Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1856-07-17
@.pAYETTEVILLE, TENN: THURSDAY, JULY II, 1856

. the working man will be compelled t
do three or four times as much wor,
as before, for the same money a
now in other words the wages {
working men would be reduced
And BY way Of illustrating thei
arguments they point to countrie
where the currency was placed upol
a metallic basis and showed that a
Hamburg the wages of labor was sil
pence per day, or about ten cents Uni
ted States currency. Having esfab
lished this point to :heir satisfaction
they proceed to cast odium upon th,
advocates Of the new policy, accusing
! them Of q design to reduce wages
Mr.. Buchanan being at that time one
Of the most prominent and eloquen,
advocates Of the specie system il
the United States Senate, came in
for an extra share of abuse and mis-
representation.
This was the origin Of the "ten
cents" charge. In reply we let Mr.
Buchanan speak for himself, and We
call espe cial attention to the refer.
ence he makes to the working men
and the dignity of labor.
We copy from his speech in the
Senate, on the Independant Treasury
on the 22d Of January, 1910, ir
reply to Mr. Clay. He said:
sBut the Senator from Kentucky,
(Mr. Clay leaves no stone unturned.
He says that the friends of the In.
dependent Treasury desire to estab-
lis an exclusive metallic currency, as
the medium Of all dealings throughout
the Union, also to reduce the wages
Of the poor mans labor SO that the
rich employer may be able to sell
his manufactures at lower price.
Now, sir, deny the correctness Of
both these propositions, and, in the
first place, for one, am notin favor
of establishing an exclusive metallic
currency for the people'of this coun.
try. Idesire to see the banks great.
ly reduced in number, and would il
l could, confine their accommodations
to such loans or discounts for limit
ed periods, to the commercial, man
ufacturing and trading classes of the
community, as the ordinary course
of their business might render nec-
essary. / never wish to see farmers,
and mechanics, and professional men
tempted, by the facility of obtaining
bank loans for long periods, to aban-
don their own proper and useful
and respectable spheres,and rush into
wild and extravagant speculation.
| / would if l could radically reform
the present banking system, so as to
confine it within such limits as to
prevent future suspensions of specie
payments; and without exception,
would instantly deprive each and
every bank of its charter, which
should again suspend. Establish
these or similar reforms, and give
US a real specie basis for paper circu
lation, by increasing the denomina
ton Of bank notes first to ten, ani
afterwards to twenty dollars, and ! shal
then be the friend, not the enemy
to. banks. ] know that the existence
of banks and the circulation of bank
paper are so identified with the
habits Of our people that they can
not be abolished, even if this wer'
desirable. To reform, and not t.
destroy is my motto. To confin'
them to their appropriate business
and prevent them from ministerini
to the spirit Of wild and reckless
speculation, by extravagant loanI
and issues, is all which ought to b
desired. But this I shall say. /
experience should prove it to be i'm
possible to enjoy the facilities whicl
we'll regulated banks would afford
without at the same time continu
ling to suffer the evils which the will
excuses Of the present bank hav
hitherto entailed upon the country
then I should considerit thelesser esi
to abolish them. altogether. If tn
! State legislatures will now do thei
f|duty, | do not believe that it will eve
become necessary TO decide on sue
Ian alternative -
We are also charged by the sSena
ltor from Kentucky With q desire t
I..I.,no tha ao,aa IF &ha moor mo n