Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1843-07-28

aud by political measures, and political measures
alone, can they be redressed. They have their
origin IN acts of government and they must find
their cure in other acts Of government"
These ruinous acts OF The government tUere fol-
lowed by other acts: but not by retracing the
steps which had led to universal injury not by
returning to that policy, the wisdom of which had
then been proved, as well by the blessed fruits of
its existence, by the bitter results of its uban-
dOnment. The conductors of the government
peryerseIy substituted unried experiments Alor-
med, perhaps, by the wrecks which their derunge-
meut of the currency Ind in part produced-at
any rate, alarmed by the loud circumstances of
an injured constituency they rushed into the op.
posite extreme. by the use of the public lands,
which were proiusely proclaimed for sale by en-
courugng their parzaiIs, in the several states, TO
Il most rrodigal increase of banking institutions !;
by converting all the revenue of the government
virtually hto banking capital, and expressly or
dering tie host OF pct banks 10 extend their circu.
Iaton-the stimulated the currency 10 an uncx-
nmplcd extent, yea TO its utmost limit. In n sin
gle septcnaiy, the Increase of banking capital was
more than Ids millions; the circulation OF bank
paper rose from 81 to l49 nulls aud bank
loans from 2OG IT, 525 millions, being an increase
OF $50 millions. la other words, the amount vi Il
paper Circulating tncdiunl which had been grad
unliy accommodating for more than halt century,
was nearly trt b.ud IN the short space OF seven
years!
This vast machine was utterly without bal
ance-wleel to regulate its mcnlS, or even u
power, any where adequate TO cheek or control
IL aud il rolled OH, and on aud on, sweeping eve.
~ thing before it, until destroyed lay tho violence
oi its own action.
We appeal 10 every mans remembrance to bear
us Iiiless that all branches Oi business were eX
ccssiycly, fatally stimulated by the immense is
sues Ul bank paper. HE urilmury modes oi think
| ing and calculation, gave place lu tie widest CHI
ncraS rational and honorable enterprise yielded
TO reckless and intoxicating slli oI speculation;
| to prudent and economical habits, succeeded the
HoOd of luxury and extravaganza; nid the fruits
OF all this were exhibited IN widespread mnral de.
leriornliun, aud frequent examples OF tile most
shocking proilgacy ;--protilgacy ia tho national
government, whose expenditures had run up from
l3 to nearly 10 millInus-rrUfigacy ia many Of
the slacs which has since been consuulinated in
reputation prolgacy in public officers multi
Iudes OF whom became deiauiers-und profgn-
cy among thous nds Of citizens, WAC had cen
seduced INTO hazardous enterprises.
The liberal reward oil honest labor, and success
IN lo orube pursuits, we're some alienation of
The mass OF evil which had been produced aud
bccnuse Of these, many dreamed OF the return Of
substantial prosperity Bur alas for the drcainers !
the brilliant duwnlIg of bris hter day" became
the lIrd precursor OF devastating tempest. The
tempest calie-canc with terrific power-sweep.
ing away bInks &borrJw.re pGra!y Zng It hand vi
labor, sending suffering and want 10 llc domestic
that bankruptcy, Which ii had cnlnilCd upon more
than quarter ol million of lis citizens.
Such we're tho seco.ld fruits Of abandoning the
well-irled Rtpublican policy; but these bitter
fruits, appealing rs they did, Tor return to that
policy, with II Urce which would seem TO be over
wheImlng appealed in vain. change in the
course VI the government was inevitable but the
change, ordained by the ruling dlnnsty, was not II
remedy for the distrcs>es Of the people. They a.
gam shot wildly to another extreme, and for the
most pfOdigal issues OF an unrestricted and un
regulated paper currency, they proposed, through
Tie sub Treasury, 10 sever the government from
tile people, aud restrict the business OF the cuun-
Try, Tar as the Federal Government was to !luve
any control over it, 10 the nieagre and uncertain
supply OF gold and silver. \ circulating medium
OF more Than 800 millions, they would reduce to
less Than ou-nOl more than twice the amount OF
The annual expenditures OF the government.
This measure wus 10y the people. Again
and again was it defeated hy their representatives,
and that, too, when II majority OF them were the
personal and political friends of the men III pow.
or. But Power irumphcd over the People, aud
Me deed AT Inst WINS done. II brought relief 10
individual suffering Even the government was
forced TO repujiate the very princip pies which it
urged upon the people. II was obliged TO exc ont
Il miserable existence 10y the issue al bills OF cred
ii; aud when ON the 4lh OF Nlurrh, iS4l, The
Wings took possession, they found The national
estate covered with HE wrecks o! twelve ears oil
nslule, and s administrators huidcied with IL
debt Of n ukIlions of dollars.
These disasters were justly regarded as the le
gnute fruits of departing from the old repuhli-
cun'prnciples and policy. Such was the dellbcr.
ale verdict Of the people, rendered in The Presi
den'inI election Of 1910. The wisdom OF that pol
cI,whlch had been unanimously affirmed III the
days OF Monroe, was ugain stamped with Tie YER
dict OF popular approval, by the most brilliant po-
llical revolution ever recorded ia the annals Of
OuI country or the world.
The people required substitution of this poll
cy for that, Which had brought upon the country
such wrechedness and shame; aud to effect this
change, they demanded pnd enforced change of
the administration. Between tie President elect
and the representatives OF the minority there was
perfect liaimouy ald the first nci Of his admins.
tralion was, 10 call an extra session OF Congress
to bring the several branches into efiectua play,
IN order 10 grant the necessary relief 10 the public
distress, uhd remove the emburrassmenis which
were pressing upon the government.
The representatives Of The people at once en-.
terrell upon The task committed TO them. Among
their first efforts, they attempted TO reform and
regulate The currency. Seeking wisdom from past
experience, they endeavored 10 frame q system
combining The excellencies, and avoiding the evils,
OF those which Ind already stood the test of time
aud trial. The result OF their anxious lubors was
sent to the Executive: but aims it was hot to the
chosen and well-beloved President OF the people.
In one brief month from The inauguration, by an
nscrutabc act of Providence The venerated
HARRISON had been gathered to his fathers,
aud in the Executive CHAR sul-a Traitor. The
first bill was strangled 10y the veto. A second was
promptly framed aud with most liberal spirlr ol
concession 10 the views of the Accidental 'Presi-
dent. Ills signature, indeed, bud been actually
pledged; but through lreaciiery, nike to the
principles OF the partywhich had elevated him,
and to his own plishled iulll that signature was
Withheld.
Though embarrassed by the pressure Of rcck.
less opposition, and the reachery OF the Execu-
tive and his followers, tho Wings were not fuilh-
less. True TO the country and 10 their own pedg-
es, they sought that country's ~eul in all the modes
left TO them Having uiIed in one point, they
turned their energies into other channels. Abiding
the lime ullnvoiduby necessary TO mature Pro,
iecIiyt Tariff they SOUGHT TO relieve IL nressinn