Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1856-08-15

are, the laborer would have, at the expira-
iion Of twenty days labor, twenty dollars
to provide supplies for the family. As they
will be, he will have ten dollars. Now sir,
be i, remembered that We can buy and sell
in foreign markets BY their standard of cur
rency, and that lowering wages and proper
ty here is to have no effect there, according
TO the reasoning of the Senator, as their
currency must regulate the price of their
wages and products; bat cotton is 10 sell,
and goods are to be bought, as if no change
had taken place. Goods, therefore, viii
come into this country 10 cheaper. IL
then, the laborer goes into the market with
his money, as his wages are. he VIII have
twenty dollars to expeud for tea, coffee, SUI
gar, and the thousand neeessaries which
come from foreign countries, bat if he goes
into it as they viii 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
eign merchandise: in other words, it will in
effect be double in price, while it is aprar-
rently the same.
| sBut the Senator dil not stop here, for
| be alleged that, while the laborer would be
in better condition, the exporter of pro-
duce-that is, cotton, &C., would derive .
greater profit, The measure Of which would
he the amount Of reduction Of wages and Of
property, and he would thus be able TO pro-
duce so much cheaper. To make myself un-
derstood, viii proceed with the same sup
position that wages aaa property are to be
reduced one half Then his theory IS, that
the cotton planter, for example, would pro-
duce his crop at half the present cost, by
the saving IN labor and the support of it
and consequently derive double profit
!, That he would produce cheaper is undeuia-
i 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 issborers are supported wholly on the
/ products Of the United States. This, how
r ever, Is net the course Of trade or of busi
> Lness. Rat. from whence would the profit:
/ Gomez Not from foreign countries. for nc
/ change is to occur there, bnt from the poek-
/ cts Of every consumer Of foreign goods ii
: this country. for the change isiwholly in the
' wages and produce of our own country
r The idea is, that, if wages and property
5 sink together one half, the relative positions
Of the laborer and the owner Of property are
the same, for the iaborer can purchase a:
t much with one half the money and the sam.
amount of property viii purchase as muel
: as labor before. But the laborer will, a
the end of any given period, have but hal
o as much money, and the same amount o
: property will be worth bpt half as much
h consequently all the surplus gains of th'
r farmer, meehanic, manufacturer and labor
i er, will be but half what they now are il
! nominal amount II property in foreigI
!. countries should descend in The saua ratio
!. the most that could be said Of our condi
\ ton is, that it is no worse. for il il obvious
: " no better. But il we descend while the
o remain stationary, aud profit is theme,
Q gained to the exporter, nothing is PLANE
,fl than ;hat such profit is drawn from the con
G | suiner of foreign merchandise, as it will TAX
! twice as much Of our labor or produce 7
il buy it as is row required. If the theor
f establishes the fact thar the exporter is t
e reap double profits fer cotton, it esiablishe
e beyond controversy, the fact, also, that tia
+ profit Will be a tax upon every man tina
0 consumes foreign article, and that it vii
: be drawn wholly from their pockets. Th
: Senator has led himself into an error b
,e supposing that foreign productions are
# come to us cheaper, while our exports ar
e to keep up where they are. lie thlaks th
: importer sells in a market inflated by paper
,e and realizes an extraordinary profit. Bu
i he must perceive that the low aud depresse
! ed state Of the working classes in Europe
,e proof enough that no excessive profit Is 90
IS tained here upon goods-none that can bea @
is essential reduetion-and that while ra
a cotton maintains It's price, foreign good
+ must also maintain theirs. In the grea
IS competition Of trade, this idea Of exeessiy
L a.
I profit to the importer is fallacious, and
It the notion If reduction is founded on j
J. that is also fallqcions.
! s.To follow our the case, ! have supposed
Il The income Of every man except the expol
i ter. Is TO be reduced opc-half in the vair
+ Of wages and property, While all forelg
n merchandise will cost the same, which VI
n obviously, in effect, douole the price. as
: will take twica tie smonnt Of labor, 9
twice the amount Of the products of iabol
q to purchase it.
il 81 do not aseribe this rewer C the 6i'
,e but il is enough for mo that friends do
d What response will the farmers, inechanle' ts
manufacturers and lahorers make to snch