Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-28

England have often been below par. TIL. Ia; ases !
not tend To prove that paper currency hpa ALT
'eo al homo. Our foreign exchanges are rstSsaiSd b.
me specie standard OF tho world not by the ansrlt
onr bunk issues M home and whethes they arc abosc
DC below par depends upon whether we are the debt,
&C or the creditor nation. We ought always 10 be, /
and would always De. the creditor naton IL IL were
not ior our exirasagant speculaons in foreign
chnndise. rrsdooed by the redundancy OF paper
ored1s md circulation. Our immense exports OF cot,
ton ought always TO produce balance Of trade in
our favor and yet This is rarely the cn>e There il
generally particular PERIOD however in the prores.
Of each one ofour expansions and when
exchange Is IN favor This occurs after our
md other export, have paid The deb, previously
iacted TO foreign natisns and before have had the
time and the ability TO get fairly under way in new
career OF exrnssgant impouations. To say that ths
circumstance proves that paper currency in
Hated Is an argument which undcrst md. II
proves nothing but that Providence has provided US
resource IN our vast production Of cotton. which ena
oies Us to repair the injuries which suffer from
sxravagani speculaons. Ia does not touch my argu-
meni to show the pernicious influence which
pn led currency excrs domestic manufactures.
IL u Were not for this exchanges would not only
90 occasionally but always in favor and the Bank
OF England could not exercise that controlling inAu.
ence over banking institutions Of which the Senst
irom Kentucky so loudly complains. This influence
Is derived solely from the fact that almost always
the debtor nation. continue to be, until
wild speculaiions shall be arrested.
In addition 10 the reason suggested why foreign
change has sometimes been in favor. noswith-
standing our extravagant impor,aiions I might add
another which has operated with vast power during
the last two or three years. This is the immense
amount OF money which several of the stntes have
borrowed from England within that period. This mo-
ney constituted n fund whi'h bills drawn 10
vast amount and equently reduced the rate Of
exchange. The payment of the interest on this debt,
particularly shall probably increase the
princip, will operate hereafter il contrary d.rec-
lion, and tend to raise reduce the OF tr
eign exchanges
But the Scna'or from Kentucky (Mr CiAy) leaves
nostone uniumd lie says that the friends Of the in
dependent Treasury desire to establish exclusive
metallic currency the medium OF all dealings
throughout the Union; and also reduce the wages
the poor mans labor that the rich employer may be
able TO sell his manufactures nj lower price. Now.
Sir deny the of boh these prcposiioils;
and. in the first place. l. for one. in favo. Of
establishing exclusive metallic currency for the PEG
pie OF this country. desire TO the banks greatly
reduced IN number and would. IL coSd coniine their
accon modnons 10 such loans discounts, for limited
periods, TO the commercial manufacturing and trading
classes Of the community the ordinary
business might render necessary never wish 10 see
farmers and mechanics and professional tempted
by the facility of obtaining hank loans for long eroi
10 aoando. heirown proper and useful and respectable
spheres, and rush into wild and specula
ton. would II could radically reform the pre,en
banking system. 80 TO conhne IL within such lnls,
as 10 went fIiure suspensions Of specie payments
and without excepon.I would instantly deprive o.,
and every bank Of ITS charter which should again
pend. Establish these similar reforms and give n,
real specie basis for paper circulation by increa
sing The denomination OF bank first and li
forwards TO twenty dollars and ,hill then be the
the friend not the enemy Of baHks. know that the
existec &c OF blnks and the circulation Of bank paper
are no identified with the habits Of People that
they cannot be abolished, If this desirable
To reform and not 10 destroy, is my motto. To con.
ins them 10 their appropriate business. and prevent
them from ministering TO the spirit Of wild and reck
less speculation by agan loans and sues all
which ought TO be desired But this shall say. If
perience should prove il 10 be impossible enjoy the
facilities which well-reguaicd banks would afford
without Of The same time, continuing suffer the
evils which the Wild excuses OF the present banks
have hitherto entaed upon the country then should
Consider the lesser evil abolish them altogether
II the STATE legislatures shall do their duty do
not believe that will become necessary ia
eide on such an alternative.
We are also charged by the Senator from Kentucky
with desire 10 reduce t3e wages Of the poor man
labor We have been often termed agra.ians on our
side Of the House. II is something new under the sun
TO hear The Senator and his friends attribute to us
desire 10 elevate the wealthy manufacturer ut the e1.
Pehse OF The labonng man and the mechanic Frora
my soul respect The laboring man. Labor is the
foundation Of the wealth Of every country and the
Tree aborers Of the North deserve respect both for
their probiiy ons their intelligence Heaven forbid
that should do them wrong OF all the countries OF
The earth, we ought have the most for
the tailoring man. From the very nature of our ins,i
u'ans the wheel OF fortune is constantly revolving
ana croI1cing such mutations in property that the
wealthy man Of to-day may become the llborcr Of TO-
morrow. Truly WEI. nh often takes 10 itself wings aud
flies away. large forum. rarely lasts beyond The
third generation, il il endure ivag We must
all know instances Of individuals obliged 10 ,cbor for
Their daily brad whose grandaihers were men OF TO.
tune. The regular process Of society would almost
10 consist of the efforts Of one class 10 dssipate
the fortunes which they have inherited willis, nnolier
class by their industry and economy regularly rs
ing TO wealth. We have oil. therefore, q common in
eresi, rs j: is duty. protect tie rights
ofihe laborng man and if believed for a moment
that this bill would prove injurious TO him, should
meet my unqualified opposition
Although this bill will not have as great an in1u-
euce as could desire, yet far as il goes il will be-
nefit the laboring much, and probably more
Than any other class of society What is IL he ought
most to desire : Constant employment, regular wa.
ges, and uniform reasonable prices for the necessares
and comforts Of life which he requires Now, sir
what has been hIs condition under our system Of ex
Ponsons and contractons He has suffered more by
them than any other class OF society The rate of his
rise with the increasing expansion and tho first to fall
when The corresponding revusion occurs. He still
continues 10 receive his dollar per day. whilst the
price OF every article which he consumes is rapidly ri
sing. lie is at length nade to feel that although he
nomInaly earns as much, than he did for
mcry yet from the increased price of oil the necessa
RES OF life, he cannot supporths fornily Hence the
strikes Tor higher wages and the uneasy and excited
feelings which have At different periods existed among
the iaboring classes. But the expansion at length
reaches the eNoding point and what docs the labor.
ing man now suffer lie is for season thrown out
Unemployment altogether Our manufactures are sus-
pended our public works nre stopped our private
onerprises Of different kinds are atan joined and
whilst others orc able 10 weather 10 Storm ne Gun
scarcely procure the means Of bare subsia encs
Again, sir who. do You suppose held the ereatcr
part OF the worthless paper Of the one huadFed and
sixty-iive broken banks 10 which have referred -
Certainly u was not the keen and wary SPECTATOR
who snufs danger from afsr. II you we've ~ ssake
The seorch you would find broken hank notes in
the cottage Of the laborng poor than any where else