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Editorial
August 24, 1840
Vermont Watchman And State Journal
Montpelier, Washington County, Vermont
What is this article about?
This editorial argues against the destruction of credit and establishment of a hard money currency, claiming it benefits office-holders, moneylenders, the rich, and creditors while harming farmers, laborers, the poor, young men, and debtors. It criticizes the Administration's policy, quoting Gen. Jackson, and warns of economic ruin.
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A CONTRAST.—Who gains by the destruction of credit, and the establishment of a Hard Money Currency?
The Office-holders—Who will receive their salaries in gold and silver, while the value of property will be reduced one half.
The Money Lender and Usurer—Whose gold and silver will be augmented in value in a ratio corresponding with the reduction in the value of property.
The Rich—For it will, in the language of Gen. Jackson, "make the rich richer, and the poor poorer."
The Creditor—Who will thereby be enabled to oppress, and utterly ruin his unfortunate debtor.
Who loses by the destruction of Credit and the establishment of a Hard Currency?
The Farmer—Whose farm is reduced in value one half, and its productions in an equal proportion.
The Laborer—Who is either utterly deprived of the means of earning his daily bread, or is compelled to work at prices varying from 10 to 40 cents per day, instead of one dollar and one dollar and a half, as heretofore.
The Poor Man—Who will be deprived of all prospects of ever rising to opulence in life by the destruction of all credit and enterprise.
The Young Man—Who will have torn from him the greater main springs to industry and exertion—and who, henceforth, must never allow his aspirations to rise above the lower and humbler walks of life, unless born to wealth and opulence.
The Debtor—Whose property will be sacrificed to fill the coffers of his rapacious creditor.
Let every man in the country ponder well the above truths. The Administration have decreed the destruction of credit, and the establishment of a metallic currency; and unless speedily arrested in its course, will soon utterly demolish the level of individual and national enterprise; prostrate the institutions of our country, and overthrow the prosperity of its citizens.
Bellows Falls Gazette.
A CONTRAST.—Who gains by the destruction of credit, and the establishment of a Hard Money Currency?
The Office-holders—Who will receive their salaries in gold and silver, while the value of property will be reduced one half.
The Money Lender and Usurer—Whose gold and silver will be augmented in value in a ratio corresponding with the reduction in the value of property.
The Rich—For it will, in the language of Gen. Jackson, "make the rich richer, and the poor poorer."
The Creditor—Who will thereby be enabled to oppress, and utterly ruin his unfortunate debtor.
Who loses by the destruction of Credit and the establishment of a Hard Currency?
The Farmer—Whose farm is reduced in value one half, and its productions in an equal proportion.
The Laborer—Who is either utterly deprived of the means of earning his daily bread, or is compelled to work at prices varying from 10 to 40 cents per day, instead of one dollar and one dollar and a half, as heretofore.
The Poor Man—Who will be deprived of all prospects of ever rising to opulence in life by the destruction of all credit and enterprise.
The Young Man—Who will have torn from him the greater main springs to industry and exertion—and who, henceforth, must never allow his aspirations to rise above the lower and humbler walks of life, unless born to wealth and opulence.
The Debtor—Whose property will be sacrificed to fill the coffers of his rapacious creditor.
Let every man in the country ponder well the above truths. The Administration have decreed the destruction of credit, and the establishment of a metallic currency; and unless speedily arrested in its course, will soon utterly demolish the level of individual and national enterprise; prostrate the institutions of our country, and overthrow the prosperity of its citizens.
Bellows Falls Gazette.
What sub-type of article is it?
Economic Policy
Partisan Politics
What keywords are associated?
Hard Money Currency
Destruction Of Credit
Economic Inequality
Administration Policy
Metallic Currency
Debtors Rights
What entities or persons were involved?
The Administration
Gen. Jackson
Editorial Details
Primary Topic
Opposition To Destruction Of Credit And Hard Money Currency
Stance / Tone
Strongly Critical Of Administration's Metallic Currency Policy
Key Figures
The Administration
Gen. Jackson
Key Arguments
Office Holders Gain From Salaries In Gold/Silver While Property Value Halves
Money Lenders And Usurers Benefit From Increased Value Of Their Holdings
The Rich Get Richer And Poor Poorer, Per Gen. Jackson
Creditors Can Oppress And Ruin Debtors
Farmers Lose Half Farm And Produce Value
Laborers Face Wages Dropping To 10 40 Cents Per Day
Poor Men Lose Prospects For Rising In Life
Young Men Deprived Of Incentives For Industry
Debtors' Property Sacrificed To Creditors
Policy Will Demolish Enterprise And Overthrow Prosperity