Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-04-07
LET 1T NEVER BE FORGOTTEN.

That The country was in very prosperous
condition when General Jackson was elected IN
the Presidency, and that neither party then
found any fault with the currency or with
United States Bank, which had been the agent
for the Government for 40 years, and never
lost a dollar Of the public money.
That General Jackson assaIed the Bank, be-
cause its Directors refused to make il Dolif;.
cal machine, and he took from its vaults the
public money, and put il into the vaults Of nu
merous pet Banks, telling them through hia
Secretary, to-discount freely upon il.
That these pet banks did as they were re-
quired, and thereby caused other banks to loan
freely, and hundreds of new banks TO be char
tered, which made paper money so plenty that
Il began TO be used for specializing purposes.
That these speculations were so numerous
and reckless that the sales alone of the Public
Lands arose from an average of about three
millions OF dollars year in value TO twenty
five millions in the year 1886, and imports in
creased even in greater proportion, and all trade
and commerce was driven forward into the most
reckless and ruinous excess of speculation.
That in the same year, 1886, the last of Gen.
Jackson's administration, he referred in his
message 10 their ruinous speculations in the
Public Lands as an indication of public pros
periiy! and his party through the country call
ed on the people to sustain his administration
on account of the high ,oGges and high prices
which they obtained
NOW ON THE OTHER HAND, LET
1T MEYER BE FORGOTTEN
That the present exhausted and depressed
condition of the country is the effect of The
REACTION Of the specializing times of Jackson
and Van Buren-that when the Specializing fe-
rer left the country, in 1886, the country fell
PROSTATE and patsied Nth debt-which has
brought on the long train of evils predicted by
wing statesmen, such as liquidation, Bank
rupt Ldies, Stay Latcs, &c.
That Mr. Webster, in 1884 predicted as fol-
lows 81 have already endeavored TO warn the
country against irredeemabIe paper; against
bank paper when banks do not pay specie for
their own notes: against that miserable, abom-
Unable and fraudulent policy, which attempts 10
give value to any paper, one single moment
longer than such paper is redeemabe on de-
mand in gold and silver. And | wish most SOL
emmy and earnestly TO repeat the warning.
see danger in that state of things ahead / see
imminent danger that more or fewer OF the
State banks will stop specie payments. The
late measure of the Secretary and the iniatua-
ilon with which 1t seems 10 be supported, tend
directly and strongly To that result. Under pre-
tence, then, of design TO return 10 a currency
which shall be all specie, we are likely 10 have
currency in which there shall be no specie at
all. We are in danger of being overwhelmed
WIN rredeemable paper-meTe paper, repre-
senting not gold or silver; no, sir, representing
nothing but broken promises, bad faith, bank
rupt corporations, cheated creditors, aud ruined
people,"
That Mr. Clayton in 1882 predicted as fol-
lows: "The loss of confidence among men
the total arrangement of that admirable system
of exchanges, which is now acknowledged To
be better than exists in any other country on
the globe, OVERTRADING and SPECU-
LATlON in epery part of the country, that
rapid fiuctuaiiOn 10 the standard value OF mo.
ney, which like The unseen pestience, wlhers
aIl The efforts of industry, while the sufferer is
ton; bankruptcy ana rS.., -. a, -,
of which The heart sickens, must follow in the
long train of evils tehich are assurediy before
uS.''