Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-01-28

sisu, ana The banks south and west Of New (
OK had suspended specie uavtncnts Tho
exchanges wee derangcd aud almost imprac-
ucaole. wish sir. said he. ! could see ono
Rieam ni night or hope from any quarter Pm
Ces would, he feared. 90 further down. unless
tho war m Africa and the short crops in Eng.
land would serve 10 keep them %. Sir, | /
have never known such scene of distress
and there Is but one man--he In the white
house-ihat coniemplates 1t without emotion.
"heh an tue elements are pouring their wrath .
on The heads OF the people, the President tells
them TO take care Of themselves, and that all
ihe government, can do is 20 take care ofisclf .
lie attributed the prcscn, disiIesscs, first, to
lhe removal OF the dcp0si,es from the L. ). F.
/ bank second to the destruction OF the L. :.
pank and ihrd, 10 the transfer OF the public
money to the located banks and the cncour
agemeni given 10 them TO enlarge their issues
and operations These were the causes Of
our embairassments What is the remedy
/ The sub-ireasmy bill lie would consider
TINS remedy, first. IN the light in which its
friends viewed it and, second as he himself
viewed 1t. The whole apparent and avowed
object of this bill. Invested OF its paraphanalia
of bolts, safes vaults &c was to exact specie
from the debtors of tie government, and to
| pay specie TO those who demanded 1t of the
government. 1t does not propose to take
! care of or relieve the people. His objection
to the measure was, that il does not meet the
exigency of the case, but agglavates the evils
under which VIC labor.
But, in lieu of relief, we have no
gainst corporations, banks, associates
and debts Of the States and euvg
pure metallic currency; and the i
example of the island of Cuba is held
imitation. The president and his friends have
here done nothing but to read us lectures a
ganst paper currency. But, Sir, this paper
currency Is inevitable, and you cannot destroy
1t. Whence yourIight to denounce the poll
cy of the States here, daily, as you do : Sir.
a practical statesman, in this country, must
look at things as they are. Looking at the
subject in this view, we find that the States
will have banks and paper, maugre you denun-
Citations. He remembered the history Of banks
here, for he had grown up with it, The first
bank at the south was the old bank Of Aexan-
dra lie perfectly well remembered having
, a debate in the Virginia Assembly on the re-
charter of this bank a few years after its first
establishment. The argument was, that as
other states had banks, Virginia would be ex-
posed to the consequences of banks and bank
7 paper, whether she had any banks of her own
: or not; and the only question was, whether
, she should have a share in the benefits of banks
or be tributary for them to other States. So
= in Kentucky; the feelings of the people was
( strong against banks so much so that the first
: bank was struggled through the legislature,
very improperly, as an insurance company,
thirty-sx years ago. The currency Of the
! neighboring States was flooding into Kentucky
and she was obliged TO charter banks. Each
State was obliged to adopt the bank system on
, the principle Of sef-preservation, and in spite
of messages from the president and speeches
n in this body, it will be continued. Preach
o and pray when and who're you may, you can
: not get rid of the banking principle. 1t is here
: fixed as firmly as the laws Of nature or of ma
s lures God. Right or wrong, for good or fol
evil, it is here. think it desirable system
but whether it is 50 not, it is inevitable.
A bank Of the United States, properly ant
, safely constituted, is the true remedy for on
: present embarrasments, and for all the evils o
: the local banking system Forty years O
> successful experiment, and five or six years o
= distress and confusion, have convinced me O
y that. But it is not my purpose to propose II
. When the people become convinced OF It's ne
y cessity, Congress will comply with thel
u wishes But carry out your sub treasury, an
: exact specie payments, still the people WI
= have banks. This measure is not so muc
Vi directed against banks as against the people.
Gentlemen say that they wish to establish
~ metallic currency in order to reduce the wage
of labor. and thereby to encourage manuiaC
" lures. Then these gentlemen are not, as the
~ pretend, the friends of the poor but OF the mel
-. a. The principle is avowed that you wish to eT
l 'S able the rich man to get labor cheap. III
=. Lord deliver us from such political economist
NV who consider low wages as a proof OF pro-
-, pelity and who would reduce our laborlr
"a classes to level with the wretched and m'
:" cradle operatives the old world.
Mr. CLAW then commented at some length
on that point of the Presidents Message whit
speaks of the money power of this country b
- ing stationed in London, and being connecie
" with every bank in the remotest part OF IN
out country, He shared, he said, in the mortl
ce. cation of the President at this fact The
on was more anxiety TO get intelligence fro
. London than from this Capitol and, why !!
" because of late years the people had not be-
lay accustomed TO expect or hope for any thin
vas from the Capitol of their own country. Is
were we in this state of dependence, duri
the existence of the first and second banks
MS the United States The policy of the COVER
ul- ment had been TO throw us into the Jaws OF I
ion monied monster in London. The real eau
ore OF this dependence was that we bought
=, much and sold too little. We must produ
VIC more We INST encourage manufactures a
agriculture and introduce new objects OF a
riculture We must establish something j
an equilibrium between our exports ana l
ports.
SIS Mr.. Clay then said he had now come 10 4
Oh last and principal topic. ] say, exclaimed
,rd- that in this bill there is a Bank, G0rernH'
l. Treasryu Bank There il is lurking and ?
ives videj for. Here are all the elements OF