Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-04-28
EXTRACT FROM AN ADDRESS OF
THE WINGS or VIRGINIA, ASSEM-
BLED IN STATE CONVENTION ON
THE TWENTY-SECOND DAY OF
FEBRUARY LAST.-Conctudcd
pERANeEMENr OF rnE CURRENCY.

FEBRUARY LAST. --Concluded.
pERANGEMENT OF THE CURRENCY.
The war upon the Bank, and final overthrow
Of that institution, was one of the great and
distinguishing incidents of the Jackson era,
and that to which we are disposed mainly TO
ascribe the long train of evils and disasters to
which the country has since been exposed
On the ruin of that one, rose several hundreds
of similar institutions; to replace its So millions,
upwards of 400 millions of banking capital was
legislated into existence; to compensate the
withdrawal of its 10 or IL millions Of circula-
ton, more than 100 millions Of paper issued by
fletD banks, flooded the country. The great
organ of the new empirical school, the Globe,
exalted that the States would now furnish their
own currency. President Jackson, too, with
Pheton-ke folly, applied the lash TO steeds i'm
patient Of restraint, and already threatening to
involve every thing in ruin-urging and siiinu-
lating the banks TO those fatal ovSr-issues
whence have sprung all our calamties. Still,
for time, the great experiment seemed about
10 verify the vaunts with which It was intro
duced. To the fair but moderate rewards of
labor, soon succeeded, seemingly, inordinate
pro6ls-to rational enterprise, wild and licen-
tious, but yet sanguine spirit of speculation
The voice Of prophetic warning had, in
vain, been raised 10 arrest those mischievous
OplulOUS-lnOSt lulul pIulCtNSs l<fCH VI th'SS
who, at first, had hearkened to these warnings, |
many yielded up their convictions, to the deu-
sions Of the "better currency" era, and were
swept into the common vortex. But the great
mass and body Of the people, judging as they |
ever do and must from appearances only, fatal
ly misiook the false glitter Of those days for
the sunshine OF prospenly-enjoyed briel day
dream Of happiness and awoke to ruin
In the space of seven years The Banking
NJ of he ITnio arms bu ann
than las millions of dollars, and The circula-
fion rose from 81 10 lag millions, an addition
10 the circulating medium, in that brief space,
ofSS millions Of doiiHs-,chiie Bank loans
from 400 millions in 1880, reached 525 mil
lions in 1887, an increase Of loans in The same
time Of s25 millions Of dollars!
The memorable woris-''I leave you, as a
nation, prosperous and happy" drowned, even
rs they were uttered, in the crash of falling
houses in the two great emporiums of our
trade in the south and in the north, ushered in
the last sad epoch They have found con-
tnuing response, almost from that moment to
the present, in vast and still widening wall
of despair and distress, as city after city, town
after town, and hamlet after hamlet, and finally,
the country well as the towns, have been
reached in succession nv the pervading and all
desolating tempest. The States Of the Union,
all, without exception, stTaitened in means or
impaired in credit-sOme on the verge of Bank
Tuptcy-some sunk in the abyss Of reputation
and TO crown ali, the Federal Government
itself, the main contriver of all these woes, ex-
posed to the unspeakable shame OF being driv-
en-, as not trustworthy, from the money mar
kets OF the world, and often only able to get
along by forcing its bills OF credit on unwilling t
creditors-comple,es the deporable picture of s
the consequences of ignorant and wicked mis- {
rule.
Under the auspices of the lamcnted Harrison,
the confidence was INDUCED that the Govern
ment would be once more put upon the old
iack-its pristine integrity indicated anew,
the policy under which the country had so
long and greatly hourished be restored, and
with il those good old times that had been SO
Tecklessly sacrificed TO new and fatal expert
ments. Why have these cherished hopes been {
disappointed? Why have these promised ,
blessing not been reaizedi The answer is ca
sy and obvious The restoration TO its an /
cient policy, which the nation has decreed, and
from which alone a return of prosperity was
expected, has never taken place. Why, is ia
miIiar To all. Death cut off the appointed IN
strument of this Reform, when he had but
Just lived long enough To confirm the nations
confidence, aud give assurance Of the faithful
fulflment Of the nations hopes. How bitter I
the disappointments of these hopes-how fatal {
To his country-hDw suicidal TO himSelf-the !
betrayal of like confidence by successor,
tons might have bindered prelerment, woke
(place and emoiument once secure1 only to
coniound his friends in the midst of victory, {
and give succor TO his enemies ia the moment
of defeat-we lorbear to discuss.
No abored augmentation is required at
this day To satisfy you that The existence of
national prosperity rests upon Irrational cur
rency oil equal value, credit and use, wherever
it may circulate" That your currency is the
n,pnsura oc yolna IF oil nron.r,,, ,bo, II nm 4
trolls every transaction of business-and that {
commerce, foreign and domestic, depends upon
II, none will deny. Its functions have been
beautifully compared to those OF the blood in s
the human frame. II is the primum mobile,
the source of life to the whole system. When
flowing in sound and healhful condition,
through its channels, the whole community,
from the marts Of commerce to the fields of
humble labor, quickens under its impulses, and I
"blossoms as the rOse' with prosperly.- ,
When il becomes diseased, blight and ruin and ,
desolatlon pervade the land. Every irregulari- I
~ or obstruction in its action is felt in the
remotest extremiies of the country. Ii must !
not only be sound in condition, and sufficient {
in quantity, but regular in lis flow, to supply
the wants of the country. You cannot look
through the borders Of your country and doubt
on this subject. few years since, you pos
sessed sound and regulated currency, and
you prospered above all the nations of the
earth, until you became a proveb among
them. That blessing you have lost, and
now your distresses are beyond much further
endurance. You do not doubt-you know {
that until you have a sound and regulated J
currency, you cannot be prospecting peo-
pie, and you are earnestly desiring and seeking
its restoration. The wants and necessities Of
the Government, which are subordinate 10 :
yours, also require it.
The Wing party, adherng to principles !;