, 1869-11-21

SUNDAY, NOVEMBER 81, 1869.
A PENNSYLVANIA NOTION.
The Philadelphia North -4neri:an still
c!ings to the peculiar Pennsylvania theory
that deprecated currency ''protecss"
American industry. It says:
ave ask our rerca.tlle ressle1s TO look At tuls
picture It's what Is hc!d VI eetese then BY The
advocates Of fsec trade. Gold is th'ir IDIOT AID
dient fnown 1t to huuaa tuseuaitv, they nave
cndeatosed to dtscsedst an1 rep1dtsse The
icpeJ Il mol exrostas.lc, While gold Ia. SO long
~ our p-ople DO cot depend np0n coin for = cou-
a oonssast o9s'n III 81 s1ee fas eIpos 10 psy for
forelsp EoodA The d'Htsencc between Eoid and
paper e1s1atss a. aN adssens! tsafsetsn e a"tatt
fr Manu faefArss, which, ADORE all othtr fhtncf, u
what the foFptgr tntcfes1s rant 10 get nj Of
BE1z8 The whole curzency Of thr republic down TO
srec'c Standard ana then tne :,o!t I Irem,am,
viii be Eore. And tne fosetsn Interests Wilt have
only kbc taE.n 10 contend sxatu't
MIR. Greeley, writing in defence Of tho
ta1iG, empha,icall5 denies that the premium
on gold increases tue rate Of Tho tasif1-
Ibe NORTH -imrrirnn, also protect:ouist
paper. defends deprecated curxsncy 10
ita psoteciouist rcade1S on the ground that
IL does ,ucreass the rate u protection"
afforded by the taYid- As We oppose both
the depreciation in currency and the
protective element in tho tariff, No are. par
ha.s, .h1e Il. take ar '."c--t:-' --- VI tns-
controversy. But it seems marvellous that
any human l,einB should suppose that in~
dustry of any kind is protected u otherwise
thAn crippled by deprecated currency.
1fsuch theory were true, then, as the green
back deriires in vAin", tho prosperity OK the
cauzen woula increase uotal ne aoulo feacn
his sc1ne Of financial success when the
gresnhack il worth nothing.
We ars charged with being @foo TO
R1senbackH, because ~e want them to sp-
pro.ch "a nearly to par with gold as Possi-
bic, and to be mads equal with gold at the
vsry earliest day. The NORTH -anssrie'tn,
On The oon.sa5y, claims to be the special
friend and champion OF greonaacks, be-
csuss il holds that tho less they afe worth
to tho holder the more valuable they are to
industry. II thsy could only be snnk to
two cents on the dollar, the protection
they would anofd to industry would DO
forty tines r. great as 1t nov
is! fe1haps the -aoTfA -A"fTs'"h
regards any burden w protecting
industry which increases inc desfee OF III
dust1y required Of men IN order TO 1--we.
II 50, We prefer protecting the Industrious
rather than their industry Ihe Phlla-
dearhia notion OF the eject OF dep'e-
ciased currency originated In tho fsct inst
during the A1ss three years Of tae "nF,
When currency Vas deprec'at'ng, rates Of
wsgoa did not advance by months
And even ysars, as 'soon IS
the prices OF the p1'aucss ot INC mine'
the shop. and tho factory. 1ne manafae
tu1eF VINO h'fed men anu women AZ NJ
Teen ooAS1s peg week III 1e".'' ann so4o ene
product Of each ones "orE 1or twenty dol
lara, making f1re dollars profit. grew sud
dsni5 and rapidly s7cn' when tho nominal
$16 aweek IN currency still paid his wages,
though its depreciation had reduced it really
to 81 week in gold while tho
product Of the weeks Abor, being regu-
lated BY The price IT gold, rose, with gold
ut 100, from SO to $40 in currency, thus
increasing his profit to Se5 in currency, ID
Htead of s.. But this ao-called "protec-
ton p" to industry consisted simply and
wholly in sxindling his workman cut of half
ths value Of his wages.
The txrin ler5es certain dutyper pound
or par yard On the gold value OF product.
1ts rato in not increased br t1auhlstine the
fioures into auy amount of deprecated cur
rencr. If The American prca of iron is
$40 a TIM. and the inv ,ice price Of the for
eion xrhcls 1s SEQ In gold, with g tariff Of
s1n na1,inp s3o in gold. equivalent to
$40 in currency, the rate Of the
+av;r ia not increased br dcpreci.
.,;n, n. cu7,apcv until tho Ameri.
... ,-an ,,et $50 ~, .on in currency.
....- ,o,,,.,,oa x-;th thc
'oo' -1.0 ~1 -. Nv ~. r. ~ =.
opei"1'e1s u, - A 1 -,
h'aoce' Luz pi'ee ~ ~ ~ F.e
iron woo1a Dc IN goa $.", ~ Ho"n ;. 70 =, -
currency tgolo being al iSo) CAV. Aut
1nvo1co pt1eo OF the 1oseen A1"cae "ef'
W e e'n'; @Ae 'et.ne p''-o "e. S'7o :, :.
!" so:a ~ ~" "
o. ~ =. 49,
'o W. s0su o,Ae' - Nv oAAa0 ~ .-''''
= h.a-sn,;,,,, -, III ;e .ai.aa - ~. NJ
..,.rs - .,--w.., y. So - ] 40 ..,Hs LIZ
sa.I,..s -. 49, 49,. c..9a., ~ .s,,, - - -,
-. -, ,ro ~ ,eo Tsa - ~ " 49,
A~siasn Nv - st;,t s.,o - oo,a ~ s:o ~
A.. ~ ;sasa. e ,.;I, ...sss =.
w ;n-",n. ,,.;es ~ sao ,,s- w. tnn IN on,1d ~ -.
o.. r, ~ .s...a.s III. tha 49,. r. s,o
,, - - .s1 w
.;.,n % -, ,c,a t.a.o,as. &c 90. - :. w. as,.~ans fs
-. a.' o 80: 80. ..e -.
N4 80 ~ ~ - l-.~o' . e., ~,
44'AA's7 'o' p...e ~ sa' 1o. ~ - ..,,s
cuene,, "n'ea s",.. 70 s... -. ~ ~ IA -.
~ ss,' enaI w., VI ~. a;,s..aon.,-.n.;,th. ~ of Penn.
~ .Au s..;1.;s.. 20 1,.,;.xe tb,, nr,n,;un
ssa ~ "a,s + ~ inch added to the ratio Of the
~ ..LT e. .ns ,h.t Tcnn,,,vn,,;a would perish
- 49, c,nnt-v nnou,l return to a sound
currency. This theory could, perhaps
nnd advocates only in the state Of Penn
sylvania.
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