, 1840-03-28
SPEECH OF MIR. BUCHANAN,
% AssSe1 VIZ -He RI
Of PENNSYLVANIA,
on THE SUB TREASURY BILL,
CONTINUED.
il SENATE-January %, 1870.

il SENaTE-Jduuary 81. 1870.
If the ~sPecu!l,or shollI prove successful!
and win the golden prize, no matter by what
means he may have acquired ms wealth, this
clothes him with honor and glory. Money,
money, MONEY, %cunfers the highest distinc-
ton in society. the republican simplicity
and virtue of a Macon would be subjects oil
Iidicule in Wall street or Chestnut street.
The highest talents, directed by the pures;
patriotism, moral worth. literary and pro-
fesslonsl fame in short. every guilty which
ought to coIteT distinction la SOc:ety-Sint
into insisnifcancs when compared with
wealth. Money Is equivalent TO Z title of
nobiiitv in our larger cnunercIal cities. This
is the effect of our credii system.
w ave widely departed from the eco
nonical hibi;s and simple virtues Of oar
f~oretithers. These are the only sure t"un-
dat,ons upon which our republican lnstiru-
tons can rest. Tee desire 10 mike an os-
ten,atious display OF rapidly acquired wealth
has produced 4 splendor and bouadI-sS eH
pen,e unknown in iJfln:r times. There Is
o more ex,rsva-11ce in orr large con-
mercial cities thaa exists in any portion OF
.hc world which | have ever seen, except
ga, ng the wealthy nobility Of England.
Tank heaven this ex~travaglnce has but
r,sr,.4I!v reached The mnunlIins and val
VISA ri the interior. Tne people there, ST.
far IL their pn.enHs' vDi,e = III be heard, are
dsrernInel IL pu, ~ end 10 this blOated
credit system, winch threlters 10 involve not
.oniv 'h~ir private fr:.uaeS but ineir political
liberties N ru.r.
After the revu!siun In IG}7--uiter lhs
b.nk. hal blown Up and left tie government
without n dollar, the pres, eRt found IL ne.
cesSarv to convene Congress. II then be-
came indispensable I, take a new departure.
the course which ought to be pursued WAS
the question. The banks hid betrayed ou-
trust; they had converted our money into
rags bv a species of alchymy the very re-
verse OF that which was attempted IN former
times, of converting baser things into gold.
The president then recommended an absolute
divorce bet .yeen bank and state, and his pn-
li,ical friends in congress cordially RESPONDED
IN this Recommendation. We then gave our
banner 10 the breeze with the motto o! al
independent treasury inscribed upon it
Have we not firmly aud imnovably main
tanned our position? Ii ID we been the cor
moran,s after Office which our enemies have
described us 10 be, We should have yielded
our convictions when we found one state al
ter another abandoning oIrstandard. Neither
the love OF power nor Of place made Us tit-
ter. We did not yield TO the panic of The
m rmen,. We have ever since kept this is
sue distinctly before the people, honestly be-
lievinI I'm; a separation at the. government
from banks WAS Necessary to promote the
best AMI dearest interests Of the country. In
the opinion of'our potI'ctl opponents, we
stool s.lf-im n,!,tei. B II the penp'e have
at length glorinusiy come Ia the rescue. The
sen rtor is entirely mistaken in surprising
this bill to be unpopular. ln every instance.
during the elections of the last year, when
the question Of IN independent treasury was
distinctly made before the people, the result
has been either the election of tie admins
tratinn candidates, or a greatly increased
number Of votes 10 their favor. Is 1t no GER
tain tat if the congressional elections in
those states which elected their members in
had been postponed till 1889, we should
n,w he in n Triumphant majority in the other
h,use' The wing party know this; and
am greatly mistaken IN the Signs oil the times,
If they have not determined that this bill
shall pass. They will No longer give US the
battle cry of an Independent treasury. The
bill j. destined to becomsa Law during the
present session. prophesy THIS result, and
pr.phesy 1t solely up,L. my opinion oil the
sigacity of the wing party. 1t is possible |
may be mistaken. but, il | should. l shall
have one. consolation in my disappointment.
IL nv political existence depended upon the
result, | should rather have the success OF
the independent treasury Identified with the
re election of Mr.. Van Buren,, than any 9th
er argument which can he used in his favor.