The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-10-07
Distress in 1924.

Z
Distress in 1924.
From Mr. Clay. in his speech Of 1924. as
published in Niles Register, vol. 26, pages 37s,
! 3s7.
In casting our eyes around us, the most
prominent circumstances which fixes our atten-
ton aud challenges our deepest regret, is the
general distress uftich perrodeS he 1ohoLe country
1t is indicated by the diminished exports Of ma
tive produce by The depressed & reduced state
of our foreign navigation by our diminish
ed commerce: BY SUCCESSIVE UN-
|THRASHED CROPS OF GRAIN, PER-
ISHING IN OUR BARNS AND YARDS
/ FOR WANT OF A MARKET; by the a.
farming dminution Of our circulating medium ;
/ by the numerous bankruptcies. not limited to
the trading classes, but extending to all classes
of society; by an universal complaint o! want
Of employ ment, and consequent reduction Of
J the wages OF labor; by the ravcnous pursuit
after public situations not for the sake Of the
honors and the performance Of their duiies, but
IA means Of private subsistence; by the reluc-
taut resort to the perilous use Of paper money;
/ by the Intervention Of legislation 10 the delicate
relation between debtor and creditor; and above
all, By he ioc and depressed state Of udiuc of al
most erery description of hC Whoie mass Of prop
cytu oChe nation; WHICH HAS. on an aver
age ~ .Nh N'l lsIs'oo tlhN u Ut L
PER CENT, WITHIN A FEW YEARS"
This distress peVades every part of the
Union, every class Of society; all feel il.
though il may be felt a, different places, in di(
ferent degrees"
Ho also said in the same speech:
THE truth is, there is no class Of sociery
suffers more in the stagDation business than
the laboring class That is necessary effect
. laar .ln fla ifla
business of the community. The wages Of
ab ble bodied men vary EROM FIVE TO
EIGHT DOLLARS PER MONTH; and
euch has been the want of employment, in some
parts of the Union, that instances have not
been unireqnent of men UOrhlng merely far He
means Of subsistence. II the Udgcs ot tabor
here, and IN England are compared, they viii
he fouud NOT TO BE ESSENTIALLY
DIFFERENT"
Mr. Webster is his reply TO Mr.. Clay, re-
ported in the same volume, page All, said;
"The year 1919 was year of numerous
failures, and very considerable distress, and
would have furnished FAR better grounds than
exists as present for that gloomy representation
Of our condition which has been presentcd.-
Mr.. Speaker (Mr. Clay,) has alluded TO the
srouc inclination " hich exists, or has existed,
| in various paris Of the country. to issue paper
money. as a proof OF great existing difficulties.
= ! REGARD 1T RATHER AS VERY PRODUCTIVE
| CAUSE or THOSE DIFFICULTIES; and The
committee wiH not fail 10 oLserce that there is, at
his moment, much The ioudest complaint Of dis
i,ess precisely rhee there has been dte greatest
attempt 10 rcIjere II By systems Of paper credit
Aud. on the other hand, content, prosperity,
and happiness are most observable in those
parts Of The country, where there has been the
east cndca,or 10 administer relief by law. IN
froh, pogi'as is SO banCiIi. so utterly rmno"s
TO all true industry, as inteye''ng NTH the legal
rtlae ot'moncy. or attempting to raise artificial
standards 10 supply its place. Such remedies
sut weH the spirit of eyirdrag0nt speculation,
bm hey sap die pery foundation Of all honest Ge,
qriSit'on.