Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-08-10

heard the high price of labor and the articles of
consumption complained of by the rich but il is
the hrst time that public man Inns made il the
subject OF complaint in the halls of legislation,
that the farmer, the mechanic, and the laborer,
were receiving too liberal reward for their in
uus'ry' Ii Is the first time that the Government
mas ueen asked 10 inter- ose and to Law lis hand on
me industry of the country, for the mere naked
purpose o' depressing prices. Such, however, is
the noctrhe now openly avowed by the advocates
OF sub reasury. Under its operation, bank
piper IS TO he suppressed, in whole or in part and
portion OF the specie to be distracted from the
channels OF business and locked IN in the vaults
oil the Government. In these two ways the amount
of Gil culating medium is to be reduced. until The
value of property is brought down to the specie
standard, and every Kind of Labor put on the same
footing il is in France and Germany. will not
here stop to inquire what effect this system will
have upon the cotton planters of the South whose
labor Is the product of the slaves, and the price of
which IS supposed TO he regulated by the foreign
demand. Nor will | discuss its effect upon the
rich capitalists of the North, who have their for
tunes Invested in bonds and mortgages, or in large
manufacturing establishments. small portion of
the people of this country are cotton planters or
capitalists. Nor is this the class of men would
make the objects OF the special and exclusive ia
vor and protection of Government. u hat under
such a stale ofthngs, coaidbe The condition OF young
men, ,oho depend for success IN The ,c0rid on their
heads and hands, tohen you hare broken doton The
prices of labor and, by SURPRISING credit hare H.
Ken from them The means Of ,niering into business {?
phat 'coidd be The 'nditon IF that large class of
citizens ,oho are debtms ,chen, By reducing The rat-
ne Of property one haU you hare taken from them
one-hdD The means of payment? find i0hat ,oouid
be The condition Of that still larger class of citizens
that class ohich constitutes Tie past majority in
this country; mean those ,oho look TO The retpdrds
Of LABOR, IN some branch Of industry, jor The means
Of respectfully and happinss7 DO honorable
Senators, who propose the adoption Of this foreign
policy, believe that these men-the working men
the men who, of all others, have the lruest sym.
palhies, The quickest impulses, and the keenest
sense of injustice; the men wlo in neace and i'm
war, hold in their hands the dcslinies of this coun-
try; that these men will consent to be put OH
level with the peasants and operatives of Europe
care not whit may be the policy of foreign ma
tons care not what are the theories of foreign
writer's; care not by what learning, nor whose
authority this policy is recommended will stand
! by that great republican principle that Just prin-
ciple-that principle which has been asserted un-
der all former Administrations of this Govern
,nen,-the principle of encouraging and protecting
The industry of The country.
The honorable Senator complains of the paper.
money system Of England, and says that 1.-THE
English who desire to nurse their fortunes by lv-
ing cheaply, enigraie from their own country to
France, or some other portion of the continent"
And what is the reason? Why is it that on the
continent living is 50 cheap is because labor
stdrUes because men work for lew pence per
day. The average price OF labor in France is
"a. per day, without board; in Germany i. is lit
! lie less. The brOken-down noblemen of England
90 over to the continent to repair their shattered
fortunes by living cheaply. But do the laborng
men ct England seek employment on the CONT
nsnt ? Or, is !, of a t,ience. in the ounop
of the honorable Senators, that this great class of
men are there doomed 10 abect and hopeless uov-
ertyi Whatever evils are suffered by the Iaborng
classes IN England, are to be attributed to other
causes than their system of credit. They are ow-
ing To their form OF Government and structure of
s0ciety,by which property is locked up in the hands
of ew and to their enormous national debt,
contracted in foreign wars, which presses every
thing so heavily with taxation.
Let us examine the reasoning of the honorable
Senator little further. He SAYS that sin Germa.
ny, where the currency is purely metallic, and the
cost of every thing is reduced to II hard money
standard piece OF brOadcoilI can he mauulac
tured Tor hlty dollars, the manufacture of which
in our country, from the expansion OF our paper
cur ency, would cost one hundred dollars" Sup
pose, then, that this desirable result is accomplish
ed, aud that we have reduced prices to The specie
Standard so that we can manufacture broadcloth
ms chenply ms it is done in Germany, does mol The
rh0le Of This reduction fall upon the Wool GROWER,
and upon The LABoRER iOho manufactures IL into
cloth? And how they to he Compensated Tor
this loss? VIII they not have to pay the same
price Tor every dlllce OF foreign production lIeY
do now? Aud will not the reduction in the price
OF all articles Of home production fall upon some
other class OF nborers? VIII ii be any cOnsoia-
ton that all labor is degraded 10 the level
Sir, among the people | have The honor to repre-
SENT labor Is the source of nearly all our wealth.
We are, emphalcally, working men, was born
and have lived among working men. My opinions
aud my sympahes are with them know them.
| know their intelligence, their moral habits, and
their Unborn love of personal Independence; and
tell you, that these men will never consent 10 lie
down aud be bound with the bands Of this iron
policy.
cannot believe, Mr.. Chairman, that those who
would embrace this foreign system, have well con-
sideIed the fearful revolution it would work, in
property, in business, and in all our social relations
Consider for n moment the effect il would have
upon the relation Of debtor aud creditor. Think
of the extent of that relation 1t is computed that
the aggregate amount of private debts is equal TO
all tho property in the country. These dehts, he
it RENE nbered, will all stand unreduced, aud must
he paid IN The new currency 1t will take twice
us much produce, twice us much land, and twice
as much labor 10 discharge debt as il does now.
Who can eslinHte the ruin aud distress hut would
ensue? Aud upon what principle is it that the
Government is about 10 resort TO this disorganizing
and revolutionary project of depressing prices I?
Upon what ground is II asserted that we nave u
redundan, currency? is there too much for com
merce? Is there too much Tor business? Is there
too much for debtors? Why should we give up
credit, which has become Incorporated mo the
very frame-w work Of our society-which is suited
10 the genius of ourrepublican institutions and TO
the wants of our young and growing country p
Credit is the lite blood of our system, sending Vi
taliiy and energy TO The exremites of the Union
IL Is credit which has covered New England with
villages which has pcopled the forests of the
West (which has spread our commerce over every
sea. The American history is full of the memo
rails Of credit, from the lime Columbus sought for
credit through Tho courts OF Europe, 10 the pres
ent day We cannot now dispense with IT, IL is
"a necessary element in free, commercial, ana en-
terprisng nation. The people of this country will
not dispense with it. They are too familiar with