Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-07-18
VOL. Sc, NO. 45.-WHOLE NO. 1865.

pet State banks that were made the custoders OF
the National Revenue.
vast proportion of these new banks, more |
believe than lour.ffhs, were chartered by Legs
latures in which the Democratic party had The I'M
disputed ascendancy. we'll remember that, in
this Stnte, the papers Of that party made n grave
charge against me of being inimical to the estab
llshnnent here of State banks; and was opposed
TO their establishment, until all prospect vanished
of getting Bank of the United States
Inc effect on the country OF this sudden in
crease, to such an immense amount, Of the bank
ing capital OF the country could not fail TO be very
great, 1t not disastrous. Ii threw out, in the ut
most profusion, Bank accommodations in all the
variety OF forms ordinary Bank notes, post notes,
checks, drafts, bills, &c. The currency thus put
forth, the people had been assured was bette than
that supplied by the Bank OF the United States
and, after the removal of the depostes, the Local
Banks were urged and stimulated, by the Secleta-
ny of the Treasury, freely to discount and accom-
MEDIATE upon the basis oil those depostes. Flood
ed as the country was, by these means aud in this
way, with oil species of Bank money, and fhcili-.
ties is it surprising that they should have rushed
into speculation, and freely advenured-in- the
most desperate enterprises? Ii would have been
lbetier to have avoided them ; il would have been
better that The people should have been wiser and
more prudent than Government; but who is most
to blame, they who yielded TO temptation so thrown
before hem-they who yielded confidence to their
rulers-they who could not when this inor-
dnate ISSUE OF money was TO cease, to become
vated, or Government that tempted, seduced
and betrayed them2
And now fellow citizens do let us, in calmness
AMI candor, revert for moment to some of the
means which were employed to break down the
Bank OF the United States, and 10 infict upon the
country all the sad consequences which ensued.
shall not stop TO expose the motives of the
sault upon that institution, and TO show that it
WIS because it refused TO make itself basey and
servileIy instrumental to the promotion Of politi-
cal viaws and objects
The Bank was denounced as a monster, aiming,
as was declared 10 rob the people of their fiber
ties, aud to subvert the Government Of the coun-
try. The Bank to subvert the Government -
Why, how could the Bank continue to exist after
the overthrow of that Government to which it
was indebted Tor is existence, and in virtue of
whose authority it could successfully operate p
Commissions revolution, civil wars, are not the So
cial conditions most fave rabe to Bank prosperity {;
but they flourish most when order, regularity,
punctuay and successful business prevail.
Rob the people of their liberties And pray
what would II do with them after the robbery
was perpetrated ? 1t could not put them in ills
vaults, or make interest or profit upon them, the
leading If not the sole object of a Bank, And
how could it destroy the liberties of the 1eo-
pie, without at the same time destroying the lib
critics of all persons Interested or concerned in
the Bank? What is Bank f.? 1t is Il corporation,
The aggregate OF whose capital is contributed by
individual shareholders aud employed in pecuni-
airy operations under the management of official
agents, called President Directors Cashier, Teller
aud Clerks. Now all these persons are usually
citizens OF the United States Just much inter-
ested III the preservation of The liberties of the
country as any other citizens. What earthly mo.
tive could prompt them to seek the destruction
of the liberty Of their fellow citizens, and with it
their own?
The fate OF the Bank OF the United States clear
! ly demonstrated where the real danger TO the pub
lie liberty exists. 1t not in the Bank. lis
popularity had been great, and the conviction Of
lis utlliy strong and general, up 10 the period of
the Bank Veto. Unbounded as was the iufl uence
of Gen. Jackson, and undlsguised as his hostility
was TO the Bank, lie could not prevent the passage
through Congress OF a bill TO recharler il. In
such favor and esteem was it held, that the Legs
lature OF Pennsylvania, in which his friends had
uncontrolled sway, almost unanimously recon-
tnenGed The rccharer But his Veto came; he BILE W
ms whistle for lis destruction II was necessary
TO sustain his party, which could only be done by
sustaining HIM, aud instantly, and everywhere,
down with the Bank and huzza for the Veto, be-
came the watchwords aud the raying cry OF his
partlzans. That same Legislature of Pennsy Iva.
MIA, now, with equal unanimity, approved the de-
struction Of an institution which they had believed
TO be so indispensable TO The public prosperity, and
the deluded people felt as if they had fortunately
escaped great National calamity
The Veto Notwithstanding, the House of Rep
resentat'ves, by large majority, resolved that the
public depnsles safe in the custody of the
Bank Of the United States, where they were pla-
ced under the sanction and by the command OF
the law; and it was well known at Washington
that this resolution was passed in anticipation and
f TO prevent The possibility of their removal. In
the face and in contempt of this decision Of the
Representatives of the people, and in violation Of
: Il positive law, The removal was ordered by the
President few months after, the Secretary of the
Treasury having been previously himGel removed
10 accomplish the object. And this brings me tC
consider the effect p Jduced upon the business ant
Interests OF The country by the 81 event 10 which
! ] have alluded. IL is we'll known to be the usag,
OF Banks, 10 act upon the standing average amour
1 OF their deposes as upon permanent fund =
= The Bank of the Uuied States had so regulated
/ its transactions upon the deposes of the Uul'eC
, states; and had granted accommodations and ex
tended facilities as far as could he safely done OF
4 that basis. The deposities were removed and dis
g persed among various local hanks, which were mr.
1 ged by nh authority not likely to be dsregarded
/ especially when secondng, as it did, their own pc
| cunary interests, TO discount and accommodate
t freely on them. They did so and thus these de
8 posites performed double office, by being th
{ basis of Bank facilities, first in the hands OF tn
i Bank of the United States, and afterwards in th'
: possession of The local banks. vast addition tc
= the circulation Of the country ensued, adding Il
# hat SO copiousy put forth and putting forth by
9 the multitude oil new Banks, which were spring
T. ing up like mushrooms. That speculation and o
# vertradmg should have followed were to hay
g been naturally expected 1t is surprising tina
: there not more. Prices rose enormously
J. as another consequence; and thousands wer
tempted, as is always the case in advancing mar
= kels 10 hold on or 10 make purchases, under III
d hope of prices rising still higher rush OF spec
g uators was made upon the public lands, and tn
Al money invested in their purchase, coming back I
the deposite banks, was again and again loane
: out to The same or other spectators, 10 make 9th
If er and other purchases.
y Who was TO blame for this artificial and explo
k ded state of things? Who for the speculate
l. which was It's natural offspring3 The policy
3, Government, which produced it, or the people
!. The seducer, or the seduced2 The people, VIII
= only used The means abuRdeny supplied i
AZ. La .,IIhc authority rnlars Wins