The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-12-13

,Ls,, the moment the paper ceased to be convertible
Vs., specic or otherwise promptly rcdeemedi 1T would
Wv, worthless and in the end dshonor thefiovern
, Involve the people in ruin, and such political
", !, homeless disgrace. NJ the same time such n
P, Involves the utter impossbity of furnishing any
,onay ether thar that OF the precious metals; for,
ho Government its sif cannot forrgo the temptation
'r,yncssiyc paper issues, what reliance can be plac-
ID in corporations upon whom the temptations Of ndi
SIn,l Il = randizement would most strongly operate?
TEo People would have TO blame none but them
a'ycs for any injury that might arise from course
.. rockIe.s, since their agents would be the wrong
Joo,. and they the passive spectators.
There can be bu. three kinds Of public currency
T., Cod and silver; I'd. The paper of state institu-
,oos,or 81. representative of the prccionus met
, nrovided by the General Government, or under
~, authority The Sub-Treasury system rejected
the las, in any form; and, it was believed that no
;,ncc could be placed the issues Of local nsti-
,;,ns for the purposes Of general circulation, it ne
coss,riIy and unavoidahy adopted specie the ex-
Insye currency for its And this must ever
bo the case unless orthe other kinds be used.
The choice in the present state Of public sentiment
Io. between exclusive specie currency on the one
hand ard Government issues of some kind the
1bor-That these issues cannot be made by char
jared institution, is supposed TO he conclusvely set
,I5 They must be made, then, directly by Govern
menagcns. For several years past they have been
4bns made in the form of Treasury notes, and have
ogswerrd valuable purpose. Their usefulness has
been limited by their being transient and temporary;
their ceasing bear interest at given periods, neccs
s,ry Cause their speedy return, and thus restricts
hei range Of circulation and, being used only in the
disbursements Of the Government, they cannot reach
thoc points where they are most required. Ry rem
dcrinr their use permanent to the moderate extent
already mentioned, by offering nducement for their
return and by exchanging them for coin and other
values they will constitute, TO certain extent, the
general currency so much needed to maintain the
io,erqal trade Of the country. And this is the Ex-
chama pan, far as it may operate III furnishing
currency.
Jconnot forco the occasion to urge lis importance TO
The credit Of the Government in financial point of
view The great necessity of resorng to every prop
Grand becoming cxpedent in order to place the Urea
wron footing of the highest responsibility, is en-
fi4robvious' The credit Of the Government may
h, prlrIcd as the very soul Of the Government it
slf-a principle of vitality without which all its move
men,s are Mnguid and all its operations embarrassed
n this shirt the Executive fell itself bound by the
NOS, imperative of duty to submit to Congress,
at its last session, the propriey of making specific
pcdo Of the land fund, the basis Tor the negota-
ton Of the loans authorized to he contracted then
'o1ahi that such an application Of the public donain
wonld. without doubt, have placed ut the Command
orthe Government ample funds to relieve the Irea
sly from the temporary embarrassment under when
Nhbornd. American credit has suffered consder1
abc shock in Europe, from the large Indebtedness OF
The Stntcs and the temporary inability OF some OF
them to meet the interest their debts. The utter
and disastrous prostration Of the United States Bank
dPennsy lvana, had contributed largely to increase
the sentiment Of disrust by reason Of the loss and ru-
hsustuod by the holders of its stock, la'gc por-
ton Of whom foreigners, and many OF whom
wer, alike ignorant of political organzation and
VIZ 6w actual responsibilities 1t was the anxious de-
M nihe Txecntive that in the effort to negotltc
me La7 broad, the American nrSot,ator might be
ohP point the money lender tn the fund mogtgagcd
rto redemption of the principal and interest of any
on he might contract, and thereby vlndlcGtc the
frannent from all suspicion Of bad ia n or lnabl-
to meet its engagements. Congress differed from
executive in this view of the subject 1t became,
Hweuheless the duty of the Executive tn resort To
-v eypedien in its power to negotiate the author
zaI o,n After n future to do so in the American
Xnrict citizen of high character and talent was
Fat to Europe with no better success; and thus tac !
Xpt(ing spectacle has been presented OF the nnbii-
IN Oft}is Government to obtain loan so small as (
XhN in the whole to amount to more than o"c'ioulth
its ordinary annual income; at Il time when the Gov
FnnMts Of Europe, although involved IN dcht and |
Ttl their subjects heavily buriened with taxation, |
n @l'y obtain loans of any amount ut greai!y re-
iced rate Of interest 1t would be Improbable TO
Il %; further into this anomalous state OF things, but
mao. conclude without adding that, for il Govern
Fgt which has paid off its debts Of two wars w'h |
or-Gst maritime power &C Europe, aEd now OWING |
debt which is next to nothing when compared wth
SMG1d!eSS resources, Government the strongest
The world because emanating from tho popular
~ and firmly rooted in the affections of great and
bee people, and whose fidelity to its engagements
Fenqvcr been questioned; for such government
hare rendered to the capitalists Of other countries
opportunity for small investment OF ITS stocN,ana
tito have failed, implies either the most unfounded
''1t in its good faith purpose, to OBTAIN
ach the course pursued is the most fatal winch
ad have been adopted. 1t has become obvious to
men TINT the Government must look to Its own
ms for supplying its wants, and it is conso!ing 10
w that these means are altogether adequate Tor
object The Exchequer, c adopted, will greatly
Infringing about this result, Upon what re-
e"Ha w,l,foundcd supposon that It's bills would
!''lIy OGght for by the public creditors, and that
gnS'e EOad in short time reach the maximum
L'o0O00O.itis obvious that FLO, 900, 900 would
aeoy be added to the available means OF the Urea
N ~Nnont cost or char@e,--Nor can fail to urge ,
.eat and beneficial effects which would be pro-
un aid of all the active pursuits of HE It's al
upon the solvent State banks while 1t woua
~a'o liquidation those of an opposite character
2N It's weekly settlements, would be highly ben
%, and with the advantages of a sound currency
soFolon Of confidence and credit would iollow'
I'd numerous train OF blessings. My convictions
1 vS strong that those benefits would follow rom
'OpIon of this measure; bnt if the result shona