Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-08-11

Iallen INTO severe distress. Our course has
been suddenly arrested. The general pulse
of life stands still, and the activity and in-
dustry of the country feel at pause. A
vastly extended aud benifcent commerce is
checked; manufactures, suspended, with in
calculable injury TO those concerned in
them; and the labors of agriculture threat
ned with the loss Of their usual reward"
1.-The condition of the country is, indeed
singular. 1t is like that of strong man
chained. In full health, with strength una
bated, and all its faculties unimpuired, il is
yet incapable Of performing its accustomed
action. Fetters and manaclcs are on all
its limbs"
1.-THE evils, all the evils, which we now
feel, and feel so acutely, result from politi-
cal measures and by political measures alone
can they be redressed They have their o.
igin in acts of government, and they must
find their cure in other acts of Government"
These ruinous acts of the government
,oere followed by other acts but not by re-
tracing the steps which had led to univer-
sal injury; not by returning to that policy,
the wisdom Of which had then been proved.
as well by the bitter results of its abandon
ment. The conductors of the government
perversely substituted untried experiments.
Alarmed, perhaps, by the wrecks which
their arrangement Of the currency had in
part produced-at any rate, alarmed by the
loud remonstrances of an injured constituent
cy-they rushed into the opposite extreme
BY the use Of the public lands, which were
pro(usely proclaimed for sale; by encour-
aging their partiZans, in the several states,
to most prodigal increase OF banking in
stitutions; by converting all the revenue Of
the government virtually into banking CAPT
tai, and expressly ordering the host of pet
banks TO extend their circulation, they
stimulated the currency TO an unexampled
extent, yea, to its utmost limit. In a sin-
gle septenary the increase of banking capi-
tai was more than las millions; the circula-
ton of bank paper rose from 81 to 149 mill
ions; and bank loans from 300 to 225 mill
ions, being an increase OF 325 millions. In
other words, the amount Of paper crcu-
latng medium, which had been gradually
accommodating for more than half a century,
was nearly trebled in the short space Of
seven years!
This vast machine was utterly without a
balance-whee to regulate its movements,
or even power, any where, adequate to
check or control it: and il rolled on, and
on, sweeping every thing before it, until de-
stroyed by the violence Of its own action
We appeal TO every mans remembrance
to bear us witness, that all branches of bu-
sness were exclusively, fatally stimulated by
the immense issues Of bank paper The or
binary modes of thinking and calculation,
gave place TO the widest chimeras; rational
and honorable enterprise yielded to reck-
less and intoxicating spirit of speculation;
to prudent and economical habits, succeed
ed the food of luxury and extravaganza;
and the fruits Of all this were exhibited in
wide spread moral deterioration, and fire.
quent examples OF the most shocking profit
gacy ;-profligacy in the national govern
ment, whose expenditures had run up from
ID TO nearly 40 milions--prohigacy in many
Of the states, which has since been con-
summated in repudation-pronigacy in pub
lie officers, multitndes of whom became de-
faulters-and prolligacy among the thou
sands of citizens, who had been seduced
into hazardous enterprises
The liberal reward of homes, labor, and
success in honorable pursuits, were some
alienation of the mass of evil which had
been produced; and because of these. many
dreamed Of the return of substantial pros
perity. But alas for the dreamers "the
brilliant dawning of brighter day" became
the lurd precursor of a devastating tempest.
The tempest came-came with terrific pow
er-sweeping away banks a. borrowers,
paralyzing the hand of labor, sending suffer
ing and want TO the domestic 6re-side, and
involving the government itself in that bank
ruptcy, which it had entaied upon more
than quarter of "a million Of lis citizens.
Such were the second fruits of abandon
ing the well tried Republican policy but
these bitter fruits, appealing as they did,
for return TO that policy, with force
which would seem to be overwhelming, APP
pealed in vain. A change in the course of
the government was inevitable but the
change. ordained by the ruling dynasty,
was not remedy for the dstresses of the |
people. They again shot wildly to another
extreme, and for the most prodiga issues of
an unrestricted aud unreguated paper cur
rency, they proposed, through the Sub
Treasury, to sever the government from the
people, and restrict the business of the |
country, so far as the Federal Government
was to have any control over it, to the mea-
gre and uncertain supply of gold and silver.
A circulating medium of more than 500
millions, they would reduce TO less than 80
mot more than twice the amount of the
annual expenditures of the government
This measure was resisted by the people.
Again and again was it defeated by their
representatives, and that, too, when ma
jority of them were the personal and politi-
cal friends of the men in power. But Pow
err triumphed over the People. and the deed
at last was done. 1t brought no relief to
in dividual snffarinu Even the oovarn,a.,