, 1840-10-17

| system, is not effected by It. We know
and admit that the effect Of an increase of
circulating medium. is to raise the price of
all products upon which it operates. Upon
foreign products, therefor, it either does not
operate at all, or it increases its price. Can
the Mississippian who gets for his daily labor,
a five dollar note, buy with it more tea or cof-
fee, than | can with one dollar? If the doc
trine be true, that an increase of the circu-
lating medium, which increases the price of
labor, enables US to command more Of foreign
products, with the same amount of our labor
we have only to 90 on increasing it, until
with one DAYS labor we could command the
products of the world. This would be play
ing them a Yankee trick With a vengeance;
and if all the people in the world were like
YOU sleepv-headed folks down South, me and
my friend Daniel might effect it; but | am
afraid they read and cypher in other parts OF
thu world, as well as in England. II we could
manage this. we should have discovered the
philosophers stone; we wonld patent the
invention and travel. But. Shaking his head,)
the thing won't work. The error consists in
considering the things exchanged as nothing.
the medium through which they are exchang-
ed every thing"
swell, but, Seth" said ], 4" you admit that
this imitation which raises your wages, does
not affect the price of foreign articles which
YOU need, sugar, tea, coffee, &C., &c. How
is it, that if you yet more for your labor.
and pay no more for these foreign products,
you canno purchase more of them with the
same labor?'
Il did not say" he replied, that the
price Of forei- n products would not be al
tered by the initiation. | said their ualue
would not be effected: as SCOT as they come
within the influence of the system, they are
affected by it. Mr.. Smith. the merchant
from whom | buy my tea in Boston, is much
too cute not to know, il. the wages Of sea-
man are raised, il he pays mole rent for his
warehouse, and more wages TO his clerks.
that he must have Il proportIonately greater
price for his tea. He imports English goods
ais" I" Il large amount. Suppose that. having
Il thousand dhllarS in gold and silver. you in
fate the currency so As To give hun two
thousand dollars in Bunk notes for his one
thou.and IN silver. He wants to import-hIs
notes won't pass in Europe. and he cannot
exchange his notes certainly for more gold
and silver than he had before, without get.
ting Some that belong Ia somebody else; con-
sequently, notwithstanding the increase, he
can import TO more than he did BEFORE
Bat" answered. he does not pay for
his imports in gold aud silver. He pays for
them with American products"
But replied Seth, "we have just seen
that all American produces have been double
IN price 5y tic !nAaiioa, and that consequent.
Iy he can buy no more American products
now with two thousand dollars IN notes,
than he could formerly with his one thousand
dollars in silver So that, neither way can
he import more under one state of things
than The other; nor can ], for the same rel-
son, under the new system than under the
old. | could not help laughing to myself
when ! saw how gulled my friend Daniel,
with my nonsense, and the reliance tina. he
places on it, when he declares that it cannot
be refured by all the statesmen in the
world. If it was true. friend Dan, we Yam
KEGS would not be so anxious for Il Tariff to
protect our manufactures Why should we
want To manufacture for ourselves, If by in
creasing our currency. we could command
the manufactures of Europe without an in
crease of our labor! A Yankee loves to
work, but not when he can make rs much
by being idle. When Dan, SAYS, that n
sound. unffuciuating currency, is Of meal
culahle importance 10 = country, he is right;
but, when he says. that by initiating the cur
renew, YOU increase the wealth of n country,
he commits an egregious error. Bank pa
uer no doubt affords an increased. but does ii
afford a sound, and unfluctuating currency?
NV old father used To say, that it WAS all n
humhug, and a vain attempt to make some
thing out of nothing. Bank paper. he used
Ia saw, originated with n fellow bewitched
bv reading the gorgeous story in the Arabian
Nights. of Aladdin and the wonderful lamp.
He was perpetuaHy in search Of a plan by
which he might obtain riches without labor.
To his crazed imagination every piece OF
white paper became an Aladdin's lamp, and
he declared it was only necessary to rub n
pen over il to command the wealth Of the
world. He found Others Infatuated enough
to believe his mad assertions, and hence
sprung the idea of creating banks, and pay
ing officers TO increase the wealth OF the
country by rubbing q pen on paper.
"But, bv the Lord" he exclaimed, " there
is the Sea Serpent his head over your shol
der" startled in horror, and awaking, ]
found my pointers nose touching my face.