Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-03-30


now, at loss TO understand what precise argu-
ments he alluded TO in that declaration.
1 understood him 10 speak particularly ana
strongly of the manufacturing interest," ascrblng
lis embarrassment TO the cost of produclion or,
in other words to h gh wages; for labor creates
and the cost OF production depends
mon TINT Of labor. Every Iaborer knows that, as
, general principle, the cost Of production cannot
be diminished, except by lowering wages, and mat
wnges and production 60 up and down together
understand him 10 impue our want oil success
to the great cost of production, and to argue that
we should succeed in obtaining possession OF our
own markets. and he successful competitors for
the markets of the world if the currency could
I've so reduced rs to bring down the cost OF pro-
duction to the standard OF prices throughout inc
world. Understood him that this was lhe cor.
receive and the remedy for tine manufacturers q.
least. l thought this near approach 10 heru
money alone and how far it is consistent WIN
his declarations of friendship to mixed curren-
cy, others can Judge as well as can
As the Senator has declined to specify, and as
am left to proceed by such lights as have, shall
now read some parts Of the printed speech of the
Senator, und leave others to Judge how far they
sustain the view took of his arguments.
Here Mr.. ID. read several passages from the
speech, shaving the general current of argument
upon bunks banking and excessive issues Of pa
per also, relating to credits speculation, &c.
which 1t is unnecessary to repeat
Sir, caunot detain the Senate by reading fur.
tller, and have drawn attention to these para
graphs to show, what am sure the member will
not question: that he treated of banking it exists
in the United States as highly Objectionable, and
bringing upon the Public evils which demand
remedy.
pass TO another part of the printed speech,
which deem more material as it relates to those
matters which induced the chiefly to reply to him.
The Senator said:
EXTRACT FROM MIR. BUCHANAN'S
PRINTED SPEECH.
"Sir, socmnIy believe that if we could but
reduce This inflated paper bubble to any thing like
reasonable dimensions, New England would be-
come the most prosperous manufacturing country
that the sun ever shone upon. Why cannot we
manufacture goods, and especially cotton goods,
which will 60 iato successful competition with
British manu- features in foreign markets. Have
we not The necessary capital Have we not the
industry? Have not the machinery? And,
above ALL not skill, energy, and enterprise,
proverbal throughout The world? Land is also
cheaper here than in any other country on the face
of the earth. We possess every advantage which
Providence can besow upon us for the manutac-
ture of cotton but they are all counteracted by
the folly of man. The raw material COSTS us less
than it does The English because this is an article
the price CT which depends upon foreign mark cts,
and is moi regulated by our own inflated currency.
We therefore, save the freight OF the cotton
the Atlantic, and that of the manufactured article
on its return here. What Is The reason that, with
all these advantages, and with the protective du-
ties, which our laws afford TO the domestic manu-
facurer of cotton, we cannot obtain exclusive pos
session of the home market, and successfully
tend for the markets OF the world =? Ii is simply
because we manufacture al the nominal prices of
our own inflated currency and are compelled 10
sell at The real prices Of other nations Reduce
nominal IN The real standard Of prices throughout
the tcoid, and you cover our country with bles-
sings and benefits. | wish to Heaven | could
speak in a voice loud enough to be heard through
out New England because, il the attention of
the manufactures could once be directed to the
subject their own intelligence and native sagacty
would teach them how injuriousy they are afec-
ted by our Jtoated banking and credit system, and
,ooud enable them TO apply the proper corrective
"What is the reason that our manufactures
hnve been able 10 sustain any sort of competition,
even IN the home market, with those of British
origin? 1t is because England herself is, to a
great extent, paper money country, though, in
this respect not 10 be compared with our own.
From this very cause, prices in England much
higher than they are upon the continent. The
expense OF living Is there double what it costs in
France. Hence, all the English who desire to
nurse their fortunes by living cheapy, emigrate
iiom their own country TO France or some other
portion Of the continent. The comparative low
prices Of France and Germany have affoid ed such
IA stimulus to their manufacturers that they
row rap!'l y extending themselves and would oh.
English home market, it it were not for their pro.
tectlng duties. Whilst British manufactures are
now anguisIng, those of the continent are
springing into healthy and vigorous existence
1t was but the other day that saw extract from
an English paper, which stated that whilst The
cutlery manufactured in Germany was equal in
qualify with the British, il reduced in price
that the latter would have TO abandon the manu-
iacture altogether"
hnt In a.,
obstacle to the success of the manufacturer, in
the opinion of the Senator? What prevents him
rom obtaining exclusive possession of our mar
ket and sharing those of the world in the snle OF
ms productlons' It's The inflated paper bubble it
IS " because we manufacture ut the nominal prices
J OF our own inflated currency, and are compelled
to sell at the real prices of other nations. Such,
IN his view, is The cause of our emharrassmeLts
and failure in success. Now sir, what is the rem
} edy proposed by the Senator? Reduce tsays
he) our NOMINAL TO the real standard of prices
, throughout the world, aud you cover our country
: with blessings and benefits" We are to take ex-
, elusive possession of our own market, and enter
Ihose OF the world successlully--and by what
} process? by reducing the cost Of our goods Z" to
The standard of prices throughout the world' by
bringing wages down as low as those who manu-
; iacure cheapest for by no other process can we
enter the markets of the world IN successful COM
\, iton. The Senator shows us that England is
carrying on an unsuccessful competition, in the
manu- iacture OF cutlery, with Germany, because
of the paper money of England. Germany, he
alleges, is had money country, and the cost of
production or wages is lower and she therefore
manufactures cheaper. Now, sir, what is the stan
dard of prices throughout the world 1t must
be standard VIII oh will enable us TO sell as low
as others-to produce as low as the nation that
| produces the lowest, or we cannot get the cXcu-
sive possession Of our own market, and enter The
markets of the world in successful competition.
We must go down 10 the wages OF France, Ger
many, and other counties that produce lower than
our laborers, or those Of England. If can I'M
derstand language, the paper bubble is to be redu-