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


pockets. The Senator has led himself INTO an error,
by supposing that foreign productions are 10 come
TO us cheaper, while our exports are 10 Keep. up
where they are. He thinks The importer se'ls III
market inflated by piper, and realizes an eXtraor
binary profit. But he must perceive tnat me low ~
depressed state Of the working classes IN Europe IS
proof enough that no excessive proht rs Obtained
here upon goods---none that can bear essential re
ducton and that while raw cotton MAINTAINS
its price, foreign goods must also maintain theirs
In the great competition of trade; tins idea OF ex
cessive profit to the importer is nlacious and as
the notion of reduction is founded on II, that is
also falacous ~
TO follow out the case | have supposed The
income of every man, except the exporter is to be
reduced one half in the value of wages and proper
~, while all foreign merchandise VIII cost the
same, which will obviously, in effect, double the
price, as it will take tw ice the amount OF The pro
ducts OF labor, to purchase it,
do not uscrbe this power to the bill, but 1t is
encugh for that its friends do What response
will the farmers mechanics, manufacturers, ana
laborers make to such hag'tious proposition
Can thew be reconciied to such n measure OF oP
preston that extorls from the fruits OF their
industry to prolessedly enrich the planter who
enjoys prosperity unequalled IN the rest OF
the country |? No, sir such plans OF sectional az
prandizement and such disregard OF tho interest
Of the greatest and most powerful class OF people
in country. can only excite their disgust ana
indignation Thus, sir, have traced the dement's
of this bill, if it have any, interpreted by It's
friends, to the rich and powerful. nave, u mis-
take not, demonstrated that they are TO be MADE
richer
industrious and more necesstous fellow citizens
a tax that they never and never will submltto
so long as their power be felt through the bal
lot.box.
have intoerable burdens loaded upon US, TO add to
the weight of our embarrnssments, and to increase
bnr suferings; and bile the debtor portion of the
Public are 10 DO crushed and ground 10 aust DO
tween the upper neither milestone OF th's process
the man of money is not only TO escape unnamed,
but 10 have his property doubled He who hoids
cash. or its equivalent IN notes, bonds or s'ocN VIII
he able 10 buy double the amount OF property win
IL and will therefore have its value doubled on
bis hands; for while wages and property are to 60
down money is TO go up in the same ratio:
II the friends of this bill have given to 1t true
construction it is bill ofprveges to the rich, but
scourge 20 all Others.
What is the debtor portion Of the Public !? Is
il so insignificant TO be disregarded Sir, 1
will venture to assert that the amount OF exist
ing Indebtedness in any commercial country Is
nearly if not quite, equal to the value OF all PRO
peuy in that country, whether il he rich or poor
prosperous unprosperous, and you ca"hot
change, to the extent gentlemen have supposed,
the relation Of debtor and creditor, or thus d.
minish the resources OF the debtors without
crash, a wastennh desolotion such ms has never
been experienced. Suppose man has pur-
chased $4,000 worth of property at present
prices, and given his bond for it !; you reduce
its value one half, and it is worth $5,OOO. How
is il possible that, with resources mus reduced,
must debtors cnn ever pay
Rut sir Won cannot maintain slate OF things
sucb as has been supposed You may embar-
yass and distress us, rs you have done, nut Ihis
hill in the end, works out no such advantages
as are anticipated for the planters. The theory
contains in itself principle that will defeat the
end in view. Go on sir. if you please, and so
legislnte as 10 bring 10 the cotton planters the
extraordinary profits anticipated, at the expense
of the other branches Of industry how long
will it he before that pursuit will be overloadc!
with competitors, till the market will he lnhnda-
ted with cotton and its price fall Just in ;he RI
ito YOU have stimulated its production?-D"wn
It vill-down it must, by the laws ofirade, come
TO a level with The fall of other productions
And what will lie gained by the whole process:
Nothing; absolutely nothing, except that It VIII
take more of our labor and more of our produce
lions to buv foreign merchandise; our gain W Ill
turn literally into'a loss. This is capable, THINK
of demonstration, if it does not already suffic-
.iently appear, but have no time TO enlarge, m
teresting and all important ms the SUBJECT Is.
What motive can we have, sir to reduce wa
ges and the value of properly? When did the
sun ever shine upon labOriug people so blessed
as those of our country have been! Where have
they ever been able by industry TO feed, clolhe,
and educate themselves so well? The history
nothing with clearer
demonstration, than that where wages "re low
est there is the greatest poverty and suffering;
there the condition o the laborer is most fororn
and wretcIed there is the least moral and intei'
lectual culture; and there race is sunk into
the depths of political degradation, incapable of
raising itself TO that lofty elevation attained ny a
free, enlightened People, capable of governing
their own affairs. 1t tends to the opposite or
every thing dearest to us, for the descent will
carry with it not only wages, hut all the high
qualities which fit us to be what we are-free and
independent. This is n sufficient answer to all
that can be said upon the subject.
Such is the remedy for the disense which al
f1icts our country: and, while its advocates shad'
ow forth it's evils far beyond any conception of
mine, if the bill he carried into effect, ms has
been proposed here, must coa'ess that see in
it nothing to soolh or relieve the Pnblic-no'h.
ing to restore confidence, which is the grent and
desirable end-nothing TO nvert future panics--
nothing to stop this scramble after the gold and
silver going OH between us and other countries
nothing that has healing power enough to
.rauixe and mninian prOsperiiY.