Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-05-03
WATCHMAN g. STATE JOURNAL.
MONDAY, MAY 8, ls4l.
THE CURRENCY.

uOuutSuiy1 OhO VI HEY HuGStlOnS which VIII
elicit the attention of the new Congress, will be
that ofhe ,eguiaion Of the currency. Whatever dit.
ferences of opinion may exist, among the people
and their representatives. as to the means to be US
ed, there can be none as to the end to be acc ON
plished. The people, almost en- nasse have ut
tered their demand, in the recent Presidential c.
lection, Tor n sound and uniform currency; and by
this we mean not to leave the inference that the
intelligent and well disposed friends of the late
administration do not desire the same thing. No:
the sentiment is, and must be, comparatively uni
versal, where this momentous subject is at oil I'M
dersiood. There are really no exceptions, save
the reckless gamblers, stock. brokers, usurers and
spectators, generally TO be found in the cities,
whose business it is to thrive upon the huctua
tons in the value of stocks, and upon the advan-
lagos they may take OF the necessities OF the peo-
pie. Such men may desire continuance of con-
FUSION and an increase Of it--for it is the ament
on which they live; and as they desire this so
may they strive, by taking advantage of the pre-.
JUDGES engendered in long party contest, and
by every other Artifce to prevent the adoption OF
any measures either for reform or relief. From
this source-and perhaps we ought to ndd from
some politicians too, who care less for the coun-
try, than for their own selfish enGs--the people
may expect every species of opposition TO the
work of Reform. Whatever measure may be Of
fered in Congress, which meets not their peculiar
views and purposes-they will assal it, here with
constitutional objections, and there with doubts of
eXpediency until finally the people will find that
nothing will suit them, but that Sub Treasury
scheme which was forced upon the nation against
its will, and has been condemned by the people
more directly and decidedly than ever was any
measure Of any administration, the Alien and Sc
dition act not excepted. In other words nothing
will suit them, but to let the currency and the
business of lie country remain as it is, and has
been for three years Mt east,-a prey to every spe
cies of arrangement and disaster, Against such
meu, and their arts, we would warn our readers
Let every farmer, and every laborer, whether up
on the soil or in adding value by his mechanical
skill to the products of the soil, consider that eve
ny dollar lost by the cost Of exchanging deprecia-
ted for good money! and every dollar lost, too, by
the unnatural and unnecessary arrangement Of
business, is in fact deducted finally from the in
dustry of the country. Labor and skill are at the
bottom of national wealth and these, and these
alone, must ultimately repair all the losses which
have been, or may yet he, sustained. What folly,
then, continue the Var upon Labor which is in
VOWED in the sub-treasuy; how clear the duty Of
pursuing the contrary policy of encouraging La
Dor, and giving it sure reward by means Of u
steady, equal, adequate and sound National Cur
rency. This the interest of every man, who is
engaged in any business but chat of thriving upon
the distresses of his neighbors, imperiously de-
mands and this, we repeat our convietion must
meet the general and hearty wishes of the people
wherever they give to the matter that attention
which it deserves.
AS to the means of accomplishing purpose so
generally conceded to be necessary for the com
mon welfare there are and will be various opiI-
ions-and we believe honest differences of opin-
ions. One measure--.lhe sub-treasury, to which
we have already alluded--has been fully coudem-
ned by the nation, and will undoubtedly be re-
peaed at the earliest moment. The choice OF
substitutes will then remain, and will be made
probably between National Bank Of some sort,
and recurrence 10 STATE Banks. Every thing now
indicates that the former measure, while it has
not been particularly pressed of late by those
friendly to it, is rapidly gaining ground among
those who have long been opposed TO it, either
from constitutional scruples or motives of policy
As it was in 1876 SO does it seem now-Ihat the
country is prepared 10 acquiesce in National In
stitution, because it is convinced of the necessity
of it, and we have little doubt that the measure
will be proposed early in the coming session. We
believe now, as we have formerly believed, tina
it is the only safe and efficient means Of regula
ting the currency Of the nation. In our opinion
as well might we have perfect and efficient un
ion, among the states without national govern
nent, MS to have any amount of currency, equal
~ good all over the land without a national bank
Under the old conlederacy, we were taught til
necessity of national constitution and govern
ment and what more than the woful experience
of The past and present is necessary TO convinc
us OF the folly of relying upon the currency c
state banks, under their different systems of man
agement and with their diverse interests? II q
ny thing more lett be the experience of the cour
try with National Banks, under the administra
lions of Washington, adams, Je6rrson, .Madiso,
Monroe and John Quincy adams. Yes-the biz
tory of the past points 10 this measure one nj
OF expediency only, but OF absolute necessity an
it is the necessity of National Institution whiC
makes it clearly constitutional. This is the kt
which removes the mystery ofsome why JEFFE
SON tolerated, and MADISON and MONROE appro
ed national bank at one time and opposed it
another. The necessity of the case did not OF
weigh, hit annihitate, the constitutional objectc
by bringing the bank under the clause Of the Co
sltution which empowers Congress to make
laws necessary to carry out the powers clear
granted, ard the duties clearly imposed B
while we believe National Institution, suited
the wants of the country, and guarded as the W
dom gathered from the past dictates, to be niece