The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-11-07

SPECIE FOR TIE OFFICE-HoLDERs.--Ihe OFT re"
iteraed promises OF the administration to the. Poo-
pe that III they would sustain its measures, they,
(the people, should be supplied with ga better cur
renew" meant as the times have amply proved,
that the ofice-hoders might be paid their salaries
in gold and silver and the people take care OF them
selves. The measures of the Government instead
Of continuing specie in circulation among the pco-
pie, operate directly to collect ii from them, and
concentrate it in the Treasury from whence it Is
drawn out for salaries &c, and sold at premium
of 10 and IL per cent, which adds 10 per cent. to
the salaries of the office-holders and is indirectly
but an additional tax upon the people Under any
other Government, such arbitrary and broad dis
tinc,ion between the rulers and the ruled, would
not be tolerated. 1t would cost any monarch IN
Europe his crown, who dared TO issue an cdict so
arbitrary and tyrannica Senator King, of Georgia.
an administration man, spoke as follows, IN reel-
ence 10 this subject in the United States Senate f:
But told the Government only demands
the constitutional currency, and therefore only as
sorts right Ills is true, sir; but is IT the part OF
practical wisdom TO exert all the power we have,
and assert all the rights we claim Every man
has a right ito demand specie at all times TO- every
sale he makes, and forl every debt due him.
But suppose every body were TO do If, whilst pa
per is the common currency, what would become
of the country
suddenly demand specie for all dues fl ON their Gus
TONERS for sales made and TO be made, they would
only assert right; and yet what would he the re-
suit The effect would be such upon their debtors
and dealers, that they would probably mob the mcr
chants out of the city. Iou propose TINT the Gov
eminent shall do that with the people which people
dare not do with each other. Look at the conduct
of the People towards the banks ever since they
have stopped payment and specie is AT u large pre-
MUM do they assert their rights though they lave
every inducement to do so /? will refer to my
own State a strong argument to dissipate theo-
reiica beauties by practical consequences. There
the banks by law compelled to pay Is per cent,
refusal pay specie. They good, and
cry bill-hoIder could get his principal and his Is
per cent an Spcc1G, If he to demand and insist
on It. No man of capital could make good
investment as to get large sum in Augusta bank
bills, make demand, and hold them till the bank
resumes specie payments. Yet nobody does this
and why? Because they all friendly to banks
Not at ALL sir IS because they are frightened at
n U5CD Of the consequences and yield their
the interests of the community They know that
if specie is forced from the sbanks, the banks will
have TO force it from the merchants, and the
chants from the great mass of consumers and be-
fore the matter wound up, its effects would be equal
to the coniscalion of one third of the property of
the country The labOrious and industrious classes
constitute the debtor class, which much The most
numerous, and much the most needy. On this class
the sacrifice would ultimately fall The benefits
would be confined to few creditors. CAPITALISTS
and money lenders. And the measure you propose
will operate precisely in the manner have describ
ed though perhaps not to the same extent. 1t will
do to talk about and speak about here, and some
people may think well of il, whilst thew think il is
only going to put the merchants TO a little trouble;
but when they find, from experience, that the
on them, they will be prepared for moro practical
| view of the subject.