The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-06-08

may ho regarded rs having successlyely condemne nee
Peach Of The three schemes Of finance 10 which
hassNdverted. As 10 the FIRST II WINS introduced
al d lime (Si6) -~henthe State banks, then com
parhiveiy few 10 number. had been forced to sus-
pend specie pigments, by reason OF the war when
had previously prevailed with Great Bitan.-
| Whether, ftl,e United States Bank charter when
OK pred in 1871 had been renewed in due soason,'t
would have been enabled 10 continue specie pay
msuis during the war and Tho disastrous period to
the commerce Of tho country which immediately
succeoded IL, to say tho least, problsmetca'; ana
" heller the United States Bank of 1910 produced
| restoration of specie payments, or Inc same was
accomplished through the nsirumenia'ity on o'hfr
means, WAS materof some difficulty 10 deter"'ne'
Cerain il il, tha, for The first years of the operation
Of that bank, Ills course was rs disastrous rs 'o' w"
gre,ter pnrt Of its subsequent it became emit
nently successful. Asst tho second, the expert
men, was tried with redundant Treasury, which
continued 10 increase until IL seemed to he The part
of wisdom 10 distribute surplus revenue among the
Stntes which operating ut the same time win the
specie circular, and the causes below adverted to,
caused them TO suspend specie payments, and IN
voIyed the country in the groatest embarrassment
And, as to the third, il carried through alhe stag
es Of TRANSFORMATIONS, from paper and specie to moths
insecurity of the public moneys,ts injurious effects
have been anticipated by the country IN its unqnal-
fled condemnation. What is now TO be regarded
as the Judgment of the American people on this
whole subject, have accurate means of deter
mining, but by appealing to their more immediate
represen,atives The late contest which terminal
ed in the eli ection Of General Harrison to the Press
ideucy, was decided on principles we'll known and
openly declared; and, while the Sub>Treasury re-
Gel .ed in the result the most decided co1demna-
tionl vet no other scheme of finance seemed TO
have been concurred n TO you, then, who have
come more directly from the body Of our common
constituents, submit the entire question: as best
qualified to give a full exposition of their wishes
and opinions. / shall be ready to concur with you
in the Adoption of such system you may pro-
pose reserviDg to myselfthe ultimate power of re-
iecting any measure which may IN my view of il
conflict with the constitution, or otherwise leopard
the prosperity of the counrry-a power which
could not part with even if would, but which
will not believe any act ofyours will call into re-
QUESTION.
cannot avoid recurring, in connexion with this
subject, 10 the necessity which exists for adopting
some suitable measure whereby the unlimited ere.
alton ofbanks by the States may be corrected IN
future. Such result can be most readily achieved
by The consent of the Sates TO be expressed in the
form ofa compact among themselves which they
can only enter into with the consent and approba-
ton of this Governmeni; consent which might in
the present emergency Of the public demands, jus
iifably be given in advance of any action by the
States, az inducement 10 such action upon terms
we'll defined by the orthe tender. Such meas
nre, addressing itself to the calm reflection Of the
States, would find in the experience of the past,
and the condition. of the present, much TO sustain
it. And 1t is greatly TO be doubted whether any
scheme of finance can prove for length OF time
successful while the States shall continue in the
unrestransd exercise ofihe power ofcreatDg bank
ing corporations. This power only he limited
by their consent
With the adoption or financial agency Of IA sat
sfactory character, the hope may be indnlged that
the country may return to state of
pros perty Measures auxiliary thereto, and, in
some measure inseparably connected with ITS suc~
ce-s will doubtless claim the attention of Congress-
Among such, distribution ofihe proceeds of the
sales Of the public lands, provided such disirbu
ton does not force upon Congress the necessity of
imposing upon commerce heavier burdens than
those contemplated by the act of 1883, would act
as efficient remedial measure, by being brough,
directly in aid of the States.
AS one sincerely devoted to the task Of preserv-
ing a Just balance in system OF government, by
the maintenance Of the States in a condition the
most FREQ and respectable, and in the fnli possession
Of al! their power, can otherwise than feel
desirpns for their emancipation from the situation
to which the pressure on their finances sub
jects them. And, while mus, repudiate as a
measure founded in error and wanting cons,iti-
tional sanction, the slightest approach an as
sumption by this Government OF the debts of the
States, yet can see, in the distribution adver,ed to
much to recommend it. The compacts between
the proprietor States and this Government express
ly guaranty to the States all the benefits which
may arise from the sales. The mode by which
this is to be effected addresses ,selft to the dscre
ton of Congress, the trustee for the States; and
its exercise, after the beneficial manner is re
strained by nothing in the grants OF ia the Const,
tuition so long Congress shalt consult that equal
ty ID the distribution which the compacts require
In tho present condition of some of the States, the
question OF distribution may be regarded as sub
stan,iaIy qussnon between direct and indirect