Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1848-02-23

money. without a dollar Of specie to re-
deem it! A vast non-specie- paving bank.
with its paper Deprecated perhaps. l 5 or
90 per cent If the issue of Treasury
notes should greatly exceed the amount
absorbed in payment of the revenue. as
they will, if you increase their issue to the
extent proposed, they must not only sink.
as they have done, but they will 90 down
greatly below par. How are YOU then TO
pay your creditors! Must they take your
deprecated rags, when, by YOUR sub -trea-
sury you promise them specie! But they
have 40 alternative, that or nothing. Is it
honest. is it right to force YOUR brave,
poor soldiers, your honest creditors. your
clerks, and hirelings, to take this depre-
ciatcd rag currency, Is it right to force
the poor soldiers wife 10 60 to the hard
hearted broker 10 shave her pittance at the
rate of IS or 90 per cent. TO enable her TO
buy her bread for her starving children?-
To force your contractors TO do the same
thing. to meet their liabilities for provisions
to feed your troops in Mexico! They
must take your deprecated paper at par.
or nothing. They must submit to the loss.
and be ruined.
Sir. can go for no such injustice: no such
villianous policy as this will give the
Government the right to borrow and pay
in good money, but not to pay in its own
deprecated and irredeemed paper. | a.
gree, sir, with Mr.. w alker. inmuch that
he SAYS about the disastrous effects Of the
excessive issues Of paper money-ts ru-
inous effects upon the national industry.
its tendency to induce excessive imports
of foreign goods. fand the expectation of
specie, which will alone be received in
payment abroad. leaving this worthless
paper money to fill up the chan nels of cir
culation at home. ] agree with Mr.. Walker
in this, and hold him to it. call on him,
in this case. to practice what he breaches.
But, this Administration goes by the rule
of contrary; their theories and their meas
ures are always at war. When they preach
economy, | look out for extravaganza:
when they fatter the people as the true
sovereigns Of the land, then comes a veto;
when they cry peace, then look out for
war; when they say democracy, look out
for aristocracy; when they denounce pa
per money. look out for Treasury notes;
when they say 81 40 or .fght, look out for
.'slink out" and 40; when they say no con-
quest, look out for all of Merico.
This policy of the Administration has
been more disastrous to the best interests
of the country. more dangerous to its har-
mony and its integrity. than that of any
other that has existed since the foundation
of the Government. Three years ago.
when this Administration came into power.
it found the country peaceful and prosper
Gus in all its inter csts; and what is its con-
dition now! The country has been gov
erned by party and for party. Unable
to reward their numerous and hungry par
tizans. this Administration has involved
the country in war, which enables it to
satisfy the ravenous appetite of thousands
of its worshippers with high offices and
| fat contracts Peace will loosen their
grasp on the peoples treasury. Nothing
but a failure of revenue-a want of money
an empty Treasury. will give us peace,
and this powerful ne cotiator is near at hand.
| But let us look back for a moment
What contrast represented between the
! Wing and Locofoco policy. When Mr..
Van Buren, came into power he found a
surplus of about 40 millions in the Trea-
surv; when he went out. he left it about
40 millions in debt; and the revenues 10
or ~ millions short Of the expenditures;
and ruin and bankruptcy, national and in
dividual. prevailing throughout the land.
In this state of things, the Wings came in
to power in 1841; they passed the tariff of
l842, and the prosperity Of the country
ished as if by magic In the four years
900 900 Of the principal & interest Of the
I,h%
after the entire extinguishment of the debt.
/ it would have left surplus of 10 millions
year for the improvement of our great
rivers and harbors. affording security TO
life and property. and giving prosperity
and increased extent to our vast internal
commerce.
1 But this bright and cheering prospect
was suddenly overcast by the overthrow
of the Wings. and the accession of the
present Administration, in 1845. See to
what they have already brought the coun-
try! From a character and credit so
high as to command untold millions at a
premium. they have brought it down so
/ low. that they are now unable. we are
told, to affect loan of some 10 or l mil
lions on any terms. Look what the Bal
timore Convention have done; that con-
vention prescribed and dictated the policy
Of this Administration in advance-this
was done by an irresponsible caucus OF
artul and ultra politicians. with Mr.. Walk
err at their head. He. Mr.. Walker. made
Polk and Dallas what they are: he built up
this Administration; he now dictates its
policy. and governs its action; Yes. sir.
that caucus extorted pledge from their
chief, and made him promise. in his in
ausural. to carry out their dictation. The
frs; thing was the annexation of Texas
resulting in war. Next, to arrest inter
nal improvement. then adopt the sub
treasury. and finally. repeal the tariff Of
1S42; what has followed! Down goes
revenue and up goes the national debt al
the rate oftwenty or thirty millions year
thousands of lives. and millions of money
: ,.,S%,I IN , l,pJ o,J ,,bo lnox,-s