The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-11-26
THE CURRENCY QUESTION.
NORTH BRooKFIELD, MASS,
November 10, 1857.

NORTH BROoKFIELD, MASS,
November 10, 1857.
To the Editor Of the National Era:
A demagogue is one who appeals to popular
ignorance or prejudice for the accomplishment
of a political or private end. Is not this a good
definition? Allow me to address you briefly on
the demagoguism of credit money advocates
There is large room for such vulgar appeals, in
the discussion of this question of the currency.
Very little Is understood of the nature and uses
of money by the people. They know how to
earn and how to spend it; but, when they are
deprived of their daily bread by revulsion of
the discordaut elements of our currency, they
"don't know what hurts them" For this reason,
our statesmen have most degraded themselves,
when, for party or personal motives, they have
led the people, on this question, by the very
long nose of their stupidity.
Mr.. Webster showed something of this dispo.
sition when, in his speech on the removal of
the deposltes from the National Bank, he
spoke of the generous aid given 10 young men
by the banks who discount to get circulation.
He knew, or ought to have known, that these
institutions discount to those who can pay most
for favor, to those who have more wealth and
influence, and can keep the best bank account
and the largest permanent deposites. He should
have known that, by increasing the risks of
business and the risks of credit, young men
especially suffer, and that credit money does
this.
But one charge against value or "hard
money" currency is most scandalously false,
and most unworthy Of man. 1t has been ut
tered and repeated in Congress, and by dema.
gogues elsewhere. 1t is, that value money
system takes from the wages of the laborer.
Politicians, who are affected with an intermit-
tent love OF the laboring man, are brought to
have peculiarly strong views of this every leap
{ year, in the fall. There was an instance of
this, of considerable force, in the last Presiden-
tial campaign. 1t was display of that spirit,
which is most dangerous to Freedom, from
those of power and influence. All will recol.
lect the epithet which was applied to Mr.. Blu.
chanan-"ten cent jimmy matter small
in itself, but possessing significance in respect
to that allimportant question which will before
long be agitated. Could laboripg men vote for
one who would reduce their wages to ten cents
, daye If such questions are to be asked in
future, with such a spirit and meaning, well
may the friends of financial reform turn to the
people, to teach them what is money and what
are wages. Mr. Henry G. Carey, of Philadel
| phia, the most learned, vouminous, laborioue
and, erroneous of political economists, virtually
repeated this charge, without it's coarse vulgar
tiles. La his " twenty-five Reasons for Sup
porting John c. Fremont" he would support
him, because be was not in favor of advan cling
our manufactures by degrading our people tc
I ho loua1 IF fhn 1,L
First dsclaiming any partially for Mr.. Blu
chanan, let me state the origin of this epithet
. Like sensible statesman, not as the feed ad
3 vocate of the banks, he saw the evil effects Of
3 credit money upos' orr manufactures, and ad
vocated, at some time, in Congress, the adop
3 ton OF value money system of currency, as
that under which our manufactures might com
pete with foreign fabrics, and the price of labor
be reduced to ts natural point
Mr.. John Davis, of Massachusetts,, followed
i. him with statistics, showing that the wages oil
: the German laborer, to which Mr.. Buchanan
had compared that of the American, were about
8 ten cents day. OF course the cry at once was
raised of starving the laborer, to advance the
e manufactures of the country GLOW much
. better it would be-" would Mr.. Editor Greeley
e say, simply to impose o tariff on foreign
a goods, than thus to starve the laborer on ten
4 cents day; why, that would not buy pound
q of meat!" All but would it not ? Certain
4; ly, if labor cost only that. What are acdges
o The reward of labor-the laborer's share OIL
n the production of the country. In distributing
t this, something is used as money, in order that
the aborer may take his share when he pleases
where he pleases and in what commodity he
. pleases. Now it is true, that in this country
the laborer obtains very great wages He does
so, because there is no great power of capital to
rob him of his just due. He does not have
/, great wages In that he gets one or two bank
t bills every day. He gets a certain show of the
8 whole national income, determined and regu
lated by competition. This constitutes his
(; wages. By the existing standard Of prices
!, money-this share is called so much-one dol
lar or two dollars. If the standard of prices be
30 altered that it be called fifty dollars or one
o hundred, it makes his real wages no greater
a Money serves to exchange commodities and
{ according to the want of it is it dear or cheap
y just as other things are. Suppose the amour,
8 of money to be doubled, the prices of those
D things whose exchange the money effects are
o doubled, very nearly. Everything is called
f something else but it is what it was before
e Thus, by the initiation of the currency, the nom
r inal, the money wages of labor have been In
e creased. The laborer has not been benefited
t but the country may have suffered loss in its
o manufactures. So, whenever value currency
e Is urged, the laDOrer Is befOOled into the idea
v that he is to be cheated out of his earnings
y Well may they shudder at the idea of receiving
d seventy6ve cents day, if -four is thirteen dol
lars per barrel. But barrel Of -four will feed
a the same number of mouths for the same length
- of time, whether its value be expressed by
d the Scripture penny or the American dollar
The bosom of our Pennsylvania economist
:, should swell with complacency and love to the
e Continental Congress, for giving such splendid
pay to its soldiers. Yet, unfortunately, such pic
y lures have always two sides; and the colonePs
d pay hardly kept his horse in oats.
o How wretched must the poor landlord, Of
!. scripture, have been, when for feeding and tend
e ing the wounded Jew, he received the misery
reward of the-miscaled-"G Good Samaritan! .
;, Yet we doubt not that he was particularly vel
s pleased at having 80 good customer and pay
master; and that the two shillings Tor some
e thing near that sum- went as far towards the
/. purchase of some fnery for his wife, or luxury
e for himself, as did the pay of the patriot land
e lord who had one hundred dollars for days
t. entertainment. The German laborer ia not
q poorly paid because he gets only ten cents .
i a day; nor the English, in that he has only 6f
= ty cents; nor is the American well paid be
r cause he has one dollar and half. But Ger
many diminishes very much the laborer's share
e Of the national produce, By the cost of sustain
# ing her many useless Courts. England eats uE
half her income in feeding her idle soldiery, in
q sustaining her costly establishments, and in
e paying interest on her terrible debts, and
;, therefore, has not 30 much, by half, to divide
n among her laborers. America is free from the
l. terrible follies of the Old World and, there
/" fore, her laborers are we'll paid-not because
n1,h ooo fol L. Il