Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-10-09

NC V'ooo' ShNu"N"h III tho Voiiut tSPSo''u 'heSc
abrcations.
In this state of things, bankers house in London,
holding large amount of Massachusetts bonds, and
hose Of other States applied to me, as a pJoe ssional
man, to know, whether the States could contract
debts. lanswcrcd-Yes. That the States were as
sovereign IN this matter as any sovereign State OF
Europe. That correspondence was published but ii
is one you cannot get inserted in an Administration
papcrand yet, in spite of this correspondence, main
tanning the right of States to contract debts and their
good faith and ability to pay it is maintained that l.
aud those with whom act are active and systematic
in bringing about assumption Of these debts by the
United States.
But it seems Mcssrs Barings havo written cir
GUAR in which they point to all assumption. That
circular never saw nor heard Of TIL my return to the
United States last December and then, too, first
heard OF Mr.. Benton resolution at Washington. |
wish to repeat, that every where in Europe, where in
any way State debts became the subject Of convcrsa
ton, no English or European banker or bond. holder
ever suggested TO me, or in my hearing, or caused to
be suggested, any idea Of assumption and the first
heard Of was, as | have already said, from an
American citizen IN London, TO whom made tho ie
ply already mentioned.
have said my visit to Europe lost much of its plea
sure by reason Of gloomy accounts from the Unit
ed States, and confess was much depressed both
as to the commercial and political condition of the
country could perceive no disposition on the part
ofthosc IN power To grow wiser and better, and al
though knew there was n numerous and able party
opposed to them, yet feared, that for want of union
as to measures and candidates, their efforts to bring
this coast heard Of the Harrisburg Convention, and
of the nomination 50 unanimously made-thc best
that could have boon malc-I was again encouraged.
And when afterwards ! saw, withsanding the
preferences OF some were disappointed, that the no.
mination was received with unanmty, which has
since swcled into enthusiasm, | felt once more that
the country was likely to be cxtricaed from her diff
cul'ics and restored TO woned prosperity
will say few words on the Sub-Trcasury. This
pears to me scheme new to our history, and for
rgn to our habits tho last of series of baflid OK
perlments; an expedlcnt into which the representa-
tvcs OF the people seem to to have been dashed BY
Executive power; iaugued into by appliances and
nportun.tlcs, through four mortal sessions of Con-
gress. What are the arguments in favor of the bill
The leading one of Mr.. Van Buren,, in 1887, was the
safety o: the public funds. The treasure was to be
kept where ronucs should not run away with it. The
best way effect that is not to trust rogues to keep
1t but, as to the parade OF safes and vaults it is all n
| mockery. don know in which of these banks the
Receiver General Keeps his money. Here here said
many voices from the porch of the Bank of America
Well be ii so-and undertake to say, that if he
has any special vaults safes there they are not whit
| more s'ctre than those in which the bank keep it's
| funds. But the Government says must take
care Of its funds Who and what is this of the Gov
| eminent! Is not the Government public trust and
agency An individual may put monies in vaults
but the government IS not a private person having
pockets OF his own 1t must employ officers, it must
| trust somebody My colleague in the Senate, Mr.
Wright says the object TO keep the money BY agents
OF the people more directly responsible the people
| than heretofore How is the fact The Receiver
si'c.Il IS appointed ny 'ne ffIs dGnt ana Senate, Is
execution of his Office In what does he differ as Ia
the responsibility from the Collector, who is appointed
III lNc n''cr "'Swtao'c III ilhe manner 10 the law
anu LIVES ooiiIs III IKE nannaf ! How then, is the
other! The prcencr is destitute Of sense or reason
f, ~; ,; Wy sn'ey u llie units me vaults and
~, wv, "i' tc,ui are no Detler or more
oroI ho m J, ~ Va, D!',Ns nc Htc'v'r "en
hoe 'ven onod Socri,, by p man. ai,o
Tni ~; h; oo go o"t why VI no" are .nt
con,n,nn so n,' !, -. ai''iN vut ne
Sunnoso Mr. Alton woro ,n.,ncrrn,, ~ 1.n,ipo ' :,
roc in he ,o,,l,. ,,,,IJ h. v@o :,
bc Gcd ~ In, rr,r,v;, az ,ho ,,,,,e ri ), nm w
chic in ,cir ,,L I ,;.i J ~ e. :. Sl'o
! mo of such dnn,s;,ns, Insto,d nr raJ; ~ r.
s,C,r 7 a,v tho nrosont s,.s,, l.. 'icr'
finds fori, nutnlies ,hc hnnis ,rnh , ~ P., ,
noss and ,h,rnfrro ,,,l,,l;os h. ~, 49, NV
Nv i;n,, III c,s ,hn ,,a; H.. Ii."'eo VI W
bv Mr. Allen on whom drafts FROM, H., Tn iu,1 va
drawn. Now the Collector if not homes, can s,sm'
the money before paying it over TO the Receivers nnt
go once in the hands of the Receiver ho ifnot hon,
can spend it before it is drawn on, by tho Treasury
You double the chances of loss by doubnr tho b,nd
| that touch the money
,rbo, nc q, ,,, ,ro,,;oJ - e . .
CURRENCY bv ,hn oncr,,,n Of ,hi t ST. my wv
in this According to its provisions one nunrter ~
the duties is now M voblo in sneco 20, r. ota ~ ~,
have bond to payat the Custom Honsn ifhc goas r.
the Collector with check certified as pnyable on,
fourth in specie, and the reside in bank bs does h,
not take il? We'll then, nil this snecio ,,, s nor
sham. But suppose you 20 to the receiver genera
with a draft. He pays you in bills Of the Bank o
| America, but where is the specie He will doubt, SIS
if you exact it. give you specie but hahituallv Tho
payment is in bills. And then ask where is al
! this movement Of specie, this marching and counter
marching of gold and silver that was to dazzle you
eyes 1t is all humhug. But your collcctor-vher,
does he put his money before it gets into the receiv
ers vaults Why, felow-c citizens, as | am informed
in bank ofunsavory NAM, the Bank of the L. States
and when he pays over he pays no specie
Then as to the divorce of hank and s,o,ov,b,, -
fact sit Is not the greater p,lt win M, sav th,
whole, for | suppose the receiver keens some N hi,
vaults; bu, is moi the greater nort Of iii ,ho ,,,
the government now absolutely in ,he sen;n, nr III,
banks! believe il is You COLLIER rror, IN IL
and pay 10 individual AGENTS of the coycrnnnr, and
they forthwith nav it into banl,s-nnd ,horof,ro ~
stead of there being divorce the conncr,;o, S hn-
come rather more intimate Than over and iIa n,b.,
Illicit connections a great deal more secret O''''
| Tb;s;c collod an J,dnorJ, r
dent of noth;nr hn, MINK nn;n;o a,I l'ucPen
vision md he n,n,nndod s"ora "''' pune super
Govornmnn, and no hnnls i; nc'"Ir'i t'ie
thourh g., sham nnw ,ha ,m,b";, 81 '.iaii. put ~
when nil dnes of t,n Covernn,on; o. al sPcC,
coin, will be most dangerous one. If the revcnuC
shall ever again TO It's former amount and our