Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-03-20

oH>prlng 10 sla icNlde lis parent as proof OF the
disasters Of this policy and Of the ulilmen Of the
prediction of the Opposition for go together they
must, and live together they will in hstorv and
no sophistry, no ingenuity ever separate
them. While the Senator admits this policy to
belong exclusively TO the Administration, and TO
have been slrenuonsly opposed by us, and its mel
ancholy consequences predicted, he now repudiacs
il as erroneous, and we must allow TO him and his
friends whatever credit belongs to an abandonment
Of it after il had literally eXpo ed,.:and the mischief
was accomplished But, sir, he and they must be
reminded that could if would, read from the
messages Of the President, and from the successive
reports Of the Secretary Ct the Treasury, aguage
of exul'ation, irlnmphing in the entire success of
the policy, bOastng that the currency was on Il
better footing than ever, that the exchanges were
greatly improved, and that, too, at the very mo-
ment when then the bloatel credit was most ex-
panded, and speculation was the most rife and
rank. Such was the delusion that the madncs,
which had seized mutitudeS were trumpeted forth
as evidence Of success and general prosperity.
The Senator clearly reasons from ialse premises
when he makes the banks the origin of our en-
barrassnents, for they only instruments in
the hands of those who projected the measures
that have made them what they are.
But the Senator goes further, and traces the evils
OF banks and bank paper into England, and alleg-
es, without qualification, that from this cause BUSH
ness there is as badly pafayzed As it is here; and
am not abont to make an issue upon that point
for must hurry on to other matters. He makes
an Inference, however, which must notice. lie
says that TO this circumstance alone we owe our
ability to manufacture good. If England was
hard-moncy country, mills and hammers
would all lie silent; but the paper system so raises
the price Of wages, and consequently the price of
production, that she cannot send forth her goods
30 cheap as she otherwise could, or so cheap as
they are made IN hard-mOney countries, where
wages are lower. And do we owe our success 10
this folly Do we stand on such slippery basis,
having no foohoId but upon an error Of policy,
stupidity persisted n desire to lie informed how
the hari-monev countries as they are caIIed-ltaly,
SPAN, Holland, France, aud Germany-for they
have all teen put INTO that class, though not with
strict historical accuracy-stand the competition
OF England, with her boated credits. Yes, how,
sir, do they figure in the competition. Who has
supplied our markets and the markets ofthe world.
If metallic currency makes production cheaper-itt
gives vantage ground to country in the general
round OF trade, how is it that these nations have
not long since run England out Of our market with
their cheaper goods. How is it that we draw an
nuaIly from England two-told more of imports than
from all the residue of Europe. Why is it that they
especially France, shut their ports against most
kinds OF English goods, to protect their own man
nfactures. Why is the same policy pursued else
where. In these countries the hard-money scheme
has had long, full, and faithful trial. and we
know the result. England, without any advanta-
geS over them in ports, has overwhelmed them
Is open to her on footing OF equality with them
Is II not, Mr.. PRESIDENT, surprising fact that the
Senators who have spoken upon this subject have
selected the two most free, mo>t commercial nations
nations which, by their extra ordinary enterprise
and their unsurpaS ed knowledge Of business, have
carried their trade TO the remote>t parts Of the
earth, and eXceed all others in the accumulation
OF wealth, and the en- oymentS it brings with it
nations highly civilized, and standing among the
most enIia htened on the glole-as the examples OF
unwise, lmprIIdent and vicious government-sD
de tltute Of the first principles Of political economy
to waste the products Of their labor through the
unseen and incomprehensiDe influence OF Lank
paper.
There Is no denying that they have outrun al
others IN prosperity while in the use OF this paper,
and yet, according to the theory OF the Senate,
they have all the time abored under most oppres-
sive policy, bOatng wages and property, while 1t
has been the happy lot OF other connires TO live
under the auspIcous influence of hard money.
Spain, Italy, France, Holland, Germany, on the
other hand, have become pattern nations, dlstln-
gu>hcd for their wisdom, and also for the happy
condition OF their laborer>, who, doubtless, falling
to realize their condition, escape, whenever they
can, TO This country or some Other part OF this
continent.
But, sir I must leave this TOPIC and go to
another. The Senator assures us that this paper
brings with it this alarming attrlbute-aS 1t eX-
pands contracts, property and wages rise
and fall thus making il the vital principle of the
body polite, giving to it pusalion. In speaking
Of paper, | once and for all, wish always to be
understood as meaning the paper OF sound specie
paying banks, redeemablc at sight, unless other
wise specify. Is this sound axiom OF the Sena-
tor /? Is hank paper the sole or chief regulator Of
| the value Of wague> and property II so, whence
yer there is a common currency there should be
| uniform price, Let us see how the position is
sustained in the United States, where, in all parts
| of the country, we have banks. The Senator
\ n.a1, hat la
services OF an ordinary laborer, which would cost
| fifteen dollars in his part of the country, he had
a>cerianed could be had at Pilt,burg for quarter
or less, OF that sum, and in New England, "a |
understood him, for about half. Every body
| knows the vast difference in the expense OF living
lelween Boston and New York and any remote
country town. But how Is it with hard money
countries p! Expenses of all sorts are unque,tlon-
ably fouriold greater in Havana than in Florence;
and might go on multiplying examples, for it is
much more difficult 10 fndtw places thae CORES
| pund than two that are at variance. Does ii not
follow that currency, while it undoubtedly has an
influence, is not even the principal cause Of this
dver>ityl
But, sir, cannot dwell on this. The Senator
| contcnde1, by an ingenious argument, that
duction of waguies would be beneficial TO the la
| borcr, because properly would necessarily fall in
the same ratio, and, in the iervor OF debate, adj
dressing New England through me- he appeals to
10 her 10 embrace this alternative aS resource to
rescue her manufactures from the ruin which lays
in prospect. Embrace what, Mr. President? How
will corresponding fall OF wages and property
aid the lahorer .? How is his condition 10 be i'm
| proved by il The most that can lie SAID is, that
his relative condition is unchanged. But can he
embrace The degraded condition of by far the larger
class OF Iaborcrs in England and Ireland, where
the anS-houses are filled with pauperS, and those
who support themselves struggle for life? Can he
descend grade lower, 10 hard money Italy,
where, As the authority read by the Senator from
MARYLAND Mr., Mcrrck) will prove, but will not
stop 10 read il, wages are lhree-pencc day Is
it an invitation TO abandon the physical, moral,
and intellectual comforts and enoymcnts which
surround the industrious man here, and descend to
the dcploraIe condition Of those who fly from
their country to this "a place of refuge Tor the
poor, the naked, and the hungry