Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-03-09
MONTPELIER, MARCH o, 1910.

nvowed and it is argued by them that il is ne
cessnry 10 reduce the wnges of American labor to
the low standard Of European labor, in order TO
enable the American manufacturer TO enter into n
successful competition with the European manu-
furer in the sale oftheir respective fabrics. Thus
is this dominant party perpeually changing one
day caioling the poor, and Illuminating against
the rich and the next calong the rich, and lu
lninnlng against the poor. 1t but yesterday
that we heard denounced the long established pol
icy of the country, by which, it was alleged, the
poor were nude poorer and the rich were made
richer
Mr.. President, ofall the subjects ofnntiona pol
icy, not one ought TO be touched with so much
de icacy as that oithe wages; in other words, the
WIead ofhe poor man. In dive linz ns ] have Of
ten done with inexpensive satisfaction upon the
many advantages of our country, there is not one
that has given me more delight than the high price
ofmnnun labor There is not one which indicates
more clearly the prosperity Of the mass oil the
community. In all The features of human society,
there are none, Think which more decisivey dis
play the general welfare than n permanent high
raft of wages, and permanent high of Interest.
or course do not mean those excessive high
rates, of tempory existence, which result from
sudden and unexpected demands for labor or cap
ital, and which may and generally do evince
some unnatural and extraordinary state of things
but mean settled, steady, and durable high rate
Of wages Of labor, and interest upon money. Such
state demonstrates activity md profits in all the
departments of business. 1t proves that the en-
pIoyer can afford TO give high wages to the labor
er, in consequence of the profits of his business,
and the borrower high interest to the lender in
consequence OF the gains which he makes by the
use OF capital. On the contrary, in countries where
business is dull and langushing, and Nil the walks
of society are full the small profits that nude
will not justify high interest or high wages.
Wages of business will be low where there is
no business, and of course but little or 10 demand
Intl ,ho tba dam t,p IL,
lation, the competition for employment is great,
and the demand for labor is not equal to the sup
ply. Similar causes will tend 10 the reduction of
The rate ofinierest. Our vast unpeoped regions
III the West protect us against the evils OF too
crowded population. In our country, such is the
variety Of profitable business and persuts that there
is scarcely any in which one can engage with dill
igence, integrity, and ordinary skill in regular and
ordinary times. that lie is not sure ofbeing amply
rewarded. Surveying our happy condition in
this respect il was, during the last war, remarked
by the present Lord Jefferies that America was
the heaven of the poor man, and the hell Of the
rich. There was extravaganza III the observa-
ton, mixed with some truth Ii would have been
more accurate to have said that, with good gov
eminent, it was earthly heaven both of the rich
and poor.
1t is commended, however, that the reduction of
wages would be only nominal that an exclusive
specie currency being established the prices of all
commodities would fall and that the laborer would
be able TO command as many of tie neccssares of
life with his low wages as he at present.
The great error Of Senators OH the other side is,
that they do not sufficiently regard the existing
structure Of society, the habits aud usages which
prevail; III short, the actual state of things. All
wise legislation should be founded upon the con.
diion OF society us il is, and even where reform
is necessary, il should be introduced slowly, eau
iiously, and with II careful and vgilnnt attention
to all consequences But gentlemen seem dislos-
he
new People, Just sprung into existence, and
commencing its career-one of which they may,
without reference TO what they see all around
them, speculate and lheoriZe at pleasure. Now,
if we were such people, ard were deliberatng on
the question of what was the best medium of cir
cuation 10 represent the property and transact the
business of the country, ii is tar from being certain
that it would be deemed wises TO adopt an exclu
sve specie standard. But, when glance at So
ciety as it actually exists, with all its relations and
ramIticaons its engagements, debts wants, habits,
CUSTOMS nothing can be more unwsc it seems 10
me, than TO attempt radical change us that
which is contemplated.
| cannot admit that The aborer, with his low
wages, would be in eligible situation ms he
now is. The argument excludes all consideration
of his condition during the transition from the pa
per 10 the specie medium. In the descending pro.
cess from an abundant to scarce circulation, there
would be nothing for him but distress and wretch
edness; and he would be in the greatest danger
of starvation before the e dorado of gentlemen
was reached. The adjustment of prices to the
state of the currency is not sudden work as
is imagined Long after the specie standard should
he established the old prices of many articles
would remain ; and all productions which enter
into the consumption of the poor man would con
tinue unaffected hy our domestic currency. lfil
be true that there would be no alteration in the
condition of the lahorer, if he would really get as
much in Udtie, in the new state of Things in the
! old, how is that of the capitalist, engaged IN man
| features, to he improved? Would moi his situa-
| ton also remain unaltered?
The assumption that an exclusive hard none,
| circulation is best for the nborer, best for the man
ufacturer, best for the country is against all the
experience OF the world. Bey ond all doubt, Eng
land is the most prosperous ofu the nations ofth,
| old world, and England is the greatest paper mon
| ey country that exists. Her manufactures find /
market in every portion OF The globe; her opera
tves aud laborers are paid better and fed bette
than any in Europe. Have the manufacturers o
the hard money countries OF the Continent pre-
vailed over those of England, and driven them on
! OF The market in fair competition Far from
/ ii. ! hir policy is TO exclude, by prohibition
and heavy duties, the entry of b ilish goods int,
their ports England has sought to make treatie
with them all, and espe' ialiy with France, upol
! The bnss Of free trade; and France Inns replied
that the manufactures are too much behind lhos
| of England TO admit of their hehg placed upon
footing of equality. Paper money inflated
i England manufactures about TWO thirds of II tn
cotton exported from the United Siates and he
cotton manufacture alone is probably greater tina
that Of all The rest Of Europe.
But, Mr.. President, if The Punishment from cir
culalon ofall bank paper, and the exclusive us
OF specie in This country, were desirable, is
Il practicable, eau it be possibly brought about?
have said that the legislator is bound to have du
regard TO the wants, wishes, necessities aud con
dilion Of the country for which he acts But
al ANN Cta hnp LAT,
10 perform that ofallentyely considering The d,
tribu,on ofthe power of Government in this Con
iederacy. Here we have local Governments f
the respective States and General GovernneI