Washington sentinel. [volume] (City of Washington [D.C.]) 1853-1856, 1856-06-19
From the W hins.on Union.

hNANps VIEW AN OLD CALUmNY
EXPOSED.
In the memorable presidential canvass of
1910, one of the charges against the Demo
Cratic party by which the people were deceived
into the support of the Wing nominations was
the false allegation, that in advocating the in.
dependent-treasury system the Democrats IA
vored the reduction ofthe wages of the laboring
man to stem cents day" This, together
with other misrepresentation equally unbound
ed, succeeded for the time being in effecting
the overthrow of the Democracy. Within less
than year after that result, the people discov-
cred the impositions which had been practised
on them, and there is now not to be found on
the statute-books one measure of general in
terest 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 indicated
the wisdom of the independenttreasury sys-
tenn, that it has become the settled policy of
the Government, and no man of any party is
insane enough to propose to disturb it. But
whilst all men of all parties freely acquiesce in
the dependent-treasury policy, there are some
who indulge the illusory idea, that because the
people were cheated in 1910 by the false clamor
about low wages they can be cheated again in
1856 in the same way. As it was on palpa-
BILE Misrepresentation of speech of Mr.. Blu
chanan in support Of the independent-treasur
law that the charge as to the reduction of
wages was made, it is supposed that now, when
he is the Democratic candidate for the presi-
dency, the same charge may be revived and
| pressed with equal success. So far from OBJ
jecting to the renewal of this calumny, we are
rather disposed to thank the State Gazette, of
| New Jersey, and other kindred journals, for
the opportunity which they afford us of vindi-
eating Mr.. Buehanan's claims to wise states
manship in the support of thAt measure which
has become part of the settled policy of the
Government.
The stem cent" charge had its origin in this
wise: On the I'D of January, 1910, Mr.. Bu-
chanau delivered speech in the Senate in favor
of the MISUNDERSTANDING bill, in reply to one
by Mr. Clay, of Kentucky, against it. In that
speech Mr.. Buchanan discussed the measure
in its practical bearing upon the manufacture
ing interest and upon the currency. He sum-
med up the leading objects of the independent
treasury as follows:
sour chief objects in adopting the indepen-
dent treasury, are to disconnect the government
from all banks, 10 secure the peoples money
from the wreck Of the banking system, and to
have it always ready to promote the prosperity
OF the country in peace and defend it in war.
Incidentally, however, it will do some good in
checking the extravagant spirit of speculation,
which is the bane of the country.
I'm the first place, by requiring specie in all
receipts and expenditures of the government
you will create an additional demand for gold
and silver to the amount of five millions of dol
lars per annum, according to the estimate of
the President A large portion Of this sum
will be drawn from the banks, and this will
compel them to keep more specie in their
vaults in proportion to their circulation and de-
posites, and to bank less. This, so far as it
may 60, will strike at the root of the existing
evil. 1 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, l842. / most heartily concur with the
senator in desiring this result. What is the
condition Of the importing business at the pre-
sent moment? 1t is almost exclusively in the
hands of British agents, who sell all the man
ufactures they can dispose Of in other portions
of the world, and then bring the residuum here
| to glut our markets According to our exist
ing laws, they receive a credit from the govern
ment to the amount of its duties They sell
the goods for cash and the credit becomes so
much capital in their hands to enable them to
make fresh importations. The independent
treasury bill requires that all duties 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 importations
and to encourage domestic manufactures.
In the third place, this bill will make the
banking interest the greatest economists in the
country, so far as the government is concerned
Their nerves Of selfinterest will be touched in
favor OF economy, and this will induce them 10
unite with the people in reducing the revenue
and expenditures Of the government to the
lowest standard consistently with the public
good"
Mr.. Buchanan regarded the United States
Bank as the antagonist proposition, and on
that subject he spoke as follows:
"The Senator ridiculed the idea that the
establishment Of new bank Of the United
States could prove dangerous to civil liberty.
Such bank, with capital Of from fifty to
hundred millions Of dollars, with branches in
every State Of the Union, directing, by It's ex.
pansions and contractions, when prices should
rise and when thew should fall yould he n
most tremendous instrument Of irresponsible
power. 1t would be a machine much more
formidable than this Government, even if the
Administration we're 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 arts
tocracy Of the country, through the agency Of
National Bank, with the Administration, and
their united power would create an influence
which il would be almost impossible for the
people to withstand. We should never again
see these powers in hostile array against each
oh L. H. n