The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-03-31

~ me nome Market with those of British origin?
1t is because England hers"lfis to great extent
paper money country, though, in this respect, not
10 p@ compared with our From This very
cause, prices in England are much higher than
they are upon the continent The expense Of iv.
ing IS there double what il costs in France. Hence
an me English who desire 10 their fortunes
| by living cheap, emigrnte from their own country
u" france or some c;her portion Of the continent
! Ihe comparative low prices Of France and Germa.
ny have afforded such "A stimulus to their manufac-
lures that they are now rapidly extending them
selves and would obtain possession, in no small
uegfcc, even OF the English home market, if it
were not for their protecting du lies. Whilst Brit.
'sh manufactures are now I0ngushing those of the
continent are Swinging into a healthy and vigor,
Gus existence 1t hu, the other day that |
saw an extract from an English paper, which stat,
ed that whilst the cutlery manufactured in Gcimn-
ny was equal IN quality with the British, it was SO
reduced in price that tho latter would have TO
! abandon the manufacture altogether"
| " that do we gather from this? What is the OBJ
sfacle to the success of The manufacturer, in the
"Plnlnn Of the Senator? What prevents HIM from
| obtaining exclusive possession Of our market and
sharing those of HE world in the sale of his pro.
ducons? 1t is the in7ated paper buLbe; it is ssbe-
cause we manufacture at the nominal prices of our
own inflated currency, and compelled TO sell at
| the real p'lces OF other nauons.'' Such in his
view, is the anse Of our emharrassmen,s and fall
"re IN success Now, sir, what is the remedy pro-
posed by the SCaarOi? "Reduce (says hey our
n0n2hHi 10 the real StGnda1d If pricrs throu qhont
The world. and y"u cover our country with bless.
| Ings and benefits" We arc to take exclusive nos.
! SESSION Oh our own market, and enter those of the
! world snccessnIy--aud by what process BY re-
ducIng the cost Of our goods s'to the standard of
prices throughout the world" by bringing wnges
GOWN as low as those who manufacture cheapest:
Tor ny no other process enter the markets
OF the world IN successful competition. The SEN
ator shows us that England is carrying on an nm
successful competition, in tic manufacture OF cut
! Iety, Wlih Germany, because Of ihe paper money
| OF England Germany, he alleges, is a hard mon
ey country, and the cost of production or wares 10
lower, and she therefore manufactures cheaper
Now, sir, what the standard Of prices throughout
| the world? 1t must he Il standard which will en-.
able us tn sell as low others--to produce as low
as the nation that produces lowest. or we cannot
get the exclusive possession of our market, and
! enter the malket Of the world in successful COM
! petition. We must 90 down to the wages of France.
| Germany, and other countries that produce lower
than our lahorels, or those Of England. If can
understand language, the paper bubble to be re-
duced till this result is reached The Senator saws
he is Tor mixed currency, but goes for the reduc-
ton OF 1t till 1t brings prices to this standard. OF
what consequence is it, Mr. President, whether it
shall be mixed or unmixed, hard money or hard
) money and paper. If he reduction is to go till
mus effect OF coming down to the stadard Of prices
throughout the world is produced? None Viiatev-
err and yet confident is the Senator in the sound
ness of his policy that he exhorts the manufacture
e:s to take the corrective into their own hands and
to bring this result about; and vet he complains of
me as repre- sentng him as too much of hard mon
ey man supposed in all this the Senator looked
really to hard money; but whether he did or not
is of little consequence, as the effcc on labor and
business would be the same. | was led TO this
conclusion, for thought he would wish TO be
understood rs viewing one currency AS most useful
to the manufacturers and another to the country
II there be confusion in the matter. am not an
swerab'e for that, for replied TO such opinions as
were advanced. 1t appeared to me that the evil
complained OF was the expansion of the currency,
ard the remedy proposed reduction to this stand
ard Of prices throughout the world. | know the
Senator has spoke much of his friendship for la
borers; but it is his practical views Of policy, his
means TO be employed to secure prosperity, that
examine
did not consider tho part Of his speech from
which he has read and considers the foundation of
unjust remark elsewhere important mate
rial portion of his reasoning Such is the doctrine
contained in the printed speech. 1t is before the
world, and let them whether have brought
the member nearer to being friend of hard money
than he brings himself.
: But the Senator pointed out two paragraphs in
my reply which he says do him injustice. so,
it was not my purpose On the first page, he al.
eyes that in a general summary which make, (not
ofhis exclusive views, as The paragraphs show
inpulo TO him AN opinion that the sub Treasury
will have greater Influence banks and bank
ing, and reduce the curr ncy beyond what he ev-
err thought or has commended it would do, notwith-
standing expressly state in another place, when
speak Of him alone, that he declares himself the
friend of well regulated banks and a mixed curren-
cy. On this point, shall only say it Is the last
: on which could have anticipated complaint, al
ter all the reasoning of the Senator toprove the ex-
pediency of reducing the currency, because OF the
evils of banking. But the effect of tho bill is mat
ter that never entered my mind as of any mo-
, ment. 1t was no, the measure of influence, which
it would have that discussed, or thought Impor-
tant, as alluded to it only in summary way. 1t
was the opinion aud doctrines advanced in the ar.
gument, the general scope of policy, advocated by
the member, upon which | commented, and t"
which replied. could not misunderstood him
in expressing the opinion that the bill would have
It's influence a corrective and am Indifferent
what degree of influence is or may be ascribec TO
. it.
The Senator laid hold Of another insulated para,
grape or my reply at the thirteenth page, and sup
posses mcmt To assert that ne and his friends
con,c dod that the bill would reduce the value OF
f property and wages ono bale assured him the
other day, and do It again, that such is not
moaning. does it TO ma the just or iair
truclIon of he lat guagr The language IL ht:
Il do not impnte this power lile bIIh"tltIs enough
for that its friends do. what power lie al
eges the power TO reduce wages and properly one
half say the power to reduce wages and prop
erty, and to i'm prove our relations to foreign trade,
r without assigning any particular proportion of re
| drc,;on TIE Senator draws the proportion from
bvpothe ricul stated hy me in illustration OF