Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-04-07

Mn Error In looking the Vermont Ga
zettc, could not help being struck with the arch
manner it cndeavors to pull the wool over the eyes
Of the farmers of Vermont on the subject of eur
rency and the hard times" Your scrap published
a few days since, which statement Of mere
matter of facts, and headed ''Locofoco Hard Money
Times" has really set the sapient Editor to devise
some means TO account for the facts, (al know IN
n. true I'm, ,.-L;-L 10 wIsDes TO place IN such
form as To throw the whole affair upon the Banks
instead of the real cause, viz the ngrarian, Jaco-
binical theories taught and pracced upon by our
seifsiyled Democrat leaders. | have cut from the
above named veIacious Gazette the following tissue
of false statements, and wish all your readers may
have an opportunity TO peruse it, in order to have
the wings the beauties Of locooco reasoning -
snow which looks the most likely TO create
panic the course of the democracy in trying TO pre-
vent the practice of fraud upon the public by these
corrupt Institutions, the mana cement of the
banks They have acted in concert in curtamg
their circulation, while they have locked the
vaults containing their speeie,-thus deprivng the
community of its even its fair representation
in their notes. Neither does it appear by extracts
like the following that the portion of specie which
is kept froTl circulation by these accursed shaving
shops is an Insignificant sum, If any think II is,
let them read from the New York Express :-"One
bank in Wall street has million sir hundred
thousand dotiors in SPECIE on hand. and is a cred.
itor bank 60 the amount OF four hundred thousand
dollars. The same bank has a circulation of only
little over three hundred thousand dollars"
Here, then, we have an example of the relief af-
forded to the country by banks In this instance
one bank alone retaining from circulation by its
bolts and bars. One Million three Hundred thousand
Dollars in SPECIE. Comment is unnecessary.
We only say that plenty of such could be ci-
ted, but we deem the above sufficient to illustrate
the beauties Of bank relic" Vermont Gazette.
| The banks, yes the banks, they have millions of
specie more than their circulation. How they keep
the currency from the dear people. few months
since the same paper cried out with stentorian
voice, down with the banks, they are rotten to the
core four dollars circulation 10 one of specie
irredeemable paper, worthless shin plasters, &c
The whole course of this organ of loco focoism is
like the man that whpt his wife because she did
feed the pigs and then whipl her because she did
not feed the pigs, small amount of common
sense, will teach any conversont with the state
of the country, the reason of this influx of specie
in our banks, and il may be told in few words.
There is nothing in the country to buy il with
There is no business TO employ it in. The banks OF
New York discount all the good paper presented
at per cent, one per cent, under lawful interest,
but even at that low rate they have few customers
In most, if not in all cases, the specie in our banks
is deposited by men of property for the sole purpose
OF safety, and will be Withdrawn by them so soon
as it can be used to advantage in trade in invest
ments that promise safety and profit. Here wish
TO ask this money-wisc man, what object can
bank or individual have (for they are both govern
ed by the same principles,) in retaining, by bolts
and bars, the circulating medium of the country
DO not corporations, well as individuals, like
profits In fact, not they formed for the ex
press purpose of making prohts3 Perhaps there
never was theories principles of action so absurd
as that which the veritable loco guides have atrib
uted to the banks of this country, when, in fact, al
good and sound moneyed institutions q do no
mean such as the Democratic Bennington Bank,
have and will act entirely with reference TO safety
and profit, and in both these respects their interest
and the interests Of the community are identified
Indeed, the very "hard times" which are so muc
cried about, the legitimate effects of the cours
of false policy pursued by these wise-acres. First
General Jackson killed the U. s. Bank, and the
$ batch Of new banks splung up, without mean,
! without capital Then general crash, Then
universal depression of all property, and loss of con
fidence 1t is impossible at this time to ship carg
of flour or cotton to Europe and take for pay mar
uiactured goods, as they are lower here than i