The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-08-14
VAN gURENlsM RESPONDED TO BY THE
BRITISH BANKERS.
ATTENTION WORKING GLASSES.

BRITISH BANKERS.
ATTENTION WORKING CLASSES.
NJ, Buchanan's speech on the Sub lreasury
seems 10 have been read and appreciated py 'he
p,rkers IN England 1t viii he recoAee'eu '''a'
NJ, buchanan cited the following cases
al was hut the other day that saw an extract
e.on IN English paper which stated that whist inc
.n,.ry manufactured in Germany was eqaalta qaah-
IL with the British il was 50 reduced y Pre- VA -
latter would have to abandon the manufacture aios'
ther ?.H
# has been repeatedly shown that the cause
ftbis Io,e Drice of the German ware, was that
The cost of production was less-idbor being but
about pence day. \.
Again. Mr.. Buchanan said
} 4In>Germany, where the currency is purely me
taiGe and he cast eferey thing is reduced 70 hard
mgqeg standard, piece Of broadcoth can be manu-
fcuted for fifty dollars the manufacture Of which, in
our country from the expansion Of our paper currency,
would cost one hundreddollars"
Wen. again, wages are low, living is cheap
and poor, farmers get less than ours for their
wool and active capital is more abundant in
Germany than here American states frequently
90 10 Holland to borrow money 10 establish nix
tures here.
But said Mr.. Buchanan reduce our nomi-
nal to the real standard Of prices throughout the
world and you cover our country with blessings
and benefits
Well, The method OF doing this was the esta-
blishment Of the Sub-Treasury and the "requir-
ing specie in all receipts and expenditures oil the
Government which would diminish imports,
lock surpuses, if any, in the vaults OF the depo-
sltares, cramp the banks diminish the currency,
reduce labor, and prices to the standard prices
in hard money countries. To say nothing ofother
effects, one would be the accomplishment of that
condition for the labonng man, who in Saxony,
with his loom, and his wife and daughters to as
sist him, could not in 1887, possibly earn over
one dollar per week. That, we should think was
reduction of wages down 10 the lowest point
Of human sustenance, aiiording clue 10 the
plan by which Mr. Buchanan would have US
compete with foreign countries.
According TO the London Bankers Circular of
June last brought out BY the Great Western,
Mr.. Van Buren's policy has done something to-
wards accomplishing the object desired by Mr..
Buchanan, and we suppose of course, by all the
advocates Of the Sub-Treasury scheme which
VT. Van Buren, has concocted out of the joint
wisdom Of twenty two foreign governments.
lae London Bankers have proclaimed that
the prIce Of manufacturing labor in the U. S.
ma ialen more than oae-hird from the scale Of
1901 and As capitalists lower profits on
SOCK when laborers sink their wages some
Hnds OF American cotton goods have undersold
similar goods made in Lancashire The same
i SAID Of "hatchetsn made in the Il PM We
cannot undersel the British in other articles be-
cause as the bankers affirm. taking NJ Pochan.
an 5 argument, wages in the 4. 5. have ~, 40,
'oeeh PRESSED Down TO THE LOWEST 4r,rr r6,,.
FAllBLE WITH HUMAN srsTENANcE.'' This then !.
NE substance Of the doctrine ofthe Loco.e,co-
ieaeras's, re-echoed BY their British f,;o,d.
w 'hai America can never be prosperous until
i '@oorers and their families can work from f;ftv
GEMS p one doiior per week-or, until poor
',en can work all day for sleeps head and
p'uaS' ana steep under carl at night.
vs. eau the attention Of the working classes
= 'ne =. > e the following extract.
fron " BANKERS c.,7lqr. Losd,r i'm. d
mo W. NV s;t however, other circumstances aris-
Teno -, !. W. peEPieyed monetary affairs of he