The daily union. [volume] (Washington [D.C.]) 1845-1857, 1856-06-17

turing country that the sun shone npoa Why cannot
manufacture goods and especially cotton goods which
will 20 into successful competition with British manufactures
in foreign markets. Have We not the necessary capital
Have Ne not the industry Have not the machinery
And above ALL are skin, energy, and enterprise
proyerbia throughout the world Land is also cheaper
here than any other country the face OF the earth
every advantage which Providence can bestow upon
US for the manufacture Of cotton but they all counter
acted by folly of The material costs us less
than does the English because this is article the price
depends upon foreign markets. and Is not regulated
by inflated currency. We, therefore, save the
freight of the the Atlantic and that OF the
article its here. What Is the rea
that with all these advantages and with the protective
duties which laws afford TO the domestic manufacturer
cotton obtain exclusive possession OF the home
market and successfully contend for the markets OF the
world Ii Is simply because manufacture at the nomi'
prices of inflated currency, and are compelled
sell the real prices of other nations Reduce our nom
na to the real standard OF prices throughout the wo
and you cover country with blessings and benefits
wish to Heaven could speak in voice loud enough TO be
heard throughout New Engand because II the attention Of
the manufacturers could be directed to subject
their own intelligence and native sagacy would teach them
how nuriously they affected by our boated banking
and credit system, and would enable them to apply the
proper corrective"
In answer to Mr. Clay allegation that The object Of the
friends of the independent treasury TO establish an
exclusive metallic currency Mr. Buchanan stated the fol-
| lowing to be his position
"But the senator from Kentucky IMr. Cayl leaves no
stone unurned lie says that the friends of the independent
desire establish exclusive metallic currency as
the medium all dealings throughout the Union and ALSO
to reduce the wages the poor mans labor that the rich
employer may be able sell his manufactures at lower
price, Now sir deny the correctness Of both these prop
oon and in the first place. J. for one am not In favor
of establishing exclusive metallic currency TOR the people
of this country desire the banks greatly reduced In
number and would If could, confne their accommodations
to such loans discounts, for limited periods to the com
manufacturing and trading classes OF the commu
nty as the ordinary of their business might render
never wish farmers and mechanics and
tempted by the facility OF obtaining bank
long periods to abandon their own proper and
useful respectable Spheres and rush into wild ana
trayag ant speculation. would, il could, radically re-
form The present banking SYSTEM to confne 1T with
in such prevent future suspensions oil specie
and without exception, lwould instantly deprive
each every bank OF its charter which should again sus
,end Establish these similar reforms and give real
soeee basis for our paper crcuaton by increasing the de-
nomination of bank notes. first to ten and afterwards to
twenty dollars and shall then be the friend not the enemy
of banks that the existence OF banks and the CIR
cuaon paper identified with the habits oil our
neone that they cannot be abolished If this des
rabe To reform and to destroy, my motto Tocon
fine their appropriate business, and prevent them
from mnisterng the spirit of wild and reckless specua-
on by loans and issues all which ought to be
aasred But this shall If experience should il
to be impossible enjoy the facilities which welreguated
banks would afford, without at the same time, continuing
to suffer the evils which the wild of the present
hanks have hitherto enaed upon the country then should
consider it the evil to abolish them altogether II the
State legislatures shall do their duty do not believe
that it will necessary to decide such an alter
native" pe~-s-sF
Mr. Clay had charged that the friends of the independ
ent treasury desired reduce the wages Of aborng
AS this is the charge which it is sought to revive
invite special attention Mr.. Buchansns reply. 1t was
| as follows:
We are also charged by the from Kentucky with
desire to reduce the wages Of the poor mans labor We
have often termed agrarans side oil the house.
II is something under the hear the senator and
his friends attribute desire to elevate the wealthy
the expense of the laborng and the
mechanic. From my soul / respect the laboring
Labor is the foundation OF the wealth Of every
try and the aborsrs Of the North deserve respect
both for their probty and their intelligence Heaven forbid
that should do them wrong Ofa the countries the
EARTH ought have the most consideration for the labor
ing man. From the very nature of institutions the
wheel of fortune constantly revolving and producing such
mutations property that the wealthy of to-day
poor aborer OF tomorrow Truly wealth often
takes itself wings and flies away large fortune rarely
lasts beyond third generation If 1t endure so long
We must all know OF individuals obliged 20 labor
for their daily bread whose grandathers Of fortune
The regular process Of society would almost seem to consist
of the efforts class dsspate the fortunes which they
have inherited whilst another class by their industry and
economy regularly rising to wealth We have all, there
FORE interest as it our common duty to protect
the rights the laborng and IL believed for mo-
ment that this bill would injurious to him, IL should
meet my unqualified opposition.
Although this bill win not have great an inapence
DESIRE yet far as II goes will benefit the iaborng
MAJ as much and probably Nan any other class OF
cety What Is 1t he ought most desireH Constant en-
poy nent regular wages and uniform reasonable prices for
the and comforts OF life which he requires Now
sir what has his condition under system Of
so n and contracions Ho has suffered by them than
any other Of society The rate of his fixed and
known and they tho last TO rise with the increasing
panon and the first fall when the corresponding reyu
sion occurs lie s continues to receive his dollar day.
wh price Of every article which he consumes Is rapidly
rising lie il al ugth made 10 feel that although he nom
n,y ess as much even than he did formerly yet
from the increase price OF all the necessares OF life, he
not his family hence the strikes for higher
and the uneasy excited feelings which have AZ different
periods existed among the laboring classes ut the exp
length reaches the exploding point and what dce me
aboring suffer He Is for thrown ont Of
employment altogether Our manufactures suspended
our public works stopped private enterprises Of DIFF
erent kinds abandoned and whilst others able to
weather the storm, he scarcely procure the Of
bare subsistence"
The reader will be surprised when state that what
Of foundation there for the aten cent charge is
braced in the which have made from Mr. Buch
speech Throughout the whole Of IL there no
word which gives plausbilty TO the charge
From beginning end the speech abounds In sound
manllke sentiments which have been fully illustrated by
the experience Of the last sixteen years Our chief purpose