The Madisonian., 1840-02-27

FARMERS PRICES. IbE uLopl, 49,
MR.. BUCHANAN
Having last week stated an ON dit that I'M
portant passages in the reroaf speeches Oh
| certain administration Senators had been sup
pressed in the printed ones, and that Mr..
BUCHANAN had. at the solicitation oi aperson
III Connecticut, addressed letter to that State
for the purpose of counteraciing the effect oi
| bis argument in the Senate, which went 10
show that the effect Of the Sub-treasury would
be- SO to reduce the wages of labor that our
manufacturers would be able TO compete with
the wealthy establishments of Europe, and
thus, practically, render tariff Of protection
unnecessary, and the Globe having accused
the opposition with misrepresenting Mr..
Buchanan, and the Madisonian with caluin-
mating that gentleman, affirming that his
speech was correctly and faithfully reported,
and that Mr.. b. made no declaration shaving
the most remote resemblance" to the one con-
veyed by the above idea in relation to render
ing a tariff unnecessary by bringing wages IN
this country to a par with wages in Europe,
we therefore must beg our readers to indulge
US not only in making good our position, but
10 carrying the war into Africa.
| And first we would say that, it seems to US
that the Globe has convicted itself of an in
capacity to understand how a reduction of
wages would render a protectire tariff unne-
ccssary To state the avowed effect Of the
Sub-lreasury TO be TO nullify the tariff by
bringing the wages of labor in this country to
an equality with the wages Of labor in the
hard money despotisms of Europe" the
Globe declares TO be " in itsclf perfectly rd-.
cuious!" Is that journal so deficient in un-
derstanding that it cannot comprehend how
a tariff for protection would be rendered un-
necessary by the reduction Of the price of la
bort IL it is, we will not condesccnd to in
struct if, in a matter, which must be self-eyi-
dent to every man of common sense.
But the Globe affrms that the representa-
tons Of the Opposition are directly at war
with the whole current of the speech" Let
us see.
We do find in Mr.. Buchanan's printed
speech the following; and we leave every
person of ordinary intelligence to Judge,
whether the current Of the remarks does not
decidedly tend TO prove that, in order to enable
us 10 compete with foreign countries zoe must
reduce the price of labor 10 The hard money
standard ; and that in so doing, our manufac-
turers might defy the world without legislative
projections
+ From the great redundancy of our currency,
ftccs arc mann njactured France and Germany for
one-hay Of Their atuai cost Il, ih,s etna,y Let me
present an example In Germany, rhsrc The currency
rs purely metallic, and The cost Of epery thing
dueed 10 hard money standard, piece Of broadcoth
I've manufactured for fifty doiars-he manufacturer
Of which, in our country, from the expansion Of our
paper currency, would cost hundred dollars What
is The consequence The foreign French or German
manufacturer imports this cloth into country, and
sells II for hundred dollars. Does not every person
perceivethat the redundancy Of currency equal to
premium Of one hundred per cent in favor Of the
/ foreign manufacturer No at,G Of protection, mn-
less IL amounted 10 prohibition, rould eounteraet Ms
Advantage in Jauor Of foreign manufactures.
| Why cannot ue manufacture goods, and especially
cotton goods, which Will 20 into successful competition
with British manufacures in foreign markets. Have
we not the necessary capital! Have the indus.
try! Have not the machinery And, above all, are
not our skill energy, and enterprise proverbla through
OUT The world Land is also cheaper here than in any
other country on the face Of the earth We possess
/ every advantage which Providence besow upon
| for the manufacture of cotton but they all
teracted by the folly OF man The material costs
us less than it does the English because this arti-
Gle the price Of which depends upon foreign markets,
4 and is regulated by our Inflated currency We,
therefore. the freight Of the the At
lanlic and that Of the manufactured article return
here What IS the that with all these advantages
and ,rih The pYoeefiue dniies which our laws afford TO
the domestic manufacturer Of cotton, cannot obtain
exclusive possession Of the home market and success
fully contend for the markets of the world II issm-
ply because we manufacture at the nominal prices Of
own inflated currency, aud compelled 10 sell at the
real prices OF other nations. Reduce nominal to The
real standard Of prices throughout the irord and you
I cover our country with blessings and benefits
/ What Is the reason that manufactures have been
able to sustain any soro competlion in the home
market, with those Of British originl 1t is because
England herself is, TO great extent, paper money
country, though IN this respect, to be compared
| with our From this very cause, prices in Eng
land are much higher than they upon the Continent
The expense oil living is there double what it
| France. Hence all the English who desire to nurse
their fortunes by living cheapy, emigrate from their
/ own country to France, other portion Of The
Continent The comparative iom prices Of France and
Germany hare otorded such stimulus 10 Their manu-
Jactmcs 'aat "ey are nop rapdy attending hemselpes,
and would Obtain possession, IN no small degree even
Of me English home market If IL ,rere NOT for iter pro-
ttehng dptes Whilst British manufactures are now
languisng, those OF the Contnen, are sptingng into
healthy aud vigorous existence II but the other
day tina. saw an extract from English paper, which
stated that whilst the cutlery manufactured in Germany
was equal in quality with the British it SO reduced
price that the latter would have abandon the man
ufsc,ure altogether.
Nothing can be more plain than that the
drift of the above argument is to prove that
reduction of wages and prices in this country,
10 an equality with those of France and Ger
many, would "cover our country with bles-
sings and benefits"