Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-07-26

"CoId,oater Observer I've have just receiv-
ed the first number of new paper just published
at Coldwater, Branch County, in this state, by
Mr.. J. X. AvERILL II is neatly printed sheet,
and is ably conducted. We hail il as valuable
auxiliary to the Democratic party Of Western
Michigan. We copy the following article from
the Observer:
The Pressure.-The ruinous system OF
over-production in Great Britain, and the
wild schemes of speculation in this coun-
try, both pushed to unusual lengths, ac-
count for the distress that has come upon
our land like the plaques of Egypt. In
Britain a dependant multitude is rapidly
increasing, and their manufacturing sys-
tenn is perpetually making the mischief
worse, and entailing its miseries upon their
posterity. AS their degraded factory popu-
lation increases, the British have extended,
and must extend their system of produc-
ton, or bear the burthens of an idle and
starving population. The master manu-
facturers call upon the moneyed aristocra-
cy for means to increase their business,
and a copious issue from the banks is the
consequence. The laborers are then
urged to the full extent of their power "to
spin and weave, to hammer and construct"
for the commercial men of this country
The manufacturer there overdraws on
their paper currency-he overworks his
laborers, and over production is the con-
sequence. He is then anxious to flood
our country with his goods, and our mer-
chants therefore over-trade on credit, and
the credit system is extended to his custo-
mers. Luxury and splendor may be had
for merely the asking, and unbounded ex-
travagance is the consequence. Utopian
schemes of speculation are formed they
call upon our banks to "raise the scind"-
the banks over-issue-the golden visions
fail, and at last they reap the whirlwind.
And in all this there is nothing new. The
same process has been repeated again and
again And the same comic tragedy will,
doubtless, be re-enacted upon the same
stage, by even the same corps: For whose
benefit? The starvelings of England
The best days of British prosperity have
been supposed to be when her manufac-
turing class was the must productive but
at such times the pestilence was walking
in darkness, preparing to lay them pros
trate at the feet of the Molach of their am
bition. We make the following extract
from one of the most accurate philosophi-
cal observers of the age, published in Ed
inburgh in the spring of 1885: ain the
summer of 1925, commercial men con-
ceived themselves to have reached the
highest point of prosperity, and the de.
mand for labor was unlimited. But sub.
sequent events proved that this extraordi-
nary demand was entirely Fictitious, fos-
tered by an overwhelming issue of bank
paper in short, they were engaged in an
extensive system Of over-production. The
ruin that overlook them in 1926, arose
from their having accumulated, under the
unbridled influence of gain, vast stores OF
commodities which were not required by
society,""
| The importer purchases enormous guam.
titles of those commodities of the producer
not because the consumer in this country
demands them, but because they are urget
upon him at a long credit. The importer
takes his position upon the back Of ou
wholesale dealers--they upon the shoulders
of the country merchants, who stand upor
the heads of the consumers. And wher
the day of reckoning comes they are alike
FRUSTRATED to the earth, except that the high
est receives the least injury, for they fal
upon the people, on whom the pressure
rests. This game will soon be repeated
again by the manufacturing, banking
specializing and commercial classes, ant
the people will again be borne down to thu
earth with this incumbent babel crushin.
them, unless they learn and steadily prac
tice self.denial, economy and industry.