Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-01-27

Ny life OH il the People will not bear it.
Infinite as have been the losses, the sufferings,
and the misery which have already nsulted from
this fatal experiment, we have not yet seen the
worst There has been general for',earance; II
cannot be 80 always The advocates OF this hard
money policy we'll know Il. There il no single
state in the Union that would not instantly crush the
experiment and expernentcrs, IL they were called
on to pny direct taxes in specie. Is this denied
IL il 10 net benefcialy on the banks Ivy creating
a practical drain for specie, that is reason equal
" strong Tor demanding st to tnxes in specie
Why has no one ever had the bodpess to propose
this in any State Legi ,lnture? Why, sir, because
those taxes are collected directly, and the People
would not bear il and yet we see antl.iariH men,
by the secret and unseen operation ofthnt law, do
ing what they would moi dare openly to propose.
The Snte which in part represent is regarded
as almost unanimous in favor of this specie policy
It's Legislature may he said to he so. ! have for
III intelligence and purity aud patriotism of that
People respect and Difference Which cannot
here express, and alude to these things Tor no
unworthy disrespecIfih purp Sc, but it is fair
illustration of what will hc the result Of this hum
bug every where.
A portion of Our banks have suspended specie
payments SOME Of them with twice ~ p,,uch spc
| Gle on hand lis they have bills out. A proposition
was made to the last legislature to force resum'.
ton by these banks ofspecie payments. And what
TO you think was The result II was rejected by
n lnrge majority. This was not all NO have II
| State bank, owned b. the State exclusively. IL
was proposed at preceding session to receive
nothing for taxes but specie the bills oil this State
bank n very reasonable proposition surely. Did
| it pass The l. gislaurC ?--hs sub treasury hard
money Legislature. Oh no, sir, but the tax colec
tors were ordered to receive the bills of all tue
banks non -specie-paying bank rigs and ALL
| They did more whilst inveighing against the
banks and the credit system, they donhled the
chartered bank capital of tho State, md have Gre
ated larger debt for the State than was done by
all former Legislatures from the beginning OF the
| Government.
A case still more striking is furnished Ivy the
recent action OF the Administration party, n hard
money, Sub-Trensupy Legislature, with the sane
ton of the hard money Governor ofihe enlgiten
Ell and patriotic State Il Georgia. The Lcgisla
iurc Of that State, which has uGt adjourned, has
established bank more thoroughly paper bank
than any that ever has existed in any country q
bank, sir which would amaze John Law himself
il he could be al owed 10 what is now gong
on. He, sir, would bc shocked Mt this wild excess
OF the paper system. The Central Bunk Of Geor
gia, whose affairs at the last report stood thus
specie, $4,000; ejaculation, So6Oe0, AMI bohd'
and notes amounting to about $3,00O00o -is or
aered mot authorized, but ordered) 10 issue si'
millions of notes double The currency of int
State and 10 loan the money in the respecliv,
counties according TO population, on bonds due IL
twelve months. They issue six millions ~ l'nre
on forty six thousand of Specie and pro Use 10 pa,
specie OH demand, whep iho debts to he bank art
not due for Il year. They cannot even pay bank
notes for year, and yet they promise i"p1y ~
specie on demand and this too sir, when a dra
of the State for three hundred thousand dollars la,
been recently protested, without any provision
whatever being made 10 meet it hut, on the cohfra
stock which was IIypohecated for its payment Is
ordered to he sold for ether purpose This law
was signed on Friday, anil the ba.k sus ended
tho ncxt Monday. These, SIR, nre characteristic
NJ ms of whit viii he tho general feeling AMI tn,
general results. in the en,i, oi this most disastrous
experiment, upon the happiness, and fortunes, am
business of the People. | rejoice, therefore, Iiii.
the purposes Of The Administrator are nj lengtl
avowed lfthese oh ecis sanctioned any where
! shall he disappointed It there is one man il
South Carolina who is in favor OF abolisling bank
paper rs currency, have never seen hn
We were told, when this measurs was frs
brought forward, TINT it would especially henef
The South. That It was our staples which wouIt
he exchanged for specie and that additional value
would he gwen to those staples. Has this beer
SO? Has indeed the an,ounI Of specie in tb'
country increased Tor the last two years? j. hn
not. why not? We were tod to drive OFT pa
per, aud specie would take its place One half o
The bank notes have been driven out Inns thci
place been filled? No. sir; that place is lit rail-,
| al aching void.' | thought al first, AMI con
firned in that opinion by the authority OF su:l
men rs Dallas and Crawford, than whom Thu
country has produced! none aher or better an(
they spoke not from abstract and dulusive speed
lation, hut from actual experience, TINT il woul'
enrich New York. the great centre Of commerce =
the plnce at which, hot from which, payments wer
10 he made at the expense OF all ttie rest Of til
country. fias II not so turned ont q I'D am
silver abOun even to excess in that city, Wills
every where els there is, amongst business men
'lisnuy and dispair. Benefit the South! Way
sir, II has been, and will Inc, a protective tariff il
It's worst form. Reduce ours 10 n hard none.
country, rnd reduce pr ces accordingly and wh'
does NOT see that Tie manufactures of the rest q
The world where the piper system prevails chiino
he sold her. ? and an absolute monopoly is glvci
10 the Anerit an manufacturer, at prices nominal.
cheaper, but aclunlly and relatively lIigher-tirs
lrnying our great market for Southern staples at
lime when The supply OF those stapl misr b eli
0rmous Y increased from suspension of works q
Internal impro, emrnt, and an immense amount "
labor IL about Ia br thrown again upon agriculture
tn say nothing "f other causes? In al sincerity
say, air, trenlbe when look to The future, cspe
cially in the South.
The President ntlarheS much importance 10 IN
fact whirh lie etates, that there il never any arg
amount at any one time in the hands of the col
lecors, &c. Who did no, know that? Win di,
not know that the pgohi g;ue waste OF the I'nbl
money 10y this spendhrifl Administration, ut
same Time that our revenues were greatly ditIin
isIed, had forced the Government literally Ia liv
from hand to mouth? Ma, more sir 10 IT Il
The most dies cable shifts TO raise the win'l !" ~
other phrase will no we'll express the i'ieH. T,
do that which would irreirevabIy disgrace pri
vaie mnn-to draw for money when they knew
they had none on which To Il aw? Eiit, sir, iii
state of things, il is to br hoped, is not tn las, al
ways. II we should ever again have full Treas
ury the currency will be 'lisasronsly coniracre,
nd, wlInt is more, your snh-Treasurcrs, will
large amounts Of gold aud silver on hama, n,ay ri
N ut will every bank in the country. win no
this give II poIi'icnl power over those institution
which, may well be drenaell'
WIS very much SURPRISED To that so abb
and adroii writer MS the President should hhv
been guilty of so gross M in on isenry rs in'
IN the Messnrr The great ARGUMENT of The Mes