Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1843-08-10

alone, can they be rcdrcssed They have their
origin in acts OF government, and they must find
their cure in other se,s Of government"
These rnipous acts Of government were follow
ci BY Other ACES bu, no, by reiraeing the steps \
which haS 10 70 universal injury no, by return.
Ing 70 ihss policy, the wisdom Of which had then
been proved rs well by the blessed fruits Of It's
:. ..s1su e as BY the bitter results Of its abandon
- Ire conductors OF the government per
- -nbstituled uniried experiments. Alarmed
pa3 u.s. by the wrecks which their arrangement,
r. We currency had in part prcduced-at any
rate alarmed by the loud circumstances Of an IN |
jurcd cons,uepcy--Ahey rushed into the opposite
extreme Blythe use Of the public lands, which |
were pnofusely proclaimed for sale by encour. |
aging their partzans, in the several states, TO
most prodigal increase in banking institutions by
converting all the revenue OF the governmen, vir
tuaIly into banking capital and expressly ordering
Tho host Of pet banks to extend their circulation-l
ttfes stimulated the currency to an unexampled ex-
,eNij yea. 10 its utmost limit In single sep,ana-
rysthe increase Of banking capital was more than
AS millions; the circulation Of bank paper rose
from 90 to l49 millions, and bank loans from 300
10 SIS millions, being an increase OF 325 millions
In other words the amount Of paper circulating
MEDIUM, which had been gradually accumulatng
for more than half century, was nearly trebied
in the short space Of seven years
| This vast machine was utterly without balance
wheel to regulate its movements, or even power,
any where adequate to check or CONTROL 1T and
!, rolled on and on, and on, sweeping everything
before it, until destroyed by the violence Of its own
action. N
We appeal to every mans remembrance to bear
us witness that all the branches OF business were
excessively, fatally stimulated by the immense IS
sues Of bank paper. The ordinary modes ofthink-
ing and calculation, gave place to the widest CHI
meras; ra,ionablc and honorable enterprise yielded
TO reckless and Intoxicating spirit Depreciation
to prudent and economical habits, succeeded the
| flood of luxury and extravaganza and the fruits
of all this were exhibited in widespread moral
deterioration and frequent examples OF the most
shocking prohigacy; prohigacy in the national
government whose expenditures had run up from
l3 to nearly 40 millions, prohigacy in many of
the states which has since been ccnsummnted IN
reputation, profligacy in public officers multi.
,udes of whom became deaulters and profigacy
among the thousands OF citizens, who had been Sc
duced into hazardous enterprises.
The liberal reward OF honest labor and success
in honorable pursuits, were some alienation Of
the mass Of evil which had been predicted; and
because of these, many dreamed of the return OF
substantial prosperity But alas for the dreamers
tbe brilliant dawning of brighter day became
the lurid precursor ola devastating tempest The
tempest came, came with terrific power, sweeping
away banks and borrowers, paralyzing the hand
of labor, sending suffering and want to the domes
: tic freslde, and involving the government itself IN
,ha, bankruptcy, which it had entailed upon more
than quarter of million of its citizens.
!, Such were the second fruits of abandoning the
. wcll.tried Republican policy; but these bitter
fruits, appealing as they did, 'or return 10 tha
y policy, with force which would seem to be over
: whelmng appealed in vain. A change IN th'
i inavahle hut this
;, change, ordained by the ruling dynasty was not
y remedy for the distresses Of the people. They
again Shot wildly to another extreme and for the
. most prodipal issues of an unrestricted and unreg
ulated paper currency, they proposed through iht
ub.Treasury 10 sever the government from the
people, and restrict the business Of the country, 81
(, far as the Federal Government was TO have any
= control over it, to the meagre and uncertain sup
:, ply Of gold and silver. A circulating medium
more than 500 millions, they would reduce to less
, than 80, not more THAI twice the amount oil thu
4 annual expenditures ofthe government
= This measure was resisted by the people
e Again and again was il defeated by their repre-
= senta,ives, and that too, when majority OF then
y were the personal and political friends OF The mel
u in mower But Power triumphed over the PEG
a nile and the deed at last was done Ii brought M
u relief TO individual suffering. Even the govern
!, rent was forced to repudiaie the very principle
= which it urged upon the people. 1t was Obliged
p to exc on, a miserable existence by the issue
= bills of credit; and when on the 4ih Of March
< 1871, the Wings took possession they found IN
= national estate covered with the wrecks OF twelv
!, wears of misrue, and its administrators burdene'
= with a deb, Of "a million Of dollars.
!. These disasters were Justly regarded as the ie
gi,ima,e fruits Of departing from the old republican
i, principles and policy. Such was the deliberat
= verdict OF the people, rendered in the Presidents
Z election Of 1870 The wisdom Of tina, policy
= shirh had been unanimously affirmed in the day
2 lct Monroe, was again stamped with the verdict
- popular approval by the mos, brilliant pollt'ca
revolution ever recorded in the annals Of our cour
he try or the world.
h The people required substitution OF this pol
,e cy for that. which had brought upon the counir
an such wreichedness and shame and to effect th'
= change, they demanded and enforced change {
a. the administration Between the President elec
en- and the representatives. OF the majority there wa
n peifec, harmony; and the first act OF his admin
H. ,raiion was TO call an extra session oil Congress
TO bring the several branches into eiiec,uai pai
ee in order gan, the necessary relief to the publ
al distress, and remove the embausssmenis who
he were passing upon the government
OF The representatives. Of the people al once en's
cd upon the task committed TO them. Among the
~ firs efforts, they attempted to reform and reguls
n - frar,