The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-07-19

And do Just now take rapid revue" vi
the experiment of our rulers. They De-
gan with inconieslbly the best currency IN
the world, and promised abetter. That bet
ter Gu rrency was to be supplied by The local
banks: and, IN the first stages of the expert
meni ,afier the removal of the depositcs.lhey
were highly commended from high authori-
tv, for their beneficial and extensive opera
tons in exchange, the financial facilities
which trey afforded 10 the government. de-,
&c. But the day oflrouhle and difficulty
which had been predicted. for the want of
of a U. Sta es Bank, came. They could
mol stand The shock, but gave way, aud the
suspension of 1887 took place. Then what
was the course OF those same rulers? They
had denounced and put down the Bank Of
the u. S. 1t was a monster. They had
exlolled and lavished praises on The local
banks. Now, they turned round against
the objects of their own creation and com.
incubation. Now lheN were brood of
little monsters, corrupt and corrup:ing, with
scperaie privileges, preying upon the vltals
OF the State. They vrhemen,ly call out for
4 divorce Of State and Bunk and meanly
reircaiing undcr The Sub. Treasury, from the
storm which themselves had raised, leaving
the people 10 suffer under all lis peiting aud
piiless rage, they add insult 10 injury, by
telling them that they uureaSonably expect
too much from Government, that they must
take care OF themselves, and that it is The
highest and most patriotic duty of II free
Gosernment, TO take care of Itself. without
regard TO The sufferings and disiresses OF the
peophi
They began with the hes, currency,nrom
Used better. and end with giving Donei-
For We might as well resort to the costumes
of our original parents in the garden of E.
den. as, in thus enlightened age. with the
exam lie ofihe whole commercial wOrll be-
fore Us, 10 cramp this energetic ard enter
prising people by circulation exclusively
IF the precious metals. Let US see how the
matter stands with Us here in Kentucky ,and
believe we staud as we'll as the peopl do
in most of the States. We have crcula.
tim 10 Bank NOES amounting 10 about two
millions and a hall. founded on specie in
their vaults amounting 20 about one million
and quarter, half The actual circulation.
Have we TO much money? No 10 ox-
claimed many voices. If all Banks were
put down, aud ali Bank paper anhilated, we
should have just one half the money that we
TOW have. | am quite sure that one Of
the immediate Causes of our present Difficult.
ties, is a detect in quantity as well as the
quality OF our circulating medium And i,
would be impossible, il we were reduced to
such regimen as is proposed by the hard
money th. or!Sis, 10 avoid stop laws, relief
laws, reputation, baakrui.t tiles, and per
haps civil commoion.
have traced the principal causes ofthe
present EN- a.rasscd condition Of the coun.
try, | hope with candor and fairness, aud
without giving offence 10 any of my fellow
citizens, who may have differed in political
opinion from me. 1t would have been far
more ageeable 10 my feelings TO nave dwell
as did in 1872, during The third year OF
the frs, term of President Jackson's Ad.
ministration, upon brigh, and cheering pros.
poets of general prosperity. | thought it
useful 10 contrast that period with the pres
ent one,aud TO inquire into tie cau,es which
have broush; upon US such a sad and dismal
reverse. A much more important object
remains to me 10 attempt. and that is 10
point out remedies for existing evils and
disorders.
And the first | would suggest requires the
cooperation Of The Government and the
People 1T is economy and frugaliiy; strict
and persevering economy, both in public
mud private aff,irs. Government should
i1cur or continue no expense tnat can be
Justly aud honorablv avoided, aud individu.
els should do the same. TIE prosperity of
The country has been impaired by causes
operating throughout several years. and 1t
will not De restored in day or year. per
haps mol in period less thai 1t has taken to
destroy it. But we must not only be eco
nomicai, we mus b. industrious, indefatiga-
bly, Industrious. An immense amount of
capital has been wasted and squaIdered in
visionary enterprises, public and private
1t can be reproduced by labor and saving.
Tse second remedy which would sug-
gesi, and that without which all others must
prove abortve or inefectual,is "A sound cur
rency. Of uniform value throughout the u
zion, and redeemable in specie upon the
demand of the holder. know of bu: one
mode in which that object can be accom-
plished, and that has stood The test Of time
and practical experience. lfary othe: can
be devised than Bank of the q. s., which
should be saf. and certain, and free from the
influence of Government, and especially not
under the coIfrol of lie Executive depart
ment. should. for one, gladly see it en-
braced am not exclusively welded TO a
Bank of The u. S.. nor do desire to see
one established against the will and without
the consnet of the people. But all my OBJ
servaiion and reflection have served to
strengthen and confirm my convic;ioH, that
such an institution. emanaiing from The au-
thoriiy of the General Government. proper
" restricted and guarded, with such impi ove-
ments as experience has pointed out, can a.
lone supply reliable currency.
CONCLUDED NEXT WEEK.
THE BOUNDARY QUESTION.
Notwi hstanding all The eond news some
l., "A