Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-04-28
VERMONT PMGNIx.
Friday Morning, April 2s, 1887.

The SPECIE PoLIcY.--We publish this week
highly important article from the government
paper, on this subject which may be supposed
to develope the settled policy ofthe government
The remarks from another paper, prefixed to
the article, place this policy, in some degree, in
its truly odious light. So we are to understand
that "the author of the letter TO Sherrod va
Iamsn has determined to redeem his pledge "to
walk in the footsteps of General Jackson," and
the country is to be blest with another series
of experiments upon its business and currency.
We wish there were no reasons to fear that Mr.
Van Buren, would copy the example OF his pre-
tlecessor in other, and if possible, more daneeT-
Gus usurpations ofpower.
The production of the Globe is miserable
attempt to deceive the public. Says the Bos-
ton Atlasn-"Gen Jackson promised to Danish
rag moneu, and give us currency of Gold and
'Silver-to reduce the banking system, and in
troduce radical reform. This he has elected
in the same manner that he reformed the er-
trapagance of Mr. Adams administration, by
CARRYING up our annual expenditures from
t,celpe millions to TgIRTY-sIx MILLIONS! lie
has DESTROYED the u. S. Bank, and augmented
our ssrag currency" one hundred and t'oenfy-
four millions. The Globe itself says, "bank
capital has increased three fold" In 1882, ac-
cording to the table of the Globe, the whole
amount of specie in the country was but about
twenty millions-now it is eighty; and yet what
do we see. Why, when we had but Conditions
of specie, and that left to follow the demands of
trade, and with national bank, 90 millions an
swered all our purposes. The country was in
state of unrivaed prosperity, and exchanges
were readily made and at low rate, from one
part of the country to another; now, with four
times the amount of specie, we see universal
distress. The whole machinery Of trade is de-
ranged. Money is worth from to per cent.
month. To introduce the additional amount
of specie, the country has become involved in
an enormous Indebtedness to Europe, and our
great staple, cotton, has become depressed to a
rminous degree This debt must be paid in one
Of two ways. Either in our own produce or in
specie. But we see that the price of our pro-
duce is already reduced to ruinous point, and
every pound sent out would tend to increase
the depression. There remains then but one
recourse,-the expectation of portion of our
unnatural and useless supply of specie, and this
being done, confidence would be restored abroad,
and our produce rise again as matter of course.
Butgovenment interferes and says, "the specie
shall not be sent forth. We are determined to
keep it here and force you to pay your debts in
cotton at cents per pound, which lately was
worth 49, And why shall we not be permit
ted to pay our debt in specie,
'tLet General Jackson and Mr. Van Buren,
give the answer. The Treasury Circular has
conveyed the money unnaturally forced into the
country into Treasury Banks and Land Offices
in the West. sit is conveying says General
Jackson in his last annual message, into the
INTERIOR LARGE SUMS IN SILVER AND GOLD,
there TO enter into The Currency of the country,
and giue ii a .frmer foundation" If this be
the case-if the people at the West have got
this better currency, why don't they pay their
back every day under protest? Why do they
not furnish the New York merchants with the
means of paying their debts in Europe?
For the very best reason in theworld. They
cannot get the money. IT IS LOCKED UP IN
THE VAULTS OF THE GOVERNMENT. The
Treasury can monopolize all the specie in the
country;-and the Treasury wants it al-eve-
ny cent of tito sustain the miserable, feeble,
rotten system of Deposite Banks that is fasten-
ed upon the country. This is the reason the
West cannot pay its debts to the Atlantic cit
ies-nor the Atlantic its debts in Europe
THE Treasury HAS MoNoPoLIzED THE SrE-
Gle. Hence the distress that convulses and
distracts the country; but still the adminstra-
tion--heedless of the misery, and reckless of the
ruin it spreads around--careless Of the exigen-
cies and defiant of the WILL OF THE PEOPLE,
expressed through their constitutional agents
cHngs with a miser's tenacity to its HoARDED
MILLIONS and promulgates through its official
organ that THERE rs NO PRESSURE WHICH AMY
HONEST MAN SHOULD REGRET"