Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-03-12
III E RAIL- OF THE TIMES.
cha. can he not do when instead Of 40, OOO 600

sohat ean he not do when instead Of 40, 600 600
dollars being placed in his hands. that sum il
increased TO I60, ,000, 900 dollars? II will be
AT once perceived that the result 10 not varied
IN the least, whether the price 10 added on in
money, or deduction equivalent to il be
made from the pIice Of the products the
money is expended in purchasing.
II 10 this sum be added all the expenses OF
State and Municipal government and also the
interest paid by the debtor portion OF the com
munity to the creJitor,as before ststed,a all who
will investigate the subject must inevitably see
little would soon be left in the hands of the
producing classes.-The interest paid by the
de btor portion Of the community, would a
great part Of it be added to the principal Of
the office holders and capitalists Of the coun-
ty, from the Circumstance that a much less
amount in money would be required for their
support in a contracted state OF the currency
than when expanded, as before shown and
it is believed that no man is so ignorant as
not to be aware Of the utter impossbllity OF
dlscharging the principal Of tho debt, un-
der the same circumstances-On the con.
trary the effect Of contracting the currency
to any extent at present, will be to ruin en-
tirely great proportion of those in debt, and
the wealthy-or tho office holding uristoc-
racy.
TO show the insdious but sure workings
of this principle on a smaller scale, we will
suppose man to possess 20 600 dollars in
bonds and mortgages, which at q per cent
gives him an interest Of 1900 dollars each
year. This at the present prices Of labor and
its products we will suppose to barely sup
port bis family in dlencss. We will call the
price Of labor aud board one dollar per day
the interest ofhs money then purchases 1900
days labor.
We will now suppose the circulating me-
dium reduced one haf-as Mr.. Buchanan
-sys tho products of labor will then be redu-
ced one half 10 value-snd six hundred dol.
lars will then support his family in idlencss.
Should labor fall only one half (which will
however inevitably fall more than that pro.
portion o. will be shown hereafter,) it will
then require but sir hundred dollars to pur.
chase 1900 days labor. The remaining six
hundred dollars will now be added to the
principal, which will then 20 on increasing
in amount from year to year at the expense
of the laboring and producing classes, (wheih-
er they are in debt or noi) of every dcscrlp.
ton, from the farmer and mechanic to the
broken spirited widow, who tolls with her
needle from the dawn of day until midnight
by the couch of her sick child which is per.
haps dying for the want Of the most ordinary
comforts ofllfe. But just in propoI ton as lhe
reward of labor falls, Mr. Van Bnren's sala.
~ will be increased aud he will be able to
add, ip imitation Of the crowned Princes of
Europe, an empty carringe Of state to his
rctnue, as he exhibits himself in his present
English carriage and four, attended by his
imported outriders, dressed in their splendid
livcries-the Jadges Of fsiarery. already
by his scnselcss parade, evlncing not only
his love for ,hc "denr people," but likewise
his respect for the simplicity of our republ.
can habits and instltuiions.-In this way,
also, by rendering the President of the u.
States contemplate in the eyes of the more
ars,ocracy of Europe, who he
glories in initiating, he brings disgrace on
his country abroad, and at the samo lime sets
an example of folly aud extravaganza before
his weaker brethren at home.
But Ito return,) we will suppose that in.
stead Of the circulating medium being re.
duced one halt, it is doubled in amount az
before stated to cay 4C0,000,000 dolars, the
products Of labor are now doubled in price
while the annual interest of the 10000 dol.
lars remains $1,000, the same as before
This will now purchase by the rule before
applied, hut the products of GOO days labor
only, being but ono half the amount consumed
BY the capitalists family forme rly ,as has been
before shewn. So far from being now able
to add one half of his income yearly to his
capital as in the contracted state Of the cur.
rency, he in fact ~ compelled either TO be.
come producer himself or subsst his family
on one hnlf Of the products Of Others labor he
formerly did. Tho results here shcwn arc
That when the circulating medium amounts
to 5O,OOO,OOO dollars, the annual interest O.
10000 dollars at 6 per CT. will purchase the
products of 1900 days labor-or it requires
the constant labor Of about sirieen persons to |
pay the annual interest Of the capitalist!
When tho circulating medium amounts to \
1OOOOOOO0 dollars, the annual interest off
S2O,OOO at 8 per cent. will purchase the pro- i
ducts OF 240O days labor-or it requires the |
constant labor of about eight persons to pay |
he annual interest Of the capitalist !!
When the circulating medium amounts to |
2OO,OOOOOO dollars, the annual interest OF
10000 dollars at 6 per cent, will purchase the
products of 1900 days labor-or it requires
The constant labor of about four persons to
pay the annual interest Of the capitalist =!
When the circulating medium amounts to
4OO,O00O0O dollars, the annual interest of
10000 dollars at 6 per cent, will! purchase the
products Of six hundred days labor-or il re.
1uires the constant labor Of about TWO PER.
SONS only TO pay the interest Of the capi- |
talist y!
From the foregoing it will be readily per-
ceived, that the character OF an erpanded
is to d,fuse the products Of industry
among the MANY, in the same proportion
as it is the character Of contracted currency
To concentrate the property OF the country and
the products Of labor into the hands Of the
FEW and the present and past history OF
European countries goes to prove the
truth Of this principle, as may be more fully
illustrated hereafter. II will also be seen
that in the contracted state of the currency,
It matters not how small the sum of the debt |
may be that is due from the debtor to the |
creditor class OF the community in the com
as by the inevitable operations Of II
this principle, It will 60 on increasing in n \
greater and greater ratio, until nearly the |
whole property and products Of the industr- /
Dus classes will be eventually swallowed up,
as has been before stated.
On the other hand 1t will he perceived that |
IN case people were sufficiently virtuous
and enlightened to sustain highly expanded /
it would matter but little how large |
he debt might be from the debtor to the |
creditor class Of the community in the com
p,.orsme,f ne hv tho ,iNuo;y, ,l,x.,,.. A