Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-18


regular prices paid in sound currency which, Of all
things he ought most To DESIRE and it viii save him
from being involved in ruin by of those
periodical expansions and contracons of the
cy, which have hitherto convuscd the country.
This sound state Of the currency Will have another
most happy effect upon the laboring He will re-
ccvc his wages in gold and silver and this will induce
Inn 10 lay up Tor future use, such portion them as
he spare, after satisfying his immediate wants
This he Will not do nj present, because lie knows not
whether the Trash which he is compelled To re-
ccyc money, Will continue 10 be oil any value
%cck or a month hereafter i knowledge oi this fact
tends to Danish economy from his dwelling, and IN
duccs HIM cxprnd all his wages rapidly as posi-
bic, lest they may become worthless on his hands.
Sir the laborina classes understand this subject per-
fcily. Ii IS the hard handed and firm listed men Of the
country on whom we must RELY III the day Of danger
who are the mos, friendly the passage this bill 1t
is they who the most ardrmtly in favor Of uuSng
into the currency OF the country very large amount
Of the precious metals
The Senator has advanced another position in which
! am sorry cannot agree with him Ii is this; that
permanent l.h rate 81 nlcrrS: is indicative OF the
prosperity Of any country Now. sir, a permanent
"l rate Of interest is conclusive evidence of a search
y OF capital and is indicative OF an. t!Ing but prospc
rlty. ! think! therefore, it vii! puzzle him, with all
his ingenuity, TO establish his proposition 10 render
country trmy prosperous, capital and labor be
so combined each TO receive far reward. In
England when the rate of interest was very high the
country no. at all in fonrshng condition but
as capital gradually accumulated and the rate Of
interest consequently sunk, she became more and
more prosperous, though she did reach her highest
elevation until money yielded considerably less than
five per cent But this subject is lutte relevant TO
the question under discussion, that IS scarcely
saTy TO pursue it. If werc il would be easy 10 show
that high rate of interest generally If not unver-
sally enters into direct conflict with the wages of la
hor which the Senator il 81 anxious 10 maintain sup
pose, Tor example, that il required capital Of $50
to put and 10 preserve nanuac,orv in success
full operation In country the interest on this sum
al ten per cent would amount $1,000 hist IN ano-
cr ii could be procured at four per cent or 200 The
difference would be 81 ,2i; and, unless this amount
ian be saved either b. reduction in the wages Of Ia
Dor, or IN some other manner, the manufacturer who
pays the highest rate of interest endure the
competition. a high rate of interest almost always
presses upon the wages Of labor
il the centleman's theorg be correct Wall stree,
must be perfect paradise Of prosperity Thar, The
ate OF interest for long tic has been permanently
iigh varying between two and four per cent a month
y between twentylour and forty"isht per cant per
nnum. Pos: notes of tie Bank of the United States
ave been discounted freely two per cent per month
With these facts before him. Mr.. Jeffrey would not
oT declare, as tie Senator informs US he formerly