The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-07-27
THE REVOLUTION IN PRICES.

THE REVOLUTION IN PRICES.
The Bill is rolling, and rolling rapdly,-and
now the Flour has gone,-.and Beef Is gong,--- La
Dor Is TO be reached next When -four is but five
dollars per barrel and beef Is propoTioned TO il in
price, nothing is more clear than thai the presen.
prices OF labor cannot long exist The necessaries
Of life Cannot fall, without bringing down the action
life, which Is Labor. Thus the Ball which long
ago rolled over and crushed the Merchant, is now
rolling over the Farmer, and is 10 roll the
| Mechanic the Laborer and the workmen Of all
classes aud amost all grades and professions. We
are now going TO the bottom Of prices. We are
| reaching toward the substralun Indeed we cannot
say We are sorry,---for when we get to The bouom
we can begin to get up. When every thing is down,
all classes Of men--wiih a common inleresl---wiIl
reason together, and will search out the causes OF
things as they arr
The experiments which the federal Government
of the country have been making upon the currency
did not affect all classes Of people, till the shock Of
the suspension OF specie payments and the affection
then was rather that Of the shock Than of abiding
permanent influence upon all classes OF society The
short crops saved the farmer; and il relnarka-
BILE that these short crops not only existed here, but
in all The nations OF Europe, so that grain being kept
up meat and labor were necessarily kept up too
! The farmer rs have known nothing of the sacrifices
which the merchant has made upon sugar, coffee,
cotton, broadclohs, teas, every thing imported as
well as upon the domestic exchanges, when il was
necessary at any sacrifice, to raise because
he has got his eight, and nine and ten dollars per
| barrel for -four; his beef cattle commanding pro-
dgious prices, and all Other of his products in pro-
portion,-so that, actually, the farmers have made
more out OF the short crop Of The last year, than they
will make out of The abundant crop this year. The
imported articles which they consume are TO be no
lower this year than they were last land in some
cases not SO low, whereas they going to get but
about half price Compared with last year for much
OF what they produce. The arrangement OF the
domestic exchanges in also adding from ten TO TWEEN
per cent upon the cost of articles to the consumers
in the States, not upon the Atlantc--a serious item
Of consideration, unless they be amended Of which
there is not much permanent probability.
The severe contraction OF the currency now going
on, kept up necessarily knocks down prices. The
New York banks, we suspect are but little more
expanded, Than when they were screwed up the
highest for The resumption Of specie payments. The
vast products of the INTERIOR which centre here for
foreign and domestic export necessarily 60 through
our crucible and we melt them down to hard money
prices, as In European Slaes where the currency is
as hard as Sub-lreasury can make IT,. We are 10
see by the European arrivals, what is the prospect
for the crops in the grain countries OF Europe
il they are good this crucible OF currency will
melt down barrel of -four to pretty small sum Of
labor per day. s.s.a.s
The causes then which are to knock down the prices
of Labor see TO be two fold, first abundant
harvest, wherein the laborer is bat slightly affected
what he looses per day. he makes up in market. and
second this contraction Of the currency which
lessenng the circulating medium, makes money scarcer
and consequently measures the value Of days labor
by smaller representation OF II IN money. These
combining reduce the price Of labor in
every occupation, unless something extraordinary turns
up to controvert the law. What this reduction OF
labor will amount to, it is difficult to say-but wages
will probably 60 down to what they in 1925 snd
1926 Thus the Bricklayer who gets two dollars per
day. may expect to have 81 so cents The Carpenter
who has 81 rs cents, may expect 81 25,-and the com
mon laboer Railroads, or Hold Carriers, may expect
to their 81 rs cents reduced 10 81 at least Is
impossible to predict the exact price, for that depends
something upon supply and demand-but nothing is
certain than the to which we have alluded
must reduce the wages Of the laborer. When the
farmer reduces the monthly pay Of his hired man"
the field Of employment in the Cities 1t is also clear,
will be more filled than it is at present.
Causes thus we see are rapidly approaching crisis,
which will make all occupations OF men reason upon
the currency. AS this subject then is to be the great
topic Of political agitation, on which men are to decide
upon their property, their services, and their
labor, is highly DESTROYS that all classes should
together upon it II is clear as light in one
view, thar currency approaches the Sub-trea-
sury system Of Italy, and Turkey, and Germany, the
wages OF the American day laborer will approximate
the wages Of the Italian, the Turk, and the German
4 contracted currency must make contracted prices
for mans work. As it is impossible for any nation
to keep more than its proportionate amount of the
precious metals the reduction OF the circulating me-
dunn Of nation to that amount is the reduction of the
work OF the man to his proportionate amount oil the
industrious part Of the population. Indeed it is sus-
cepble Of mathematical demonstration, that II $4,000
900, the Of gold and silver estimated in the
United States be the Of value ofsthe property
OF its $4,000 900 Of people, dollars each would be
all a human being would have to represent what OF
property he had and il he had none, his body-and its
bone aud muscle The approximation OF the currency
10 this 80 600 900 OF hard monev currency not only
the screwing down Of the property OF 26 States TO only
80 900 Of dollars in value, but the reduction Of the
labor OF every in it to his proportlonse part Of
what the industry Of the country is worth estimated
with its lands, its houses and its Now IL
we estimate the labor Of the country to be worth
half Of the real and other property Of the country, 40
600 900 Of dollars would represent the labor OF the
country to be 1000 000 have 40 900 900 Of dollars
pay 1000 900 Of laborers, which is 20 dollars for
each laborer.
Twenty dollars for each laborer year. Now esti-
mating that the changes Of investment in labor can
be made three times year, enormous estimate, all
a laborer would receive year, II SS0,0O0,OOO, the
hard money Of the country its only money
would be 60 dollars Sixty dollars per year is 5 dol
lars month. Sixty dollars per year IA little over Ia
cents a day,-which is not quite so much as British
soldier gets per day, but is nearly much. Many,
very many laborers however. in Italy, and parts OF
Germany can be hired for IL cents day. Enough
be got in Egypt TO work for IL cents per day
And the reason why an American ldboref gets more
per day than any other aborer Is, that, win specie
basis. ALWAYS important we know but with the same
basis that they have, have adopted cfedh system
4, am additional basis for the enlargement Of the crcu
latinp money, called currency.
The aborers Of the country are soon to be called TO
dwell upon what the merchants the manufacturers have
ofteo been compelled, by their suierngs dwell upon.
we have hardly doubt that Free Schools will
bring them to just decision
The ship Groiop, Of Boston, at Brooklyn, caught
FIRE this morning al about three o'clock, from some