The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-03-03

may exist uIdrpendent Of The other
w I'll The Senator maintain the proposition that
pnper cannot and has not circulated without infr
non or excessive credits in trade genpruiys [ 20
further, and ask him if excess is any ching nlora
MAN an dccnsi"nal occurrence, growing out of
mdrKetS GulcNened INTO activity lV events ralher
casual Than permanent Is there anv excess al ns
per ~ the usual course OF business from sound
Aank5 who redeem and able to redeem THAR
puner at slght, dollar tor dollar in maial Ii il not
easy ip see how excess exists under such cir
c,lnsi lnces can 20 dav INTO any bank IN,
Boston or New York, and diaV our u dollar with
HIH same amuunt OF paper and tiat dotar s as
2nnd, and will buy as uluGil, France GERMANY
40 any dollar there. The paper, then, il eienrly
worth mnGh = the silver Tor il buys it, IT The
paper ut banks - maintained n this Vana, and s,.
redeemabie at all times, is easy 10 Gomprs
bend how n iuHued. or thut more il IN circulation
than ~ needed tur Ehe deH at intuition pre-
4iIpposos some unsuunduess. All Nancy, METALLIC
IL well ~ piper. does and viii ducuIate in value,
tndr IT tlls De lnHHu0u. hen gold and silver il nu
exempt from it than DuDpf- IL Ia hv no r,eaug
eHsy 20 de1ermlne which tnctuales ottanmmes--
money or property. Cotton s iorJy dDilars a bale,
10 daV. tamorruw IL ~ thirty five, and next day
tartv i've; lU does not fotI0w thar tire cotton alone
ms tucruatad, chat 30 hHs huctuatsd a. ala: for
gold and silver be s0 Abundant IA To daDrgss
HE value ct property OF so scnrce AZ % raise IT, II
= averv dnv's oGrruruuCe lind gold and silver
fuctuHuuT IN value. commanding n one time. n
pren UNI. and then uouer nav, nader some cireugn
5tIacas. iI!ng Aetuw Eoua pupnr No natter what
have ,0rCurrenrv. There Will be HHctnuriuus IN
~ VuIIe greatly affecting trade circulating ms
dunn 7funiOrH amount cunnot be maintained any
more than YOU can Limit business exact am
cunt.
This NJ! 7r7ves what seems not to be well IN
derst0Gd, Senators would reason differently
thar tle-g IS but one way to aeteIHIIue how much
cirruiatlnu - 1areaEary. IL - ImpGsslbla rs
certa now much moray may be nGGcssa-y for
ench member ct the Senate fnr the currgut year
and it IN equal impossible anticipate the wants
Of he great Public. The question left, therefore
Ia be settled by the laws Of trade, all others
"a. y
required lnnually by the dGuaHd for them
just learn now much money IS required
forward business, by the ability OF to
buy g.. 81 auch is necessary, be the amount greHr
small GGd. in 4 IrnWinG country it would be
il=t = .Inlt me amount OF produce the
auauut Of monetary capital. Surely nothing
be murg absurd rh"u aHempr 70 determine the
asunu1r with OUT re 'erHnce tolhe exgeHCRs or the
THAI T. sltV nIIlilGuS- any ether
arbitrary amount, Is enough. There Is advan
tlge be gained by 0VverIu z the value Of property
anless the amount OF labor tae IA
mount OF prnperrv. enables 10 ohtuH more of
The HeCGSsarles Of lie This fact should. therefore,
be- hrst Clearly established. for the process IS
cessarilY attended with araur sacrifices. The Sen
Itor from Pennsv lvIulI seems 10 understand that
reducing the circulation viii reduce property and
war"s III the same ratio II 1t does in what il
condition 5ettergd even Il could recancII Z
debtors 20 H., who would be ruined ? He seems
70 believe thar relations in foreign trade will
be InPraved but shall show him his error, and
thdt he ought Ia arrive exactly the Opposite
cilSiOn. 'Qr nus theory, U cuFried INTO execution
would uiict upCu the lahnrer well rs the
ct property the most Injurious and oppressive
consequences. He snIemnv liirns. and L give
him al! cJedjr Gr sincerity, mat he believes a ra
duchou IA wages and property would be beneficial
Let
Suppuso Jlar wuges and property Will be reduced
one hnlf By the hiIl-thlt -. n wages Il
duiiar 4 dav. thev will be half a dollar and il
beet aud mutlon now eight cents 4 pound they
Will be four and OF all the productions Of the
Cnjted States. and Of all property created here
l. pom ths state ai iHcta. things are, the ahOrer
would have, It The eXpirIlDu nt rventv DAYS Ia
Dor. twenty dulidrs, provide supplies iar himself
and family. As they Will be. h g viii have dol
lIrs. Now, sir, be IL remembered that bny and
sell IN !nraEn markets by their standard of
cY, and thar lowering wages ana property hare IL
have effect there according 10 the reasoning
ct the senator, their currency must regulate the
price Of their wages and produces but cotton is TO
sell and goods be bought a. II M change had
taken plHce- Goods therefore, will come into this
country cheuper II hen. the lahnrer gnes INTO
the market wilh his money, ~ his wages are, he
viii have twenty dollars a. expand ia ten, cntfee,
sugBI, a a rha rlInGz75yd necessaries which come
rum foreign countries hat II he goes into it as
they wiz be-ten dt'tiars under the operation of
the new theCrv-lt - plain Lheretarny that with
fie sumo amount Of lauur he can purchase hut
half as much farni IN mary hnndiEe in gtle Words
it win in effect be dubbed in prize, while it is ap-
parenrly the
But the SenaL1rdjd stop here, iilr he alleged
that, while ta iahGrer would be Il better cundI
%
,vuuld derive Il 1reuter prutr, HE of which
would he the amount ct reduction of wages and OF
property. he would thus be able to pruduces
much cheaper. To make m v4elf undersr 1uG [ will
procged with The suppusIon, that wiIgea and
property f., be reduced one hHH. Then his
theory IL thai the plan ter for e1amp would
produce his crop M half the present COST, by the
saving ahor and fhei support of it, and cnuse
quently derive double profit That he would prr
crtce cheaper is unieniahy and if he should
sell for the price he dogs,and bring home
specie. he would reallzn doubIc prntfts, provided
hts Iaborers supported wholly on the products
of the United States. This, however, is mt the
Of trade or at business But from wheHcs
would the profits come Not from toreian
tries, for no change ia tbare hut fran The
pockets of every consumer Of .ureign goods IN tins
country, for the change - wholly N The wagos aHd
produce Of cur own country.
The iea is that if wages and property slnk 70
gether 0ue-hulf the reltIva POSITIONS OF The lahnrer
and the owner property are rua sumo, fdr the In
borer can purchase as much with one half the
av and the sume ar0nnt Of pt0pertv will purghas4
IL much labor heiure But tic lahorer will,
f,trfh uIt