Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1842-12-09

! the year 1912, over that of 1871, without, as
it IS believed, any addition having been made
: to the number of letters and newspapers
transmitted through the mails The Post
Office laws have been honestly administered
and fidelity has been observed in accounting
for, and paying over by the subordnates Of
the Department, the moneys which have
been received. For the details of the SER
vice, refer you 10 the report.
| natter myself that the exhibition thus
made of the condition of the public ad-
minstration will serve TO convince you that
every proper attention has been paid to the
interests of The country by those who have
been called 10 the heads of the different de-
partments. The reduction in the annual
expenditures of the Government already &C.
complished, furnishes a. sure evidence that
economy in the application of the public
moneys, is regarded as paramount duty.
At peace with all the wourld-the person.
al liberty Of the sitizen sacredIy maintained,
and his rights secured under political insti-
tutions deriving all their authority from the
direct sanction of the people-with soil
fertile almost beyond example: and coun-
try blessed with every diversity of climate
and production, what remains to be done in
order 10 advance the happiness and prosperi-
! ~ of such peoplel Under ordinary cir
cumstances this enquiry could readily be an
swered. The best that probably could be
done for people inhabiiing such a country
! in the prosecution of their various pursuits
/ by guarding them against invasion from
Without and violence from within. The
rest, for the greater part, might be left to
their own energy and enterprise. The chief
embarrassments which at the moment ex-
hibit themselves, have arisen from oyer-ac-
ton and the most difficult task which re-
mains to be accomplished, is that Of correct
ing and overcoming its effects. Between
the years 1888 and 1898, additions were
made to bank capital and bank issues in
the form of notes designed for circulation,
to an extent enormously great The ques-
ton seemed to be, not how the best curren-
cy could be provided, but in what manner
the greatest amount OF bank paper could be
put in circulation. Thus vast amount Of
what was called money-since, for the time
being, it answered the purpose Of money
was thrown upon the country an over is
sue which was attended, as a necessary con-
sequence, by an extravagant increase of the
prices of all articles Of property, the spread
OF a speculative mania, all over the country,
and has finally ended in general indebted
ness on the part of States and individuals,
the prostraion of public and private credit,
depreciation in the market value OF real
and personal estate, and has left large dis
tricts of country almost entirely without any
circulating medium.
In VipxV nf tho fact that n, an tbo x,hoia
bank note circulation within the United States
amounted 10 but SCI ,S23, s93, according TO the
reasury statements, and that an addition had
been made thereto Of the enormous sum Of
SSS,000, 0C0 in seven years, the circulation on
The first January, 1881, being stated at Sl49,-
s5,S90,) aided by the great facilities afforded
IN obtaining loans from European capitalists,
who were seized with the same speculative ma
MIA which prevailed in the United Stales--and
the large impouations Of funds from abroad,
the result OF stock sales and loans no one can
be surprised at the apparent, but unsubstantia
state oiprosperity which every where prevailed
over the land; and while little cause Of surprise
should be felt al the present prostration ofevey
thing, and the ruin which has belallen so many
OF our fellow citizens in the sudden withdrawal
from circulation Of SO large an amount of bank
issues, since IS37-exceeding, as is believed,
the amount added TO the paper currency for a
similar period antecedent 10 1887, II ceases 10
be q matter of astonishment that such extern
sive shpwreck should have been made Of pri-
vate fortunes, or that difficulties should exist in
meeting their engagements on the part Of the
debtor States. Apart from which, if there be
taken into account the immense losses sustain
ed in the diShonor of numerous banks it is less
a matter of surprise that insolvency should
have visited many of our fellow citizens, than
that so many shoud have escaped the blight
ing influences of the times.
In the solemn conviction of these truths.
and with an ardent desire to meet the pres
sing necessities of the country, felt j, to
be my duty to cause to be submitted to YOU,
at the commencement of your late session,
the plan of an Exchequer, the whole power
and duty of maintaining which, in purity and
rigor, was to be exercised by the represent
atives of the People and the States, and,
therefore, virtually by the people themselves.
1t was proposed to place it under the control
and direction of a Treasury Board, to con-
Slst of three Commissioners, whose duty it
should be to see that the law of its creation
was faithfully executed, and that the great
end OF supplying paper medium Of ex-
change, at all times convertible into gold and
silver, should be attained. The Board thus
was given as much permanency
as could be impaired to it, without endan-
gering the proper share of responsibility
which should attach to all public agents. In
order to insure all the advantages of welE
natured experience, the Commissioners were
70 hold their offices for the respective periods
IF two, four and six years, thereby securing
1t all times in the management Of the Ex-
cheqner, the services Of two men Of exper-
ence; aud to place them in condition TO