Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-04-30

ing 10 the reasoning oil the Senator, as their
currency must regulate the piice of their
wages and products; but cotton is to sell
and goods are to be bought as ifno change
had taken place. Goods, therefore, will
come into this country no cheaper. III
then, the laborer goes into the market with
his money, as his wages are, he will have
twenty dollars to eXpend in tea, coffee, su-
gar. and the thousand Decessaries which
come from foreign countries; but if he goes
into 1t as they will be-ten dollars under
the operation OF the new theory--it is plain,
therefore that with the same amount of la
Dor he can purchase but half as much for
e'gn merchandise; in other words, it will in
effect be doubled in price, while it is ap-
parently the same.
But the Senator did not stop here, for he
alleged that while the laborer would be in
a better condition, the exporter Of produce
l-tnat is, cotton, &c.-would derive great
er profit, the measure of which would be
the amount Of reduction of wages and of
property, as he would thus be able to pro-
duce so much cheaper. TO make myself
understood, | will proceed with the same
supposition, that wages and property are to
be reduced one half Then his theory is,
that the cotton-panter, Tot example, would
produce his crop, at half the present cost,
by the saving in labor and the support oft
and consequently derive double profit
That he would produce cheaper is undenia-
bly, true; aud if he should sell for the same
price he now does, and bring home specie,
he would realize double profits provided
his laborers are supported wholly on the
, products ofthe UnitediStates. This, how
, ever, is not the course of trade or of BUSH
ness. But from wheBce would the profits
come! Not from foreign countries, for no
change is to occur there, but from the
! pockets Of every consumer of foreign goods
r in this country, for the change is wholly
in the wages and produce of our own
/, country. The idea is that if wages and
property sink together one-half, the reIa-
tive positions of the laborer and the own
er OF property are the same, for the labor
er can purchase as much with one hal
the money, and the same amount Of r--''
erty will purchase as much labor as before
But the laborer will atthe end of any giver
period, have but half as much money and
the same amount of property will be worth
but hall as much; consequently, all the
u surplus gains OF the farmer, mechanic man.
ufacturer, and laborer, will be but hall
what they now are, in nominal amount. I
property in foreign countries should de-
4 scend IN the same ratio, the most that
r could be said Of our condition is that is no
worse, Tor 1t is obviously no better. But il
we descend while they remain stationary
!, and profit is thence gained to the expor-
, ter, nothing is palmer than that such profits
. IS drawn from the consumer of foreign
merchandise, as it will take twice as much
OF our labor or products to buy it as is now
o required. If the theory establishes the
fact the exporter is to reap double profits
for cotton, it establishes beyond controyer-
/, sy the fact also that that profit will be tax
upon every man that consumes foreign ar
t,cle, and that it must be wholly drawn from
their pockets. The Senator has led him
self INTO an error, by surprising that foreign
productions are 10 come to US cheaper,
while our exports are to keep up where
they are. He thinks the importer sells in
market inflated by paper, and realizes an
: extraordinary profit. But he must perceive
that the low and depressed state of work.
ing classes in Europe is proof enough that
no excessive profit is obtained here upon
goods-none that can bear essential reduce
ton; and that while raw cotton maintains
its price, foreign goods must also maintain
, theirs. In the great competition of trade,
this idea of excessive profits TO the impor-
ter is faliacious; and as the notion of re-
duction is founded on it, that is also falla-
cious.
To follow out the case have supposed:
The income ofeyery man, except the ex-
porter, is to be reduced one-halfin the val
: ue of wages and property, while all foreign
merchandise will obviously. in effect,
double the price, as it will take twice the
: amount of labor, or twice the amount of
: the products oflabor, to purchase it.
do do not aseribe this powe r to the bill,
but it is enough for me that its friends do
What response will the farmers, mechanics,
manufacturers, and laborers make to such
flagtious proposition? one that EFFORTS
the fruits of their industry to prolessedy
enrich the planter who now enjoys a pros
perity unequalled inthe rest Of the country?
No, sir, such plans of sectional aggrandize-
ment and such disregard of the interests
Of the greatest and most powerful class Of
people in our country, and can only excite
their disgust and indig nation. Thus sir. /
: have traced the benefits Of this bill, if il
have any, as interpreted by its friends, to
, the rich and powerful. have, If mistake
not, demonstrated that that they are to be