Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-05-03
From HE National Inteifgsncer
The STATE OF THE CURRENCY.

VI HE CUhhENC1.
As the period for tho extra session Of Congress
IS rapidly approaching, il is well that The public
attention should be directed to the business for the
consideration of which the session was called. -
THIS business will consist, in chief of four great
measures, viz - The prompt repeal Of the sub
Treasury law the distribution Of the proceeds of
the public lands among the states who are the
owners the passage OF national bankrupt law
aud last though not least, some efficient Legislation
to remedy the countless evils which have resulted
from the experiments Of Jackson and Van Buren,
upon the currency. TIE following article upon
tbs latter subject from the National lntelligencer,
illustrates the extent of existing evils, aud points
with emphasis to the only remedy
The Natclez Free Trader" of a late date,
says; "On Saturday we saw ten dollar gold
piece sold for 500 ia Mississippi Railroad notes
and on Monday common Marseilles vest brought
SlO0 in notes of the Mississippi Shipping Com
pany." This gives us some idea of the condition
OF the currency in ihe State Of Mississippi, where
wo presume, 1t is az its lowest stage OF degtada.
~tfon.
Things are bad enough, however, nearer home
rake tue iolowng facts and reflections, for exam
pic, from the Georgia Journal of the 9th of this
month "What glorious currency our State is
now blessed with Only think, reader: we have
money ut par value-nt 2 per cent, per cent, G
per cent, per cent 10 per cent, 20 per cent, &c
per cent ANY per cent, discount, that you please
what more can any reasonable man desire"
The Journal then describes the operations
which, the editors say, they have sat down by
their window and behed every day for the last
two monlh". poor fellow, for instance, who has
money 10 pay, sets out with Monroe Rail Road
notes ny paying n heavy discount he converts
them into Central Bank notes these undergo the
same process of discount and become Hawkins
vile another shave converts them into Columbus
funds, and yet another turns them into available
nfnpt Al, ba,,
pltied sometime, we have laughed at the distress
ses Oh our friends. Lattcrly, however, we have
begun TO view them in II more serious light; anC
we frequently, involuntarily ask ourselves it th:
stale OF things is TO DO submitted to any longer. !.
there no remedy for it Are we to toll from da,
to days and the profits of our labor to be swallow.
ell up III this manner? Seriously something mus
be done to remedy the evils consequent upon bav.
ing a bad currency" These are reflections which
force themselves upon the minds even of those
VINO are least willing TO entertain them Will
The editors OF The journal, we TOO say that some
mug must be done. IN saying this, we state prop
osltlon which, we believe, no sane man will, il
view OF such facts as the above, undertake to dis
pue.
Having established the position that sometGin!
mus, be done, The question arises, how shall it b.
done? Is it within the power of the state of Mis-
sisspp or the state of Georgia, by any Legislation
OF theirs to restore q sound currency? Is it with
IN the power OF the state governments, each &c
ting only within its own sphere, to establish cur
rency OF equal value throughout the United States
Undoubtedly not. 1t is an Office which can onl,
be executed by the General Government. 1t il
one OF the purposes for which General Govern
ment was established; and the power over The
currency was one Of the first powers which TIT
General Government exercised after getting fairl,
under way.
The next question is, what shall be done Ou
opinion is, that there is no prescription which af
fords so fair prospect for The cure of the dseas
rs the establishment of national bank. II thos
of our Wing friends who have conscientious scru
piles in regard to this particular measure, would
propose any other offering the least hope Of relief
we should be glad TO trial made of it be
lieying, nevertheless, that any farther experiment
upon the currency will only protract the diseas
under which it labors and end at last in the SAM
measure, national bank. 1t is time, at least, tina
our thoughts should be turned to the considera
ton of the proper remedy, when it can no onge
be denied that remedy Of some sort is necessa
ry, and can only be applied through the instru
mentality Of the General Government.