Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-07-18

me view winch now propose To- take Of it, APP
plies altogether to the influences whieh il would
have exerted upon circulation and speculation IL /.
was the constitutional duty Of the President a
have returned the bill TO Congress with his obec-
tons, II he wero opposed 10 il, or with his sancti
ton, If he approved it; but the bill fell by his
btrariIy Withholding it from Congress.
Let US here pause and consider what would
have been the operation of that most timely aud
saluary measure, if it had not been arrested. The
bill passed in 1888, and in short time after, the
snles OF the public lands were made to an unpre-
cedened extent; insomuch, that in one year they
amounted 10 about $25,000,000, and in few years
TO an aggregate of about S50,000,000. II was
manifest that, if this fund, so rapidly accumula-
Ting remained in the custody Of the local banks,
IN conformity with the Treasury circular, and with
their interests, it would he made the basis of
loans, new accommodations, fresh bank facilities.
II was manifest that the same Identical sum OF mo-
ney might, as it in part did, purchase many tracts
OF land by making The circuit from the land Off
ces to the banks and from the banks 10 The land
offices, besides stimulating speculation in other
forms.
| Under the operation of the measure of distribu-
| ton, that greut fund would have been sem-annu-
ally returned to the States, and would have been
applied, under The direction of their respective
Legislatures, to various domestic and useful pur-
poses. 1t would have fallen upon the land, like
rains OF heaven, in gentle, genial and general
| showers, passing through II thousand rs, and fer
|
being employed in purposes of speculation, it
would have been applied 10 the common benefit
OF the whole people. Finally, when the fund had
accumulated and was accommodating in an alarm
ing degree, it was distributed among the States by
| The depose act, but so suddenly distributed, in
such large masses, and in manner so totally in
violation OF all the laws aud rules o. finance that
the crisis of suspension in 1887 was greatly accel-
Grated. This would have been postponed if not
altogether avoided, if the land bill OF 1888 had
been approved and executed.
| 10 these three causes fellow citizens, the We
TO of the Bank of the United States, with the
sequent creation of nnumerable local banks, the
removal OF the deposes of the U. =, from the Bank
Of the United States and their subsequent free Use,
and the failure of the land bill of 1885, | verify
believe all, or nearly all Of the pecunary enIbar-
easements of the country plainly attributable.
If the Bank had been recbarered. the public de-
poStes suffered 10 remain undlsturbed where the
law required them 10 be made and the land bill
had gone into operation, 1t is my hrm CONVICTION
that we should have had no more individual dis
tress and ruin than is common, in ordinary and
regular times, to trading and commercial commu-
nifty.
And do just now take rapid review ofthe ex-
perments of our rulers. They began with incon-
tesiby the best currency in the world, and prom
sed better. That better currency to be sup
piled by the local banks, and, in the first stages OF
the experiment. after the removal OF the deposltes,
they were highly commended, from high author
ity for their beneficial and extensive operations in
exchange, the financial facilities which they atfor
ded to the Government, &c. sc. But the day of
trouble and difficulty which has been predicted,
Tor the want of United States Bank, came
They could not stand the shock, but gave way, and
the suspension of 1887 took place. Then what
was the course of these same rulers i? They had
denounced and put down The Bank of the U. s.
Now, they turned round against the objects OF their
own creation and commentator. Now they were
| brood
with separate privileges, preying upon the vitals
of the Stale. They yehemently call out for di
vorce of State and Benk And meanly re,reatng
under the Sub Treasury, from the storm which
they themselves had raised, leaving the people to
suffer under all its pelting and pess rage, they
add insult to injury, by telling them that they UNI
reasonably expect too much from the Government,
that they must take OF themselves, and that it
is the highest and most patriotic duty of free
Government, TO take OF itself, without regard
TO the sufferngs and distress of the people.
They began with the best currency, promised
better, and end with giving none! For we might
as well resort TO the costumes of original pa
rents in the garden of Eden, as in this enlighien
ed age, with the example OF the whole CONNER
cial world before u.s. to cramp this energetic and
enterprslng people by circulation exclusively OF
the precious metals. Let us see how the matter
stands with us here in Kentucky, and | believe
we stand as well as the people do in most OF the
States We have circulation in Bank notes a
mounting TO about ,wo millions and half found
ed upon specie in their vaults amounting to about
one million and quarter, hat the actual crcua-
ton Have we too much money? No, no
exclaimed many volces.] If all Banks were put
down, and all Bank paper were annihilaed, we
|, should have just one half The money that we now
have. | am quite sure that one of the immediate
, causes of our present difficulties, is defect in
quantity as well as the quality of the circulating
medium And it would be impossible, If we were
, reduced TO such a regimen as is proposed by the
4 hard money theories, TO avoid stop laws, relief
, laws, Reputation, bankruptcies, and perhaps civil
commolon.
have traced the principal causes OF the pres
ent embarrassed condition OF the county, hope
with candor and fairness, and without giving Of
fence 10 any OF my fellow citiZens who l0ay have
differed in political opinion from me. 1t would
have been far agreeable TO my feelings 10 have
dwell. as did in 1882, during the third year OF
the Il 1871 term OF President Jackson's ndmlnlslra-
. ton, upon bright and cheering prospects of gem
. erul prosperity. thought il use al TO contrast
q that period with the present one, and to enquire
: into The causes " hich have brought upon us such
n n sad and dismal reverse. A much more impOr-
p tant object remains to me 10 attempt, and that ia
. TO point out remedies for existing evils and dsor-
, ders.
, And the first would suggest, requires the co..
operation OF The Government and the people-it
. is economy and irugality strict and perseverng
economy, both in public and private affairs Gov.
- ernment should incur or continue no expense that
4, can be Justly and honorahly avoided, and ndvid-
/, uas should do the same. The prosperity of the
q country has been impaired by causes operating
: throughout several years, and it will not he reslor-
g ed in day or year, perhaps not in period les:
: than il has taken to destroy il. But we must mo-
only be economical, we must be industrious An
O immense amount of capital has been wasted aud
d squandered in visionary or improbable enterpris-
i es, public and private Ii can only be reprodu-
ced by labor and saving.
= The second remedy which would suggest and
n that without which all others must prove aborllve
IF Intellectual is sound currency, OF uniform val
f.? ne throughout The Union and redeemaoe IN spe.
% Gle upon lhe demand of the holder l know OF
n but one mode in which that object can be accom-
"a nli.hah md that has stood the test OF time and