Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1843-02-17
lure, he addresses Mr. Calhoun in a letter IRON
London dated Sept, 8, 1912, as follows:


| onal question. We all know Ihnt our countrymen
are essentially honest, because they are essential
" sngacious well as in the man right principled,
and require merely proper direction to be given to
their exerions to make even AN heroic effort TO
recover aud sustain the character of the country
Z" But, auxiliary to these efforts, something more
remains to b. done by yourself Ii is 10 lead Wig
orously Ivy the powers of your own genius, aud
| the impulses OF your own patriotism, IN your APP
propriue sphere, the Senate Of the Uniled States,
TO create and establish sound clrcula ing medium
| throughout the Union, convertible into specie, but
in sufficient abundance 10 elevate tile standard OF
value from the dreadful depression 10 which IL
has fallen, aud in fact 10 be adequate 10 perform
| the exchanges of trade aud value III our country.
| Whether this he Bank Of the United States or
an issue Of a redeCnable currency by the Federal
treasury, is not olso much comparative importance,
us that we should have an abundant aud uniform
| circulation from some source or Other, which ula-
! king allowance for the variations IN the aimee
| OF trade shall bc equal ia value in New Orleans
| aud Boston
This circulation, in the iecesses Uf that fnan-
! cdl wisdom which is past finding UHf, was de
sroyed by our friend General JacksOn, when lie
| slew the Bank OF the United Slales with the arm
| of Samson, and almost with the seli-sauic weap
OH too, when wG reCoect all tlIe twaddle OF the
| old gentleman oil this subject. lie, Burke said
was certainly u 'cOusunlnate arch teci Vt Kuin' in
| his time ana tide, und lud HE happy faculty of
lillIleFSOuHtlUE III MS IiliiUs eye,
! for The pnrrose OF hitting it as cordially ~ lie once
did you and l'Oindexter. When, therefore, Mr..
Biddlc eHteted INTO Il contest Wih tins hero Of
two wars, lac forgot size wisdom OF the Spanish
pr0vurb, " Tnat lIu who sits down to dmc with
/ the devil should cat with long spOoa." VIVA.
has been tho result OF this feast IN broken rieuts
aud empty pIAte', you well know It has left our
country palsed indGCd-hungry in flesh aud poor
la spirit. doubt, since the creation OF the " Grid
whether such an example can be exhibited as we
have presented for the last sixteen years Lf folly
and mis- government No Southern planter would
permit his plantation Tor Que hour 10 be guverued
with such lack Oi sense aud providence. The
Cuflres ald l!ottentos, in Yetereuce to thclr con
dllion, doubt net, base been governed with u
policy Tar more vigUnt uEd enlightened. A coun-
try OF immrusu resources, IN period of profound
peace, on the verge OF bankruptcy. Any man
who will read llumes essays on " Public Credit"
aud on Money" eau be at 10 loss to trace our
present condition 10 It's true cause. We have been
suffering ever >nce General Jackson desIi we'd
The Bank OF the United States with the exception
OF short period Of disteuJpered Initiation created
10y his own lneasures) under steadily dlaiuish-
ing circulation, " hlCl the eminent philosopher TO
whoml have referred has dcclaI ed TO be Que OF
the worst calanllies that .brlu civilized
counry-ar more disastrous " than The conllnued
blight Of unavorable harveSs aud seasoils." This
result has been lie fist III the constant action o
the Federal Government, or their supposed Hied
lated action ON The Bsnks vi the Suites, which
created universal panic, eild has compelled tie
Banks 10 withdraw their circulation, aud next HE
General Government permitting 10 remain u Grim
NAL allegiance their sovereign function TO supply
currency equal to the wants OF the COUNTY,, aud
to "reSulate its value"
"The consequence is, that the States have moth
ing i'll the shape of credit, or money, lIonie TO
pay With abroad. Every species oi properly has
fallen from fifty 10 one hundred per cent. uHd lie
lipI 81
man in 1883 might have had property TO three
times the value OF his debts yet he is now FPS
Jacto ruined 10y Tie silent transit Of our country
from reoent circulation 10 what senic arc pleas
ed most felicHOus y TO call hard motley cnrreu-
ci-when The TACT is thai Gun procure neither
dat Which is hard or soft
'By this alteration in The standard of value a |
revolution Is III lortenous progress i'll our com
try, wide spread aud desnlnilIg, far as prop
erty is concerned, rs that which dljng uisl,e, aud
illustrated The naster pieces OF human policy OF
The Ruhespierres, DantUns aud Marats Of another |
i'll iaed country, which had lis denagogues to-
who made paper money SO thick that II showed
assignas 81 the streets of Paris, and then turned
round aud burned la their plireuzy tlIeir own
hnndiwork. i.nok, my dear sir al the thousands |
aud tens Of thousands of Iamllies thar have been
ruiued-that have had unulterable woe carried ill.,
TO The very busoms OF their houses, !,y The nos
trums OF our Political quacks, who, ~ Iheir sese-
lees war OF the very hunks tt"S created, gave no
lime "by The preparatory revolution OF ti.u inter
veung dscOrds" for the country TO Iiass from a |
period 81 expansion 10 one OF severe nIld arid re- |
siriction 70 those who have been ruined in these |
unhappy times, whole estates have passed under |
The tender grippe of the sheriff, the moral Justice
OF Gen. Jackson's memorable apoIhesysin vii be !
but a dry crust, thui those who borrow money |
ought TO breuk,' doctrine out OF which their |
creditors are likely to derive little comfort as !
themselves, although it must he admitted that the
frinI Inf
TO the country. But, my good sir, The day Of reck
oning must come. The account will he adjusted |
now or by postery hereafter. One of its first !
sums will be settle what the victory of New Or.
ieuns has cost These generally expensive
pageants niy how. BonaparIe probably never
achieved one for La Belle .Ernuce, except 20 the !
tune OF twenty millions OF irancslo say nothing
OF " Cracked crowns and bloody noses" lac left Oh
the field Of battle.
But his victories, in cost, were no more 10 be |
compared TO the victory of New Orleans than n
penny whistle is TO Baron Munchausen's celebra.
ted clarion under All A pril thaw. | calculate that
the victory of the 9Th Of January cost US five han.
bred millions of dollars besides the small ex
pense oi enIaliing upon the country, ga set of
drivers whose folly has taken away nii dignity |
from distress, and made even calamity ridiculous" |
You will say hold. You and 1 IRE greatly rcspon- |
sible Tor this lero's getting into power. Yes, il
is true willingly would explae this sin, sir with
my uiouu u Coulu tcC"H tno lWhl ptat Dut tills
is impossible. Le us look with courage and reso
luton loiIhe future. / care not whaI your alb !
strac theories otbanking are, whether they agree
with or differ from my own. believe you have, |
you had al the close OF the late war the resour.
OF mind, and spirit to li the country out of its
present deep decadence. Yes, my dear sir, be-
licve your ambition and your genius a lev
ell with what is great and glorious in human ac.
ton and enterprise. The field is before you
take great public measure, whe,her il be the
Bank Of HE Unted States. or an Exchequer u.
gent it is inmaleriaI, So chat it shall restore conf.
deuce, nvigorate industry give TO us abundant
sound, circulating medium, and drag up from the
deep the drowning credit 0: the States. DO this,
and II the first honor Oi The country does not q.
wait you, It's last blessings will rest upon your
fame.
~ remain, NY dear SIR. with sncara esieein