The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-08-03


doubt as 20 where restshe responsibility Of this NOR
sirous increase OF banks, and paper money. AND
now, what was promised as remedy for the evil
by tho parties contending for power.sg .s'
The Locofocos chung to n aciousy to their lido
scheme The Sub Treasu ry not that it was expect
ed 10 operate as regulator TO the banks, but as an
ex,ermirator bringing gradually the circulation o
the country down TO a specie basis, by means O.
the specie clause, thus placing themselves in tb'
unnatural position of parent declaring war upon
his own legitimate offspring. This the Wings pre-
tested against, conteuding that'a proper number o.
banks had been beneficial to the country, ana un
der the same regulations mght be again, and prom
sed sustained far as possible TO bring forward
measures 10 restore sound currency, and with il
former prosperity. $500,
Now the question recurs, wherein have the
Wings failed to fulfill these promises? Have they
not pressed a repeal OF the Sub Treasury as the
first condemned by the people, and barrier in the
way Of better measures and are they not now, a.
mid the clanior of their opponents, maturing SUBJ
stitutc, beloved by them, and proved by expert
ence to be the best that had been, for regulat-
ing the currency? oh, yes say tho compartments,
all this they have dono bur stiii, they have failed
TO bring that relief which was promised immediate
w on the election or Gen. Harrison. That relief
was promised, is admitted but that il was prons-
cd fn,raediatelyis fooshly aIso and absurd in the
extfeme I' "'' oiN 9''4A"
Ii was confidently. expected by tho Wings that
on the change Of the adrninlstra ton being known,
immediate confidence toouid be restored; and inths
If they disappointed, il is through the bghting
influence of Van Buron's European SubTreasury
Law. t-F = 1854,
But, persist their opponents, Times are not beno
fitted by tho change, wool sells for more than it
did last year This Is true, and the reason fright
" understood will exculpate the Wings from fault
in the case Tho OWL complained of originates in
the absence of good measures in the past admins
istrations, or in other words is the sconrge Of
tho Sub TT easury law, not yet removed by whole
some measures. To iilusirate-.the farmer is de-
pendent upon the large manufacturers for mar.
Iet for his surplus sal, aud tho manufacturer IS
dependent upon the Southern and Western States
for his market,an in proportion his market Is
good, in the same proportion will be his demand
for the raw material; and in the Same proportion
as meas ures affect the manufacturers interests in
the same proportion will that OF the former be af
fected. trs
This doctrine of dependence subsisting among
all classes ofbusiness he's been properly treat
ed. 1t is easy matter for demagogues to howl q
bout monopoles, and grown manu- featuring es
tablishmenis and for the sake of political capital
warn the farmer agains, their absorbing influence
but the farmer will learn put the right est.
mate upon this kind sophestry and political cant
They will view the interest of the manufacturer,
the individual operator, and farmer, as one; and
the prosperity of the sign Of the pros
perity of the whole
A. E..l ..,...
doctrine Independence, wherein have the acts of
the National Government affected the demand for
the manufacturers goods
IL Is not contended that the demand is material
ly affected, but The of roalisins The value of
goods, is the greatest trouble in the New Eng
land States, and in fact throughout the Union.
w oulen goods find ready mark ct and fair price,
in the new and non Manufacturing States, but The
money received for them SINKS twenty and 90 per
Ct before il reaches the M erchant manufacturer
of New England. Thus eating up his entire prof
its and moro too, and compelling him 10 suspend
business entirely unless he purchase his raw
mate rial at price sufficiently reduced, counter
act the loss sustained in the exchanges by the dc
probation OF his money, and thereby bring the
whole weight of the loss, directly upon the wool
grower, who must either lose his market, sell
his wool at discount of from twenty to 25 per
cent. Hence the difficulty is apparent, and the
cause, of that difficulty has been shown original
moved all checks from the State banks, but by
the fostering influence ofthe Pet Bank deposite
system indirectly caused to spring up, mushroom
like, nearly one hundred annually, more than the
interest of the Nation required, or the capital Of
the country could sustain. "A nd hat is perfectly
natural general depreciation of the currency, and
the consequent depression of business is the natu
roi result. ti
And now, what Is expected of the Wings as
remedy for the evils which exista Are they expec
ted in one day TO remove burdens that have been
years in accumuIating7 Are they expected in a
moment TO raise a crippled country from the last
slough oftheer successive prostraons? Or sha II
they be allowed reasonable time for this hercule
an task? If 50, then upon the latter conditions are
they pledged 70 devise a remedy, in doing, which,
they''boast Of mo- untried experiments, no new
schemes offnance, but guded'by the light of expe
renee they propose measure (which has only 80
stored the country from the blighiing effects Of Two
foreign wars, Gas bad If possible as the late Locoo
co war upon the currency;) bntunder forty years
trials has proved conducive the best financial in
terosts OF the country in giving uniform & sound
currency. s ss- NVsA W ,eeA
This is simply and unequiyocally National Bank
with Branches, Il is not deemed, necessary here
10 60 into detailed account of the operations or
National Bank {notLthe Pennsv yania Bank y lnnnn