The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-03-17

ment." regret that he declines specifying bis obee
tons, because was then, and am now al loss 10 oo
dersisnd what precise Arguments he alluded nat
declaration.
understood him speak particularly and strongly Of
the manufacturing Interest, ascblng ITS embarsssneat
TO the cost OF production or, in other words 10 hob
wages for labor creates production, and the cost al
production depends upon that Of labor Every LAHORE,
knows that, general principle the Of produe
| lion cannot be diminished except by lowering wage,
and that wages and production 60 up aud down 10.
gether understood him To lmpnte oDT Of sue
the great cost Of production, and argue ls
should succeed IN obtaining possession OF oss
markets. and he successful competitors 10. The market.
OF the world II the currency could be reduced as to
bring down the cost OF production to the STANDARD Of
prices throughout the world. understood hun lhst
this the corrective aud the remedy for the mann
faclurers a, least. thought this approach to
hard money alone and how far IT 1t consistent with
his declarations OF friendship 10 mixed currency Others
can Judge as well as can
As the Senator has declined TO specify, and as am
left 10 proceed by such lights as have shall read
parts Of the printed speech Of the Senator srd
leave others to Judge how far they sustain the view
took Of his Arguments.
Here Mr. ID. read several passages from the speech
showing the general current OF argument upon banks
banking, and excsseve issues Of paper also, felatug
to credits speculation, DC. which II Is unnecessary 70
repeat
SIR. cannot detain the Senate by reading further
and have drawn attention to these paragraphs to show
what | am the member will not question, thai he
treated Of banking as now exists IN the United States
highly Objectionable, and bringing upon the Public
evils which demanded remedy.
pass to another part OF the printed speech, which,
deem matersl, AS II relates to those matters
which induced me chiefly to reply to him. The Seus-
tor said
SSH, solemnly believe that If could but reduce
his inflated paper bubble TO any thing like reasonable
dimensions, New England would become the most
prosperous manufacturing country that the sun ever
| nd
especially cotton goods, which will 60 into successful
competition with Brush manufactures IN foreign mar
kets Have we not the necessary capital! Have
| not the industry Have we not the machinery And
above ALL are our skill, energy and enterprise pro-
verbal throughout the world Land also cheaper here
than any other country the face OF the earth We
possess every advantage which Providence can beow
upon us for the manufacture Of cotton but they
all counle racted by the folly Of man. The raw ms
rial less than it does the English because lbs
is article the price Of which depends upon foreign
markets, and is not regulated by own inflated
rency We, therefore, save the freight OF the cotton
across the Atlantic and that OF the manufactured
Gle its return here What is The reason that with
all these advantages, and with the protective duties
which laws afford to the domestic manufacturer Of
cotton we cannot obtain exclusive possession OF tie
home market and successfully contend for the markets
of the world 1t is simply because we manufacture
the nominal prtees Of inhatcd currency, and
compelled to sell at the real prices Of other nations
Reduce nominal 10 the real standard 81 ptfcs
throughout the ieord and you cover our country WIN
blessings and benefits. / wish TO Heaven could
speak IN a voice loud enough be heard throughout
New England because, if the attention Of the manu-.
facturers could be directed to the subject, then
own intelligence and native sagscity would teach them
how inurousy they Affected BY our bioaied banking
and credit systc and tcould enable hfm 10 apply he
proper corrective.
''Whal is the that our manufacturers have
been able sustain any sort Of competition, even
the home MARKET with those Of British orig'n 1t
1 -, q vraat
money country tbough in this respect not to be
pared with our From this very cause, prices IN
England are much higher than they upon the
tinent. The expense Of living is there double What
costs in France Hence all the English who desire
nurse their fortunes by living chespy, emigrate from
their country to France, some other portion Of
the continent, The comparative low prices of France
| and Germany have afforded such stimulus 10 then
manufactures that they rapidly extending them
selves, and would obtain possession IN no small degree
Of the English home market, if it were not for
their protecting duties. Whist British manufactures
langushng, those Of the continent are spnng-
ing into healthy and vigorous existence. II WAS oNt
the other day that extract from an English pa
per- which stated that whilst the cutlery Manufactured m
Germany was equal quality with the British II was
SO reduced in price that the latter would have to aba
don the manufacture altogether"
What do we gather from this What is the obstacle
to the Of the manufacturer, in the opinion Of
| the Senator! What prevents him IRON obtaining excu
sve possession of market, and sharing those OF the
world in the sale Of his productions! 1t is The inflated
paper bubble it is :" because we manufacture at the
nominal prices Of our own inflated currency, and are
compelled TO sell at the real prices OF other nations
Such, his view. is the Of embarassments
and failure in success. Now, sir, what is the remedy
proposed by the Senator! Reduce (says he) no.
mnal to the real standard Of prices throughout the
world, and YOU cover our country with blessings aud
benefits" We TO take exclusive possession OF ou
own market, and enter those Of the world successfully
and by what process BY reducing the cost OF oot
goods TO the standard OF prices throughout the word
by bringing wages down as low as those who mahpAc
ture cheapest for by other process can we en1the
markets Of the world in successful competition Inc
Senator shows that England carrying on an unsoc
cessiul competition in the manufacture OF cutlery, WIN
Germany, because Of the paper money OF England -
Germany, he alleges, is hard money country, and the
Of production wages is lower, and she therefore
features cheaper Now, sir what is the standad
of prices throughout the world II must be STANDARD
which will enable to sell as low as others-to pro-
duce low the nation that produces lowest OF We
get the exclusive possession OF our own market
and enter the markets OF the world successful com
| petition We must 90 down TO the wages Of France,
Germany, and other countries that produce lower than
our laborers, or those Of England II can under.
stand language, the paper bubble is to be reduced
till this result is reached. The Senator says he
is for a mixed currency, but goes for the redoe'
ton Of it TILL II brings prices TO this standard ?
OF what consequence is it, Mr. President, whe hef
shall be mixed or unnxed, hard money, or hard money
coming down the standard Of prices throughout the
world is produced None whatever aud yet so con
hdent the Senator the soundness Of his policy that
he exhorts the manufacturers take the corrective INTO
their hands, aud bring this result about and We.
he complains Of me representing him as too much oil
hard moncy man. supposed in all this the Senator
looked really hard money but whether he did or not
is little consequence the effect labor and bns
will be the was led TO this conclusion TOT
thought he would not wish to be understood view
ing one currency useful to the manufacturer,