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This item is filmed at the reduction ratio checked below/ Ca document est filmi au taux de rMuclom the ground— by which the may rise into celebrity— by which she may soar aioR." DEDICATED TO HIS OON8TJTUKNT8, BY ISAAC BUCHANAN, M.P.P, FOR HAMILTON. HAMILTON, C. W. : PRINTBD AT THE " 8PBCTAT0R " JOB OFFICE, PRINCs's iQUARB, 1801. APXlllVES PUBUQUS*. OTTAWA, OMT, M?f (■I— l/iIKo;-! ::: j DEDICATION. .. Peri«entte.Oolon.e. plutot qu^n pHnc.pe."-The« word, of Eobe.p.e.re embod; the principle of tHe BrltUh jfoUlloal Economists. "0 Freedom- [freedom of tr,de] what crime, have been committed In thy namel" Madamt Roland. TO MY CONSTITUENTS. A work, suggested to me by tlie presence of euclx unpre- cedented distfess, or want o/ pn^P^^yPf^^ ,P J^^ ^o^n^ Hamilton, may most appropriately be fff^^^^^f^^. ,;*; J'^f Constituents ; and they I trust, wil ref^ve-t as an evidence o^ my gratitudp, for their having so kindly ^^^^^^^^ "^,^! ^^^^^^ 1 ftVr I was attempted to be ostracised. The pecuhar claim ri alSetlU to throw together thc»ot^^^^^^^^^^^^ mithnvitles was that it seemed certain that, (overwncimea uy ul en 'aTdlUons to the already too "--ero^s f^^^^^^^^^ me of private business,) I must retire ^'<>'^'^'^^?l^^'^^'^^^ as finding myself unable to continue to ^o f s^^^^^ *X public business for which I was elected, f^^ I saw also that the sympathies of the whole ^rovince could be elicited in favor oi" llamilton, if the peculiar ^^^^^^f "P^/j^"/, \Z were generally understood, and li it were ^"f f « ,^/^^"^^^^^ much it is for the interest of the Province that aU ^^^^" palities be enabled to remain in the category of risiog com "'''''in pursuing my scrutiny into the cause of the distress of HamUt^n, I eofld n^ot over Jok that, -P to a cc^am p^^^^^^^^^ suffersinJommonwiththerrovince,whichissufficie^^^^^^^^ bythefact,thatthepopulatonthathase^^ gone to some other part tf the 1 rovince, o"^ J^ , .j States. There no doubt exists t^J^J^^g^f \^,S ^tates thoS also exists throughout Brita n and the ^m ,f ftf e^' f ^^^^^^^ in these countrie% there -,f ./^-P^S^^^^^^^ continuous arrivals of gold from -^"^^^^^.^ ""^. trggg the a common cause of ever recurring monetary distreee, me DEDICATION. 8 direct effect of a bad, because unpatriotic, principle of Icgis- lation-our Provincial industry and our Provincial money market being perpetually overwhelmed by importations of British manufactures, quite disproportioned to our exportable resources. While our legislative violation of the law ot supply and demand, in regard to the exportable commodity Jl (a five-dollar bill being made_ by law eynommous, or fearly synonimous, with a sovereign) violates the law o fiupply and demand in respect to our larm-produce, and all otLr exportable articles; as these ^ease to be exportable (the exportation of gold being more profitable), the moment thev are affected in the least by local prosperity, or become dearer than gold at its fixed raw material price. And it became necessary for me to dispose, first, ottlie consideration of this legislative cause of distress which is common to the Canadas, (though, in Lower Canada, it ope- rates little, from the Lower Canadians consuming comparative- ly few imported goods) whose effect on th3 body politic is the same as a tumour ontlie leg or any part ot the body physical —the only thing for which is removal by the knife. Ihe cause of the public distress alluded to is, that for the sake of Provincial Kevenue, importations of foreign labor were, till lately, insti- gated by a Tariff not one half as high as that found necessary fn the llnited States./b}- tU ^otecUon ofthf^r cwmr.cy-and that foreign importations are still unduly instigated by our hard money sf^i^xn, th^ effect of whTch is, thattheforenn manufac- turers i^dthemmep7\ce\n bash,as the Canadanmanvfac- tmer 'nfrade or Barter. 6ur law (by making a five dollar bill and a quarter of an ounce of gold synonimous) fixes the article, gold or foreirm exchange, in jpnc^, and prev^^ts it being «m.«! according to .ts value, by the law of supply and demand, like the Canadian articles which have to compete with the foreign goods, (of whose cost that exchange forms part, just as does the^freight and other charges on them) thus givmg the latter (the foreign labor) an undue advantage m the race ot competition, and unduly instigating importations-a course no more excusable, (no more good policjr) in the government of a country, than if a municipal council, lor i\ i^e of mcreasmg the money-means of the corporation, were unduly to increase the number of tavern licenses, thus making prodigal, and ruining, the individuals and their families on whom the prosperity of the municipality depends, thus, in a word, ^killing the goose for the golden egg." If to run a Locality or Municipality into debt is to be prodigal, ajid if to run a country into debt is to be prodigal, that unpatriotic -.„^****' ''% DEDICATION. the flistanc market of Britain. And why i9 tins ? Bkcausk THK. United Statks iiavk a Manufacturing Poi'ULAriow, which Canada as yct hab not. Tho Canadian tarivL-r Blu.uld rc(ium, no further proof of the necessity to hini,m the present, ol tho raising up of home manufactares in tho Provinee, ..n(],per' manently, of the American Zolvcrcin ].roposcd m these pa^^'S I find it out of my power to give sufficient tune at present for the due consideration of the important supgcstions 1 intend- ed to make as to Canada's best course, with regard to her muni- cipal indebtedneoB -and as I am anxiou8,at the present moment, to call iminediate attention to my view of the erroneous prin- ciple of our Monetary Legislation,— I have made vp my imnd no longer to delay tho issue of these long promised pages. And by way of giving a greater prominence to thio vital subject of our monetary legidation, I reproduce here the following paragraphs which will be found elsewhere in this voli le : ''Every backvoodsmt n in America knows well the ditierence betwixt a payment by h m in Cash, and a payment by hira in Trade, as he calls an exchange of one commodity .n his possession for another whi di he wants. Practically he knows ft to be the diiference between prosperity and adversity, it not between honesty and dishonesty, to promise to pajr cash which he has not, and cannot get, instead of promising to pay Trade, or commodities of which he is possessed at the moment. And so should it bo with the nation ; but strange to say, Presidents of the United States in messap'es to Congress, equally with the Queen of England in speeches to Parliament, ignore this important difference. And the common attempt oT the Political Economists is to conceal that payments in America to the Foreign Merchant are practically hard cash, (or promises to pay hard cash or specie which cannot be ful- fill^) while payment to the Bo7,ie manufacturer is practically Trade, or an exchange of commodities in our possession, 83 that a piece of cloth purchased at homo is already paid ter in the natianal point of view, the currency being m no way disorganized, as occurs in payments to the foreign merchant by the removal of its basis, specie. All writers on the science (falsely so called) of Political Eaonomy are guilty of circulat- ing the common fallacy, that there is no ditference between cash and Trad j as a payment, whatever other fallacies may be peculia/- to each writer. And this indeed ts the fallacy tn 0v,r legislatim from which pws all our distresses on this continent. . . . "My object in giving such prominence to the foregoing w 6 DEDICATION. that it points to tlie rock on wliicli the hopes of every indns- trions family in the Empire, as well as in the Canadas and in the United States, has since 1819 been, and still continues to be, wrecked. And firmly convinced of this, I have long felt that if people could only"be induced to reflect upon the mon- strous practical evils which, individually and as a society, they suffer from the present state ot our Money Laws, an immediate remedy, through legislation. must be the philanthro- pic result. For thirty years I have seen, and, in season and out of season, explained, (generally to a very heedless auditory), that the practical cause of our being unable to cope either as a Province, as municipalities, as merchants, or as individuals, without our ever recurring monetary distress, is that it is originated and perpetuated by our Legislation ! Our Legislation, in a word, makes the Banks and the Banks' note circulation the mere handmaid of the foreign trade ; for all must admit that, seeing Bank Kotes may immediately be con- verted into Exchange, nothing, under our Money Law, is a legitimate commodity for the Canadian Banks to advance on except it is exportable, and will thus bring back gold ; and it follows, that as the Ba7iks are hound to pay 'n spec\e^ they ought to deal in nothing which in due time cannot be turned into specie, or, in other words, in articles whose sale abroad will fetch specie, and, if this is allowed my case is proved. "The object of this explanation is simply to endeavour to get Members of Parliament, as well as their constituents, to ask themselves whether this was the intention of the country in establishing Banks, and in establishing a paper circulation? There was a day in the Province when those Banks and that circulation did not exist. And was it then the intention of the people, in applying for these to the Legislaturcjthat the result should chiefly*be to inereaseForeign Trade, or more properly, to increase the importation of Foreign labor, thus hegga/ring the Province f So far from this being the people's object, it was the result which of all others it was the interest of the Province to avoid. It is clear, then, that though they have been the best possible Institutions, and their paper circulation the most undoubtedly safe to the holder, tho Banks have not realised the higher obj ect which it is the interest of the Province they should subserve. They have been little more than Exchange Brokers, and they could not possibly have been anything else. For what purpose, then, it may be asked, was the est^lishment of Banks and of a paper circula- • The other great use the Banks have been toOanada is that they have facili- tated the moving to market of her crop. DIODICATION. ting medium demanded by the people ? The purpose of the people in increased circulation, could only be ikcreased EMPLOYMENT TO CANADIANS, flicy had been told that the more money, there would be the more demand for Canadian labor, and (as a necessary consequQnce of more V^dders) a greater pr\ce for it. It was, however, concealed from them that this law of supply and demand had already in fact been violated in the admission of the principle of the money law of Canada, in existence before fhe Banks were created, so that (as shown above) firstly, the Canadian Banks' notes cannot safely be advanced, except to parties who can sopner or later produce something convertible into Foreign Exchange— and, *ecow