The Madisonian., 1840-02-15

oil property the most Injurious abu oPPSs''.
consequences. He s,lennly aiiirms, ana !
give him all credit for sincerity, mat ne oe,
leyes a reduction in wages and properly would
be beneficial. Lei Us see.
Suppose that wages and properly wiii DC
reduced oae-hali by the bill-ihai -, wa
ges are now dollar day. they Will be hall
dollar; and If beef and mutton are no"
eight cents a pound, they will be iour; ana 50
az aIl The productions Of the United States,
and Of all property created here. Upon tins
state Of facts, as things are, the laborer would
have. al the expiration OF twenty DAYS labor,
twenty dollars, To provide supplies for him
self and family As they will be, he will
have ten dollars. Now, sir, be it remember
ed that we buy and sell in foreign markets by
their standard OF currency, and that lowering.
wages and property here is TO have no effect
there, according TO the reasoning Of the Se-
naior, as their currency must regulate the price
OF their wages and products but cotton isto
sell and goods are to be bought as It no
change had taken place. Goods, therefore,
will come into this country no cheaper u,
then, The laborer goes into the market with his
money, as his wages are, he VIII have twenty
dollars to expend in tea coffee, sugar and the
thousand necessaries which come from TO-
reign countries; but If he goes into II as they
will be--ten dollars, under the operation OF
the new theory--it is plain, therefore, that
with the same amount of labor he can pur-
chase bu, half as much foreign merchandise;
in other words, il will In effect be doubled IN
price, while il is apparently the same.
But the Senator did not stop here, for he
alleged that while The laborer would be in
better condition, the exporter of produce
that is, cotton, &c.--would derive greater
profit the measure Of which would be the
amount Of reduction Of wages and OF proper
tv, as he would thus be able TO produce SO
much cheaper. To make myself understood,
| will proceed with the same supposiion,
that wages and property are to TO be reduced
one.h half Then his theory is, that the cotton
planter, for example, would produce his crop
at half the present cost, by the saving IN la
Dor and the support of ii, and consequently
derive double profit. That he would produce
cheaper is undeniably true; and if he should
sell for the same price he now does, and
bring home specie, he would realize double
profits, provided his laborers are supported
wholly on the products of the United States.
This, however, is not the course of trade or OF
business. But from whence would the profits
come? Not from foreign countries, for no
change is to occur lhre but from the pockets
of every consumer Of foreign goods In this
country for the change is wholly in the
wages and produce Of our country. The idea
is that If wages and property sink together
one-half, the relative positions of the laborer
and the owner Of property are the same, for
the laborer can purchase as much with one
half the money, and the same amount of pro-
perry will purchase as much labor as before.
But the laborer will, at the end Of any given
period, have but half as much money, and the
same amount of property will be worth but
half as much consequently, all the surplus
gains OF the farmer, mechanic, manufacturer,
and laborer, will be but half what they now
are, in nominal amount. If property in TO-
reign countries should descend in the same
ratio, the most that could be said of our con.
di,ion is that il is no worse, for it is obviously
no better. But if we descend while they re-
main stationary, and profit is thence gained to
| the exporter, nothing Is palmer thanihat such.
4 profit is drawn from the consumer OF foreign
merchandise, as il will take twice as much OF
our labor or products to buy il as IS now re-
quired. II the theory establishes the fact
that the exporter is To reap double profits for
cotton. it establishes beyond controversy the
| fact also that that profit will be tax upon
every man that consumes foreign article,
and that it will be wholly drawn from their
pockets. The Senator has led himself into
an error by supposing that foreign produc-
tions are to come 10 US cheaper, while our ex-
ports are 10 keep up where they are. He
thinks the importer sells in market inflated by
| paper and realizes an extraordinary profit But
he must perceive that the low and depressed
state of the working classes in Europe is
| proof enough that no excessive profit is OBJ
tanned here upon goods that can bear
essential reduction; and that while raw cot
| ton maintains its price, foreign goods must al
so maintain theirs In the great competition
of trade, this idea Of excessive profit TO the
importer is falacious and as the notion of a
reduction is founded on it, that is also falla
cious.
To follow out the case have supposed
| The income OF every man, except the export
er, is to be reduced one-half in the value of
wages and property while all foreign mer-
chandise will cost the same, which will obvi-
ously, in effect, double the price, as it will
take twice the amount of labor, or twice the
amount Of the products Of labor, to purchase it,
do not ascTibe this power TO the bill, but
it is enough for me that lis friends do. What
response will the farmers, mechanics, manu-
| facturers and laborers make TO such hagiti-
Gus proposition Can they be reconciled to
such measure of oppression l-one that ex-
torts from them the fruits of their industry 10
I professedy enrich the planter who now enjoys
a prosperity unequalled in the rest Of the coun-
| try No, sir. Such plans Of sectional aggran-
dizemen, and such disregard of the interests
OF the greatest and mos, powerful class of peo-
pie III our country, can only excite their dis
gust and indignatlon. Thus. sir have traced