Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-01-08
Januarys, 1910.


of. which the effects are felt not in thai
Stats alone, but over half the Union
had lis originin a course of business com.
menced while it was national institution;
and there is no good reason for supposino
that the same consequences would moi
have followed, had il still derived its pow
srs from the General Government. II il
il vain. when the influences and impuls-
IS are the same, TO look for a difference
10 conduct or results. By such creations.
we do therefore but increase The mass of
uper credit and paper currency, without
checking their attendan: evils and fluctu-
atoms The extent of power and the eff.
,iency Of organic ,tion which we give, so
far from being beneficial, are in practice
positively injurious. They strengthen
he chain Of dependence throughout the
U0on, subject all parts more certainly 10
common disaster, and bind every bank
more efectually, in the first instInce. 10
those Of our commercial cities, and. in the
end, to foreign power. In word. |
,annot but believe that, with the fall I'M.
d,rs.anding of the operations OF our blnk.
log system which experience has produce
Ell, public sentiment is not less oppose1 "a
the CREATION Of National Bank for pur.
pos $ connected with currency AMI con-
merce than for those connected with The
h,ll operations of the Government.
Yet the commerce a3d currency of the
country are suffering evils fro. n the onera.
tons ofthe State banks which can not and
ought not p be overlooked. By their
means, we have been fJo1ed with de.
FrIlied paper, which it was evidently
he d s'gn Of the trainers Of the Consri.
thoa to prevent, when they required
Congress- to "coin money and regulate
ne value OF iJreign coins" AMI when
| liry forbade the States ito coin money
aC bills Of credit, make any thing bnt
GID ard silver tender in payment of
a9s," or pass any law impairing the
'Ohg 'tIon Of contracts" If they did not
s1lfd more explicitly az INST the pre<en,
cate OF things, it was because they conl1
aOs have anticipated that the few banks
then existing were to swell 10 an extern
which would expel to so great degree
he gold and silver, for which they had
p'ovIted, from the channels of circulation. I
and oil them with currency that defeats
TO- objects they had in view. The reme-
| g for this must chiefly rest with the
Sac from whose Legislation il has sprung.
No good that might accrue in a particu. |
| I case from the exercise Of powers, not |
oSroasI y conferred on the General Gov
,nnenI. would authorize lie interfere
rtnce, or justly course that might, in |
be slightest degree, increase, at the ex-
p'nss Of the Sites, the power of the
Fdral authorities-nor do doubt that
III States will apply the remedy. With
a NE as-few years, events have appealed
. them loo strong y to be disregarded. -
They have seen that the Constitution,
hoagh theoretically adhered to, is sub
rerled IN practice; that while on the st,t-
ue books there is no legal tender bat gold
~ silver, no law impairing the obliga-
oos oil contracts, yet that, in point Of fact,
S privileges conferred on banking cor
options have made their notes the curren-
~ Of the country; that the obligations
n7osei BY these notes are violated under
~ impulses Of interest or convenience
pd that the number and power of the
PRISON connected with these corporations,
| ~ placed under their influence, give them
karlul weight when their interest is in
ppostion TO the spirit of the Constitution
Ad laws. To the people it is imma,eri-
whether these results are produced by
Nen violations of the latter, or BY the
vikings OF system OF which the result
the same. An infexible execution
Tea OF the existing statutes of most Of
ne States, would redress many evils now
%dured would effectually show the
INKS the dangers OF Encouragement
Nnrh nnpunlty encourages them to re-
pat; and would teach all corporations
ar useful lesson that they are The sub
rs Of the law and the servants of the
rope. What is still wanting to effect
aese objects must be sought in ldit .onal
egsallon; or, if that be inadequate, ir
uca iurtler constitutional grants or res
ucI'ons as mny bring US back into the
n'h from which we have so widely wan
| tred.
10 the meantime, it is the da'y Of the
1eaeral Government to Cooperate with
y States, by wise exercise of its con-
AadtIOnai powers, and the enforcement Of
pse1sting laws. The extent to which il
aay DO SO by further enactments, [ have
cIeady adverted TO. and the wisdom of
voagress may yet enlarge them. But,
''0ve all, 1t is incumbent upon US TO hold
"scl the principles Of morality and law,
instantly executing our own contracts in
CT'o'dance with the provisions Of the
.aar uilon, and thus serving as a rally.
y point by Which our whole country
Wy be brought back to that safe aad hon
wed standard