The mountain sentinel. [volume] (Ebensburg, Pa.) 1844-1853, 1852-01-22
James Buchanan and The wares
81 Labor.

The following is that portion Of Mr.. Buchan-
ans speech in the L S. Senate, in January,
lS40 on the Independent Treasury, which has
been SO much and frequently misrepresented
BY the Wings
O. But the Senator from Kentucky l1Ir. Clay
leaves no stone unturned. He says that the
friends Of the Independent Treasury desire to
establish an exclusive metallic currency, as the
medium Of all dealings throughout the Union;
and also, 10 reduce the wages Of the poor mans
-a0ors SO that the rich employer may be enabled
" sell his manufactures at lower price. Now,
sir, deny the correctness of both these propo-
suons, and, IN the first place, /, for one, am
not IN favor OF establishing an exclusive metal
nc currency for the people of this country. 1
desire 10 see the banks greatly reduced in num-
Der; and would, if could, confne their accom-
u'uatIous to such loans or discounts for limited
periods, TO the commercial, manufacturing. and
Vau.ng classes Of the community, as the ordi-
nary course of their business might render
necessary l never wish to see farmers and
@ecAanIcs and professional men tempted by the
'@cIIty OF obtaining bank loans for long periods,
abandon their own proper and useful and
respectable spheres, and rush into wild and
e4Tayagant speculation. L would, if / could,
falicalIy reform the present banking system, so
. 10 couhne it within such limits as to prevent
'1'ure suspensions of specie payments; and
without exception, 1 would instantly deprive
'-cl and every bank of its charter, which
s-ould again suspend. Establish these or sim
Na' reforms, and give us a real specie basis for
'r paper circulation, by increasing the denom-
nation of bank notes first to ten, and afterwards
twenty dollars, and l shall then be the friend
lot the enemy of banks. / know that the exist
'aGe Of banks and the circulation of bank paper
''e SO identified with the habits of our people
~oI hey cannot be abolished, even if this were
'--'aO!e' To reform, and not to destroy, is
-! motto. To cOnfine them to their approximate
BUSINESS, and to prevent them from ministerinr
'-' spirit OF wild and reckless speculation, by
giant loans and issues, is all which ought
" ueSred. But this L shall say If expert
should prove it to be impossible, to enjoy
.a ''''"eS which well regulated banks would
without, at the same time. continuing to
'le evils which the wild excesses of the
s''''H' banks have hitherto entailed upon the
to- - 'nen should consider it the lesser evil
,. 'sn them altogether. If the State Legis-
T,1'e' lure shall now do their duty, do not believe
sn,i VIII ever become necessary to decide on
'orn an alternative.
Esa.. I'e also charged by the Senator from
the with desire to reduce the wages of
PVoF mans labor. We have been often
!. 'N agFarans on our side of the house. 1t
Sem. new under the sun, to hear the
70 e,ev.,~ us friends attribute to us desire
psrs. '4's the wealthy manufacturer, at the ex-
From, He Iaooring man and the mechanic.
istb. ',''' respect the la6oring man. Labor
End - OndatOn of the wealth of every country.
sp,o, tee laborers of the North deserve re-
geDce ',I l0r their probity and their intelH-
Tyona, heaven forbid that L should do them
ou,bt VI all the countries on the earth, we
h5or, nave the most consideration for the
lstitnt?5 man. From the very nature of our
seyoIr;- the wheel of fortune is constantly
perty = . and producing such mutations in pro-
Conn., 20 mat the wealthy man of to-day NAV be-
sesIn poor laborer Of tomorrow. Truly
tvsv eN lakes to itself wings and flies
urge fortune rarely lasts beyond the