Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1858-01-08

row money when you need it, not only be-
cause that is honest and right, and consistent
with your previous assurances TO the public,
but because think it will be some relief to
the community. There is undoubtedly in
this country very large amount of unem-
ploycd money! do not allude TO the mon
cy in the bank vaults; but there is great
quantity of money sequestered, or, as the
common expression is, boarded, that is, held
by people who do not choose to shave notes
or lend their money for short periods. NV
own State has had little experience, on a
small scale, in regard to this matter, which
will illustrate my meaning. The little State
90 which belong holds that il is best not to
be in debt at ALL The State keeps out of
debt; but almost every year, in order to meet
the expenses Of the session of the Legisla-
ture and the annual payments to our officers,
we have occasion to anticipate the taxes, and,
therefore, we annually pass law authorizing
the Treasurer to borrow small sum--gener-
ally 100000. He borrows it for a short
time from some Of our banks, and when the
taxes come in he pays them, and the matter
is ended in few months. This year he call
cd on the banks for some money to anticipate
the taxes. The banks told him 1--WE can
not lend the money; with the other banks of
the country. we have stopped redeeming. and
we consider it dishonest to lend money which
cannot be redeemed our notes will pass cur
rent, and people will take them, but honesty
requires that we should not lend you paper
which we do not redeem, and we will not
lend you anything" The Treasurer then
went to Boston, and stated his desire to bor-
row money for short periods After several
days trial, he could not get it, and came
back. The Legislature being in session, he
informed them of the facts 1t happened
that our State House was providentially burn
ed last year, and we were rebuilding it, and
therefore had occasion to use some money.
On the whole but with a great deal of re-
luctance, the Legislature passed an act au-
thoriziag him to borrow 500, 900 for five
/ years, at six per cent. interest He went to
/ Boston. and came back with what he wanted,
and informed us that he could have ten times
as much any day, on one hours notice. with
out any discount at all. That is to say, there
is money enough, and people are glad to get
a chance to lend it, provided they have Sc
curity which is known to be reliable, and es-
pecially if the money is not to come back
upon them Immediately.
have no doubt that if you should endeav-
or to borrow money you would get a prcmi-
um on six per cent. loan to any amount
you might ask. do not think that premi-
um will be as much as the Secretary of the
| Treasury has paid on the redemptons he has
made. ! do not blame him for making these
advances, which he did, no doubt with a good
purpose, and in all fairness but | say that
if We borrow four or five millions of dollars,
we shall be no more in debt than we were
year ago we shall draw the money from
places where it is now boarded, and by being
put in circulation in payment of demands a
gainst us, it will go to relieve the people, by
putting in circulation money now sequestered
from use These Treasury notes, however,
give no relief; they do nothing but run round
and round in the circle of the Treasury busi-
ness they destroy your system of constitu-
tional currency, and leave your creditors, to
whom you pay these notes, to get them cash
ed as well as they can. To such system
am utterly opposed.