circulation will be established. I undertake to say, that no greater fallacy than this was ever uttered; the thing is impossible, and for this plain reason. The dues which the government collects come from individuals; each pays for himself. But it is far otherwise with the disbursements of government. They do not go down to individuals, and, seeking out the workmen and the laborers, pay to each his dues. Government pays in large sums, to large contractors, and to these it may pay gold and silver. But do the gold and silver reach those whom the contractor employs? On the contrary, the contractors deal as they see fit, with those whom they employ, or of whom they purchase. I speak of what is in proof. A contractor came to Washington last winter, and received a draft of $180,000 on a specie-paying bank in New York. This he sold at ten per cent premium, and with the avails purchased funds in the West, with which he paid the producer, the farmer, the laborer. This is the operation of specie payments. It gives to the government hard money, to the rich contractor hard money; but to the producer and the laborer it gives paper, and bad paper only. And yet this system is recommended as specially favoring the poor man, rather than the rich, and credit is claimed for this administration as the poor man's friend. Let us look a little more nearly at this matter, and see whom, in truth, it does favor. Who are the rich in this country? There is very little hereditary wealth among us; and large capitalists are not numerous. But some there are, nevertheless, who live upon the interest of their money; and these, certainly, do not suffer by this new doctrine; for their revenues are increased in amount, while the means of living are reduced in value. There is the money-lender, too, who suffers not by the reduction of prices all around him. Who else are the rich in this country? Why, the holders of office. He who has a fixed salary of from $2,500 to $5,000 finds prices falling; but does his salary fall? On the contrary, three fourths of that salary will now purchase more than the whole of it would purchase before; and he, therefore, is not dissatisfied with this new state of things.