Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-06-28
From the National hteiigencer.
REMARKS ON TIE FISCAL BANK.

REMARKS On TIE FISCAL BANK.
Before offering few remarks more nj large on
The plan of the Secretary Of the Treasury, for n
Bank of the United States, il may be uroper 10
reclr 10 The general history of tho country, Tor
some time past in regard TO Tho currency, and to
state its present condition.
Ia 1882, President Jackson negatiyed the bill
for continuing the cHricr Of the Bank Of the
United States; and IN September, 1888 now
nearly pino years ago, President Jackson through
The nstruIneniny of the Secretary of the Treas
ury, removed the public moneys from their then |
existing lawful dcposiie From that moment to
this, the currency Of tho country las brou thor
Oughy dernngcd. This none can deny. Even
If tho cause may be disputed, the fact cannot,
Those who SO please may nscribc the ,lrplorale
state Of things which has been brought upon u.s.
AMI which still continues, to the multiplication of
Stale banks between IS52 mud 1896, 10 n spirit of
speculation wi h seized upon the Public, to ,he
NEUTRALITY-SUSPICIOUS. ofthc late Bank of he United
Stntcs, after it had ceased TO hG national institu
ton, to other causes; thus opening the maui.
ry, whether, surprising that the causes, or any of
them, ought - he regarded us the immediate
productive agents of this nIass of public evil they
are not themselves dtrivntive and secondary nil
owing their existence and their power of mis-.
Chief to the original ucIs OF the Executive Gov.
nrut.
Witlou, discussing any OF these questions, i, is
enough 10 say that, since 1883 lie currency, the
exchanges, and the general monrycd affairs of the
country have been such MS greatly 10 impair tho
public prosperity. This notorious and lanentabe
truth is the first element to be regarded in the
consideration OF tie subject.
In the next place. it is true and notorious that
the successive plans for relief md remedy, which
the Government lus prepared ant adopted since
1883, have all sgnally fahed, and have only led
great aud important public interests day by day,
from bad condition Ia worse condition ill, nj
this moment the local banks over three quarters
fG i'm n ain f., ali ,ha
circulating paper over the snlnc space greatly de-
lprCcintcd, aud much Of it worth hardly more than
fifty cents Oh the dollar.
The next great and notorious fact is that the
policy OF the Government, in relation to the cur
rency, has been tho main topic of DISPUTE between
political parties, and that, on this point, chiefly
the contest of 1910 turned and The result of that
contest has fully shown that vast majority of the
People rejects and rcpudates all the doctrines, al
the schemes, and all the experiments, of tho las
Two ADMINISTRATORS.
A new Administration has now come into now
or, aud new Congress is assembled, for the grea
purpose of reforming this state Of things aud un
deavorne to restore the public prosperity by pIrc
ms the revenue, the currency, and the finances
the country OH proper footing.
AS might have been reasonably expected those
who compose the Administration, and the major
ily of tho two Houses, while all agreeing in tho
necessity of adopting Immediately some oicien
measures, ure lIa, perhaps, entirely of the samt
opinion as 10 any particular measure, or modfca
ton of measure. On The subject of Bank, csne
chilly, it is well known there has existed muoI
difference Of opinion among those who ha, G actec
together most cordially in opposing and over
throwing the policy OF The preceding Administra.
lions. The sentiments Of the PRESIDENT Tor in
stance us they have been well known, and con
Stanily maintained, for the Inst fifteen years are
not, in all respects, such as the Secretary of the
Treasury and other members of The Cabinet arc
equally WILL known 10 have entertained aud ex
pressed. These differences chiefly respect tho
extent OF the constitutional authority Of Congress
III the creation of Bank, and clothing it viii
powers. .
What, then, is the line OF duty naturally recon.
mendng itself TO those who, with these diiieren
ccs of opinion, find themselves called OIL TO dis.
clnrge high obligations 10 the country? Is it Their
duty TO beat tho field of constitutional argu,nen,
all over again, in the vain hope OF coming to q
perfect unity of opinion on nll particulars in the
end Is il not rather to consider how fur the,
differ, and how lar they agree, and inquire, viii
candor and honesty, WHEELER that on which the,
Ito agree may not be undo efficient for relieving
the country?
1t is in The spirit OF this last proposition TINT
the Administration appears to have uc,ed. The
particular plan before Congress, on the call of the
Senate, and which is now submitted TO the wis
dom Of the two Houses, is the plan OF the Sec.
Rotary of the Treasury but it is reasonable to
suppose that ii hns been considered and it's gcncr
III onthhe approved ny DINERS
- Fuy We presume, t,th, .l'"t IL Is iie op'n
ADMINISTRATION, that such bank ms is proposed will
We "se,, ' haG';" Us ,iSca, aen' OF Govern
r',. a" r Nv, a''V TI s"o oNInae sAh" cur
~ ~ VI "sI ". "",s ho. CONTAIN
W tlo ",'',. 1o'ii9 "u" nave WISH
w" 10 nuly p'o'"U' wv ''io o''I'o"o'S 10 IT, wna,
1'oi my my w, "io Va '''s "esot'e kihd
IL may We '"keh Tor granted 'hai lli'rc IL nothing
IN u when u'1so VINO nave c'ncurred III 1t re
CARA as roslllVeIl huliin'. ana whiie some might
be opinton th"'' WIN oiher provisions, II would
10 more elnclent yel 'he question naturally pre-
seh'S "scl' HeS' 10" ho' 'iest LOT .ho country 'ha'