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Editorial
October 17, 1856
Bedford Inquirer And Chronicle
Bedford, Bedford County, Pennsylvania
What is this article about?
Satirical editorial criticizing James Buchanan's 1840 Senate speech advocating wage reduction to European standards to boost U.S. manufacturing competitiveness, mocking Democrats' potential implementation of 10-cent daily wages for 50,000 laborers.
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50,000 LABORERS WANTED:
AT TEN CENTS A DAY!!
Read the following extracts from a speech of Mr. Buchanan, in the United States Senate, in 1840, in which he advocated the reduction of wages to the European standard!
We understand the locofocos, in case Mr. Buchanan is elected, intend to put down the price of labor to ten cents a day immediately. They now want 50,000 laborers at ten cents a day to try the experiment on!
Won't some of our hard fisted laboring men apply to Mr. Buchanan at Wheatland for the situation without delay?
Here's his arguments in favor of the reduction:
"In Germany, where the currency is purely metallic, and the cost of every thing is REDUCED to a hard money standard, a piece of broad-cloth can be manufactured for fifty dollars; the manufacture of which, in our country from the expansion of paper currency would cost one hundred dollars. The foreign French and German manufacturer imports this cloth into our country and sells it for a hundred. Does not every person perceive that the redundancy of our currency is equal to a premium of one hundred per cent. in favor of the manufacturer. ..No tariff of protection unless it amounted to prohibition, could counteract these advantages in favor of foreign manufactures. I would to heaven that I could arouse the attention of every manufacturer of the nation to this important subject.
"What is the reason that, with all these advantages and with the protective duties which our laws afford to the domestic manufacture of cotton, we cannot obtain exclusive possession of the home market, and successfully contend for the markets of the world? it is simply because we manufacture at the nominal prices of our own inflated currency, and are compelled to sell at the real prices of other nations. REDUCE OUR NOMINAL TO THE REAL STANDARD OF PRICES THROUGHOUT THE WORLD, and you cover our country with blessings and benefits.
"The comparative LOW PRICES of France and Germany have afforded such a stimulus to their manufactures, that they are now rapidly extending themselves, and would obtain possession in no small degree, even of the English home market: IF IT WERE NOT FOR THEIR PROTECTING DUTIES. While British manufactures are now languishing, those of the continent are springing into a healthy and vigorous existence."
AT TEN CENTS A DAY!!
Read the following extracts from a speech of Mr. Buchanan, in the United States Senate, in 1840, in which he advocated the reduction of wages to the European standard!
We understand the locofocos, in case Mr. Buchanan is elected, intend to put down the price of labor to ten cents a day immediately. They now want 50,000 laborers at ten cents a day to try the experiment on!
Won't some of our hard fisted laboring men apply to Mr. Buchanan at Wheatland for the situation without delay?
Here's his arguments in favor of the reduction:
"In Germany, where the currency is purely metallic, and the cost of every thing is REDUCED to a hard money standard, a piece of broad-cloth can be manufactured for fifty dollars; the manufacture of which, in our country from the expansion of paper currency would cost one hundred dollars. The foreign French and German manufacturer imports this cloth into our country and sells it for a hundred. Does not every person perceive that the redundancy of our currency is equal to a premium of one hundred per cent. in favor of the manufacturer. ..No tariff of protection unless it amounted to prohibition, could counteract these advantages in favor of foreign manufactures. I would to heaven that I could arouse the attention of every manufacturer of the nation to this important subject.
"What is the reason that, with all these advantages and with the protective duties which our laws afford to the domestic manufacture of cotton, we cannot obtain exclusive possession of the home market, and successfully contend for the markets of the world? it is simply because we manufacture at the nominal prices of our own inflated currency, and are compelled to sell at the real prices of other nations. REDUCE OUR NOMINAL TO THE REAL STANDARD OF PRICES THROUGHOUT THE WORLD, and you cover our country with blessings and benefits.
"The comparative LOW PRICES of France and Germany have afforded such a stimulus to their manufactures, that they are now rapidly extending themselves, and would obtain possession in no small degree, even of the English home market: IF IT WERE NOT FOR THEIR PROTECTING DUTIES. While British manufactures are now languishing, those of the continent are springing into a healthy and vigorous existence."
What sub-type of article is it?
Economic Policy
Labor
Partisan Politics
What keywords are associated?
Wage Reduction
European Standards
Buchanan Speech
Locofocos
Laborers
Currency Inflation
Manufacturing Competition
What entities or persons were involved?
Mr. Buchanan
Locofocos
United States Senate
Editorial Details
Primary Topic
Satirical Criticism Of Buchanan's Advocacy For Wage Reduction To European Standards
Stance / Tone
Satirical Mockery Of Buchanan And Locofocos
Key Figures
Mr. Buchanan
Locofocos
United States Senate
Key Arguments
Locofocos Plan To Reduce Labor Price To Ten Cents A Day If Buchanan Elected
Call For 50,000 Laborers To Test The Wage Reduction Experiment
Buchanan's Argument That Metallic Currency In Germany Allows Cheaper Manufacturing
U.S. Paper Currency Inflation Disadvantages Domestic Manufacturers
Reducing Nominal Prices To World Standard Would Benefit U.S. Economy
Low Prices In France And Germany Stimulate Their Manufactures Despite Protections