Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-04-16

pnly their national institution, but also to
render the State Banks subservient to an
institution in the hands Of the Executi,e-if
ne had denounced our merchants,S the 'nnna-
gers at our domestic institutions as a band of
I" sUindiers "-if he had said to Us that we
we're burdeDed with a false system " aud
|" cursed" with the "to0rst currency on
earth-and had pointed To the despotic ma
;ions Of Europe aud told us that their nsiItu'
iions were better for Jfeemen than were
those zee hnd lived uuder inihe days Of WISH
ING ton wla, should we then have said p
Why there would have been such u storm OF
indigrsiion poured forth from Maine TO Geor
gis, and from the Atlantic to tho deepest
recesses Of the rocky mountains, as would
have shaken the very foundation OF the Capt.
tol a, Washington. And yet oil thus has not
only been done, but far more,--nnd we hnve
sunk so low in the estimation of our rulers,
that they have repeatedly declared to US
from their high places, that not only are the
despotic nations Of Europe superior to us but
that this miserable province, of miserable
kingdom, (ihe Island Of Cubs) isa "PAr'
TERN" worthy Of our "Study" and o. Our
\ imitation"
Mr.. Buchanan has told Us that we must
reduce our nominal 10 the real standard of
prices throughout The icorId" Mr.. Davis has
Uniformed US what these +" standard prices
are so far as Europe is concerned and Mr.
Walker graciously informs us what these
+" standard" "prices Mr.. BschaDan speaks Of
are, so far as the "pnitern island OF CUBA II
conc the negroes are compelled
to perform at least three times the work they
do in the service Of more merciful masters
Hear what Mr. Walker said Jan. 1G, lS1O,)
| -. "A. A L.. al, fnr trnu mil
pendent Of the people
| "Iet us but contrast the condition OF the
| island Of Cuba, upon our very borders, with
tha, of our own country. In Cuba. the cur.
rcncy is entirriy metallic her population on
" about nine hundred thousand, one third of
whom. NJ has been truly stated, are slaves (;
ard yet. with a prosperity almost uncxain
ped, with agriculture and commerce flour
lshing, and an annual import ond export Of
forty three millions Of dollars, whilst distress
and embarrassment here nre almost nniver
sal even in those States possessing the rich
est soil and staples, with natural advantages
much greater than Cuba, and with the great
additional advantage Of u free governmeht.-
Why, then, this difference? II is tho contrast
between The result Of the metallic and pnp'r
currency. In Cuba. they have no periodical
rcvulslons, and, from h,ir currency tho ex.
pense of raising their products is so small
that the profit Ia great even nt limited price.
and they can export. ot profit throughout
the world. From 1876, until 1896, whilst the
duty on brown sugar was al three cents Il
pound, have not the Cuba planters introduced
their products into New Orleans, into the
heart Of our sugar growing region of Louisi
ana, and undersold US in our own market (;
and TINT, too, after paying the duty on for
egn sugar OF three cents pound, and of
least one cent pound additional for freight,
insurance, and other charges and this, too,
when, during part of this period, brown sugar
commanded at New Orleans but six cents u
pound? If, then, from tins price reccived,o of
six cents per pound, we deduct the four
cents, before specified. for the duty and other
charges Of freight, &c. but two cents per
pound will have been actually received here
| by the Cuba planter for his sugar and II we
allow one cent per pound for profit, the ex
pensc Of raising the article, including the
annual interest on the original investment.
would have been but one cent per pound
This may or may not be the exact expense,
but still all will perceive the wonderful diff.
ference in the cost Of production in the two
countries"
II The government papers Of the present day
are full OF sophistry and fasehoods to prove
TO the people Of this country, that the friends
Il Of the administration have never advocated n
reduction Of the wages of labor-and that the
introduction Of q specie currency vii! not tend
to produce that effect in any material degree.
Il BY the foregoing extracts from M-. Walkers
II speech, IL will be seen that he states sugar
can be rniscd in the island Of Cuba for one
cent pound or about one sixth part of what
It is produced for in Louisiana-nnd he ex
oressy and cmphaticaly declares, that it is
'FROM THEIR CURRENCY the erpense
Of raising their products IS so SMALL
This currency, he states, is ENTIRELY ME.
TALLIC yet such is the opinion these men
have Of the intelligence Of the people Of the
u. States, that while they advocate the intro.
duction of a specie currency, they inform
them it is not their intention to lessen the
price Of their labor.
Hear again what Mr.. Calhoun, another
pillar of Martin Van Buren's administration,
said to the Senate. on the same day that Mr.
Walker made his remarks as quoted above
elf we must use credit, would infinitely
| rather use our own than that Of banks. But
as to the currency, concur almost in every
sentiment which has been uttered by the
Senator from Mississippi, (Mr. WALKER l.
| lie could not do better than to contrast our
own state with that of Cuba. Cuba is now
IN flourishing condition, while the State OF
Miss ssippi IS IN state of extreme distress.
That Senator cannot push the specie currency
further than !, If the country were out Of
debt. wish simply, if there must be TEN
porary credit, that the Government should use
Its otUn credit"
i 1t seems these two friends and supporters
Of Martin Van Buren are pretty much agreed
with regard 10 the effects of the introduction
Of specie currency. The fact is, that the
Executive had become so emboldened by the
success it had met with in its experiments on
the credulity of tho people, TINT they had no
doubt Of being able 10 convince them, BY
means Of pensloned, iiinerant lecturers. in
aid Of their own speeches and arguments, cir.
culated throughout the U. States by means
OF the government organ the Globe, aud its
satellites, that low wages were us beneficial
t. the laborlng man as high, provided oil 9TH.
or things were IN proportion. They trusted
that the people had not intelligence enough
to perceive the paradox that was involved in
their proposition. in this, they were
mistaken-and some five or six weeks after
Mr. Buchannn's, Mr.. Walkers, Mr.. Calhonn's,
Ind other speeches, advocating the lowering
tho price OF the products of industry, and con
sequenty Of labor itself, had been delivered,
the friends of the administration discovered
L