Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-03-02


but shall show him lis error, aud that he ought {
to arrive ut exactly the opposite conclusion, tor
hi theory, if carried into execution, would inhict
upon the nborers us well Ms the owner Of proper
~ the most injurious and oppressive consequences.
He solenpy utfIrms, aud give him all credit Tor
sincerity, that he believes reduction in wages
and property would he beneficial Let us see.
Suppose that wages aud property will he redu-
ced one-hafby the hill-tllal is, If wages are now
n dollar day, they will he hafa dollar and il
heei and mutton are now eight cents pound, they
will be four; and OF all the productions of the
I'm ted States, and of all property created here
Upon this state Of facts, things are, the aborer
would have, at the expiration oitWenty days labor
twenty dollars, 10 provide supplies for himself and
family. As they will he, he will hive ten dollars
Now, sir, I've it remembered that we buy and sell
in foreign markets by their standard Of currency,
and that lowering wages md property here is TO
have no effect there, according to the reasoning
OF the Senator as their currency must regulate
the price of their wages aud products; but cot
ton is TO sell and goods ARE to he bought ms it no
change had taken place. Goods, therefore, VIII
come into this country no cheaper II, them the
laborcr goes into the market with his money, ms
his wages are he will have twenty dollars to ex
pend in tea, coffee, sugar, and the thousand neces-
ssries which come from foreign countries but i'll
he goes into it as they will been dollars, ulder
the operation of the new theoIy-it is plain, there
FORE thar with the same amount OF labor he can
purchase but half AS much fore gn mercnndise
in other words, it will in effect he doubled i'll
price, while it is apparently the sane.
But the Senator did not stop here, for he alleg
ed that while the lahorer would he in better
condition, the exporter OF produce-tat is, cotton,
sc, would derive greater profit, The measure of
which would be the amount OF reduction of wa.
yes and of property, as he would Thus be able TO
produce much cheaper. To make myself un-
derslood, will proceed with the same SUPPOSE
ton, that wages and properly are to be reduced
one half. Then his theory is, that the cotton plan.
ter, for example. would produce his crop ut half
the present cost by the saving in labor and the sup
port of it, and consequently derive double profit
hat he would produce cheaper is undeniably
true and ii he should sell for the same price he
now does, aud bring home SPECIE he would real
ize double profits, provided his Iabortrs are sup
ported wholly on the products Of the United States.
This however is not the course of trade or Of hu
siness. But from whence would the profits come
Not from foreign countries, tor no change is TO &C.
cur there, but from the pockets of every consum
er OF foreign goods in this country, for the change
is wholly III the wages aud produce OF our couu
try The idea is HAT if wages and property sink
together one half, the relative positions of the Ia
borer and the owner of properly are the same, for
the laborer purchase much with one half of
the money, and the same amount OF properly will
purchase as much labor as before. But the labor.
er will, at the end of any given period, have but
halfa much money, and the same amount Of prop
ery will be worth but half ms much consequent
y, oil the surplus gains of the farmer, mechanic,
manufacturer, will be but half what they now are,
in nominal amount. lfprorerty in foreign coun.
tries should descend in the ratio, the most
that could he said of our condition is that is
worse for ii is obviously no better. But il we de-
scend while they remain stationary, and profit is
thence gained to the exporter, nothing is palmer
than thni such profit is drawn from the consumer
Of foreign merchandise, it will take twice rs
much Of our labor or products TO buy it az is now
required. ii the theory establishes the fact that
the exporter is to reap double profits for cotton, it
establishes beyond controversy the fact also that
that profit will he tax upon every man that con-
sumes n foreign article aud that 1t will he wholly
drawn from their pockets The Senator has led
himself into an error by supposing that foreign
productions are to come TO us cheaper, while our
exports are TO keep up where they are. He thinks
the importer sells in n market inflated by paper,
and realizes an extraordinary profit. But he must
peiceve that the low and depressed slate of the
working classes in Europe is proof enough that no
excessive profit is obtained here upon goods hone
that can bear essential reduction and that while
raw cotton maintains It's price, foreign goods must
also nn;ntaln theirs In the great competition of
trade this idea of excessive profit 10 The importer
is fallacious; and as the notion of reduction is
founded Oh it, that is also ialacious.
TO follow out the case have supposed the IN
come Of every man, except the exporter, is to be
reduced one half IN the value Of wages and prop
erty, while all foreign merchandise will cost the
same, which Will obviously, in effect, double the
price, it will take twice the amount Of labor, or
twice the amount ofthe products OF labor to pur-
chase il.
do not uscrihe this power to the bill, but il i:
enough for me that its friends do. " hat response
will the turner's, mechanics, manufacturers, make
TO such a fngilious proposition? Can they be re-
conciled to such measure OF oppression one 'ha
EFFORTS from them the fruits OF their industry tG
enrich M n
prosperity unequi led in the rest Of the country
No, sir such plans of sectional ACKNOWLEDGEMENT
aud such a disregard of the interests of the great
est und most powerful class OF people in our coun
try can only excite their disgust and Indignation
Thus sir, have traced the benefits ofthls bill, i
it have any, as interpreted 10y its friends, to the
rich and pow erlul. have, il | mistake not, de
monsraed that they are to lie made richer by
tax upon their less fortunate, but more industriou,
and more necessitous fellow citizens ia tax iha
they never can and never will submit TO-, SC lon,
as their power can be felt through the ballot box
But sir, this is not ALL While thus t,
have intoerahle burdens loaded upon ns, to add Il
the weight of our embarrassmenls and TO increas
our suffeings; and while the debtor portion q
The Public are TO be crushed aud ground TO dns
between the upper and neither milestone of thi
process, the man of money is not only to escap
unframed, but 10 have his property doubled. HI
who holds cash, or It's equivalent in notes, bonds
or stocks, will he able to buy double the amour
ofpropery with IT, aud will therefore have lis val
ne doubled on his hands; for, while wages an'
property IRE 10 go down, money Is to go up in tn
same ratio.
1.-THE friends of This bill have given 10 i, a tru
constructions it is hill of privileges to the rich
but scourge to all others.
What is the debtor portion Of the Public? /
il so insignificant as TO he disregarded? Sir
Aill venture to assert that the amount of exisln,
Indebtedness in any commercial country is nearly
if not quite, equal 10 The value of all properly il
thai country, whether it be rich or poor prosper
GUS or unprospeIous, and you cannot change, Il