The Caledonian

Senator Buchanan, hearing the effect of his Sub Treasury speech at the north has undertaken to explain so much of it as relates to the reduction of labor. It needed explaining. No one can read it and not draw the irresistible inference that the Sub Treasury will reduce all kinds of property and free labor. It is so palpable that a few only of the V. B. papers at the north dare to publish it-they fear its effects upon their readers; and some of them publish merely parts of it. Buchanan, like all demagogues attempts to flatter the laboring men to whom he would administer the poison of death--- charms like the serpent to make himself more certain of his victim. It ought to excite the jealousy of the people that the V. B. papers extract the most unobjectionable parts of his speech, and keep back that which discovers the poison in the bitter cup of Sub Treasuryism. Messrs Walker, Calhoun and Strange, who spoke for the slave growers on this subject, let out their designs more boldly in support of the bill—brought up the condition of degraded Cuba, as an example for imitation; and Van Buren in his message cited 24 hard money despotisms of the old world as showing the beauties of Sub Treasuryism. Buchanan made a speech for the north; yet, cunning and smooth as he labored to make it, he finds that he told too much truth to be let out upon freemen's ears at once; and he has undertaken to soften it down, to run the smoothing plane over the Sub Treasury once more.

We have been told for months, and the President told us in his message that the Sub Treasury was in partial operation. This the north feels to be true. The farmer feels it when he goes to market; the manufacturer feels it in not being able to sell and get pay for the products; his mechanic feels it in not being able to collect his dues; the young man feels it in not finding employment or in depressed compensation; thousands of working men in New England feel it in not being able to find places to work even for his board; the merchant sees it as he looks upon his long list of unpaid accounts; the usurer and monied men out of business feel it in heavy shaves on the notes of their industrious neighbors, and see the beauties of it in the prospect of foreclosing a few mortgages on the half paid for estates of the hard working farmers of their vicinity; such enjoy their bright prospect in the future, declare the banks done the mischief, raise their caps and hurrah for Van Buren and the Sub- Treasury.