Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-01-08
V OIL. XII. No. -

e
VI al measures necessary TO main;
SanctI'y OF our own engagement lie
70 ana In securing to the commnn;. God
abundant supply of the precious Ih'
winch adds so much to their mn metis
ana gives such increased stab;l;,rsfr!
their dealings. Il
In country SO commercial =,
banks IN some form will probablv :, M
exist; but this serves only to rendsr Wy
more incumbent on Us, no,witbs,.Ints
the dlscouragemenis Of the past ,as
In our respective stations 10 mi,;n,, SIN
evils they produce to take from 4. y
rapidly as the obligations of publi. =!
and a careful consideration of Inc "S
date interests of the community Min
init, the unjust character of mono..I s
TO check SO far as may te practicaS I.7
prudent legislation, those templa,;s.
interest and those opportunities for :
dangerous indulgence, which bess, ~ 'usf
on every side. and to con6ne them .,.' ta
y to the performance of their parsm ,sEe
duty, that Of aiding the operaliora
commerce, rather than consutino !
own exclusive advantage. Tbps. 'a'a
other salutary reforms may, il is Mi
be accomplished without The rioI...
any OF the great principles of the ,0.;g
compact. the observance of whirb !.
dlspensable TO lis existence, or iD,arf,,;;"
in any way with the useful ard n,o i;.'o2
employment Of real capital
Institutions so framed have existed -,
sill exist elsewhere, giving to CONN.,,
clal intercourse all necessary f,riJr;.,
without infating or deprcciatng 4
currency, or stimulating Speculation
Thus accomplishing their Legitimate e.,
they have gained the su-est guarantee {,
their protection and encoura gemen, i,,5.
good will of the community. Ano,r
people so uSt as ours the same rrsst,
could not fail TO attend siriIar cogr,,
The direct supervision of the banks /,
longs, IRON the nature of our Goyqr5.
meht, to the States who authorize tie.
II is to their Legislatures tha, the neon.
must mainly look for action on that s,A
Jfct. But as the conduct OF the Frder,
Government in the management Ct n
revenue has also powerful THOUGH Ls
immt dat. influence upon them, !, beco7r
our duty 10 see that proper direction !,
gwen % It. While the keeping ofts
puoiic revenue in a separate and md.
pendent Treasury. and Of COLLECTING i IN
gold ana silver, will have a s5ly,aTr IN.
ngence on the system of pa per cred wi;b
winch all banks are connected and tb,s
AID those that are sound and we'll man.
dgPo; IL VIII al the same time seusibl,
cnech such as are otherwise, Lv n, opr-
wlthholding the means OF exlravagsrc.
AFFORDED by the public funds, and RESTRAIN.
ing them from excessive issues Of MT,
which they would be cons tant'y CALI
upon to redeem.
| an aware it has been urged rba, Ii,
control may be best attained and evrne
oy means of a National Bank. TbecoD.
stituilonal objections, which | am U,g
known TO entertain, would prevent me- 4
any event from proposing or asseutiugh
mat remedy; but in addition II this |
cahnot, after past experience, bring mrsrF
70 think that it can any longer be eit,s.
sIvely regarded as effective for soch
purpose. The history Of the late Naliri.
al Bank through all its mutations show,
mat II was not so. On The cortrar.
may, after careful considerat on CT he
SUBJECT, be, think, that al every refioi
OF banking excess it took The lead l5,l
IN 1917, and 1918, in 1923. in 1881 and
~ 1884, its vast expansions, followed N
contractious, led Ia those Il
the Stlte institutions. Itswelled and mad.
dened the tides of the banking srasn.
out seldom allayed. or safely directed
mem. AT few periods only was a sni-
ulary control exercised, but an eager e.
sire, On The contrary, exhibited for profit
10 tae hrst place; and if, afterwards. rs
measures were severe towards r.erm.
slItntions, 1t was because lis own safT
Compelled It to adopt them. 1t did Ed
l'ner from them 10 principle or in 6rn;
- measures emanated from the slncspr
! CT gam; II felt the same Temptation q
'verissues; it suffered from. and was so
any unable TO avert, those inevitable iari
y trade, by which it was itself aftra
'qaaiiy with them and nj least On or
occasion, at an early day. it was saved Of
y by extraordinary exer,ious from tie
d'ie iate that attended the weakesl ins'
uion 1t professed 10 supervise. 10 1877
iaiied' equally with others, in redae''
ny lis notes, though The two years aloF'
: ey lis charter for that purpose had ri
xplred. large amount Of whi,h remai'
. the preSenttIme outstanding. 1t isUr'
nal having SO vast capital, and sirenga'
ned oy the use of all the revenues Of ihs
government, II possessed more poTrf'
ut while It WIS itself, by that circus.
lance freed from the conlrol which al
anhs require. It's paramount object al
nducenent were left the same-io nas'
ne most for its Stockholders, not TO TegG'