Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-03-07

agency , paper will be received Of bank for that purpose
readily specie Should gold and silver be wonted for export
aon other extraordinary demand the bank which
sesse this paper has the certain means OF converting nj pleas
these Offices win at Is maturity, restore circulation either
in specie this sound paper, the deposited for its
the of rodcemng their emissions, the banks will
LOSSES more enno d1.ou,iIS han a. a @ true
of sound aud mpchae credit which will stand the shock of
every possible yicsudc except subvorson of the Govern
mcnt But this will promote the strength Of the banking ns
utons less than the stability Of the currency From the
the banks npprehonsyc of sustaining injury by the great
and sudden withdrowmcu of the precious metals from their
session. Bu the agencies can produce no sueh emharamen
for their will be gradual commissions and
and value Of that which is withdrawn will enable those
institutions at any Nme TO commend the specie when my re-
that a the expenses of conducting the business the Exchequer
much larger may realized Tho lossoss Of the
by fire. shpwreck and other casualties shown in the
Perence ct banks would not o an uncomfortable item OF gain
small premium, say hall or quarter OF one cent might
reasonably be execed of dpoor it hereafter deemed
say upon notes issued IN exchange for specie While h sys-
tenn will furnish tho desired for the collecting snfekecp
site facilities for exchanges between different sections of the
country well create round md convenient currency tis
from the Objectionable features of other modes of effect
for consideration 1t authorizes no banks or other CORPORATIONS
no dscouns no lending credit 10 form whatever no ex
pnon OF the currency E public drafts or otherwise no paper
on uecng revenues for redemption II eoniers no extent Of
Executive patronage influence No officer be either APP
pointed removed by the President without tho of
the Senate and only for certain specified 1t coners
behalf Of personal political orte. Whoever presents his
specie notes bills Of exchange maturity entitled to his
which he selects The rights of every applicant defined by
law and his transactions the agency of The simplest char
acter The laws of trade, aud any experimenting board
public agent decide the amount Of doposes bills Of exchange
and paper currency. Tho individuals
posing the community will best regulate the proportions of paper
and specie in tho absence Of all artificial restraint and superyis
Another mportan, consideration which committee would
odd to these views that whilst tho operations Of the ENchequer
would @ 10 promote inc real Interests OF the sound banks
would ut the time tend to drive liquidation the unsound
in few years past would be reduced There would eventual
~ only enough emun to the commercial and other 1u
sought investment hunks for exobin profits those
tion under an inflated and unnatural state of the currency
would retire, an perform the legitimate Office of perma
nent oas on bond and mortgage to the agricultural interest of
the community One great evil which the country has expert
enced has been from the Withdrawal of capital from the farming
interest to invest in banhug operations Tint interest, from
accommodations. They should be alba command permanent
instead temporary loans Any system therefore, which should
aid the retirement Of the surplus banking capital would greatly
benefit the substantial producing classes of the country.
rs II bns NO .c,ung noycr lt tot or % ic Rank of
the United Staesa power which the principal
all the difficulties and Of the subsequent disasters Of that nst
tuition In order to make dividends was necessary to employ
capital the shape Of discounts The great pof-
ton of those discounts based upon legitimate business
permanent loans and for this was that within
sphere of the operations of the bank there not enough of
Gshmae business paper to employ as capital There was,
therefore, kind of necessity Of employing otherwise and
that apparent necessity the otherwise disastrous of the
times, has led to its final overthrow
The ExchoQucr will possess all benefits of Bank of the
good, but powcre do harm The immediate effect of the
adoption of the will be- once the conf
deuce of the That confidence every where impaired
is impaired in individuals is impaired in banks is i'm
paired State Governments aud shaken the General
Government The people require action tire part Of Con-
gross which shall restore it, That only be done by the adop
ton Of system like tho proposeda system which, in its
leading features, perfectly unassuibo It will lay the foun-
d3n oil public confidence so broad and so deep that 1t cannot
he shaken That confidence restored, will extend itself
throughout the country and peace and plenty will follow in its
train
But, if my suppose this system will accomplish all that
it's friends anticipate will certainly accomplish much and in
md thor
sibe danger in it, why should hesitate it? We SHALL
cpea principle which lies at the bottom of this currency
tion namely that it the right and duty Of this Government
in the collection, snekepng and disbursement OF the public
revenue to aid IN furnishing uniform currency ana equnzg
the exchanges of the and it, in the judgment of
the does not go far enough shall have stock on
which We can engu hereafter such further provisions as shall
within the constitutional Of Congresswithn the
great principles which have been laid downand such shall
| be expedent and justified by public sentiment
The system be tried without risk and during period when
there can be hope OF adopting another vole If
on trial shall be found TO answer the purposes for which it is
intended then the necessity of National Bank will be
should answer those purposes then even the
of National Bank become satisfied that such institution
Is the only remedy for the evils of deranged and dsoeed
currency But until some such system he adopted, it well
be doubted whether the aspect and experience
our bannS institutions tho people can be brought into the sup
Shall we, then fold arms, and deliberately resolve
nothing! Can the friends OF National Bank, well as the
friends of the suhTroosuy, justify themselves their con
uens the country such course? These questions fol
other have been scrcdtcd and with present prospect
either OF them being recsabshcd hat then remains he
done Inc people expect and require aciona our hands The
committee present the Exchequei plan, free from the objections
which urged against original nroduction-a pllr
which, their Judgment unitos the benefits without tho evils
the uhe and ask o that consideration which 1t is justly
/ entitled to receive.
In proposing the BILL which the submit The
Senate attempt has been nude, fur possible consul
the views and avoid the objections of all parties disclosed
the history aud discussions of the several plans heretofore sug
gesd for accomplishing the Objects and submitted
the hops that the attempt Wall prove successful