New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-03-10

brogans, for example, that cost 81 in 86t
now cost 81 50; yet the amount of la Dol
required to make them is thirty three PEI
cent less, owing to the introduction of labor
saving machinery. Instead of being high
err in normal condition of things, they
would be much lower.
The same is true of all our manufactures
IN greater or less degree. All are en-
HANGED in cost by fifty per cent and up
ward.
Shipbuilding stands in the same category.
The reason why we can not build ships u.s.
| that while prices are so largely raised in
this country, they are but slightly affected
| abroad.
Mr. Walker explained, in charming and
lucid way, the popular idea that there is a
difference in our currency of only about
ten per cent, because that is the amount OF
the gold premium, is very false one. If
we made our vessels of gold, and paid our
workmen at the old gold prices, it would be
so; but at present, as gold is demonetized.
it has no more relation to our paper cur
rency than hay, or potatoes, or any other
article wholly raised and consumed in the
United States. The real depreciation of our
paper currency is not less that thirty three
and one third per cent.
Ii it be objected that this plan cOntem-
plates the lowering Of wages, and thus the
oppression Of labor, it may be replied that
the laborer has gained nothing by the intia-
ton OF the currency, and will lose nothing
by the contraction of it. Commodities rise
as much as and generally more than wages,
and, consequently, those who work for
wages are never benefited by rise occa-,
stoned by the mere increase of the circulat-
ing medium.
If such are the facts in regard to ship
building in this country how futile must be
all endeavOrs to resuscitate our commercial
marine by subsidies, bounties, or diierential
duties
While the currency and the tariff remain
as they now are every dollar expended in
that way must be wasted, because the OBJ
.ject could never be secured. The obstacles
are .insuperable. Remove them. and you
may then aid commerce by bounties or sub
sides effectively; but, while they exist, it
is but an idle waste of the nations re-
sources.
Besides. restore the currency to par with
the currency OF commerce and you will in
crease the exports Of our manufacturers
There is no hope for the marine
Of the country until We first restore our
OF value, SO that we can produce
and exchange on equal terms with other
nations
At present, England, our great rival, has
the advantage of us, and will
have until we secure monetary standard
equally high with hers. As now situated.
we are constantly paying her tribute, and
she will continue to drive our commerce
from the ocean until it is exterminated, not
by her FAULT but by our folly.
Bounties are possibly the best form in
which direct aid can be given to a few
steamships. and in this case they NAV find |
their apology on the ground that they are,
IN fact, war measure designed to counter |
ict the destructive effects Of war. On that |
ground, and to gain an artificial, temporary |
they may be justified; although, |
~ general policy in an undisturbed state
'f trade, they are never wise or expedient.
Such is an abstract of this able argument.