The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1843-08-08

suspended with incaculabe injury to those concern
cd in hem and the labors of agriculture threatened
with the loss of their usual reward"
"The condition of the country is, indeed, singular
II il like that of tho strong man chained. In full
beoltb. with strength unabated, and all its faculties
unimpaired it is yet incapable Of performing its ac-
customed action Fet,ers and maracles are on all
its lmbs'
"The evils, all the evils, which we now feel, and
feel so acutey result from political measures, and
by political measures, and political measures alone,
can they be redressed. They have their origin in
acts of the government, and they must ma he'r cure
in other acts Of government"
These ruinous acts of government tcere followed ny
other acts but by rctracng the steps winch hod
led to universal injury; not by returning to that poll
cy, the wisdom of which had then been proved, as
well by the blessed fruits ofits existence, MS by the
bitter result of its abandonment The conductors oil
the government perversey substituted untred e%per-
iments Alarmed, perhaps, by the wrecks which
their arrangement of the currency had in part pro-
duced-at any rate, alarmed by the loud remonstrnn-
ces of an injured constuency-they rushed into the
opposite extreme BY the use of the public lands,
which profusely proclaimed for sale by encour
aging their parznns in the several states TO most
prodgal increase Of banking institutions; by convert
ing all the Of the government virtually into
banking capital aud expressly ordering the host of
pet banks to extend their circulation,they stimula
ted the currency unexamped extent, yea, to its
utmost limit. In single septenary, the increase OF
banking capital was more than As mions the cir
culaton of bank paper from 81 to l4o millions;
md bunk loans from 200 to 525 millions, being in
crease of 1926 millions In other words, the amount
of paper circulating medium, which had been grad
uully accommodating for more than hulfa century.
nearly trebed in the short space of seven years.
The vast machine was utterly without a balance
wheel to regulate its movements, or apower,any
where adequate to check control it; and it rolled
on, and on and on, sweeping every thing before itun
til destroyed by the violence Of its own action.
We appeal to every mans remembrance TO bear
us witness, that all branches of business
sively, fatally stimulated by the immense issues of
bank paper. The ordinary modes Of thinking and
calculation, gave place to the widest chmeras; ra-
tional and honorable enterprise yielded to reckless
and Intoxicating spirit Of speculation; to prudent and
economical habits, succeeded the flood of luxury and
extravaganza; and the fruits of all this exhibited
in widespread moral deterioration, land frequent exam
pies of the most shocking proagacy; prohigucy in
the national government, whose expenditures had run
up from IA to nearly 40 millions-prohgacy in many
of the states, which has since been consummated in
repudation-prohigacy in public officers, multitudes
of whom became defaultcrs-and pronigacy among
thousands of citizens who had been seduced into haz
ardous enterprises
The liberal reward of honest labor, and in
honorable pursuits, some alienation of the mass
Of evil which had been produced; and because of
these, many dreamed of the return of substantial
prosperity. But alas for the dreamers! "the brilliant
dawnng of a brighter day" became the lurd precur-
of devastating tempest. The tempest came
came with terrific power-sweepng away banks and
borrowers, yzng the hand Of labor sending suf
fering and to the domestic fire-sde, and nvol-
wing the government itself in that bankruptcy which
it had entailed upon more than quarter of million
of its citizens.
Such the second fruits of abandoning the well
tried Republican policy; but these bitter fruits APP
pealing as they did, for a return to that policy, with
force which would seem to be overwhelming, ap-
pealed in vain change in the course of the gov
eminent in vitable; but the change, ordained by
the ruling dynasty, not remedy for the distress
of the people. They again shot wildly to another
extreme and for the prodgal issues of an upre
SNi'tcu anu PdPCi Su''ohSys tSy P'o-
posed through the Sub-Treasury, TO tho gov
eminent from the people, and restrict the business Of
the country, so far as the Federal Government was
TO have any control it, to the meagre and
tain supply fgold and silver. circulating medium
of moro than 500 Millions they woud reduce to less
than 9O--not more than twice the amount of the an
nual expenditures Of the government
This measure was resisted by the people, Again
and again it defeated by their representatives land
that too, when the majority of them the pcrso
nal and political friends Of the men in power. But
Power triumphed over the People, and the deed at
last was DONE 1t brought relief to individual suf-
fering Even the government forced to repudiate
the very principles which it urged upon the people
1t obliged to exc out miserable existence by the
Of bills Of credit; and when the 4h of March,
1884, the Wings took possession, they found the
tonal covered with the wrecks of twelve years
of misrule, and its administrators burdened with n
debt of "a million of dollars
These disasters were justly regarded as the legti-
mate fruits of departing from the old republican prn
cipes and policy Such was the deliberate verdict
Of the people, rendere in the Presidential election of