The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-04-03
THE CURRENCY, &C.

marked that the administration OF MIR Adams mus
be put down, although it were as pure as the angels
in heaven: and his party at the present time carry
out the Same principle, in practically saying tina
the present administration must be sustained though
corrupt the spirits of dark moss
Ever since Gen. Jackson got mad with the u. s
Bank, because it would not obey his dictaton, he
and his party have been endeavoring 10 introduce
an exclusive specie currency AT first il was gently
TINTED at, by suggesting the plan OF an exchequel
fun in of Jacksons first messages. Afterwards
The roayer from Missouri, Hon. Il. II Benton, began
his parrot cry of"down with the banks-god gold
down wilb the banks,-god, gold, gold, till the
gilded terms became the watch-words of the party
and were hoeted from end of the union to the
other. by all The faithful from the President who
boldly denounced all who traded on borrowed capital
as deserving to fail, down TO the staggering loafcr
who could barely artculate ''d-n the banks" This
tremendous roaring against banks had its effect, and
within n vear or whereabouts we have seen all the
banks stopping specie payments ana Inc currency
of the country almost wholly disorganIzed' a few
are there disposed to stop, and say that ny an ex'
elusive specie currency, they do not mean an e&-
elusive specie currency, but mixed currency OF
bills am specie. But this does not answer the ends
of government. Van Buren, has pledged himself TO
walk in the footsteps of his predecessor and is there
fore bound to wage eternal warfare against banks
and if pure the angels in heaven they must come
down. An exclusive specie currency must be es-
tablished although the whole nation is involved IN
ruin to effect it. But the injustice and ruin which
must inevitably result from the destruction of the
credit system and requiring that the whole business
of the country should be done with specie, was too
glaring for Van Buren, TO enterupon the experiment
openly and once; and with his characteristic
chicanery, the old plan of cxchequer fund.- under
the name of the SubTreasury is revived and it is
decreod that the great object shall be accomplished
under cover Of ibis grand scheme. The operation
is complicated but the result is sure and if adopted
the great object CT the government at which it has
long aimed is secured. Banks annihilaed and
an exclusive specie currency is introduced
Let this scheme 60 into operation, let the whole
revenue of the country be collected in specie, and
when collected locked up in safes and vaults acces.
sbe only to the agents of the government; and in
short time the great mass of the specie in the
country would be the vaults of the treasury. Let
this take place and our banks will never resume
specie payments-NEvER. Should they commence,
their specie would be Immediately drawn out to pay
for public lands: custom-house duties postages sc.
and they would again be forced to stop. Their bills
would gradually deprecato in value and become
wholly worthless a circulating m edium, and spe
Gle would alone constitute our currency,-the very
object at which government is now, and has for
long time been aiming.
A few moments reflection must convince every
one that scarcely any calamity could befal
country more truly disastrous. The great body OF
our people would be runously effected by it, while
a small part would receive prnce'y benefits. I he
great mass of the poer, and those i'll moderate cir
cumstances must have their property torn out of
their hands and put into the Golfers of The rich and
we have at once created overpowering arstorracv
upon whom the people must hang and beg for IA
vors, while they receive The same contempt and de-
rision which is poured upon the insulted and
abused Cherokees The currency of the country
at present may be composed of two thirds bank
bulls and one third specie, and the price of every
kind Of property and labor is in suitable proportion
10 the whole amount of the circulating medium
Iii obvious that if the currency were reduced one
half, the price of all kinds of property and labor
must be reduced one half That Is if wheat now
brings 81 80 per pushed when there is a circulating
medium OF 5000, 600 000 reduce this circulation to
100000 600, and wheat will bring only 70 cents
per bushe The effect Will be the Same on manu-.
featured articles and labor Now take away all the
bank bills from the circulating medium, and you
take away two thirds of the amount, and property
and labor Immediately sink to one third of their
present value. Let then, the measures of Van Blu
rem be carried out, and the Sub Treasury scheme
adopted, and all whose possessions consist of src
cfc property, or who depend upon their labor for
support must be subjected to depreciation ofther
means of living two thirds
And who will be beneftrpd 01o eoy;t7yzy class
The whole Of the aboring part of community ana
those in moderate circumstances must be laid under
contribution for the benefit of the money lender
Their notes are expressed for many dollars. and
instead Of dcprocating, will increase IN value just
in the proportion that property and labor decreases
! The Consequences obvious. The farmer who
has 4 form and stock worth $500, and is owing
| $500, must give every cent which he possesses 10
his deht- and be left without lnrihinG for the