The voice of freedom. [volume] (Montpelier, Vt.) 1839-1848, 1848-02-17

Mr.. Walker they were vibrating or pre-
pairing to move?' They may vibYate a little,
to amuse Mr.. Walker, and induce him to
take our duties Off their good, and he has
done it, And what have they done? Moth
ing-nothing at all. They are "vibrating,"
but their tariff vibrations all so up, instead
of down, while they laugh at Mr.. Walkers
simplicity.
But, above all, beg you to protect and
cherish your national industry; to protect
and sustain it against the efforts of lis enc
mics, foreign and domestic, TO break it down.
Labor lies at the very foundation of the ma
tional prosperity. Labor, in every depart
ment- the fields, in the workshops in the
factories-cherish it and preserve it as the
great element of your national wealth and in
dependence. When labor prospers, all other
interests prosper-when labor is depressed,
all other interests must suffer and sympathize
with it,
What is all other capital compared with the
capital of labor? Estimate your labor at
one tenth of your population, say two millions
OF laboring men; if they earn but $3.50 per
year, this is equal to the interest Of capital
Of $4,000 per annum at per cent, which,
multiplied by two millions, the number of
laborers, makes our labor capital equal to
sir thousand millions of dollars and this is
the great element of power and wealth and
prosperity that Mr., Walker would sacrifice
and degrade to the wretched condition of
European labor, by his miserable policy Of
/" free trade - compelling the Americans to
work as cheap as they do in Europe, or give
up their markets and their money to for
eigners.
As, then, you value virtue, liberty, and in
dependence of your country, ] bcscech you
protect and defend your labor from the ruin
Gus effects of foreign competition. call up.
on the laboring men-the voters of the land
to come to the rescue, to protect them
selves; the power is in their own hands, let
them exert it for their own security and de-
fence, know what it is to labor come
from the ranks of the Iaboring men-I feel
for their interests, and / sympathize il their
Suflerings and when | desert them, may
heaven desert me-
THE INCONSISTENCY AND DESTRUCTIVE
POLICY OF POLK AND HIS PARTY.
Mr. Walker next speaks of his great horror
of paper money. "1he calamities which
must follow an inflated paper currency"
Nothing is more injurious, he SAYS, ethan
the expansions, contractions, and fuctua.
tons of the paper system" This "perilous
and seductive system" says Mr.. Walker,
leads to the excessive importation of foreign
goods (the very thing he has been advocat-
ing) and drains our country of its specie,
producing immense sacrifices, and "depress-
ing the industry of the whole country" and
this eloquent denuncia.iom of paper money
and its ruinous effects is made at the very
moment that he is issuing millions and tens OF
millions Of paper money, in the form Of treas,
ury notes, and is now calling on us to author.
ize the issue of some eighteen or twenty mill
ions more of this miserable "paper money"
which, he says, is so disastrous to every ma
tional interest. How does Mr.. Walker re-
concle this glaring inconsistency? Whit
are Treasury notes but paper money p
Worse than bank paper, because less valua,
bic 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 Treasury notes,
and next year he will not receive and pay
out one million in specie sir, it will eXpel
specie from the country; this deprecated pa
per money, Treasury notes, will fill up the
channel of circulation at home, and specie
will go and is going abroad to pay for foreign
goods. 1t will enrich brokers and money
shavcrs at TIE expense of the people.
With nothing but deprecated Treasury
notes, continental money, how is Mr.. Walker
to get on with his specie. paying sub-treasury?
lie is bound by law to pay in specie, and has
scarcely dollar Of specie in his vaults. He
Will be Obliged, by his own mad measures, to
come here very soon and beg Congress to re-
lieve him from the runOus effects of his own
favorite policy. by repeating the su5-trcasury
and tho tariff of 1886. Treasury notes are
now one TO two per cent. under par, and de-
clining. Mr.. Walker will, of course, receive |
nothing else for revenue. Who will now pay
him one dollar in specie ? AS long as Treas |
nry notes were above par the Treasury of |
course received nothing but specie; but |
when Treasury notes 90 down below par,
then every man pays in Treasury notes, be-
cause they are worth less than specie, and |
he Treasury is bound to receive them at par
The Treasury, therefore, will not have dol |
ar of specie in its vaults, and of course, its
paper, like any other non-spece paying bank
must dcpreciate,
What gives value 70 paper money? Con-
,crtiJlHy- convertibility into specie on de-
nand. What is your sub-treasury but an
ovcrgrown Government bank, issuing mill
ons and tens Of millions Of paper money,
without a dollar of specie to redeem it? A
vast non-srecie paying bank, with its paper
deprecated, perhaps, Is or 20 per cent. If
he issue of Treasury notes should greatly
'xceod the amount absorbed in payment of
he revenue, as they will, if you increase
heir issue to the extent proposed, they must
rot only sink, as they have done, but they
Will 90 down greatly below par. How are
'ou then to pay your creditors ? Must they
axe your deprecated rags, when, by your
ub-treasury you promised them specie Bnt
hey have no alternative, that or nothing. Is
t honest, is it right to force your brave, poor
oldiers, your honest creditors, your clerks,
md hireings, to take this deprecated rag
Is it right to force the poor sol
lier's wife to go TO the hard-hear!ed broker
O shave her Dittanrc ut the rate of | 3 1r 90 /