Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-12-08


would have maintained par value with ools
and SILVER, mus furnishing paper currency "
equal value over the Union, t6erebv r,"o.y,
the just expectations of the peonle ond living ',eg
ing the duties of a parental Goyernno,na,'D '
Whether the repositories should be- nerOa;,,-,
TO sell or purchase bills under very lI%'"u
strictions, together with all IFS other J...s IT,
was submitted TO the wisdom of Conorsss' a'N,
was regarded as of secondary importancs o'I
thought then, and think now, thai snch -. |
rangement would have been attended u,;,l az
happiest results. The whole matter w W .se
currency would have been placed where H. /, we we
Constitution il was designed 10 be nlaccJ We
der the immediate supervision and con-. w,
Congress. The action of the Govosa.w
would have been Independent of ali cn.n"
tons, and the same eye which rests nrcoa po'a-
ly on the specie currency and guard il ooo as
aduleration, would also have rested ", s",s'
paper currency, 10 control and regulate i. 'He
sues and protect il against depreciation r ~
same reasons which would forbid Coco,an'ss
from parting with the power over , nsass
would seem TO operate with nearly eonaI S'ssT
III regard 10 any substitution for The precSo,.
metals IN the form of circulating Medium
Paper, when substituted for specie. comet
tnieS standard Of value by which the ons,'-
uohs oil society are regulated and whasncy.,
causes It's depreciation, affects society n Al
extent nearly, if not quite equal 10 Inc sda %m
alton OF The com. Nor can withhold tho :.
mark, that its advantages, contros,ed ,rd '''
Bank Of the United States, apart from tho " c.a
that bank was esteemed as obnoxons 70 ~.
public sentiment, as well on the score or own.
diency as of constnutionaity, appeared IN ~.
10 be striking and obvious. The relief VIII.
bank would afford by an issue of sJ5. OOo ooo
OF its notes, Judging from the experience ~
the late United States Bank, would no, b,va
occurred in less than fifteen wears: whers,s
under the proposed arrangement, the relief -
rising from the issue of SI5, 200 600 of T,s,.
sury notes would have been consummated IN
one year thus furnishing in one-flieenlh mr.,
ol the time in which bank could have accom-.
pushed II, paper medium Of exchange. eou,I
IN amount to the real wants of the country =,
par value with gold and silver.
The saving TO The Government would hay,
been equal to all the interest which il has b,I
to pay on Treasury notes Of previous as wei
as subsequent issues, thereby relieving be
Government, and at the same time aaordrv
relief to the people. Under all the respons.
bllllles attached TO the station which occupv
and in redemption Of pledge given to the last
Congress at the close of its first session. sub
mltted the suggestion to its consideration ot
two consecutive sessions. The recommends.
ton, however, met with no favor at IFS hand,
While am free TO admit, that the necessi,irs
Of the times have become greatly ameiora,d.
and that there is good reason TO hone thai The
country is safely and rapidly emerging. from
the difficulties and embarrasSments which eve.
~ where surrounded it in 1871, vet | cannot
but think that its restoration 10 sound md
healthy condition would be greatly expedited
by resort TO the expedient in modified form.
The operations of the Treasury now ressor
the act of 1889, and The resolution of 1916.
and those laws have been SO administered
10 produce as great quantum of good to the
country as their provisions are capable of yield.
ing. II there had been any distinct expres-
sion OF opinion going to show that public sen
timent Is averse 10 the plan either as heretofore
recommended to Congress, or in modified
form, while my own opinion in regard 10 it
would remain unchanged, should be very far
from again presenting il TO your consideration
The Government Pas originated with ibe
States and the people for ;heir own benefit ana
advantage and il would be subversive Of the
foundation principles of The political edifcs
wqlch they have reared, 10 peTsevere in mes-
sure which in their mature judgmcntsiihey
had either repudiaied .or condemned. The
will of our constituents, clearly expressed
should be regarded as the light TO guide our
footsteps the true difference between a mon
archial or arisiocratical government and Re-
public being, that in the first the will of the
few prevails over the will of the many, whlk
in the last the will Of the many should Be
alone consulted.
The report of the lSecretary of War will
bring you acquainted with the condition Of
al r. Al.
The Army may be regarded, in consequence Of
the small number Of the rank and file in eEch
Company and Regiment, as little more Than
nucleus around which TO rally the military force
Of the country in case of war, and vet It's ser
vices in preserving the peace of the frontiers
are OF a most important nature. In all cases
Of emergency, the reliance of the counifys
properly placed in the militia OF the several
States, and il may well deserve the considers
lion OF Congress whether a new and more per-
feet organization might not be introduced,
looking mainly to the volunteer companies oil
the Union for the present, and of easy applca.
lion to the great body Of the militia in time oil
war.
The expenditures of the War Department
have been considerably reduced in the last Two
years contingencies however may anse,
which would call for the filling up Of the req,
ments with full compliment of men, and
make il very desirable to remount the corE@
Dragons which by an act of the last Con-
gress was directed to be dissolved
refer you TO the accompanying report m
the Secretary for information in relation TO the
Navy of the United States. While every e.
fort has been and will be continued to be made
to relrench all superfuites and lop of all eA-
cresenceS which from time TO lime may nave
grown up, yet it has not been regarded as wise
or prudent TO recommend any material change
in annual appropriations. The interests when
are involved are of too important character
to lead TO the recommendation of any o'NI
than liberal policy. Adequate appropriation
ought to be made TO enable the ExeculIVe%
fiji out all the ships that are now in course "
building, or that require repairs, for active SCI.
vice in the shortest possible time, should a"E
emergency arise which may require it, An