Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1848-02-11
THE INCONSISTENCY AND DESrRUC
TIVE POLICY OF POLK AND HIS



MIR. Walker mex, speaks of his great horror
Of pa per money. The calamities which mus,
follow an inflated paper currency Nothing
is more injurious. he says, than the e1pan.
sion, coniraetions, and fluctuations of the
paper system This 'perilous and seductive
system SAYS Mr.. Walker, leads to the exces-
sive importation OF foreign goods, Che very
thing he has been advocating and drains our
country OF its specie. producing immense sac.
%rifices, and depressing the industry Of the
whole country and this eloquent denuncia-
ton OF paper money and its %ruinous effec.s is
made al the very moment that he is issuing
millions and ten OF millions OF pa per money,
IN the form of Treasury. notes, and is now
calling on Us 10 authorize the issue OF some
eighteen or twenty millions more OF this mis-
cradle paper money which, he says, is so
disastrous 10 every national interest. How
does MIR. Walker reconcile this slaring incon-
s%istency? What are Treasury notes but pa-
per money? Worse than bank paper, because
less valuable in the money markets of the
country. Mr.. Walker boasts that last year he
received and paid out forty. eight millions of
dollars all in specie. Now, sir, let him issue
fifteen or twenty millions of additional Trea-
sury notes, and next year he will not receive
and pay out one million in specie; sir, i,
will e1prl specie from the country; this de-
prec'ated paper money, Treasury notes, will
fill up the channel Ut circulation al home, and
specie will 80 and is going abroad to pay Tor
foreign goods.
With nothing but deprecated Treasury
notes. continental money, how is MIR. Walker
to get Oh with his specie paying sub-ireasury?
he Is bound by law TO pay in specie, aud
has scarcely a dollar Of specie in his vaults.
lie will be obliged, BY his own mad mes-
sures, TO come here very soon aud beg Con.
gress to relieve him from the ruinous effects
OF his own favorite policy, by repeating the
sub-ireasury and the tsnlf OF 1916. Treasury
notes are now one or two per cent. under
par, and declining. Mr.. Walker, will oi
course. receive nothing else Tor revenge
who will now pay him one dollar in ~s,eci.9
AS long as Treasury notes were absve par the
Treasury OF course received nothing but spe.
Gle; but when Treasury notes 20 down below
par, then every man pays in Treasury notes,
because they are worth less than specie, and
The Treasury is bound to receive then al par;
Inc Treasury, therefore, will not havea dol
lar OF specie IN lis vaults, and of course, its
paper, Ike any other non specie paying bank
must depreciate.
what gives value TO paper money? Con-
psrt4oaaiy-convertibility Into specie on de-
mtnd. What Is your suh-treasury bu, an
o'efsrown Government bank, issuing millions
and tens OF millions Of ps per money, wi,hou,
a dollar oil specie 10 redeem it? A vast non
specie paying bank, with its paper depreeia
ted. perhaps, ID or 20 per cent. II the issue
oil Treasury notes should greatly exceed the
amount absorbed in payment of the revenue. !
as they VIII. II you increase their issue TO The
extent proposed, they must not only sink. as
they have done, but they will go down great.
y below par! How are you then To pay your
,Teditorsf Must they take your deprecated
rags, when, BY your sub-tIeasuIy you pronis.
ID them specie?sBut they nave no alternative
hat or nothing.
IL II honest, is il right 10 force your bra y.
soldiers, your honest creditors. your
clerks, and hirellngs, 10 take this deprecisted
fsS CURRENCY Is II right TO force The Door
vile to so TO the hsrd-bearted bro
Ief TO shave her pittsnce at the rate OF Is or
~ per cent. 10 enable her TO buy bread for
ler starving childreni To force your con-
factors TO do The same thing, to meet their
olli'ies tor provisions 10 iced your troops in
Mexico, They must take your deprrcia ted ma.
Der al par, or nothing. They must submit 10
he loss, and be ruined.
sir, ] can 70 for no such injustice; no such v,iI.i,
poiiey a. this. I viii give the Government m.
~. 10 barrow aud pay in good money. bat no, to nav
? It's own deprecated and irredeemahie pager Lay
~ WIN MI. Walker. in much that he say. st.,.s ~,
Nssous eneets OF The excessive issses of ma per me
't} rulhoas effects upon The national iudu,,rs
10 induce excessive imports OF forei.n 800.
'n' ~ expectation Of specie which will alone -.
a.s pe!taent abroad, 'eaving TINS worthless p.ne,
ho"ry 10 nil up the channels Of circulation a. hopI~
asiee WIN MI. Walker in this. and / hold INN ~ !,
nsa nih ~ ms case, 10 practice what he pfe.rh..
~ me- tds'ini.lrsfion goes by the rule OF CONT. |
..sci, 1'eofiss aud their measures are alm az. a, 49,
: y 'hs, preach economy, | iook out fof ,Itr,x.
A"oe' "neh taes Halter the people a. the lime sa,.-
ign. OF the land. then come. a veto. ~h.n .'ef- I
@'''''h '"'A 0z' TOT war; saea tiIy "a, :eno,r. 4.