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

H.. senator from Kentucky (Nlr. Clay leaves
pas -. ,,rncd He says iha. the friends OF me q
:" ,ac,, Treasury desire TO establish an exclusive
Lilo currency, as the medium 81 M e""=N
l,-nruhou the Union; audi also, !" !c'''ce ~" ;
= ~ moor man ) labor that the rich employer may
: IN ia sell his manufactures at lower price. 1'o"'
= Inv the correctness OF both these propositions,
III - The first place, for one, am not ~ ia''' u
,s,ahG.b,ng an exclusive metallic currency i"f 't'
,eonle OF this country. desire 10 see ''c oa''"'
r-entIv reduced in number; and w"uo, II coui, Con-
b.;r accommodations 10 such loans or discounts, or
"A nar;oJs IN the commercially manufacturing, ana
,nr classes of the community, as the ordinary c"uss
nc their business night render necessary never VISA
10 sec farmers and mechanics and professional ,icn
te,nntrd by the facility Of obtaining bank loans Tor long
nar;ods TO abandon their proper and useful an"
snec;ahe spheres and rush into wild aud cAra"aSaht
s.tculatirn ! would il could, radically rr!"f'n The
present banking system, 80 Is !" c"hiihe II within
.uch limits as 10 prevent future suspensions 81 specie
p.y..ens; and without exception, wcnid instantly
l.nr;ye each and every bank of It's charter, which
.Louh auan suspend Establish these or similar re-
forms and give real specie bass TOR our paper CIR
culajon b. increasing the denomination OF bank notes
,s, trn and afterwards To twenty dollars aud shall
il,cn he the friend not The enemy of banks. knew,
,,, the existence Of banks and the circulation OF bank
aner are 50 identified with the habits of people
hat they cannot be abolished, even It were dcsir
blc To REFORM and not to destroy, Is M motto. 10
coriiuc them their appropriate business, and prevent
;niSernI 20 the Snrioi WIG ara rtchHs7
nccuaon bv ext.ava.ant loans and issues all wiic!:
n,uh 10 BE- desired But THIS shall say:if Experience
should prove IL In be Impossible 10 ENJOY IN" iac!tes
which well regulated banks wonld afford, without at
the same time continuing to suffer the evils which the
wild excuses of the present banks have hitherto en-
tailed upon the country, then should consider il the
lesser evil TO abolish them altogether II the State
Legislatures shall now do their duty, do not believe
that it will become necessary TO decide on such
alternative
Il, al Ill, optr rlt
with desire reduce the wages of the poor man la
Dor We have been often termed agrarans our side of
the House something under the sum- to hear
the Senator and his friends attribute to MS desire 10
elevate the wealthy manufacturer, al the expense ~
the labnring man and the mechanic From my soul, ]
respect the aho.nr man. Labor is the foundation OF
the wealth Of every country and the free llborcrs OF
the North deserve respect both for their probity and
I their intelligence. Heaven forbid that should do
them wrong OF all the countries on the earth, We
OUGHT have the most consideration for the aborng
man From the very nature Of our Institutions the
wheel of fortune IS constantly revolving and prodnc-
ing such mutations III property, that The wealthy man
of to-day may become the poor labOrer oi Tomorrow.
Truly wealth often takes to itself wings and flies away
larne fortune rarely lasts beyond the third genera.
ration even ii endure 50 long We must ali know
instances of individuals obliged 70 labor :T Ecir daily
bread whose grandathcrS were men oi fortune The
regular process q" society would almost seem to conSisi
Of The efforts ofone class 10 disspac til" fortunes winch
tHcE nave inherited. NISt Cl>s ny liIClI
!! drs,ry ana economy. regularly RISING to wealth
We have ALL therefore, common interest, as II ~ our
common duty, protect the rights ui the la55rInr INA
and if! bcc:cd for moment that this hill wcTid prove
Injurious to HIM, il should NEE; y unqualified oppos
ion
r Although this bill will not have great an influence
as could desire, vet, far as it morS Il Will benefit
The laanrug much, and probably than any
other class Of What is he ought most to tie
sire: Constant employment, regular wages and UNI
ihn
Of life which lie requires. Now, sir, what has been hi
condition under system Of expansions aud conrac
tons: He has suffered by them than any ot!''
class OF society. The rate Of his wares is fixed ant
known, and they the laSl 10 rise with the il
crctsns expansion, and the first 10 fall when th'
: CORES pcndng rcvuisiOn occurs lie STILL continue
4 10 receive hts dollar per day, whilst the price .
every article which h" consumes IS rapidly RISING
He is al lyugth made h. feel that, although he no
: n!inag earns much, even more than IL di'
formerly sci, rGm the increased price of ali the ncccs
su.cs Of lie, he cannot support his family Hence h
strikes .or higher wages and the uneasy and cNce'
feelings which have at different periods existed anon.
the lahorng classes. But the expansion ii length
reaches the exploding point, and villa, does the labor
ng suffer: He is Tor season thrown out .
employment altogether. Our manufactures are suS
pended public works stopped; private en-
rEp:ists q ,!:.:r;it Kinds ab,ndJnci aud, willis
others a!c 10 weather the ,torn le scarcely
{. procure ti, means o! bare ,utsr-;cnct.
.l"5,im Sir, WHO, to you suppose, held tie create
: part q" the worthless paper OF the oac hundred and
r,ci;g five broken banks 10 winch have refereed
Certainly not -" nrcn and wary Speculation, Ii,
: snuia danger from aiar. Ii y"u wrr. TO maze tht
search, you would find more broken bank notes III the
cottages of the laboring poor than ans where else
And these miserable shinpastrrs where they =
After the rcyuSOG of 1881 aborrrS glad to obtain
: pIoymcnl any terms, and they often received II
upon Tie express condition that they should accept thu
worthless trash in payment Sir, entire suppresslc.
Of all bank nocs OF lower denomination than the va
inc OF one weeks wares OF the laboring ALSO
lutcr necessary for has projection He ought always
10 receive his wages gold AMI silver. CT all men OIL
the earth. the aborrr Interested in having
sound and stable currency
All other circumstances being equal. agree with the
Senator from Kentucky that tia, country pros.
porous where labor commands the highest wages. DO
not; however, BY The '.hshcst wares, the
greatest nominal amount. During the Rcvo utonary
war, one DAYS work commanded 4 hundred dollars y!
continental paper but this would scarcely have pur.
chased a breakfast. The more proper expression
would be- 10 say that that country is prosperous
where labor commands the greatest reward wher.
days labor VIII procure, not the greatest nominal
amount of a deprecated currency, Dui most Of Tie
ncccssarcs and comforts OF life II, therefore, YOU
should, IN some degree, reduce the nominal pr:cc
paid for labor, by reducing the amount OF yonr bank
issues within reasonable and safe limits and establish
my metallic basis for your paper circulation, would
tbs iniura The lalorcr5 Certainly net; because I.
price OF all the and comforts of i.
GiCgd IN the proportion. and he wall be able 10
purchase of them for dollar in L sound state
Of the currency than he could have done, in the DAYS
of extraraeant expansion, for dollar and quarter.
SO far from inurng, viii greatly benefit the aborng
man. 1t will insure 10 him constant employment and
regular prices, paid in sound currency which, Of all
things, he ought most 10 desire; and it will him
from being involved in ruin by of those
periodical expansions and contractons of the
cy, which have hitherto convulsrd the country.
THIS sound state Of the currency will have another
most happy effect upon the laboring He will re-
ccive his wages in gold and silver and this will induce
Inn 10 lay up, for future uss such portion Of them
he spare, after satisfying his immediate wants
This he will MOI do nj present, because lie knows not
whether the trash which he is compelled 10 re-
cciyc money, Will continue 10 be oil amy value
wcck month hereafter \ knowledge OF this fact
tends to Danish economy from his dwelling, and IN
duccs ljm 10 cxprnd all his wages rapidly posi-.
bic, lest they may become worthless on his hands.
Sir, the aborna classes understand this subject per-
ccily 1t the hard handed and firm listed Of the
L..