The Madisonian., 1840-02-15
WHOLE NO. sI4.


influence of hard money. Spain, Italy,
France, Holland, Germany, on the other
hand, have become pattern nations, distin-
guished for their wisdom, and also for the
happy condition of their laborers, who, doubt
less failing 10 realize their condition, escape,
whenever they can, TO this country or some
| other part of this continent
But, sir must leave this topic and 90 to
another. The Senator assures us that this
paper brings with it this alarming attribute
as it expands and contracts, so property and
wages rise and fall thus making il the vital
principle Of the body polite, giving to it pull
salion. In speaking of paper, |, once and for
all, wish always to be understood as me anng
the paper Of sound specie paying banks, re-
deemable at sight, unless i otherwise specify
Is this n sound axiom of the Senator Isl
bank paper the sole or chief regulator of the
value of wages and property If so, when
ever there is common currency there should
be uniform price. Let us see how the po-
sition is sustained in the United States, where
in all parts Of the country, we have banks
The Senator from Mississippi (Nir. Hender-
sony stated that the services of an ordinary
laborer, which would cost fifteen dollars in
his part of the country, he had ascertained
less, of that sum- aud in New England, as |
understood him, for about half Every body
knows the vast difference in the expense of
living between Boston and New Orleans,
and between New York and any remote
country town. But how is it with hard mo-
ney countries Expenses fall sorts are un-.
questionably fourfold greater in Havana than
in Florence; and | might 90 on multiplying
aya for ic ,culf
two places that correspond than two that are
at variance Does it not follow that currency,
while it undoubtedly has an influence, is not
even the principal cause OF this diversity
But, sir, cannot dwell on this. The Sc
nator contended, by an ingenious argument,
that reduction Of wages would be beneficial
to the laborer, because property would neces-
sarily fall in the same ratio and, in the fer
vor of debate, addressing New England
through me, he appeals to her TO embrace this
alternative as resource to rescue her manu-
facturers from ruin which lays in prospect
Embrace what, Mr. President How will ]
corresponding fall Of wages and property aid
the laborer' How is his condition TO be i'm
proved by it! The most that can be said is,
that his relative condition is unchanged. But
can he embrace the degraded condition of by
4 far the larger class Of laborcrs in England and
| IrelandIwherc the aims houses are filled with
paupers, and those who support themselves
struggle for life Can he descend grade
lower, to hard money Italy, where, as the au-
thori,y read by the Senator from Maryland
(Mr. Mcrrick) will prove, but will not stop
to read 1t, wages are three-pence a day Is
it an invitation to abandon the physical, mo-
| raj, and intellectual comforts and enjoyments
which surround the industrious man here, and
descend to the deplorable condition of those
4 who fly IRON their country to this as a place
of refuge for the poor, the naked, and the
hungry?
| But, sir, as have more to say of this IN
more appropriate connexlon, |. shall pass 1t
for the present, with single remark-if such
are the advantages Of other countries, why do
the poor emgrate hither, and why do not our
citizens emigrate thi,her2
will now notice the effects upon the pub
lie policy which are imputed to this bill. We
have always been told that it was simple
proposition 10 divorce the Government from
the banks, so as to enable it to hold its own
money, and, therefore, harmless in its charac-
ter, as it would affect nothing else.
But, sir, the Senator from Pennsylvania,
while he declares that he is not for an. cxclu-
sive hard money currency, or, in other words,
is not hostile to well regulated State banks, if
they can be well-regulated, as he expresses
himself, argues that this bill will diminish i'm
portatons, suppress credit, and stop specua
ton, by modifying the currency so far us to-
work out these extraordinary ends
| am by no means satisfied that it is capa-
BILE of producing all these consequences, but
as such power is imputed to it by its warm
est friends, and those who are in the coun
cils and confidence Of The Administration,
who bring it forward, and no doubt bring it
forward with this view and expectation, |
shall, in this reply, confne myself to the po-
sitions assumed. That it will do the country
no good have never doubted but have
never allowed myself to believe that it can
exert that influence upon its affairs which is
ascribed to it.
If ii will diminish importatons in the right
way, so far it has my most hearty concur
renee, for they have run into an injurious ex
cess. This again is the result of a false po
licy, not imputable to paper, the Senator
supposes, oven as principal cause. II comes
of encouraging foreign labor instead Of our
own; Of stimulating this trade under the per-
suasiou that it is more beneficial to the coun-
try than TO strengthen and foster our own in
dustry, until it has reached point of injuri-
Gus excess, suspending our laborors from en-
ployment and taking from them their bread.
We buy more than we soil, leaving balance
fmany millions now due to Europe, which is
| to be paid out of the resources OF the People;
| and II is time to retraCe our steps The Presi-
dent, who has been promoter of this policy,
! complains in his message of this excess as a
| serious evil and rejoice at il but he fails 10
indicate the remedy. He talks vaguely Of