The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-11-07

| great proprlety, ask Tor information from you
And what have 10 say upon il. say will
Difference 10 your knowledge and experience
What then is the present state of things
| suppose may say that there is a veryeun
usual scarcity ofmoney, or high price III mo
ney, IN the community al the present moment
that 1t has lasted very unusual length o
time; that 1t has now continued for more thar
twelve months, without any apparent abate'
ment. | suppose may say that there is &
great depression Of industry and stagna.ior
OF business, and discourageinents TO the oc
equations of men. suppose may say witt
truth, that there is a diminished demand
for manufacturing labor, and a great con
servalism in ts reward. Now, is this q
true, though short, Representations Of the state o.
things?
There are before me hundreds OF men who
with some capital like all other men Of bust
ness. have occasion also for occasional funds
Do they find, and do they admit, and do they
feel that money is scarce and dear? Dc
they find, in the daily operations of affairs in
their own sphere Of active life, that they are
embarrassed on account Of the DEAFNESS OF
money? All that, suppose everybody can
answer for himself. lsuppose il is toe noio-
rious 10 be regarded for a moment, and hav-
! ing put this question TO the active, industri-
Gus classes Of society. engaged in trade,
manufactures, commercial men, and the like,
and expecting 10 receive, if they we're 10
speak, but one answer for Them all, I would
in The next place, put the question 10 the rich
men oil the country, 10 the capitalists, to the
men who have money 10 lend. ] would ask
them whether money is not now 10 be had at
what they consider very fair price; and
should expect 10 receive from them a very
! cheerful and satisfactory answer
In my judgment. gentlemen, for a whole
year back, The rich have been growing more
and more rich; the active and Industrious
classes have been more and more embarras-
sed; and the poor have been growing more
and more poor, every day throughout the
whole year. And in my judgment, further.
so long rs this Sub Treasury lasts, so long
as The present rate of duties and customs lasts
that is 10 say, so long as the tariff of '46
conllnues-this state of REORGANIZATION by the
rich, OF distress Of the industrious classes, and
of the aggravated poverty of The poor, will 90
IRON degree to degree, 10 an end which
can hardly estimate.
And IN the first place, gentlemen, rs TO this
constitutional Sub Treasury, which is liked
by so many because they do not like, sup
pose. 10 violate The letter Of the Constitution.
though they may violate its substance;
look upon il as one OF the sirangest fantasies.
rs one OF the greatest deccpiions, and as one
of The least plausible political frauds ever pro-
duced by party mana9 Is there a ci-
vilIzed country in the world that knows any
such Thing as locking up in chests and boxes,
under bolts aud bars, the public trea sury
Is there any civilized people upon The earth
that separates the the interest of commerce
from the interests Of the people Is there
any such thing known in EngIand.nr France,
or wherever a spirit o: commerce had perva-
lied the people know not OF il.
And NOW, historically, LEI me ask, how did
il arise and what is its origin Why, il is
al very plain Gen Jackson had conlro-
rcrsy with The Bank of lhe United STATES, in
which Inc public monies were deposited. He
Withdrew those public monies from The Bank |
ni The United STATES in the year 1888. Well,
how Then should he keep The public money J
He did not see fit 10 leave them as they were
before there was United States Bank, in
the hands Of collectors, TO be drawn rs WANT
ed, bat he adopted an experiment, rs he call
Ell 1t AT the Time, and placed them in depos
lie banks. That experiment failed in 1886
and 1887. and with great explosion. these
State Banks blew up.
By ills time Mr. Van Buren, came into Of
fee, and summoned an extra session of Con-
gress, which assembled, think, in Decem-
Der, 1857 and Mr.. Van Buren, and his coun-
sellers produced thai day as an original idea
and II was altogether original,.-as of iheir
own uvenlion.-and i; was of their own in
venion, for in that respect they stole no
mans lhunder,-they produced this project
OF whal they called Constitutional Treasu-
ry, or Sub-treasury, which was 10 lock up in
Inc chests oil The Government every dollar
which ihe Government received, until il
should be called for by the Governments
abs'racIing it from The business of society,
and obsiructing business proceedings.
That system prevailed. The country tried
il. ii lasted during Mr.. Van Buren's ad-
minihtralion and you and ], ard all other
Wings in the country, laid our hands 10 The
work, TO expose The bad character, the use
lessness, and Inconvenience. and mischie-
vous operation of this Sub Treasury and.
upon that the Wings of The country turned
MIR. Van Buren, out of office. Yes, gentle
men, there was no question which had more
10 do with the overthrow of Van Buren's adj
ministration, and the election of Gen. Har-
rison in December. 1910, than this very uues-
ton OF the Sub Treasury. Don't we all
know that
And now, by he way-il' it be bv the way
and not too far out OF the way-what are we
Wings requested 10 do by many members OF
The community, and | am sorry 10 say by
some flour own members We are request
ed 10 take back Mr.. Van Buren,, Sub Treas
ury and all. We are requested 10 pass judg-
ment against ourselves Tor our decision in
1910. And | see men in this Common
Observation-Disclosures, and thank God they are
nota grear number-who, at the period Of
that discussion, in Congress and out OF Cons
gress, with voice as distinct as mine, md
talents far greater opposed, dectied and con-
demned the Sub-rreasury system, as the
greatest evil any Government could inflict
upon commercial people. such as ours;
see Them now taking Van Buren,, Sub-treas-
ury and all: and ockinghim upin their grasp
as fast as they can.
Gentlemen, see with regret, that some of
those who have been with us,-been with us
here, been with us in the presence of these
images of great men, which hang around us,
-denOuncinu rs we denounced +bo ,,ol;o,- of