Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-12-21
GOV. DUDLEY OF NORTH CAROLINA, ON

THE CURRENCY.
The message of Governor Dudley to the Lepis.
lature IN. Carolina, recently delivered, contains
very many bold and Just views relative to the
measures OF our national government. He speaks
in strong aud dese we'd censure Of the whole course
OF the administration of Van Buren,. Those por-
tons which relate to his financial measures
well worthy careful consideration. We there
fore give them at length. After brief history Of
the war of Jackson upon the bank of the United
Sntes, and the consequent train of disasters that
have since taken place, Gov. Dudley says:
a tremendous aud frghtiul revolution in every
branch of business took place; and credit and
confidence were shaken to the centre. Money be-
came more scarce in both hemisphres it seemed
indeed, TO have vanished. Interest rose, and with
difficulty negotiations could he effected on any
terms. Instead Of cooly investigating the causes,
and applying such relief as his elevated and pow
erful position might command, to save thousands
from ruin and DISTRESS the President denounced
the local banks rs worthless and faltlless -pursu
ed them with an invGterute rancor-and turned
upon them the full tide OF indighaon-mad made them
the stalking horse of the denagogue robbed them
ofthe copies confidence, and parayzed all their
useful energies. But, by his own act, the depos
tie ollhe public monies, the banks had been slim .
ulaed to wild expansion; they We're, for ice most
part, controlled by his own political friends, and
were the creatures of his devoted States.
In the Treasury Circular, the President added
anolhor LUX 10 the heightened chain of the Exc.
cutye usurpntiops. This circular required specie
only to be received at the laud Offices, which check
cd sales, and, by iuuhern alarming The capitalists.
added another blow to the already sinking credit
of the banks. Congress UeHtiWed on vote,o dis
appreciation, by large majority in both houses,
repeaIing the order. But the President placed it
in his pocket aud thus defeated it,
The Presidents popularity was yet 20, powerful
as to contribute very nrgely to the election OF his
> successor, the present incumbent, whose other
claims OH the confidence and affection of the
American people, were certainly questionable
lie promised however, to tread IN the footsteps OF
his illusrious predecessor and declared that 1t was
glory enough TO serve under such chef; and
the people We're satisfied
The present incumbent came into power at q
period most unfortunate for himself and the coun
try. reaction, as we have shown, had commen.
ced bloated and boosted prosperity aud he
had pledged himself to The course best calculated
to urge it on. He had, in his zeal to support the
views ofhs predecessor, denounced a bank OF the
United States as unconstitutional, and cut off al
relief from that quarter The local banks hac
been denounced as unworthy public confidence
and he sunk them yet lower by concurring in the
condemnation. The affairs Of the country hat
become desperate-money scarce and bank note
deprecated the prices oil properly and labo
tumbling down--improvemeDt suspended-ant
bankruptcies numerous. Indeed, SO gloomy wer
The affairs .lIe country that the President con
vened an extra session Of Congressto devise means
Of relief; to whom he gravey recommended thu
Withdrawal of the public monies from their forme
places Of denosit ""A = - =