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


when published, there appendix, in which he
introduced table showing that in some Of the exelu-
sysly metallic Of Europe labore only received
ten cents a day. Putting the speech and the appen-
dix together the hint was takea and clamor raised
that the democrats in favor Of reducing the wages Of
labor TO ten cents day.
In a subsequent speech made the Sd Of March, lsiO
Mr. Buchanan denounced the charge against him in the
strongest language, saying;
seErespect az well as the respect which owe to the
Senate restraints from giving such to this
deserves II would surely deemed inn
proper however in me- il the and
apply the ephe which he himself has applied to the propo
son imputes me, and declare that such
imputaton aagiious Misrepresentation OF my
marks"
Mr. Buchanan repeated his real position as laid down in
his original speech, as follows;
In my remarks stated distinctly what legislation would
thought, be required 10 accomplish this purpose In the
first place. observed that the banks ought be compelled
keep in their vaults certain fair proportion OF specie
compared with their circulation and depoes in other
words certain proportion OF immediate specie MEANS TO
their immediate responsibilities 3D. That the ounda
ton Of specie basis for paper currency should be laid
prohibiting the circulation OF bank at the first
der the denomination ten and Afterwards under that OF
twenty dollars. Sd. That the Of bank dividends
should be limited 4th. And, above ALL that, upon the
another suspension the doors of the banks should
be closed once and their affairs placed in the hands OF
commissioners certainty that such must be the neya-
Bile effect OF another suspension would do to
than any To reform, and not TO destroy
my avowed know that the existence OF banks and
the circulation Of bank paper identified with the hab
its people that they cannot be abolished, If this
| 1ere desirable.
Such reform in the banking system have indicated
would benefit every of society," but above all others,
the man who his living by the sweat of his brow The
object which aimed by these reforms pure me
tac currency but currency OF mixed characters the pa
per portion always convertible into gold and silver and
subject to as little in the regular bust
ness of the country would admit or all reforms this is
what the and the laborng ought most to de-
1t would produce steady and steady employment
and under its influence the country would march steadily
its of prosperity without suffering from the
inous expansions and conracons and explosions which
have endured during the last twenty years What is
essential the prosperity of the mechanic and aborng
Constant employ steady and fair wages with uniform
prices the necessares and comforts Of life which he
purchase and payment for his labor in sound currency"
After restating further his arguments presented in
his speech Of January o. Mr. Buchanan said in reference
to the reduction of the wages of laboring men,
81 contended that would not inure but greatly benefit
the abong prevent the violent and expan-
sons which currency incident
by udcious bank reform to place it settled basis.
III this were DONE what would be the consequence? That
IL the laborng could not receive great nominal
amount his labor he did lin the days
must always under present system be
Duration ewoud be unidentified and far than
Unidentified, by the constant employment the regular
unop and moderate prices of the necessaries
and comforts of fe which stable currency would
produce Can this proposition be controverted? think
not II plain for argument. Mark me, sir, desire
to produce this happy result not by establishing pure
sc currency but by reducing the amount of your bank
issues within reasonable and safe limits, and establishing
metallic basis Jour paper circulation The idea plainly
that it is better much better for the aborng
man. as every other class of society except the
that the business Of the country should be placed
upon that fixed and permanent foundation which would be
laid by establishing such bank reform would render
certain that should be always convertible into
gold and silver. a...-
sAnd yet this plain and simple exposition of my views has
been seized upon by those who desire to make political
ta out of perversion and has been represented far
and wide desire TO reduce wages down the
prices received by miserable ser and abores Of Euro
pean despotisms shall cheeruy leave the public to
decide between and my traducers The senator from
after having attributed TO the intention of
reducing the wages of labor to the hardmoney standard
through the agency of the ndependenttreasury bill has
added appendix his speech statement made by the
senator Maryland Mr. MERRIcKl of the prices of
labor in these desposm and il thus LEFT TO be
inferred that in favor of reducing the honest and indie
pendent aborer Of this glorious and free country to the
degraded condition The ought to know that there
ISIS too much intelligence among the aboring classes in this
highly favored land to be led atrsy by such
| JUDGE McLEANS EYE STILL ON THE PHILADEl-
PIIA CONVENTION