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


There is no denying that they have out.run
all others in prosperity while in the use OF ibis
paper, and yet, according TO the theory OF the
Senator, they have all the time labored under
the mos, oppressive policy, hloating wages and
property, while il has been tho happy lot OF
other countries to live under the suspicious
influence ofhatd money. Spain, Italy, France,
Holland, Germany on the other hand have DO
come pattern nations, distinguished for their
wisdom, and also for the happy condition ot
their laborers, who, doubtless, failing 10 real
ize their condition, escape, whenever they can,
10 this country OF some other part OF this con-
,inent.
But, sir, must leave this topic and go TO
another The Senator assures US that this pa
per brings with II this alarming attribuio--n
II expands aud contracts, property aud wa
ges rise and fall thus making il the vital prin-
ciplc of the body polite, giving to |, pulsaton.
In speaking OF paper, | once and for ALL wish
always to be understood as meaning the paper
of sound spocio-paying banks, redeemable at
sight, unless | otherwise specify, Is this the
sound axiom of the Senators Is bank paper
the sole or chief regulator of the value OF wa
ges and property II 50 when there is a COM
mon currency there should be a uniform price.
Let us see how the position is sustained in The
United States where, in all parts of the coun-
try we have banks. The Senator from Mis-
vic es of an ordinary laborer, which would
cost 10 dollars in his part OF the country, lie had
ascertaincd could be had at Pittsburg for a
quarter, or less, Of that sum, and in New Eng
| land, as | understood him, for about half
Every one knows the vast difference in the ex-
pensc of living between Boston and New Or
leans, and between New York and any remote
country town. But how is il with hard mon
ey countries Expenoes are unques,ionahly
four fold greater in HAVANA than In Florence,
and might go on multiplying examples, for
it is much more difficult to find two places
that correspond than two that are at variance,
Does it not follow that currency, while it un-
doubleday has an influence, is not even tho
principal cause of this diversity
But, sir, ! cannot dwell on this. The Sem
a,or contended, by an ingenious argument,
that reduction Of wages would be beneficial
to the laborer, because property would neces-
sarily fall in the same ratio, and, in the fervOr
of debate, addressing New England through
me, he appeals TO her to embrace the altcrna,
tive as a resource to rescue her manufacturers
from the ruin which lays in prospect. En-
brace what. Mr.. President How will cor
responding fall OF wages and property aid the
laborerl How is his condition 10 be improv-
cd byitl The most that can be said is, that
his relative condition is unchanged. But can
he embrace the degraded cond ilion of by far
Ireland, where the alms-ho are filed with
paupers, and these who support themselves
struggle for life Can he descend a grade
lower, to hard money Italy, where, as the au-
thoTity read by the Senator from Maryland
(AIr Mernck) will prove, but ] will not stop to
read it, wages are three-pence a day Is il
an invitation to abandon the physical, moral
and intellectual comforts and enjoymen,s
, which surround the Industrious man here, and
a. a.. Of
who fly from their country 10 this as place
Of refuge for the poor, the naked and the hun.
l cry
But, sir, as have more 10 say Of this in a
more appropriate conneXion, shall pass il for
the present, with a single remark-ifsuch arc
, the advantages Of other countries, why do tho
poor emigTate hither, and why do not our citi-
zens emigrate thither!
, will now notice the effects upon the pub
/ lie policy which are imputed to this bill, Wa
have always been told that il was a simple
, proposition 10 divorce tlis Government from
, the banks, 50 TO enable it to hold ia own
A money, and therefore, harmless in lis charsc-
; ter, as it would affect nothing else.
D But, sir, the Senator from Pennsylvania,
, while he declares that lie is not for an exclu
4 siye hard money currency, or, in other words,
e is not hostile to well regulated State banks, II
i they can be well regulated, as he expresses
- himself, argues MA lNlh III VIII ulIplhlsi lh-
= portaiions, suppfeSs credit, and stop specula
o. lion, 10y modifying tie currency so far az 10
: work out these extraordinary ends.
4 ata by no means satisfied that it IL csps,
6 bic of producing all these consequences, but
] az such powor il imputed 10 II by IFS warm,
I est friends, and those who nre IN the councils
and confidence Of the Administration, who
b bring il forward, and no doubt bring il forward
with this view and expectation. / shall, in this
. reply, coDilne myself 70 the positions assumed.
G That Il will do the county 10 good have new
: or doubted bot have allowed myself 10 be.
a lleve that IL can exert that Influence upon ia
) affairs which Is ascnL ed 10 it,
D II II will diminish lmporatiOns IN tho right
r way, so far II has my hearty concurrence Tor
D they have run into an injurious excess This,
q again, Is the result Of false policy, not i'm
/ putabe to paper, as the Senator supposos, G.
ven as principal cause. II comes 0f oneouf.
1 aging foreign labor instead Of our own; OF
E stimulating this trade under the persuasion
that u Is more beneficial ~ the country Ihan 10
, strengthen aud foster our own industry until
1t has reached point Of injurious excess, sus-
D pending our laborsr from employment and Ia
r king from them their bread. We boy more
than We sell, leaving a balance Of many mil.
! hons now due IN Europe, which is 10 be paid
out ofihe resources al the people and i il
time 10 reuace our sieFs The President, who
! has been promoter Of tbs policy complains
IN las message Of this excess an a serious evil,
7 and rejoice at II but he fails 10 indicate the
do II ..t tall 4