Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-04-12
WILLIAM FAY. EDITOR.

OF the precise nature Of these consequences,
and beforehand providing some mcansto avert
them II they should turn GU, TO be Injurious
Nothing of the kind was ever dream
ed Of as necessary 10y the Cabinet Of
Gen. Jackson. So far from providing
means TO avert danger, they did no,
even stop TO reflect upon any risk
Notwithstanding that the experience of
Mr.. Madison was before them-not-
outstanding that many of,hcir SINGER
est friends and Oldest supporters be.
sides all their enemies, raised voice
of warning by which they might have
profited, If they had been so minded,
they persisted in going on as if there
was no hazard at all. 1t was their ig-
Dorance alone which made their securi-
ty- But single plan appears 10 have
presented itself TO their attcntion--,hc
plan Of a league of State Banks-and
this, il was insisted, would keep the
funds of the government, would rcgu-
late the currency, and would accom-
modate the commercial public quite
as perfectly as a National Bank had cv-
or done. Tables after tables were par
AIDED in the newspapers TO show the
success OF the schcme-and the Sccrc-
tary of the Treasury remained wrapped
in admiration of It's admirable mode of
working quite up TO the moment, when
il proved Itself Il most disastrous fail
ure. There is no evidence TO show
that any of the administration bad the
remotcst conception that the whole
thing had been going wrong from the
very beginning, until every body saw
that it was at its end. Not suspicion
seems to have been excited on their
part, Of the natural ana inevitable ef-
feet which their own advice was pro-
ducing. The Secretary had been ur-
ging all the banks in his employ to
accommodate just as if they would
not have done more in that way than
was good for them, without urging
And he had stimulated the members of
his own party, whether with or with
out dollar of capital TO set up in the
business upon, by every inducemcnt
conceivable, to create new banks, for
the mere purpose of ENJOYING share
of the spolls. Well-the end of all
this ought to have surprised nobody
Government deposte banks shot up cv-
erywhere like mushrooms. Accommo-
dation became the order Oft the day.
The widest of the wild projects Of
speculation, which marked the years
| $50 and 80, were the natural Off
spring of this policy, and YET the ad-
mlnistraiion remained as utterly I'M
conscious as the dead in the grave, OF
the end to which it was with lightning
rapidity tending, until the very instant
when the public newspapers announ-
ccd that it had happened.
This fact is pu; beyond the POSSIBLE
ity of all contradiction by the Ian
guagc Of the celebrated farewell adj
drcs, OF Gen. Jackson. In that paper
he was made actually to congratulate
the country upon its extraordinary
prosperity, at the very moment when a
general declaration Of bankruptcy was
taking place. His government plumcd
itself to the very last instant to which
its want OF ordinary sagacIiy could be
carried, upon the full success ofan ex'
pertinent, which had never gone n sieT
out Of the direct road 10 ignomIDlon
disgrace, which It's own common sense
should have known better than TO evci
have attempted. The plainest com
prehension, aided rs il would have
been by the light Of preceding trial,
carried on under similar circumstance
10 the same termination, would have
guided any one TO n sounder policy
But neither sagacity or experience wa
ever considered as n quality in tho
least essential 10 right Judgment up
on the premises. The managers went
on as if they not only did not care What
they were doing, but as If they were
perfectly Indifferent as to whether then
temcriiy was the result Of ignorance
or of the most subiml,ed wisdom.
We do not mean by this 10 be un.
derstood TO intend t. throw the whole
responsibility for the catastrophe q
1877 upon the Administration. W.
are aware that much was incurred by
all classes Of citizens, who rushed 50
madly into every species of gambling
speculation and that the Government
when made sensible Of the existence o
the evil, attempted 10 raise barrier
against il. But IN the original policy
which occasioncd il, and IN the meas