The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-04-08

.. "UONtSTF' JOHN DAVIS, IN SEN
ATE, FRIDAY. MARCH g. 1910.
Sir, [saij Mr.. BucBASAN,l the speech the
Senator from Massac huseits is not manly. open
argunent against the independent Treasury bin.
IL is subtle and ogenious contryance through
out, for the purpose ol casting odium upou ths
Administration and its friends, by ascrbing to
them arguments which they never uttered. and
sentiments which they have always disayowed.
IL is an attempt 10 impose upon the public
the belief thar we support the bill, not because
il will separate the banks from the Government.
but because il will destroy the banks. introduce
a pure metallic currency, suppress credit and
reduce the value of property and the wages Of
labor. The Senator has become the witness
against us and he cannot, and shall not escape
from the consequences Of his own testimony.
| A fagitious pmpositon" The highest
English authority informs US that the meaning
OF the word " fagiiiouS," is peculiarly inia-
nous :" and ] shall leave the Senate aud tho
world to determine whether this term may not
be more appropriately applied to the Senator's
Interpretations OF my remarks than 10 the
lnde ependent Treasury bill. ......,
What u wonderful spectacle is presented IN
this speech of the Senator. From the first TO
the last, from the beginning 10 the end of my
speech, | did not attribute to this bill Que OF
the consequences which he has imputed me
With NV settled convictions Of the effect OF
/ the bill. ] should have been the greatest Ounce
/ in Christendom thus 10 have causelessly alarm
ed the fears Of tho country. ] never intimated
that il w"uld seriously iujure, much less do
stroy. the State Banks. IL never entered into
my conception that IL would introduce a pure
metallic currency, or reduce the wages Of labor,
or destroy the credit system, or seriously affect
Il
treated it throughout. ns what the Senator in
formed us we had been uniformly told by its
friends that il was. simple proposition TO di-
vorce tho Government from tho banks no as TO
enable it TO keep its own money. and therefore,
! harmless IN its character as II would effect
nothing else" Throughon, my speech, IL was
one OF my chief purposes in advocating the bill.
as il had been in 1897, 10 allay the fears OF the
county, and to prove that IL would produce
noue OF these fearful effects"
Now as TO tho wages Of labor ~ really
thought il was impossible that ] could have
been misu ndersiood. until ] read the speecl
Of the Senator from kenIucky. (Mr. CLAY)
proved that what the labowr ought. above al
things, TO desire, was, such reform IN oe
banking system as would afford him =" consian
employment aud regular wages. paid in sonnc
currency" IL is ruinous 10 him for his wages
year, aud The very next year 10 have the:n re-
duced TO almost nothing. and even 10 bs with
out employment altogether. lie never bens
fits by extravagant speculation. il brings ie
him nothing but unmiiigaicd evil. beoa 'h'
increased prices which he is Obliged to pay for
the Decessarics aud comforts Of life. couDier'
! balance and more than count~rbalancs. this
advantage. What he desires is stability and
regularity 10 the business Of the country. He
ought to be able to raise bis family 10 peace
and comfort aud to look forward to the next
year for the same reward for his honest toll
! that he received the last. On this subject no
anxious doubts ought to harass his mud. lie
ought to feel hnuself Independent, SO long as II
shall please the Almighty to give him health
and strength TO earn his bread by the sweat oi
his face, without being involved 10 those Pc
rodcal crashes Of the banking system. which
are produced by ex,rayagant expansions oi the
currency. Under the present system the Ia
boring man csnuo, calculate what day may
bring forth. He receives high wages to-da>
, and is starving for want Of employment to NOR
row. n illustrating these views. most cheer
fully admitted in my speesh that I" that coun
try Is most prosperous where labor command
the greatest reward where one days labo
will procure not the greatest nominal siDoun
q Of deprecated currency, but most oi IN
nscessaries aud comforts OF life" And sait
: that by correcting your blosted system IN suci
y a manner ns TO reduce - the amount oi YOU
- bank i,.ues within reasonable and safe limits
, and establishing q metallic basis for your pape
: circulation" you would greatly benvht the Ia
borer lie could then purchase more OF the
. necosssries and comforts of life Tor one doIal
= 81 than he could have done IN the days oil e1
1 trayae ant expansion for one dollar and quar-
tor" Besides. he would then enjoy the advsn'
: tapes which he ocyer can do under the present
system. " OF constant employment aud reguia'
% wages" without being 4" involved IN RUN by
recurrence Of those periodical expansion'
, and contraciioos Of the currency. which have
hitherto couvul.ed the country" The last
thing Of which | ever dreamed, was 10 brng
: hi. wages down to the pure metallic standard
| wished TO adopt that safe mixed currency
which 1 30 fully described in the course oi my
remarks, aud which would be blessing 10
manufacturer, merchants. mechanics. iaborers'
e and all the people Of the country. because u
4 would produce certainty and stab'ldy 10 all "he
Y transactions Of hfe."
NJ, K,Se said he had witnessed with un'
Ceirned regret the direction this debate had Va
e Le,. bn, n va, not his habit, nor would he
4; now take pau in personal altercation' MS
/, only purpvse 10 rising was 10 Dotlce some o'
4, the remarks Of the Senator from South Csro'
linz. fMr. Psrsros. lie had listened to that
II senator vida no liitis surprise. lie states that
y III. Impression made on his mind BY the speech
.. Of The prominent members Of this body. nho
..,,ain the Administration. and particularly by
,boss Of the Senator from Penusyivania. Mr
= BuonAsAs,l was. that 1t was the obJs', OF inc
a party now IN power TO break down ihe osnhins
:, n.,ii utons OF the States. 10 destroy credit. sne
y ..Iucs the wages Of labor, and that they sdvo'
Il ea,ed The independent Treasury bill upon th'
H. r,ound that il would produce these results
" Now. said Mr.. X. willie these charges wsr'
confined to the dirty newspapers Of the day
those vehicles OF detraciion and misrepresenta
tion-,hey deserved not the slightest notice
+; but coming. ~ they now DO. from Senate
: .ho stands high in rts estimation Of the cour
,ry. aud dsssrycjly commands the respect I