Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-07-04
THE AFFAIRS OF THE GOVERNMENT


Who are to blame for the deranged slate of the
currency, and for the National Debit
The above questions which ought to be kept
before The eyes Of the American people, together
with the facts which supply The answer. The To-
cofoco press, with its characteristic recklessnes
and disregard oil truth, careng for nothing so
much rs binding the eyes of the community Ivy
throwing dust therein, have long endeayored TO
fix the odium Of the present disordered state of
the currency upon the policy Of the hanks and
upon the Wing party as that which controls them;
and laterly, since the administration was chang.
ell in favor of the Wings, these veracious Locol
editors striving entertain their gullble rea-
ders with the tune Of Wing extravaganza and
why Because, in addition to the fact that they
have the debts Of the last administration to pay,
l. &c. if they can, The government cannot he sup.
ported, nor the country be put in state of de-
fence without expense, aud consequently an addi-
ton to the debt bequenthed to it by its predeces
sor Now before the ocos can Justly reap the
benefit of these endeavors TO enghten the peo-
pie, we would beg leave to call their attention to
the question proposed at the commencement of
this article To whom belongs the blame of first
disturbing the currency, of the arrangement of
which the country now complains? aud how came
the government so involved in debt? The
| swer is at hand, and can easily he made. The
cause that first led to the arrangement OF the cur
rehcy is TO be found in the hostility of Gen. Jack
son TO the United States Bank, through whose
well directed operations The naIiona debt was
| paid off, the credit Of the government established
and The currency equazod. The blow first
struck was in veioing HE recharter Of The aiore-
said bank; and next removing the public depos
its 10 the slate local banks, who were thereupon
instructed and encouraged to issue an extra a.
mount Of notes, which together with The unpre-
cedented increase in the number Of new banks
which took place in consequence, (the egi,in ate
offspring of Jackson egisatures,) produced the
bank Initiation, expansion OF the currency,
which at length increased to such degree, us to
4 induce the government to issue the famous Spe-
Gle Circular requiring the sales of public lands 10
be paid in hard money and which produced the
explosion of 1887 in the general suspension by the
banks throughout the Union, and which cut off the
resources of the government ill then derived from
the deposit banks Since that period the general
government has been obliged to resort 10 treasury
notes, and Tor short PERIOD until it was repeal
ed, TO the Subtreasury, 10 enable il TO meet the
annual expenditures. The administration of Mr.
Van Buren,, Notwithstanding the pecunary emhar.
rasSment of the times called for the most rigid e.
n conony, was far from being economical but was
rather oil The contrary extravaganza at least in con
tracing debts. II is the debt of that adnnistra.
ton which has been bequeathed as legacy 10 lht
present. together with n bankrupt treasury, ant
RI deranged currency to boot. being NIL OF it, ss
ness Of lis own making. And now that The
friends Of the American manufactures are anx.
ous to sustain them by tariff thnt laid OH impor
ted goods shall answerlhe purpose of revenue Al
well a protection, the present opposition woul,
fan oppose and defeat measure tending as thin
would to accomplish this object. And while dep
recating the evils of dirordered currency, the,
join their forces to defeat the only plan that coult
aid in rendering it better, and more uniform. Ant
thus they twist and squrm and double their track
any way TO prevent the truth and to throw obsa-
cles in the way of the Wing policy. But lei it b,
noted as stubborn fact that ought TO be kept il
mind; and which all the sophsIry of Locofoco
ism cannot overurn; that the present financia
difficulties under which the country and its gov
eminent now labor by being saddled will ma
tiona debt, and cursed with disordered curren
cy, are the consequence of Locofoco policy ant
misrue, in destroying the only institution that owe
has, or ever can regulate exchanges, and give III
uniform currency. And now il the people tax,
it into their heads either by their apathy or change
ability, to suffer the Locos whom they so recently
discarded, to get the upper hand again, because
instant relief and prosperity did not follow the
coming in of the Wing administration, why ther
, they will have themselves to thank if they still
continue TO wear the letters, and suffer tho evil
3 which Van Buren, management has imposed up
J on them. j.