Daily American organ. [volume] (Washington, D.C.) 1854-1856, 1856-09-24

would realize double profits provided his aborers
| are supported wholly on the products Of the Uni
ted States. This, however, is not the course Of
trade or Of business But from whence wonld the
profits Gomez Not from foreign countries, for no
change is TO occur there, but from the pockets Of
every consumer Of foreign goods N this country,
for the change Is Uholly IA the tOdges and produce
| of our country. The idea Is, that II wages
and property sink together one half the relative
positions of the laborer and the owner Of property
are the same, for the laborer can purchase as
| much with one half the money, and the same
amount Of property viii purchase as much labor
| as before. But in regard to foreign merchandise
this is not so for the aborer will at the end Of any
given period, have but half as much money, and
i the same amount OF property will be worth but
half as much; consequently all the surplus gains
of the farmer, mechanic, manufacturer and laborer
will be but half what they now are in nominal
amount, while the value Of such goods is unaltered.
ITO follow out the case i have supposed: The
income Of every man, except the exporter, is to
be reduced one-half in the value of wages and
property, while all foreign merchandise will cost
| the same which will obviously in effect, double
the price, as 1t win take twice the amount Of labor
or twice the amount of the products of labor, to
purchase it.
al do not ascribe this power to the bill, but 1t
| is enough for me that its friends do. What re-
spouse win the farmers, mechanics, manufacturers
and laborers make to such hagitious propositionf
/ Can they be reconciled to such measure of OPP
preston one that EFFORTS from them the fruits
oftheir industry TO professedly enrich the planter
who now enjoys a prosperity unequalled in the
rest of the country No, Sir, such plans of sec
tional ACKNOWLEDGEMENT, and such disregard Of the
| interests Of the greatest ana most powerful class
i of people In our country, can only excite their
disgust and indignation. Thus, sir, have traced
the benefits Of this BILL if 1t have any interpre
ted by its friends, TO the rich and powerful.
have, If mistake not, demonstrated that they are
to be made richer by tax upon their less fortu-
nate, but more industrious and more necessitous
fellow citizens tax that they never can and
| never will submit to, so long as their power can
be felt through the ballot-box.
"But sir this is not ALL While we are thus to
have intoerable burdens loaded upon us, to add to
the weight Of our embarrassments, and to increase
our sufferings and while the debtor portion of
the public are TO be crushed and ground to dust
betDeen the upper and neither milestone of this pro-
cess, the man of money Is nor only to escape wn.
harmed but to have his property doubled He
who holds cash, or its equivalent in notes, bonds,
or stocks, win be able to buy double the amount
of property with it, and will therefore have its
value doubled on bis hands for, while ,Oages and
property are to go doaon, money Is TO go up in the
| same ratio.
off the friends of this bill have given to it
true construction, III Is Dill OF privileges TO the
| rich, but scourge to all others.
What ia the debtor portion Of the publicp Is
it so insignificant as to be dsregardedS Sir, will
venture to assert that the amount of existing in
debtedness in any commercial country is nearly If
not quite equal to the value Of all property in that
4 country, whether it be rich or poor prosperous or
unprosperous, and you cannot change, to the ex-
tent gentlemen have supposed, the relation Of
debtor and creditor, thus diminish the resources
of the debtors without crash, waste, and desola
| ton, such as has never been experienced. Sup
| pose man has purchased $40, 900 worth of prop
erty at present prices and given his bond for it
you reduce its value one-half and 1t Is worth FIVE
| thousand dollars. How is it possible that with
resources thus reduced, most debtors ever pay?
"But, sir, you cannot maintain state of things
such as has been supposed. You may embarrass
and distress us, as you have done; but this bill
will, in the end, work out no such advantages as
are anticipated for the planters. The theory con-
tains in itself principle that will defeat the end in
view. Go on, sir if you please, and so legislate as
| to bring to the cotton planters the extraordinary
profits anticipated, at the expense of the other
branches Of industry; how long will it be, before
that pursuit will be overloaded with competitors,
till the market will be inundated with cotton, and
its price fall just in the ratio you have stimulated
its production Down it will, down it must, by the
laws of trade, come to level with the fall of other
whole process? Nothing absolutely nothing, ex-
cept that it will take more Of our labor and more
of our productions to buy foreign merchandise
our gain viii turn literally into loss This is ca
pable, think, Of demonstration, if it does not al
ready sufficiently appear; but have no time to
enlarge, interesting and allimportant as the sub
| ject is.
"What motive can we have, sir, to reduce wa
ges and the value of property When did the sun
| ahinp a lah0ripU noppln hlaooad
those of our country have been Where have they
ever been able by industry to feed, clothe, and
| educate themselves so wellp The history of the
world proves nothing more certainly, nothing with
clearer demonstration, than that where wages are
lowest there is the greatest poverty and suffering
| there the condition of the aborer is most forlorn
and wretched there is the least moral and intel
leotual culture, and there is sunk into the
depths Of political degradation, incapable of rails
ing itself to that lofty elevation attained by free,
enlightened people, capable of governing their own
affairs. 1t tends to the opposite of everything
dearest to us for the descent will carry with IL not
only wages but all the high qualities which fit US
to be what we are-free and independent This
is sufficient answer to all that can be said upon
the subject"
We have no room for any further comment
on this subject, and only ask calm and care
full perusal of the positions taken by Mr.. Blu
chansn, and the plain and palpable refutation
Of them, in the calm, dignifed, and unanswer-
able argument of ex-senator Davis. Mr.. Bu-
chanan may make as many professions as he
pleases Of his devotion to the interests Of Ia.
6or-his policy as advocated in 1910 would
break down every class of laboring business
men in the country, and place all the property
of the nation in the hands of sharpers and
shavers.
WHAT CAN THE MATTER BEp-H is now three
H. C.. e