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Biddle's Princeton Address, quoted in our former Article. We are not aware that this restriction upon the signification of the term people will affect the inferences which prove the disastrous consequences of issues of paper not converted, nor truly convertible, into specie. All experience shows that some more efficient means of enforcing this redemption, which shall prevent undue expansions of paper currency, which injures the usefulness of sound banks, by encouraging profligate speculations, is essential to the general protection. “The advantage of combined action," set forth by Mr. Carev, as the most powerful and salutary element in all operations of paper currency, happens, according to the recent experience of this country, not to be the advantage of the industrious and unprotected classes, but the emolument of those who combine to involve the productive interests in embarassment, for the purpose of preying upon the fruits of industry. Such combined action, which, if resorted to by the laboring classes, would be called by the harsher name of conspiracy, must inevitably make such a system of free banking, as is plausibly pretended would produce universal steadiness and security, a tremendous engine of swind ling. Those banks, upon which such repeated eulogiums are bestowed, throughout both the original publication and the reply, were mostly established, not for the purpose of loaning actual capital, but for the purpose of borrowing it by the issue of paper curreucy. Those who have associated for this purpose were rarely men of accumulated capital, with the use of which they were wil. ling, for a moderate remuneration, in the shape of interest, to accommodate commercial enterprize and manufacturing industry, On the other hand, they were generally such as wished to draw a revenue from the capital and industry of others, by the skilful management of credit. During periods of general confidence and prosperity, the temptation of exchanging inordinate amounts of their paper currency, bearing no interest-which is subsequently received at the same cost, and in lieu of substantial value, by the producers and holders of capital—1or the obligations of their customers, on which interest is paid, and by this means producing fictitious capital, has always proved almost irresistible. Combined action is extensively resorted to for the purpose of fostering and sustaining this hollow and fraudulent system, by the operation of which interest is extorted from the industry and enterprise of the community, without the employment of capital. The abundance of this kind of currency, in time, causes it to return for redemption. The customers of these banks are either ruined by suddenly enforcing the payment of obligations, in order to furnish the means to redeem their issues, or they prove unable to pay the holders of their currency, and the loss falls upon the productive classes, among whom it circulatos It is this system of building credit upon credit, that has produced so many destructive revulsions within a few years past, which have been invariably attributed to the measures of the Government, by those who have enjoyed its profits, as well as by their thoughtless victims. The supporters of this profligate system of gambling, have endeavoured to sustain its reputation among those who have been the sufferers by its operations, both by systematic attacks and indirect sneers upon the government of the people. So many barefaced attempts to enbarass its operations have been brought into play by the combined action, which Mr. Carey applauds with so much zeal, as to have, apparently extinguished, in many quarters, every such antiquated sentiments as patriotism and love of country.
Having now laid before our readers at considerable length our ideas of the consequences of the doctrines advocated by Mr. Ca. rey, those who took the trouble to examine our former Article may expect us to furnish his view of it. This we do in his own words, for we scorn to imitate the unfairness of which his reply is a continued instance from beginning to end-of perverting the language of a performance which we undertake to criticise. He says:
"We were at first disposed to attribute all the erroneous views offered by this "writer to the consideration of his readers to a want of honesty, but are now more "disposed to attribute it to the absence of any acquaintance with the principles of trade or Banking. He has collected a large quantity of true and false facts, and “has put them together, apparently without much regard to the effect they were cal"culated to produce, whether for or against his friends, and the consequence is that “ his article is much more likely to estabıish a conviction of the danger of increas"ing the power of the government over the currency, than of the propriety of yield"ing to it what has been so pertinaciously insisted upon.”
Now we frankly concede to Mr. Carey superior information in " the principles of trade and banking." Our instruction not having been received in the Philadelphia paper-money school, we must acknowledge our ignorance of its higher mysteries, excepting those which have been disclosed in the productions of Messrs. Biddle and Carey. Whether we have not endeavoured to atone for our deficiencies by the study of their writings, with a desire to understand their bearings and consequences, we leave to be determined by others.
As to our collection of true and false facts-our want of knowledge of this deep and important distinction must be attributed to want of instruction as to the mode by which the Philadelphia school distinguish a true fact from a false fact. It may be trivial or important, but a fact is neither more nor less than a fact with us. A great favor would be conferred on the uninitiated, if the professors of that brilliant school would explain, when they assert facts, when false facts are intended. This would doubtless have saved much of the time employed upon this Article.
Whenever doctrines however wild, extravagant, or destructive to the best interests of society, are to be supported, no difficulty seem
to occur, under the practice of this school, in finding facts in abundance for their justification. It would afford many readers great satisfaction with regard to the personal integrity and character for veracity of its professors, if they would be pleased to furnish the public with an indication of the kind of facts intended, in order to avoid all imputations of wilful deception. In the reply before us, we could easily point out a multitude of false facts, but our limits will not allow us to elucidate them in the manner required to show the style of manufacture. We take a single instance which we have selected from a mass of the same kind with which Mr. Carey usually embellishes his productions, not on account of its importance, but from the insight to be derived from it with regard to the elaborate process by which a false fact is got up, and the plausible and imposing manner in which it is maintained.
In our remarks upon the credit system of England we undertook to show that its enormous political corruption had led to the general impoverishment of the people. While the few had been enriched and aggrandized, we stated that the many, that is, the labor. ing classes, " are now reduced to a condition far more deplorable than the serfs of Poland and Russia, since the general diffusion of knowledge only serves to render the former sensible of their entanglement in the political spider's web wound about them by the credit system, and to convince them that nothing short of revolution can extricate them, by breaking at once these artificial restraints upon their means of comfort.” This statement Mr. Carey does not venture to deny, since it is amply established by Mr. Marshall, an authority of so much reputation on these subjects, that all reference to his works is most discreetly avoided by Mr. Carey. He, however, mutilates the forgoing extract in his usual mode, and adds the following, by way of proving its inaccuracy:
“We have before us a report from the commissioners on the revisal of the poorlaws, in which we find answers from 856 parishes to the question, 'what might be earned by a laborer, his wife, and five children, aged 14, 11, 8, and 5 years ?' 856 parishes give for the man an average of
£27 17s. 100. 688 do. do. wife and children
13 19 10
being equal to $20104 for the support of an agricultural laborer and his family. This sum does not yield him the same comforts that could be obtained with a similar amount in this country, because food is much dearer; but on the other hand clothing and house-rent much cheaper. A careful examination of the condition ot' the laborers of England and of the United States would satisfy the reader that the difference in the reward of their services does not exceed 15 per cent., yet it suits the purposes of the reviewer to inforin us of their degraded condition!""
Now, this interesting fact, showing that there is but 15 per cent. difference in the actual means of comfort and independence between the laboring classes in England and those of this country, has been ostensibly extracted, parish by parish, from the voluminous reports
of the Poor Law Commissioners. So accurately and fairly has this been performed, that the results are given to a single penny. But what is the true fact? Why that there are ten thousand parishesand among them a number greater than the aggregate from which Mr. Carey has derived his fact, where the estates of great proprietors include a whole parish. A wealthy individual, who employs the whole laboring population of a parish, frequently gratifies his vanity, or his beneficence, by great liberality to his immediate dependants. Other parishes comprehend or are in the neighbourhood of large and flourishing towns. The rate of remuneration, paid in such parishes is the falsest criterion that could be devised, as to the rate of wages paid in the 9,200 or 9,400 which are entirely unnoticed. The truth as to 600 or 800 parishes becomes palpable falsehood, when taken as evidence of the condition of the whole. We decline to follow Mr. Carey's example, in undertaking the labor of showing, from the returns of the parishes, which he has so carefully omitted, the true average wages of the laboring classes. Generally it does not exceed from six to eight shillings a week, taking the families of agricultural laborers, who are by far the most numerous. As to their degraded condition, we feel reluctant at placing before our readers a piece of evidence of the highest char. acter, from the same reports, which the suggestion that their condition is very nearly as elevated as that of the bulk of our own citizens, induces us to bring forward, not only to rebut his statement on that point, but to enable our readers to perceive, what is apparent to every one who reads his performance, the low estimate he has formed both of the understandings and morals of the American people. We take the following, verbatim, from the report of John W. Cowell, Esq., a gentleman who has been for two years past in this country, as Agent for the Bank of England, and who is favorably known here for his intelligence, integrity, and ability. He says
“It may almost be affirmed that the virtue of female chastity does not exist among the lower orders of England, except to a certain extent among domestic female servants, who know that they hold their situations by that tenure, and are more pru. dent in consequence. Among the residue, all evidence goes to prove that it is a nonentity. A daughter grows up-she learns what her mother was-she sees what her sisters and neighbours are—finds that nobody thinks the worse of them, and that nothing is expected of herself, and that there is a short road to marriage or a maintenance."
Did this appalling picture of the moral condition of the bulk of the English nation, meet the eye of Mr. Carey, in his investigation into the Poor Law Reports, and did it convey to his mind no idea of degradation? If such be the condition of the purer sex, to what degree of demoralization must not the other sex have reached ! Such are the inevitable results of that terrible system which is always fatal to all the elevating sentiments of the heart, and which has destroyed public spirit, as well as private morality, in all communities where it has gained the ascendency. Those American citizens who estimate purity of conduct, and the decencies of social life, at their proper value, must judge whether they are willing to place their posterity in the condition of the peop.e of England, whether degraded or not. But for the corrupt facilities arising from the introduction of the paper system, explained in our former article, the public debt of Great Britain, which has brought her laboring classes into this situation, could never have reached onetenth of its present amount. Those States of the Union which are heedlessly incurring enormous masses of debt, for the gratification of the cupidity of speculators, to support which the whole community will hereafter be compelled to bear immense burdens of taxation, to be paid to its present holders, at home or abroad, will do well to meditate upon the present condition of England. Notwithstanding the large army employed to keep its laboring popula. tion in subjection to the laws, disturbances of the public peace, and destruction of property by wanton burnings, are affairs of frequent occurrence, upon an extensive and organized scale. The established order of society is in constant jeopardy, from the wild and ungovernable passions of the people, driven to desperation by the contemplation of their own necessities, contrasted with the luxurious affluence of the few who enjoy the fruits of their labors Before the credit system is allowed to fix itself deeper upon the vitals of our political bodies, let its advocates well consider the consequences of their rash cupidity.
The apprehensions with these consequences must excite in every enlightened mind, are by no means alleviated by the systematic prostitution of the language of economical science, to the designs of a few gamblers and speculators, for the purpose of facililating the execution of their unwearied intrigues against the permanent welfare of the community. No well-informed person can read Mr. Carey's publications, without constantly discovering statements which create alternate astonishment and dismay. Indeed he appears to be not altogether free from these emotions himself when he happens to find any of his opinions out of his own writings. His reply contains the most extraordinary specimen of complaint on the part of any author that was ever heard of -which strikingly illustrates the complacency with which a mass of absurdities may be regarded by minds of a certain texture, while the individual instances which form this mass are each too revolting to be received. In our former Article we quoted a passage from his publication, precisely as it was there found, even to the words in italics. Its glaring absurdity was so tranparent, that we expressly stated that we should leave its meaning to be guessed by our readers-it was the remarkable passage where Mr. Carey