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'-
... .