Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-09-29

Z
that the bill would prove injurious 10 The lahoFng
man. it should meet my unqualified opposition !
no, only asserted these general propositions, oul eu"
vored to sustain them By long argument WIN Wha
success the public must Judge on the very mex Jay
,he WHO Senator from Maryland Mr. Merrck, who Is
an honest man, replied to my argument winch lie
stated fairly in speech which has been published tt
the world Ia opposition he SAID, 10 me description %
the bill given by me- he coneno'u mat WIS
and that il would sreduce the value of property and
! the wages of labor in the L. 5. Thts was one OF inc
chief poin,s at issue between the Wing and Democratic
partes in The Senate; the Wings contendng That INC
bill would and the Democrats that II would not, re-
duce the reward of labor and the value OF property
on NAV then Judge OF my astonshmeht "meh u,'
covered that it wa asserted and reiterated all over the
country that had advocated the bill, because ii would
produce the very effect which had spent much time N
proving that it would not produce Such RIDICULOUS
fasehuods give me concern because KNOW tiat NJ
man in The country whatever he may profess tor party
effect believes the silly Islander. | need make no pro
tessions of nv devotion to the interests oil the poor
man The whole history OF my Legislative liie when
has not been Short will prove that whenever an oPpor
tunty has offered, have been his advocate ana ms
friend. 80,
Fellow citizens let me entreat you to look little
deener into this subject Ii is the banks which inure
and destroy the aborng men OF the country ana u IS
they and their stockholders and dependents "hlch
have produced the present log cabin and hard cider eS
element in order that they may again become The de-
their own benefit They outraged at the idea OF
surrendering any of their enormous privileges. 10
collect the revenue Of the United States III gold and
silver and thus to compel them 10 keep more specie
on hand especially whilst they issue rredecmable rags,
they consider almost high treason against their esta-
blshcd prerogaves. 1t is this that has occasoned the
death struggle which is now depending between the
Bank Wing and the Democratic parties
II would be an endless task TO enumeratc the mIsdeeds
of these banks We have witnessed two suspensions
A. h,n tbp slp u rpt
wears and the country is inundated with the very
wors, rau currency What bank pays out ITS own
paper. They circulate nothing but foreign rash and
no man has chance of seeing the notes with which he
is familiar. Checks upon them are paid IN bank notes
from distance, and thus the man who desires 10 en-
force the law against them, is without remedy.
These banks exercise power the people OF this
country which, il il were directly attempted BY any TO-
reign despot would Shivrr his throne 10 atoms. The
value ofevery property SUBJECT I" their conr"
They periodically and dcprSs the value 81 pro-
perry and the wages of labor al their pleasure. When
the cdc from the Bank pnror that the currency
shall he expanded, every thing rises IN price; and Oh
the contrary, when they determine that II shall he con
trac,ed every article SINKS IN value. The hank Spccu
lators who in the secret, know precisely when to
buy and when 10 sell; and thus accumulate immense
fortunes at the expense Of their unnaled nc ghbors.
What has been the history Of! the country for the
last quarter OF century II has been history Of con-
slant vibration rA,raragant bank expansions "!!".
nnm,ualiy ht" standard, Succeeded by r"tnog- coll
fractions, winch drpTcss them IL almost nothing, and
often deprive labor ni its employment altogether n.
der The bghting influence Of these banks the country
moves Ike the pendulum Of clock, Swinging between
the Ntrrmc points 0! drIsvr prosperity and real aGvcr
<ity Their. is nothing settled steady business
At one period experience all the evils, without; any Of
the advantages of exclusive metallic currency, and
then, few short years, our paper currency is again
boatrd TO the bursting point Al successive intervals
tlt,.
country, who have been tempted t" their rom by The
facility Of obtaining bank accommodations whilst the
bubble was expanding crushed by the contraction,
and fall victims the shrine Of the nsatate and nsa
table spirit of cxtravagant banking Yet strange rs
NAV seem, the merchants and men of business IN
our large cities, who suffer most from this haneu >p
rit have. j. ceased 10 H. lis worsiuppcrs.
Bat ~ What manner does cAlrayagant banking IN.
lure the !aboring This is the proposition which
propose 10 discuss. What ought the mechanic and Ia
boring man most 10 desire. These three livingstone
slant employment, regular and far wages, and payment
in sound currency. Now shall undertake To demon
that The banks rob ln ." these three advantages,
which are essential 10 hi prosperity.
And first, 10 constant employment What IS the
effect of the present system of bank expansions and
contracoris IN tins particular 1t is truc that, during
the short period whilst the bubble expanding and the
banks increasing their ISSUES and their loans labor
ofevcrv kind finds employment. But under tins SyS-
tam ,Lc storm - SURE l.. succeed The -,t:=l.., the
explosion is certain IL follow the eXpansionand when
il comes, and suffering under ~ what *
then the condition of the mechanic and the laboring
Buildings ofevery kind cease to be erected Manutac,o
res are closed: public works suspended the times
are hard that mechanics suffer for want of CUSTOM
and The Industrious classes thrown ont OF employ
mcnt altogether. The recital of the su!irrnrs Of the
laboring during the last winter, especially in our
large cities, was enough to make the heart bleed.
Then 10 fair and regular wages. II cannot be de-
Med that that country is the most prosperous where
labor commands the greatest reward but this not for
year merely not for that short period of time when
the banks most expanded; but for succession Of
years-to all time. 1t is ruinons to the laboring
that his wages should rise with the kite of speculation
year, and the very next year sink to almost no.
thing Permancnce III the rate of wages is indispcn
sable to his prosperity. He ought to be able to look
forward with confidence 10 the future; 10 calculate
upon being able 10 and educate his family by the
sweat of his brow and 10 make them respectable and
useful citizens. Our present vicious banking sys-
TEN renders this impossible. Even during the pc
RODS Of delusIve prosperity, whilst the paper cur
rency expanding, and when the price OF every thing
else is increasing the wages of labor the last 10 rise
This the observation of Gen Jackson, empiatically
the friend OF the poor The price OF day or Il
months labor OF any kInd-the price OF hat OF PAIR
Of boots, of all articles of furniture in short, Of manual
and mechanical labor generally, is fixed and known to
the whole community. The purchaser complains u
these fixed prices enhanced and the mechanic or Ia
bnrcr does not raise them, until be IS compelled TO do 1t
by absolute necessity. In the mean time his meat, his
-four his potatoes, clothing for himself and ms family
mount up 10 an eXtravagant price long before his com
pensation is increased. Even when the wages of the
laboring become nomnally high, he finds that the
price of all the necessarcs and comforts of life which
be must purchase have risen in still greater proper
ton ard even during the last year, at the period of the
greatest bank expansion he could not afford to 80 INTO
the market and purchase beef for his family al the enor
price which it then commanded.
When the contraction comes, and The banks begun TO
turn the upon the people, the wages of the labor
ing the first sink with the general dcpresslon
and he is often thrown out Of employment altogether
and reduced to absolute want The doctrine for which
concndcd in the Senate, and for which ! shall con-
tend until my dying day. is, to reform the banks IN such
manner, to prevent this eternal tluctuation in
prices, which IS ruinous TO the people We want
stability. Establish something Ike permanent system
of business, and destroy gambling speculation and the
country VIII then gradually 10 wealth AID great
noes, Is It's intrinsic energies III the poor man
then should receive high wages he does at the
very moment Of greatest bank expansions, he will
be far more than unidentified even IN the amount re-
ccivcd during of years by regular prices and
constant employment If his wages should never rise
high they do during short occasional inter
vals they will sink so low the rates TO which