The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1840-07-30

Germany for one-half of their actual cos
IN inns country. Let me present an ex
ample IN Germany, where the cu,ren
cy IS purely metallic, and the cost of eve
lfy thing is reduced to hard. money
standard, piece Of broadcloth can b,
manufactured for fifty dollars; the manu-
facture OF which in our country, from iii,
Expansion of our paper currency, woult
cost one hundred dollars. What istht
consequence? The foreign French o.
German manufacturer imports this clott
INTO our country, and sells it: for a hun.
dred dollars. Does not every person per.
ceiye that the redundancy of our currency
IS equaito premium of one hundred pei
cent. IN favor of the foreign manufactures!
mo tariff or protection, unless it amount
cd TO prohibition, could counterfeit this
advantage in favor of foreign manufac-
lures. lwo.ld to Heaven, that Icould
arouse the attention Of every manufacture
er OF the nation to this important subject.
"What is the reason that the manufac-
lures have been, able to sustain any sort
OF competition, even in the home market,
with those of British origin9 It is be-
cause England herself is, to- a great ex-
tent a paper money country, though in
t MS, respect, not to be compared with our
own: From this very cause, prices in
England are much higher than upon the
continent. The comparative low prices
OF France and Germany have afforded
such stimulus to their manufactures,
that they are now rapidly extending
themselves, and would obtain possession
in no small degree, even Of the English
nome market, if itwere not for their pro.
tectlng duties. Whilst British manufac.
lures are now languishing, those Of the
continent are springing into healthy and
vigorous existence. It was but the other
day that saw an extract from an Eng
lish paper, which stated that whilst the
cutlery manufactured in Germany was
equal in quality with the British, it was
SO reduced in price that the latter would
have to abandon the manufacture altose-
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desire, Mr. Chairman, to call the at
tenlion of the House and of the country,
as distinctly as am able, to the doctrine
and the policy here .avowed. And, in the
first place, let me premise, that it : agreed
on all sides. that we ought to Have no
greater amount Of paper currency than we
can keep convertible. No question here
arises regarding irredeemable bank paper.
The whole reasoning is designed TO show
that we have too great all amount of good
currency-by which, / mean gold and sill
yer and bank paper convertible into gold
and silver. 1t is the quantity and not the
quality Of our currency which is here
complained of. The argument would be
the same if our whole currency consisted
Of gold and silver, provided the amount
remained undiminished. The object
sought to be accomplished, is. not to
make our paper money convertible, but to
reduce the quantity Of circulating medium
until we have brought the cost Of produc-
ing and the cost Of manufacturing, TO this
country, or, in other words, the wages Of
labor, to what is called ''the real standard
of prices throughout the world" The
proposition is, to diminish the amount Of
currency for the mere purpose of bringing
down the price Of property and the price
of labor.
| believe: sir, this is the first time
that such a policy was ever proposed 10
the people of this country by any public
man. have sometimes heard the high
price Of labor and the articles of consump-
ton complained Of by the rich, but it is
the first time that public man has made
it the subject of complaint in the halls Of
legislation, that the farmer, the mechan-
ic; and the laborer. were receiving too lib
eral reward for their industry. 1t is the
first time that the Government has been
askedlto interpose, aud to lay its hand on
the industry of the country, for the mere
naked purpose Of depressing prices
Such, however, is the doctrine now open
ly avowed by the advocates Of sub.trea-
sury. Under lis operation, bank. paper
is to be suppressed, in whole or in part,
and a portion of the specie to be abstract
ed from the channels of business and
locked up in the vaults Of the Govern
mellt. In these two, ways, the amount of,
circulating medium is to be reduced, until
the value of property is brought down to
the specie standard, and every kind of la
Dor put Oh the same footing it is in France
and Germany. will not here stop TO
inquire what effect this system will have
upon the cotton planters of the south,
whose. cotton is the product Of the labor
Of the slaves, and the. price Of which is
supposed to be regulated by the foreign
demand. Nor will ! discuss its effect up
on the rich capitalists of the north, who
have their fortunes invested in bonds and
mortgages, or in, large manufacturing esta-
|blishments. A small portion of the peo-
pie. of this country are cotton planters or
capitalists. Nor is this the class Of men
whom would make the objects Of the
special and exclusive favor and protection
of Government. What, under such a
state of things, would be the condition Of
young men who depend for success in
the world on their heads and hands, when
YOU have broken down the prices of la
Dor, and, by suppressing credit, have ta-
ken from them the means Of entering into
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