Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1841-06-09
VOL. XIII. NO. 20

OF the Government, or those of private n
the temptation to abuse n a'
prove to be resistless Objects OF nol;n.
al ACKNOWLEDGEMENT may seduce the 6ss
and me promptings of a boundless cnD;E
ty will assail the last. Aided bv The F s
perience of the past, it will be the rls "a
ure of Congress so to guard and cn;r
the public interests, in the creation of an,
new agent, as to place them, so far as h:
man wisdom can accomplish it, on foo.
ing of perfect security. Within a few
years past, three different schemes b.,,
been before the country. The charter NJ
the Bank of the United States expired W.
its own limitations in 1886. An efS!.
was made TO renew it, which received III.
sanction of the two Houses of Conprsss
but the then Presidentof the United S,,,s,
exercised his 1eto power, and the measpre
was defeated. A regard to truth reopirss
me to say that the President was ulv
sustained in the course he had taken br
the popular voice. His successor in H.
chair of State unqualifedly pronounced
his opposition to any new charter Of
similar institution and not only the poo.
ular election which brought him into DOW.
er, but the elections through much of bis
term, seemed clearly to indicate concur,
renee with him in sentiment on the par,
of the people. After the public MONEYS
were withdrawn from the United States
Bank. they were placed in deposit With
the state banks, and the result of that ps
lev has been before the country To ar
nothing as to the question whether thai
experiment was made under propiioa
circumstances, it may safely be asscra
that it did receive the unqualified cen3tn
nation of most of its early advocates, AMI
it is believed was also condemned by The
popular sentiment. The existing sub.
treasury system does not seem to stand ia
higher favor with the people, but has r:.
Gently been condemned in manner TOO
plainly indicated to admit of doubt
| Thus, in the short period of eight year:,
the popular voice may be regarded is
having successfully condemned each d
the three schemes of finance 10 which /
have adverted. AS to the first, it was ia.
troduced at time (l8l6) when The Sas
banks, then comparatively few 10 nuube;
had been forced to suspend specie pay
ments, by reason of the war which Ia!
previously prevailed with Great Britain.
Whether, if the United States Bank char.
er which expired in 1911 had been IL,
newed in due season, il would have bsea
enabled TO continue specie payments d.
ring the war and the disastrous perioI 10
| the commerce of the country which imne
diately succeeded. is, to say the Iea&
problematicai and whether the Un1.
States Bank of 1916 produced reston
ton of specie payments, or the sane rs
: accomplished through the INSTRUMENTAL
of other means, was a matter OF some a.
fculty at that lilNe to determine. Ceral
: it is, that, for the first years of the Opera
: ton of that bank, lis course was as d;Sas
, trous as for the greater part of its subs
: quent career it became eminently suc:tss
fGI. AS to the second, the expcrnen
) was tried with a redundant lrelsrr|
which continued to increase until il :etni
; ed to be the part Of wisdom 10 d>trtaI
r the surplus revenue among the Sia.e
which. operating at the time with the ST
Gle circular, aud the causes before adTef
, I'd to, caused them to suspend specie Pll
ments, and involved the country in u
/ greatest embarrassment. Aud, as 10
third, if carried through all the Stages
Its transportation, from paper AID spa
; TO nothing but the precious meta S, &c $
} nothing of the insecurity of the put
moneys, IFS injurious effects have berp'
+ ticipated by the country in its unqual2
, condemnation. What is now to be II
) garded as the judgment of the Amer:a
people on this whole subject, l have d
accurate means of determining, Ja b
appealing to their more immediate :tPEs'
sentatiVes. The late contest which TEL
: minated 10 The election of Gen. HARRI:oS
; tothe Presidency, was decided Oh Pnnciff'
: well known and openly declared ana
/ while the sub.treasury received 10 The r.
, suit the mos; decided condemparOn ;"
: no other scheme of finance seemed TO h'''
been concurred in. To you, then ED
have come more directly from The bod!
f our common constituents, | submit ID"
I tire question, as best qualified 10 g."
full exposition of their wishes and Oi3
IONS. | shall be ready to concur W.
you in the adoption OF such system as y:
= may propose, reserVing TO myself Ine u.
= mate power Of rejecting any mea:.I
which may in my view of it conh.c' W. ",
the Constitution, or otherwise JEOPARDY
prosperity of the country; a power ', TD Ia
[ could not part with even if | would,
which | will not believe any act Of yO"
will call into requisi.iou. -
| cannot avoid recurring, in con ns1Js
with this subject, to the necessity WIN .on
exists for adopting some suitable InT pSos
whereby the unlimited creation oil o,D
!. by the States NAV be corrected 10 L w.
: Sucb rosnIt con Ii mast readily dclt"