The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-07-21
FOR SENATOR-EssEx COUNTY.
STE I'll f. N HOW E.


THE SUB TR A $ URY BILL
Has been in practical operation, said the Presi-
dent in his last Message, aboat year. Since
that time every business man has and felt its
effect upon his business and the business of the
country Then business began to !ag---money be-
gan to be IN the cies-pricos begun to fall,
and in one year. find that there is not scarcely
an article that has not been reduced one 4th
third in value This is the effect which Buchanan :,
Calhoun, Tappan and Walker say it is intended to
produce The office holders have rece lived their
salaries in specie, and the specie being thus hoard
ed by the Government has been kept up at pre-
MUM. and sold by them TO the breakers or money
changers, who have sold il to the merchants and
purchasers of the public lands to pay into the
Treasury TIE people, in the mean time, have
had rags-and scarcity of them too. No other
effect will BIO produced by tho Sub Treasury Bill!
save still further, though gradual reduction of
prices.
Money will be the bill goes tnore full
iy into operation. The specie of the country will
be collected as IL 10 Bow, to great cA,ent, inlo
the largo cities, or the land Offices in the hands
of the Sub Treasurers By them j, will be paid
out to the officers Of Government. Specie, then,
being alta premium, these officers will sell it TO
money dealers for bank paper with which they will
pay their debts, and the money dealers will
sell it to the merchants pay the duties impor-
tations, the buyers of public lands. The of
icers in the country will send their aares, receiv-
ed in specie specie drafts, to the cities, and do
the same. Thus the specie is and will be drawn
from the banks and he people, and retained in the
Cities passing from he importing merch ant to the
Treasury from the Treasury the creditors of the
Government, and from them into the hands ofthe
breakers at a premium, or locked up in Treasury
vaults and from the breakers to the debtors of the
"Government-thus performing circuit through
the hands OF the few, while the people left with
bank paper, and the little change they may happen
to pick up. The banks will also, has been the
the year PAST, be drawn upon for specie, and
of course, curtail their discounts to them
selves from the assaults made upon them by this
engine of power.
The first, the Immediate the necessary result oil
carrying out and enforcing the principles of the
Sub-Trcasury, will be to cripple and injure all
those banks which still out Ofhe reach of tei:
destroying hands, TO take from them their specie
and lock it in stone vaults. By these means the
circulation of all the banks in the country will be
materially curtailed. In consequence of this, the
present pressure will be sensby augmented, and
the people will feel still more severely the IRON
hand of power.-Ths result must follow and tina
Immediately. The banks cannot prevent tins re-
suit if they would. They must do this in self d.
fence. In anticipation of this event, the Tory
press is already raising the old cry about the banks
BY meanssof this cry, and by anticipating this nee
essary result OF their own measures, they hope tc
draw off the attention of the public from the neces
sary results the Sub-treasury, and to tasten it
effects upon the banks, where it does not rightly
belong To prevent this, the Wings have only Il
call the attention of the public to the facts Of thu
case to counteract the poison at once. .