Washington sentinel. [volume] (City of Washington [D.C.]) 1853-1856, 1856-06-19


public works are stopped; our private. en-
terprises of different kinds are abandoned; and,
whilst others are able to weather the storm, he
can scarcely procure the means of bare subss-
tence."
The reader will be surprised when we state
that whatever of foundation there is for the
"ten cent" charge is embraced in the extracts
which we have made from Mr.. Buchanan's
speech. Throughout the whole Of it there is
no sentence or word which gives even plausi-
bility to the charge. From beginning TO end
the speech abounds in sound, statesmanlike
sentiments, which have. been fully illustrated
by the experience of the last sixteen years.
Our chief purpose in making such liberal quo
tations is to vindicate the wisdom and frmness
and patriotism of Mr.. Buchanan. We desired
to show how nobly he sustained General Jack
son in his struggle with the United States
Bank-how faithfully and ably he maintained
the Democratic position on the Independent trea
sury system-how clearly he comprehended
and how forciblY he presented the merits of
that system-and how clearly and earnestly he
advocated the interests of the laboring man
1t is, indeed, strange that the charge of a wish
to reduce the wages Of laboring men should be
based on anything in this speech. But it must
be recollected that it was during the remark
able canvass Of 1910 that this charge obtained
currency. In the then condition of the popu-
lar. mind, nothing was so absurd or preposter-
Gus as not to be acceptable to the depraved
taste of the times. This remark is fully illus.
trated by the manner in which Mr.. Buchanan's
speech was perverted, and charge deduced
from it which was in direct contradiction Of
the speech itself
Amongst others who undertook to answer
Mr.. Buchanans speech was the Hon. John
Davis, of Massachusetts, that was usually
known as "honest John Davis" He assumed
in his argument, directly in the teeth of the
fact, that Mr.. Buchanan had advocated the in
dependent treasury on the ground that it would
establish an exclusive metallic currency. Start
ing with this erroneous assumption, he argued
to show that it would bring down the wages of
labor to the standard of prices in countries
where the currency is exclusively metallic. To
this speech when published, there was an
appendix, in which he introduced table show
ing that in some OF the exclusive metallic coun-
tries of Europe laborers only received ten cents
day. Putting the speech and the appendix
together the hint was taken, and clamor
raised that the Democrats were in favor of re-
ducing the wages of labor to ten cents day.
In a subsequent speech, made on the Sd of
March, 1910, Mr.. Buchanan denounced the
charge against him in the strongest language,
saying
Selfrespect, as well as the respect which |
owe TO the Senate, restraints me from giving
such contradiction to this allegation as it
deserves. 1t would surely not be deemed i'm
proper, however, in me, if / were to turn to
the senator and apply the epithet which he
himself has applied to the proposition he i'm
putes to me, and were to declare that such an
imputation was aagitious' misrepresentation
of my remarks"
Mr.. Buchanan repeated his real position as
laid down in his original speech, as follows:
ain my remarks | stated distinctly what
legislation would, thought be required to ac-
complish this purpose. In the first place, /
observed that the banks ought to be compelled
to keep in their vaults certain fair proper
ton of specie compared with their circulation
and deposites or, in other words,~a certain
proportion of immediate specie meansSto meet
their immediate responsibilities. I'd. That the
foundation Of specie basis for our paper cur
rency should be laid by prohibiting the circu-
lation Of bank notes. at the first under the de-
nomination Of ten, and afterwards under that
Of twenty dollars. Sd. That the amount Of
bank dividends should be limited. 4th. And,
above all, that, upon the occurrence Of another
suspension. the doors Of the banks should be
closed at once, and their affairs placed in the
hands of commissioners. A certainty that
such must be the inevitable effect of another
suspension would do more TO prevent it than
any other cause. To reform, and not to de-
stroy, was my avowed motto. / know that the
existence Of banks and the circulation Of bank
paper are so identified with the habits Of our
people that they cannot be abolished, even il
this were desirable.
"Such a reform in the banking system as i
have indicated would benefit every class Of so
ciety; but, above all others, the man who
makes his living by the sweat of his brow.
The object at which / aimed by these reforms
was not a pure metallic currency, but a cur.
rency OF a mixed character; the paper portion
of it always convertible into gold and silver,
and subject to as little Auctuation in amount
as the regular business of the country would
admit. OF all reforms, this is what the me-
chanic and the laborng man ought most TO de-
sire. 1t would produce steady prices and
steady employment, and, under its influence,
the country would march steadily on in its
career Of prosperity without suffering from the
runous expansions and contractons and explo-
sons which we have endured during the last
twenty years. What is most essential to the
prosperity Of the mechanic and laboring man2
Constant employment, steady and fair wages,
with uniform prices for the necessaries and
comforts of life which he must purchase, and
payment for bis labor in sound currency"
After re-stating further his arguments as
presented in his speech Of January %, Mr..
Buchanan said, in reference TO the reduction Of
the wages Of the laboring men:
81 contended that it would not injure, but
greatly benefit, the laboring men to prevent the
violent and ruinous expansions aud contrac-
u II