The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-08-25
VAN BURENISM RESPONDED TO BY
THE BRITISH BANKERS.
ATTENPION UnRJ<ING or ASGES

Mr. Buchanans speech on the Sub Treasury
seems to have been read and appreciated by the
Bankers in England Ii will be recollected that
Mr. Buchanan cited the following cases.
l. 1T was hut the other day that l saw an ex
tract from an English paper which stated that
whilst the cutlery manufactured in Germany
was, equal IN qnaHty with the British, it was so
reduced IN price, that the latter would have TO
abandon the manufacture altogether p. ID.
1t has been repeatedly shown that the cause
of this Lop price Of the German ware, was that
the cost OF Production was less--labor being hut
ahout7 pence day
Again, Mr. Buchanan said.
2. In Germany, where the currency is pure
ly metallic, and The cost of every thing as reduced
to q hard money Standard, piece OF hroadcIoth
can he Manufactured for so dollars the manu-
farture of which in our country, from the expan
sion of our paper cure ncy, would cost one hun
drcd dollars
| Well, again, wages are low living is cheap &
poor, farmers get less than ours for their wool
and active capital is more abundant in Germany
Than here. American states frequently go to
Holland TO borrow money TO establish fixtures
here.
But, said Mr. Buchanun; reduce our nominal
to ,he real standard prices throughout the world
AMI you cover oui country Win blessings
and benefits
WELL The method Of doing this was the estab
lshment of the Sub Treasury, and the requi.
ring specie in all expenditures Of The Govern
meni,' which would diminish imports, lock sur
puses, il amy, in the vaults OF the Repositories,
cramp the banks, diminish the currency, reduce
labor, and prices to the standard prices IN hard
money countries TO say nothing of other ef
fec,s, one would he he accomplishment of that
I l,I,, h1 in ay ~
with his loom aud his wife and daughters 10 MS.
sist him, could not in 1887, possibly earn over
one dollar per week. That, we should think
WINS u reduction OF wages down Ia the lowest
point of human subsistence, atioreng clue 10
the plan by which Mr. Buchanan would have
us compete with foreign countries.
According 10 the London Bankers Circular
of June last, brought ont by the Grent Western
MIR Van Buren's policy has done something to-
wards accompl Ishing the object desired 10y Mr.
Buchanan, and we suppose of course, by all the
advocates of the sub Treasury scheme which Mr.
Van Buren, has concocted out of The joint wis.
dom OF twenty-five foreign governments.
The London Bankers have proclaimed thai
'the price of manu- featuring labor in the u. .
has fallen more than one third from the scale
of 1867 and US "capiluIis lower profits on
stock when lahorers sink their wages, Soniekin lso
Anirricu,I cotton goods have undersold similar
goods made in Lancashire The same of hatch
ets' made in the U. S. Bnl wecannot undersel
the British in other articles, because az The ban
kers affirm, taking Mr. b Ichanan's argument
wages in the u. 5. have not get been pressed
doom TO the Lowest state compatible tcah human
susLenance' This, then, is The substance oil the
doctrine of the loco foco tederal!ss, reechoet
by their british friends, viz: that American can
never be prosperous until laborerS and their tan
lilies can work from 50 cents to one dollar pei
, week-or, until poor men can work all day lol
IL Sleeps head and pluck, and sleep under Car
, at Observation-Disclosures