Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1866-07-06
Cnnarrssional


mont, delivered last lhursd1y m the House
Of Representatives, the tariff bill being under
confederation.
DEFICIENT SUPPLY OF LABoR.-Tbe close
Of the war exhibits O. notih,rn loss by death
in the service Of not less than two hundred
and ff,y thousand men, and an equal number,
il mal Doe computed, have been physically in
capacfat,d for manual sbor So hat no less
than half million men. be. Nccn twenty and
Thirty years 90 agc--,he athletes Of the world
have suddenly been Withdrawn from the
fields, workshops, and mines uf the old free
States Of the Union. This loss represents,
in the aggregate, the industrial and vital force
of not less than two million FIVE hundred
thousand men, women, and children and the
two million old men, women, and children,
though survivors and dependents Of the five
hundred thousand smitten in battle or of
those who tasted the bitter cup Of rebel prs-
ons or who failed Of complete restoration TO
health and soundness Of body, notwiihsund-
ing the sweet mercies rendered under our
own fsg, are the precious legacies Of the war,
TO be provided for, though Consumers and no
longer producers of wealth, nor perhaps Of
even the ordinary means Of subsisience. The
loss Of the South, though nominally less,
may be practically equal, a, their recuperative
power appears comparatively inferior and
was more crippled by the relentless track Of
war.
This great subtraction from the industrial
forces Of the country cannot be at once re-
paired. Many Of those who went forth TO
The war, though untouched by steel, shot, or
shell, have found new fields Of enterprise and
labor, a. yet untemuneratve, but promising
in the end prosperous homes. wave OF
population has gone southward, hardly per-
cepuble now, but which is likely to exhibit
itself in the returns Of the next census -
some acces,ions from Europe have come,
amounting 10 two hundred and eighty-seven
thousa and three hundred and ninety-seven in
the year 1865 but the pitiess war conscrip-
ions now going on there and the perpetual
allegiance demanded will not unlikely arrest
the tide of emigration which otherwise mis ht
justly have been anticipated from that quar-
ter. The deduction 20 be made from all these
considerations is, that our present supply Of
labor is largely dtGcient--so largely that we
cannot at present compete with the dense
and crowded populations Of the eastsrn hem
sphere in hardly any branch Of human indus
Try and yet it is more important here than
NNNl AAhN tNFll Nhh hnhAlN uNu WNi A.
hope la or in America will forever be far
more highly rewarded than elsewhere. It is
SO now, end that distinction is the glory Of
our country, Of our Institutions, and of Amer
can policy.
on THE HIGH PR1cEs.
l hope LABOR in America will forever be
far more highly rewarded than elsewhere. 1t
is 70 now, and thatdi unction is the glory Of
our country, OF our institutions and of Amer
lean policy-but just row labor, like every
thing else, il arufcially dear. High prices
must be paid Oh the capital invested IN lands,
mines and Manufactures must be wrecked
and abandoned But for the war, and had
we remained in our normal condition, unvis-
tied by unusual taxes and the disturbing food
Of an exclusively paper currency, our people
would have occupied more impregnable po-
sition as against foreign competition than they
ever occupied in their previous history. Now
we are Vulnerable to the attacks of any body,
from any quarter, who ha7 any thing to sell.
Foreign aruhctrs Of brass and iron, and even
Of clay, we cannot resist. They are able TO
undersell our own people. Our present
amount Of circulating currency is vast. OF
leeal-tenders (so-called) we have S40l 252.-
4GS of National bank notes, $3.50 30l 800;
Of outstanding notes Of the old STATE banks,
not including those having less than five per
cent. Of their capital S1S 40 1872 of frac-
Iional currency, S27,053 700 Oh. and Of com
pound interest notes. $3.50 926,9lO, amount
ing in all to S9l7 0l4,76 OF. / do not cite
these figures as repIoaoh to any body, but
as fact, aud a monstrous fact, attended by
evils increasing day by day; and the longer
conference.-the true remedy--is withheld,
he more difficult will be fund its apphca-
ton. A the time of the surrender Of Lee
and Johnston any terms Of settlement might
easily have been obtained, fom the South
ein rebels, with ample guacanties for the fI-
ture; as they painted for rothing SO much as
deliverence from the pains and penalties OF
treason, and anything short OF expauia,ion
would have been promptly accepted. That
opportune moment passed away never to re-
turn.
So the translation from paper to specie
at that time m ght perhaps have been made
with less strain upon the country, with less
inconvenience to individuals than it can now
or ever be brought ubout. The people we're
prepared for it. The goal in point of fact
was almost reached Nobody was in deb,
aud nobody was distressed. The nominal
AtHANANln ~ llRNtoi lHfNAe Woulu nave ltIL all
with relatively equ.l purohassble yalues.-
But, unfortunately, this policy did not pre-
vail, and now uade stands against any reduc-
tion Of values, aud Congress itself grudgiug-
J. authorizes The return Of only about four mil
lions per moth of our huge volum Of currency.
the presence Of which stimulates rates aud
strang.es production. Our country from one Of
the cheapest places to live in, is becoming
one OF the dearest. The wages paid TO labor
are not too much, considering what those
wages will pay for in bread and meat 10 rent
and clothes. No manufactures can be made
while this state Of things lasts, to be sent
abroad, and unless war, pestieuce or famine
occurs among foreign nations, they will want
none OF our corn or wheat, beef or pork at
any thing like what 10 costs to produce it 49,
Our gold, il is true, they largely despoil us
or aud why not? As money, IL Is getting TO
be obsolete Gold coin is itself deprecated
in our markets because il is useless, save as
so much convenient and prof able merchan-
disc. If used for the payment of any exist
ing contract il Is worth no more than an
equal amount OF United States legal tender
notes. Our whole monetary system is bloat-
ed by more than tourfold addition to the
currency in circulation. IL is unnatural and
daily begets diseases Of new type, formida
Bile because unknown, as we'll as those with
which we are already familiar, and known to
be dangerous. Having TO deal with such