The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1850-02-19

An illustration ofthc power and cour-
age of that Pilgrim spirit of which we
spoke IN our last, to bear up under Sc
we're aud heavy burdens, Is found in the
history ofthe early settlers Of Michigan.
No state has ever suffered more from
foolish cIap-trap legislation than she,
Her Legislature was made up Of the
verlest dcmagogucs, who made laws,
which, when administered, would not ben
eft the people, but serve their own sell
fish ends. Aspiring politicians and PIN
tcalhered lawyers managed to secure
the Offices of public trust, and ere they
were aware, the people found that they
had committed the ship of State to po-
lillcal hands, who we're sworn to stand
the vessel, and seize the cargo. But
why was this In all new states, hordes
of Disappointed politicians, and starved
and unlledged lawyers, (not to speak
disrespecilully of the proiession,) flock
thltber, to build up ruined fortunes, dis
appointed hopes aud squandered estates.
These men could not be condemned
without trial. The specua,ons, also,
that were rife in lS36-a mania that
was not confined TO the west, but which
spread like wild fire throughout our
country, inr0iccd very many of these
grandees- these knights Of broad cloth
and law-who came here with flush
hopes that Il fortune could be realized in
a day Paper villages and air castles
drew many of them into a vortex, from
which they could only recover, by en-
tering upon wholesale plan of swim
ding the honest hard working classes,
out of their rightful property. Hence
the origin of "Wild Cat Banks" These
Banks proved TO be mere swindlng
shops. They rested on no permanent
basis The lar.seeing villains who COM
posed the majority Of the Legislature,
managed to pass a law, giving any num-
Der of men, even five or six, the right to
establish bank, and issue bills, and
they were not required To give any guar
antce for the future and ultimate re-
demption of their issues The Legis>
lature broke up, and now for game.
The very men that passed the law were
the ones to be benefited by it. They
multiplied their banking institutions TO
a fearful number. aud soon flooded the
State with their worthless currency.
What could the people do! They need
ed money to transact their business, and
10 better could be had. They were IL
norant Of the game, and so were easily
ensnared in this rascally plot. The
Banks did 4 flush business--ihey found
plenty of applicants. Whenever Bank
arrived at point, when II concluded, A.,
all things considered, it would be best
to break it broke. These marauders
upon the public veal aud domestic
peace, pockeled their i'll gotten gains and
rellrod, and some OF them, with whom
we became acquainted, we know to sup
port the style of Il nobleman. The su.-
ierers were the farmers, some of whom
are affected to the present time, from
losses then incurred from these sources
Why these banks were termed Wild
Cat Banks" we cannot positively affirm,
but very naturally conclude II was be-
cause in their nature aud operations they
bore a clear resemblance to this prowl-
ing beast Of the forest, which moves sli-
ly aud wanly, and lives by selziug aud
tearing in pieces the helpless, aud lap
ping the blood Of the innocent Time
aud experience has corrected these evils,
and the few Banking institutions of the
state, at present, command the conf