The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-10-20

Cd % cha nurpoaea of education, ana psB
respectfully 70 refer 10 the suggest'o" naonle To
I'VE are practically an agricuitral Pc:.P nr
,h snceassG,I p.osecu,ion Of this pursui', uio U'
citizens principally indebted, LOT ,tnd ia AL
and MANY of the Injuries, OF civ''Ne ,a q, ,h.
though m interest o, snch vnS' hare,oiore received
nrosoeri,y of the State, IL has hera'o'"'o c -
b,, i;,,,c .pcouracernont from the aeuoh o' 'ne
D", Great Improvements nave peen
made. within tbe last hall century, ~ ' - M n
,"n' h,ncb of Industry, owing, mainly, 10 me sue
asG,l annlication OF science in the development
oc The properties of our various sous, ana conHe-
nuent adantatjcn Of tbs Same 10 the dinereht pro"
d,c,s of agriculture. This is matter Interesting,
not only 10 The phoso her in his enquiries INTO me
cause and effect but also furnishes an ecu o. N
tense interest the legislator and p"l'lca' seono
mist. 1 feel justified in again urging upon tno 10"
vorable consideration OF the uenera H. S,a,n ncb
propriety of n geological survey OF inc stare .nucl
valuable in formaion on this subject may DO iouho
embodied in the reports made to inc 'iree last Se'
sions of the Leg islnturo .;
The difficult which have beset me business
transactions of the country since 1886, are, by
large aoriiy Of the people of this STATE consumer
ed rs having grown out OF The impro.,oen' i'.
urss Of The general government. MANY OF lne
most EN- giilened and sagacious Statesmen cleai'y
forsaw and predicted the result; n majority OF tue
community notwithstanding, deceived ny mo pau
alb ic re asonrg and specous promises OF Interested
and designing men, and by me apparent P'ppspy
and success with which most kinds oil business
were then pursued. were led, foi season, To give
them their support The people, however, are
now en- sagod in fearful strife to remove from me
administration Of The federal government NOSE,
who in IN, discharge of their official trusts they
believe have wantonly disregarded the best INFER
ess of their constituents AS the struggle progress
es, the final result appears less ana Tess oouo'o,
The recent elections Indicate, with certainty al
most unerring that the great mass o! our population
whose only interest in government is, 10 nave II
wisely and frugnliy administered, nre becoming
convinced Of tho rninous tendency OF some OF 'ne
loading measures ofths admin stralon. This re-
suit is the more be priced, afording, as It does,
indubtable evidence OF that honesty OF purpose
and purity Of intention, which have ever chaiac-
! terized III 9 great body ofthe American people 1t
can hardly be otherwise, while the interest of the
great majority of each of the political parties, INFO
| which the country is as present divided, 10 the
same, the greatest good to the grsntast NUMBER AZ
furnishes sore guarantee for the durability of our
Institutions and serious admonio to our rulers,
thai they will always receive rebuke at the hands
Of tho people, whenever they make the success OIL
partiznn measures an object paramount to the gen
eral good.
The subsc, Of the currency will, doubtless,
claim share of your attention. The hostility to
banks and paper medium, to- the TRANSACTION OF the
business of the country has been carried on in an
unreienting, and in some instances, vindictvo spir-
it. While openly assail and would at onoo
abolish them, thereby compelling resort TO an ex.
elusive specie currency, others, with n pretended
conviction Of the utility and necessity coveIuy ut
| tempt their destruction, by advocating measures
| and principles, which il sustained and adopted,
would, ultimately effect their ruin, by taking from
charges, il has been said, that the operation Of
banks havo induced high prices. Has the farmer,
the artizan or the merchant suffered inconsequence?
tfigh prices and ready sale great encourage
uren Is to ind vdual industry and enterprise Low
p:;css ,parate TO the reverse. 1t il alleged that
they have given fictitious value to property Be
il SO; under this state of things, and during their
existence, Immense indebte dnsss and liabili-'
ties have been incurred, IN the purchase
of property, in Investments in manufacturing
establishments and machinery, and in per
|
ton of the country Would it be just humane,
or honorable, for tho Same gov ernment. which
thorixed the establishment of banks, and gave
them power to exert this influence over the bust
ness of the community, by encouraging liberal dis
counts in aid of these enterprises, once to ami
hate these institutions, wha, is equivalent, to
discredit their issues and thus bring the property
Of the country what il claimed TO be its real spe
Gle value, While tkas unsettling the value of
property, md the relative condition Of our whole
population, il must BIO remembered, that indebted
ness cannot be refused, but on the contrary, twill
be increased in the same ratio in which the price
OF property is reduced, and the means for payment
lessencd The control Of the whole population of
the country would thus be placed in tho hands
Of capitalists and money lenders.
would not be understood as being an advocate
for irresponsible unsafe banking ny ste m.
But, believing, do, that the facilities here fore
afforded by the banks and tho credit system, have
eminenly con, ributed 10 foste, and carry forward
the grea, interests Of our country, hold it to be
our duty, our imperative duty, as conservators of
the public welfare, to sustain a safe and efficen
banking system, the best, If the only, means
of securing and promoting tho pecuniary prosperity
of our constituents.
Il have no hesitation in saying that banks have
been chartered with too great facility, & upon
proper principles, in some sections of The Union;
perhaps to some extent, in this State Much Of
the prejudice, now existing against these ins,tu-
tons, has arisen from this fact, and from their i'm.
proper management. Where banks have been es-
tablished upon solid capital, in places whose boan
tide business transactions needed accommodations
from that capital, and where tho stock has been
properly distributed and owned by capitalists seek
ing such investment OF their money, have heard
but little or no complaint. Indeed it is believed,
that in the most disaserons OF the last four
years, such banks, instead being liable to the cen
sure 80 freely bestowed upon all banks-of Grip
ping and expressing communicative, uniformly,
afforded moro aid, and at more reasonable rate,
than would have been obtained, had the same a
mount Of capital been under tho control OF individ-
uals
The danger and loss TO community have ar;s-
on from granting bank charters, where tho active
| business of the country did not require them and
from having Thorn placed in operation upon fcti-
tous capital, managed by borrowers instead OF lend
era, their accommodations monopolized by drec-
tors or their friends, and embarked in hazardous.
not to say, desperate spectators. While the bust.
ness of the country remains prosperous, tho bills of