The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1857-11-14
A Letter from the Capital.

MONTPELIER, Noreuher II 1851
AS said in my last letter was thine in
promise, Or to that purport. have again an
cnored myself at my table to be thine in full
filment.
Many representatives of the Banks of the
State have been here, cndcavoring to devise
a way, in the passage of some bill. by which
relief may be found from the pressure in the
finances of the State think it is conceded
by all, that the Banks can take care of THEM
selves, but that, in doing it, they do to their
customers. that which will prove disastrous
to the last degree. The wiscst and best men
of our State will consent to the passage OF
any bill authorizing delay Of redemption, as
the dernier, and only resort. Bills. relieving
our Banks from the penalties for non-redemp-
ton in specie, or otherwise. and giving until
the meeting of the next Legislature for the
purpose of placing themselves easy with the
public. and the public easy with them. have
passed both House and Senate. the main fea-
lures of which are, to leave to the discretion
of the Banl. Commissioner the solvcncv of
each Bank, and how and when to dispose of
any contingencies that may arise affecting the
security of the bills to the holder.
After all. time must do much toward "a re-
vival of business towards healthy conf
dence. No patient was ever 50 sick as has
been this one. who was not long time in
recovering. But time wW do it. and pre-
dict when our next Legislature meets. money
will be the drug and labor the want \ great
many good and wise mcn-business men too.
are frightening us with Il prediction that Just
such a arrangement IN the monetary affairs
OF our county now. and for the next year.
will be experienced as in 1851: but must
dissent from such gloomy conclusions. for |
believe there is but slight analogy in fact
between the I,e.iis of that time and the nus
.f"rtu"s of ROW. Then an important change
IN the policy of the government had Just be
fore taken place. Under the operations of
the United States Bank money was cheap.
and facilities for ready loans contributed
largely to individual liability and indebted
ness. and was the Immediate cause of the in
sane speculation Of that day Now the lcgis-
latiyc policy Of the country is fixed. There
has been no change recently of character at
all like that which preceded the crash of 1881
Surplus capital has indeed gone West. bu;
generally ii Is surplus capital. and those in
vcstins can. indeed. expect to let i, lie III
a>much too as it has been invested at low
figures
The winter Of 1886. was one of the most ST.
we're ever known in the country. and We were
obliged tc import largely from Europe. In
l>j' our harvc>ts have been unparalleled in
our history. and Europe Will largely buy of
us. Instead o. importing. we shall export. 50
that this Is strongly in con,r.>. with the al
Tentative of importation or starvation tina,
stared Is IN the face in l>31,. and although
As a nation We live too fa>t-a> indi, idual>
hive beyond or incomr>-arc t1n Saxon. and
therefore 20 >auSuine.-Ict in the wealth If
our minerals the fertility of our hills and
praigicS. the manufactures ard genius Of orr
people. We have elements that ,rW raise Us
above all uniting and elements. in
the industrial or commercial world. Men
are but children Of i larger growth. and We
have made mistakes. Let Us now. in earnest.
set about mcndins them. The Obvious rem
rdy Is patience and common >cn>c--not c"a,-
m"" p"niH. We cannot undo the past. We
can mitigate the evils of The future. and Jus,
IN proportion as We establish confidence. ex-
ercisc prudence and sound Judgment. Just in
proportion as we St'a'I"y pursue this course.
shall We begin to mend. ard. financially.
"E"chofd be Aims'It' o.gaia.
Since my last. for the most par, ! have been
pcnt up in the crowded House amid the lonS-
ing of tongues. and speeches innumcrablc.-
If the variety of Babel has rot been there in
sounds. ii has in sentiments. Sundrv peril
ncnt matters have called up ia,pcrtncr, mem
bor>. and Walton'> .'orwqi has ;cemcL with
the bright. long cud:-cllei ideas of this mem
Der or that. The gentleman frori Ner>hire."
has row and then brought down the House
and his opponent. lucky iGr<oe hnyues-
Marsh of Brandon. has talked much. but Of
ten with ideas as far from the matter at issue.
as the Koran tells us were the eyes ofthc bic
angel inhabitinS the third heaven of Mo
hamct. seventy thousand days journey. Col
Necdham has lead the house by his eloquence.
Martin by his navietc. Bradley by his cri>rv
humor. Deanc by his carnc>tncSs. Stewart hy
his originality. Woodbridge by his grace.
Olmsted by his clearncss. Hubbard bv his
tlucncy. while many more have talked scnsi-
bly,. and Yet others stupidity.
in tina; nasal twang.
Heard i'll convcnticlcS.'
The great battle has been upon the simple
proposition to appropriate 100000 for the
further expenses and progress of the State
House. That Bond. given by parties in
Montpelier. involving money. has set the fear
of miscrly constituents before the ewes Of
many member. who must retain prestige for
another wears election: besides it has afforded