Washington sentinel. [volume] (City of Washington [D.C.]) 1853-1856, 1856-06-19

In regard to the influence of prices as result
ing from an inflated paper currency on the
interest, Mr.. Buchanan made
these remarks;
"Sir, / solemnly believe that if we conld but
reduce this inflated paper bubble to anything
like reasonable dimensions, New England
would become the most prosperous manufactur
ing country that the sun ever shone upon
Why cannot we manufacture goods, and especi-
ally cotton goods, which will GO into successful
with British manufactures in
foreign markets? Have we not the necessary
capital? Have we not the industry? Have
we not the machinery? And, above all, are
not our skill, energy, and enterprise proverbial
throughout the world? Land is also cheaper
here than in any other country on the face of
the earth. We possess every advantage which
Providence can bestow upon as for the manu-
facture of cotton; but they are all counteracted
by the folly of man. The raw material costs
us less than it does the English, because this
is an article the price of which depends upon
foreign markets, and is not regulated by our
own inflated currency. We, therefore, save the
freight of the cotton across the Atlantic, and
that of the manufactured article on its return
here. What is the reason that, with all these
advantages, and with the protective duties
which our laws afford to the domestic manufac-
turer OF cotton, we cannot obtain exclusive
possession of the home market, and success
fully contend for the markets of the world?
1t 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 bene-
fits. / wish to Heaven | could speak in a
voice loud enough to be heard throughout New
England; because if the attention Of the man
faeturers could once be directed to the subject,
their own intelligence and native sagacity
would teach them how injuriously they are
affected by our bloated banking and credit
system and would enable them to apply the
proper corrective"
In answer to Mr.. Clay's allegation, that the
object of the friends of the independent trea-
Mr.. Buchanan stated the following to be his
position:
"But the Senator from Kentucky Mr.. 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, to reduce the wages of the poor
mans labor so that the rich employer may be
able to sell his manufactures at lower price.
Now, sir, deny the correctness Of both these
propositions; and, in the first place, /, for one,
am not in favor of establishing an exclusive
metallic currency for the people Of this country.
/ desire to see the banks greatly reduced in
number, and would, if | could, confne their
accommodations to such loans or discounts for
limited periods, to the commercial, manufac-
turing, and trading classes of the community
as the ordinary course of their business might
render necessary. / never wish to see farmers
and mechanics and professional men tempted,
by the facility of obtaining bank loans for long
periods, to abandon their own proper and use
full and respectable spheres, and rush into wild
and extravagant speculation. l would, if i
could, radically reform the present banking
system, so as to conine it within such limits as
to prevent future suspensions of specie pay
ments; and, without exception, would instantly
deprive each and every bank of its charter
which should again suspend. Establish these
or similar reforms and give us a real specie
basis for our paper circulation, by increasing
the denomination of bank notes, first to ten,
and afterwards to twenty dollars, and l shall
then be the friend, not the enemy, of banks.
cuation of bank paper are so identified with
the habits of cur people that they cannot be
abolished, even if this were desirable. To re-
form, and not to destroy, is my motto. To
con6ne them to their appropriate business, and
prevent them from ministering to the spirit of
wild and reckless speculation by extravagant
loans and issues, is all which ought to be de-
sired. But this / shall say: If experience
should prove 1t to be impossible to enjoy the
facilities which wellregulated banks would
afford without, at the same time, continuing
to suffer the evils which the wild excuses of
the present banks have hitherto entailed upon
the country, then | should consider it the lesser
evil TO abolish them altogether. If the State
Legislatures shall now do their duty, do not
believe that it will ever become necessary to
decide on such an alternative"
Mr.. Clay had charged that the friends Of the
independent treasury desired TO reduce the
wages Of laboring men. AS this is the charge
which it is now sought to revive, we invite
special attention TO Mr. Buchanan's reply. 1t
was as follows:
ave are also charged by the Senator from
Kentucky with desire to reduce the wages of
the poor mans labor. We have been often
is something new under the sun to hear the
senator and his friends attribute TO us a desire
to elevate the wealthy manufacturer at the ex-
pense Of the laboring man and the mechanic
From my soul | respect the laboring man.
Labor is the foundation Of the wealth of every
country; and the free laborers Of the North
deserve respect both for their probity and their
intelligence. Heaven forbid that | should do
them wrong OF all the countries on the
earth, we ought to have the most consideration
for the laboring man. From the very nature
Of our institutions, the wheel Of fortune is con.
stanty revolving and producing such mutations
that the wealthy man of to-day may become
the poor laborer Of tomorrow. Truly wealth
often takes to itself wings and flies away. A
large fortune rarely lasts beyond the third
generation, even if it endure so long. We
must all know instances of individuals obliged
to labor for their daily bread whose grand
fathers were men of fortune. The regular
process Of society would almost seem to con.
sist Of the efforts Of one class to dissipate the
fortunes which they have inherited, whilst
another class, by their industry and economy,
are regularly rising to wealth. We have all,
tbarofora onrnnon, ;ntaroot aa Z, - -. -.