The daily union. [volume] (Washington [D.C.]) 1845-1857, 1856-10-08
MR.. RUGGLEs's REVIEW OF Mr.. BANKs's WALL
STREET SPEECH.
NEw YoAk, September 30, 1856

uOn W tpS auuIS9p Ny vi nao0aOnu
setts Thursday last the steps of the Merchants Ex-
change in this city We think Ii contained aces which
ought to be exposed and the task of their exposure
not be intrusted to any gentleman better qualfed from
your long and intimate official connexon with the inter
nal and external commerce Of the country 10 comprehend
and review the great commercial theme to which Mr. Banks
proessedly addressed himself If you can comply with
this request you viii greatly the cause OF Legitimate
commerce. and CRAFTY number of merchants and other
citizens among whom your friends and fellow citizens
HIRAM KETCHUM, SHEPHERD KNAPP,
9. A: DAVIS DAVIS THEODORE pEH0E ,s
WM b. ASToR, WILLIAM CHAUNCEY.
CHESTER briggs, and others.
SAMUEL r. RUGGLEs Esq.
To this letter Mr. Rugges returned the following an
swer:
GENTLEMEN Permit me to express my thanks for the
kind and respectful terms in which you have t to
call my attention TO the address recently delivered at the
Merchants Exchange of this city by the Hon. Mr. Banks
Speaker of the House Of Representatives of the United
States Under the circumstances certainly cannot with
hold the opinion you request me to express The coming
eeconthe most important since the formation OF the
government involving in its possible motifs probable
sequences the future destiny of the American republic and
the American continents necessarily matter OF the
deepest and most vital interest to all whose lot like
is cast in this its commercial capital and centre We have
all of labored best could to build its present
prosperity and its honorable renown and OF
remain indifferent TO event which may Sc
rousy check its onward career if do not lead to its ut
ter prostration and ruin
The great struggle now agitatng the American Union
has called forth the address question from occupy
ing nearly the highest office in the government In this
address the Speaker of the national House of Repreena
tves standing in the commercial heart of the nation,
maintains cardinal political truth that the executive
power of the Union ought permanently to be committed to
the northern States not that proposition bold is ut
| lt.
dress rests upon ii.
To maintain this dogma the speaker exhibits before the
of business Of New York array Of statistics from
which he deduces his political conclusions 1t is due to
the address to admit that its language with excep
tions is dgnifed and at times animated and impressive
bears marks Of elaborate preparation and is well calcu
lated to msead unthinking and unexamining multi
tude Its admirers who control the republican press de-
clare it to be most eloquent comprehensive and states
manke; and, from its rapid circulation through the
Union it is evidently intended as the great intellectual e
fort of the campaign As citizen of New York, to be a
feced by its doctrines therefore yield to your invitation
examine somewhat the accuracy of its statements and If
time shall permit the soundness of its conclusions
The fundamental proposition and cardinal idea of the
address that the sixteen nonaveholdng States greatly
exceed and excel the remaining fifteen saveholdng States
in all the legitimate pursuits Of national industry and
that this proved by comparing their respective products
of material wealth and upon this allegation the speaker
contends that the sixteen nsaveholdng States
| entitled TO direct the government of the Union
The assigned for this alleged superiority the
existence of slavery in the fifteen States region where
in Mr.. BanksS language "there is down and
another man holding him down. portion of the people
doing nothing and another portion of the people help
ing them do nothing This is his FIRST reason and the
second which he denominstes e secret that accounts for
the difference is that the of the South abandoning
agriculture for the time and having literature
| M mr.
ring industry "haye given their whole attention TO the
government Of the country" "They immersed" says
Mr. Banks "in the methods Of obtaining offices OF honor
Of emolument and trust from the federal government"
Having thus phlosophicay discovered the secret Of the
evil Mr. Bankss remedy obvious II is to deprive these
misguided Of their offices for, says he, What will
they do when they Of their Offices of honor
trust and emolamen n the ARMY and NAVY and the
federal government will tell you adds he "wbat they
will do They out Of the government according to
their own statement They must do something and that
necessity will turn them Immediately 10 the increase Of the
material wealth Of that section OF the country" "They
will come Northp "They will 60 into the middle OF the
States and there they will see operating with
chsnical Inventions "And what" asks he, will the
southern then do but provide SubSEs for slave Ia
Dor by the adoption Of the mechanical inventions that
have distinguished the industry Of the Eastern middle
States p "Thus7 says he by this single change will
pave the way for pa change in the history and the in
sdtudons Of this government
Here then the successful solution OF the great political
and economical problem which heretofore has asked the
highest wisdom Of patriots and phlanthropsts The
proper distribution Of the black the American
contnent-the grand continental result supposed by
shorsghted statesmen to be work for generations If
centuries yet to comes TO be attained in November
by simply "despoling the South of their offices in the
army, the navy, and the federal government
Now when consider that not more than 10000, at
the utmost OF the total southern white population Of
millions in possession Of the offices in Queson-and
that II Is certain that all OF them will undertake
after their election tho task of wandering through the
North examine the mechanical contrivances for dspen
sing With slave labor-it may be doubted whether the
means provided by the craftsmanship Of Mr. Banks will
prove quite adequate to the end II is gratifying however
TO learn from Kim that he does not view this general sweep
Of his Southern brethren" from the army end navy a
sectional process but views II eminently fratern
and national proceeding "Wth the Institutions OF the
southern States says he local traditional have
nothing to do = and n dismiss the matter by asserting
that the declaration that intend to interfere in their af
fairs is bold and baseess slander" Contcni;o bimse,s
simply with turning them all ont - Office because they are
saveholdefa Nth their consequent efforts to substitute
mechanical inventions for slave labor he reans from in
qurng what is become Of the four millions Of helpless
blacks whose labor is thus superseded
He deems quite subordinate matter to inquire whether
these four millions Of blacks who in thirty years will in
crease TO ten millions be sent further South and
where or distributed among the States and which, sent