Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1842-10-07

ly it was not followed-and the conse-
quences have been what | supposed, and
what all have seen.
This brought us to the commencement of
the last session. The Secretary of the
Treasury then communicated to the Presi-
dent the plan of an Exchequer. 1t was sent
to Congress where it received very little ia
ror, and it is necessary for me, lest the whole
burden of disiavor should fall upon others, to
say that the measure met my hearty, sincere
a. entire approval hope have not been in
the habit of manfesting an overwcening con-
fidence in my own judgement, or an unrea-
sonable aversion towards taking the advice
of friends. But there are some subjects up
on which ! must be allowed to have and 20
hold my own opinions. The subject of cur
rency has been the study ofmy life. Thirty
years ago, the question in all its bearings,
the relation of paper to specie under all cir
cumstances, was discussed in the Parliament
of England by the brightest intellects in
Britain. The famous resolution of Mr.
Vansittart, declaring that bank note was
always worth as much as it bore upon its
face, and insisting that it was not the bank
note that had deprecated, but the bullion
that had risen, was debated. That side was
espoused, as you know, by Lord Liverpool,
Lord Castlereagh Mr.. Rhodes & other emf
nent individuals, while on the other side was
the powerful logic of Brougham, and the
acute good sense of Baring-now Lord Ash
burton.
The result Of that discussion made me
hullionst, and | was thoroughly convinced
th NJ cal,, ho c;rcrl,tOI
longer than it is Immediately redeemable at
the counter whence it is issued. Coming
shortly afterwards into Congress, bestowed
myself to the consideration of the question,
and | believe | have since read every thing
on the subject that is valuable have also
been a close observer Of paper currency in
this country from the time of the first Unit
ed States Bank till now. have sometimes
expressed opinions which have not been al
together falsl6ed by subsequent public events
and | must from all these things, therefore
be permitted to entertain as much confidence
in my own judgement, as in a common news
paper paragraph, or the hasty words of a
caucus orator.
Felowcitizens, this Exchequer plan
which was sent TO Congress was not only the
best, but the only measure which could have
been pro ected for the relief Of the country
in her financial distress. And will stake
my eputation-which is all have to stake
that if this present Wing Congress will
adopt it, and give it fair trial, in three
years it will be universally admitted to be
the most beneficial ever establshed-the
Constitution alone excepted. (Cheers. y
Understand, gentlemen, that ! mean if taken
as it came from the Cabinet, and not as it
looked after it had passed through the hands
of committee of Congress, for they struck
out the provision for dealing in exchange,
and then it was not worth a rush not worth
the very parchment on which it would have
been engrossed had it passed.
The urgent want, and the pressing neces-
sty of this country, is common curren
cy, and sound system of exchange.-
{Cheers) You work for Alabama ant
Louisiana, and they plant for you. Yor
both want an equal credit throughout the
country-you want your money there, anC
they want their money here, worth as mucl
as at home save only the mere expense o
transmitting draft. This equal currency
YOU cannot get, except through the authority
of the general Governmcnt-you never vii
have it but by its means. You require
large and liberal provision for exchange
free exchange-cheap exchange-exchange
through which your money to-day in New
Orleans can tomorrow be in your pocket:
here-as millions have formerly been trans
ierred-at from only one-quarter to three
quarters per cent. And till we have obtain
ed that, we have not reached the goal of ou
desires.
| need not say that bank of the United
States, with large subscrip ton Of privat,
capital, is out of the question. That is al
obsolete idea. The country has changed
our condition has changed-and so changed
as to put such a thing wholly out of thu
question; and, for the purposes of loca
banking, we do not need it. You woulC
not desire foreign bank, with large CAPT
tal to come, untaxed, into State-street, to
morrow, and share the local business witt
your own banks. You do not want the ma
ton to send one here; you are ndifieren
about it-you would not oppose it, perhaps
but it is not the object of your daily desires
But II we are to wait for the restoration O
sound currency till such a bank is estah
iIshed, say to you that we might as wei
wait for the incoming of the Jews. (Ap
plause.) But what then? Shall nothin
be attempted!
The Exchequer was assailed most violent
| ~ on all hands-though | believe there wa
one gentleman in one House who had tn
courage to say that he really did not kno'
Out that by possibility some good might com
81 It, There were different classes of opr
IONS on the matter. Some considered it
mere llfeless machine which could do nott
ing at all others thought it had atogethe
L 100 much life, that it would enlarge Excel