Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1856-06-27

therefore, be first clearly established, for
the process is necessarily attended with
great sacrifices. The Senator from Penn
sylvania seems to understand that reducing
the circulation viii reduce property and
wages in the same ratio. If does, in what
IS our condition bettered, even if VIC could
reconcile debtors 10 il, who would be ruined?
He seems to believe that our relations in
foreign trade will be improved, but shall
show him his error, and that he ought to
arrive At exactly the opposite conclusion, for
his theory, if carried into execution, would
infiict upon the laborer as we'll as the owner
of property the most injurious and oppres-
sive consequences. He solennly afirms,
and give him all credit for sincerity, that
he believes reduction in wages and pro-
rerty would be beneficial. Let us see.
Suppose that wages and property will be
reduced ore half by the bill-that is, If
wages are now dollar day. they will be
half dollar; and If beef and mutton are
now eight cents pound, they will be four,
and SO of all the productions of the United
States, and of all property created here
Upon this state of facts, as things are, the
laborer would have, at the expiration of
twenty days labor. twenty dollars to pro-
vide supplies for his family. As they will
be, he will have ten dollars. Now, sir, be
it remembered that We can buy and sell in
foreign markets BY their standard of cur
rency, aud that lowering wages and pro-
perty here is to have 10 effect there, accord
ing to the reasoning of the Senator, as their
currency must regulate the piiec of their
wages aud products, but cotton is to sell,
and goods are to be bought, as if no change
had taken place. Goods, therefore, will
come into this country no cheaper. L,
then, the lahorer goes into the market with
his money, as bis wages are, he will have
twenty dollars to expend in tea, coffee, su-
gar, and the thousand neccssarics which
come from foreign countries; but if be goes
into it as they will be--ten dollars, under
the operations of the new theory-it is
plain, therefore, that with the same amount
| Of labor, he can purchase but half as much
foreign merchandise: in other words, it will
| in effect be doubled in price, while tbs ap-
parently the same.
But the Senator did not stop here, for be
alleged that, while the laborer would be in
better condition the exporter of produce
that is, cotton, &c.-would derive a
greater prefit, the measure of which would
be 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-
ierstood, will proceed with the same sup
position that wages and 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 cheeper is undenia-
bly, true; and If he should sell for the same
price he now does, and bring home specie,
he weuld realize double profits, provided BIZ
laborers are supported wholly on the pro-
ducts of the United States. This, however
is not the course of trade or Of business
But from whence would the profits come. :
Not from foreign countries, for no change
Is to occur there. but from the pockets of
every consumer of foreign goods in this
country, for the change is wholly in tht
wages and produce Of our own country
The idea is, that, if wages aud property
sink together one half, the relative positions
of the laborer and the owner of property
are the same, fer the laborer can purchase
as much with ouc-half the money, and the
same amount of property will purchase as
much as labor before. But the laborer
will, at the end Of any given period, have
but half as much money, and the same
amount Of property viii be worth but hal
as much; consequently, all the surplus gains
! of the farmer, mechanic, manufacturer; anC
labore-, will be but half what they nov
are, in nominal amount. If property il
, foreign countries should descend IN tht
same ratio, the most that could be SAID o
our condition is, that it is no worse, for j
is obviously no better. But it we descend
while they remain stationary, and profit
, thence gained to the exporter, nothing j
plalner than that such profit is drawn from
the consumer Of foreign merchandise, as
, will tale twice rs much of our labor or pro
|, ducts to buy it as it is now required. /
the theory establishes the fact that the ex
porter is to reap double profits for cotton, i
] establishes, beyond controversy, the fac
J also that that profit will be tax upol
) ! every man that consumes foreign article
aud that il will be drawn wholly from then
: pockets. The Senator has led himself ints
an error hv sunooSinr that foreign produc