Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-12-21

injured and enabled to exist and on New York
he must have had his intention fixed when he nude
this assertion as TO the probable existence of banks
but TO remote places, agricultural and interior
States what other than deleterious influence can
1t have, whence the specie must be drained con-
stanily IN payment o the dues to the UnitedStates
without any probability of an invigorating rehux?
IT is due to the State, and necessary to a res,o-
ration OF our happy, prosperous, and honorable
condition, as far as IN our power, to mark with
unqualified reproJation, this Infringement on The
rights and credit Of the States this war ON the
institutions and capital of the country For when
the accumulation of wealth is the result of indus
try economy and Skill it is certainly honorable to
me owner and whether it consists in land, chat
tets or stock, IS unquesonably entitled to the stern
protection OF the laws and the person it matters NOT
what his standing or position in society, who in
dulges III tie practice OF inisrepresenting and de-
tracing from the value Of either, deserves its So
veres lash. Let us put the seal of reprobaon on
the unaithful officer who violates the Constitu-
ton in letter or spirit. Let us inform The presi-
dent that we consider the purpose Of Government
TO mean something more important, as the reeu-
lator Of "trade and commerce with the Siatesn
Than merely picking out the gold and silver from
the currency, in the discharge Of the public dues.
to pay out to The officers. That tie currency of
the country, no matter of what il Consists, must
be The medium ofexchange, and is as essential 10
trade and commerce with the States" as the cir
cululicn OF the blood is to the animal existence,
ana ms necessary Ia healthy State, 10 be regula-
ted by central power, ms The other is TO flow
from the heart. Gold and silver are tests OF the
value Of the currency, be it what it may. and if
so applied, are valuable hut their intrinsic value
is OF smalI consideration, compared to the advan-
tages of bank notes, checks aud bills of exchange.
" hat power should Apply this regulator? Ger
lalnly the United States, for none other can.
The object to he attained is uniform currency
Throughout The Union, based on specie ard on the
credH Of The States or ofhe United States. How
can this he accomplished? is the rghuul enqui-
ry. have no fear in the answer, that il can only
be effected by arrangement entered into by Lai0
between the State and Federal government for
improving aud using the local Bank, or by the es
tabllshment of Bank Of the United States, with
sufficient capital assigned to each State to supply
the amount of notes for all useful and necessary
purposes One kind Of bank n,ts, ,cih specie
basis aud ample guarantees, can alone meet the oh
ject and accomplish the purpose desired. Where,
as at present, large variety of Bank notes. issued
| ii ON eight or nine hundred Banks, are thrown
into circulation, experience has proved that they
cannot stand on equal footng-actual and fc-
litious circumstances will produce degrees of val
ne totally destroying their worth as national cir
culating medium
would prefer an arrangement by which the
local Banks would be remodeed, to the establish
ment Of Bank Of the United States, because the
renew wal of their charters could be made to happen
successfully, without producing the political con
vulsion which has twice attended the renewal of
the charter of the National Bank because too,
some of the present institutions could be adopted.
and the rnilnr,l"~t .-~---.i ',s.