Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-02-10
THE SUB TREAsURY-1Ts RESULTS.

Never did the trainers of the Constitution con.
template transfer, direct or indirect, of the con.
troll of the Treasury from Congress to the Exec
utvc that overturns the nice balance of power
between the departments, on which our political
fathers strongly relied for the safety and succers
of the government; and opens door to abuses
which they never contemplated. Never yet, we
approhend, las Congress authorized such trans
fer most certainly, with the U. S. Bank became
the depository OF The public money and dlscre
tionary power was given to tie Secretary of the
Treasury to remove those deposites, care was ia
ken to make hin, responsible, moi 10 The President,
bm 10 Congress. To Congress was he required to
report, aud to render reasons for his conduct.
This, however, is not the matter to which we wish
now to draw attention, The sub treasury tends
to produce an entire rcvoipiion in the country
political, social financial: 1t aims not merely to
lessen the powcrof the people, through their rep
reseniatives, and build up the power OF the Exec
ulive not merely 10 transfer the public money
from one 10 Another sort Of vaults or rather from
corporations which cannotto individuals who can
run away. 1t goes deeper, and its rayages are to
be more widely felt 1t reaches to the foundations
Of society, and may convulsc them, causing the
whole fabric to loler, if 1t does not bring down the
whole in ruins. 1t aims to sweep away credit
currency, as the phrase is, and substitute the hard
money currency; in other words, to all intcnts
and purposes, 10 change The standard of ua'ue Of
tabor and of property bringing ofcourse, com
pete social and financial revolution in its train,
sweeping down our farms, our merchandise, our
workshops, and all the produce of our ingenuity
and our labor No man is exempted but the off.
GER who lives OH his salary aud the niser, who,
owing nothing HIMSELF is yet the credit or Of his
neighbors. These are TO he elevated-the mass OF
to the dust Such, indeed it has long been known
would he the result OF returning to an exclusive
metallic currency and this evil, it has long been
said, by the opponents of that scheme, would
follow from the sub-lreasury. Not until now
however, have many of the supporters of the
measure avowed that they sought this fearful re-
suit ; aye, and even coolly used it us an argument
in favor of the bill This is now done openly,
plainly done in the Senate. We invite the scrutiny
of the render to the following report substantially,
Of n speech of Senator Walker Of Mississippi,
which we copy from the National lntelligencer
MIR. Walker. 1t might be dishonest on the part
OF the Government, if they had Treasury notes
out, and n small balance ofthem remained out no.
10 pay that balance in gold and silver. | am not
willing therefore, now to submit the proposition
that we shall never use Government credit. But
DOW, when we out of debt, there can be 10 ne
cessy for Government paper.
! MIR W. here entered into n long and elaborate
argument TO show the great superiority of specie
over paper currency, ia the course of which he
emphailcally contrasted the commercial condition
OF Cuba, where labor and capital are so low, by
means of an exclusive specie currency, that sugar
can be Produced MS he alleged at one INT pound.
He contras,ed this state of things with the com
mercial condition OF this country, and especially OF
his own State where labor and capital are SO high
by means ola paper currency, tina, itrequlres some
five or six times the amount, in comparison with
Cuba, TO command The OF capital, md thus raise
for the market our stable productions Thus,
though nboran capital in this country are raised
by paper to veIl high value, our products come
| high into The mari 1T a disadvantage with those
of Cubs. md our commerce is consequently
quently rni''irrassed.
Mr.. W.. ,'-tssed the artcri wish that we might
attain the same happy cond"'"n Of the Island OF
Cuba, by means OF II n,luliic currency. His
argument was listened 10 with much attention,
and with strong and evident appreciation, by a
considerable number of Senators.
This is no hasty expression-no slip Of the
tongue. Mr.. Calhoun subsequently said
" As to The currency, | concur in every word
which was spoken by the Senator from Mississ-
ipp Mr. " aker He could not do better than
to contrast our own state to that of Cuba. Cuba
| is now int fiourshing condition, while The State
of Mississippi is in state of extreme distress
That senator cannot push the specie currency
further than if The country ,oere om Of debit"
Al still uter date Senator Buchanan of Pa.
another leading supporter OF The administration,
touk the same ground, and compared Germany,
with lis low wages to the U. States. We call upon
the farmers upon all cusses of Vermont TO look
this matter fairly in the face. What is the argu.
ment of Senator Walker, if it is not this Labor
and produce are five or six times lower in hard
money Cuba than in Mississippi; hard-money
currency here, therefore, will reduce labor and
produce FIVE SIXTHS! SO say Mr.. Calhoun
aud Mr.. Buchanan; and they all say, Give us the
sub treasury with the specie clause, that produce
and labor may he so reduced that we can make
sugar us cheup as Cuba and jewelry as cheap as
Germany Well, this is the tendency ofthe thing.
Produce and labor reduced, of louise renl estate,
our firms and our all, must come tunbng down,
/ 10 only one sixth Of their present value a we
say, save DEBTS. And hence Mr.. Calhoun's proviso
However the standard of value, or the real value
, of produce and labor may be reduced not far
thing is reduced on debt Your farm is mort.
gaged, your note runs, you are charged on book
account, for so many dollars and cents and many
must be paid, although one dollar Tomorrow may
really be worth six to day. The argument, that
produce comes down equally with labor does not
touch This point there is indeed no such thing as
getting over it. Aud how are we prepared for
such a revolution. Our foreign debt, according
to Mr.. Grundys late report, is tirO hundred mil
ions, owed by the States, some of which is moi