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

WINCH defeat
we shall tl1s best rnunain POSITION which while
II will enable us the more rend''y to meet INC u"
vnnces ol other countries, cnccla,e 10 promote our
! trade 81 commerce, and WIN az mo s'mo "'''"
leave in an, own hands Tho means Of retailing with
grcntcr effect unjust regulations
In in,,mn,o connection witt the question of reve
u ue is that " hich makes prov islon "r s"''""'"
6seol agent cnpabe of adding Increased facilities in
tho collection and dsburse OF the public reVe
npes renderps more secure their custody, and con
sultina true economy, in the great multiplied ana
delicate operations of the Treasnry Department.
Upon such an agent depends IN an emnent degree
The establishment Ola currency ct UNIFORM Vn'"e'
W hch is Of great importance TO al me esseh'"
interests Of society; and on the wisdom 10 DC man
tested in It's creation much depends-oo ih'imh'e'
" interviewer are its operations, not "niy WIN he
interests of individuals, but with those oil tie
States thar il may be regarded in great degree as
controlling both II paper be used as the chief me-
dunn of circulation, aud the power be vested in the
Government OF using it al pleasure, either IN the
form of Treasury drafts or any other, or ii banks
be used as the public repositories, with liberty 10
regard all the surplusses, from day to day as 20
much added 10 their active capital,prices are expos
ed TO constant fluctuations, and industry 10 severe
suffering. Ia the one case, political considerations
directed 10 party purposes may control, while ex'
cessive cup,dity may prevail in the other. The
public is thus constantly liable to imposition. Ex'
pansions and conuacuoGs may follow each other
in rapid succession, the one engendering reckless
spirit OF adventure aud speculation, which embrac-
es States as we'll as individuals; the other causing
fall in prices, and accomplishing an entire change
in the aspect ofatfars. Stocks of all kinds rapidly
Observation-Disclosures ARE ruined, and States embar-
lassed even in their ef.ors to meet with punc'uai-
ty the interest their debts. Such, unhappily, is
the state Of things now existing in the United
States These effects may be readily traced to The
causes above referred to. The public revenues, on
being removed from the Bank of the United States
under the order o fthe late President, placed
in the Sc Iected State banks which, actuated by
the doub;e motive fconciliatng the Government
and augmeniing thcir profits to the greatest posi-
bile extent, enlarged extravaganly thoir discounts,
thus enabling all other existing banks TO do the
same Large dividends were declared, which,
stimulated the cupdty of capitalists, caused
rush to be made to the Legislatures OF the several
States for similar acts OF Incorporation, which, by
many cf the States under temporary infatuaiion
were readily granted and thus the augmentation
Of the circulating medium, consisting almost exclu
illustration, derived from the land sales of the peri
cd alluded to, will best show the effect OF
The whole system. The average sales of public
lands tor period prior to 1894, had not much ex
ceedGd s., O0O, 900 per annum. In 1884 they at
TIMED, in round numbers to the amount Of SO 900.
900. In the succeeding year of 1895, they reached
SIG 900 900. And the next year Of 1896, they a
mounted to the enormous sum Of $25 900, 900
Thus crowdng in the short space Of three years
upwards Of twenty three years purchase of the pub
lie domain
So apparent had become the necessity OF arrest.
ing this course OF things, that the Executive De-
partmeut assumed the highly questionable power
of dscrim mating in the funds to be used in pay
nient by different classes of public debtors dis
which doubtless designed to cor
this most ruiCons state of things by the exac
ton Of specie in all payments for the public lands,
hut which could not at the tide which |
had strongly set in. Hence the demands for
specie became uncensng, and corresponding pros
raicn rapidly ensued under the necessities created
with the banks TO curtu their discounts, and there
by to reduce their circulation l recur to these |
things with no disposition to censure pre- existing |
of the Government, but simply in |
exemplifcation of the truth Of the position which
I have assumed. If then, fiscni agent which |
may be created shall be placed, without due no |
stricons, either in the hands Of the administrators
of Government, or those of private individuals the
temptations to abuse will prove resistless.
Objects Of political ACKNOWLEDGEMENT may scduce
the first, and the promptngs OF boundless cupid
ity will assa the last. Aided by the experience
of the past, it will be the pleasure of Congress so
to guard and fortify the public interests in the
alton of any new AGENT as TO place them. far as
human wisdom accomplish it, on footing off
perfect security. Within a few years past, three
different schemes have been before the country.
The charter Of the Bank of the u. States expired
by its own limitation in 1886. An effort was made
to ronew IT,, which received the sanction of the
two houses of Congress, hut the then President of
the United States exercised his veto power, and
the measure was defeated. regard to truth re-
quires me to say that the President fully sus-
tanned by the popular voice. His successor in the
Chair of State unqualifedy onounced his opposi-
ton to any new charter ola similar institution; and
not only the popular election which brought him
into power, but the elections through much of his
term, seemed clearly TO indicate a concurrence