Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1856-08-02
The Wages OF Labor .-Mr, Buehanan views
An Old Calumny Exposed.


cratic party BY which the people were decelv'
ed into the support of the whig nominations
was the false allegation, that in advocating the
independent treasury system the democrats
favored the reduction OF the wages OF The Ia.
boring man TO "len cents n day." This, TO.
ge,her with other misrepresentation equally
unfounded, succeeded for the time being in ei.
lecting the overthrow OF the democracy. With.
in less than year after that result, the people
discovered the imposition which had been prac-
ticed on them, and there is now not to be
found on the statute books one measure Of
general interest which was enacted by the
Congress which was elected during the same
Temporary delusion in the popular mind which
caused The defeat Of the democratic candidate
for the presidency. Experience has so fully
vindiraled the wisdom of the Independent
treasury system, that il has become the settled
policy Of the government, ard no man Of any
lpirly is insane enough TO propose 10 disturb '.
But whilst all men OF all parties freely acqui-
escc in the independent treasury policy, there
are some who indulge the illusory idea, that
because the yeople were cheated in 1910 by
the false clnmor nboue low wages, they can be
cheated again in 1896 in the same way. As
il was on a palpabe Misrepresentation Of n
speech of Mr. Buchanan in support Of the in.
dependent treasury law that the charge us to
the reduction of wages was made, it is sup
posed that now, when he is the democratic
candidate for the presidency, the same charge
may be revived and pressed with equal sue.
cess. So far from objecting 10 the renewal Of
this calumny, we are rather disposed to thank
the State Gazette, OF New Jersey, and olhcr
kindred journals, for the opportunity which
/ they afford us of vindicatng Mr. Buchnnnn's
claims to wise craftsmanship in the support Of
that measure which has become part Of the
settled policy Of the government.
The "ien cent" charge had its origin in this
wise: On the god January, 1910, Mr.. Bn.
channn delivered a speech in the Senate in
favor of the independent treasury bill, in reply
TO one BY Mr.. Clay, Of Kentucky, against il.
IN that speech Mr.. Buchanan discussed the
measure in It's practical bearing upon the man
ufacnring interest aud upon the currpn "
He summed up the leading Obi cts Of the in
dependen' treasury as follows:
'.Our chief objects in adopting the inlepan.
dent treasury ARE to discounpci the government
from all banks, to secure The peoples money
from the wreck of the banking system, and 70
have it always ready 10 promote 'ho prosper.
ty Of the country Ia peace uud d"l,ud II in
war Incidentally, however, it VIII do some
good in checking the rxtravagant spirit NJ
speculation, which is the bie Of the country.
-"in thSpfrsi place, hy requiring specie in al
raceips and expenditures of the government
YOU will create an additional demand for gold
and silver TO the umonnt Of FIVE millions Of
dollars per nnnum, according TO the estimate
of the President. A large portion of this SUN
will be drawn from the banks, and this vii!
compel them to keep more specie in their
vaults in proportion to their circulation and
depoSi:es, and to bank less. This, so far rs it
may go, will strike at the root Of the existing
evil fear, however, that it will prove to be
but very inadequate restraint upon excessive
banking.
"In the second place, this bill will, in some
degree, diminish our imports, especially after
June, 1912. most heartily concur with The
senator in desiring this result. What is the
condition of the importing business at the
present moment? 1t is almost exclusively in
the hands of British agents, who sell all the
manufactures they can dispose Of in other
portions of the world, and then bring the re-
siduum here 10 g lut our markets. According
TO our existing laws, .hey receive credit from
the government to The amount of its dnies.-
They sell the goods COR cash; and this credit
becomes SO much capital in their hands TO en-
able them to make fresh importations. The |
independent treasury bill requires that all du.
ties shall be paid in gold and silver; and after
June, 1912, the compromise law will take away
the credits altogether. We shall then have |
system of cash duties in operation, which will
contribute much TO reduce the amount of our
inporations aud to enco rage domestic man
ufactures.
"ln the third place, this bill will make the
banking interest the greatest economists in the |
country, so far as the banking interest is con.
cerned. Their nerves of self-nterest will be |
touched in favor of economy, and this will in.
duce them 10 unite with the people in reducing
the revenues and expenditures Of the govern
ment to the lowest standard consistently with
the public good
Mr.. Buchanan regarded the United States
Bank as the antasonistic, and on that subject
he spoke as follows:
"The senator ridiculed the idea that the es
tablshment of new bank Of the United
States could prove dangerous to civil liberty.
Such bank, with capitol of from fifty 10 a
hundred millions of dollars, with branches in
every State of the Union, directing, bv its ex-
pansons aud contractions, W en- prices should
rise and when they should fall, would be
most tremendous instrument of irresponsible
power. Il would 5e machine much more
ioraidab ole than this government, even if the
administration were as corrupt as the fancy of
some gentlemen has painted it. There is
natural alliance between wealth and power
Mr.. Randolph once said, "Male and female
created he them" Combine the moneyed aris-
tocracy of the country, through the agency Of
a national bank, with the administration, and
their united power would create an influence
which it would be almost impossible for the
people to withstand. We should never again ;
see these powers in hostile array against each
other. In the days of General Jackson we
the exception, not the rule Give
any President such bank as have described,