Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1839-09-27

n DfEtiE OUhaENNts Atuuuot bt dT-
MED that the leaders Of the administration
aim at the destruction Of all banks and the
whole credit system Of the country. We
know that just before the elections in this
slate, the party talk Of "bank reform" butin
the Legislature they propose schemes that
would ns effectunily destroy banks as the
withholding fromthem Of all their charters.
A;the same time, leaders out OF the state.
Benton. Ingersoll, Blair, Ming. and Madam
Darusmont, cry down with the banks, and
the Van Buren, papers TEEN with the same
song Ifthey do not mean this. they are
certainly attempting 20 deceive the people.
Benton in late public declaration IN refer
ence to the Sub Treasury, said that perhaps
it will be necessary 10 add another SUSPEN-
SION Of specie payments by the banks be-
fore i: will be established
Well, supposing they mean to destroy the
banks. what would be the result Every
species Of property would be deprecated in
value-the laborer would get his three and
four dollars per month, as be did before the
banks were commemorative rich would
hoard the money and loan il at an enormous
interest, at IL or 30 per cent, and as was the
case before the banks were known, or were
less general--the poor would become poorer.
and the rich rcher--the man who owed
s400 would be obliged to pay it in specie.
which would be equivalent to paying $1,000
for our circulating medium would be redu-
ced more than two ihirds--and an aristocra-
cy Of Office holders and rich men would lord
over poor debtors and laboring men, as cap
rice or interest might dictate. To illustrate
our positions. we add the annexed paragraph
from the Portland Advertiser -
1.-THE administration makes war upon the
banks and paper money, and instead Of a pa
per currency, redeemed at every bank coun-
ter. and in every place OF business in gold
and silver-or, in other words, currency
convertible, nj any moment. into gold and sill
vert proposes by-and-by, an exclusive
metallic currency. BY the aid Of banking
institutions in a season when the currency is
not inflated, and when business is transacted
only through the legitimate channels oftrade,
we find floating capital Of about FIVE
HUNDRED MILLIONS OF DOLLARS
necessary for the business oil the year.
But by the hard-money currency the adj
| minis,raion would establish allthis business
would be limited to SEVENTY OR EIGH-
| TY MILLIONS--the very extent Of specie
in this country. We ask any man in his So
Der senses what would be the consequence OF
such reduction as this2 Certainly its first
effect would be reduction of the prices Of
labor to the amount Of capital employed
iSupposing the currency OF she country 10 be
| gold and silver alone. we should have the
eighty millions Of dollars wherewi,h to do
the entire business Of the country. What
proportion of this eighty millions should be
represented by labor is difficult to determine.
We are to divide between the actual proper
ty of the country and the labor Of the
Icountry--in other words between our indust-
nv and our houses, lnnds, commerce. &c.
An equal division has been supposed fair
division, and if so the labor OF the country is
represented by forty millions Of dollars, which
divided among two millions Of laborers
would leave twenty dollars for each ! Blu,
the investments Of labor change oftener than
once in the year. Suppose ii be three times
and the 100000 Of laborers 60 dollars each
aud the sum. when reduced 10 the monthly
pay, would be about $5, or about the same
paid for laborers in many Of the countries Of
Europe
In Italy, Austria. and parts Of Germany
IL cents will procure days labor, and the
effect Of the Sub Treasury system, as we
have often said. is 10 reduce Us to the condi
lion of the hard money governments OF En-
rope making our farmers as poor as the
peasanlry OF France and Ireland. and all clas
ses of aborers as miserable and wretched al
they were under the worst Governments o
Europe Allthis is a matter Of fact. and we
defy The wiseacres Of the Administration to
draw any other result from such contrac,
ion OF the currency as there would be in a
hard money Government"
tCaledonian.]
j AN AWKWARD FIx.-The Detroit Spirit o
'76.' tells good story Of one oflhe Michigan
Senators. who having occasion to travel to
New York, found il convenient for reasons
that can easily be devined, when il lis remem'
bersd that the provisions Of our non-impris
onmen, law do not extend to citizens Of other
States on stopping a, the Aslor House, to en-
ter on the register the name Of an acquaint
ance, instead OF his own. In short time
he was inquired after by the sherifi's officer,
and pointed out as the person whose name
| he had assumed In answer to the polite in
vitalion Of the officer he assured him repeat
edly be was not the man he wanted, and that
| in Jest he had put down the name OF On ac-
Iouaintance s(Veli sir said the sheriff.