Columbus Democrat., 1840-02-29
NO. 81.

ti'hef TIE credit gwen TO the purchaser for bis
own note OF the notes Of bank. The sale Cor
bank notes WAS snll but sale on credit IT, on
making purchase. give n payment the note OF
a ihad person, It Is a sale on credit and Il IS the
same i1ing ~hea give the notes Of babk. Tie
transaction Is delus,ys Il nominally snle Cor
cash, but IN reality upon credit. BY these sales
upon credit, the nominal prcts Of the wages oi
labor are augmented, bat not The real value c.
those wages The real value of hs wages to the
lhbaer consists noGln The nominal price paid him,
bat IN the value OF that pree. Thus, II une man
~ paper money country receives lor hls month
/ ~ Labor tauiy dollars, and Il costs him IN that
county, irnm the enhanced prIces of all The ne
cessauss Of hlc, thlIty dollars month to supper.
| himself and family, the zeal value Of his wages Is
not great as that OF the laborer Who may Ts-
ceNe IN a bard money county but fifteen dollars
| per month, and can With twelve dollars month
| support himself and fany and contend tha,
! the expulsion OF bank paper aill enhance The real
| value OF the wages Of labor II IS denied, so far
as my knowledge extends, by no writer on cur
rency, that upon the introduction Of paper cur.
teucy, wages are The last thing to advance. and ia
the least proportion BY then the change from
metallic to paper cunency, the real value OF the
labor OF wages, - depressed and It this be So.
how can It Inlure the laborer TO return from pa
per to specie currency The reason gwen by
some for this relatively slower and smaller ad
vance Ia the wages of labor upon the in,roduc
tion OF paper currency ia this that the capital
lsls Who employ labarers, beng fewer IN the num-
Der, and more wealthy aud powerful can more
readily combine TO prevent rise IA the wages OF
Iabot, But, although this might have some slight
temporary effect upon the first introduction Of
bank paper IN a county, II appears TO inc wholly
insufficient TO account for the general and perma-
nent prevalence OF this great principle. The
true reason lor the rule appears to me to be this
that the existence OF only specie currency in
| any country increases most in that country tho
amount OF and demand for hbor, by creating
markets for ls products, both at home and abroad.
! The amount OF labor must depend upon the mar
! kcts lor IT'S products. These markets are first
| the fotrigu, and secondly the domestic market.
| Letus examine he effects Of paper currency.
| first as regards the foreign market. This eurren.
cy enhances so much The cost Of producing ard
manufacturing IN the county where II exists, as 70
decrease the amount of It's exports, and, also, to
| dmui,h the profits from the snle Of these exports
~ foreign market With nh expanded paper
| currency, viii any enc contend lhat We can ex-
pou, at profit any article TO any hard money
country, whose sol and climate pernf il 10 raI.s
or manufacture the same article and ~ relation
To MI articles which cannot be raised IN country
with specie, currency, and which We do export
there uur profit on those experts are greatly d.
mtnlfcd by increase oG expense Of raising them
IN paper money country aud thus, slso sub.
rcmp us 10 the hazard Of being driven out Of the
market, OF undersold by other hard money coun-
tfics, raslng and selling abroad the same species
of exports produced a, n greatly diminished ex.
pendure. Thus the effect Of the paper money
>, stem here, is clearly TO diminish exports and te
decrease the profit Of oil we do expnr' Now
what is the effect Of the paper system upon the
domestic market II s to deprive tho domestic
producer and manufacturer even of the home
market, TO great extent, and thus TO diminish the
amount of lho products oi labor Thus. under
our paper sysom, countries having better cur
rcncy, nnd manufacturing al "a cheaper rate, ara
enabled even 10 the face Of high Tariff, to mono
polizr, or nearly so, even the domestic market
for most Of The important articles Of manufacture
which they could not do, # We had only specie
currency Nay more, England husl purchases
htte, Cor instance the article OF cotton, ~ ylng
hgh freight and insurance abroad, and consldeIa
bio duty upon the import oil The raw mnterlaL She
sends, then, the manufactured cotton goods into
this country, paying new freight and insurance
and new mud heavy duty upon the import here
and undefsclls tho American cotton manufacturer
as 10 most ARTICLES, even N or own Inatget
What IS the cause II ~ our miserable paper
system, so much worse than that Of England
which 80 enhances hero The cost Of mnnuiuctur
lDg AZ to sacrifice tho American 10 the foreign
manufacture. Aud heIe, again, the American
cotton grower, ~ greatly injured, as we'll as The
manufacturer IT, sh our augmented produc
l0n Of cotton, We desire II TO MAINTAIN peTmn'
neHt profitable pnce, We must extend bs cen.
sumption ol tie manufactured fabric. That con
sumption VII hf greatly Increased. by diminish
lug tho expense OF manufacturing the raw mate
RAJ, aud lhus cheapenng the price, aud thereby
. extending the use, Of the manufactured abnc.
!. GIVE Us here n specie currency, aud hating but
hltle, II any, freight or insurance, and no duties 10
pay Tor the raw material, We cun supply the world
: With manufactured fabrics at cheaper rates than
, England csuld possibly afford 20 do And when
We take INTO view, also the cheaper rates st Which
We could then manufacture equip and SAT- vessels,
= We could put down all competition, and export
abroad OF sell at home, not merely one million
= eight hundred thousand bales OF American cotton,
2. but nearly all Of this cotton which is now chiefly
n manufactured abroad, would be- manufactured 10
+ an Infinitely Arsater extent at home. to the extent
l. Ia few years, Of at least one million ol bales
s per annum, making thus en- annual difference N
d favor OF o,r own country Of at least tiiy millions
II Of dollars Yes, there is not plantation or city
n n the South, not seaport or manufacturing VI
.e ace 10 any of the Eastern, Western, Northern
ar or Middle States. that would not feel a new i'm
Pr pulse from the adoption Of this great system w
have the greatest natural advantages Of any coun
j. Try upon the face Of the globe. We have ih
Ii mos, fertile soil, the best climate, the most eper
81 getIc and intelligent people, and the (reest 60
le venmen on earth, and ought 10 be the most pros
? porous Of nations. Why is il otherwise Il