The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1856-09-17

th5 taaob 10 eoec'ufSI HSSSeS~'y .'0'I"s~ re-
lection. He ought always toieceiye his wa
ges in gold and silver. OF all men on earth,
The laborer is, most Interested 10 having a
sound and stable currency. !, i ~ II as'..
GAIL other circumstances being equal,
agree with the Senator from Kentucky that
that country is most prosperous where labor
commands the highes. wages. do not.
however, mean by ihsterms highest wages
the greatest rominal amount. During the
Revolutionary war, one days work COM
manded hundred dollars of continental pa
per but this would have scarcely purchased
breakfast. The more proper expression
would be, 10 say that that country is most
prosperous where labor commands The great
est reward where one days labor will pro-
cure moi the greatest nominal amount Of
deprecated currency, bot most OF the neces.
saries and comforts Of lille. If, therefore,
you should, in some degree, reduce The nom
inal price paid for labor, by reducing the a.
mount Of your bank issues within reasonable
and safe limits, and establishing a metallic
basis for your paper circulation, would this
| 'hJoio tho tdbotCt SCtdtuty bcoou-o
the price of all the necessarIes and comforts
of life are reduced in the same proportion,
and he will be able TO purchase more OF
them for one dollar in sound state of the
currency, than he could have done, IN the
days of exlravasan, expansion, for dollar
and quarter. So far from injoriug, ii will
greatly benefit the laboriug man. n will in.
sure 10 him conslan, employment, and regu-
lar prices, paid in sound currency, which,
of all things, he ought most TO desire; and it
wiliIsaye him from being involved in ruin by
a recurre nee Of those periodical expansions
aud con,ractous of The currency, which have
hitherto convulsed The country
This sound state Of the currency will
have another most happy effect upon the la
boring man. He will receive his wages in
gold and silver; and this will induce him 10
lay up, for future use, such portion OF
them as he can spare, aller satisfying his i'm
mediate wants. This he will not do at pres
eni, because he knows mol whether the trash
which he is now compelled to receive as
money, will continue TO be Of any value
week or a month hereafter. A knowledge
OF this fact tends 10 Danish economy from his
dwelling, and induces him 10 expend all his
wages as rapidly as possible, lest they may
become worthless on his hands.
z" Sir, Tie aboring classes understand this
subject perfectly. II is the hard hand and
firm- -fis,ed men Of the country on whom we
rely in the day of danger, who are The most
friendly 10 the passage of this bill. II is they
who are the mpst ardently in favor of infu.
sing into The currency OF the country very
large amount Of the precious metals.
"The Senator hiss advanced another posi-
lion in which am sorry that cannot agree
with him. II is this: that permanent high
rate of interes, Is indicative of the prosperity
of any country. Now, sir, permanenthigh
rate of interest is conclusive evidence of a
scarcity Of capital, and is indicative oil any.
thing but prosperity. think, therefore, it
would puzzle him with all his ingenuity, TO
establish his proposition. To render coun.
Try truly prosperous, capital and labor must
be so combined as each to receive a fair re-
ward. In England, when the rate OF interest
was very high, the country was not al all IN
flourishing condnionj but as capital gradual
ly accu mula,ed, and the rate of interest con.
sequeutly sunk, she became more and more
prosperous, though she did not reach her
highest elevation until money yielded consid.
cradle less than five per cent. Bul This snb-
jecl is SO little relevant 10 the question under
discussion, lha, il is scarcely necessary 10
pursue it, II it were, il would be easy 10
show that high rate of interest, generally,
if not universally, enters into direct conflict
with the wages of labor, which the Senator
is SO anxious 10 maintain. Suppose, for ex-
ample, that i, required capital of $40, ,0o0
10 put OF and preserve an iron mandatory in
successful operation. In one country the in
terest on this sum at len per ctnt. wonld
amount to $4,000; while in another il could
be procured al four per cent, OF $500.
The difference would be 81, 400; and uu-
less this amount can be saved either by a
reduction In the wages Of labor, or in some
other manner the manufacturer who pays
the higher rate OF interest cannot endure the
competition. A higher rate of interest al
most always presses upon the wages of la
bor wins sts.4 d., -.a.r .lt -
:" II the gentleman's theory be correct,
Wall stree, must be perfect paradise Of
prosperity There, the rate of interest for a
long time has been permanently high, vary
ing between I'VE and four per cent. a month,
or between twenty.four and iorly.eeht per
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