Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-03-12
[WHoLR No. 400.

tie people. This 10 very seductive but az
the same time fallacous theory, as the his
tory of mankind has ever proved. In all civ
ilzed countries, rs the writer has before sta.
ted, where the products Of labor are lowest
there is the most suffering among the people.
FOR THRRE WILL THE rRiCE OF LABOR Bs
STILL LOWER IN PROPORTIoN. AS The prIn-
ciple that governs in this Is OF an exceeding
subtle character, il can be much better Illus
trated in figures thnn in words, which the
writer will proceed to do after few predatory
remarks, and requests the close. investigation
of the subject from every farmer, mechanic,
or laboring man OF every description into
whose hands this may chance TO fsl-as he
believes IT IS THE SILENT OPERATION or
THIS PRINCIPLE THAT HAS EvER ESsLAvED
AND IMPOVERISHED TuE GREAT BODY or
MANKIND AND RENDERED THE MANY sUBsEa-
yIENT no THE FEW IN ALL coUNTRIEs, AND
IN ALL AGES OF THE WORLD.
Ii will be remembered by most readers
that the wotchword Of the Executive minIoDs,
has hitherto been that the rich were robbing
the poor. This cry is now changed and as
will be perceived by the Extract from Mr..
Buchanan's speech, preceding this commune
cation, that they now insult the manufacturers
Of New England, whom they have hitherto
sought to destroy, by calling on them 10 join
!
aud assist the administration IN lessenIng the
price of the labor Of the same class OF people
they have hitherto accused them Of robbing.
| II is fortunate that the leading members of
the administration have been compelled by
circumstances to confess in part their real
intentions-with regard TO the introduction
of their boosted Sub-1'reasnry. Mr.. Benton,
Mr.. Calhoun, MIR. Walker, Mr.. Buchanan, all
in turn have declared III the Senate of the
| United States its effect will be to lessen the
cost of production by lowering the price Of
labor. Mr.. Calhoun cmphatically calls Oh
the manufacturers of New England, to unlta
with the south in bringing about reduction
of the price Of labor to a sufficient extent TO
enable them To compete with the manuiac-
turers of Europe, in foreign markets. Mr..
Walker declares that sugar can be raised IN
Cuba for one cent per pound, whereas the
cost Of slave labor IN Louisiana and MIssls-
sippi is 80 great that they can scarcely afford
the article for six cents per ID. Mr. Buch-
anan, III addition to the preceding quotation,
IN the same speech as published in the Globe,
the official government paper, further en-
phatically expresses bimsel! as follows:
'On Friday last, ,rhen rrry unsrpectedly
addressed Ge Senate, slated II principle ef
political economy ,chich shall no'c READ from
the bsOk--i is this, "THAT ~ roU DOUBLE
THE AMOUNT OF THE NECESSARY CIRCULATING
MIDIuM IN ANY COUNTRY, rOU THEREBY DoU-
BILE THE NOMINAL PRICE OF EVERY ARTIcLE-
Z " wHsN THE CIRCULATING MEDIUM Is FiFTv
MILLIONS AN ARTICLE SHOULD COST ONE pol
LAR, 1T wOCLD COST TWO, IF wITHocT ANY
INCREASE OF THE USES or CIRCULATING
MEpIUM, THE QUANTITY SHOULD BEiscREAs-
ED TO oNE HUNDRED MILLIONS" The same
effect woiid be produced wheihtr The circulating
medium Were specie, or convertible bank paper.
mingled pih specie, II rs the INCREASED
quantity Of The medium, NOT IT'S CHARACTER,
u,ai produces this Effect. Of course icave
out irredesmabie bank paper"
Mr.. Buchanan is among the most respects.
Bile and also, next to Mr.. Benton and Mr..
Wright, Is perhaps the most prominent leader
OF the administration in the Senate Of the u.
States. No one can doubt his authority to
speak the sentiments Of the party, al least rs
tar as Messrs Kendall, Benton, Blair ~ Co..
see fit to ontrust him with their secrets. But
if any reader should doubt this, hear the go.
vernmcnt organ, the Globe. In CONNIE nting
on Mr.. Buchanan's speech its Editor says
"This evenings Globe is enriched with
Nr. Bucbanans line reiutation Of Mr.. Clsy's
set speech, to destroy the administration, aud
10 re-estabish a national bank, and all It's
kindred policy. We heard Mr.. Buchanan
throughout its delivery, with undiioyed delight,
and we believe no SOUND DEMOCRAT
WILL RISE FROM ITS PERUBAL WITHOUT FEEL
ING ALL MS CONVICTIONS IN THE GOODNESS
or HIS CAUSE CONFIRMED"
We here have il distinctly avowed by Mr..
Buchanan and the doctrine deliberately en-
dorsed by the Executive organ, the Globe,
(the editor of which paper Francis p. Blair,
Is SO identified With the administration as to
be in the habit Of calling its adherents in both
houses of Congress his men, that 10 double
the quantity of the circulating medium in any
country will also double tie value of the
products of labor, and consequently by Tho
same rule reversed, if you diminish the cir
culatng medium one half you lessen the
price of the products of labor one half-or in
that same proportion let the increase or de-
crease Of the circulating medium be more or
less. This principle is strictly true, and that
circumstance alone makes 1t appear strange
that it should ever have been advanced by
the leaders of the Executive party.
The writer has before estimated the whole
value Of the productive labor Of the u. States
to amount to l50O,000,0O0 dollars annually
II is this labor that gives value to ths &c.
Icumulated capital ot Tie country, winch wes
also estimated at l00O,000,OO0, millions of
dollars annually; but as The products Of IN.
dustry are much less al The present time in
both value and amount than when the coun.
try was in n more prosperous condition, las
has been before stately from want OF cm-
ployment not only as 1t regards the labor at
the people, but also on account OF much ac.
cumulated capital being unproductve, from
the closing OF manufactures, workshops, &c.
I &c. &C., we will for this reason call the
whole annual value Of the products Of the
country 1900, 100000 dollars only. The wri-
ter will remark that IL is not necessary that
/ either this or other estimated amounts used
! in these calculations shall be trocfly correct,
. i,s il is impossible the precise value Of our
i roducts. SC. can be arrived at) as just in the
same proportion will the effects produced be,
let the real amounts be what they may.
d We will call the whole Banking Capt.
tai ef the United Stotes at the present
time SEQ OOO0,OO0 Of dollars, and ths whole
amount, of their notes issued at 100 000.000
dollsrs-we will also call the whole amount
\ of specio IN the u. States l00,0OO.000 dollars
for The suko ofround although the
quantity now IN the country 10 not much
over two thirds that s1ouni.) This makes an
aggregate Of pnpcr and specie medium
A. r a