Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-28

Nhcther cfrcuIaf-
nag medium were specie. OF convertible hank paper /,
mingled with specie IL the increased quantity Of a
he medium not It's character which produces this ee
iect of course leave Of view irr~dcemable a
Esk paper. .
do nat pretend that ON que elton. Of uoli,;ea ccons
my you attain m,shannaiirri ccr,s,r,v An ,o.
can accomplish IN approach a as near No rcssbIe -
ins pfsnespae which have stated s sufsicisny near
me run 70 ans~er my present purpose From this
psincpie drew an inference that the exfravagant
amount OF our circulating medium, consisting. in
great degree Of the notes thrown out mon the commu
NIFTY ny eight hundred banks was inuriou. 70 our do
nestle manufactures In other words thar extraya-
CANT banking and domestic manufactures are directly
hostile 20 each other
did not understand that the Senator from Ma..a-
ohuset's (Ar Davs) contested the general proposition
aat an increase in the currency Of country with
Out any increase OF the uses of circulating medium.
Would an the same proportion. enhance the price of
all the productions OF that country whose value " as
not regulated by a forcign demand. lie could not
have contested this principle II he had all history
AMI all experience would have been arrayed against
him.
The discovery of the nine. Of South America. and
the consequent vast increase Of the precious metals
put INTO circulation the form Of money have great
iy enhanced the nominal price Of all property through.
out the world. Indeed, il is n matter OF curious
amusement TO the low prices of all articles
three centuries ago with their present greatly ady
ed rates. The Bank OF England recognises and con-
sianfiy acts upon this principle though often without
success. When prices become high in consequ cncc
oil redundancy Of paper currency and hank credits
that Il Is more profitable e1por, The precons metals
fros The kingdom than its manufactures this bunk
constantly diminishes lis loans raises the rate of inter.
os' arc reduces Its circulation. with the ed OBJ
JSet oil reducing prices such standard as will rem
der II moro profitable 10 export merchandise than bull
ion IL is in tins that the bank seeks TO regu
late the foreign exchanges
But Why need resort foreign nations for Illus
tra''ons OF the truth OF this position when il has been
brought home TO the actual knowledge of every man
within this couniry Have VIC all learned by bit
ter experience. that when periodical expansions
commence. The prco of all property begins rse,-
IL goes on increasing with the increasing expansion.
until the bubble bursts and then bank accommod
and bank issues contracted amount of The cur
rency reduced, and prices fall their former level
This is the history Of own country, and we all
know IT. certain amount Of currency is necessary
to represent the entire exchangeabe property of
country; and if this should he greatly incr,
ed, without corresponding increase ia the exchange
aoie productions Of the country, the only consequence
\ would be great enhancement in nominal prices |
4 say nominal because this increased price will
n able the man who receives il to purchase real
property or more Of the necessares and luxures Of
life Than he could have done before
Let me now recur 10 the proposition with which
4 commenced; and repent that do not pretend TO
mathematical accuracy in the illustration which shall
r present The United States carry a trade with Ger
many and France; the former a harl-Inoney country
and the latter approaching so nearly as to have no
bank notes in circulation under the denornina on uf
live hundred francs, nearly hundred dollars
On the contrary, the United States is emphaiIcally
paper money country having eight hundred banks of
Issue-nll OF them emitting of a denomination
rs low as five dollars, and of them one two and
three dollar notes For every dollar Of gold and silver
IN The vaults of these bank, they issue three, four
! five. and some of them high as ten and even fiE
een dollars of paper This produces a vast but ever.
changing expansion of the currency; and conseuuen
increase Of the prices of all articles. tho value of
which is not regulated by the foreign demand. above
the prices Of similar articles in Germany and France
At particular stages OF our expansions might with
justice apply the principle which have stated to our
trade with these countries, and that from the
great redundancy of our currency, articles
featured IN France and Germany for onchalf Of their
actual cost IN this country. Let me present exam
pie. In Germany where the currency is purely
iallc. and The cost OF every thing reduced hard
money standard piece of broadcloGh be manu-.
featured for fifty doars-the manufacture OF which,
IN our country. from the expansion Of paper
rency, would lost one hundred dollars. What is the
consequence The foreign French or German manu.
iacturer imports Tins cloth into country and
It for hundred dollars Does every person per-
ceive that the redundancy Of currency equal
pISm MUM OF one hundred per cent in favor Of the
foreign manufacturer No tariff of protection unless
u amounted To prohibition could eounteract 'h. nd
vanage IN favor OF foreign manuiaG.nEes would 10
Heaven that i could the a:tcniiu.. Of every
manufacturer OF the nation 10 tins important subject
.
no'os in payment. He will take nothing home exccpt
gold and silver. or bills OF exchange, which are equ
valeni. lie docs not expeDd this money here. where
ne would be compelled 10 support his family, and
purchase his labor and materials the Of
pTicCs which he receives for his manufactures On the
contrary, he goes home. purchases his labor his wool
and all other articles which his manufacture
at half their cost in this country. and again returns 10
ipundate us with foreign woolens and ruin our do
nestle manufactures. | might cite many other ex-
lint a..
lac attention 10 the subject This depreciation of our
currency IS therefore, equivalent direct protection
granted to the foreign the domestic manufactur.
ei IL is impossible That manufacturers should be
abio TO sustain such unequal competition.
Sir. s1emny believe that if we could re- duce this
inflated paper bubble 10 any thing like reasonable
dimensions, New England woud become the most
prosperous manufacturing country that the ever
sione upon. Why cannot manufacture goods. and I
especially cotton goods. which will go into successful
competition with British manufactures in foreign mar
keis' Have not the machinery Aud above all, .
are not our skill, energy. and enterprise proverbia
throughout the world Land also cheaper here than
\ IN any oher country he faoe Of The earth We
possess every advantage which Providence can be-
slow upon Ne for the manufacture Of COTTON; but they
are ell eounterscied by the folly Of man The raw
material costs Us less than u docs the English because
this Is an article the price Of which depend upon for
egn markets, end ~ regulated b. own inflated
currency. We, therefore. the freight Of the cot
ton acrs the Atlantic, and that Of the manufactured
articles on its return here. What is the reason that
with oil these advantages, and with the protective dn-
Ties. which our laws afford to the domestic mnnufac
turer OF cotton, obtain exclusive possession
OF the home market and successfully contend 70, the
markets Of The world' IL IS sinply because xe man
uiaciure al the nsinal prices Of inflated cur
rency and COMPEL, sell the real prices
OF Othor nations Reduce nominal the real
standard Of prices throughout the world and you GOV.
eT our country with dressings and benefits wish 10
Heaven could speak IN n voice loud enough 10 be
heard throughout New England; because, IL the a.
ienton Of the manufactures could once DO directed 10
Ie SUBJECT, heir intelligence md native sngnci
" would teach them how lnuriousiy they aro affect.
ed by bloatcd bunk ng and credit system, and
would enable them TO apply the proper corrective.
What Is The reason ths our manufactures have been
able 10 sustain any sort Of competition even in the
home market, with those Of British origni II is be-