The Madisonian., 1840-02-15

Is II so Insignificant as 10 be disregarded
Sir, will venture TO assert that the amount Of
existing indebtedness in any commercial
country is nearly, If not quite, equal to the
value Of all properly in that country, whether
il be rich or poor, prosperous or uuprosper-
Gus AMI you cannot change, 10 the extent
gentlemen have supposed, the relation Of
debtor and creditor, or thus diminish the re-
sources of the debtors without a crash, a
waste and desolaiion, such as has never been
experienced. Suppose a man has purch
$4,000 worth OF property at present prices,
and given his bond for il: you reduce its va
lue one-half, and tits worth S5000-how is
il possible that, with resources thus reduced,
most debtors can ever pay
But, sir, you cannot maintain a state of
things such as has been supposed You may
embarrass and distress Us, as you have done,
bat this bill will, in the end, work out no such
advantages are anticipated for the planters.
The theory contains in itself a principle that
will defeat the end in view. Go on, sir, if
you please, and so legislaie as TO bring TO the
cotton planters the extraordinary profits &Ali-
cipated, at the expense Of the other branches
OF industry how long will il be before that
pursuit will be overloaded with competitors,
Till the market will be Inundated with cotton,
and its prre fall just in the ratio you have
stimulated its production Down it will
down il must, by the laws OF trade, come to a
level with the fall Of other productions. And
what will be gained by the whole process
Nothing absolutely nothing, except that il
will take more Of our labor and more Of our
productions TO buy foreign merchandise; our
gain will turn literally into loss. This is
capable, think, Of demonstration, il it does
not already sufficiently appear but have no
time TO enlarge, interesting and all-mportam
rs the subject is.
What motive can we have, sir. to reduce
wages and the value of property When
did the sun ever shine upon laboriDg people
50 blessed as those Of our country have BEEN
Where have they ever been able by industry
to feed, c!othe, and educate themselves so
well The history Of the world proves no.
| thing more certainly-nothing with clearer
demonstration than that where wages are low
est there is the greatest poverty and suffering;
there the condition Of the laborer is most tor
lorn and wretched there is the least moral
and intellectual culture and there our race
rs sunk into the depths of political degrada-
ton, incapable Of raising itself TO that lofty
elevation attained by a free, enlightened Peo-
| pie, capable of governing their own affairs
1t tends to the opposite Of every thing dearest
to US, Tor the descent viii carry with il not
only wages, but all the high qualities which fit
us 10 be what we are-frec and independent.
This is sufficient answer to all that can be
said upon the subject.
Such is the remedy for the disease which ai-
fiicts our country and, while its advocates
shadow forth its evils far beyond any concep-
ton of nine, if the bill be carried into effect,
as has been proposed here, | must confess
that see in il nothing To soothe orrelieve The
public-nothing to restore confidence, which
is the great and desirable end-nothing to
avert future panics-nothng to stop this
scramble after the gold and silver going on
betn cen US and other countries-nolhing that
has healing power enough to revive and main
lain prosperity.
But. sir, much as remains TO be sad, must
draw TO a close, as my object was merely to
notice some leading remarks Of Senators
| which have developed the new and extraord-
nary doctrines of this Administration was
1 ANXIOUS to vlndicate the rights of the great
mass of the people, who acquire their support
4 by labor, and whose interests, as laying at the
basis OF all prosperity, have at all times and
| on all fitting occasions esponsed and main
tanned with whatever Of ability possess. In
this, sir, have taken great and sincere salts
faction, believing it 10 be the great end of our
free Government, and the only sure means OF
sustaining it. La the name and in behalf Of
that great, powerful, and enlightened class of
my felow-ci,izens Of Massachusetts, whom
| have the honor to represent, enter my So
lemn protest against the doctrines here ad-
vanced and if my voice could reach them
in their dwellings, their shops, and on the
decks of their vessels. would exhort them
not to be deluded by false theories leading
! them on to ruin, but to rouse up their ener-
gIes, and, at the ballox box, manifest their in
dignation at all attempts to oppress them by
diminishing their business and taxing their
labor t. enrich others. would entreat them
not to sit still and be made such as they see
the distressed and impoverished laborers of
Europe and Asia.