Daily American organ. [volume] (Washington, D.C.) 1854-1856, 1856-09-23
auohanan ON Low wages.

Senate oil the OniVSu otatCe, oh VouiOSuoJ1
the 22d January, 1910, on the Independent
Treasury bill, in reply to Henry Clay, we pro-
coed to make such extracts therefrom, as fairly
present the arguments which he urged in that
debate, in favor Of establishing metallic
currency, and the reduction ct the prices
Of materials, labor, de-, to tile standard Of
Continental Europe, in order that our manu-
facturers might successfully compete with the
manufacturers of Europe, where the average
price of labor is not above the rate of ten
cents per day.
The copy of Mr.. Buchanan's speech from
which we'male the extracts, bears this imprint,
to wit: "printed at the Globe office, By Blair
d Rives."
The entire speech covers 16 pamphlet pages
in BREWER and minion type, and it would re-
quire nearly one-half of our weekly sheet to
embrace it. Seven eighths of the speech are
devoted to the discussion of various points in
the sub treasury bill, and to the consideration
of the probable effect Of that bill upon the fl
nancial condition Of the government and peo-
pie of the United States, and to the utterance
of the stereotyped anathemas against the Bank
of the United States and we may here so far
digress from the immediate point to which the
attention of our readers is called, as to say,
that, whilst zoe neoer, on any occasion, favored
the recharter of the United States Bank, nor
ever believed Congress had constitutional pow
er to create such an institution, we have al
WAYS looked upon the arguments which such
men as Buchanan made to frighten the people
into the idea, that it was terrible monster,
which would swallow up the liberties of the
people, as the mere claptrap efpoliticaL dem
agogues.
The perusal of Mr.. Buchanan's speech, now
twenty years after that Bank has ceased to
have an existence, will not fail to create in the
mind of any sensible and fair-minded man,
the most sovereign contempt for the demagog-
uism of that era, when that "naonstrum hor-
rendum, IN fornae, ingens, eui tunaen adema't-
um," was finally conquered, -vanquished--
slain-and its corpse mutilated, by means OF
the valor, chivalry, and posoer Of the old Jack
son party! We belonged to that party,-we
saw the MONSTER" slain without pity or COM
passion,-we thought, in our innocent yoatth,
that the sole question was, sohether our liber-
ties should be snatched from the gttllet Of this
financial aaGconddi! We were "green" at
that period, and had no idea that such politi-
clans as James Buchanan could be anything
else than patriots. Our idea noao is, that they
were demagogues. Were that era now to re-
turn, we should say, let the charter efthe
Bank expire but ii could lice or die with.
out involving in its life or death, the destruc-
ton, either of the political liberty or financial
prosperity of the country.
Just read what Mr.. Buchanan thought in
1910 Of the c0rrupti6ility of the people of the
United Statesl He said in that speech:
"Such Bank, with capital of from fifty to
hundred millions OF dollars, with branches in every
State Of the Union, directing, by its expansions
and contractions when prices should rise and when
they should fall, would be most tremendous in
strument of irresponsible power. 1t would be
machine much more formidable than this Govern
ment even il the administration were as corrupt
as the fancy of some gentleman has painted it.
There is a natural alliance between wealth and
power.
with all the power of the Executive, combined
with all the wealth OF the country, he would be
the most arrant blockhead in the world If he were
not able to re elect himself and to nominate his
successor All the forms Of the Constitution might
still remain. The people might still be deluded
with the idea that they elected their President,
but the animating spirit of our free institutions
would be gone forever secret, but all-perva-
ding, moneyed influence, would sap the founda-
tions Of liberty and render it an empty name"
Mr.. Buchanan thought that such bank
would buy up the people of this country
our notion is, that the people, and especially
the american portion Of them, are not pur-
chasea5le commodities. We think that man
an "arrant 6lockhead" who entertains any
such opinions. Why, look at poor Frank
Pierce with all the Federal office holders in
his power, and the Sub Treasury under his
control, and the Administration press in his
favor, he could not ecen purchase a re-nOmi-
nation!
But let us come to the opinions of Mr.. Bu-
chanan as to the "6lessingS and benefits" Of
Low prices for aOo0t, labor, and other things
which constitute the ingredients of American
manufactures.
Mr.. Buchanan said:
"The foreign manufacturer will not receive our
bank notes in payment. He will take nothing
home except gold and silver, bills of exchanges,
which are equivalent. He does not expend this
money here where he would be compelled to sup
port his family and to purchase bis labor and ma
teridts at the same rate Of prices ich he receives
for his manufactures On the contrary, he goes
home purchases has labor, his cool, and all other
articles Which enter into has manufacture, at half
their cost IN Ibis country, and again returns 10 an
'n'ddte as NTH foreign Ooolleas, aud 10 ruin orr
domestic manufactures ! might cite many other
examples; but this, | trust, viii be sufficient TO
draw public attention 10 the subject This depre-
citation OF our currency is therefore, equivalent
to direct protection granted tn the foraion over