The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-07-02

.N''S, cu' W reduce the quanuty OF circula
ting medium, until we have brought the cost o.
producing and the cost of manufacturing, in this
country, or, IN other words, the wages of labor
TO what is called the real standard of price:
throughout the world" The proposition is, tc
diminish me amount Of currency for the mere
purpose OF bringing down the price Of property
and the price Of labor.
Deheve, SIR, this is the first time that such a
pohcy was ever proposed to the people of this
country Dy any public man. ! have sometimes
heard the high price of labor and the articles OF
consumption complained of by the rich, but il is
the hrst time that public man has made il the
subject OF complaint in the halls Of Legislation,
that 'he farmer, the mechanic, and the laborer
were receiving too liberal reward for their in
dustry' u Is the first time that the Government
mas peen asked to interpose, and 10 lay its hand
on the industry Of the country, for the mere
naked purpose Of depressing prices. Such,
however, is the doctrine now openly avowed by
the advocates of Sub-treasury. Under its ope-
raton' bank paper is TO be suppressed, in whole
or IN part, and portion of the specie 10 be alb
stracted from the channels of business and
locked up in the vaults of the Government. In
these two ways, the amount Of circulating me-
dunn is TO be reduced, until the value Of pro-
perry is brought down to the specie standard,
and every kind Of labor put on the same footing
II is in France and Germany. | will not here
stop to inquire what effect this system will have
upon the cotton planters of the South, whose
cotton is the product of the labor of the slaves,
and the price Of which is supposed TO be regu-
lated by the foreign demand Norw discuss
its effect upon the rich capitalists Of the North,
who have their fortunes invested in bonds and
mortgages, or in large manufacturing establish
ments A small portion of the people Of this
country are cotton planters or capitalists MOI
is this the class Of men whom would make the
objects Of the special and exclusive favor and
protection of Government. What, under such
state Of things, would be the condition OF
young men who depend for success in the world
on their heads and hands, when you have broken
down the prices of labor, and, by suppressing
credit, have taken from them the means OF en-
tering into business? What would be the condi-
ton Of that large class Of citizens who debt
ors, when, by reducing the value of property
one-half, you have taken from them one-halt
their means Of payment? And what would be
the condition of that still larger class Of citizens
that class which constitutes the vast majority
In this country mean those who look TO the
rewards of labor, in some branch of industry
for the means of responsibility and happiness
Do honorable Senators, who propose the adop
ton OF this foreign policy, believe that these
men-the working men-the men who, of all
others, have the truest sympathies, the quickest
impulses, and the keenest sense of Injustice
the men who, in peace and in war, hold in their
hands the destinies of this country that these
men will ever consent to be put on a level with
the peasants and operatives of Europe? ! care
not what may be the policy of foreign nations ;
j care not what are the theories of foreign wri
tiers; care not by what learning, nor whose
authority this policy is recommended; will
stand by that great republican principle-that
just principle-that principle which has been
asserted under all former Administrations Of this
Government-fhe principle Of encouraging
and protecting the industry Of The country.
The honorable Senator complains of the pa
per-money system Of England, and says that
(" the English who desire to nurse their fortunes
by living cheapy, emigrate from their own
country to France, or some other portion of the
continent" And what is the reason? Why is
It that on the continent living is so cheap? It is
because labor starves because men work for a
few pence per day. The average price of labor
in France is about ID per day, without board
in Germany it is little less The broken-down
noblemen OF England go over To the continent
to repair their shattered fortunes, by living
cheaply. But do the laboring men of England
seek employment on the continent? Or, is il of
no consequence, in the opinion of the honorable
Senators, that this great class of men are there
ever evils are suffered by the laboring classes in
England, are to be attributed TO other causes
than their system of credit They are owing
to the form of Government and structure of So
cety, by which property is locked up in the
hands of few; and TO their enormous national
debt contracted in foreign wars, which presses
every thing so heavily with taxation.
Let us examine the reasoning of the honora-
bic Senator a little further. He says that :" in
Germany, where the currency is purely metallic,
and the cost of every thing isrcduced TO a hard
money standard piece of broadcloth can be
manufactured for fifty dollars, the manufacture
of which in our country, from the expansion of
our paper currency, would cost one hundred
dollars Suppose, then, that this desirable re-
suit is accomplished, and that we have reduced
prices to the specie standard, so that we can
manufacture broadcloth as cheaply as it is done
in Germany does not the whole of this reduc-
ton fall upon the wool grower, and upon the
laborer who manufactures il into cloth And
how are they to be compensated for this loss
Will they not have to pay the same price for
every article Of foreign production they do now
And will not the reduction in the price of all
articles of home production fall upon some other
class of laborers2 Will il be any consolation
that all labor is degraded to the same level? Sir,
among the people have the honor to represent,
LABOR Is tllc souICS VI Hediiy al oui wealth. w Z
are, emphatically, working men. was born
and have lived among working men. My OPT
Mons and my sympathies are with them.
know them. know their intelligence, their
moral habits, and their Unborn love Of personal
independence and tell you, that these men
will never consent to lie down and be bound
with the bands of this iron policy.
cannot believe Mr.. Chairman, that those
who would embrace this foreign system, have
well considered the fearful revolution il would
work, in property in business, and in all our so
cal relations Consider for moment the efiec,
il would have upon the relation of debtor and
creditor Think of the extent of that relation
1t is computed that the aggregate amount of pri-
vate debts is equal to all the property in the
country. These debts, be il remembered, will
all stand nnrednced, and must be paid in The