Nashville daily patriot. [volume] (Nashville, Tenn.) 1855-1857, 1856-07-25
From the Frankfort IKyl Commonwealth.
Mr.. Buchanan's Position i'm Favor OF
Low WRRea.

that Ar. Buchanan considered ten cents per day
as sufficient for lsboTing man. This lie an old
( lie; nothing but Iie Il has no foundation what
ever, not even the shadow of one.-LOu. Dem.
1t is not, so far as we know, literally true that
Mr. Buchanan ever said "ten cents a day was
enough for laboriDg man, but it as true that he
said that which clearly aud inevitably implied that
opinion and sentiment To say that the charge
''has no foundation whatever"-that it is "nothing
but lie"-is a lie itself There is foundation
for the charge, and substantial foundation, in the
fact that Nr. Buchanan, in the Senate of the UNI
ted States insisted that the reduction Of The prices of
labor, aud Of everything eLsS in his country to the
standard Of European prices rCO1rla eOuer The
try oifh JLessingsI We don't speak without being
sure Of the truth of what we say. The speech to
which we refer delivered in the Senate Jan.
%, 1870, upon the Sub Treasury Bill and may be
found in Niles Register, vol 81, pages 42O to 427
Ia il Mr. Buchanan argued that the only reason
why We could not manufacture as cheaply as Ger
many, was that prices flor labor &c we're so much
higher here than there, and this difference in
prices he attributed to the fact that currency
was partly paper, while that Of Germany was pure
y metallic. His remedy for the evil was specie cur
reJ,cy and LoU UdgeJ! Here is a portion of what
be said. We have not room for more to-day:
in Germany, rLere The currency is purely me
falEic, aud The cost of everything as reduced to hard
money Standard piece of broad-cOth can be
manufactured for fifty dollars-the manufacture Of
which, in our country, from the exransion Of our
paper currency, would cost one hundred dollars
What is the consequence The foreign French or
| German manufacturer imports this cloth into
country, and sells it for hundred dollars. Does
not every person perceive that the redundancy OF
our currency is equal to premium of one hun
dred per cent. in favor Of the foreign manufacur-
er? No tariff of protection unless it amounted to
prohibition, could counterfeit this advantage in IA
vor of foreign manufacturers. l would TO Heaven
that could arouse the attention OF every manufac
turer of the nation to this important subject.
1.-The foreign manufacturer will not receive our
bank notes in payment. He will take nothing home
except gold and silver or bills of exchange, which
are equivalent. He does not expend this money
here; where he would be compelled to support his
family and to purchase his labor and materials, at
the same rate Of prices which be receives for his
manufactures. On the contrary, be goes home,
purchases his labor, his wool, and all other art-
cles which enter into bis manufacture, at halt their
cost in this country, and again returns to inundate
US with foreign woOlens, and to ruin our domes-
Piles; but this, | trust, will be sufficient to draw
public attention to the subject. This depreciation
of our currency is therefore, equivalent to direct
protection granted to the foreign over the dOmes-
tic manufacturer. 1t is impossible that our manu-
iacturers should be able to sustain such unequal
competition.
Sir solemnly believe that If we could but re.
duce this inflated paper bubble 10 any thing like
sonable dimensions, New England would become
a.. 1f.attn that
the sun ever shone upon. Why cannot we manu-.
facture goods and especially cotton goods, which
will go into successful competition with British
manufactures in foreign markets? Have we not
the necessary capital? Have 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 the face OF the earth
We possess every advantage which Providence can
bestOw upon US for the manufacture of cotton
but they are all counteracteG by the folly OF man.
The raw material costs US less than it does the Eng
fish, because this is 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 its return here
What is the reason that with all these advantages,
and with the protective duties, which our laws at"
ford to the domestic manufacturer Of cotton, we
cannot obtain exclusive possession OF the home
market, and successfully contend for the markets
OF the world q? 1t is simply because we manuac-
ture at the nominal prices of our own inflated ours
rency, and are compelled TO sell at the real prices
of other nations Reduce our nominal 10 The real
standard Of prices throughout the uorld, and you
eOuer country Nth blessings and be"cftS"
[NiLes Reg. UoL. IS p. 426.
Suppose Mr. Buchanan's ardent wish could have
been realized and the prices of labor in this
try reduced to the prices of labor in Germany and
the other hard money countries OF Europe TO which
he referred, what would have been the effect upon
the laboring population of the United States
Why in Germany, about that time, laborers re-
cevcd from Il to pence-tiat u.s. FROM TO IA
CENTs-PER DAY; in France from TO pence-that
Is from TO Is CENTs-per day; in the Netherlands
from to pence-thst is from TO IL CENTS
per day. In SaIony a weaver earned 20 groschen,
about 90 cents per week, OR 10 CENTS PER DAY.
To such wages must our aboring population have
come, if Mr. Buchanan's theory and wishes
could have been nut into practice, BY reducing the
nominal prices of this country to the real standard
Of prjces throughout the wOrld! What do our
workingmen think Of it? Don't the author and
name of Ten Cent Jimmy ~
Mr. Buchanan was by no means the first discOv
erer of the fact that the low wages Of Europe
gave foreign manufactures great advantage over
American manufacturers. Mr. Clay saw this
clearly, and he endeavored to counterfeit that al
vantage by securing the whole American market to
our own manufacturers, that being enabled to
sell more they could afford to sell at less profits !;
and they had the advantage Of saving the freight
which the foreign manufacturer had to pay on
both raw material and manufactured products, he
believed that this advantage, with the exclusive
enjoyment of the home market would enable
them when once fairly established, to furnish good
as cheap as the foreign manufacturers, ,notwith
standing the fact that they paid great deal higher
wages. Mr.. Buchanan's mode of putting Ameri-
/ can manufacturers upon an equality with those
/ offoregn countries certainly far more simple
: thsn this Il was merely to reduce American wages
! to the ctaryation rates of Europe A sweet Demo.
/ crat-a sweet friend of the people is such states-
man.
! Reply of Hon. John Davis.
! In the y. S Senate January %, 1870, TO the
speech Of Hon James Buchanan Nv FA.
VOR OF Low WAGES.
! But, sir, | fear have dSelt too long on these
matters, and will hasten 70 notice tina, for which
I chiefly arose. Much hNs been said OF labor, and