Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1840-03-28
TWENTY-SEXTH CONGRESS.
Speech of Wr. Davis,
OF MASSACHUSETTS,
ON THE SUB-TREASURY BILL.
II SENATE January %
OF MAsSACHUs SET


IConcluded.l
But. sir. fear have dwelt too long on these
matters, and viii hasten TO notice that for which
chiefly rose Much has been said of labor, anc
what is III may say, without offence, il is
commodity bought and sold like merchandise in
the market. A man has his skill and service to
sell TO whomsoever will buy them, aud his ANXIOUS
desires is 10 obtain the most liberal remuneration
The Senator SAYS the value Of 1t Is regulated by
bank paper. Not so, Mr.. President not so but
chiefly by the amount In market, and the demand
which exists for II: currency may, however, al
lines have its influence. If the supply is great
and the demand small, then wages are necessarily
low; but # the supply be small and the demand
great, thev are high When business is flourish
ing, tie demand is urgent, and wages rise; wheh
IT'S depressed, the demand diminishes, and wages
iail. Hence, too. in countries densely populated
the supply Is necessarily greater in proportion 70
the business, than in countries thiny peopled.-
Thus we see why wages in a great country, new
and full Of resources, like ours, are in quick de-
mald, while IN China where there is a vast surplus
population, the market IS OverstOcked and they are
low. Hence. too, is, that in such conditions of
society we always find the greatest poverty, suffer
ing, and degradation. Bank paper is obviously
not the sole or chief cause which fixes the value OF
wages.
But, sir let Us pursue this subject little further
as Il is capable Of further illustration.
There are three great classes of laborers: those
who produce from the earth are agrcultursts, those
who convert the products of the earth into useful
forms are manufacturers; and those who are enga-
ged IN transporting and exchanging the products,
Of tie other classes are commercial These great
divisions Of mankind are founded on no law but
ilat Of civilized, social existence. Ia our country
al least, each and every person may pursue any or
al. Kinds .t business. But experience teaches US
Tue necessity Of these divisions, for wool, cotton,
and fax are of little value until turned into cloth,
but the farmer would find it difficult to a mill
10 make cloths, or 10 build and sail ship to take
ms produce 10 market. From this division, too
come our maTke.s We must have food and cloth
lA2, and we must obtain them by an exchange OF
lle products Of labor, bot we cannot exchange a
morse or a watch ioI a joint OF meat or for pair
Oi sloes; such properly must first be broken into
paris and nls is the peculiar Office and almost the
only use Of money. 1t measures the value of pro-
pery and brings it into form suited to our conre-
helce. This is the relation which it beaIs to bus
mess and no other; and. while ] admit its great
Importance, deny that il lies at the loundanon,and
. 'ie great regulator of the affairs OF men, as a
Gems 5 here 10 be supposed The friends OF this !
i' know, assume that we have an imitation, and I
mn money, rules guides and regulates business P
'heh I'D truth, tie inquiries ought to be, first, how
'Ue! Is necessary as circulating medium, that n