Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-03-09

Augment the products of the soil, extend our man
uincuires give new stimulus TO our tonnage and
fishing interests, sell more than buy, get OUT Of
debt md keep out Of debt TO the foreigner, and lie
will no longer exert an influence upon our desti-
ny.
And this unfavorable baance OF our foreign
trade is wholly independent of and unconnected
with the nature or the character Of the currency
Of the country, whether it I've exclusively metallic
or mixed Of paper and the precious metals Eng
land in great measure, by means Of that credit
or paper system, now so much denounced, has
become the centre fthe commerce. the exchanges
and the moneyed operations Of the world. BY
the extent, variety, and perfection of her MANN
iacttires she lays most nations that admit them
freely under contribution 10 her. And If we had
no currency but SPECIE we should he Just as much
exposed To the mOneyed power of London or,
which is the state ofthe case, the effect of
nm unfavorable balance OF trade, us we now are.
We should probably be more so ; because u large
portion of The specie of the country being in the
vault of few repositories, it would be easier then
to obtain it for expectation, in the operation of
commerce, than now, hen II is dispersed among
nine hundred thousand banks.
What was condition during the colonial
states, when, with the exception ofsmall amounts
of Government paper mon9y, we had no cuurren
cy hut specie, and no banks |? Were we not con-
SANITY and largely in debt 10 England? Was not
our specie perpetIalIy drained to obtain supplies
of British goods? Do you not reccoIlect that the
subject of The British debts formed one OF those
matters which were embraced in the negotiations
and treaty of peace which terminated the Revol
uonary war? And that it was a topic of angry
and protracted discussion long after, until it was
finally arranged by MIR. Jay 5 treaty of 1884?
Look into tile works Of DR.. Franklin in which
there is more practical good sense to be found
than is 10 be met with in the same compass any
where. He was The agent OF Penusyl wanna from
about the middle of the last century nntll the
breaking out OF the Revolutionary war, and part
70 The time the ngent also, of the Colonies Of
Georgia and Massachusetts. His correspondence
shows that the specie ofthe Colonies was CONSTANT
~ flowing from them for the purchase Of British
goods usomuch that the Colonies were left abso-
lutely destitute of a local currency; and one of
the main objects OF his agency was 10 obaln the
sanction of the parent country to those issues OF
paper money which the necessities Of Pennsy Iva
ma compelled her to MAKE. The issue was SIREN
uously opposed by the merchants engaged in the
American trade, on account fthe difficulty which
il created in making collections and remtances
home So great was that drain of Gle, that we
know that Virginia aud othe Colonies we're
strained to adopt tobacco for money.
The principal cause, therefore, of the influence
CT the moneyed power in London over this coun
try, is to be found in the vast extent OF our deal
ings with her. The true remedy is TO increase
our manufactures aud purchase less of hers, and
to augment our exports by all The means in our
power, aud to diminish our imports much rs
w
economic much more than we have done. New
Jersey, before the Revolution, being much pressed
for EIO0000 sterling, Dr. Franklin proposed Il
plan by which she could, i'll one year, make up
that sum. The plan was ths She was in the
habit of importing annually from England mer-
chundiZe 10 the amount Of 100000 He rec
commended that the ladies' shou d buy only half
the amount of Silks cal cos teas, NC. during the
yenr. which they had been in the habit of "onsu-
ming and III this way, by saving the COLONY
tl,, n
we would, for a few years. import only half the
mount from England that have been in he
habit of doing we should no longer feel the inrlu.
ence of the London money power.
MIR. President, gentlemen. in my humble opin.
ion, utterly deceive themselves in surprising that
this measure is demanded by majority Of the
People of the United States, and in alleging that
this is proven by the result of elections of the past
year. That there were Il vast majority of them
opposed TO il was demonstrated inconesably by
previous elections. The elections of the last yenr
did not in many, perhaps most instances turn al
all upon the merits of this measure In several
States the People were deceived by assurances
that the b1reasnry was nj nm eId md would
be no longar agitated In others, the People had
reason 10 be dissatisfied with The credit of then
banks; and they nrtfully led TO believe that
this bill would supply corrective of the errors oil
The banking system. aud when they have appa-
rently yielded their assent 10 The BILL it has been
that sort of assent which the patient Yields whose
constitution has been exhausted ond Destroyed by
the experiments of empiriciSm, and who finally
consents TO take the last quack medicine offered to
him in the hope of saving his life. | know the
People ofthe United States well. They are ever
ready cheeriuy 10 submit to amy burden detnan-
ded by the interest, the honor the glory ofheir
country. But what people ever consented to in.
crease their own burdens unnecessarily The
effect OF this measure, is, by exacting specie ex-
cusively from the People, and paying il out 10
hlIc i'm 10 auU
ment the burdens Of the People, and to swell the
emolumens OF Office. 1t is an insult to the I'M
derstandne and judgment ofthe enlightened PEG
pie of the United States to assert that they can APP
prove such measure.
No true patriot can contemplate the course of
the party in power without the most painful and
mortified feelings. They began some years ago
their war on the Bank of the United States. 1t
was dangerous 10 liberty ; i, did not furnish a
sound currency, although the sun, in all its course
never shone upon better it was in short, mon
ser, which was condemned 10 death, and il was
executed accordingly. During The progress OF
b. that war, the State banks were the constant theme
of praise, in speech and song OF the dominant par
~. They were the best institutions in the world
free from all danger 10 public liberty capable OF
carrying on the exchanges of the country, and Of
performing the financial duties TO Government
and of supplying far better currency for The PEG
pie than The Bank ofihe United States. We told
YOU that YOU would find them weak league
mere fleet of open bonls tied together by hickory
wthe, and which the first storm would dispense
and upset. But you scorned oil oar warnings
and continued year after year to puff and praise
the operations OF these banks. Yon had the bold
ness in The face of this abused nation TO aver tina
+ the country had heen supplied by them with
better currency and better exchanges than il hat
been by the Bank of the United States WELL b.
yo"r measures, by your Treasury Circular, dis
tribaton Of the surplus, &c, you accelerated ,h
catastrophe oflhe Suspension of tn, hunks Yo'
began with promises 10 the people of better cur
rency, better times, more security 10 the civil ~
ersy and you end with currency ut oil, TN