The Yazoo City Whig and political register. (Yazoo City, Miss.) 183?-1840, 1839-11-22
From tue Baltimore Chronicle.
The Sub-Treasury.

From tue Baltimore Chronicle.
The Sub-TreasuFy.
What would be the operation of the sub
Treasury upon the laboring community
A correspondent of the New York Times
pursues this inquiry in an essay OF much
force It's fatal effects can hardly be antici-
pated BY that large and most useful class Of
our citizens, Otherwise would they at once
repudiate the scheme, in overwhelming
numbers, aud consign its advocates to the
position in society they deserve. If thew
would but examine its results, its Influence
respectively on labor and property it would
be at once understood, the opponents OF
this fayorite measure of the administration
might have no fear that it could be saddled
upon the country. The correspondent OF
the Times quotes book on currency writ.
ten aud published at Washington under the
auspices of the administration by Mr.. GoUGE.
and adds:
YouWill find, by reference to Mr..
GOuge's book, printed, think, in 1893, that
though then declared enemy to bank mo-
ney he very clearly proves, that the discon-
tinuance of paper currency would recently
reduce the price of all kinds of property
full one half, and probably three-fourths;
and that the farmer who had purchased his
farm for $4,000, paying 5000 down and
giving mortgage for the remaining one
! thousand dollars, would be made bank.
rupt by the withdrawal of bank bills from
circulation, and the substitution of hard
money therefore We all know, as we'll as
Mr.. Gouge--I mean all who arc conVersant
with the laws governing 'price and measure
of price, that such would be the ineEita-
bic result We know, too, and SO does Mr.
Gouge, that the price of labor would also be
reduced three oErths; but Iaboring men
have not the leisure, few of them the means
TO possess themselvesto this knowledge
Hence the facinatioa of that pure metallic
currency" which is promised when they
shall have obeyed the cry of sEdown with
the credit system" sometimes secures a
dazzled and bewildered proselyte, who has
had no opportunity of searching for lis efec-
tual counteTcharm-th deductions of rea-
son and the experience of the past.
] say the labOring population, some of
them at least, do not see the inevitable con-
sequences OF this revolution in the currency. /
They do not understand that its effect must T
be to reduce their wages full three fowTtas T
and still less do they appear to see the grea- /
ter, and no less certain, calamites which I
such revolution would cause; that its eff T
fleets would be exhibited in the stagnation
of commerce and agriculture, of mannfac-
lures; that the public works would be ares
ted, and thousands thus thrown out of en-
and that the relations between
debtor and creditor would be deranged; i
that one half, and think more, of ali I
''whose only capital is their labor" would
be unable to find work at any price for at
least one year; and that it would be many Il
years before society could be recognized Il
and broken up business of the nation restored II
SO as to give employment to as great num-
Der as are now employed, even at one E
fourth the present wages. Now we ell know I
that the projectors of the sub-treasury .
leaders, ay, and in many ms j
tances the followers, of the ioco-focos pow a
ers mean, intend, have determined, to subs /
titute pure metallic currency, for our pre- j
sent bank currency. They have also another !
object, that of fixing themselves in aperpes 3
tual supremacy But even perpetual pop-
er ifthe dynasty were once settled, would b
be less injurious to the laboring community 70
than the sub-Treasury revolution, which is 10
designed to lay its foundation. IS III
That this is true, every word of II, none ID
bur determined demegoge will deny c
The price Of labof must come down-bntlc
lay the advocates Of the sub-treasury, If Ia Fl
'or comes down, the commodities of life ~
must come down, too, and what matters iii
the laboring man can get as much for half y
lollarzthe as he can for bis dollar nov - lp
This appears to be plausible argument, fl
md without examination seems all right Il
he laboring men in all communities have al
ther objects in view than merely living u
rom hand to mouth They do not desire 81
Q appropriate all their earnings to the sun tn,
lying of food and apparel. Many ofthem Ebr
ave purchased houses from they savings, tth
which they live or rent to tenants who fl
ave been less fortunate than themselves. Tor
our cities much real estate Is subject to lth
ground rent; an annuity which6the owners M
Q bound to pay to the original owners Of M
g soitoF their heirs. The ground rents Sc
zen established il prosperous times, Il tI
the purchase of the house was III
.o, the oWneEgfelt hinseIf fully able To Ide
sumo the payment Of It. Letths proposed tic
p the currency take place The til
Zee or labor IS reduced one+half, but the 10
aqd rent Is not and cannot Be reduced ii n
eordanes With the new standard. I.eoal 90
alIuments in existence will prevent it.aIii IA
iaougs sysFy shiug else nay ba broa9ht Be