Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1842-07-08
From the Montpelier Waterman.
THE AFFAIRS OF THE GOVERN MENT

Who are to blame for the deranged state Of
the currency, and for the National Debt
| The above are questions which ought to be
| kept before the eyes of the American people,
| together with the facts which supply the an
swer. The locofoco press, with its characteris-
| tic recklessness and disregard of truth, caring
| for nothing so much as binding the eyes of the
community by throwing dust therein, have long
endeavorcd TO fix the odium of the present dis
ordered state of the currency upon the policy
of the banks and upon the Wing party as that
which controls them; and lattery, since the
administration was changed in favor of the
Wings, these rcracious Loco] editors are
striving to entertain their gullbc readers 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, e,
if they can, the government cannot be supper
ted, nor the country be put in state OF defence
without expense, and consequently an addition
to the debt bequeathed to it by its predecessor.
Now before the locos can Justly reap the bene-
fit of these endeavors to enlighten the people,
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 derange-
ment of which the country now complains and
how came the government so involved in debt I!
The answer is at hand, and can easily be made.
The cause that first led to the arrangement of
the currency is to be found in the hostility of
Gen. Jackson to the United States Bank.
through whose well directed operations the ma
tiona debt was paid off, the credit Of the gov
eminent established and the currency equazpd.
The blow first struck was in vetoing the rcchar-
ter of the aforesaid bank ; and next removing
the public deposits to the state local banks, who
tod
issue an extra amount of notes, which together
with the unprecedented increase in the number
of new banks which took place in consequence,
(the legitimate offspring OF jackson legisla-
tures,) produced the bank initiation, or expan-
sion of the currency, which at length increased
to such a.degree, as to induce the government
to issue the famous Specie Circular requiring
The sales of public lands to be paid in hard mon
ey, and which produced the explosion of 1887
in the general suspension by the banks through
out the Union, and which cut off the resources
Of the government till then derived from the
deposit banks. Since that period the general
government has been obliged to resort to treas.
ury notes. and for a short period, until it was re-
pealed, to the Sub-treasury, TO enable it to meet
the annual expenditures The administration
Of MIR. Van Buren,, Notwithstanding the pecun-
airy embarrassment OF the times called for the
most rigid economy, was far from being ecOno-
mcal, but was rather on the contrary cxtrava-
giant, at least in contracting debts. 1t is the
debt OF that administration which has been be-
queathcd as legacy to the present, together
with bankrupt treasury, and deranged curren-
cy to boot, being all of 1t a business of its own
making. And now that the friends of the
American manufactures are anxious to sustain
them by tariff that laid on imported goods
shall answer the purpose OF revenue as well as
protection, the present opposition would lan on.
pose and defeat measure tending rs this would
to accomplish this object. And while depreca-
ting the evils of a disordercd currency, they
join their forces to defeat the only plan that
could aid in rendering it betei, and more uni
form. And thus they twist and squirm and
double their track, any way to prevent the truth
and to throw obstacles in the way of the Wing
policy. But let it b. noted as a stubborn fact
that ought to be kept in mind and which all
the sophstry of l.ocolocosm cannot overturn ::
that the present financial difficulties under
which the country and It's government now la.
Dor by being saddled with national DEBT, and
cursed with dsordered currency, are the con.
sequence of Locoloco policy and msrule, in
destroying the only institution that ever has, or
ever can regulate exchanges, anu give us a uni
form currency. And now II the people take it
into their heads either by their apathy or change
ability, to suffer the Locos whom they recent
ly discarded, to get the upper hand again, be-
cause instant relief and prosperity did not fol-
low the coming in of the Wing administration,
why then they will have themselves to thank if
they still continue to wear the letters, and suf-
fer the evils which Van Buren, management
has imposed upon them. J,