Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1856-06-28


al Of March, 1910, Mr.. Buchanan denouncedth
charge agains, him in the strongest language,
saying.
..self respect, as well as The respect which
owe 10 The Senate, restraints me from giving
such a contradiction 10 this allegation as IL
deserves 1t would surely mol be deemed I'M
proper however, in me, II were to turn 10
the senator and apply the epi'het which he
pu,es to me, and were TO declare that snch an
,mputation was 'hagilous' misrepresentation
Of my remarks.p
Mr. Buchanan repeated his real position as laid
down in his original epeeeh, as follows
.sIn my remarks stated distinctly what leg
isfaon would, | thought, be required TO accom-
nlish lbis purpose. In the fist place, observ-
ed that the banks ought 10 be compelled 70 keep
in their vaults certain fair proportion Of specie
co impaired with the circulation and deposites or,
in other words, certain proportion OF lmmedl-
att specie means, TO meet their immediate re-
spcnsibilities 81. That the foundation Tor
specie basis for cur paper currency should be
laid by prohibiting the circulation OF bank notes
at the first under the denomination OF ten, and
afterwards under that OF twenty dollars. 81
That the amount OF bank dividends should be
limited 4h And, above all, that, npon the
occurrence of another suspension, the doors
Of The banks should 30 closed at once, and their
affairs priced in the hands OF commissioners
A certainty that such must be the inevitable Ell
iiecl Of another suspension would do more to pre-
vent ii than any other cause. To reform, and
noi 10 destroy, was my avowed MOTTO know
that the existence Of banks and the circulation
of paper aie so identified with the habits OF our
people that they cannot be abolished, even if
this were desirable.
t'Such reform in tie banking system as |
have indicated would benefit every class OF go
ciety /; but, above all olheis, the man who
makes his living by the sweat OF his brow. The
object al which aimed by these reforms was
not pure metallic currency, but currency OF
a mixed character the paper portion OF 1t al
ways coverable into gold and silver, and sub
ject 10 as little fluctuaion in amount US regular
business Of the country would admit. VI all
reforms, this is what the mechanic and the Ia
boring man ought most to desire. II would pro-
duce steady prices and steady employment,
and, under its influence, the country would
march steadily on its career OF pTosperl-
ty without suffering from theTfunous expan.
sions and con,raetions and explosions which we
have endured during the last twenty years.
WHAT is most essential to the prosperity of the
mechanic and laboring man ! Constant en-
ployment, steady and fair wages, with uniform
prices for the necessaries and comforts OF life
WHICH ne must puICiaSc, dll, pdJ'HeH ioi "'o
labor in sound currency"
Alter re.slaling further his arguments as pre-
scented in HE speech of January 70, MIR. Buch-
an said, In reference 10 The reduction oil The wa
ses Of the laboring men
II contended that II would not iplure, but
greatly benefit, the laboring men TO prevent the
violent and runous expansions and eonlTac-
tons to which our currency was incident, and
by tho judicous bank reform to place it on a
settled basis. If this were done, what would
be the consequence That, If the laboring man
could not receive az great nominal amount for
his labor as he did in days Of exravisant ex-
pansion.' which must always under our present
sy stem be OF short duration, he would be idem-
niiej, and far more than Identified, by the con-
slant employment, the regular wages, AID the
uniform and more moderate necessares aud com
forts oil lie, which more staple currency would
produce. Can this proposition be controversies
| think not. II IS Too plain for argument Mark
me sir, desire TO produce this happy result,
not by establishing pure metallic currency,
bu, by reducing the amount OF your banking
issues within reasonable and sale limits, and
establishing metallic basis for your paper cir
eulation. The idea plainly expressed is, that
il is better, much better, for the labornS man,
as we'll as for any other class of society except
the Spectator, that the business OF the country
should be placed upon that fixed and permanent
foundation which would be laid by establishing
such a bank reform as would renderis certain
that bank sno,es should be always convertible
into gold and silver.
"And yet this plain and simple exposition Of
my views has been seized upon by those who
desire to make political capital GU, si their per
versions; and it has been represented lar aud
wide that it is nv desire 10 reduce wages down
TO The prices received By the miserable sesis
and laborers of Europeen despoisms' | shall
mos, cheertuly leave the public TO decide be-
tween me and my traducers. The senator from
Massachusetts, after having attributed to me The
intention Of reducing the wages Of labor TO The
hard.money standard, through the agency OF the
indepenpent.ireasury bill, has added. as an aP
pendix 10 his speech. a statement made by The
senator from Maryland, Mr. Merrck, OF the
prices of labor in these hard-money despotisms;
and it is thus lett 10 be inferred that am in
iavur of reducing The honest and Independent
aiaborer of this glorious and fee country TO
The same degraded condition. The senator
ought 10 know that there is too much intelli-
gence among the laboring classes in this highly
favored land to be led as,ray by such represent
taiions.'