Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1856-06-27
REPLY OF HON. JOHN DAVIS,
In thc u. S. Seaate, January %, 1910, 10
the sps,ch of Hon. James Buchanan in

In the u. S. Seapte, January %, 1870, 10
Tie spe.ch Of Hon. James Buchanan in
faror Of lo,c cages.
Bat. szr, fear have dwelt too long on
1..ese matters, and will hasten to notice
that for s7lich ] chiefly arose. Much has
been sasd of labor, xad what is il? may
say, whitheut offence, it is commodity TO
be bought and sold like saeechaDdize iu the
market 4 man has bis skill and service
TO sell 10 whomsoeyer will buy them, aud bis
anxious desire il to ebtain the Hsest liberal
remuneration. The Senator says the value
of it is regulated by bank paper Net so,
Mr.. President, not 50: but chiefly by the
amount in market, and the demand which
exists for it, currency may, however, at
times, have its influence. II the supply is
great and the demand small, then wages are
necessarily low When business is fioar-
ishing, the demand is urgent, and wages
rise; whep il is depressed, the detnaud di-
iuinishes, and wages fall. Hence, too, in
countries dcnscly populated, the supply is
necessarily greater, in proportion to the busl
ness, than in countries ihinly pcopled.-
Thus we see why wages in great country.
now and full of resources, like ours, are in
quick demand, while in China, where there
Is a vast surplus population. tue market s
oyerstocked, aud they are low. Hence;
too, it is, that in such conditions Of society
We always ind the greatest poverty, suffer-
ing, and degradation. Bank paper is OBJ
viously moi the sole cause, or chief cause
which fixes the value Of wages.
But, sir, let US pursue this subject a lit
lie further, as it is capable Of further illus
tration.
There arc three great classes of laborers:
those who produce from the earth arc agri-
eulturists; those who convert the products
Of the earth into useful forms, are manufac-
turcrs; aud those who are engaged in trans
porting and exchanging the products Of
the other classes, are commercial. These
great divisions Of mankind arc founded on
no law but that of civilized, social exist :
euco. In our country, at least, each and
every person may pursue any or all kinds Of
business But experience teaches US the
necessity of those divisions, for wool, cot
ton, and fax are of little value till tnrned
into cloth, bat the farmer would find 1t
difficult to run mill to make cloths, or to
build and sail a ship to take his produce to
market From this division, too, come to
our markets We must have food and
clothing, and we must obtain them by an
exchange of the products Of labor, but we
cannot exchange horse or watch for
joint of meat, or for pair of shoes; such
property must first be broken into parts, and
this is the peculiar Office and almost the use
of money. It measures the value of pro-
perty, and brings it into form suited to
our convenience. This is the relation which
il bears to business, and no other, and while
] admit its great Importance, ] deny that il
lies at the foundation, and is the great re-
gu,ator of the affairs of men, as seems here
TO be supposed. The friends of this bill,
know, assume that we have en- imitation, aud
that money rules, guides, and regulates
business; when, in truth, the inquiries ought
to be, tirSt; how much IL necessary as a cir.