Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-03-06

might otherwise circulate would be with
drawn from the use Of every person a con-
siderable portion Of each year This would
effect the prices Of properly. Of labor. and Of
every thing else. and would render Il next TO
impossible for even prudent man, who
happened to be in debt. ever TO exiricate
himself s.sf ,s Nt ist.ia
Beside this the heavy draws for specie
upon banks would compel them. in shor,
time, eitheric wind up or 10 do very pre-
carioas business. Whenever a suspension
Of specie payments would take place, we
would have deprecated paper currency. on
which to do the business Of the country, and
specie would become un article Of merchan-
disc. The man in Office, OF who had a job
or contract with the government would re-
ceive his salary or bis pay in specie, which
he would Immediately sell for bank paper.
receiving premium of some ten or fifteen
per centum. and with that paper pay his
debts or purchase such property us he might
wish. This practice is a, this moment in
operation. For every hundred dollars paid
me as member Of Congress. can receive
one hundred and eight or nine dollaus in hank
notes, and with them paw the landlord who
II has appeared 10 me, il we commence
this entire operation which your Resolution
contempates, and go into this thorough hard
money system, we shall presently. in Ten.
nessee. especially. bein depIorable condi-
ton. Look at its effects; all debts and fax
es are to be paid to the federal governmental
hard money. or in bank notes. for which the
specie will be Immediately received. and the
| specie thus received is to be locked up Sc.
curely. until il is paid out in discharge Of
some debt due by the government. Suppose
our first years taxes paid. in all the States
amounting 10 some twenty-five or ,hir.
liy millions Of dollars. That is only 10
be returned into circulation when the ieder-
al government pays the debts which il owes.
What chance will Tennessee have 10 re-
ceive. by federal disbursement, any portion
of what she may have paid2 We have no
forts. no foundries, no arsenals. no fortifca-
lions, no army, no navy, navy yards or dry
docks. In short, we have next to no OBJ
jects upon which the federal government ex-
ponds money. therefore none of il would be
returned TO us. We must pay up our full
proportion ofall indirect taxes in hard mon.
ey. with certainty that little or none of it
would be returned TO US by federal expendi.
lures. and in the course Of very few years
we must be drained OF every hard dollar we
now have. sfs s.a
There is another class Of objections
against this measure entitled, think, 10
still more grave considerations.
The addition II will make TO the powers
oflhe federal executive. Every officer with
which the money is 10 be deposited. or left
for safe keeping. will be appointed by the
President aud removable at bis pleasure
We might as well give il TO the President
| himselfas en.rusl il TO those whom he can
and will control
This plan will multiply officers and in
crease considerably our expenses at its com
mencemen,, and in the end no man can fore
see the swarms OF dependents ], may gener,
ate. and the additions il may occasion TO our
expenditures ofth public money,
Byi use Of the patronage already be-
longing TO that officer. we all know and feel
that large portion Of the power vested in
the Legislative departments exists only in
name il is in substance vested in. and ex.
pressed by, the President as he wills; shall
we. then. give him controlling power over
i all the pecuniary resources of the federal
government? For one cannot consent 10 il
Lastly this Sub Treasury is nothing bui
a stepping stone 10 bank created by the
federal government, bou,omed on its own
funds. attached the Treasury Department
and all placed at the control OF the President
or Of those who will never have any will
which does moi correspond with his
/ il appears to me. no reasonable man can
think il we commence this system we are "a
stop short OF such bank. Az
Lei one year only pass with all your rev
enue ia specie and that locked up. your
State Banks and paper currescy deranged
and what then2 Those who may wish io
carry out this system will then recur 10 tbs
sound doctrine advanced BY the late Presi
dent Jackson. .ghat the money Of The coun
Iiry ought not to be kept locked up BY the
government. any more than the arms be-
longing 10 the citxens-both will be sure Ia
be misused" And il will be urged that so
lciety is suffering for a sound circulating me
dun we must pass law authorising this
money to be loaned. the interest will ease us
rl,of the payment Of much taxes, and BY circu
lanng Treasury notes or drafts drawn BY
one Of these Treasures upon another we
will have a sound paper currency. good ey
i cry where and bo,tomed on metallic ha
4 SIS This doctrine will become The Demo
cratic doctrine. and every man who oppose;
It, will be denounced as bank-bopght led
eralist the law win pass and 10 due form we
shall have the Treasury Bank;; and wha,
,ithen?
4 The nurse and tie s,coyd plI be united