Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-01-03

'''S'""s IN extent Of confusion and die
'c'' winch the mismanap.ment of SINAI Her
"''"n''ons could not produce. II can
scarcely be doubted that the recent sus.
nno'''n ct the United States Bank Of
"nnsy Ivania--of which the effects are
-" no' IN 'hOt State alone. but over half
"' On'on-had ia origin in course of
o,,"'>s commenced while it was nations
o. "'''n''nn and there is no GOOD reason
WV N"pP"-lhg That the same consequences
"""'" not nave followed had !, still derived
~, po"e's from The General Government.
!" Vo'n' when the Influences and i'm.
, p"'Hes are we same, To look for difference
| '" c"nooct or results. Bv such creations
WV % therefore bDt increase the mass OF
| P'Pef credlt ana paper cnt,prcv. without
! checRlng Their attendant evNs and Anc,uo.
'lons. The extent Of power and The Eff.
cl'hcy of organlza'ion which we give. 80 far
from being beneficial, are in practice posi-
lively injurious. They slrcng' hen the
cham OF dependence ihropgou, the Union.
subject all parts more certainly to common
disaster, and bind every banl more e!Fec,u.
| ally IN the first instance, TO those of our
commercial cities and, in the end, to q
Iore'gn power. In word, canno, but
believe that. with the full understanding Of
The operations Of our banking syst en- which
experience has prduced, public sentiment is
not less opposed to the creation of a Ma
''onaI Bank for purposes connected with
currency and commerce. than for those
Connected with the fiscal operations Of the
Government
Yet the commerce and currency Of The
country are suffering evils from The opera
tons Of he state banks which can not and
ought not to be overlooked. By their
means, we have been flooded with de.
precloted paper. which II was evidently
The design Of The trainers of the consritu.
ton to prevent. when they required con-
gress 10 "con money and regulate the
value Of foreign coins" and when thew
forbade the states $50 com money, emit
bills OF credit. make any thing but gold aud
silver tender in payment Of debts" or
"pass any law lmparing The obligation Of
contracts" If they did not guard more
explicitly agains, the prescn, state OF things
i, was because they could not have anl,c,.
pated that the few banks then existing
were 70 swell 10 an eX'ent which would
expel 10 SO great a degree he gold and
silver. for which they had provided, from
the channels OF circulation, and fill them
with n currency that defeats the object
they had N view.
The remedy fox this must Chi flv rest
with the Safes from whose legislation it
has sp-mnr. No good that might accrue
IN particular case from the exercise Of
powers. not obviously conferred on the
Genera Government, would authorize ia
Interference, or jus iy a course that might
IN the sl'gh'o-: drg'co, increase n, the ex-
pense OF he ) q. e., the power Of The Federal
authorities nor do doubt that the States
wall apply the remedy. Within the last
few years events have appealed 10 :hem
too strongly 10 be dsregardcd. They
have seen that the CONSTITUTION, though
! 'hoore'lca''y adhered to. is snbvcred in,
practice that wh!le on the statute books
there - no legal tender bit gold and silver,
no law imnniSlnr the Oh cations OF com
tracts. yet kSp point of fact. the PRIV.
'eg"s coD'crrHNNn banking corporations
have made their notes the currency Of The
country; rha; the obligations Imposed by
these notes are violated under he'lmpul.es
of interest or convenience and that the
number and power Of he persons connect.
ed with these corporailons nr placed under
| 4
when their interest l. IN opposition TO the
| sprf oi Tho CONSTRUCTION and laws. To
! the people u Is 'mma'crlal whether these
results are produced bv open violations Of
the hitter. or by The workings ora system Or
winch the re-n IS he .nm". Al lnhaxi.
Die cX"cnlIol even Of the existing statutes
Of mot OF l'e States. would redress mapv
'v,'S now endured; won.d eff c'nal'y show
h" banks the danger Of announcement
which lmpnnl'v encourages them to repeat:
/ and wOnd teach all corpora,lons The useful
lesson mat they are the subj cts of the
law and the servants of the people. What
Is ''iII wanting TO f. ct these objects must
be sought in additional legislation or. It
lhat o. lnadt qna'e. N such further cousti-
'nt"n'l grants or restrictions as may bring
Us back INTO the path from which we have
so widely wandered.
IN The MEANTIME it is the duty OF The
Genera Government TO cooperate with
The STATES. By wise EXERCISE of IT'S copstj.
Inuonal powers and the enforcement of its
existing laws. The extent IN which il NAV
do by further enac'men;s, have already
adverieh Ia. and the wisdom Of Congress
may YET enlarge them. But, above all, It
Is incumbent upon IA TO hold erect the
principles of lty and law. constantly
executing our own contracts in accordance
with the provisions of the Constitution and
thus serving as a rallyIng point by which
our whole country may be brought back to
that safe and honored standard.
Our people will not be long insensible
10 the extent Of the burdens en'aied upon
them by the false system that has been
operating on their sangulne energetic, and
industrious character; nor to the means
necessatv to cXrcac themselves from
these embarrassments, The weight which
presses upon large portion Of the People
and the States, is an enormous debt. for,
eipn and domestic. The foreign debt OF
our States corporations, and men OF bush