Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-24

With most of the President remarks on
the late Suspension, over-banking. SC SC
we agree. But when he endearors 10 con
veit these consequences OF an unregulated
and vicious syslem of State Banking into
proofs Of the inefficiency or depravity Of a
National Bank. he talks wildly. Histheo.
rles md assumptions are opposed 10 positive
and notorious facts. During the City years
duration thus far of our Federal Government
forty have Witnessed the existence and opera
tions OF two successive National Banks,
while ten have been passed without any
During the forty years, there were important
changes in foreign and domestic policy fiuc.
tuatlons in trade, short crops. and every
other Indictment to commercial revulsion,
and such revulsion accordingly was more
than once experienced But there was mol
one general Suspension OF Specie Payments
OF deprivation of the Currency; while du-
ring the ten years non-esstence ola Nation.
al Bunk, there have been no less than three
Suspensions; one of them continuing several
years, until National Bank was reconstilul.
ed the second lasting more than year
and the third still upon us Are moi these
facts pregnant with Instructions So also
have we seen the Bank OF England carry the
| Currency Of that country safely through the
reyulsions of 1887, and 80. while our own
was FRUSTRATED Even the fearluIy defcien,
harvest OF the Three Kingdoms last year
proved inadequate 10 overbear her vast re-
sources and credit.
Bu,ih President says that the Bank o
England once suspended Certainly il did
but only because the Government was bank
rup, and needed such Suspension for its owr
purposes So il our own Government should
al any lime be driven by necessity to Absorb
the entire resources OF a National Bank, th,
Bank must thence subsisl on its credit alone
butt this is properly Government and not
Bank Suspension.
The President. therefore, misapprehend:
or fails 10 consider the difference in charac
ter and position between National! Bank
and Stale Banks. when he argues that tn,
former is as liable 10 Suspension as the lat
ter. Uniform experience as well as clea
analogy is agains, him. And.when he bring.
forward the present misnnmed Uniled State.
Bank TO stand in the place Of Na,iona
Bank, gravely quoting its alleged errors anc
mlsdemeanors as evidence against something
| "hiNh ~ 10 HOtt Ht uOtc NiOltHNc 10 lcdSOl
and fairness. Especially does he this wh.r
he converts the flourish OF MIR. Bidde OF
procuring his State Charter. thai the Bank
was now stronger than ever into grave ev
idence OF what be is laboring to establish
Stronger How For what Not certainly
as regulator ofthe Currency and Exchan
ges Of the country for such il had ceased al
together 10 be- But ii is idle to waste word
or shit so plainly excep,ionable and futile
Enough, The Independent Treasury
is destined IN ,eords 10 becomethe law of Ii,
land. We do not doubt its establishment
during the course OF the present winter
But that ii will be rigidly enforced, and con
tinue TO be strictly regarded in practice, ",
cannot believe IL is a retrograde toward
barbarism which cannot, in tie nature o
things, be real and enduring. Ifii would b,
thoroughly and in good faith enforced ",
should hardly regret 10 see it in operation
Tor single year that il would be tolerated
There are some follies which can only be Ell
fec,ually cured by the stern lessons OF Elk
perience and Suffering.