Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-04-10

world. Understood him that this was the
correctiveand the remedy for the manufac-
turers at least thought this a near ap-
proach TO bard money alone I; and how far It
is consistent with his declarations Of friend
ship TO mixed currency, others can judge
as well as can.
As the Senator has declined TO specify,
and as am left TO proceed by such lights az
| have, shall now read some purts ofthe
printed speech of the Senator, and leave 9th
ers to Judge how fur they sustain the view
took ofhis arguments
Here Mr. ID. read several passages from
the speech. .showiog the general current OF
argument upon banks, banking, and excess
i've issues off paper also relating TO credits,
speculation, SC. which it is unnecessary 10
repeat
Sir, cannot detnin the Senate by reading
further. and have drawn attention to these
paragraphs 10 show, what 4 am sure the
member will no, question. that he treated OF
banking as il now exists in the United
States as highly objectionable, and bringing
upon the Public evils which demanded
remedy.
Ipass to another part ofthe printed speech,
which deem more material. us it relates to
those matters which induced me chiefly 10
reply to him. The Senator said:
"Sr, solemnly believe tina; if we could
reduce this inflated paper bubble to any thing
like reasonable dimensions. New England
would become the most prosperous manu-
featuring country that The sun ever shone
upon. Why cannot we manufacture goods,
and especially cotton goods. which will go
nj sncraSeftI Nth u fitch
ufactures in foreign markets. Have we
not the necessary cuptai2 Have we not the
Industry Have we not the machinery
And, above all, are not our skill energy,
and enterprise proverbial throughout the
world2 Land is also cheaper here than in
any other country on the face OF the earth.
We possess every advantage which PIovi.
dence can bestow upon us tor the manufac-
ture Of cotton; but they are all counleractcd
by the folly OF man. The raw material
costs US less thnn it does the English, be-
cause this is an article the price of which
depends upon foreign markets, and is not
regulated by our own inflated currency
We therefore, save the freight OF the cotton
across the Atlantic, and that of the manufac-
lured article on its return here. What is
The reason that, with all these advantages,
and with the protective duties, which our
laws afford to the domestic manufacturer OF
cotton, we cannot obtain exclusive possession
of the home market, and successfully
contend for the markets OF the world2 1t
is simply because we manufacture at the
nominal prices Of our own inflated currency,
and are compelled 10 sell at the real prices
of other nations Reduce our nominal 10
| me rsoI efooJoyJ If s,r;~se byo,, ar b,.,y fbe
ac0rld and you cover our country with bless.
speak in voice loud enough to be heard
throughout New England; because, if the
attention Of the manufacturers could once be
directed to the subject, their own intelligence
and native sagacty would teach them how
injuriously they are affected by our bioated
banking and credit system, and ,rou'd enable
them 10 apply The proper eorrectire.
"What is the reason that our manulactu-
rers have been able to sustain any sort Of
competition, even in the home market, with
those of British orign2 l, is because Eng
land herself is. 10 great extent, paper
money country. though. in this respect. not
to be compared with our own. From this
very cause. prices in England are much
higher than they are upon the continent
The expense oil living is there double what
i, costs in France Hence, all the English
who desire 10 nurse their fortunes by living
cheaply. emigrate from their own country
TO France. or some other portion of the con-
iinent. The comparative low prces-.-of
France and Germany have afforded such~a
stimulus TO their manufactures that they are
now rapidly extending themselves, and
would obtain possession. in no small degree,
even of the English home market, il it were
not for their protecting duties Whilst Brit
ish manufactures are now languishing. those
of the continent are springing into healthy
and vigorous existence. 1t was but the 9TH
err day that saw an extract from an English
paper, which stated that whilst the cutlery
manufactured in Germany was equal in quail
ity with the British. il was so reduced in
price tina, the latter would have to abandon
the manufacture altogether"
What do we gather from ths2 What is
the obstacle 10 the success Of the manufacture
er, in the opinion of the Senaior2 What
prevents him from obtaining exclusive pos
session of our market and sharing those OF
the world in the sale of his productions ?
1t is the inflated paper bubble; it is because
we manufacture at the nominal prices OF our
own inflated currency, and are compelled 10
sell at the real prices Of other nations -
Such, in his view, is the cause of our en-
barrassments and failure in success Now,
sir. what is the remedy proposed by the
>, Senotor2 "Reduce (savs hey our a,oninal