The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-03-31
From the Washington Madsoniun.
WHAT DOES THE ADMINISTRATION PRO.
POSE FOR THE RELIEF OF THE COUN-

POSE FOR THE RELIEF OF THE COUN-
TRY!
This is natural and general inquiry. 1t is
natural because the government was Instituted for
the benefit Of the people, and general, because,
embarrassment, low prices, and distress are uni
Tersal
The administration proposes no measures OF re-
lief Whatever. On the contrary, it tells us that
'uhe people look to the goveI nmont for too much"
and that ''relief is not to be found in captdientS.
The people of the United States ordained the
Constitution in order to "estabhsh JUSTICE "pro.
mote tho general welfare and secure the blessings
of liberty" and especially enjoined upon the Presi-
dent tho d~ty of recommending measures of exPe'
dency. And why not? The principles of cur
government arc fixed. There is no longer any
controversy about the form. The people, there
tore Justly look lis administration for dents
adapted TO their wants, and 10 the general good.
And what, in this extraordinary crisis, does the
administration propose? "A Sub-Ireasury, with
specie clause and FIVE millions of Treasury notes?
BY what arguments they urged? The Treasu-
nv notes are wanted to NEE: the liabilities Of the
Ire asury only Insse ad Of being measure of re-
lief, they will operate TO Increase the public en-
burrassment just in proportion TO the amount of the
people currency which they absorb without
eQdlYalent L nc treasury Is uTSeu upon INC
ground, among others, that, it will reduce the cur
rency, and bring down our prices to the standard of
hard money prices through the world.
What will be the consequences? We will let
William ii. Crawford answer, and lie gives
swer, which although written while he was Secre-
tary of the Treasury in 1920, in his report Con
gress, most aptly meets the propositions urged by
the leaders of The present administration in the
Senate.
".4 sudden eduction Of The currency, by the re-
duction of tho paper which has been employed,
could not fail to dernnge all the relations of socefy,
by Diminishing tie quantity Of The currency, achiLst
,oould suffer sueA dianinution. I'm Immediate
depression in the price ofuH commodities ,ooud DC
the ine0itatie consequence OF an unqualified return
TO u metallic currency"
GAIL the interests Of society would be most seri
ousy disordeied property Of ercry description
soould rapidly fall IN Uniue; the relations between
debtor and creditor would be violently and sudden
ly changed. This change would be greatly to the
necessary to discharge his debts would exceed
that which he had received from his creditor; the
one would be ruined without the impulation of
crime, whilst the other would be enriched without
the semblance Of merit. Until the engagements
existing at the moment of such change are DIS
charged, and the price Of LABOR and Of eommodtttes
reduced to the proportion which it must bear to the
currency employed as the medium OF their exchange
enterprise Of every kind ,ou DC represSed aud mise
ri md distress universally preUau.'
eft will be- foreseen that the currency will APP
preciate, and all other articles must deprecate in
value,
t.The price Of exportable articles will also be eff
fected by the reduction of the currency employed
in effecting their exchange. 1t is even probable
that the quantity of exchangeable articles will be
diminished Whilst the appreciation OF the cur
rency is preceptibly advancing, the manufacturer
will not hazard his capital in producing the article,
the price Of which is rapidly declining. The mer-
chant will abstain from purchasing, under the APP
prehenson of further reduction of price, and Of
The difficulty ofrevending at profit. tits even prob
able that the interest of money will fall whilst
the cry of scarcity of money will be ncessant.
Under such circumstances loans will not be re-
quired, except to meet debts Of Immediate urge ncy
None will be demanded for the prosecution of en-
terprise, by which the productive energies of the
community will be increased"
To the argument against the proposed measures
of the existing administration which has revived a
policy thus exploded and rejected by the Repub-
can party of $780, need not add one word. If
the American people willing to give their sup
port to schemes calculated TO produce The conse-
quences depicted by Mr.. Crawford, we can only
say, they must be singularly infatuated with MIR.
Van Buren,, and blind to their own private inter-
-ests.