Newspaper Page Text
W ' " " I Irailt-ki'ill Uli lllli I h nmtlMii 1 11 l
ST. JOMISIIBURF, VT.j AUVST 8, .1837. TERMS Tiie Caledonian will bo publishcd woekly at $2,00 per nnmira, or at $1,50 if paid in indvnnco. If pnymont is mndo within six months from tho timo ol 6ubscribing it vvill bo recoivod ns advnnco pay. No pnnor will bo dtscontinuod until all arroaragos aro paid,"cxcopt at tho option of tho puhlishcr. (CT Advortisomonts will bo insortad for tho cus tomary pricca. Porsons aro roquostod to stato tho nnmbcr of weoka thoy wish thoir ndvcrtisomonts published, othcrwiso thoy will bo insorted till for bid and chnrged nccordingly. FROM-THE rEOPLE's PIlKSS-EXTItA, OF JULY 18. y' TIIE STATE CONVENTION. Vir any evidoneo woro wnnting that tho Groon Mountnin Boya uro omphatically awako to thcir in torests, and not insonsiblo totheir injuries, tho Con vontion on Wcdnosday last produccs it. It com- rilotoly oxcocdod our expectations. Tho numbor who attendod waa moro than SEVEN IIUND ltED; of vvhom not losa than 3IX HUNDRED 'woro acting mombors of tho Convontion. It inuy 'aafely bo said that a larger Convcntion was ncver 'holdcn in Vermont. Thoy camo from all parts of thi Statej and wo can truly Bay wo novor saw a moro venorablo and digniflud asscrnbiy of mon, for any purposo. Thoy looked like a formidablo bar tlor to tho progress of tyranny, and woro a strong vitness that sho cannot yot plant her foot upon tho .green hills ot Vermont. When wo seo sovon hun- lrcd of her froomon, lrom various and distant sec 'lions coraing togcthcr, at a most hurrying soason of tho ycar, and at a timo when tho best man can hnrdly got monoy onongh to buy a dinnor, to con sult togethor for ihe public good, wo may well con cludo that Vermont ia nwake cmphatically A- i 'VvAKE "Col. Knapp, of Montpolior, iu a lottor to a gen- tlcmnn of this place, aaya of tho Convcntion : "Tho Convontion ycstorday cxcoedod anything sincc 1110 naicyon unys 01 jtnan uion! llio num bor of membera was plump 700 by count! Old Orange counly takcs tho palm for .scnding up tho largest phalanx of invinciblcs out of Washington. Windsor and otlicr countics scnt in a Iiost of imlo and hardy ycomanry. Thovoncrablo rovolutiona ry patriots, Theophilus Crawford, of Putney, and 'Stephon llerrick, of Randolph, and others wcro -on tho ground as ropresontativcs of '70. Dopond upon it, wo como ofl' in Soptember with n mnjnrity that will nstonish tho most 6ansuine. Nine cheors for tho PEOTLE'S CONVENTION of tho 12th of Jtily !" Mr IIutchinson, from tho committoo, icportcd tho following addrcss to tho frccmon of Vermont, wliicli was read and accoptcd, and on molion of Mr Millkr, tho addrcss was adopted andordercdto bo publishod : To the Frcemcn of the Stalc of Vermont : Fellow Citizens: Tho timo approachoa when you will bo callcd on again to cxcrciso tho liigl) privilego of sclecting from umongyoursclves your public servants. Wo liavo assemblcd to consult togothcr on this subject, to detormine upon tho courso which we ought to taku, and to oxprcss to you, as it is hovv our purposo to do, the rdasons which sliall guide us in this itnportant crisis. We camo togelher under a call to the "iupportcrs of the sujircmacy of the laws, and of a Conslitu tional governmcnt honesthj adminislcred." Ilas tho suprcmacy of law.been maintained? and hastho governmcnt bocn honcstly and constitutionally ud lninistercd? aro qucstions wliicli it is an appropri ato occasion to cxnmino. Wo havo cxamined thom. Tho courso of an cight ycars administration of tho goncral govornmont lius bcen brought undor roviow its principles subjectod to tbe tcst of tho Cousti tution, and tlioir tondoncies looked nt in tho lights of cxperionco. Thoy liave bccn woiglicd in the bulanco and found wanting, as wo tliink in tho groat and cssontial cbaracteristics of geiuiino ropub licanism. Wo bolievo thcir tcndency to bo fntal to tho purity and pcrmanonoy of our froe instiiutions, and the moro sq, by rcason of tho spccious namcs and fair dis"uiscs uudcr which thoy havo boen cotn- lnondcd to tho confidcuco of tho peoplo. Up to tho limo whon llio presont Dynnsty was invested with powor, tho Kovcmmcnt had beon mainly administered in tho simplicity and purity of 'opon, straigui lorwaru ropiiuiicaiiism Unr presi dents had carcfully rofraincd fi oiu prcssing tho Ex ocutive prorogatives, and had scrupulously rcspcct cd tho rights of tho othor branchos of tho govern mcnt. Tho Exccutivo, Lcgislative and Judiciary 'dopartmonta, movcd in thoir appropriato spliorcs, whilo tho peoplo yioldcd to each tho confidenco which was duo only to honcsty, capacity aud fidel Ity to tho constitution. Thus should wo havo continuod, but for tho un scnipulous and mad ambition which hns bcen tho bano of all tho ltopublics whicli havo gono bcforo us. Tho dcclaration oftho presont second offi CErPin'tho governmcnt, four yoars boforo tho pres ont dynasty camo into powor, that tho then ndmin islration "must be put down, though ptire as the an rcle at the right hand of the throne of God," was ibllowcd by on opposition vvlioso rccklcssnoss, dis arogard of truth, nnd uppcals to passion woro in pcr ifoot kcoping with that nrofligato doclaration. Tho opposition was auccessful ; and an administration which its subvortora aro now forced to a-lnut was spuro, was put down. Tho 4th orMarch 1829, camo, and Gon. Jacksou vyaa Prdsidont of tho Unitod States. Ilis first pub iic not was to cndorse, in his inaugural addrcss, the lcading slandor of hisprcdeccssor, bysaying "The ' rccentdomonstration of publicsontimcnt inscribos " on tho list of Exccutivo dutics in charactcrs too which will rcquiro particularly, tho corrcction of 41 thoso abuscs that havo brought tho patronngo of ,mu govornmoniinio contnct witn ttio Ircodom ot " olcctions, and tho countoraction of thoso causes " which havo disturbod tho rightful courso of ap " pointmont, and havcplaccuor continuod powor in "unfaithful or incomjntcnt hands." With this groundless chargo of an. nbuso of executivc powor, thoro had boen nssociatod a chargo, oqually ground ioss, 0fa wastoful oxtravnganco in thooxponditures or iiio public monoy; nnd this was also cspccially ? b?:c.mbr?cod wnhin tho iiKFonM inscr'bcd on 1 t Exncuivo dutios." ..;nntl?icnoomontof Gon- Jackson's ndminis tration was tho commoncomontofTHEEKAOF hol mw VROTEasxom and hroicen rnoMrsEs. Looked nt in its boginninc, nrof.roR n,i . nation, it forms ono of t10 moat strUting oxamp,os Of 1'OLlTICAIi DEOEPTION vvliinli tl.o 1 or WIIHO3S0U. XIS nroioaainn wno T. l.-.i como into nowor uport tho Btrongtb of tho assump tion nowlcnowh and admittodBy tho wholo world to Iinvo boon fitlso that tho public monoy hadboon snunndorod; and tho exccutivo powor abusod, by tho ndininistratton that prcceded it. Gon. Jackson boastingly protonded that tho public aontimont call od for lloform, nnd that ho was solootod aathonroat rofonnor. "liy thoir fruita ye ehnU know tlom." Ilo administered tlio governmont oight yoars, and bohold tho boastcd retorm ! M'no annuui uxpeuui turcs gradually advancod from twolvo to thirty milliona, whilo tho Exccutivo patronago waa brought to uear witli a rcsisiiess uuu ovui vvuumuia muu- onco unon the freedom of oloctiona and on tho ac-- . . . . . tion ot ovory uoparimuni 01 mu yuvuiiuuuiii. Thousands ot public oflicorsworo romovod bocauso thoy would not bocomo tho partizana of tho Excc utivo. and their plncesfillod by mcn who woro pro- pared to yield a blind nnd unscrupuloua dovotion to his will. Patronago thus found ita way to tho ballot box; it seized tho prcss it ontorcd tho hulls of Congress it controllcu llio national legislation, nnd whnt could not bo controllcd in advanco, was crushcd undor foot of an arbitrary Exccutivo veto. So notorious havo uocoran thoso auuscs ot power thoso flai:rant fnlsificntions of tho grand profes- sion with which tho administration began its ca- roor, that thoy aro writton na in "lotters of hving liglit upon the lioavons auovo our neada, nnu tlio oarth bonentli our foot. Thoro is not n citv or vil- lase or hamlot tliroimhout tho Innd. whcro thostur- diest supporters of tho administration do-not staud coufoundod at tho evidoneo of fai.sifieu profks- sions and auused toweii, which evcry whoro sur ronnil thom. Nor is this all. Tho GREAT REFOIlMEIt was not contcnt with bringing his patronago into conllict with tho freedom of ordinary olections,and thus subjecting to lus control, tlio action ol tiio States nnd tho loglslation of Congress. Iliaown nolitical lifo was to tormiiiate at tho end of oight yoars; but ho waa dotorminod to livo in tho porson of his succcssor. Into tho contest of that oleclion ho thereforo enterod. Upon it he brought to boar his pcrsonal and qyicial lnlluenco. llnvmg, con trarv to his most aolemn profossiona, mndo Tiimself tho Presidont of a purty, ho now oponly placod himsolf at the hond of it, and boldly proclnimed his prefercnco for ono of tho candidntcs for tho succcs aion. Thatcandidato promiscd to walk in hiafoot- stcpa, and carryout his pnnciplcs and poltoyr.nnd wns. thcreunon olccted. Thus much for tho reform whieh waa to givo us an cconomical administration, nnd corroct tho a- buscs which it was falsoly protonded had brought tho pa,tronago ot tue governmont into conllict witli tlio froodom of olcctions. But it was not onough that tho administration, with its loud profossions of horror nt oxlravaganco and abuso of exccutivo powor. should havo made tlicso profcssions tho covcr of oxtravnganco and abusoa unprocodcniod in tho history of the gov ernmont. It must all bo dono in the nunio ol'lho Peonle all for tho sako of malntainina tho nriuci nlia of Domocrncv. As wastoful exnondituru wna augmontod, nnd Exccutivo usurpntion grow boldor and moro rccklcss, did the cry of "Dcmocracy" bccomo louder and iongcr. ivery strido in tlus carecr was nccomnanicd by tho oxclamation bo hold our hatrcd of aristocracyand our zeal for tho rights of tho doar peoplo I From tho momont tho presont dynasty bccamo ascendant iu 1829 to tho presont timo, one giieat pukpose has controllcd its movemonts and absorb- ed its encr"ics. That purposo lias uecn TUE AUGMEN'f ATION OF EXECUT1VE INFLU- ENCE nnd POWER. To accomplish it, n moro than ordinary nmbilion would liavo boon contcnt with so using tho powor of removal and appuiut mont as to convcrt tho agonts supcrinteiiding tho vast machinery ol govcrnincnl into tlio mcro inin istcrs of tho Exccutivo will, and agcnts to supcrin tond tho machinery of p'nrty. Thi would to nn nmbilion of moro than ordinary grasp, havo boon deomed nn agont sufllclontly powoilhl to control tho press to gunrd tho ballot box to nct upon Stnto legislation, nnd lo induoncc tho delibcrntiona of Connrcss. But the ambition of our modcrn rc- formcrs roachcd far boyond this: nnd tho groat project was concoivcu 01 roiniorcing incso means, with tho ontiro rovcnuca of tho country, nnd of u niting to tho POLITICAL, tho MONEY POW ER. And this inlroduccs ua to tho "EXPERI MENT" undor which tho country is now grocn- ing -the boginning, progress nnd tormiuation of wnicu wo wni nuw, us uriciiy us pussiuii, uo scribo. Tho groat cxporimont cmbracod a succossion of expernnt.iits, wliicli wo will gianco nt in tnoir or dor. Tho iirst wns tho cxpurimuiit of mnking tho Bauk oftho Unitcd States u pnliticul onino, sub snrviont to tho will of thu lxccutivo. 7 his cxpcr imcnt failcd. Tho Bank had not minglod iu tho politicsor tho country, and it would not. It had not opponuil tho elovation of Gon. Jacksou to pow or, aud it would not, when ho had obtainod it.bow to that powor. Tho dccrco wont forth that it should bo crushcd ! Tho noxt oxporimont was, to creato donhts oftho solvency of tho Bank obtuin a volo of Congross that tho public monies wcro uusafu in its posscs sion, nnd tlius snstain tho moditntcd luoasuro of thoir removal from its custody. This exncrimcnt failciL Noithor could tho credit of tho bank bo shaken in tho public ostimalioii uy llio llagitious attcmpt of tho administration to impair it, nor could Congress bo induccd to declaro tho rovonucs to bo unsaio in its custody. A direct cfTort to this ofl'ect, rcsultod in tho roport of n committoo of tho llouso of Roprosontativos a majority of whom woro tho President'a political fnonds that the public monies locre safc: nnd that roport waa aus tainnd by nn ovorwholming voto of tho Houso. Tlius ondcd tho second oxperimoiit. Tho credit of tho Bank romained unshnkon both in Congress and througliout tho country, and tho publio monios tcmaincd in thcir logal dopository. And now camc tho mnin cxporimont. Tho lato mado tho public monios removablo from tho Bank of tho Unitod Statos only by tho Secrolary of tho Treasury. Tho Prosidont undortook tho oxpori mont of cammandimz that ollicor. on pain of his displeaauro to do whnt thotttxo had loft to his own diserotion, undor n rosponsibility lo Congress. Mr McLcnn was at the head of tho Dcparttnont. Ilo folt his logal rosponsibility and dcclinod n compli unco with the Prasidont's inandato. Ho was trans forrcd to anothor ofiico, and Mr Dunno was solcct cd to pcrform tho scrvico To him tho Prosidont'a plonsuro was aignifiod. Ilo hoaitatod. Ilo was tho Presidant's friond his onrly friond and would do, any thina to sorvo him, but aurrcndcr to his dictn tion tho diserotion whioh ho was bound by lnv to oxorciso, upon n rosponsibility to anothor powor. Tho domand wns too much. Ho doolnrod thut tho rovonuos of tho governmont woro snfo, and that ho could not romovo,them. Tho Prosidont waa inox orablo. Tlio Socrotary resigned ! Tho fgroat ox porimont strugglod for oxistonco. Tho indopcn donco of two Secrotarys had provod an ovor-match for tho Exporimontor. A third ofTort found an in strumont who could bo used, and tho work wns dono. Tho public monios woro romovod from a safo national l)ank; providod for thoir custody nnd disbursomont by tho legislation of Congicss, nnd ovor which thoro was a,suporviBiqn by law, to nu moroua stato banks. solooted by the Exccutivo, and subjoct to his suporviaion nnd control. l liua wna conautnmatod tuo groat oxporimoni ui OBTAINING TIIE CONTROL OF TIIE MON EY POWER. Tho rovonuoa oftho govornmont woro rapidly incroaoing. Tho vast surplua which would noeoBsarily ncoumulato (tho publio dobt bo ing paid) vyaa too tompting. '"If the law wns loft to ita dporation, that surplus would romain whoro Congress had dotorn)'nod; biit if tho Prcsiilont could succood in rcmoving it to stato banks of his own solection, ho might thereby roach tho long arrn of his powor into tho statos lay hold of thcir mon icd institutions, and sccuro thoir support and tho support of their borrowors, by the consuiousncsa of peeuniary depondenco upon liXccutivo lavor. 1 lio l'rosidont and lus Iricnds wcro admonislied of tho ruin which this oxporimont would bring up on tho country. Thoy woro told thnt tho public monies in tho hands ot tho stuto banks could not bo. mado to pcrform tho bonoiicial oporution in rcg uluting the exchangos of tho country, nnd mnin taining a aound currcncy, which thoy had boen known to do in tho dopository which congress had ptovidcd. Thoy woro told that tho destruction of tho national institution, would havo tho ell'ect of multiplying stnto banks, enlarging thcir capitals, and incroasing tho aggrogato amountof bank circu lation; that nn appotito for wild and oxtravagant speculation would bo thoroby oxcited nnd fed; and thnt tho curroncy would bo oxpanded, until tho bubblo should burst, and univorsal bankruptcy fol low. Wo could fill pngos with theso warnings,but our limits will not permit. Wo givo from ainong thom, tho aummary prophccics of two distinguished tnembcrs of Congress, in spoeches delivorcd tbreo yoars ago. Mu Adams said "Your Presidcnt has usurpod legislativo powor. Ilo has laid hia hands upon your troasure. Ilo has scized it, nnd now wields it as a woapon of powor to himsolf, and an inslru mont of plunder to his partizana. Yet hia oxpori mont has but just commenced. Ita objoct is not meroly to dcstroy, but broak tho bank. Ilis chos nn stato banks nre to bo his depositorics, atid on gines to nESTonn a metaeic cunnENCY. With what intuitivo sagacity aro tho moaua ndapted to tho ond! Sir, his stnto banks will Inud tho nation thoy nro alroady hurling it to univkks al bank ruptcy. Hia hand must bo stayed, or tho nation is undono." Mu Binney said "Sir, tho project of tho Soc rctary of tho Troasury astonishoa mo. It hns as tonished tho country. It is liero that wo flnd a prcgnant sourco of tho presont ngony. It is the clearly avowed design to bring, n second timo, up on tl.is land, tho curse of nn unrcgtdated, uncon trolled slate bank currcncy, Wo arc again to seo tho drama which alroady, in thu courso of tho prcsent contury has passed boforo us, and closcd in ruin. If tho nroiect ahall bo successful, wo aro ngain to sce tho paper missilos shonting in ovory dircction through the country n dorungcmcnt of all vnlucs, dcpreciatcd circulution, a susjicnsion oj sjtecte vaymcnis, iuen a iurinor oxionsion ui tuo samo dotcstablo papor, nstill greator doprociation, with failuros of tradora and failurca of banks in its trnin.to arrivo nt last to tho samo point from which wo denartod-in 1817." Theso prophotic wnrnings woro disregardod. Tho Prosidont had got possossion of tho public monios, and put down tho Bank of tho Unitod States, and it secined to bo imngincd that ho who 'had dono nll this, without bcing crushcd under tho woight of public indigtution, might subvort tho cs tablishcd laws of finnnco, and sustnin a forcod nnd iuinalurnl systom of moniod.opcrations by tho nicro and unyielding nre tho laws which rcgulato and control, in Bpito of tho exccucto fiats, tho iinanciul opcrutions of n oountry. Tho momont that Gen. Jackson had rcmovcd tho public monies, nnd put down tho bank, ho put in oncration causes wbieh ovcn his powor could not control. Tho fatal dood had bcen dono ; and its lcgitimnto cfl'ccts Tiuxt follow. Thoso oflects soon began to bo visiblo Now stato bnnks woro chartorcd by scorcs. and the cnpitals of tho old banks onlargod by millions, througliout tho country ; and cspccially in states ichcrcthc Jacltsonpartt had aldecidcdvrulominance Tho public monies bocamo tho basia of discounta aud circulntion by tho solocled banks, to nn unpro codontcd nmount ; and spoculntions iu tho public Innds, with tho nid of thoso vory discounta, swullod tho nominal nmount ol rccoipts from that sourco, to nn oxtout unknown in tho history of our nation- ul domain. Theso cfl'ccts may bo illustratod by a ow lacts to wnicu we ueg icuvo to call tuo spocial aiiouuon ot tuo poopio. x uc uuuiuor oi uanus in tuo unuou aiatos, in July 18U2, when tho oxporimont wns bcgun by tho ,.r i.tn I . ..! t . ..jv.i... fr o VUIU III II1U lllll lUUllill lUIIIIg liiu UUI1U Ul II1U u. O wns 41Q. I hoir cnpitals nmountod to 17Q,000,000 i nuir circiiintion to 7d,t)00,000 Their loans nnd discounts to 202,000.006 jn ine isi oi ouccmuor JO.su, tlio numbor of banka had incVeased.to G77. bosidos MG hrnni-lmM. Thoir capitals had jncroasud to 321,000,000 Thoir circulntion to 180,000,000 Thoir loans nnd discounts to 5S8.00O-.00O To sltow how vory oxtrnordinarv was thn in. crcnso of banks, bank capitnl, ciiQufation and dis eountH, during tho four nnd n half yoars of cxper imout from July 1832 to Uecomber 183G, lot it bo compared with tho incroaso from 1820 to 1830 a pcriod cntirely frco from cxporimonta upon tho curroncy. from 1U20 to loJO tlio mcrcaso in tho numbor of banks was but 12. Incioaso of bank capital . $8,000,000 ot circulntion, lb,UU0,000 " of lonns nnd discounta, 30,000,000 Behold tho coutrast ! Ton yonrs incrcrso of tho numbcr'of banks without "oxporimont" 12. four nnd n hnlf voars, undor tho cxporimont 20-1, bcsides 14G brnnchca. lcn yoars mcrcaso of bank capital without " ox porimont," $8,000,000 four and a half voars mcrcaso with tho " oxporimont," $151,000,000 Ton yoars incrcaso of bank circulntion witliout " cxporimont." $10,000,000 Four nrid u hnlf yoars inoronno with tho ' oxporimont," $102,000,000 lon yoara incrcaso ol loans nnu uiscounis witn- out "oxporimont," $30,000,000 Four nnd n half yoars incronao, with tho " oxporimont," $32G,000,000 wnatan oxporimont! Lot us now look at a Binclo itom of tho spooula- tions produeod by it, Tho following statomont will bIiovv tho advanco in tho salos of publiclands ootoinporaneously with its commoncoinontnnd progross. xnoir saies lrom to jdou, lneiusivo vvora as follows : 1821) $972,059 1830 " i, 329,350 1831 2,479,058. 1832 3.115,370. 1833 4,972,284 1834 G.099,981 1835 1 4,757,090 183G 23,984,192. Now innrlc th o cammoncomont nnd progroaa of spocuhition. Tho bank of tho U. S. wus votoodin July 1832. In that yeur tho aaloa of tho public land nmountod to nbout threo millions. Thoy arosc lho noxt yoar to about fivo millions; tho noxt to six tho noxt to fourteen and threo nuartcrs, and tho noxt to TWENTY-FOUR MILLIONS ! ! Thus far wo havo contomplntod tho oxporimont ns ono simply to oijtain the conthol of tue money rowEit. This ia itfltrue oharnctor. Wo nro now to look at a brnnoh of it, whioh wonrs a aomo what difforont aspoct dcsigncd to covor ita roal purposo, and nnnisp tljp popplo with( nnothor ob ject. " Whon tho bank was veto'dil, tho publio doposits romoved, an'd tho stato banka mado tho objects of Exccutivo favot, tho idoa of an cxcltisivc mctutie currcncy was suggostod by no ono. It aocined to form'no part of tho cxperimont. Tho monstor had bccn put down tho publio monies woro iu tho stato banks, at tho control of tho Prosidont, aud nothing could be hcard butsongs ofglory to tho chiefwhoso prowoss had boon thus &ignalizod, and thus success ful. But Boon thoro camo a pressuro and n panic. Public indignation was rousod. Tho cvil was char ged upon llio cxporimont, and tlio administration waa drivon to extromitics to quict tho public feel ing. And now bohold tho mooting of oxtromca. Statcs'banks, and stato bank pnpor had beon tho Ex ccutivo favoritcs. But now thoro suddenly aroso tho idca of an exclusive mctalic currcncy; and Gon. Jackson was tho man to givo it to tho country. Gold waa to tako tho placo of U. S. bank bills, and " long silk pursea" filled with " yollow boya" wcro to bo ovorywhoro found in tho pockots of tho peo plo. It waa thus that tho imaginations of ono portton of tho peoplo wcro to bo dazzlod and cnptivatod, winio tno oporation ot incroasing tlio numbor ot stato banks, augmonting thoir issucs, nnd fccding tho spirit of speculation was to fill tlio pockots of anothor. And now camo tho schctncs to forco into tho country an incroasod quantitv oftho procious motals cspccially of gold. To this ond tho standard of our Tgold coinago waa altercd, and tho paytncnt of tho Frcnch and Ncapoliian indcuinitics sccured in that mctal. And this policy was aidcd by importa tion of spccio for tho purposo of putting in opora tion tho now stnto bnnka which the policy of tho administration had biought into oxiatenco. By theso means tho qunntity of spccio in tho country waa greatly incrcascd, whilo that incrcaso was boastcd of as an evidoneo of a rapid advanco townrds tho consummation of un excluaivo spccio currency. Fatal infatuation ! that lost sightof tho relationa betwcon us and that countrv from which a largo portion of our suddcn nccumuhition of spc cio waa unnaturally fprced. The ovortrading stim ulated by the stato bank cxporimont incrcascd our imporlations with Groat Britnin. Tho dobt thus lncurrod wos to bo paid, cithor in prodtice or spccio. Our imnortations of spccio had rcachcd tho Bank of Engiund, diniinishcd its ainount in her vaults, and coinpelled hor to curtail lior nccommodations to tho purchascrs and manufacturcrs of colton, our chiof means of rcmittanco. Its prico suddenly foll nbout ono half, nnd our monns of pnymont wcro proportionally diminishcd. But tho debt wna still duo, and must bo paid, eithor in cotton or splcie. Hencn tho suddon dcmnnd for specio. A pres suro upon tho banks necessarily followcd their discounts worn, of courso curtailod monoy became scnrco tho call for spocie incrcascd panic follow cd and tho susponsion of paymcnu closed tlio scono. Thcro wns a subordinafo branch of tho exncri mcnt which contributcd tnnterially to produco this rcsult. Thoro had beon a forccd oporation to got apcciojnto the country. Thero wns now n forccd oporation to keep -it hore, which, like most quack nostrums, aggravatcd the disoaso it professcd to curo. Against tlic clearly otpressod will of tho Sennto, tho Prosidont tssuo'd tho celebratcd " spocie circuisr, ny wiiicii.it was ordorod llint imy.T.Cr,. for puobc lands should bo mudo in spccio. It was thus drnwrs in Jarco quantitios from tho Atlantic eities, vv!c:c!t nnaht be wnntinir to sustain a nrcs siiro, :o tho v"nM, whcrc to a groat extent,it would be as usulcas P.i- viat purposo as so much lcad or iton. Thu presnuro camo ; und it camo upon an amount of spocio in tho Atlantic citios, diininishod by so niucii ns it nau uoon tliua drawu oll, and accumulat ed in tho west. Tho amount thus unwisely ab stractcd from tho placo whoro it should havo boOn miiiht, if loft thoro, liave so far satisfiod tho for oign domaud for spccio, as to havo savcd tho panic tno run upon tno uanics and tlioir iinalsusponsion of pnyment. If it hnd cono to Ennlan'd. it would havo anaworcd tho purposo of paying a part of our ueut ; wuiio, uy renoving tno prensuro tlierc, it would havo raisod tho prico of colton so ns to havo aided mutorially in .tho paytncnt of tho rcmaindcr. Tho folly of tho adiuimstrntiou luckcd it.up in tho wcstcrn uoposno duhks, nnd inus procipitated llio calamitj' with which tho groat oxperimcut for i?t crcasing executivc powcr had long thrcntonod tho country. And now wo ask who can sobcrly roviow tho history of tho oxporimont, witliout feoling, boyond tho powor of rcsiatnnco, tho conviction that it hns produccd tlio caluuuty which now pvorwholins tho oountry ? II ow vnin tho attcmpt to rosistth'a con viction by uttributing tho result to ovor-banking, nnu ovor-traduig moroly. Tlio liro hns btirned tlio city.; but who kindled it aud fuiiucd tho flanie ? Tho prodigal wastod hia cstatc, nnd camo to want; but whoro wns tho wisdom of tho father who gavo him tho eslato and told him to uso lt? Tho Bnnks ospecially tho govornmont favoritcs havo ovcr issuod, nnd mon liavo ovor tradod and ovor spocu latod. But whoro was the Governmcnt, whioh was " Tho oxtonsion of Bank faeilitioa by tho stato uanics, was not only nnturnlly mduced by tlio mons urea of tho ndniiniatration, but wna cxprcssly cii couragcd by it, ns appoara by tho following instruc tion of tho Treasury Dopartmont lo tho pat bnnks " The deposits of the public money roill cnablc youtoajfoTU incueabed facilities to tiie com- MEllCIAL AND OT1IKK CLASSES OF TIIE COMMUNITY, and tho dcpartmcnt antuipatcs from you the adop tion of such a course rcsjiccting your accommoaa tions as will provc acccptablc to tho pcople, and sufe to the Govcmment. x no touowing lottor irom tuo pot unnic nt uur linston in this Stato, nsking for moro doposits, dis- closos tho principlo on wliicli tho oxtonsion of tho bauk accommodations was encournged by tho Trea sury, nnd tho inanner in which it waa carriod out by tho banks ; Burlington, Jnnuary 25, 183G. "Boina loontod in tho samo placo whoro a branch of tho Unitod States Bank wna ostnblishod, and as wo aro a danosito bauk, whoro tho branch hns dis- continuod its oporntions, the public scom to oxpeot that wo would at onco aflbrd tlio samo fucilitios and nccommodations thnt thoy onjoybd whon tho branch was doing busin'oss. Thoro hns beon, oti tho part of our dirootora, a dcsiro to moot thia oxpoctnlion ; nnd tho consoquonco haa boon that a vory scnsiblo chango hns tnkon plnco, pohticnllv,. in fav'or of tho uovornmont ; nnu as k ib our uosiru iu Biruiigiuon, thoso sontimonts, wo fool it ia importantUo ailbrd to our Tarmors nnd menhanics, tho comiriK sprinK, prcltii extensive nccommodationa, and cspccially That tlio Exocutivo know of, and consontod to, tho ovor issuos of tho doposito banks appoars from tho fuct that, by tho contraots botwoon thoso banks and tho Treasury Dopartmont, it wns to ho furnish od with a woekly statomont of tlioir condition, -Such Btntomcnt wns furnishod, nnd thoir ruinous cnroor of courao known to tho Exocutivo. Thoy woro not ro'atrainod i but continuod to onlurgo thoh op'orationa to " silrotigthon tho s'ontlmonts' of tho poortlo infayor of the govornmont., '. '' ,y vv nni a giguiHic Bciiumo, to uorrupi iuo poupja ; with thoir own monov !. llow soon. cyploded in. uniyoraal bankruptcy. " 1 invested, exprossly, with tho powor to rcftulalO'UM M..nn.. rC ft,n .rt,itrir f I n t If Aiii Tlflt rMlmin rathor than slimulato, theso tondencios ? Jifi chiof. inagistrato was making a grand cxpcrimcnt'to'tiug' menl the executivc poiccr. Tho lights offorty yoars oxporionco clearly ahowcd that tho courso from whicli tho administration sought to forco tho coun try, was tho courso of safety and proapority. Theso lights woro unhoodcd. Thu warninga of sobor, cousidorato statosmon woro soundcd iujts ears. Thoy wcro dispiscd. Tho voico of tho immcdiato roprcsontntives of tho peoplo in Congress waa rais od. It was disregardod. Tho GREAT PURPOSE was not to bo abaudoncd. That purposo was IN FLUENCE and POWER. lt was not onough that tho immonso powor of ro moval and appointmcnt had bccn convorted from a public trust into executivc propcrty, and that thoro by in tho progress of mis?called reform, tho Press had boon subsidizcd tho frcedorn and of oloctiona .rcstraincd and corrupted legislation of tho stntoa controllcd, and tlio acliocrations oi congress suo jectcd to tho injlucncc, and its dtcisions nut down bv tho veto. of tho ereat Roformor. NO. Tho MONEY POWER must bo socured to fill the moasuro of an nll grasping ambition. Fatal oxperi mont to tho country ! But moro fatal, wo would fain hopc to tho Dynasty by which it was concoivcd and exocuted. Fntal in this sonso, surely it will bw if tho peoplo aro not so drugged with party opiatoa, as to havo lost their sonsibility io truth, onu thcir lovo cf honest, und manly indepondcnce. And now what shall bo dono in this grcut omor goncy ? To Jremain whcro we aro isoiitoftha qucstion. A roinedy must bo dovised, or tho coun try rinks into irrotriovablo ruin. To this quostion thcro ia, to our apprchension, a very plain und sat isfactory answor. Wo must do just what n wisa mnn would do who hud boen led by an ignis faluus out of a plain, bcaten wny into bogs, nnd miro nnd nnd quicksands. Wo must GO BACK. Christian and llopeful's duty waa notplaincr. Thoy escapcd tho clutcho8 of Giant Deapair, got over tho stylo, and wont on rojoicing. Wo must got out of tho hnnda of tho Dynasty which has dccoivod us, and roturn to tho good old way from which wo liavo dcnarted. And who can think of tho nuro, upright nnd unprotonding ndminiatrntions which prcceedeil that oftho " Reformcr," without eighing to return ? Who cnn remember the sound und convenient cur rency which wo onco had, and tho.stcndy, safo, on ward advancejof nationalfprospcrity which accom. panicd it, without n fceling of pain, on looking at tho height from which wo havo fullen, and survoy ing tho misory which, overy whoro, iacels our eycs ? Follow Citizens, wo wnnt A REAL REFORM. A reform which sliall rcally " cotrect tho nbusci that havo brought tho patronago oftho governmcnt into conllict with tho freedom of oloctiona," and which shall operate as a rcal "counteraction of thoso causes which havo disturbod tlio rightful courso of uppointmcnt, and placod and continuod powor in unfaithful or incompetent handa." Wo want a Presidont who will como forth with tho dcclaration of Gen. Jnekson's first inaugural, abovo quotcd, and faithfully carryit into practice in his adrnir.islratioa Wo want a man who shall talh less of dcmocracyT and practice mort of ita gonuino principlcs n man who, inaload of docciving tho country with hollow "jofessioiis. and abusing it with brokcn promisea, shuli spoak'tho thing ho moans, P?)d 4 U' tlin ho speaks. Wo want a man to adnunister the gor ornmont who will put himsolf in tho shocs ot no mnn and least of all of a ruan, who in tho prido ol u bloatod populurity has tramplcd down tho Constitution, nnd fatully cxpcrimentod upon lliii purity, tho pcaco, tho prosperity and happincss of thu country. To cfioct this reform, tho country should inimo dintoly cmancipato itsulf, .ns far as possiblo, from tho trammels oi tho roigning Dynasty, by prcsent ing a phalaux iu both houses of Congress, nnd in cccry state governmcnt, which shall tuko its stand boldly on tho ground of gonuino Whig PriHciplcs, und say to tho mon in powor hithcrto sJinlt thou como nnd no further,nud hore shall thy cxperimcnts aud abusoa of powor bc staycd. But aftcr all, thcro uro tltoso who givo to tho onquiry what shall be dono ? a very ditTcront an swor from that which wo havo suggcstod. Thoy soo tho condition to which tho cxperimont has brought tho country ; but instcad of returning to .tho safo condition from which.it has dcnarted, thoy would havo it go forward to an exclusivo mctalic curroncy. Thoir cry is away with monopolics Down with banks. Givo us equal rights and priv- ilegea, aud tho good old hard monoy, constitutionai currency. Now all this aipcars vory fair aud dcmocratio'. But lot us look at it n momont. What is a monopoly ? It is-an exclusivo right. And ia thia necessarily anli-ropublicnn and odious? What, then, bocome of tho right of fcrry nnd othor oxclusivo rights, which havo, timo out of mind, beon granted by tho Icgislaturo of thia truly ropubli can atato. Whbthcr auch grants bo, Qr bo not propor, dopenda not upon tho qucation whothci thoy aro monopolioa, but whothcr thoy aro lietirfi- cti lo the community tno puuuc gooa uciug ai- wavs. richtfdllv. tho ronson and ruie of such grants,- To declann aguinst all monopQltQ3T Is., bua 'blind opposition tn a iiatod nnd odious name, witliout undcrstondmg tlio truo grountis ol oojcction to tuo lliinrr wliicli it Rirrniflas. Mbnonolicsranra iustlti odious wiien thoy aro granted by kings to extcnd tho roynl infltionco, ind sustain tho roynl powor just as "tho oxclusivo privilogo of olhco granted to tno lrtonda ol our XNationai exocutivo, to oxtend his influenco, and sdstaiu his powor, is justly odiois. uut it, uy no moans loiiowsiiiaiinopoopiOjtiirougu thoir nnmodiato ronrcsontatives, may notVrnnt ex clusivo rights, for Hmitcd pcriods, under spocial ro sponsibilitios, and for purposos not othcrwiso to bo nccontplishod which ura boneficial to tho public. Such crants may bo atrictly inonnpdlios as truly so as grants of porpotual and oxclusivo privilbgcs, mado to sustain roynl powor; ana yot wuo cannot seo tho wido practical diftoronco ylliclt oxists bo twoon tlfom In tho tndiscriminatono83 nt tlio opposition a- gainst monopolics, it is often diroctod itgainst grants of corporato privilogQa for manufacturing and othor :ralll3 nui .unij. uiuariy uunoiiciai, iu on oiir nrb'ductivo inddatry. but wlicu nronorlv-vrostrictod and rcnulatod, truh ronublican. inastnuch ns. thorobv, numcrous individuals of Bniall capitals; may combino thcir capital nnd cr.cr gy to bonefit thomsolyca nnd tho coinmunity, nnd mnintain a Bu'ccessful compotition with individuals of groat wcalth, who nood no stibh.facilities. lt is byjnosuoh combinations of capital und oncr gy that most oftho noblo ontcrprizosof tho presont day aro carricd forward onjtorprizos in which tho richmond tho poor cnpitaliatsand luborors farnior, mec'haniea, morchants all havo a docp comrnoii intorost. Wliat would haVd bdon tho urouress of our country in inandiaetliVios ttnd hpw successful its compotition with tho. .cnpUnl. and iiidustry of othor countrics, but for.th'&wrvifegos grnntpd t6 jnaiiufaoturlng corporalio'tiij ? .Btii for , thoso wb would now Havo buou Ijow.orsoi w.ooa unu urnwcr or vator td tho manufacfdrjng " 'ArfSoCrhc'? pf E'urbpoi i ,V.?- ,r ,''l ' Tho oblottlon lo barClcsAdf Uflrj fiafL Vf'.tho-.Mcuf liffhiffot thut thoy nrb grnnliqf cni&'piyireos. and tliut thoy nro auiiionzcq lo-iasuo nnpw.iiST , v ,4,.' s 5'- ... .