The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-08-02

| gress
Let us here pause and consider what would
! have been the operation ofihat most timely and
salutary measure, if il had not been arrested The
bill passed in 1888, and in short time alier, the
I sales of the public lands were made to an unprece
dented extent insomuch, that in one year they
amounted TO about 1926, 900, 000and in a few years
TO an aggregate of about $50,000,000 II man
Hest that if this fund, so rapidly atng,
NAMED in the custody OF the local banks, in con
formty with the Treasury circular, and with their
interests il would be made the basis Of new loans,
new denominations, fresh bank facilities. Ii was
manifest that the same identical sum of money
might il in part did, purchase many tracts OF
landry making the circuit from the land Offices be
sides stimulating speculation in other forms.
Under the operation of the measure OF dstribu
ton that great fund would have been semi>annuaily
returned 10 the States and would have been applied
under the direction of their respective Legislatures
to various domestic and useful purposes II would
have fallen upon the land, like the rains of heaven
in gentle, genial and general showers passing thro'
a thousand rs, and ferlizing and identifying the
country. Instead of being employed liz purposes
of speculation, it would have been applied TO the
common benefit OF the whole people. Finally,
when The fund had accumulated and was accumula
ting in an alarming degree, II was distributed
among the States by the deposlte act, but sud
denly distributed, in such large masses, and in a
manner so totally in violation OF all the laws and
rules of finance that the crisis OF suspension in 1897
was greatly accelerated. This would have been
postponed if not altogether avoided If the land bill
Of 1913 had been approved and executed.
To these three causes, fellow citizens, the Veto
of the Bank Of the United States, with the conse.
quent creation of innumerable local banks, the re
moval of the depostes of the United States, from
the Bank of the United States, and their subsequent
free use, and the failure Of the land bill of 1888,
verify believe, all, or nearly all the pecuniary EN-
bnrrassnents of the country plainly attributable
If the Bank had been recharered the public depos
ties suffered remain uudsturbed where the law
required them to be made, and the land bill had
gone into operation, ii is my firm conviction that
we shO
and ruin than is common, in ordinary and regular
times, to a trading and commercial community.
And do just now take rapid review of the
periments of our rulers. They began with incoR
testably the best currency in The world, and prom
ised better. That better currency was to be sup
piled by the local BANKS and in the first stages Of
the experiment, after the removal OF the deposites,
they were highly commended from high authority,
for their beneficial and extensive operations in
change. the financial facilities which they afforded
10 the Government, &c &c. But the day of trou
bic and difficulty which has been predicted for the
want Of Bank Of the United States, 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? They had de
nounced and put down the Bank of the u Saies.
Now they turned round against the objects Of their
own creation and commentator. Now they wero
brood Of little MONSTERS corrupt and corrupting,
with separate privileges preying upon the yias of
the State. They vehemently call ont for divorce
of State and Bank. And meanly retreating under
the Sub Treasury from the storm which they them
selves had raised, leaving the people to suffer
der all It's peng and ptiless rage, they add Insult
to injury, by telling them that they unreasonably
expect too much from Government, that they must
take of themselves and that it's the high
est and most patriotic duty of free Government
to take care of itself, without regard to the suffer
ings and distress of The people
They began with the best currency, promised a
better, and end with giving none! For we mi eht
well resort to the custums of our original pa
rents in the Garden of Eden,as, in this enligh
ed will he nj he wv hill al
world before US, 10 cramp this energetic and en-
terprisng people BY circulation exclusively of the
precious metals. Let us see how the matter stands
with here in Kentucky end believe we stand
as well as the people do in most Of the States We
have circulation in bank notes amounting to
about two millions and half, founded up on spe-
Gle in their vaults amounting TO about one million
and quarter, half the actual circulation. Have
we too much money? mo. no. exclaimed many
voices.J If all Banks were put down, and all
Bank paper annihIlated we should have Just
halftbe money that we now have. am quite
that OF the immediate causes OF present diff
fculties, is defect in quantity well as the qua.
lily of our circulating medium. And il would be
impossible if we reduced to such regimen
as is proposed by the hard money theorists, to
avoid stop laws, relief laws, reputation, bankrupt
cies, and perhaps civil commoon
have Traced the principal causes Of the pres
ent embarrassed condition Of the country, hope
with candor and fairness, and without giving of
fence to any of my fellow czens who may have
differed in political opinion from me. 1t would
have been far more agreeable TO my feelings 10
have dweIt, as did in 1882, during The third year
of the first term of President Jacksons Admins
traton, upon bright and cheering prospects of
general prosperity. thought it useful to contrast
that period with the present one, and to inquire
into the which have brought upon such
Il sad and dismal reverse much more import
ant object remains to me to attempt, and that IS
to point out remedies for existing evils and dis
orders.
And the first would suggest requires the
operation of the Government and the Peope--it
is economy and frugality; strict and persevering
economy, both in public and private affairs Gov
eminent should incur continue expenses that
can be justly and honorably avoided, and indvid.
uals should do the same. The prosperity of the
country has been impaired by causes operating
throughout several years, and it will not be re-
stored in day or year, perhaps not in period
less than il has taken TO destroy it. But we must
not only BIO economical, we must be ind ustr ous
ndefatgably industrious. An immense amount
OF capital has been wasted and squandered in Wis.
ionary improbable enterprises, public and pri.
vate. 1t can be produced by labor and saving
The second remedy which would suggest, and
that without which all others must prove ahortive
or Intellectual, is sound currency, OF uniform val
ue throughout the Union, and redeemabIe ia spe