The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1846-08-22
Where will the Money Come From!

q w Hblb VIII bHC IlViliJ UNIV i"h'
f Secretary Walker argues that the reduction
20 of duties as thoy stand in the Polk Tariff Bil
= from what they are in the Wing Tariff (and
10 greater proportion of the reductions arc upoi
r luxurics rather than upon necessurics) will re-
y quire an increase of importation Of only Sl5,
, 100000 worth of Foreign Goods year to pay
the National expenses 81 to raise AZ much rev
1 cnue as is now raised iromthe Wing Tariff
Well, how are these goods to be paid for'-
In specie, ofcoursc. Where is the specie 70
come FROM From the vaults of the Banks,
whore now, according to most bank charters
S3 Of paper money are issued upon 81 of spc-
Gle basis, In order then to pay for these $l5,
100000 of goods, towards FORTY-FIVE
! MILLIONS OF DOLLARS are TO be taken
from circulation, yearly, accoI ding to the cs-
Inmates of the friends of Folks Bill.
Previous to the adoption of the Wing Tariff
the balance of trade was against us, the specie
had gone from the country to pay for foreign
goods, money Of course was hard and our peo-
pie were ground down, wages were low, en-
| ploymcnt scarce, the farmers could sell very
little oftheir products for cash. and barter pay
was the order of the times. In less than two
years after this law went into operation $25,-
600, 900 of specie returned TO the country, and
our condition as people became just the re-
verse Of what it had been under low duties-
This 500, 100000 increased our circulation
nearly EIGHTY FOUR millions, and money,
of course, was as abundant as healthy state
Of the country required.
NJ, l., II
authors wish it to be and what is the prospect:
Certainly similar state of things to that of
1889, 1910 and lS4I, for like causes produce
like effects. These things cannot be contro- |
vcrtcd.
And now who get our money; The foreign .
farmers, mechanics, manufacturers and work.
what they get is taken from the
pockets, or rather what would otherwise be
in the pockets of our people Foreign wool,
N other Materials foreign beef, buttcr,chccsc
pork and grain are consumed in the manufac
lure Of these $l5,0OO,OOO dollars worth of
yoods,nnd foreign workmcn are paid for the Ia.
Dor entering into their manufacture, and lust
so much less wool, beef butter, pork, &c.
American farmers viii sell, and so much less
If manufacturing.
This is not also much less moncy(about SO -
or every 81 of specie sent abroad) our people j
ave to do business with
Now, is it not folly to pretend that such v
hings-and none will doubt them-wiu not |
realty depress the country, and niurously Il
hect great majority of the individuals of our il
ountry. They did so in lS4O-they have al c
Jays done so, q the results are legitimate and II
otural. And who will not protest and vote b
gaInst such policy All but slaves to party. +,
u The President has appointed Henry .
f"6bdr6, Sub Treasurer at Boston Mr. Hub i
ard was an earnest advocate of the old Hart
ord Convention, and aided in getting it IN. o.
&C. and like most of the violent and ultra fed
ralists of the times, now living, he is in high ,
lvor with modern democracy. In this they II
re consistent. The political doctrines ofsuch
oliticians are now in the ascendant Favor
ism to Great Britain in our Tariff Laws was PIT
opular with such men, while the more mod re
ate OF their party with the Republicans held
the doctrine of ample Protection to Amcri- tn
IN Industry. The Sub Treasury system too pc
OF federal origin and when first proposed by II
prominent iederalist was rejected as monar ~
lical in its features, and calculated to give NJ
tire control of the Finances of the country O
the Executive of the Nation Now, favor tn
SIN to Great Britain and the old Federal ca
lb Treasury system, stand foremost in the o o,'
talogue of the political measures of the self nj
yea democracy of the present day. Hence TN
Mt offices under President Polk.