Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1841-12-15
' o L. XIV. NO1a

rect the unsoundaess of the one u ~ CO..
far as practicable the inequalities If -
other. No country can be in the sn; q:
ment of its iufi measure of prosDo!
without the presence OF medrum RI
change, approximating to unitorn;vu l,
value. What is necessary as bI%
differel.t nations OF the earth, j. aIso
-portant as between the inhabitants - Nv ~.
.ferent parts of the same county; wGb%
first the. precious metals constilots u
chief medium of circulation, and such ,is
would be the case Of the last, but fl,
venlions comparatively modern, wb;.t
have furnished. lin place OF gold aud s;I,S
a paper circulation. | do not prono,
to enter into q comparative anaIysif y
The merits Of the two systems. Such y
longing more properly to The period Of ~
introduction ofshe paper system.
The speculative philosopher Nigh, s4
inducements to prosecute the INQUIRE h..
his researches could only lead him 10 c's
clude, that the paper system had pICh,Er
better never been introduced, and lb.,
society might have been much bsDn;.,
without it. The practical Statesman +,
3 very different task to perform. He b,,
to look at things as they are-to take Them
as he finds them-lo supply Deficiencies
and 10 pruue eAcesses as far as in him ,ix
The task OF furnishing corrective for d.
engagements Of the paper medium With !,
is inexpressibly great. The power e,rr,
ed by the States to charter banking co,
porations, and which, having been c1rr;.
10 a great excess, has filed the couDtr
with, in most of the States an irrrdr,r.
able paper medium, is an evil which,
some way or other, requires cvrrec.u
The rates at which bills Of exchange al.
negotiated between different paris Of t..
country, furnish an index Of the value
the local substitute for gold aud silver,
which is, in many parts, so far deprecated
as not to be received, except at a large
discount, in payment Of debts. Or nla
purchase Of produce.
1t could earnestly be desired that ever
bank, not possessing the means OF rrsunr
ton, should follow the example Of the .as
Uaited States Bauk of Pennsyiyana, tnl
go into liquidation, rather than by relusa;
to do so to continue em5arra ssmenlS III k |
| way of solvent institutions, Thereby o.;
mentiag the difficulties Incident TO h= PIE
ent condition Of things. Whether lbs |
Government, with due regard to the r,ta
of he States, has any power to cons!rao
the banks, either TO resume Specie psi
ments, OF to force them into IrQl1aJ0n, 81
an inquiry which will moi AiI 10 c!,,a
your consideration.
In view of the great advantages which
are allowed the corporators, not among l.;
least Of which is the authority conaIned
in most Of their charters. 10 mak3 loans
to three times the amount Of their capita,
thereby often deriving three times as Much
interest on the sane amount of money S
any individual is permitted by law tOr
ceive, no sufficient apology can be urged
/ for q long continued suspension Of sfetF
payments. Such suspension is producN'
of the greatest delrlnent to the pubIr'N
texpelIiug from circulation the preco''
metals, and seriously hazardlng The Sue
cess Of any effort that this GovernOfH
can make, to increase commercial iacIF
| ties, and 10 advance the public meeslt
This is the more to. be regretted AID III
indispensable necessity for a sound CO..
rency becomes the more manifest, VIE
we reflect en- the vast amount OF The l0''
nal commerce Of the country. Otth@"|
have no statistics, nor just data for Iofs
ing adt qaate opinions. But there Can
no doubt, that the amount of TRANSFORMERS
coastwlse, by sea, and the transporter
inland BY railroads and canals, aud i
steamboats, and other modes o! coaFi'
ance, over the surfuce of our vast rFa'
and immense lakes, and the value Of F'
perty carried AMI interehangrd by II"
means, form general aggregate, 10 HS"
the foreign commerce Of The coo0fS
large as it is, make buI disl1'"
proach.
In the absence Of any controlling POI"
over this subject, which by forcing
efal resumption OF specie payments WV,
at once have the effect OF, restoring
) sound medium Of exchange, and W..
leave to The country but little to of'a,
what measure of relief, falling wIIh@
} limits of our constitutional c0m?e"|$f
, does it become this Government 10 aoOf
1t was my painful duty al your 'a% ,~a
sion, under the weight OF most 9,' II,
obligations, to differ with Congress o'a
measures which it proposed for II!
proval. and which it doubtless rev.
as corrective of existing evils o, ,,,
quen, reflection. and! cvents since 0c'?,'g b.
have only served 10 confirm me II, III sr
opinions then entertained, and Ir1bA'
pressed. l., Fl
l must be permitted to add !n~
scheme of governmental poIry' uoI
by Individual exertions cen be 1 1,;oo
for ameliorating the present cCnu .S,aa
: things. Commercial modes oil eN' '.<.,r
|, 4 I,t a