New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-01-27

on both eldts OF Tue Wnter must spteuiB Vus
common level. According to all economical wrters
the free exchange Of commodities IS always suosan
TALLY the bsss OF labor for labor And this oens so
on one side than tho other that the effect of nee
trade 10 reduce the real price Of labor In this cou
iry TO the level Of that In Europe and with wages .
nufacfurers we're It net for some other difficulty thas
Is in the way. And what Ia that
Irrespective Of the difference In the real pricn OF
,ahor IN This country and in Europe-the difference IA
ouanty Of the necessities OF life that days labor
mands-labor aBd all its products sell for more q
Enrona That is to say with reduced 20 tho
same quantity Of bread and other comodties per cay
that aborers receive inc 1ney Pie1
market for other nations to sell H. but In ordsry CIR.
eumstances very bad one TO buy in And why Is hlst
IN ia A well understood maxim OF political economy
that the price OF money like all other articles Of eI.
change is governed by supply and demand. 70
quantity OF money in the world should at once os
doubled the amount of business remaining tne sane.
the price Of money would diminish onehal or IN other
words, the money price OF all commodiues Wouu y
dOnbed Or II any country has double ono 70 re
business Ii has 20 do the money prices IN lne lVI ne
will he double those of the latter On this point ffoi
Wovlapd an eminent free trade writer says
II have ssesdy shown that community IN any sFrs
condition OF exchanges, requires than gwen Yas
Of shs s ys S viii diminish and sie ra ii
need smoun equal to ioooo" ooshels o. Hhes ~,
ysns viii fall ti becomes equal to 100000 Bushels 81
wheat" 80. a., w.r,.
Il
for many years we manufacture stun that we ca,
money ad infRiiRs, out Of nothing, as u Were. An'
by ingenious devices as TO ultimate security W 10
ers II usually passes hOn at parallel Vaiue sltl
gold and silver con-. And as this sort OF money dvs
not Pass in foreign countries, SOFAS TO eqGae the rea
tive amount Of money In this eouniry WIN losI ~
countries our money is usually greatly more abnnahh
in proportion TO the work II has 70 do and consequent
cheaper, than the money Of Europe. But hear \
Wayland. He says; III
nNox nv is,un, uaper money the whole amount of ics
Increased and henee j.. price falls s t,s a. sfs 20
dollar reasonable in 'ye u; ssB. Of essncy yr
and paper together falls In price so that money heson
cbesp and yon can bay more abroad with 'ei 3o' "
| you can buy with silver dollsf at home.p Iii,
Now we shall be able to see, wltnout posslols
doubt whence the necessity arises Tor the protection y
American manufactures which are really cheaper 20
n. than foreign Suppose circulating medium 10 %
REDUNDANT as comDaied with that or Europe Us TWO VS.
onewhch think Is not an extravssaass '
day-our money prices, assuming oil other elements Q.
price 10 DC equal ON both Sides must oe uouDe 'e Va
Europe. And suppose we are manufacturing Iroh ~
the expense of .sn days labor az 81 rSn ~
not he made in England and brought here oT less than
treaty days labor, at their money price o, 81
$40 tun. In such state Oh snrre "oI
perience Of the world has demonstrated 10 pe IN
sxorabe natural lawthat the exchange OF
ia and always must be, substantially on the basis ot
labor for labor equal each side 1t Is clear enough
that il Is for interest 10 buy the American Iron
costing fifteen days labor per tun instead OF q
twenty But It is equally clear that In the case taien
Merchant can export specie. or the promise Of spec
in The form of Government or other securities and ul'
mort Iron and undersel own manufacturers by -
TIM and make profit Of Is tun In the speculation.
III our circulating medium were all such as Is accepted
az money the world over such state OF things never
could occur for the general money OF the world
would naturally equalse themselves by the laws of
trade-money prices would be substantially equal on
both sides Of the Atlantic and commerce could safely
be left 10 regulate ITSELF But as 1t Is the importation
OF foreign goods shuts up our manufactorles eAtn:
0uishes our home markets for the produce O. tie SOD
Without giving us another while the e1portaton Oh =
comparatively small amount Of specie TO pay for thed
undermines our paper currency, bringing on general
financial crash such VIC have now and then expert
= enced And when finally by the general bredkdoWr,
our money prices approximate to the prices Of o'her
countrss so that manufactures start up again. me
"a immediate prosperity that they engender Improves tbs
currency as it Is called that Is 10 say the banks er'
pand their issues money prices go up, aud We 20 tho
same round again. 1t soon becomes nominhIy prohtE.
! bic to buy foreign goods We struggle On between
manufacturing and importing what We ought TO MANI
koture entirely; we into debt in every form fpr
what we have ali the means OF producing at hone and
NOT owe for 81 the memorable logic OF economic lag
win have it's sway; We impoyersh ourselves Whether
we will understand II or rot.
The remedy Is taxes on imported goods solieenf 10
make up the difference between the money PfieeS :"
4 Europe and the money prices In this country.
i J. HeRNiy'.