.E_..
._ .1.’
TWO DOLLARS PER ANNUM, PAYABLE IN ADVANCE.
; VOLUME TWENTY TI-I
THE NORVVALK GAZETTE
Is Pit-blislted
EVERY WEDNESDAY MORNING,
BY
JAMES REED, JR.
TERMS.-—Two dollars per annum, payable
in all cases, quarterly in advance.
To subscribers who live out of the Carrier’s
district and call at the Office for their papers,
53]. 50 per year, if paid in aclurmce--otherwise
will be charged. jillail subscribers per
annum, in advance. No others attended to.
To companies of si.i. or more, receiving their
papers by mail, :31 50, pay/able in tufvarzcc.
E-xecutor‘s and Atlministrator’s Notices, 3
‘.nset'tions, E51—Comii'iissiotier’s notices, $1 25.
Yearly advertisers, one square, $10 per annum,
payable quarterly in advance. The privilege
of yearly advertisers is litiiited to their own inr-
mediate busiiiess——extra advertisements will be
charged at the usual rates. All other advertise-
ments at the rate of$51 per square for 3 insertions,
and 25 cents for each subsequent insertion.
All casual advertisements sent to this Office,
must be accompanied by the cash. No others
wilt’ be inserted. '
MWBPRMWWNG,
OF ALL KINDS,
MEATLY EXECUTED AT THE GAZETTE OFFWE.
DENTA L NOTICE.
E OCT. A. HILL, thankful forthe patronage
. he has received in his profession dnrin<r
IE3 tnoiiths past, in Norwalk, begs leave taint-
forin ttie public, that he still ec.'.t.inues a few
doors west of the Bridge, in Burrz_ill’s Btitldiiigs,
where he will be happy at any time to see his
friends, and answer all their calls in Dental
Surtrery. ‘
lifcorruptible teeth inserted from one to a
full set. Also, teeth cleansed, separated, ex-
tracted, &c., and all these diseases ofthe teeth
attended to, which, if suffered to continue, arc
'.- " - ' . '-f
productiie or so much niiscliie .
i’t’eferences.——Etncry Bisscll, M. D.; J. D.
M‘Lr_-rm, M. D.: Ilon. Tlioina-.3 B. Bitler;
Hon. Benjitinin lsaacs. Norwttlk. Ncllemlttll
Perry, M. D. Ridgeficld. R. B. Botsford, M.
D.; Doct. D. P. Knapp, Di!.llCl)tlry.\VII)IfJCt.
Hotvcll Rodtrers, Culcliestcr, t. 1 mm
ivmct-, M. if '\Villiani-aiitic, Ct.
Noveri'rbei‘ '20, 1833.‘). __1
‘tVlN'l‘l§R. STRAINED SPF. 13.1 OIL
3' F a spuperior qtiality, this day received
and for sale clieap by E. & \V. E. Bissi~:LL.
April. 1 lS-l-fl.
1.
‘.45’
X
vi
:-
I?!
‘B
‘II’ .. - -
‘T is new little more than Sycars since we dis-
covered from the aborigines of otir country,
the medical herb from which the l\Iotlicr’s Re-
lief is made; since that time, we have contented
ourselves in letting it be its own-advertiser; and
we should still adhere to this resolution first
formed, if we were irot conipellerlto bcltevethat
there are persons so unpriucipletl, and so reckless
of the liea':th and lives of the iinsuspectiirg and
.conf‘iding, as to endeavor to palm offunder its
name, useless, if not bancfnl conrpouuds, and
thus not only disappointing thejust expectations
of those who use it, but we fear, doing in many
cases, much injury. '
As we are informed that there are such com-
pounds now offered at \'5]l‘l0U$.|')ldt':€S, and by
different persons. we would caution all who are
inierestetl, to be pai'ticular to iiiqtrire for " Bur-
tliolzc/:’s IlIot/te'r’s Rclicjl” and purchase of no
person except they can show a certificate of'agcn-
cy, signed by G. A. B;\l’t'I‘[101.1Cli t'\‘, Co.
Asthe subject cannot, with propriety, be en
larged upon in the form of a newspaper adver-
tisement, permit us to say that all who have the
genuine article for sale, are also furnished with a
pamphlet for gratuitousdistribution, xvlicreiti the
subject is more fully discussed, in which, its
“modus 0pcrandi.” is demonstrated to be upon
true Physiological data, operating upon the sys-
tem only by restoring the deranged functions to
their natural condition; alloying the febrile and
irritable symptoms, thus aiding and assisting
nature in her ellbrt to prepare the system for the
important change aboiit to take place. Tliis
pamphlet will be given to all who wish,but itis
intended to be read only by those who are about
to become mothers or their Physicians.
As we are thus obliged to come before the
public to prevent a wicked and reckless imposi-
tion, we will take the occasion to say, that ifthe
increase of the call for the Mother’s Relief,
whereverknown, be any guide to a correct opin-
ion to be formed of the estimation in which it is
held, we have the satisfaction of believing that
it has been the means of alleviating an infinite
amount of suffering and of saving many valua-
ble lives. \Vherever itlias been used dnriugthe
above period, deep rooted prejudices have given
away to candid and thankful expressiousofgrati-
tude, and a wish to extend on their parts, as far
as possible, its benefits. Medical men of high
standing, have had the candor to acknowledge
for once, that their prejudices must be abaiidou-
ed, and have been advocates for its use.
For sale by the following Agetits:
E. (35 '\V. E. BISSELL, Norwalk.
Hiitini \Vi«;ian, Bethe].
ELI MYoA'r'r, Danbury.
VVM. B. GLOVER 66 Co., Newtown.
C. H. \VEB1s, VVoodbury.
All those who wish, are invited to call at some
of our agents and procure a pamphlet, without
charge. G. A. BARTHOLICK 65 Co.
Dec. 3. 1839. -
y E R Y.
RS, TINDALL would inform her friends
and customers, that she has removed .10
the house formerly occupied by Jacob Smith
a few doors north of the bridge, where she will‘
°°““D‘18 her business as usual.
Norwalk, Apt“ 27,1,’ 184()_ 2
C21
SPEECH OF MR. OSBORNE
Rt;-p7'esentativc in Congress from t/its County,
ON THE SUB-TREASURY BILL.
Delivered in the House of Representatives,
June 3, 1840.
The House being in comrriittec ofthe \Vhole
on the state ofthe Union. (having under consid-
eration the ‘ Sub-Treasury Bill,) Mr. Os-
norirua addressed the Committee as follows:
It is not riiy intention, Mr‘. Chairman, to
enter into any elaborate discussion of the de-
tails or the principles of this bill. I am
neither prepared nor disposed to do so. I
do not know that it will be in my power to
present tothe committee any new argument,
or any new view, upon a siihject that has al-
ready bccn so much disctissetl both in Cori-
grcss and out of it; and pcrliaps I ottglit on
this, as I have on other occasions, to have
contented myself with performii"ig the simple
duty ofrecording my own vote, according to
my own convictions. Such hotvever, is the
acknowledged importairce of the bill now
under consideration, and so great anxiety
exists in the public mind in regard to it, that
I have so far ovcrconrethc reliictanco which
I feel to speaking oti this floor, as to ask the
attention of the committee to a few general
remarks upon the origin, tendency, and prin-
ciples of this remarkable measure. If Ido
nothing more, I desire at least here, in my
place, in the name and in behalf of those
I represent, openly to i‘cr'nonstrate against it.
An opinion has prevailed, to some extent,
that, after all, it is not the intention of those
who hold the power in this House, that the
sub-Treasury bill shall become a law. I
give no credit, sir, to this opinion. What-
ever may be the condition of the country,
wlintever may be the state of public senti-
ment, the Administration has become so ful-
ly committed to this incnsurc, thatit is com-
pelled by a sort of political necessity to pass
it. It is now the fourth year of Mr. Van
Bui’en’s Administration, and with the excep-
tion of this solitary measure, what is there,
eithcmtccoiirplished or proposed, to mark the
period in whiclt he has administered the
Government? What nicasure of priblic u-
tility has been brought forward’.3 Vi/‘hat re-
form has been proposed? \-Vhat great prin-
ciples have been asserted? VVliat good has
been accoinplished? ‘What, in short, has
been done or attempted to be done, except to
manage the concerns of party, and receive
the emoluments of office? This is t/re
measure——the only measurc—the lest meas-
ure, ofthis Administration. Ii/licii, there-
fore, the gentleman from Pennsylvania, (Mr.
Lect,) who addressed the committee on yes-
terday, undertook to predict thatthc bill will
pass,.I had no doubt he spoke the well-set-
tled determination of the party. After all
the agitation that has been produced by its
pcudcncy, it will be deemed better to go for-
ward, at all hazards, than to rccedc now,
and leave the Administration in the negative
position of doing nothing at all.
I-Vhatevcr errors, i\lr. Cl'iaii‘rnan, belong-
ed to the Adininistration of General .itlCl(S0l'l,
it was at least :1 bold, vigorous. and success-
ful Aclriiiiiistmtion. It aimed at high ob-
jects. It accomplished many importaiit re-
sults. At the end of cightycars he retired
from office, leaving the country iti a state of
great apparent pi‘osperit_v. But almost as
soon as the present Chief lilagistrate came
into power‘, ourtroublcs commenced From
that time to the present, we have passed
through scenes of unexzimplcd fluctuation,
embarrasrnent, and distress. \Vhatever else
may be said of it, the 79'/‘eserzt ./1rZ72it'7List7'(t-tioii
/ms not been one of sizccess. And why not .7
I'Vhy not ? I/Ve have been at peace with all
the world. \Ve have had propitious seasons
and abundant crops. I-Vs have had the in-
dustrv and enterprise that belong to the A-
inerician character. ‘We have had all tlic‘el-
emcnts of our former prosperity. How has
it happened, sir, that the country has been
reduced to its present condition’! That all
its great business interests have been thrown
into confusion and dissolved in disaster ?—
And why is it, that those who have been on-
trusted with the dircction of the Government,
have been able, during a period of three
years, to accomplish nothing for the relief
of existing evils?
Sir, I will assign the reason, and every
man who hears me knows, in his conscience,
it is the true one. It is this: that a great
business question, involving the grave sub-
jects of ,c.uri‘ency and commerce, has been
made a part_?/ question. In an evil hour,
this subject was drawn into the vertex of
political agitation. It has not been honestly
dealt with. There has not been a sincere,
bona fide intention of settling it. A flame
,was kindled, and has been kept alive, for‘ the
mere purpose of secui'ing political results.
This, sir, has been the error, the fatal error,
of this Administration ; and,,in my opinion,
there is no hope of improvement, until you
begin to act on some higher principle than
that of party. _
In other countries making less preten-
sions than our own to be liberal and free, the
Government, on all great business measures,
takes counsel of the wisdom and experience
of practical men. It inquires after facts; it
collects information; it builds its legislation
on this broad and sure foundation. But
here, under our republican Government, we
have presented the curious spectacle af adopt-
ing a great measure, affecting the most im-
portant and delicate interests ofthe country,
not only in opposition to the reinonstrarices
of business men. but in defiance of the
known and expressed will of the people.—
Will any one pretend that the sub-Treasury
project was originally suggested or approved
by the practical men of the country. or that
they were even consulted in regard ‘to it?-
Will any one pretend that it met with favor
among the people?
It may be well for us somcti ties to look
INORWALK, WEDNESDAY, JULY 1
back, that we may ascertain our course, and
see in what direction we are moving. I
will only allude to the history ofthis meas-
ure, foi‘ the facts must be fresh in the recol-
lection of all. In the session of 1834-——’5,
an amendment to the bill regulating the de-
posite of the public money was offered in the
House of Representatives, by a member from
Virginia, (Mr. Gordon,) to the effect that
the public revenue should be collected in
the current coins of the United States. This
was the beginning, the embryo, of the sub-
treasiiry. The proposition was earnestly
discussed, and, upon being brought to a vote,
but one inember ofthe Administration party
in the house voted in its favor. Both par‘-
ties coricurred in condemning it. The pub-
lic press denounced it. The official organ of
the Administration declared it a “proposi-
tion disorganizing and t‘evolutionai'y, sub-
versive of the fundamental principles ofour
Government, and of its entire practice from
1789 down to the present day.” It pro-
nounced it to be a scheme which would
"bring the public treasure much nearer the
actual custody and control of the Executive
tl1:m_it is now, and expose it to be plundered
by a hundred hands, where one cannot now
reach it .” The plfoposition met with nefa-
vor in any quarter. Ifitdid notthen awak-
any strong expression of indignation among
the people, it was because no one believed
that it could ever be seriously ciitertaiiictl,
rntich less adopted. It was consigned to
merited 1‘epi‘obation and forgetfulness. No
one again heard of it, until the condition ofthe
country rendcretl it ncccssai‘y for the pres-
dent to convene a special session of congress
in the fall of 1837.
Ifevcr there was an occasion, l\'lr. Chair-
man, on which the I’i‘csi(lcrit was called upon
to lay aside the little arts of party, and come
before illC¢Rf'[)l‘t'St‘IllCtllVCS of the people, in
the spirit of lll)f.‘.l‘l1llly and of devotion to the
public good; if ever there was an occasion
on which the president was called upon to in-
voke the counsel and the aid of our wisest,
most exper‘ieiiced, and patriotic citizens, it
was that to ivliicli I have alluded. The
country was bleeding‘ at every pore. It was
looking, with intense anxiety, to the Presi-
dent and to Corigr'css for some measure of
relief. And how did the President conduct
in this grctit public enicrg'ency'.l Vtfhom
did he consult; and what did he propose for‘
the relief ofthe people who had lioiioi'cd him
with their confidence? Sit‘, the message
which he sent to that congress was concoct-
cd in the dark councils of the party. It
struck the public mind with astonishment,
when the news flew througli the country;
when the news went forth, that the President
li-ad recomniended to Congress the adoption
of the very scheme which, only two years
before, had been so signally stamped with
reprobation by the representatives ofthe peo-
ple. But mark the change! It was now
an _E.?,'8(1’lt-[l'I.'t.’ measure. It was backed by
all the influence of the president and the
power‘ of party. l‘rIen who came here to re-
prescnt the. sovereignty of States and the
rights of the people, eowcrtd before these
fearful influences, and surr‘cndei‘cd up their
opinions.
A few only, among all the friends of
the "ridrninistration, had nerve and iride-
pendence enough to maintain the integri-
ty and consistency of their principles. It
was a small but gallant band, ivliich, in that
dark day, resolved to sacrifice themselves ru-
tliei‘ than their country. I love to speak of
an exhibition of patriotism so true and so lof-
ty. "We honor men who, in the public. cause,
have had the courage to expose their lives
on ‘it e field of battle. But, sir, higher lion-
or‘ is dt.ie to those who, in this instance, had
the m.ora.[ firmness to meet Executive smiles,
and resist tlieni; to meet Executive offers,
and to spurn them; to meet E.\'ccutivcdicta-
tion, and defy it. The noble manner in
which some of these illustrious men have
been sustained in their course, is as honora-
ble to them as it is to the people of their
states. One, who bore a conspicuous part
in that despei'at-.2 struggle, is now a sliining‘
light in the other branch of congfrcss. VVe
hail the return of :1 patriot and statesman to
the councils of the nation. IVe welcome him,
coming, as hedoes. laden with the confidence,
the gratitude, and the honors of the Empire
State.
I have adverted, Mr. Chairman, to the past
history of this billin order to illustrate its
very anti-republican origin. The measures
ofthe Government, like the Government it-.
self, ought to spring fr‘om the intelligence,
the experience, and the practical wisdom of
the people. But, in this instance, the opin-
ion of the people has been overruled. The
sub-treasury experiment is to prevail by the
mere pertinacity and» influence of the presi-
dent. Having been three times rejected by
the representatives of the people, it cotncs to
us noiv for the fourth time, recommended,
urged, pressed upon us by the Executive.
In the mean time, the president has sent a-
broad into the continents of the East, and into
the islands of the sea, that he might learn
how to manage the affairs of our own repub-
lic. Instead of listening to the opinions of
our own great and patriotic statesman who
have gone before us—instead of consulting
the practical wisdom and experience of our
own country, the president is z'mpo7'ting the
laws and customs of the hard-money despot-
isms of_Enrope. Nothing, sir, can more
strongly illustrates the immense power ofthe
executive, than the manner in which this fo-
reign policy, so anti-republican, and so op-
posed to the habits of our own people, is
about to be forced upon the country.
It is not long since thatAlexander Hamilton
was denounced in the other wing of the cap-
itol, as an al‘lStOc1‘ttl2. and federalist, because,
as it was alleged, he had borrowed some of
his financial notions from the English. Al-
exander Hamilton was denounced by an
honorable senator, a distinguished partisan of
5;
1840.
the administration, because, in the early for-
mation of our government, and before we had
any experience of our own, he had consult-
ed the laws and usages ofEngland, the most
enlightened, the most commercial, and the
frcest government in Europe. But what
would have been said of him, what rriight
justly have been said of him, if in this age of
the Republic, and with all the lights we now
possess, he had gone to Cuba, to Spain, to
France, to Turkey, to boi‘row models ofim-
hanon?
I will not sir, discuss, the question as to
what fll]t‘lt]ClZ1l policy may be best in Spain,
Austria, Italy, or Turkey. The policy in
all these countries is to make a strong gov-
erninent, and to keep the people as quiet as
possible. Vtfe have had a system of our own,
lln(l€'I‘_\VlllCl’l we have lived and prospered
for more than fifty years. Until Mr‘. Van
Buren varne into power, we never heard of
sub-treasurics not independent treasuries.
The government had always made com-
mon ciiuse with the people. “VVliat was
good enough for the people was good enough
for the government.” The government i‘c-
ceivcd its dues in the same currency, and
made its disburscint=nts in the same channels
in which the business of the country was
conducted. It did not seek to divorce itself
from the people, nor to make itself independ-
ent ofthe people. No one of otir presidents,
from \Vashington down to .It1Clt'SOfl, had
learnt this modern doctrine, that it is the first
and chief duty of the government to take
cai‘e of itself. No one of them had ever pro-
posed to break down the institutions of the
states, or to destroy that credit Wl)l('l1 is so
essential to the wants of a yourig and grow-
ing nation. They all cliei‘islictl our own
Aniei‘ican policy, and under it we were pros-
porous and bzippy. Our growth, in popula-
tion, in wealth, in business, is urflxamplcd
in the history of the world. Tlie secret of
our prosperity lies in out‘ free government
and our system of credit, which have stimu-
lated the industry and enterprise of the peo-
ple. Thc field has been thrown wide open
for a fair and equal conipctitioii. The capi-
tal of the country, instead of being locked up
in a few hands, has been invited into othcr'
channels of business, and been actively em-
ployed. The rewards of labor have been
enhanced, by multiplying and increasing the
demands for it. The road to respectability
and property has been open to every man
who chose to enter it. We have had no ar-
tificial distinctions, no entailed estates, but
every man has been allowed to be tlre artifi-
ccr of his own fortune. It is this principle
which has constitutetlthe life of our social
system, and the essence of our republican-
isrn. VVhocver, sir, would suppress ci‘cdit,
and thus cut off our young men, who are
born to no inheritance, from the means ofac-
quiring property ; whoever would suppress
credit, and thus exclude from the competitions
of business and of society, all those who de-
pend merely on their industry, skill, and
good character, strikes at the most republi-
can feature in our whole system.
Itis said that our credit system has its
evils, it chariges, and its fluctuations. Our
popular government, too,’ has its evils, its
changes, and its fluct'u:ttions. As well might
we abolish oui‘ fi‘ee institutions, and substi-
tute an iron despotismthat knows no change,
as abolish credit, and setzle down into the
stiignatioii of a hard-money currency. IVe
do not discontinue the use of stearn, because
there is now and then an explosion, All
agents which are powerful for good, will,
when mismanaged or inisreg'ulatod, be also
powerful for evil. \Vhilc we are St‘tl'fCl‘lDg
the evils and abuses of credit and paper mo-
ney, let us not, in a blind fury, fall upon the
systetn itself. and break its whole inachinery
to pieces. Let its rather adjust its disordered
parts, apply the proper regulating‘ power‘,
and put it again into equablc and safe opera-
ation.
It is a very common error, Mr. Chairman,
to impute all our monetary rcvulsions
to the banks and to paper money. IVhoev
or will read attentively the very able letter
of President Dew, will, Ithink, be convinc-
ed, both by his clear and conclusive reason-
ing, as well as by his appcal to facts, that it
is the course of trade, and not the banks,
which produces these revttlsions in a great
majority of cases. Fluctuation of prices is
a necessary incident to commerce, and must
always occur wherever commerce is carried
on, no matter what kind of currency is used.
The history ofconimcrce contains abundant
instances of monetary revulsions in exclu-
sive hard-money countries. It, therefore, we
would avoid fluctuations and revulsions al-
together, we must give up, not only paper
money, but comincrceitsclf. A paper cur-
rency, by its elasticity or capability of ex-
pansion and contraction, will better accom-
modate itself to the wants of commerce than
a hard-money currency; and if the amount
of paper does not bear a fair proportion to
the specie, enough of the latter can common-
ly be taken out of the country to settle the
balances of trade without danger to the for-
mer. The true point to be guarded is, to
keep the paper tnoney convertible. Provi-
ded that is done, the amount of it should be
determined by the wants of commerce and of
business. '
In connexion with this subject, a new
doctrine has been recently advanced which
deserves the grave consideration of the A-
merican people. It is now alleged that, un-
der oui‘-systcm of credit and paper money,
we have to greatly enhanced the price of
property and the cost of production. Those
who adopt this reasoning say that prices de-
pend on the qucintit_7/ of currency, and that
in proportion as you increase or diminish the
amount of circulatiiig medium, in the same
proportion you enhance or reduce the nom-
inal price botli of property and labor. A
comparison is instituted between the United
States and England, France, and Germany;
t . ,
NUMBER THIRTY F_IiVlE..
V
and it is alleged that the redundancy of our
currency has so greatly enhanced the cost of
rnanufacturing, that we cannot enter into a
succcsful competition with these foreign‘ na-
tions. . The argument on this point is so well
stated in a printed speech I hold in my
hand, that I will ask the Clerk to read the
passages I have,marked. [The Clerk here
read the following extracts fi‘orn the speech
of Mr. Biichanari, of Pennsylvania, deliver-
ed in the senate, January ‘.22, 1840 2]
“ On Friday last, when I very unexpectedly
addressed the Senate, I stated a principle ofpo-
litical economy, which I shall now read from
the book. It is this: ‘that if you double the
amount ofthe necessary circula:ing medium in
any countr_v, you thereby double the nominal
price of every article. If, when the ciculating
medium is fifty millions, an article should cost
one dollar, it would cost two, if, without any in-
crease of the uses of a circulating medium, the
quantity should be increased to one hundred
million.’ The same effect would be produced,‘
-whether the circulating rriedium were specie, or
convertible bank pa per mingled with specie. It
is the increased quantity of the mctlium. not its
character, which produces this effect. Ofcourse
I leave otit ofview irredeemable bank paper.”
“ The discovery ofthe mines ofSoutli Ameri-
ica, and the consequent vast increase ofthe pre-
cious metals put into circulation in the form 0
money. have greatly eubariced the nominal
price of all property throughout the world.”
“ The United Sta'es carry on a trade with Ger-
many and France; the former a hard-money
country, and the latter approaching it so nearly
as to have no bank notes in circulation under
the denonrination offive hundred fracs. urticar-
l_v one litindred dollars. On the contrary, the
United States is emphatically a paper-money
country, having eight hundred banks of issue;
all oftlieiii emitting notes ofa denomination as
low as five dollars, and most of them one, two.
and three dollar notes. For every dollar of
gold and silver in the vatrlts of these banks, they
issue three. four, five. and some ofthem ashigli
as ten’; and even fifteen, dollars of paper. This
produces a vast hrit ever changing expansion of
the currency; and a consequent increase ofthe
prices of all articles, the value of which is not
regiilatctl by the foreign demand, above the
price ofsiniilar articles in Germany and France.
At pa rticiilar sragesof our expansions, we might
with justice apply the principle which Iliave
stated to our trade with these countries, and as-
sertthat, from the great redundancy ufourcurren-
cy,articlcs are manufactured in France and Ger-
many for one-half of their actual cost in this
country. Let me present an example. In
Germany, where the currency is purely metal-
lic, and the cost of every thing is reduced to a
hard-money standard, a piece of broadcloth can
be manufactured for fifty dollars; the manufac-
ture, of which in our country. from the expan-
sion of our paper currency. would cost one
hundred dollars. “firm is the consequence ?--
The foreign French or German manufacturer
imports this cloth into our country, and sells it
for a hundred dollars. Does not every person
perceive that the redundancy of our currency
is equal to a premium of one hundred per cent,
in favor ofthe foreign manufacturer? No tar-
iffofprotectiou. unless it amounted to prohibi-
tion, could counteract this advantage in favor of
foreign rna.".ufactures.i I would to Heaven,
that I coiiltl arouse the attention of every manu-
facturer oftlie nation to this important subject.”
“ \Vliat is the reason that our manufactures
have been able to sustain any sort of competi-
tion, even in the home market. with those of
British origin? It is because England herself
is, to a great extent‘ a paper-money country.
thougli, in this respect, not to be compared with
our own. From this very cause, prices in En-
gland are much higher than they are upon the
continent. The expense ofliving is there double
what it costs in France. Hence, all the English
who desire to tiurse their fortunes by living
cheaply, emigrate from their own country to
France, or some other portion of the continent.
The comparative low prices of France and
Germany have afforded such a stimulus to their
manufactures, that they are now rapidly ex-
tending themselves, and would obtain possession,
in no small degree, even of the English home
market, ifit were not for their protecting duties.
\Vhilst British manufactures are now languish-
ing, those ofthe continent are springing itito a
healthy and vigorous existence. It was but the
other day that I saw an extract from an English
paper. which stated that, whilst the cutlery
manufactured in Germany was equal in quality
with the British, it was so reduced in price that
the latter would have to abandon the manufac-
ttire altogether.”
I desire, Mr. chairman, to call the atten-
tion of the House and of the country, as dis
tinctly as I am able, to the doctrine and the
policy here avowed. And in the first place,
let me prerriise, that it is agreed on all sides,
that we ought to have no greater amount of
paper currency than we can keep converti-
ble. No question here arises regarding ir-
redeemable bank paper. The whole reason-
ing is designed to show that we have too
great an amount of good currency_——by
which, I mean gold and silver and bank pa-
per convertible into gold and silver. It is
the qizaitiity/, and not the g2r,tzZz'tg/ of our cur-
rency which is here complained of. The
argument would be the same if our whole
currency consisted of gold and silver, pro-
vided the amount remained unrliminished.
The object sought -to be accomplished, is,
not to make our paper‘ money convertible,
but to reduce the quantity of the circulating
medium, until we have brought the cost of
reducing and the cost of manufacturing,
1% this country, or‘, in other words, the wages
of labor, to what is called “the real standard
of prices throughout the world.” The pro-
position is,» to diminish the arrrount of our-
rency for the mere purpose of bringing
down the price of property and the price of
labor.
I beleivc, sir this is the first time that such
a policy was ever‘ proposed to the people of
this country by any public man. I have
sometimes herd the high price of labor and
the articles of consumption complained of by
the rich, but it is thefirst time that a public
man has made it the subject of corrrplaint in
the halls of legislation, that the .farmer, the
jmechanic, and the laborer were r‘eceivin‘g foo
liberal a reward for their industry. It is the
first time that the Government has been as-
ked to iiiterpose, and to lay its hand on‘ the
industry of the country, for the mere naked
purpose of depressing prices. Such, how-
ever, is the doctrine now openly avowed by
the advocates ofa sub-Treasury.
whole or in part, and a portion ofthe specie
to be abstracted from the channels of buisness
and locked up in the vaults of the Govern-
ment. In these two ways, the amount of
circulating medium is to be reduced, until
the value of property is brought down to the
specie standard, and every kind of labor put
on the same footing it is in France and Ger‘:
many. I will not here stop to inquire what
effect this system will have upon the cotton
planters of the South, whose cotton is the pro-
duct ofthe labor of the slaves, and the price
of wliich,,is supposed to be regulated by the:
foreign demand. Nor will Idiscuss its ef-'
fect upon the rich capitalists of the North,
who have their fortunes invested in bonds
and mortgages, or in large manufacturing
establishments. A small portion of the peo-
ple of this country are cotton planters or
capitalists. Nor is this the Class of men
whom I would make the objects of the
special and exclusive favor and protec-'
tion of Government. IVhat, under such a
state of things, would be the condition of
young men who depend for success in the
world on their hefids and hands, when you
have broken down the prices of labor, and,
by suppressing credit, have taken from them
the means of entering into business .7 VVhat:
would be the condition of that large class of
citizens who are debtors, when, by reducing
the value of property one—half, you have ta-
ken from them one-lialf their means of pay-
ment? And what would be the condition of
that still largerclass of citizcns—that class
which constitutes the vast majority in this
country: Imean those who look to the re-
wards of labor, in some branch of industry,
for the means of respectability and happiness .7.
D.) honorable Senators,-wlio propose the adop-
tion of this foreign policy, believe that these
men—-the working t'nen——the men who of all
others, have the truest sympathies, the quick-
cst impulses, and the keeriest sense of injus-
tice; the men who, in peace and in war, hold
in their hands the destinies of this country;
that these men will evc1'Conscntt0be put on 5.
level with the peasants and operatives of
Europe? I care not what may be the policy
of foreign nations; I care not what are the
theories of foreign writers;' I care not’, by
what learning, not‘ whose authority this pol-'
icy is recommended; I‘ will stand by that
great republican principle-—that just princi-
ple—-that principle which has been asserted
under all former Administrations of this Gov-;
ei'nment——t/w' yirmciple of encoumging and
protecting the i7L(lust9'_i/ of the country.
The honorable Senator complains of the‘
paper-money system of England, and says
that “ the English who desire to nurse their
fortunes by living cheaply, emigrate from
their cwn country to France, or some other
portion of the continent.” And what is the
reason .7 Why is it that on the continent
living‘ is so cheap '2 It is because labor‘
starve.-3; because men work for a few pence‘
per day. The average price of labor in
France is about 7d. per day, without board ;
in Germany it is a little less. The broken
down noblemen of England go over to the
continent to repair their shattered fortunes.
by living cheaply. But do the laboring
men of England seek employment on the‘
continent? Or is it of no consequence, in
the opinion of honorable Senators, that this
great class of men are there doomed to ab-
jcct and hopeless poverty ’.l Whatever evils
are suffered by the laboring classes in Eng-
and, ai‘e to be attributed to other causes than
their system of credit. They are owing to
the form of Gover..imenf and structure of so-
ciety, by which property is locked up in the
hands of a few; and to their enormous na-
tional debt, contracted in foreign wars, which
presses every thing so heavily with taxation.
Let us examincfthe reasoning of the hon-‘
orable Senator a little further. He says that
“in Germany, where the currency is purely
mctalic, and the cost of every thing is redu-
ced toa hard-money standard, it piece ofbroad-'
cloth can be manufactured for fifty dollars
the manufacture of which in our country,
from the expansion of our paper currency,-
would cost one hundred dollars.” Suppose,,
then, that this desirable result is accomplish-
ed, aiid that we have reduced prices to the
specie standard, so that we can manufacture’
broadcloth as cheaply as it is done in Ger-
many, does not the whole of this reduction‘
fall upon the wool grower, and upon the la-
borer who manufactures it into cloth .7 And
how are they to be compensated for this loss f
Will they not have to pay the same price for
every article of foreign production they do
now? And will not the reduction in the
price of all articles of home production fall
upon some other class of laborers? Will it-
be any consolation that all labor is degraded
to the same level ? Sir, among the people
Ihave the honor to represent, labor is ‘the’
source of nearly all our wealth. We are,
emphatically, working men. I was born
and have lived among working men. My‘
opinions and my sympathies are withithem.
Iknow them. I know their infelli'gence,_
their moral habits, and their inborn love of
personal independence; and I tell you, that
these men will never consent to lie dowr.‘
andbe bound with the bands of this iro
policy‘.
« I cannot believe, Mr. chairman, that those’
who would embrace this foreign system,-
have well considered the fearful reroliifiorr
it would work, in property, in business, and
in all our social relations, Consider for a?-
lation of debtor and creditor. Think of the
extent of that relation‘. If is computed‘ that
-the aggregate‘ amount of private debts‘__i's e’=
qual to‘ allthe property in the country; These‘
‘debts, be it remembered, i'vil;l- all stand unres-
duced, and _must be paid‘-in’ the new currency.
OFFICE WEST SIDE THE. BRIDGE—OVER HOY'I"S STO.RE.~-"‘
_ Under its‘ .;
operation, bank paper is to be suppressed, in ""
G
moment’ the effect it would have upon the re?’ '
Norwalk Chronicler