Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1862-02-28


individual States and guaranteed by the United States
This new scheme Of finance equally unavaiing Few
Of me oio os we're brought in, and Of course few Of the
new were issued. At as the Continental bills became
NJ 80 little value that they ceased crcuatci and in the
course Of The year 7sl they quietly died in the hands Of
their posscssors. Thus were redeemed the solemn
pledges VI The national Government Thus was paper
currency, which declared 10 be equal to gold and Sill
suffered TO perish in the hands " persons compelled
to take b. and the very euormiy If the wrong made the
ground OF an abandonment Of every attempt 70 redress
uF-i5id., see. 1858.
"But the history " paper money without any adeaute
funds pledged to redeem H. and resting merely tho
pledge Of the national faith, has been in all and a
nations the same. IL has constantly became more and
more deprecated, and, in some instance, has ceased
from this cause 20 have any circulation whatever wheh
er issued by The irresistible cdct Of dcspot by the
ho'e auutlng order oi republican Congress. There
is abundance of Illustrative facts scattered over the
history Of those Of the American colonies who yentured
on the pemcous scheme OF raising money 90 supply the
public wants during their subiugaiion 10 the British
crown and in the several States from the Declaration Of
independence down To- the present time. '-Ibid 1850
Will read another extract from Judge Story, show
tn state Of affairs In this country and The state o pou
cal parties country Immediately before the adopt
uon OF the United States Constitution
I'm this state Of things the cmbarrassmens Of the
country In It's financial concerns, the general pccuniary
distress among the people from the eNhaustus opera
lions Of the war Tho total prostretun Of commerce aud
the langushng unthrfucss Of agriculture, gave new
impulses to the already marked political divisions in the
"BstauVe councils Efforts were made on one side 10
relieve the pressure Of the public caamics by resort
to the issue Of paper money 10 tender laws, and install
ncnt and other laws having FOR their object the postpon
4 Tho ptiL. Two. tt, .th,. "a. ,.,.t - ,,,tt
private creditors become alarmed from the increased dan
pers to property ,u, it,eas f,ii, ~ ,eot,li,
iands 90 the destruction Of all private faith and credit
a Government and s,.tc,, n 10, ,,hicb sh,,IJ mo-
serve tbe uYbIic fin and p, i,,u H. 10 limit, I'm H.,
rum which always follow upon the violation Of the ptiuu
length we are told Two great parties were formed in
evrrv statr v,bi.b r,r. titr,iI- t..td .,l ,,t,.G
o,,ss i.,rc, .c,. v',h h mars a,a "1ien
The one .tr,.,i,d aim ,,I H., me ,,,,t Oh
scr,au,c Of puoic and private engagements Ihc dis
Of individuals were they thought 90 be ncviated
Dos industry aud 'rugthy aud not by relaxation uf the
laws or hy sacrifice " the tias Of Others. They were
tuns,qHrut., uniform friends oi regular administration
OF Justice. and OF vigorous course uf taxation which
would enable Iuc State to comply with it's cnpapomcnts
By natural association Of idcas the, were also with
yer, fe cxrcHtnus n favor of en- r;pg the mower. of
los dign, aud character OF the zion broad and its in.
icrest. az home Ihc other party marked out flr itself
aaiug the administration OF Justice Of aloding fci
ties for the payment nf debts G Of supondne their coll
There were the two rraat parties Of the nation aud
out Of that condition of things rev the form Of the Unit
ed States Constitution. which was then calculated and
supposed to be mot only wel-iutended but actually q
provide for putting enrc end To all these decisions
about t,mpouziug policy This was the view with
which the Constitution was formed Now ID is proposed
10 Try the old experiment again These notes are TO be
put in circulation At discount as cyctyb knows;
aud the very form Of the BIB comedies 10 The bill not
they shall be tender in payment Of debts II they are
to be at par. aud be- kept par what occasion
goes upnn the ground and n ,t, that
thsv are NOT o he al mar Tbe Xii as h. r,,e f, ,be
II pise NJ Represept,tives in n,d,r e., i, ,,,r o.
these notes provided thai men sboull have robt brn
they had otiantty Of tfc,, o f,, IA, -, m ,,,
hands having tuettv yc,r t ,,, Min i,tet, ,y bo
ip wbatf IA these ysrv t,fes maj tbev lad ,,t +,
was saving 10 them ,ff r1 will Ouy f,Lo irse p,fes
Won I'M ay ind beto iu "a foud and AZ, ,npr ,,y b, ,b
notcs a,air - ' f'' " "
Wb,t financial iuggle il tboti That ia rho form, i
which ia co,nc m ns I'm, m ,ti,r Hone. i,, m i
pent reported ly our committee Ard aJs4,,c5 gs ,b
senate provides that the interest At les snail b.ry
,ie i'm money NVbcr uee m "A t,,,, s,,,, -
NAV saw that il incl,des tbcsc nrtcs t,,so by, d,i
nat these uotcs arc ,ror,y and tboy b;t tb, h., az
Marathon rnakos tbern ,,,rrey W. t,a,y 81, ~ ail
hors was srt m mon c,teJ ,1oh.,,is,s ,,a ~ t 80
,roiects was IN discovor MI tly csiioI H. M
,bcrs s,onc which would ,r,ns,,,. @ ;
,old but / b,liavc tbcy rcy,r Won, sr fr -, 5
bst ,bcy c'ld ,,lJ ,t ~ ,b; M vi ~ iP
,ct,is W. ,ns - oI 4, ,,' ~ ,5 oI' "a, oa'r
,arcle Of uetaiin The olnnosi,ion F'F''' "'"'''
No Mr. President. mis- 4 ,i,iir,, aud ,ssis,ir, -
,bo hnnnen to owe dehts II, ray 7bos. 49, '
sith a Ganrcci,ted r,n.r ~ go ia $50 az a, iN'
,retitor mn, IL b., di.,,iso &, ~. ,,'t ~ Wv tH'
cali th,t NINA Vino tbc otlio,,i,r ~ ,5, sN
zen a little syIlabns 81 an ,t,,'n,,, J i r. 49,
" lte y layus 9l an atkume naue IN the Rouse
,ec,r. H. .d,,,i, ~ H. 2 -, ,I '" M'ul ,ney'
- , ,o,J.ri - 4, ~. ~ III! sH.t 80 "o"'' !"
hon, 70 he n,h' Ina ri iI !. 0hl.'nB IAl ~
"a il ,vopd he in cass =, ,a, bI - ,i 'te 1''l1B
~ a rer,sin r,,,n,t,, ~ 10 ~ 'urHv u-egs
~. ~, H. Ia - - "a" sI'ulu Ith oe
- c.ari, dns,r,o,i - i ". ~ ~ sA'u ~ was
n A., la ~ ~ - ' "''s''''' VI "'"n'i'et as
- - ~ ~ l., ~ "a N.'i w" ~, "a, 100,
q