Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1843-11-24

now quote Mr.. Madison's sentiments, we get no reply
at all. We may read his messages of isis and 1916
f as often as we please. No man answers Them, and
yet the party of the administration acts upon directly
opposite principles.
" Now, what has brought about this state ofthing.7
What has caused this attempt, now made, at The end
of half n century, to change n great principle Of the I'D
mlnis,ration, and 10 surrender n most mportan pow.
er of the Government
Gentleman, il has been n crisis Of marty, not of the
country, which has given birth to these new senti-
ments. The tortlous writings of party policy hays
conducted US and nothing else could well have con
Quoted MS, to such n point. Nothing but party Dledg-
es, nothing hnt courses Of political conduct, entered
upon for party purposes. and pursued, from necessary
/, regard to personal and party consistency, could so far
have pushed the Government out of its clear and we'll
r rrodden Constitutional duty. From General Wash-
ington's Presidency TO the last hour of the late Presi-
dents, both the Government and the country have
, supposed Congress TO be clothed with the general du-
: ~ Of protecting the currency. eth r rs an inference
p from the coinage mower, or from The obvious and in
contestible truth. that the regulation Of the currency
is naturally and plainly a branch Of the commercial
power. General jackson was behind no one of his
predecessors in asserting this power, and in acknowl-
edglng the corresponding duty. We all know that
his very first complaint against the late Bank Of the
United States was, tina, il had not fulfillen the expec-
fa'ion of the country, by furnishing for the use of tine
People a sound and uniform currency. There were
many persons certainly, who did not agree with him
in his opinions respecting the Bank and the effects OF
its currency on the country bu, it was expressly on
the ground of this alleged faiIule Of the Bank, that he
undertook what was called the great reform. There
are those again, who think that, of this attempted re-
form, he made a very poor and sorry business; but
still the truth is, tina, he undertook this reform, for
the very profess d and avowed purpose, that he might
! fulfil better than it had yet leen fulfilled, the duty Of
Government in furnishing the people with a good cur
rencv. in 1892 and 1893. was not good enough that
the People had n right to expect a better and 10 meet
this expectation. he began VIVA, he himself called his
experiment. He said the currency was not so sound,
md So uniform. as il was The duty of Government to
,n,ke il :. and he therefore undertook TO give ms a cur
rencv more sound and more uniform. And now,
gentlemen, let us recur, shortly, 10 what followed -
| FFp
s,itutional doctrines md dopInas. Let us see what
/, has changed the Constitution in this particular.
ain 1888 the public deposites were removed. by an
act of the President iinself from the Bank of the
, United States. and placed in certain State Banks, I'M
der regulations prescribed by the Executive alone
, This was the experiment. The utmost confidence,
indeed an arrogant and in,olerant confdence,-was
entertained and cynressed of lis success: and ali were
/, regarded as Blind bngots 10 a National Bank who
doubted. And when the experiment was pu, in ope.
1 ration. il was proclaimed mat its success was found
{ 10 be complete. Down to the very close Of General
> Jaclson's administration, we heard of nothing but
the wonderful success of the Experiment. 1t was de-
hired from the highest official ; iurces, that the State
=. Banks. used as Banks of Deposite. had no, only shown
themselves perfectly competent to fulfil the duties Of
fiscal ngeuts to Government, but also thai they had
sustained the currency, and facilitated the great bust.
: ness of Internal Exchanges with The most singular
and gratifying success. and better than the same
/, thing had been done before. In all this glow and fer
, vr of accommodation the lale Administration
e went oul of Office. hayino beouea,hei the Experi.
menr, with all its blush!ne honors and rising glories,
10 its successor. Bnt n fro.t-a nippino frost was al
hand. Two months after General jackson had re-
|" tired, the Banks suspended specie payments, Deposite
Banks and all; a universal embarrassment smote
y down the business and Industry of the Country; the
= Treasury was left without a dollar, and the brilliant
y glory of the experiment disappeared in gloom and
thick darkness! And now gentlemen, came the
change Of sentiments; and now came the new read
ing of the Constitution. A National Bank had al.
ready been declared by the party to be uncousiitu-
y tonal--the State Bank system had failed, and what
more could be done! What other plan was TO be de-
vised? How could the duty of government over the
i currency be now performed? The Administration
e had discarded a National Bank, and II now felt bound
!; to denounce all state lnsttutlons; and what, there
fore. could II do! TIE whole party had LAID out its
. entire strength, in an effort TO render the late Bank OF
T. the United States, and any Bank of the Cnited States,
., unpopular and odions. 1t had pronounced all such
q, institutions 10 be dangerous, anti republican and mo-
=, narchlcal.
1t had, especially, declared a National Bank to be
plainly ana clearly unconstitutional. Now, gentle
|" men, l have nothing TO say of the dlhidence and mo.
up theIr own iaVoriIe opinions, on a question OF this
KIND, against the Judgment oil the government and
the Judgment OF the country, maintained for fifty
years. ! only remark that Il we were to Ind men
hcUna mus, III intlr own AFFAIRS, II we should END
them dlsposng OF Their own interests, or making ar
q engagements for their own property, in contempt Of
rules when they knew the legislature ana the judicial
authorities mac an sanctioned ior nan e century we
of SnpHii ne very nNe'y 10 'n|iN 'henl Qua ni tne'f heads.
10 ! ct tl.s ground mas heen taken against the late bank,
and against Mi National Banks aud It could not be
e. slrTen Tered without apparent and gross inconss'en'
r 'y., VIM then, | asa again, was the administration
10 do! ! Jn may say, It should have retracted is er-
. rot, It should nave seen the necessity ot n National
:, Institution, aad yielded to the genera! Judgment OF
=, me country.
",fnt that woaIt have required nm e ort ofcandor
. nnd ul1gnahIm'y' ol whIch, all men are not Capable,
Besides there were open, solemn, pubic pledges IN the
way, inls commitment "i the parry against n VA
,onaI Ian ana me disastrous itsnIts ct MS txper'
men'S on the ~ lie ln1lllulinns, brought The parry m
to the dilemma from whlcA It seemed to have no es-
~" cape nnt IN snHung "i' a'lpStlher; me guy OF taxing
IL care OF currency. was at Wheeling, Va. IN Nay OF
La wear, whch the banks suspended payment; and
At the risk OF some hnputallon OF bad 'asie, | will re-
" fer to observations OF ,'In'' made then to the citizens
'n 81 That town. ana pu' lisled' IN regard TO CUES IONS
~ WhIci mar event "onli necessarily hrITig before HE
ne country Isl" NJ ON e. llit we wTfe al tue com
tnehcenltn Ola new era, ana mat a con roverry mt =
arls', whlcn wp4In grea'lv excte me coinnunlty.'
40 sooner had the STATE Bank suspended, and
~ among the RESI- nose whlch Were deNaslaries, OF the
"e governments 'naA " cIYo OF iald ana treachefy. was
" raised aSai0Sl 'htiii, wI'h no netter reason, perhaps
~ than existed Tor tnat l'ni' ana ooisierous' and hoas'
u I fl RAnnIlnrR- WIN Mlnsl me Ilfn Adm = ap