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

not the Constitution, have really made hini) "a
component part Of the Legislative power.' If he
has one half Of the cOnfdencein the judgment and
patriotism Of the People which ha habtually pro-
esses, he need not fear to disclose his true opin-
ions Let him take side or the other lie
Inns no right to take both. ! do not wish to cheut
Others, nor TO be aguin cheated myself
have word or two to say upon the great
subject of tho message the currency question:
Our worthy President seems to have regular in
termit,en upon this subject At the extra session
:he hard money fever upon him but at the
| last session there WIS clear nternssion of this
lever; even, sir, chill had supervened. He then
said Like other State establishments, they
lnanks nny he used or not in conducting the affairs
OF the Government When the Government can
accomplish financial operation better with the
md Of tile banss than without it, it should be mt
liberty 10 seek that MD" sc. The dangerous ten
tlehcy OF the connection Of the government with
Tanks was then Ia Inc arrested, by giving 10 thr
Executive the undivided power aud uncontrolled
discretion to employ them or not. II was danger
Gus, III other words to trust this power TO the Elk
ecuive aud Congress, but perfectly safe to coniide
| II altogether 10 the Executive.
| II u melancholy truth that whilst there is
parry IN t'ls ronntry who watch every encrO icli
n1nt 1T the Federal Government upon the rights
at the States, we a seem 10 shut our eyes to the
not less dangerous ,istrpalions 81 the Executive
upon the other aud co-ordna,c departments Of
the Federal Government. A more during
lrroarlheht OF that sort has never been made than
~ this TINT 1t is dangerous TO the public liberty
TO trust this conneSon with the banks 10 Congress
the immediate agents aud Representatives of the
| People but that the discretionary power to Use
tnnks or no, shall be given to the President. -
'roug tnp, sir in the creed of the Republican
l iIhry-tIe o!d, the true, the once respectable Re
publ an pnriy one of my earliest and most fixed
political opinions Inns been to look 10 the Exeru.
tive department ms The point of real danger and to
resist the smallest beginnings of Executive en-
cfunrhmcnt
We were also told in the last message of the
beneficial results from receiving the notes Of spe-
Gle paying banHs, and the bill introduced ms tho
Government measure did not contain the specie
feature. had some hopes that it was abandoned.
regret TO see that it not only has not been, but
that the musk is now thrown off, and the purpose
distinctly avowed, not only to require Government
dues in specie but to do this with the view of
driving out of circulation bank paper altogether,
and reduce the banks exclusively TO Offices o dis
count and depose. Is the country prepared tor
this? ] rejoice that the true purpose is at last
avowcd. | have known from the beginning that
such was the purpose. have been accused Of
,Ilsingenonsness tor sayingro. lave, therefore,
a personal satisfaction that now stand vndraIcd;
still more do | rejoice That this INDUSTRIOUS prupo
siIion is now exhibited in It's naked deforniy.
4 lfany thing in these times, was to he wondered
at it would ne that Sate rights politicians should
advocate this measure, no, for its direct financial
effects as To the Federal Government, but Tor ils
Indirect Influence upon state institutions tho
} banks. All admit the right Of States to charter
banks; none will assert the right of the Federal
Government TO destroy or even control these cor
porations by direct Ieyislntlon hut the power to
do so is claimed. and By State rights men, under
the indirect MS. of power given for wholly dill
ferent purpose. ltile revenue power may thus
he perverted from the legitimate purpose, why
may not the same revenue power h. used Tor 'i,o
! Indirect purpose OF protecting manufactures? 1t
!, you lnny use a granted power effect, and ,cih
The rteU 10 effect. n purpose for which il was hot
and never would have been granted what is there
10 prevent The power of taxation from being used
, to effect slavery by tax say OF fifty dollars for
every person held in bDndage? II yon can con-
irol or destroy State iilstituon-th the banks,
| why may Non not do the same with another--du-
nestle slavery defy ny man TO suggest tue
slm'iow al IA reason for the one which does not
apply with equal force to the Other
, We nre told that hanks, in s,me form, will al
ways exist in this country, and urged to place
these bank on a footing OH which they exist IN
s1me other countries that is, banks OF depose aud
, discount, no at issue. "Credt currency and
credit commerce. ARE denounced the Sources Of
2 all nur troubles Now what does he mean 10y the
! credit currency Nothing. llt can mean nolIi-
' ing bun bank notes over and above the specie On
y hand, 'dollar i'sr dollar, and suder for giidcr."
Here. SIR IL distinct ayowal OF purpose 10 bring
tho country 10 an exclusive metallic currency. No
"ne VIII say that there IL any practical difference
2 between metallic currency aud paper currency
y representing gold and silver, dollar iur dollar. II
thcre s, in other words, fiiy millions Of specie in
the country, we are TO have only fifty millions Of
paper issued and that not 10 be adde's, To the spe-
: cr, hut the specie To he Withdrawn and locked up,
and the piper only TO circulate. So iha rs to lhe
Is amount at currency, no one will pretend that we
Il should hive any more than ifthat currency were
: in gold aud silver only. Is the country prepared
Il for Ihni ?
= But, sir, is hank paper bryond the specie in tho
vaults any more n credit currency than that where
g there IL specie, dollar inr dollar? Not whit
t and none hut very shallow thinkers, those who
know better. have said 80. L. there no basis vi
s credit ii gold and silver Is nothing Ell e of any
e rrn valne? Is here other property in the land
Is not the note of John Jacob .is,or fora thousand
dollars good. aud so regarded, although it may he
I. known that he has not fifty in sI,rclc? IL ia time
n that ihis absurd slang amut specie should he ex'
Is posed. Specie Is not only nat the sole foundation
d ct the credit OF bank paper is not even the
~ principal foundation, but The property ofhe debt
st ors OF the banks, and the stock ITSELF il the chei
Il f,un alton oi that credit. Is il not SO ms to the
L. credit Of Individuals? L. credit given becnIise OF
e u known amount Of specie held by the debtor? -
IT Clearly not; for in that case he would need no
credit, but would tIse his specie. No, sir repeat
q It is property 10 whirh credit il given that prop
j. eriy of which gold and silver is the mere ynrslick
e is this not true? After the hunks Ind sisI PENDED
il and il was known tina, they had no specie have
Il we rot only seen their notes passing, but passing
IL Al par for every thing else hut specie? And as to
'r hat, il is not the fall in the value OF the noIe bn
l. lbs rise in the market value of the specie Yes
II sir, when in that condition, every one is willing IA
d exchange the very hest ind' dual notes, drawing
n interest," for those bank notes drawing none. Why
r is this, il spece ia the sole hnsis of their cred /?
- lo not intend 10 ho misnniers nod. ] am 40 in
% discriminate advocate of the banking system, still
n less It's aud vices go further; know
{, that reforms, vital and radical required, und
e believe that, IL these reforms are not made, tn,
IL system will I've run down. nm no npologisI fn
m nnk slIsneLls iOns. think lie Inst one MiiLnu