Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-04-30
NO. s.

never can and never will submit to, so long
as their power can be felt through the bal
lot-box.
But, sir, this is not all. While we arc
thus TO haye intolerabIe burdens loaded up
on us, to add to the weight of our embar-
easements, and TO increase our sufferings;
and while the debtor portion of the public
are to be crushed and ground to dust be-
tween the upper and neither milestone Of
this process, the man of money is not only
to escape unframed, but to have his prop
erty doubled He who holds cash, or its
equivalent in notes bonds, or stocks, will
be able to buy double the amount Of prop
erty with it, and will therefore have its val
ue doubled on his hands, for, while wages
and property are to 60 down, money is to
go up in the same ratio
If the friends of this bill have given to
it true construction, it is a bill Of spryil-
eyes 10 the rich, but scourge to al 9th
| ers.
! What is the debtor portion Of the public'
Is it so Insignificant as to be disregaded?
Sir, will venture to assert that the amount
of existing Indebtedness in any commercial
country is nearly, if not quite, equal 10 the
value of all property in that country,
whether it be rich or poor, prosperous or
unprosperous, and you cannot change, to
the extent gentlemen have supposed, the
relaton of debtor and creditor, or thus d.
minish the resources of the debtors with
out crash, waste, and desolation such
as has never been experienced. Suppose
man hes pu chase SIC, 600 worth of proper
ty at present prices, and given his bend for
| 80. .ol. IT, LII =. =.
worth $1,000. How is it possible tina,
with resources thus reduced, most debtors
can ever pay?
But, sir, you cannot maintain a state Of
thugs such as has been supposed. You
may embarrass and distress US, as YOU have
done, but this bill, in the end, works Our
no such advantages as are anticipated for
the planters. The theory contains in itself
: principle that will defeat the end IN view.
Go on, sir, ifyou please, and 81 legisIaie
as to bring to the cotton planters the es-
mary profits anticipated, at the ex-
+. pense OF the other branches of industry;
how long will it be before that pursuit will
be overloaded with competitors, till the
market will be inundated with cotton, and
its price fall just in the ratio you have
stimulated its production3 Down it will.
down it must. by the laws of trade, come
10 level with the fall of other productions.
And what will be gained by the whole pro-
cess! Nothing; absolutely nothing, ex,
cePt that II 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, if it does not already suffi-
ciently appear, but have no time to en-
large, interesting and al!-impor,ant as ths
subject is.
What motive can we have, sir, to reduce
wages and the value of property? When
did the sun ever shine upon laboring peo-
pie SO blessed as those ofour own country
have been? Where have they ever been
able by industry TO feed, clothe, and edu-
cate themselves SO well? The history Of
the world proves nothing more certainly
nothing with clearer demonstration; than
that where wages are lowest there is the
greatest poverty and suffering, there thn
condition of the aborer is most forlorn ana
wretched; there is the least moral and in,
tellectual culture; and there our race il
sunk into the depths of political degrade
ton, incapable of raising itself to that lofty
elevation attained by free. enlightened
people, capable Of governing their own
affairs. l, tends to the opposite of every
thing dearest to us, for the descent will car.
ny with it not only wages, but all the high
| qualities which fit us to be what we are
free and independent. THIS is sufficient
answer to all that can be said upon the SUBJ
ject.
Such is the remedy for the disease
which afiicts our country; and. while its
advocates shadow forth its evils far beyond
any conception Of mine, if the bill be car
ried Into effect, as has been proposed here,
l must confess that see in il nothing ~
sooth or relieve the public--nothiDg to rer
store confidence, which is the great and
desirable end-noihing to avert futura
panics- nothing to stop this scramble al.
ter the gold and silver going on between
US and other countries-no,hing that has
healing power enough to revive and nlaip.
tain prosperity.
But, sir, much as remains 10 be said,
must draw 10 close, as my object was
merely to notice some leading remarks Of
Senators which have developed the new
ard extraordinary doctrines Of this admin
lstration. | was anxious 10 vindicn,e the
rights S the great miss Of the people, who
acquire their support by labor, and whose
interests, as laying at the basis Of all pros.
perity / have al all times md nm MI fstftnr