Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-04-03

strongly OF the manufacturing interest, ascrlblng |
its embarrassment 10 the cos. of production, or, in
other words, to high wages; for labor creates
production, and the cost of production depends
upon that of labor. Every laborer knows that, as
a general principle, the cost of production cannot
he diminished except by lowering wages, and
that wages and production go up and down to-.
gelher. understand him TO impule our want OF
success TO the great cost Of production, and to argue
that we should succeed IN obtaining possession OF
our own markets, and be successful competitors |
for the markets of the world, if the currency could
be so reduced as to bring down the cost of pro- |
ducton to the standard of prices throughout the |
world. understood him that this was the correc- |
tive and the remedy for the manufacturers at least.
i thought this a near approach TO hard money !
alone and how far it is consistent with his decla-
rations of friendship 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 as have, |
shall now read some parts of the printed speech OF
the Senator, and leave Others to Judge how far they
sustain the view took of his arguments.
Here Mr.. ID. read several passages from the
speech, showing the general current OF argument
upon banks, banking, and excessive issues OF pa
per also, relating to credits, speculation, &c.
which it is unnecessary TO repeat
Sir, cannot detain the Senate by reading filrth-
er, and have drawn attention to these paragraphs
to show, what am sure the member will not ques
ton, that he treated of banking as it exists in the
United States as highly objectionable, and bring
ing upon the public evils witch demanded a re.
medy.
pass TO another part of the printed speech,
which deem more material, ii relats to those
matters which induced me chiefly to reply to him.
The Senator said
"Sr, solemnly believe that If we could but
reduce this inflated paper bubble to anything like
reasonable dimensions. New England would be-
come the most prosperous manufacturing country
that the sun ever shonc upon. Why canno, we ma
nuacture goods, and especially cotton goods, which
will go into successful competition with British
manufactures in foreign markets? Have we not
the industry Have we not the machinery ? And,
above all, are not our skill, energy, and enterprise,
proverbal throughout the world Land Is also
cheaper here than IN any other country on the
face of the earth. We possess every advantage
which Providence can besow upon us for the ma
nufaclure of cotton; but they are all co,in,crla-
lanced by the folly of man. The raw material
costs less than It does the English, because this
is article the price which depends upon foreign
markets, and Is not regulated by our own INFLATED
currency. We, therefore, save the freight ofthc
cotton across the Atlantic, and that of the mani-
featured article on its return here. tPhat 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 sue
cessfully contend for the markets ofthe world
I" 1t is simply because we manufacture at the
nomina! prices of our own inflated currency,
and are compelled to sell at the real prices Of
other nations. Reduce our nominal to the real
standard Of prices throughout the SorId, and
you cover our country with blessings and benefits
| wish TO Heaven | could speak in a voice loud
enough to be heard Throughout, New England; bo-
cause, If the attention Of the manufacturers could
once be directed 10 the subject, their own in,elli-
gence and native sagacity would teach them how
njurio.,sly they are a0ected by our biooeed bank
! ing and credit system. and ,Oouid enable them
| to apply the proper corrective.
"What is the reason that our manufactures have
been able TO sustain any sort of competition, even
in the home market, with those Of British origin
1t is because Eng land herselts, to great extent,
| paper money country, though, in this respect,
| not to he compared with our own. From this very
| cause, prices in Eng land are much higher than
| they are upon the continent. The expense of liv-
ing is there double what it costs in France. Hence,
all the English who desire to nurse their fortunes
by living cheaply, emgrate from ther own country
to France, or some o.her portion of the contiuent
| The comparative low prices Of France and Ger.
| many have afforded such stimulus to their manu-
features that they are now rapidly extending them
| selves, and would obtain possession, in no small
degree, even of the English home market, if II
were not for their protecting duties. Whilst British
| manufactures are now anguishng, those Of the
continent are sprmgmg into healthy and vigorou,
existence 1t was but the other day that saw al
| extract from an English paper, which stated tina
whilst the cutlery manufactured in Germany wa
equal in quality with the British, 1t was so reduce,
| in price that the latter would have to abandon tn,
| manufacture altogether"
| What do we gather from this I? What is III,
obstacle to the SUCCESS of the manufacturer, in tn
opinion of the Senator! What prevents him from
Obtaining exclusive possession of our market, am
sharing those of the world in the sale of his pro
auctions? 1t is the inflated paper bubble; it i
| "because we manufacture al the nominal prices c
| ON nun m n aU aur a MI lpl
sell at the real prices of other nations" Such, il
his view, is the cause Of our embarrassments an
| failure in success Now, sir, what is the remed
proposed by the Senator? "Redce (says he) on
nominal TO the real standard of prices through
ont the world, and you cover our country wit
blessings and benefits" We are to take excllisv
possession of our own market, and enter those
the world successfllly-and by what process Is
reducing the cost of our goods $40 the standard
prices throughout the word;" by bringing wage
down as low as those who manufacture cheapest
for by no other process can we enter the market
of the world in successful competition. The Sena
tor shows us that England is carrying on an I'm
} ssuccessin competition, in the manufacture of cut
lery, with Germany, because of the paper none
of England. Germany, he alleges, is hard none
! country, and the cost of production or wages
lower, and she therefore manufactures cheape
Now, sir, what Is the standard of prices through
, out the world? 1t must be a standard which wi
enable us TO sell as low as others--to produce q
low as the nation tina, produces lowest, or we car
" not get the exclusive possession -four own marke
and enter the markets of the world in successf
D competition. We must go down TO the wages
Y France, Germany, and other countries tina, produc
lower than our laborers, or those of England.
!, can understand language, the paper bubble is
be reduced till this result is reached The Senat,
!, says he is for mixed currency, but goes for II
reduction of TILL it brings prices to this standar
Ofwhat consequence is it, Mr. President, whelh,
t it shall be mixed or nmixed, hard money, or hal
$ money and paper, if the reduction is to 60 on Il
/ this effect ofcomng down to the standard of pric,
/; throughout the world is produced? None wha
L ever; and yet so confident is the Senator in Il
soundaess of his policy that he exhorts the inal
ufaclurers TO take the corrective into their ow
hands, and TO bring this result about and yet
r complains OF me as representing him as too muc