The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1839-10-22
@Ha 9@sEgR GEWS&& a
TUESDAY OCTOBER2 1880.
SUSPENSION OF SPECIE PAYMENTS BY
THE BANKS

The crisis which sometime since predicted
and threatened by Thomas Ii. Benton in the mon
etary affairs of the country, has at length arrived.
"Perhaps, said this notorious demagogue in late
political address, "the additional argument of anoh.
er suspension of specie payments will be needed TO
carry the Sub Treasury" We have now "the
additional argument in the suspension of the banks
of Pennsylvania, Virginia, Maryland, and Rhode
Island. Save the suspension by the Rhode Island
Banks (for the redemption of whose bills private
properly is hoIden) none in New York in New
England have yet taken place In New York, the
banks, experimenting such n crisis, have so fortified
themselves that, unless the "war is carried into
Africa by the Administration, they hope to escape
the necessity of suspension IfVan Buren,
succeed in making banks OF all sorts thai are owned
10y the people, odious, by gripping and derangng
them, he hopes to extort from the country an
cep,anco of his monstrous Sub Treasury Bank
which is to dispense specie to the Office Holders
and Treasury Rags to the people. We copy the
following paragraph from the Boston Atlas:
THE WAR UPON THE CURRENCY.
awe yet in the midst Of the whrlwint. The
grand experiment upon the currency which was
commenced by Andrew Jackson, and which Mr.
Van Buren, is pledged to carry through--the exper-
iment ofTwo MEN upon the HAPPINESS, the WELL
BEING, and we might say, the LIVES Of fifteen
march second lime. ONE grand convusion Of
the country was not ENOUGH to distinguish the
administration of Mr. Van Buren,. A SECOND is in
progress. We must now go back to the beginning
and take Every step in financial
system since 1882, has been a false step. 1t has
been step which has conducted US fur her and
further from the path Of safety When the cry of
PERISH CREDIT- PERISH COMMERCE, first
sounded, in the possession of the best
currency on the face of the earth--the same from
North TO South-fiom the East the West
equalling silver gold in any part of the Union
Now the people crushed, and ruined withou;
means at home and without credit abroad. And
this is the result for which have passed through
much suffering, and the witnesses of
such wide spread devastation
1t is in vain for the government to attempt to
evade its responsibility for all these disasters The
case is plain, The patient was WE'LL in hopes OF
being better, he persuaded to put himself into
the hands of our present State doctors; he took
their physic; he is now likely to die
The effect of the suspension will be to afford
temporary reliei'to the merchants and manufacur
ers; but lhe currency in the mean time will remain
in uncertain and luctuating condition, embar-
RAISING to the business of the cihes and more re-
motely to all the interests of the industr citizens
of the country-gvng TO the federal office holders
and the rich the power to enlarge their purses by
the increased value of specie and the wants of the
business men Of the country. How long matters
will continue in this state it is impossible divine;
but this is certain, reasoning from the history of
the past, the country will be exposed to pancs
long as the war of the Administration is continued
upon the business and industry Of the people, for
the qualification of their ambition, and the benefit
of their purses.