The daily union. [volume] (Washington [D.C.]) 1845-1857, 1856-06-17
THE WAGES OF LAB0R.-MR. BUCHANANS
YIEMS-AN OLD CALuMNY EXPOSED.

THE WAGES OF LAB0R.-MR. BUCHANANS
ylEWs.-AN OLD CALUMNY EXPOSED.
In the memorable presidential canvass of ls4o of
the charges against the democratic party by which the
people were deceived into the support of the wing nom
nations the false allegation, that in advocating the in
dependeneasury system the democrats favored the re-
ducton Of the wages Of the aboring man to ten cents
day. This together with other Misrepresentation equally
unoanded succeeded for the time being in eecting the
overthrow Of the democracy Within less than year af
Ter result the people discovered the mpostons which
had been pracsed Them and there is not to be
found on the stauebooks of general interest
which was enacted by the Congress which elected du
ring the same temporary delusion in the popular mind
which caused the defeat of the democratic candidate for
the presidency Experience has fully vindicated the
wisdom of the independent-treasnry SYSTEM that 1t has
become the settlcd policy of the government, and no
man of any party is insane enough to propose TO
disturb i But whilst all of all parties freely
ouesee in the dependenttreasury policy there some
who indulge the usoy idea that because the people were
cheated in 1910 by the false camor about low wages they
can be cheated again in 1856 in the same way AS was
on papabe Misrepresentation of speech OF Mr. Buean-
an in support of the MISUNDERSTANDING law that the
charge the reduction of wages was made 1t is sup
posed that now when he the democratic candidate Tor
the presidency the charge may be revived and press
ed with equal success. So far from Directing to the
renewal of this calumny we are rather disposed TO thank
zoe State Gazette of New Jersey, and other kindred jour
nails for the opportunity which they afford MS of vindica-
ting Mr. Buchanan's claims to wise craftsmanship in the
support of which has become part of the set
tied policy of the government
The a ten cent" charge had its origin in this wise
On the ed of january, $780, Mr. Buchanan delivered a
eec in the Senate in favor of the independent-ireasury
BILL in reply by Mr. Clay of Kentucky, against it,
In that speech Mr. Buchanan discussed the in its
practical bearing upon tue manufacturing nterestand upon
the currency He summed up the leading objects of the
independent treasury as follows:
Or chief objects adopting the independent treasury
r dsconnect the from all banks to
the peoples money from the wreck of the banking system,
and to have always ready to promote the prosperity of the
country peace and defend in Incidentally, how
ever will do good in checking the extravagant spirit
of speculation, which is the bane of the country.
In the FIRST place. by requiring specie in all receipts and
the you will create additional
demand ion gold and silver to the amount of FIVE millions OF
dollars per anpn according to the estimate Of the Pres-
dent large portion OF this viii be drawn from the
banks this will compel them to keep more specie in their
vaults in proportion their circulation and deposites and
20 bank ess This far II may go, will strike at the
root OF the existing evil par however, that will prove
to be but very inadequate saint excessive banking
In the second place. this bill WILL in degree dimin-
ish our imports especially after june lsI2 most heartily
concur with the in desiring this result What the
condition the importing business at the present moment
1t Is almost exclusively in the hands Of British agents who
sell all the manufactures they dispose OF in other portions
of the world and then bring the resduum here to gu
markets. According to our existing laws, they receive
credit from the government TO the amount OF its duties
They cell the goods for cash and this credit becomes
much capital their hands to enable them to make fresh i'm
porations The independentreasury bill requires that all
duties shall be paid in gold and silver and after June, Is42
eompro Law viii take away the credits altogether
We shall then have system Of cash duties in operation
which will contribute mach to reduce the amount Of our i'm
portatons and to encourage du"'ssto manufactures.
lin the third place. this bill will make banking Interest
the greatest economists In the country the govern
ment concerned. Their OF sefnterest will be
touched in favor Of economy and this will induce them
unite with the people in reducing the and expend
Of the government to the lowest standard consistently
with the public good"
Mr.. Buchanan regarded the United States Bank as the
antagonist proposition and hat subject he spoke as
follows;
The senator ridcucd the idea that the establishment Of
new Of United States could prove dangerous civil
liberty Such bank, with capital Of from ty II hun
bred millions Of dollars with branches in every State OF the
Union directing, by it, expansions and conracon when
prices should and when they should fall would be most
tremendous Of irresponsible II would be
machine much formidable than this government
n the administration corrupt the fancy Of some
gentlemen has painted It, There natural alliance between
wealth and power Mr.. Randolph said, Male and fe
male created be them Combine the moneyed astocracy Of
the country through the agency of national bank with the
snd their united power would in6u
cnco which il would be almost impossible for the people
withstand We should again these powers in
hostile array against each other In the days Of Gen.
eral jackson we witnessed the exception, not the rule
Give any President such bank l have described,
and we shall hereafter have most peaceful
sion With all power Of the Executive, combined with
all the wealth Of the country he would be the mort arrant
bockbesd in the world IL he able re-eeot him
. and to nominate his All the forms Of the
stution mig still remain The people might still DO delu
d with the idea that they elected their President but the
aniatin9 spirit OF free institutions would gone for
ever secret but apervading moneyed influence would
sap the foundations Of liberty and render II empty
The immense power OF such institution manifest
Cd In the tremendous efforts which made against General
ackon Had he enjoyed personal popularity in
mi. country than any who lived, these efforts
would have proved irresistible. Az II the conflict
of the most character and shook the Union to its
centre Indeed the bank, at time would in all human
probability gained the victory, had the election OF
President CHANGED at that period and we should
then have witnessed the appalling spectacle OF the triumph OF
The bank the rights and liberties Of the people The
constitution OF the country and the democratic party would
49,, have been FRUSTRATED together"
In ree,rd to the influence of prices resulting from
;ea,ea rsoer currency the manufacturing interest
Mr. Buchanan MADE these remarks
syr soemny believe IL We could but reduce mi,
paper bubble TO anything Ike reasonable dimensions
New England would become the nest prosperous manuse