Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-03-03

a pound tleN viii tc fuuf AMI 50 OF all TIE
productions Of thc United States, and Of all
property created here. Upon this state Of
facts as thing. are, the laborcr would have, at
the expiration OF twenty days labor, twenty
dollars, TO provide for himself and family -
As they will be he will have ten dollars. -
Now, sir, be It remembered tina, we buy and
sell IN foreign markets by their standard Of
currency, and that lowering wages aud prop
cry here, Is to have no effect there, according
10 the reasoning Of the Senator, as their cur
reucy must regulate the price OF their wages
and products D.; but cotton is TO sell, and goods
are TO be bought as il no change had taken
place. Goods, therefore. will como into tins
country no cheaper II then, the laborSr goes
into the market with has money, as his wages
are, he will have twenty dollars 20 expend in
tea. coffee, sugar, and the thousand necessa-
ries which come from foreign countries but
II he goes into II as they will bc--ien dollars
under the operation of the new thcory--it is
plain. therefore, that with the same amount Of
labor he can purchase but half as much for
eign merchandise in other words, il will in
effect be doubled IN price. while II is appa-
reniy the same.
Bun the Senator did not stop here, for he al
legged that while the laborer would be in bet
ter condition, the exporter Of produce-ilat is
cotton, &c.-would derive greater profit, the
measure OF which would be the amount of re-
duciion Of wages and OF property, as he would
DC able 10 produce so much cheaper. 97&.aake
myself understood, ] will proceed with the
same supposiion, that wages and property are
10 be reduced one half. Then his theory is,
that the cotton planter, for example. would pro-
duce his crop at half the cost, 10y the saving OF
labor and the support OF il, and consequently
derive double profit. That he would derive
double profits, provided his laborers are sup
ported wholly on the products OF the United
States. This, however, is not the course of
trade or of business. But from whence would
the profits come Not from foreign conn
tries, for no change is TO occur there, but
from the pockets of every consumer of foreign
goods in this country, for the change is wholly
IN the wages and produce Of our country. The
idea is, that il wages and produce sink togeth-
er one-half the relative positions of the labor
er and the owner of pro perty are the same, for
the laborer can purchase just as much with one
hall the money, and the same amount Of prop
erty will purchase as much labor as before
But the laborer will, at any given period have
but half as much money, and the same amount
OF property will be worth but half as much I;
consequently, all the surplus gains Of the far
mer, mechanic, manufacturer and laborer, will
mount. if property in foreign countries
should descend in the same ratio, the
most that could be said of our condition is,
that II is no worse, for it is obviously no bet
ter. But if we descend while they remain sta
tionary, and profit is thence gained to the ex-
porter, nothing Is palmer than that sucn profit
is drawn from the consumer of foreign mer-
chandlsc, as II will take twice as much of our
labor or products TO buy II as is now required.
ii the theory establishes the fact that the ex-
porter is TO reap double profits for cotton, it
establishes, beyond controversy, the fact also,
that that profit will be tax upon every man
that consumes foreign article, and that it
will be wholly drawn from their pockets. The
Senator has led himself into an error by sup
posing that foreign productions are 10 come 10
US cheaper, while our exports are 70 keep up
where they are. He thinks the importer sells in
market inflated by paper and realizes an ex-
traordlnaIy prott. But he must perceive that
the low and depressed state Of the working
classes IN Europe, is proof enough that no ex-
cesslve profit is obtained here upon goods
none that can bear essential reduction and
that while raw cotton maintains its price. for
eign goods must also maintain theirs In the
great competition of trade, this idea of excess
sive proht to the importer is fallacious and
as the notion of a reduction is founded on il.
that is also falacious.
10 follow out the case ] have supposed
he income OF every man, except tie export
or, is TO be reduced one-balf in the value of
wages and property, while all foreign mer-
chandIse VIII cost the same, which will obyi-
ously, IN effect, double the price, as it will
take twice the amount OF labor or twice the a.
mount OF the products OF labor to purchase it.
do not ascribe this power to the bill, but
1t Is enough for me that lis friends do. What
response will the farmers, mechanics manulac-
turers, and laborers make to such flapitous
Can they be reconclled to such
a measure Of oppression one that extorts
from them the fruits OF their industry TO pro-
iessedly enrich the planter who now enjoys a
prosperity unequaled in the rest of the coun-
Try No, sir, such plans OF sectional aggran-
ollement, and such disregard OF the inter
esis OF the greatest and most powerful class
OF people IN our country, can only excite their
disgust and Indignation. Thus, sir, have
traced the benefits OF this bill, If it have any,
as interpreted by lis friends, 10 the rich and
powerful. have, il mistake not, demon
sirated that they are 10 he made richer by a
Tax upon Their less fortunate bot more indus
inOus and more Decessitous fellow citizens
a tax that they never can and never will sub
NIT TO, so long as their power can lie felt tho
the ballot box.
but, sir, this is not all. While wa ere thus
TO have intolerable burdens loaded upon US.
10 add 10 the weight OF our embarrassnen,s. I
and 10 Increase our suffenngs; and while the
oeolof Poiuoh oi The public are to be crushed
and ground 10 dus, between the upper and
neither milestone Of this process. the man Of
money Is not only 10 escape Unframed. but
10 have his properly doubled. lie who holds
cash, or It's equivalent in notes. bonds or