Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-08-27

have tried 10 escape this result, which has been
fastened upon them. Let us look at this No prin-
cPle of Political Economy better established than
this; that the real price Of labor will be Just in
proportion TO the ratio which active capital bears to
the number OF laborers. Now, certain amount
ofclrcuiatng medium, is necessary in any country
10 render capital active that is to enable exchanges
TO be made, in which all business consists MS but
mere fraction Of capital can be exchanged in kind,
and all trade, which is not in kind must be carried
on by means of circulating medium. All must
admit that the amount of our currency is as small,
as 1t can be, and fulfil its purpose. The specie
basis OF our currency, is about 80 millions; 40 mil
lions year, are required for the expenses Of gov
eminent from one half, to one quarter, of this 40
millions, must all the time be locked up in the
vaults OF the numerous Sub-treasuries. This is, SO
much permanently distracted, Gom the specie
basis OF our national currency this amount of the
basis taken away, must lessen the quantity o. paper
currency by three times that amount.
As we have not, even now, a sufficient curren-
cy for the greatest activity of capital, what must
the State Of things be when the circulating med
ium, is lessened by an amount varying from
80 to GO millions? The legitimate result must
be, that large amounts of property will be
inactive, and unproductive; the ratio of
demand, to the supply, of labor, must be
lessoned, and the wages of labor must come down,
and while capital is lying idle, the country is
growing poorer and poorer. Now the admins
traton tell us, that it is of no consequence, if
wages are lower, for all necesares of life will
depreciate, in proportion. Let US sect is a
well known fact, that the articles which we pur-
chase from abroad are almost all, furnished at the
minimum cost of production; and the prices are
fxed by circumstances, over which we have no
control; consequently the laborer, must either pay
an exhorbtant relative price, for such necessaries
as are imported, from abroad, or go ,rithoH them.
This latter alternative, has been very modestly
limited at, in a speech of Mr. Williams, consider
ed by the Van Buren, press, as among the best
delivered the last session of Congress. He
is inclined to think, that laborers can very
well dispense with meat, and live on vegeta-
bles. Now this is kind of democracy which
would do very well in Russia, and Austria, and
some more of those countries, from which the
the party in power have learned more than one
thing, by their correspondence with the despo-
tisms of Europe. We have got their Sub-Treas-
land the xt is their black bread made of oats,
and birch back, for the subsistence of laborers
All the retribution we wish to such men, is that
they should be obliged to swing broad axe, or
pile smutty logs, through a week of long summer
days and be kept on an allowance, of Graham
bread and sat. We are inclined to think, that
they would learn democracy, and finance, much
faster than by studying the messages of Mr. Van
Buren,, or the Treasury reports, of Levi Wood
bury. Now this cost of subsistence for Iaborers,
from consumption of foreign articles is not felt
by Mr. Calhouns constituents, for slaves can be
kept on white corn or pork without the the necess-
ity of buying articles from abroad Mr. Calhoun
expects to sell his cotton for a constant price,
while the cost of production will be less. We
have an administration, who for the sake of
lean and meagre majority, for ''litte brief au-
thority'' are ready to sacrifice, the northern Ia
borer and all his interests to the Moloch of Null
LITIGATION.
They tell US that the wages of the laborer, m ust
come down, and we have shown that it must,
without corresponding diminution of the pri-
ces, of the means ofsubsistance; but still the ad-
ministration will not suffer, one jot or title of
their salaries, to be abated see the vote on the
proposition Of John Davis, the poor mans friend
for the reduction of salaries. That proposition was
rejected by the administration. Those salaries
are to be raised just in the ratio of the reduc-
ton of wages, and this is democracy!
We shall say few things more on this sub
ject next week.
OriUinal Corre N den