Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-07-31
THE GOVERNMENT BANK

ne predictions Of MIR. CLAY are verified
The Government has become prea, Bsuk-
ing Corporation, with unlimited chnr.r nri-
siieges. and empowered 10 issue Treasury
Notes ad Hbitam for any amount. in bills Of
$50 and upwards. Van Burea. instead Of
being The President Of the People. is no.
tnlng more than The President of this Bank
with Woodbury. for his Cashier. and half a
score OF Receivers General Tor his Tellrrs
IT'S plan Is 10 collect together in the vaults
|oi inns Great Bank all The specie OF the
country, and sbrn TO food the nation with
freasury notes and shin-pasiers 10 the shape
Of drafts, which he may issue in any sums
Whatever down 20 fire dollars. If he choose
This IS the kind OF circulation we mr.. n
have, and which is 10 drive out thai Of I'M.
State Banks. and crush them if possible-or
a, any rate. reduce them 10 the r,aui,ed DE-.
gree OF subsrrvency 10 the Government =.
ms Is the " better currency" 20 much Bo.isf.
ed OF IN advance. These irred.-n,bla
Treasury notes, and drafts at sight on ex.
IRENE points, are the gold and silver me
dunn. so long promised his rag chr.
TeHty after ail-and only the better than m.
old one, because il is the rag currency Of
MARTIN Faa Barren. instead OF Nicholas
Bsdate +! And only safer because the old
mother kangaroo is al Washington instead
Of Philadelphia
Tue Sub-Treasury law contains the fol.
lowing clause" And IL shall be iarflI for
the Treasurer Of The UAiled States 10 dTar
Epon any Of The sad deposifayies As HE MAY
THINK MOST CONDUCIVE TO TnK PrBIIc
iSTEREsTs. &c. And the same section
auihorisrs the Secretary Of the Treasury
aud Post Master General 10 transfer tr6e1
and as often as they choose. any amount OF
The puoilc money. wherever they choose -
There IS no guard placed over these bankers
they have The keys Of the strong box into
which the nation Is pouring lis treasures
and there IS nobody TO call them 10 accom-,
but the President And he. so long rs her
administer The laws as he understands Them
so long as they obey his willard pro-
VIDE the ways and mrsns for his reelection.
will never trouble these Sub.Treasurrrs
They, on the othrr hand, being under no
bonds TO the people. have no iear OF The PEG
pie The President in giving them office,
IS gl:lng them bread. which he takes from
the Peoplr-holds in his hand their breath Of
l'ie; they are the mere creatures OF Execn.
tive power. They dare DO M otherwise
than obey his will. and seek 10 promote his
interest Every guard against corruption
on ne part OF these agents, is swallowed up
10 their dependence on the Executive. Aud
there IS. IN truth, nothing in the way TO pre-
vent the President from bringing millions OF
The Peoples money 10 bear here. at one
lime, and iasre at another, as may suit his IN.
leresi-as he may have 4 political object TO
gain. al anr given point. IL is most truly
power, and such as has never be-. /
lore been posessrd by any administration.
would have resigned sooner
Ihan accept such a power ADAMS JEF- |
FERsoS and MADISON Ill regarded such a
power as unconstitutional and dangerous
and JoHN Quincy ADAMS. as great a nan /
and as pure patriot as elIhcr, has also spo- /
ken OF and voted against this scheme of De. |
spo,sm. There is not q sound and honest, 1
uncorrnrted patrio, 10 the land, who has not
opposed it.
IL is a terrible power If the Bank Of
he United States. with a capital oiihirty mil. |
ions. was dangerous to the liberties Of the !
prople-whai are we TO think Of Treasury l
Bank. starting with a capital OF thirty mil. |
ions. and adding to lha, capital from year 10
pear, all the resources Of the Government, /.
With the power OF unlimited issues, 10 The I
shape Of drafts. transfers and treasury-no,es
We verify believe that had this law passed 1
wo years since, nothing could have pre-
rented the consummation Of Van Burrn's /
scheme OF despolism. There is hope now,
he corrup,ionists have bu, a few months
onger 10 work. They cannot in that lime
ring the machine into full operation. The
People. in the mean time. are aroused-rhey /
rave struck for higher wsges-struck for
ibery and equality They are determined
o put down the race Of dandies who are
qnandering the public lreasury-aad hey
Gill do H-EmPire State
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