Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-03-05
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that the whole value Of the productive labor
! Of tho United States amounts TO more than
2076 millions of dollars annually. AS far as
the laborer is employed in agriculture and
manufacturing, it Is fair to presume that those
branches yield double the amount of the
laborers hlre-it being customary IN many
| parts Of the country to improve land and the
| proceeds to be divided between the landlord
and tenant in equal shares.-Allowing this
rule hold good as regards all brancht S
| Of business, this sum must be doubled 10
give us the annual products of our national
wealth. But as from sickness and other
| causes, there is much time lost and as many
individuals are lazy end add nothing TO th"
common stock Of wealth, but on the contrary
squander and destroy the products Of others
labor among which class Mr.. Van Buren,
and his hundred thousand Office holding
friends hold conspicuous station.) we will
deduct from the sum of labor 57S, 100000
dollars, and call the interest and return Of
capital invested 1000 O00.000 dollars only
We shall then have left l5O0,000,O 900 dollars
as the wages and board of productive labor
OF every description, which il probably near
the truth-to which add the returns of Capi.
tai, and we have 2500,000,000 dollars, as the
annual products of our national wealth.
This is about 100000 dollars each day !;
thus showing that one and a half days labor
of the people, is sufficient to have paid the
expenses of the Federal government for one
! year during the administration Of J. q.
! Adams, which was about IL 100000 dollars
annualIy-and also that % days work Of the
! people 10 sufficient to meet tho expenses OF
Mis- government, this present and last year
| Of Mr. Van Bursns administration amount
| ing to lS,2S0,600 dollars as estimated by Mr..
Woodbury., and corroborated by Mr. Van
| Buren, in his annual message-and by both
declared to be sufficient for the present year,
! provided Congress did not make extravagant
appropriations. But as both of those i'm
maculate worthless have already Informed
Congress (atho' no appropriations have ye,
been made) that the Treasury will be bank
rupt on the fifth Of March next, five days
hence) unless they are authorized to Issue
about 100000 dollars in Treasury Notes, it
will probably be nearer the truth to estimate
the expenses Of the Federal government for
The present year at 100000 dollars or five
days work Of the people. Mr.. Van Buren,
! in his recent communication to Congress ask
ing for money, lays the blame as usual to the
banks-whe Dir. Woodbury. probably for
the sake Of variety, signifies he should not
| have been obliged to ask favors Of Congress
! were it not for the Interference Of obstinate
| juries, who would not allow him to tax the
merchants to an extent the exgcncies of the
state requlred.-This he seems to think par.
tlcularly hard, especially since lie has learned
frem Constantinop'e, the Capital of the Turks,
whose country is the Only one Of importance
in tho world that is blessed with Sub.
Treasury upon the plan about to be adopted
in the United States that it has been the
practice there from time immemorial, to levy
contributions OH oil Jews, merchants and
other persons obnoxious to government to
any extent their Grand Viziers, Pashas, Bash.
avs, Agas and Jannissaries Of the Grand Turk
| pleases-and to enforce their payment by the
free use OF the bastnado and Bowstrng.
\ There is probably not less than one third
| OF the labor Of the country paralized at the
present time, and as the same amount oil
1 capital must lose its productive character
also by this circumstance, the daily loss to
the whole country is not less than 2,700 600
\ dollars, while the whole amount Of money
owing to the government by the former de-
4 posite banks, about which we hear so much
is but Sl,l49904 as Mr.. Woodbury. himself
states in his last annual report, being abou,
hours rork Of the people. Is not this nd.
ding Insult TO injury indeed. Supposing the
labor of the country to have been paralized
! since the commencement Of Mr.. V. Buren's
administration TO the amount of 6 months for
the whole population. rather under than over
the reol amount probably,) and it appears the
total loss when estmated in money, is 1850
millions Of dollars, a sun sufficient to pay
for all the railroads, canals and steam boats
in tho United States and then leave a bal
anco the interest Of which nlone would pay
the necessary expenses of government forever.
In case this lost labor had been applied TO
such improvements, they would not have cost
the country in reality ono farthlng, al,ho il
would probably have made some transfers oi
the property of the rich into the hands Of the
lsboring poor. The statesmen who think
there IL no other wealth in the world but
II specie, will ridicule this and exclaim there
is not specie enough in the world to pay one
months labor Of its inhabitants, ut this rate
True, and farmer might as well value the
product Of his wheat field by the cost Of the
sycle with which it is reapeJ, or the aggre.
gate value OF the produce Of his farm by the
u Cost w bis plouRns bhu otncr toOls necessary
to I'LL his land. as that rational man should
esiin'ste the wealth Of a nation solely by the
amount Of specie used 10 make the exchanges
Of the products Of its labor. A sufficient cur.
rency is as essential to the advantageous
cop,bina'ion Of The capital aud industry Of a
nation aud also To enable the people TO reap
it's products. as The syclc is essential and ne
lcessary to the farmer 10 reap his grain. with-
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