Daily American organ. [volume] (Washington, D.C.) 1854-1856, 1856-09-23


We possess every advantage which Providence
can bestow upon us for the manufacture Of cotton;
bnt they are all countcracted by the folly OF man.
The raw material costs US less than il does the
English, because this is an article the price of
which depends upon foreign markets, and Ia not
regulated by our own inflated currency. We
therefore save the freight Of the cotton across the
Atlantic, and that OF the manufactured article on
its return here. What is the reason that, NTH all
these advantages, and NTH the protective duties,
aOhich laos afford 10 the domestic maHn acturer
of cotton cannot obtain exclusive possession 81
the home market, and successfully contend for the
markets of the World? IL as simply because 400
manufacture at the nominal prices Of oar o'O'. al-
fGted currency, and are compelled 10 sell al me
real prices of other nations. Reduce nominal
10 the real standard Of prices throughout the woTld
and uou cover oar country Nth blessings and bene
fits. wish TO Heaven | could speak in voice
loud enough to be heard throughout New England;
because if the attention of the manufacturers could
once be directed to the subject, their own intelli-
gence would apply the proper corrective.
What is the reason that our manufactures have
been able to sustain any sort OF competition, even
in the home market, with those of British origin
1t is because England herself is, to great extent,
apaper money country, though, in this respect,
not to be compared with our own. From this very
cause, prices in England are much higher than
they are upon the continent. The expense OF liv-
ing is there double what it costs in France. Hence
all the English who desire to nurse their fortunes
by living cheaply emigrate from their own coun-
try to France, or some other portion OF the cont-
nent. The comparative low prices of France and
Germany have afforded such a stimu US to their
manufactures, that they are now rapidly extend
ing themselves, and would obtain possession, in
no small degree, even OF the English home mar
ket, if it were not for their protecting duties
Whilst British manufactures are now languishng,
those of the continent are sprnging into healthy
and vigorous existence. 1t was but the other day
that saw an extract from an English paper, which
stated that whilst the cutlery manufactured in
Germany was equal in quality with the British, it
was reduced in price, that the latter would have
to abandon the manufacture altogether"
This extract from page IA of the pamphlet
edition of Bucha nan's speech, published at the
Globe Office, by Blair and Rives, shows the
whole argument of that gentleman to be this
that IN order to enable the american manu-
tfacturer to compete with the nu.tacturers Of
Germany, France, and other Continental ma
tions, me mast haze a. metallic currency-losO
prices for qoOol, cotton, and other Materials
loaO prices for the neeesSaries Of life, and lon
aoages for all operatiues. This is the argu-
ment, and the whole OF the argument con-
tanned in the speech on these questions. Mr..
Buchanan in so many words says:
"Reduce our nominal to the real standard
Of prices throughout the aoorId anil gou coDer
our country with blessings and beaGats."
These are his words
Well, then, lot us seo how this doctrine will
operate. Take the price Of labor We may
assume that, as an average, the wages Of la
60reT In the United States are one dollar per
dag. Or, if yoa please, say .ftty cents per day
In France, laborers receive from four pence
to eight pence per day. In Sweden, from seven
pence TO eight pence. In Germany, from five
pence to seven pence. The average may be
fixed, as it was fixed, by the Hon. John Davis
in his answer to Mr.. Buchanan, at about " ten
cents per day." Now, "re9Wce lin the Ian
guage Of Mr.. Buchanan our nominal TO the
real standard Of Europe" and laborers would
get about ten cents per day, (which (Mr. Blu
chanan says would cover the country with
blessings and benefts!"
The mechanic, the artisan, the day laborer,
the operative in the mandatory, may possibly
consider it "a blessing and a benefit to be
curtailed from present prices down to ten or
taoenty cents per day-and there would be some
force in the argument Of Mr.. Buchanan, if the
prices of Wheat, corn, and Of every other COM
modify should be subjected to the same rcduc-
ton, though we confess we cannot ourself per-
ceive the advantage to be derived from thus
changing the STANDARD of prices" On the
contrary, we think We could easily demonstrate
the impolicy of such a change. We reserve
this point for another article.