The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-05-15

ardenlly in favor Ct iniusing into the currency
the country very large amount Of the prcciO'
metals.
he Senator has advanced another position
which am sorry | cannot agree with him.
is this permanent high rate Of interest is ind
catiyc of the prosperity Of my country. Now, 81
a permanent high rate of interest is conclusive e
idcnce cl scarcity of capital, and indicative
any thing but prosperity. | think, therefore,
will puzzle him, with all his ingenuity. to esla!
lish his proposition. To render Il country lru
prosperous. capital and labor must be 50 conLme
as each 10 receive Il fair reward In Englan,
when the rate Of interest was very high, the coui
try was not AT all in iiOurshiHg condition b
as capital gradually accumulated, and the rate
interest consequently sunk she became more al
more prosperous, though she did not reach h
highest elevation until money yielded consider
bly, less than FIVE per cent But this subject is
little relevant to the question under discussion
that Is scarcely necessary pursue 1t. II 1t wer
it would be easy TO show that high rate of il
terest genraily, if not universally, enters into d
rect conflict with the wages eff labor, which Il
Senator Is so anxious 10 maintain Snppoee, Il
example, that it required capital Of 40 600
put and to preserve an iron nunuiactory in succe
siu operation. In one country the lnlercs; on tn
sum at ten per cent would amorHt TO 1900, WIFI
in another could be procured at four per cent,
$500. The difference would be (, 200 AM
unless this amount can be saved either by r
dncion in the wages of labor, or in some 9th |
manner, the manufacturer who pays the high
rate of interest amest always presses upon Il
wages of labor.
II the gentleman's theory he correct, Wall sire
must be "A perfect paradise ofprosperity Iher
the rates of interest for II long tme has been pc
nancntly high, varying between two and four p
cent month, or between twenty-lOur and fort
eight per cent, per annum. Post notes on the Bar
of the United States have been discounted freely
two per cent per month, With these facts beft
him., Mr., Jclicry would net row declare, as Il
Senator informs us he formally did, ''that this cou
try was The heaven Of the poor man and the he'll
rich" He night probably reverse the poslt
though it would be equally eXtravagant one wa
as the other 4 county in which rich man c;
realize from twcnty-iOUr TO tOrty-eight per cent f
his money, would be any thing but IL place of to
ment for him. But what il the condition of pc
man in such country? When capital COMMAND
such an cxravagnnt interest to lpudate CONNIE
cia debts, it will no longer be used in the Ell
p!cyment Of labor ; and hence poor men must
ccssary be thrown out Of employment, Such
condition is any thing but heaven for the
The Senator eNcainls with n lightly horror, ." Il
$tuays are still upon the throne, and Charles Il
Second has succeeded Charles the I irst.' i'eh
think, been very unfortunate in this historical
allusion, il he intended to compare our Andre
with the first Charles. 7 he enemies Of CharlCs
oil his head, whi,ts our Andrew, politically spca
ing, cut the heGds of all his enemies and MAI
and many Of them were is such terror Of him, til
they drepdcd he might turn the metaphor into r
atty, ard cut oil their heads in earnest, Charl
the Second did not succeed hares the | irst \
Lord froectol interviewed. Although he ind {
Senator iiOm Kentucky ire as different, in 9th
respects rs two abe and brave men can be,
VIII st he was speaking it struck ne that there "
one striking point of resemblance between them.
and what, sir, do Won think that was; Ny 10
Protector always begun ard endgd every thing
the Senator has ended his spccrh-uM prGges
hen in regard to the SccoHd, have lite to 81
Ofull men, tie Senator ought TO be the last to d
parage cur Martin. i have read Of great co
-qucrcd GcEarul who always pronounced hi' co
queror 10 be a very abe and brave man, hccau
rs he historian observes, it would have lessen
the n,sriia sftho vanqui.hod T." have be,I overcOl
by lGoi or coward, The Senator, in speak,
Of Martin, ought To eXclam
"Grcrt c. me call him, Ter he conquered me-"
If, in addition, the little magician should be Vi
torious over the hero If 1ppecanoc, in the gre
battle to be fought the approaching artamn, al
have full faith that such will lie the result, III
he will go down to postcrily with all "his bus
ing honori Thick rpon him."
Than',ing the Senate f., their patient attentio
| shall now resume my seat.