Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-04-16
SPEECH OF MR.. DAVIS,
OF MAssA cHUsETTs,
ON THE SUB-TREASURY BILL.
TContinued.1

that the senators VINO nave spoken upon |
this subject have selected the two most
free, most commercial ADMINISTRATIONS
which, by their extraordinary enterprise
and their unsurpassed knowledge of bust
ness, have carried their trade to the reno
test parts of the earth, and exceled all
others in the accumulation of wealth, and
the enioyments it brings with it-na,ions
highly civilized, and standing among the
most enlightened on the Globe-as the ex-
amples Of unwise, imprudent, and vicious
government-so destitute Of the first prin-
ciples Of political economy as to waste the
products of their labor through the unseen
and incomprehensible influence of bank pa
| per.
There is no denying that they have out
run all others in prosperity willie in the use
of this paper, and yet, according to the
theory of the Senator, they have all the
time labored under a most oppressive pol
icy, bloating wages and property, while it
has been the happy lot of other countries
to live under the suspicious influence Of
hard money. Spain, Italy, France, Hol-
land, Germany, on the other hand, have
become pattern nations. dist nguished for
their wisdom, and also for the harpy con
dition of their laborers, WHO, doubtless,
failing 10 realize their CONDITION, escape,
whenever they can, to this country or
some other part of this continent
But, sir, | must leave this topic and go
ITO another. The Senator assures US that
this paper brings with it this alarming at
tribute-as it expands and contracts, so
property and wages rise and fall, thus maxi
ing it the vital principle ofthe body polite,
giving to it pulsation. In speaking of pa
per, | once and for all, wish always to be
understood as meaning the paper Of sound
specie-paying banks. redeemable at sight,
unless | otherwise specify. Is this a
sound axiom Of the Senator? Is bank pa
per the sole or chief regulator Of the value
of wages and property Hso, whenever
there is common 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 country, we have
banks. The Senator from Mississippi
(Mr. Henderson, stated that the service of
an ordinary laborer. which would cost fE-
teen dollars in his part ofthe country he
had ascertained could be had at Pittsburg
fora quarter, or less, of that sum, and in
New England, as understood him, for
about half. Every body knows the vast
difference in the expence of living between
Boston and New Orleans, and between
New York and any remote country town.
But how is it with hard money countries?
Expenses of all sorts are unquestionably
fourlold greater in Havana than in Flor
ence; and might 60 on multiplying ex-
amples, 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 undoubtedly has an
influence, is not even the principal cause
of this diversity
But, sir, cannot dwell on this. The
Senator contended, by an ingenious argu-
men, that reduction Of wages would be
beneficial to the laborer, because property
would necessarily fall in the same ratio,
and, in the fervor of debate, addressing
New England through me, he appeals to
her to embrace this alternative as re-
source to rescue her manufacturers from
the ruin which lays in prospect. En-
brace what, Mr.. PRESIDENT How will a
corresponding fall of wages and property
aid the laborer? How is his condition TO
be improved by in The most that can be
said is, that his relative condition is un-
changed. But can he embrace the de-
graded condition of by far the largest class
of lahorers in Engan and Ireland, where
the alms-houses are filled with paupers,
and those who support themselves strug
gle for lfes Can he descend grade low
er, TO hard money Italy, where, as the au-
thorty read by the Senator from Mary
land (Mr. Merrick) will prove, but l will
not stop to read it, wages are three pence
a day2 Is it an invitation TO abandon the
physical, moral and intellectual! comforts
and enjoyments which surround the indus
trious man here, and descend to the de-
plorable condition of those who fly from
their country to this as place of refuge
for the poor, the naked, and the hun
CRY?
But, sir, as have more TO say of this in
more appropriate connection, | shall pass
it fol the present, with single remark
if such are the advantages of other coun-
tries, why do not our citizens emgrate
/ thithe.?
will now notice the effects upon the
public policy which are imputed to this bill.
We have always been told it was a
simple proposition 10 divorce she Govern
ulent from the banks, SO rs 10 enable it 10