, 1840-04-11

they are in the latter. Ii this be true OF
two nations, il must be equally true Of one,
whose circulating medium is at one period
double what IL is at another Now as the
friends of the bill argue, We have been and
vet are in this inflated state, our currency
has been double, or in something like that
proportion, Of what was necessary, and we
must come down to the lowest Standard
Do they not perceive that inevitable rum to
thousands must be the necessary consequent
ce A man, for example, owning property
TO the value Of $4,000, contracts a debt for
5000. Bv the reduction Of one half OF
the currency Of the country his property, in
effect, becomes reduced to the value of
$4,000. But his debt undergoes no cores
ponding reduction. He gives up all his
property and remains still in debt S2,500.-
Thus this measure will operate on the debt
or class of the nation. always the weaker
class, and that which, for that reason, most
needs the protection of the Government.
But, if the effect of this hard money poll
cy upon the debtor class it is still more dis
a~strouS, If possible, on the laboring classes.
Enterprise will be checked or stopped, en-
~pIoyment will become difficult, and the poor
er classes Will be subject to the greatest pri.
~vations and boasts of the dominant party
that they sought 10 elevate the poor by de-
priving the rich Of undue advantages. Now
their policy is to reduce the wages Of labor,
anu this is openly avowed; and il is argued
by them that II Is necessary to reduce the
wages of American labor" to the low stan
dard Of European labor, in order to enable
the American manufacturer to enter a sue
cessiul competition with the European man.
uflcturer in the sale Of their respective fab
RIGS. Thus is this dominant party perpetu-
ally changing one day cajoling the poor,
and Eliminating against the rich and next
c%ajoling the rich, and Illuminating against the
poor. 1t was but yesterday that we heard
that all who were trading on borrowed cnpi-
tai ought 10 break. # was but yesterday
we heard denounced the long established
policy Of the country. by which it was alleg,
ed the poor were made poorer, and the rich
were male richer.
Mr.. President. OF all the subjects Of na-
tioDal policy, not one ought to be touched
with so much delicacy as that OF the wages;
in other words, the bread of the poor man.
In dwelling, rs ] have often done, with mex
pressible satisfaction upon the many advan-
tages Of our country, there is not one that
has given me more delight than the high
prices Of manual labor. There is not one
which indicates more clearly the prosperity
of the mass OF the community. In all the
features OF human society there are none, |
think, which more decisively display the
general welfare than n permanent high rate
of wages and Il permanent high rate Of in
terest. or course, | do not mean those ex-
~cessive high rates, OF temporary existence.
which result from sudden and unexpected
demands for labor or capital. and which may
and generally do, evince some unnatural and
extraordinary state of things /; but | mean a
settled. steady, and durable high rate of wa
ges of labor, and interest upon money
Such 4 state demonstrates activity and prof.
its in all the departments of business. 1t
proves that the employer can afford to
give high wages to the laborer, in conse-
quence OF the profits of his business, and the
borrower high interest to the lender, IN con-
sequence Of the gains which he makes by
the use of the capital. On the contrary, in
countries where business IS dull and anguish
ing. and all the walks Of society are full, the
small profits that are made will not justify
high interests or high wages.
Wages Of labor will be low where there
is no business, and Of course but little or no
demand for labor; or where from the density
Of population, the competition for employment
is great. and the demand for labor is not
equal to the supply. Similar causes will
tend 10 reduction Of the rate Of interest,"
Our vast un-peopled regions in the west pro-
tect MS against the evils of a too crowded
population. In our country such IS the vari-
ETY. of profitable business and pursuits that
there is scarcely any in which can engage
with diligence, integrity, and ordinary skill,
in regular and ordinary times, that he is not
sure Of being amply rewarded. Surveying
our happy condition in this respect, it was
during the last war remarked by the presen,
Lord J~efferies that America was the heaven
of the poor man, and hell Of the rich. There
was extravaganza in the observation, mixed
with some truth. 1t would have been more
accurate to have said that, with good govern
ment, was an earthly heaven both to the
rich and poor.
1t is commended. however, that the reduc-
ton of wages would be only nominal /; that
an exclusive specie currency being establish
ed, the prices of ali commodities would fall.