The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-09-21
POLITICS OF TIE DAY.


From LAs Baiinsere Chronicle.
THE SUB-TREASURY.
What would be the operation OF The Sub.lreasnry
upon the laboring community A correspondent Of
The New York Times puraues this inquiry In an
essay Of muyh force lis fatal effects can hardly be
anticipated by that large and most useful class OF
our c'tizens Otherwise would they at once repudiae
The scheme IN overwhelming numbers and consign
US adycaies TO the position society they deserve.
u ihey would but examine its results, us influence
prospectiyely on labor and properly Il would be at
once understood, and being understood. The oppo-
nenls OF this iavorie measure Of the administration
might have no tear thai Il could be sadded upon the
country. The correspondent Of the Times quotes
DOCK on currency written and published al Wash
inslon under the auspices OF the administration by
MIR. Gou0R, and adds;
You will Gnd, by reference TO Mr. Gonge's book.
printed, think. ia 1888, that though then declared
enemy to bank money he very clearly the DIS
continuance OF paper currency would presently reduce
the PRICE Of oil kinds of property full one half aud pro-
badly three fourths and that the farmer who had pur
chased his farm for $4,000 paying 5000 down and
giving mortgage for the remaining thousand del
lars, would be made bankrupt by tho withdrawal Of
bank bills from circulation, and the substitution Of hard
money therefor We all know, as well rs Mr. Gouge
II mean all who arc with the laws govern
ing price and the measure Of price.n--that such
would be the inevitable result We know, too and so
does Mr. Gouge, that the price Of labor would also be
reduced three oarihs but lsboring men have not the
leisure few Of them the means, TO possess themselves
Of this Hence the fascination Of that .pure
metallic currency" which is promised when they shall
have obeyed the cry OF . down with the banks--down
with the credit SYSTEM sometimes secures dszzied
and bewdered proseyte, who has had no opportunity
Of searching for its ciectual councrcham-lhe deduc-
tons Of reason and the experience Of the past.
say the laborng population, some OF them ut least
do the inevitable consequences Of this revolu
ton in the currency They do not understand that ~
effect be 10 reduce their wages full hres fonrihs,
and still lees do they appear to see the greater ana ne
less certain, calanItes which such revolution would
cause that its effects would be exhibited 10 the stag
nation OF commerce, of agriculture, Of manufactured
that The public works would be arrested and thousands
thus thrown Of employment and that the relations
between debtor and creditor would Ne deranged that
one half, and think more, Of all whose only capital
is their labor would be unable to find work at any price
for least year; and that ii would DO many years
before society could be ro-organzed and the broken up
business OF the nation restored. as 10 give employ
inent 10 great number now employed. even
at oae.fourh the present wages. Now we oil know
that the projectors OF the sub-treasury scheme-he
leaders, ay aud in many Instances the followers, OF the
locofoco powers mean. Intend, have determined. TO
substitute pure metallic currency for present bank
currency They have also another object, that Of FIX
ing themselves in perpetual Supremacy" But even
perpetual polrer if the dynasty settled, would
be less injurious to tho aborng community than the
sutlreasury revolution, which is designed to lay ts
foundation.
That this is true every word Of II, none but de-
termined demagogne will deny. The price oflabor
must come down-but say the advocates Of the sub
treasury, If labor comes down. the commodities OF
life must down, too, and what matters II II the
laboring man get as much for half dollar then
as he can for his dollar now2 This appears 10 be
plausible argument, and without examination seems
all right The laboring men In all communities
have other objects in view than merely living from
hand to mouth. They do not desire 10 appropriate
all their earnings TO the supplying of food and APP
parel. Many OF them have purchased houses from
their savings, in which they live, rent 10 tenants
who have been less fortunate than themselves. In
our cities much real estate is subject 10 ground
rent--an annuity which the owners bound to pay
to The original owners Of the soil or their heirs The
ground rents have been established in prosperous
times, and when the purchase of the houses was
made The owner felt himself fully able to assume the
payment Of 1t. Lei the proposed revolution In the
currency take place. The ptice OF labor is reduced
one half but the ground rent Is not and cannot be
reduced in accordance with the new standard. Legal
instruments in exislance will prevent II, and al
though every thing else may be brought down in
price, yet the contract under which one hundred or
two hundred dollars ground rent was stipulated to
be paid remain the same unimpaircd The one hum
bred dollars will have TO be paid, although II would
require twice the labor earn It. The difficulty
the difference would be usl the same, as II every
owner Of house was compelled at this Time to pay
exactly double the amount originally agreed upon.
Those who own houses will heavily feel il, and IN
selfdefence would be obliged raise rents on their
tenants who would thus be made to bear this burden
in common with their landlords. That this will be
the effect is plain 10 admit OF consideration. This
is one case in which the laboriDg men will feel the
revulsion most powerfully. Others may be in
sanced hereafter. Let the laboring man ponder
upon these things