The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-03-27

! e5 OF OlUsTent kluuS are hOhnoohouS duue
willis. others are able TO weather tho
s'orm,h he can scarcely procure the means
ofbars subsistence.
Again, sir: who, do you suppose, held
the greater part of The worthless paper
Of the one hundred and eighty five bros
ken banks 10 which have relerTedl--
Certainly il was not the keen and wary
speculalor, who snuffs danger from afar.
il you were 10 make the search, you
would fad more broken bank notes in
the cottages of the lSboring poor Than
any where else. And those miserable,
sBinpas,ers, where arc iheyl AlieI tho
reSus on OF 1897 lab 0sssa ware sladlo
obtain employment on any terms; and
they often received it upon the express
condition thsl they should accept this
worthless trash in payment SIR, an en-
tire suppression ofa!l bank notes Of a
lower denomination than is absolutely
necessary for his protection. lie ought
alwas 10 receive his wages in gold and
silver. Of all men on tho earth, the
Iaborer is most interested in having q
sound and stable currency.
All other circumstances being equal,
| agree with the Senator from Kentucky
that that country is most prosperous
where labor commands the highest wa
ses. do not, however. mean by the
terms "highest wages" the greatest
nominal amount During The Revolu-
tionary war, one days work command.
ed hundred dollars Of continental pa
per; but this would scarcely have pur-
chased breakfast The moro proper
expression would be, 10 say that that
country is most prosperous where labor
commands the creates! reward; wLere
one days labor will procure not
the creates! nominal amount Of de-
pfeciated cu rency, but most OF the ne-
cessaries and comforts Of lie. IL, there
tore, you should, 10 some degree, reduce
the nominal price paid for labor, by re-
{ duclng the amount Of your bank issues
within reasonable and safe limits, and
= establishing a metallic basis fer your
paper circulation, would this injure the
! Iaborer? Certainly moi; because tho
I puce of all the uecessarIes and comforts
J of life are reduced III the proportion, g.
le viii be able to purchase more Of them
nr one dollar 10 a sound slate Of tho
: :uTrency, ,hah ke could have done, 10
! lie days Of exiravagan: expansion, for
L / dollar aud quarter SO far from in-
, juting, ii will greatly benefit the lsbor-
ing man. Ii will insure 10 him constant
- employment aud regular pricee, paid in
+ sound currency, which, Of alI things,
{ he ought most 10 desire; and il will save
e him from being involved in ruin by re-
l currence of those periodical expansions
e and contraciIons of The currency, which
: have hitherto convused The country.
= This sound state of the currency will
have another most happy effect upon the
: aboring man. He will receive HE wa
t ges in gold and silver; and this will in
: duce him to lay up, for future use, such
portion Of them as he can spare, Of.
= ter satisfying his immediate wants.
8 This he will not do at present, because
= he knows not whether the trash which
= he is now compelled to receive as mon.
o ey. will continue to be Of any value d
g week or month hereafter. A knowl.
n edge Of this fact tends 10 Danish econo.
e my from his dwelling, and induces him
. to expend all his wages as rapidly a,
!, possible, lest they may become worth
/. 'ess IN his hands.
Sir, the laSoring classes understand
# this subject perfectly. It's the hard
h handed and firm fiisted men Of The coUn
;, Try, ou whom we must rely 10 he da,
Of danger, who are the most frient
!. ly to the passage Of this bill. 1t II
s hey who are the most ardentl) in ia.
Is ror OF infusing into the currency Of the
u country a very large amount Of the pre-.
cous metals.
l. The Senator has advanced another pt
stien in which am sorry cannot agre,
Is with him. 1t is that: that permanen
't high rate Of interest ls indicative of III
g prosperity of any coun,ry.-Now; Sir
n permanent high rate Of inieres: is con
it elusive evidence Ofa scarcity of capital
n' and is indicative Of any thing but
)" prosperity. think therefore. it vii
& puzzle him, with all his ingenuity, Il
" establish his proposition. To render
or country truly prOsperous, capital and Ia
- Dor must be so combined as each to re-
n ceive fair reward. In England. whe
he the rate ofinterest was very high, tn
d country was not at all in flourishinI
g. condition; but as capital gradually accu
sn mulaled, and the rate of interest conse
1e queDtly sunk, she became more and NOR
er prosperous, though she did not reac
lie her highest elevation until money yiel
ie ded considerably less than five per cen
he But this s0bject is so little relevant /
"a