Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-10-19

pie 1t can hardly be otherwise while the interest of the
great majority of each of the political parties into which the
country at present divided the same the greatest good
of the greatest number 1t furnishes guarantee for the
durability of our institutions and serious admonon to our
rulers that they will always receive rebuke the hands of
the people, whenever they make the parZan
ures an object paramount to the general good.
The subject of the currency will, doubtless, claim share
OF your attention. The hostility TO banks and paper med
um' Tor the transaction of the business of the country, has
peen carried on IN an unreenng, and in instances
dc,ve spirit While openly assai and would once
abolish them, thereby compelling exclusive spe
Gle currency Others, with pretended conviction Of their u
W and necessity covey attempt their destucton by advo
eating measures and principles which, if sustained and adopt
cd would ultimately effect their ruin, by taking from them
All thelr ability Tor usefulness Among other charges it has
oeeh sa that the operations of banks have induced high
prices Has the iarme the artizan, the merchant suffer-
ed in consequence High prices and ready sale are great
announcements to individual industry and enterprise Low
prices operate to the reverse 1t is aedged that they have
gwen fictitious value property. Be it so under this
slate oil things and during their existence immense indebt
ednes and liabilities have been incurred in the purchase of
property IN investments in manufacturing establishments and
machinery and IN permanent and valuable improvements in
the condition OF the country. Would it be lust or humane
or honorable for the government which authorized the
establishment OF banks and gave them power TO exert this
influence over the business Of the community by encouraging
liberal discounts in aid of these enterprises at once to ami
mate these institutions, what is equivalent scred
their issues and thus bring the property the country what
Is claimed to be It's real specie value While thus unsetng
Inc value oil property and the relative condition of our whole
HuSl ne remembered that Indebtedness cannot
be reduced but on the contrary it will be increased in the
same ratio IN which the price of property reduced and the
means for payment essened The control of the whole prop
ery of the country would thus soon be placed in the hands
OF capitalists and money lenders.
would not be understood being advocate for an r
responsible or unsafe banking system But, believing,
do that the facilities heretofore afforded by banks and the
credit SYSTEM have emneny contributed foster and carry
forward the great interests of country hold it to be
duty our imperative duty, of the public well
are TO sustain safe and efficient banking SYSTEM as the
best if not the only of securing and promoting the
pecunary prosperity of our constituents.
have hesitation in saying that banks have been char
tered with too great facility and upon improper principles
in some sections of the Union perhaps, extent in
this State. Much of the prejudice existing against these
Institutions has arisen from this fact and from their mprop
management Where banks have been established upon
solid capital places whose bona fde business transactions
needed accommodations from that capital and where the
stock has been properly distributed and owned by capitalists
seeking such investment of their money have heard but
little or complaint Indeed it is believed, that in the
most disastrous of the last four years. such banks
stead OF being liable to the freely bestowed upon
all banks-of GRIPPING and expressing communicative.
iormy afforded more aid and reasonable rate,
than would have been obtained had the OF
capital been under the control of individuals.
The danger and loss to community have from gran
ting bank charters where the active business Of the country
did not require them and from having them placed opera
ton upon fictitious capital managed by borrowers instead
OF lenders their accommodations monopoized by directors
their friends and embarked in hazardous say desper
ate specuaon While the business of the country remains
prosperous the bills of the bank redeemed and obtain
credit but when and money cannot be rails
ed from the particular business in which the borrowers
gagged, the bank fails its liabilities and the bill holders
must suffer the loss for whenever examination takes place
the notes for loans and the capital stock of the bank
found to be Identical The history of one of these swindlng
institutions would require but little variation the
history of every bank which has failed New England
The benefits between the banks and the people should b
reciprocal There would be apology for granting cap
ass the privilege of assocang for banking purposes, we
we not fully satisfied, that at the time, were con
ferrng equal benefit upon the community, among whom
bank may be located by afoding facilities for loans, at
reasonable rate to such take the property OF the neghbor
hood to market and furnish with merchandise in
to such add labor the MATERIAL and thus render thu
property of the country valuable well
marketable commodity.
Entertaining these views should this subject come unde
your consideration mig naturally be expected that should
ask for them candid and dspassonae examination. II
the absence of all party feeling and improper bias the
inquiry should be- does the active business of any particular
section asking for the establishment of bank need its
commodaton Are there capitalists, who will make invest
mens of the stock?
If the affirmative be true, still shall have made but
protess Improvement the example of predecessors
neigbors IT, when adopt such sauary restrictions will
eectualy the public from loss should impose suc
unreasonable and excessive restraints shall prevent tina
| public from enjoying the benefits of the system
Copies of resolutions passed by the Legislatures of sever
OF our sister States upon various Subjects have been recee
by me since the adjournment of the General Assembly
compliance with requests by which they accompanied
they will be laid before you.
No subject embraced in them is of grave import
wolves principles alarming in their character those ou
the of New Jersey One of the sovereign states of tn
Union has been deprived of her constitutional rights He
Representatives, presenting the before undputed