The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-12-13

which everywhere prevai'ed over the
land; while as little cause Of surprise
should be felt at the present prostration
Of everything, and the ruin Which has
belallen so many of our fellow citizens in
The sudden withdrawal from circulation
of so large an amount OF bank issues,
since l837-exceedng, as IS believed
the amo INT added to the paper currency
+ a similar period antece4ent 10 1897,
il ceases to be matter OF astonishment
that such extensive shipwreck should
have been made of private fortunes, or
that difficulties should exist in meeting
their eugas' menis on the part oil sie debt
or States. Apart from which, il there be
taken into account the immense losses
sustained in the dishoIor of numerous
banks, it is less matter Of surprise that
insolvency stculd have visited many oil
our fellow citizens, than that 50 many
should have e.capcd the b;ightlHg lniu-
-cnces OF the times.
In The solemn conviction Of these
truths. and with an ardent desire to..meel
The pressing necessities OF the country,
( n il IN lie my duty TO cause 10 be sub
mt,e,l 10 you, at The commencement 81
yo,r t. sess-or, the pan Of al Excbeq-
,,er the WHILE power AID duty Of maiil-
tain No which, in purify AMI vigor, was
10 be exercised by the Representatives
of the People and the States, and there
FIRE, virtual y By the People themselves
1t wa. pror osed 10 place ii under the
control and direction of a Urea urv
Board, to consist Of three Commlssi.n-
ers, whose du,v il should be 10 see tia.
the law IT its creation was faithfully ex-
ccuted and that the great ED Of supply
ing a paper medium OF exchange, at all
times convertible into gold and silver,
should be attained. he Board thus
constituted, was gwen as much perma-
mercy as could be impaired 10 II, with
out elidangeriig Tie proper share ol res
pons bilnv which slloull attach u all
7 u lie agelts. In ord-r 10 insure all the
adj, anra-es f wel-matured exper ence,
The Commiss oners were 10 hold Their Oh
fires ir III. respective p"IiJd5 oil two,
fur and tx year, thereby secur NJ al
a times in the management Of the EI-
rh,quer, the servic IS Of TWO m5n ct ex-
prrisnce: aid to pace them in cond'-
ten io exc else perfect ind,rcndcic,: OF
mind aid action, il was prov ded thai
The removal should only Ike place Tor
at; lal incApac Is and inGdeliiy TO the
tr"st, and 10 be followed by the President
with an expos on Of TIE causes OF such
remnval. sl uld it ,ccur. IL was pro-
pos d 10 cslobl IN sUbor Innate boards III
each o. the States, under the same res
ric.;ons AMI mia,iors Of the power oil
removal, wh.ch, wnh The central board,
III u,J receive, SAFELY keep and discourse
the Iutlic money s; aid in ordrr 10 fur
nish srund paper medium OF exchange.
the Exchequ.r sh1u'd rcIa'n U. tie rev
enucs file Government a sum MT to
exceed $1,000 OOo in specie, 10 be sci
apart as required by is operations, and
80 pay The pub ic creditor at ms OWE
Opt N. either in sfecie or Treasury
,oies demon nations not less Than nv,
nor exceeding ore hundred dollars,wiich
notes should be redeemed al the several
places OF iss re, aid TO be'rece va5'e al all
tines ard every where in payment q!
Gov, rnmeat dues with a restraint up'.n
such issue of b lis that the same should
no, exceed the m1rin,um Of $l5,OO0,-
coo. In crier to guard against all the
Ia zard. inrident 10 fluctuations in trade.
the S cretary 81 the Treasury was in-
vested wi b authority 10 issue 50 .O00,-
COO OF Government stork, should The
same at any time be regarded as neces-
sarv, in order TO place beyond fazard til;
r. om;t :ed.mpta IF thu bills which
might be thrown into circulation. Thus
in fact making the issue Of S 100000
Of Excloq err bills, rest substantially On
5 i0,0OO,O00 and keeping in circula-
.;on never more t:ian Gnc and one half
dollars fIr every dol ar in specie. When
10 ihi, il is added that The bills are MOI
only every where receivable in Grvrrr-
met t dues, Tut that The Cove rnment il
self wculd lie bound fr'l.cir Ultimate
ledrml tIor, NJ rational doubt can exist
that The aper VIII CHI the Exchequer
would furnish. W. uld rrad,ly enttr INTO
general circu'at on, and b. maintained at
al tines at CT tbove par with G Id anil
) liver thereby real Gig Tie great want
nf tie aye. ard fulfill ny tie wis'es OF
The People. In order 10 reimburse tie
Government tie expenses Of The ian
il was proposed 10 invest 'he Exchequer
with the mli;ed AUTHORITY To deal m lis
Of exchange. unless Erollib ted By the
S ale IN which an aye cy mi ght be STU
ated, having only tin ~ days Ia run, End
resting on a far and bona fde basis. The
Leg',lat We will on this point might lie !
so lainly announced as TO avoid all pre-
text f'r parria'liiy OF f,vorit SIN. 1t was
furthermore proposed 10 invest his Trea'
sury agent wlh auho ity to receive ON
Il I,.,.,,aI tho a