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

PENNSYLVANIA, now, with equal unanimty,
approyed the destruction of an institution
which they had believed 50 Indispensable 10
public prosperity. and deluded people feltas
if they had fortunately escaped a great Ma
,iona calamity!
The Veto notwithstanding, the House Of
Representatives. BY la ge majority, resol-
we'd that the public deposites were safe in
The custody Of the Bank of the U. States,
where They were placed, under the sanction
and by the command Of the law; and i! was
well known al Washington. that This resolu-
tion was passed 10 anticipation and prevent
the possibility Of their removal. In the face
aud in contempt oftL;s decision Of the Rep
resentaiIves OF the people, and in violation
of positive law, The removal was ordered
by the President Il few months after, the
s, cretury Of The Treasury having bern pre-
viousIy himself removed TO accomplish the
object. And this brings me TO consider the
effect produced upon the business and inter
ess of the country, by the
81 event to which have alluded. Ii rs
well known 10 be the usage of Bapks, 10 act
upon the standing average amount of their
dcpusiics as upon permanent fund. The
Balk Of The U S has so regulated Is tran
saclious upon the de 'osiies OF The L. States.
and had granted Accommodations and extend
ed facilities us far as could DC safely doue
on tia, basis. Tie dedoSites were :emov-
ed aud dispersed Among various local banks
which were urged By all authority not like
iv 20 be eiisrcgarded especially when Sec
onding. as it did. their own prcuniary inter-
csts To discount and accommodate freely on
them They did so; and thus these depos
ties performed double office, by being the
!aSi, of Bank facilities, first. in the hands
Of III. Bank of the United States, and after
wards IN the possession of the local banks.
A vast addition 20 the circulation of The
country ensued. adding 10 that already so
cnpiousy pul forth nui putting forth by the
multitude of new Banks. which we're spring
ing up Ike mushrooms. That spt culation
and ovrrtradiug should have followed were
20 have boea naturally expected. 1t is sup
rising that there were not e. Prices
ioSc enormously. as another consequence;
and thousands were tempted. is Is AWAY $
ne case ia an advancing market. 10 hold on
or 10 make purchasers, under the hope of pri-
ces rising sill higher. A rush Of speculh.
Tors was made upon the public lands, and
Tie money invested in their purchase, com
ing back 10 the depoSiie banks, was again
and again loaned out to the sumo or other
specula;ors, to make other and other purcha
ses.
Who was 10 blame for this Inflated and
artificial state ofthingsl Who for the spec.
ulaliun which vas lis natural offSprngl-
The policy OF Government which produced
II, or the people! The ST duccr, or the Sc.
duced? The People, who only used the
means so nbundanly supplied IN villue Of
The public auihoriy,or our rulers, whose un'
wise pnlicy tempted them into ruinous
speculation!
s. here was measure. the passage of
which would have greatly miiie ated tn s
unnatural state of thing 1t was not diff
cn't to lorsee after the Veto of the Bank,
'one Of the consequences that would follow
The Modification of Banks, a supcrabun-
dant currency, rash and inordinaie specula
lio1. and probable ultimate suspension Of
specie payment. And the public domain
Was too brilliant and tempting prize NOT 10
be among i!t first O. ccts that would attract
speculation. In alarcn, 1888, bill passed
bo'h Houses of Congress. to distribute a.
mong the States the proceeds Of sales of the
pubic lands. 1t was measure of Strict
Justice 10 The States, and one ofsnund policy
rs ii respects the revenue OF the u. Stpies:
but he view which now propose 10 lake
ut II applies alIngelhec to the Influence
which 1t would have exeried upon circul1
lion and speculation. 1t was The constitu-
'lonal duly of The President to have return
ed the bil! 10 Congress with his objections, il
ne were opposed to it, or VITA his sanction
fhe approved il; but the bill fell By his ar
bilrarhy Withholding it from Congress-
Let Us here p use AID consider what
would have been the operation of that mos;
timely and salu;arv measure. If il had lot
been arrested. The bill passed in 1888 and
IN short time after, the sales of the public
iands were made 10 an Unprecedented ex
tent; in so much. that in one wear they a.
mounted to about $4,000, 900. and in a
few yrars to an aggregate of abou, 50, 00O,-
600 dollars. Ii was manifest that, if this
!Ii-u. 50 IHbhN dCCuinuld'lDg, renamed IN
The custody Of the local batks, in conformi-
" with the ! rcasnrv circnar,an with their
interests, 1t would be made the basis of
new loans, new Accommodations. fresh bank
Eicil;'irs. 1t was manifest that the same i.
IDENTICAL sum of money might. as il in fact
did. purchase many tracts of land. BY max
the C rcuit ON tie Ian d offices T. the
banks, and from The banks 10 the land offices.
besides stimulating spycuiations in 9th,
'n~n1S.
Under the operation Of the measures Of
the distribution, hat great fund would have
been semi. annually returned to the States
and would have bren applied, under the d.
recfiou of their respective Legislatures, to
various domestic and usefu! purpnses. Ii
would have fallen upon the la d. like the
rain of heaven. IN gentle, genial ard general
showers. passing through thousand rills,
and frrrilizne and beauiif, ing The country
Instead Of being employed in purposes OF
speculation. i, woulr have been applied to