The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-04-08
More Facts for the LabOring Man.
SENATORS BUCHANAN & DAVIS.
From The Charleston Msrcury.

feWaIhs 10 ueience oil tcc ibdependfnt ireas-
ury had been grossly misrepresented. IL is on
the contrary, cause of regret that the eontTo-
versy between these Senators was carried to an
extremity of harshness that set at nought all
the grave proprielies of Senatorial debate
thought il must be confessed thar the proyoes-
lion 10 the Pennsylvania was great and alto.
gether wsnton.
But ia his reply TO Mr.. DAVIS. Mr.. BUrHAS-
AN has so clearly pointed out the mischievous
effect Of an irrsdeemabe and fuctusting cur
reocy upon the employment and the rewards OF
industry, and the necessity of reinstating the
precious metals in their proper dignity as the
standard Of value and the solid basis Of curren-
cy, that without any refereace 10 the personal
Controversy, his remarks have hig n value as
an admirable discussion of several interesting
points 10 the great money question Of the
times
From the same
THE WAGES OF LABOR.
One Of the most precious topics Of Wing
stage-effect defamation. is a design imputed
10 the Administration to establish an exclusive
metallic currency. and they have been busy in
most vain industry to hatch crazy chickens
from this added egg. for some three years or
more. First their cry was in favor of the
Banks" the Institutions Of the ceuntry."-
il was very easy TO shew however that, if the
banks were to be ruined by the withdrawal Of a
little money which formed no part Of their cap
its and to which they had no right, the sooner
such rotten concerns were got out Of the way.
the better. The banks loo, soon behaved in
such way as 10 render il expedent for the
Wings 10 say as little about them as possible.
The next name for the hobby was the "credit
system" This served them worse than the
other. II turned out that the credit system
had involved Spectators 10 the purchase Of
lands and houses at an imaginary valuation; /;
had involved the people in the purchase Of
goods beyond their income; had involved the
banks in lending money on security that failed :
had involved the merchants in importing goods
which they could neither sell nor pay for; had
involved states and companies in the eons,ruc-
tion of Improbable works which they could
neither finish, nor use; had 10 fine involved
the whole country in "A perplexity Of mighty
debt from which there was no outlet. and no
escape bnt in that violent breaking up Of its
coils which must cause the bankruptcy of
many and the suffering of all. The very name
of the credit system has become bye word OF
reproach and contempt. 1t has broken. for the
same reason that bubblss break-it had moth
ing in il. We are now treated TO ,hiid edit
ion of Whig defamation against the Indepen-
dent Treasury. in this cant about reducing the
wages of labor. 1t is as hollow as the rest.
Nay il it he examined, it is the very worst as
pect in which the Wings could slIew their op-
position. There is not single rational view
that can be taken Of the question, in which it is
not appai ent that labor is the sufferer from the
effects Of bloated system Of credit.
We will no, suppose any man so profound a
fool as TO make the merits of the question rest
upon the nominal sum which is paid for the
year, the month or the day. to the aborer.
The question is about the profits Of labor-thst
is the surplus which remains 10 the labo1er af-
Ter deducting his expenses. One man gives =
laborer 5000 year. on condition that the lat
ter shall pay him $500 for his food clothing
and lodging. in the meantime. Another man
gives but 5000, and furnishes the same food,
clothing aud lodging for 500, We should
like 10 know where is the grievance in this lat
Ter case. IL these different expenses are in
Cured by the laborer in seeking for the means
of subsistence elsewhere, it does not change
the case. lf they represent the cost Of living
under different monetary systems, il is still the
same. The question to productive industry is
still, how much profit is left TO it after paying
its isexpense.
Now it canno, be denied that the effect of the
credit system is TO increase the apparent capi-
tai Of country and also to increase the profits
even Of this. Where is the corresponding ad-
vantage on labor il is limited TO rcality-yon
cannot build houses or raise cotton by prom
ise 10 work. The increase in the wages Of labor
is never speculative and advances only behind the
necessity Of paying its expense, TO preserve its ex
iseBcc. The speculative profits of capital
therefore always precede and govern the profits
labor. When the system Of fictitious capi-
isl meets with check on the other hand. la
Dor is the first 10 feel it, Look at the history
Of the reverses in manufacturing districts the
first symptom of distress is ever the DIscBARoE
or TUE OPERATIVES. CAPITAL MAY BE
CURTAlLED OF ITS GREAT PROFITS
IN SUCH TInLs, BUT LABOR, rs DEPRIVED
OF IT'S BREAD. tsy.tem therefore which
has least fuctuation. 10 ths most advantageous
TO the laborer, and such system must mani
festly be the one which has least po,cer Of er-
panding on fictitious capital. Nay. it BY no
means follows that the absolute price Of labor
shall be greater under credit. Than under
cash system. twas stated not long since 10
the British Parliament that the laborers in the
English Manufactures were worse paid than 10
France. Switzerland and Germany. In Ire
land they hare paper money enough. but alas for
the wages ofidbor!
Besides the natural power of capital TO keep
ahead Of labor. which is still further increased
by the fiction Of credit it has the further pow
er Of increasing the expenses Of labor and
thereby diminishing its profits, BY monopolz
ing the products OF the earth. IL is perfectly
easy to produce 40 artificial scarcity OF any
necessary Of life and thereby raise its price.
We need not remind the reader how often this
had been done Of late, nor how invariably The
credit system has been the wiling insiru-
ment Of such oppression.
Again, tho direct tendency Of the expansions
oil hcti'ious credit is TO produce a love Of ex-
pense. the vanity Of wastefuI living and long
tram Of improvident habits. To the capitalist.
these ioles in the end generally come out Of
his creditors. and terminate in that fs.hion,-
bic bankruptcy by which he lose. only y ha, be
never had. and begins his career acaiu as -four.
,.hpg as ever. To rHE LABonrs, TByr r,p
~ vAshAser, CRIME AND sTAnvAr,os. They