The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1839-08-27
ESSEX couNrY-STEPHEN HOWE.
20 THOSE WHO THINK

II cannot be denied that the leaders Of the Ad
mnstration aim at the destruction Of all banks and
the whole credit system OF the country. We know
that just before elections in this State, the party
talk OF "ban< REFORM but in the Legislature they
propose schemes that would as efectualy destroy
banks the Withholding from them of all charters
At the time, leaders out Of the State, Benton,
Ingersoll Blair, Ming and Madam Darusmont, cry
down with the banks, ~ the V ID papers TEEN with
The same song IftheY do not mean this, they are
certainly attempting to deceive the people. Ben
ton in late public declaration in reference to tho
Sub Treasury said that perhaps it will be necessary
to aid another SUSPENSION of specie payments
bv the banks before it will be established.
Well, supposing they mean 10 destroy the banks,
what would BIO tho rosu,1 Every species ct prop
ery would be deprecated in value the laborer
would get his 3 and "a per month, he did be-
fore banks commemorative rich would hoard
the money and loan it at enormous interest-at
~ and 20 per cent, the custom before banks
were known or less general-the poor would be-
come poorer, and the rich richer-the man who
owed $4OO would be obliged to pay it in specie,
which would be equivalent to paying $1200-for
our circulating medium would be reduced moro
than two thirds-and an aristocracy of Office hol-
, ders and rich would lord over poor debtors and
To illustrate positions, add the annexed
paragraph from the Portland Advertiser:
"The Administration makes upon the Banks
and paper money, and instead of paper currency
redeemed every bank counter, and in every
place of business in gold andsilver-or, in other
words, a currency cow ertable, at any moment
into gold and silver,-it proposes by and by, an
exclusive metallic currency Let consider the
consequences. By the aid of Banking institu-
tons in a season when the currency is not inflated
, and when business is transacted only through the
legitimate channels of trade, find floating CAPT
4; tai Of about FIVE HUNDRED MILLIONS OF
DOLLARS necessary FOR the business Of the year
f But the hard money currency of the admins
ton would establish all this business would be
limited to SEVENTY OR EIGHTY MILLIONS
the very extent of the amount of specie in thi:
r country. We ask any in his sober sense
what would have been the consequence of such
r reduction this. Certainly its first effect would
be in reduction Of the prices of labor to the CAPT
tol employed. Surprising the currency of the.coun
try to be gold and silver ucrrency alone, SHOULD
a have the eighty millions of dollars wherewih to d.
the entire business of the country. What proper
ton of this eighty millions should be represented
by labor is difficult to determine. We are to divide
between the actual property of the country and thu
labor OF the country,-ln other words between GU
" industry, and our houses, lands, commerce, &c
o An equal division has been supposed fair divs
ion, and if the labor of the country is represent
}, ed by forty millions of dollars, which divide
II among 100000 oflaborors, would leave twenty
T. dollars for each! But the investments of Iabo
i change oftener than once in the year. Suppose
be three times, and the of laborers receive
l. sixty dollars each, and the sum when reduced t.
the monthly pay would be about five dollars, o
v about the sum paid for laborers in many of tn
;. countries Of Europe. In Italy, Austria, and part
t, of Germany, II cents will procure a days labor
l. and the effect of the Sub-Treasury SYSTEM as W.
If have often sad is to reduce us to the condition
1t the hard money Governments of Europe,- maxim.