Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-10-07

mo neosure evo. ,o.ool ,,.,..,
nexion with Tim, bndv ,hst 80, II'''"e NY cou'
grief and modification. n nm, ,,,."J ~, "".n
friends joining he ,phol, hoe, ~, W a Je~
heard much of the ,noi;rss ~, H., .'.'"y, haVo
sonal motives of those I'm, nssssd 49, no Per
doubt not pure, aud all public men NO ~. s,,''
TO act from pure motives n nmnL'a 'pPosen
the objects proposed by the oet ars ,e, nI, II
expressed in the act uself then saw IL ,oso 10
the motive alluded to- thew nrs ,,,..y' " "ose ue
ITSELF Every circumstances every linz as wy, IL Nv.
itself show that the design was IN ;o VI 'ne act
legislation u restraint tina, the Cons,;,,,,j i
not imposed to insert in the Constilntinn ",n
prOhbitory clause, providing that n(ier ,hs vo,
! AZ no revenue should be collected exoent occor
dug to an absurd horizontal system. md 49,
ceeding 90 per cent IL wos ten nressol ,I',
under the great emergency of the public necsss;'
ties, but may now recur to whit I tbcn .ii
namely, that its principle was false and dangerous
aud that when its tins came il would raek mi
conyuNse our system.
" Has not this been accompisbed2 Wa b.v.
felt the spasms and throes of hi, co,y,lsor h','
we have at last gone through them md becin IN
breathe again. 1t is something tbat that ocI il ~,
l"s' go' rd OF aud the present tariff * drsory,,
VI nus mat 1t is specific and Discriminating ,Ini
nous 10 common sense, and rejects the ur,nci.
pies OF the compromise uct | hone Cor.vsr
lCheers')
hhoihcr great aud principal object of the rev.
O'unon OF le4O, was restoration of the rurren
cy. Onr financial troubles did not BEGIN with
want OF money in the treasury or under the on
era'loh OF me compromise net. TO the embar.
rnsSnents OF 1888, other causes of trouble and
distress nave ever since been growing up for
some OF which provision has been made, but for
'"e businesses arising from deranged currency,
no provision has been. If you can make pro.
VISION Tor 'hai, should hope that by the act by
winch you hi your treasury, you may revive, TO n
reasonable extent the industry of the coun,rv.-
4 I'm fnr
you may have all universal one, of equal and gem
cru vhue throughout the land, am hard to be
persuaded that we shall see the day of our for
"eI prosperity throughout the land.
Ana now, fellow citizens, will saw n word
OF .W1 OF lne transactions on this subject At the
spue'ai SESSION OF congress, the Secretary of the
treasury mr. Ewing, arranged plan for a Ma
!'ohai DahK. That plan was founded upon the
Iuea Oh a large capital, furnished mainly by pri-
'a.e SUBSCRIPTIONS, and included branches for To-
cal discounts need not advert, gentlemen, to
we ne circumstances under which this scheme was
drawn up and received, as it did, the appreciation
OF the PRESIDENT and Cabinet as the best thing
tDat couIu DE done. need not remind YOU that
no had oeen called TO the head of the Govern
nent, whom we had all agreed should hold the
second place in it. | need not say that he held o.
plnlons wholly different from mine on these snh
Jecls which now came before u.s. But those opin-
IONS were liked, and therefore it was thourht the
part OF wisdom and prudence, not to see how
strong a case might be made against the President
but TO get along as well as we mipbr With sroh
views Mr. Ewing presented his plan to Congress.
As most persons will remembar the clause nllow
ing the bank 10 establish branc hes, provided that
those branches might be placed in apy State
Whicn should give its consent. | have no idea
mat ihere is any necessity for such rCstriction-
believe Congress has the power to establish the
branches without as well as with the consent of
the States. But that clause, at most was theoret
/ N0nlI ind ho.I,
show any practical mischief resulting from it, TIA
opponents went upon the theory, which do nor
exactly accord with, that in any case an omission
TO exercise power amounts to a surrender of that
power.
"Why, gentlemen, it was exceedingly doubtful
at the time when that plan WINS prepared wbetb-
or the capital would be subscribed But wa did
what we could about it. We asked the opinion
OF The leading merchants Of the principal com
mercial cities. They expressed doubts whether
the bank could be put into operation but thew ex-
pressed hopes also, and they pledged themselves
10 10 The best they could 10 advance it. And rs
the commercial interests were in favor as the adj
mlnisration was new and fresh, and the people
were desrous to have something trie, great ear
neslness was tel: that that bill should be tried
1T was sent 10 the Senate at the Senate's re-
quest, and by the Senate it was rejected Anoth-
er plii was reported IN the Senate, without the
provision requiring the consent of the States TO
branches,-was discussed for six weeks two
mohihs ana linen could not even pass a Wing
Senate.
81 will not pursue the unhappy narrative of the
latter part of the session of lS4l. Men had
begun 10 grow excited and angry and resentfnl-
| expressed the opinion a, an early period TO all
those To whom | was entitled to speak, that il
would be great deal better 10 forbear farther ac-
ton at present that opinion, as expressed to the
two Wing Senators from Massachus is before
the public ! wished Congress 10 give time for
consultation to take place, for harmony to be re-
stored. suppose that counse! was not good,
certainly it was not followed need not add The
comment
"This brings us, as far as concerns the CUES =
ton of currency, to the last session of Con eross
Early in that session the Secretary of The Treas
airy, at the request of Congress, sent in plan of
an Exchequer. II met with little favor in either