The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-01-14


F.om he v. /. Ereaing Tor,
THE UXCuGQUER BANK.
"Whp ara you dong J" said gentleman last
spring to his iiiend, one Of the officers Of the gov
crnmcnt Of Michigan,
Violating the constitution Of the United State:
and the constitution ofMehigan,' was the answer,
"i!ow moay times have you violated it this NOR
uiog,"
GC,ilecu hundred"
This gentleman was signing bills Of credit issued
by the state Of Michigan, under It law passed by
tic Legislature in April last When the banks Of
Nch'-ah failed, the snges OTlhe legislature of that
state were alarmed lest business should come TO Il
dend stand l1f the want o!R currency. 1t did not
enter th'ir heads, that, if the people Of Michigan
Nad anything to sell, gold aud SILVER, or the notes
Of sound hauas in other states, would CONF after
it; That height Of knowledge they Ind not yet at
tanned, Accordingly, they directed TIN, notes Of
the state, payable at a short date, to the amount
Of $3.50 900, Of denominations fiUm five dollars 10
q thousand, should be ii5uedl serve rs circuh-
lHling medium. The faith OF the stale was pledged
Tor tho; redemption; it WAS directed that they
should be received IN payment Of the lare on all
railroads in Michigan, and that they should be
taken at the state treasury for all dues to the gov
crnncn', lhern being at that tme IN nu,ounr Of
%4S1 coo in taxes imposed upon the people Of the
state, aud not yet collected 10 secure vet fur
rhgt. ~ il was thought, the redemption Of these
notes, The failure instruments due from the United
States Bank to the State of,!ichigan, were pledged
Here WIS plausible scheme for supplying the
pa0p,n Of Michigan with sound currency, through
The pternA care Of the legislature. Elegant dies
we've engraved, bearing on the right hand the SINH
luIde ci i!euIy Clay, and on the other that Of
DaujI Webster, aud in the middle, pledged the
iauh Of the state that the notes shoad be redeem
ed on the first Of 0ajaber, iSll The auditor and
the Tire srrcr Cf the state, were sci at work 10
sign and Issue tie notes.
10 cuia tu, md notes oil their own banks, and Tor
few days the hi.l4 Of credit eu ed BY the state
government, were received with great readiness.
'rt in lwcny days they had fallen to five per cent
below par; IN forty days to ten per cent. and last
August, at the cud Of ninety days from the time
they were first issued they were sold, nohwih-
si rdng the magnificent parade OF provisions made
Tor their redcmpl0n, wee sold at the rate of sixty
cents on The dollar. Those who expected 10 pay
taxes 10 the state bought them up at hs rate, and
hid them by for use. When the first of October
arrived, end the notes become due, the State Of
Michigan had not received the funds expected from
the Bank Of the United States, aud consequently
10 means were provided to redeem them on pres
eGlatiIn
Here il an instructive example; vet This very
Daniel Webster, whose portrait starrs At us on the
deprecated aud dishonorrd bills Of credit emitted
by the government of Michigan, is cndeavoring 10
persuade the government Of the United States to
initiate It's example. We say MIR Webster for il
Is understood ihtt he is the adviser Of Mr. Tyler in
this natter and we are unwilling 10 put the re-
sponSLili,y of the new scheme Of n government
bank up5n the rpsprctabe Secretary of the T,eos.
my, whose olmc it bears. Mr. Webster PROPOSES
llml fine Government of The United STATES. n roy-
ornament ncrorJinp IN hi. own shaving in d,bt
,ls eyprpAirurs rycc,diup lis income unuhlc IN Of
feet Inc very loans authorized by Cono,esa. i,s
treasury notes SELLING n, this n,on,cnt -, opc mar
cent. n month discount. shall vel brrin in issue
noles payahlc ON dcmand. withort uny conir,l to
redeem Them. or pnv ,qyes levied IN rn,sr = can't
tai; whru.. in short. INV resource upon which The
nnb,i, can rcly for rrdce9,ior Them wbrn ihcv nrn
presented, II !, rrcrisely Tho cosc Of banler
owing more than ha cnn nav. issuir, no,es with
the cypcctaion that they viii be received ON II n,r
with g1,d and silver.
We have soid that Mr. Wcbstor's schcp,o nr,-
poses To issue notes without providing nuy r,so,rco
for their relep,plion. ','hi, phroso sLon,d I'm on,i
fed n little. Mir Webster is n,l nltogo,hnr with.
oui cynpdi,nt, in c,s, ina hnld,rs NJ III, ,,,as
shou,d want ,ha co,d and silver Ito s,rgos, ,ln,
stock TO the amount If five mi,,ions if nc,ossary
should h, sold IN roiso me,ns IN rcjon, tho XIII,
of credit issued by government In o,hcr ,yorJs
the government is 10 borrov--borro,y hv =, rrn;ons
.b2 Clrccd sare of iis s,ocks TLo c,nod;"n, !,
chlIarte,iIjc. When he ia ns,od ,ybo,o tho norJ
and silver ia TO come from. Mr. Vrl,s,cr rnn77;os
with yrrl, alpcri,y, we win harrow il,
Ehlt will b, The result Of ,,rs n,'c,,,, Of ITO