafter. BY ceasing TO run in
debt, and applying the surplus ofour crops and
incomes TO the discharge of existing obliga-
lions, buying less and selling more, and mana
ging all affairs, public and private, with strict
economy aud frugality, we shall see our coun
try soon recover from u temporary depression,
arising not from natural and permanent causes,
but from those have enumerated, and adj
vance with renewed vigor in her career of
prosperity. N
Fortunately for us, at this moment, when
the balance Of trade is greatly against us, and
the difficulty of meeting il UNCHANGED by the
disturbed state of our money affairs, the boun-
ties of Providence have come TO relieve us
from the consequences Of past errors. faith
full application OF the immense results OF the
labors Of the last season will afford partial re-
lief for the present, and perseverance in the
same course viii, in due season, accomplish
the rest. We have had full experience, in
times past of The extraordinary results which |
period, by the united and well directed efforts |
of community like ours Our surplus profits, |
the energy and industry Of our population, and
the wonderful advantages which Providence
has bestowed upon our country, in lis climate,
It's various productions, indispensable TO other
nations, viii, in due time, afford abundant
means 10 perfect the most useful of those oh
jects, for which the States have been pIunging
themselves Of late in embarrassment and deb,
without imposing on ourselves or our children
such fearful burdens,
But lei il be indelibly engraved on our
minds that relief is not 10 be found in expedi-
cnts. indebtedness cannot be lessened by bor-