The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-03-14

thai last wear ne rfctlFeu an" Po'" o"'
eirh. millions oi dollars, all III specie. No"
sir. let him issue fifteen or twenty millions Oh
additional Treasury notes, and next year ne
will not re :eive and pay out one million III
specie; sir, il will eXpcl specie from The coun-
/ try; this deprecated PAPER money, IIeasu-
nv notes. vii fill up The channel OF circula-
! lion AT home, and specie will 90 and Is gong
i abroad 10 pay for foreign gooGs. 1t VIII en-
| rich brokers and money shavers at the ex-
/ pense of the people.
With nothing but deprecated Treasury
notes. contintntGt money, how is Mr.. Walker
TO get OH with his specie paying snb-lreasn-
| ry2 He is hound by law 10 pay IN specie and
has scarcely a dollar OF specie in his vaults.
| lie will he obliged, by his own mad meas
ures. 10 come here very soon and beg Coh-
gress 10 relieve him from the ru'nous ehec's
ol his own fSvorile policy, by repeating '"e
suh-treasurv and the Tariff oil 1910. 'c"S"'
ry notes are now one or two per ce"' u u,
par, and declining. Mr.. Walker Will o'
course, receive nothing else lor revenue
! " no will nov pay him one dollar III Fpeoie'
| As long as Treasury notes were apoVe par
| the Treasury ofcourFe received noihlhg ou'
specie hat when Treasury notes go COVE
below par then every man pays IN treasury
} DOtpS, because illtN dlC ~ 49,
{ Gle, and lie Treasury is bound 10 receive Them
at par, e,,'Treasury, therefore, VIII MOI nave
a dollar ofspecie in lis vaults. ana oil course'
It's paper, like any other non-specie-Payine
bank, musl delrecaie.
What gives value 10 paper money! Con-
rerlibiEfy-C onveriihihiy into specie on de-
mand. What is your sub-lreasury but an
overgrown Government bank issuing mill
Z
without dollar OF specie 10 redeem IL?
vast non-saecie paying bank. with lis paper
depreciaied perhaps. 10 or 20 per cent. II
The issue ofTrca sury notes should greatly ex
coed The amount absorbed in pdymen, of The
revenue. as they will. you increase their is
sue 10 the extent proposed, they must not on
y sink. az they have done. but they will 90
down greatly below par. How are you then
10 pay. your creditors? Must they have no
alternative. that or nothing. Is ii honest, is
il righ. 10 force your brave. poor soldiers,
your honest creditors. your clerks. and hon
est hirelingS, 10 lake this deprecated rag cur
rency? Is it right 10 force the poor soldier s
vile 10 90 10 line hard-hearted 5rokerio shave
her pliiance al the rae Of ID or 20 per cent
to enable her 10 huy bread foI her starving
children? To io:ce your contractors 1" 90
The same Thing 10 mreI their lIablllcs Tor
provisions TO feed your troops in Mexico!
They must take your deprecated paper al
par, nothing. They must submit 10 The
loss aud he ruined.
Sir. can 90 Tor 10 such injustice: no such
villanous policy us His. will give tie Gov
eminent III, right 10 borrow and pay IN good
money, hui MOI TO pay in lis own deprecated
and irredeemable paper. ngree. sir, with
Mr.. Walker. in murh that he says about HE
disastrous effects of the excessive ISSUES oil
paper mOney-its ruinous effects upon lht
national industry. lis tendency TO induce ex-
cessive imports Of foreign goods. and the en-
oriaiion of specie, ahich will alone he re-
criycd in payment abroad. leaving This worth
less paper money 10 fill up the channels OF
circulation al hume agree with Mr.. Walk
er in his and hold him TO it. cal! Oh him
in This rase, 10 practice what lie breaches.
Bui, Ibis Administration goes by the rule
ofconrary; their theories and their meas
urcs are always al war When they preach
economy. Look ont Tor extravaganza; wien
they fatier the people MS the true sovereigns
of the land, then comes a veto, When they
cry peace then look ont Tor war; when they
say democracy look out for ariSiocracy;
when Hey denounce paper money, look ou'
for Treasury notes: when they say 81 4O or
fight, look oul for ''Sliak cut and 40; when
they say no conquest. look out Tor all Of Aer-
leo.
THIS policy Of the Administration has becu
more disastrous 10 the hest interests oil The
country. n ore dangerous 10 lis harmony ana
lis integrity. Than that of any other that has
existed since the foundation oil the Govern
mem. Three years ago. when This Admin
islra ion came into power. ii lound The coun-
Try peaceful and prosperous in all lis m
trresls; and what Isis condition nOw?. The
country has been governed by party dad
/ for PARTY. Unable 10 reward their numer-
Gus and hungry pauiZans: This Admlnlslra-
ton has involved the country III war, which
enables il to satisfy the ravinous appetite of
thousands of lis worshippers with high Off
ccs and fat contracts. Peace will loosen
! their grasp on tie peoples treasury. Moths
/ ing but failure of rcveuue-wanI Of money
an empty Treasury, will give US peace,
and this powerful negotiator is near al
hand.
But letu- look back for a moment. Whal
contrast is presented between tie Wing
and Locoioco policy. When Mr.. Van Du>
rem cane into power he found surplus OF
/ about 80 millions in the Treasury when he
went out. he left II about 40 millions IN debt;
and the revenues 10 or y millions short 81
, the expenditures; and ruin ard bankruptcy,
national and individual, prevailing through>
out The land. In This state of lhirgs, The
Wings came INTO powcrin 1911; they passed
The tariff oil 1912, and the prosperity of the
cnuniry WAS restored. and The Treasury re-
pIeuishcd as if by magic. In the four years
ol:i's operation it paid off nearly Si0,000.c00
ollhe principal and interest Of the public debI
and in a year or two more, after The entire
ex,nguishmer.t oil the dcbi, II would have left
a surplus Of 10 millions year for The im>
provemeni Of our great rivers and harbor>.
afiurding security TO life and property. and
giving prosperity and increased extent 10 our
vast internal commerce.
But this brigh; and cheering prospect was
suddenly overcast BY the overthrow oil the
! Wings. and the accession Of the present
Administration, in lS45 See 10 what they
have already brought The country! From Il
; character and credit 50 HIGH as 10 command.