Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1856-06-28

Administration were as corrupt as the IAN
cy of some gentlemen has painted it
There is a natural alliance between wealth
aad power. MI. Randolph once said,
Male and female created he them" Com
bne the moneyed aristocracy Of the coun-
try, through the agency OF Nat,or al
Bank. with the Administration, and their
united power would create an influence
which II would be almost impossible for !
the people 10 withstand. We should new
er again see these powers in hostile array
against each other. In the days OF Gene
raj Jackson we witnessed the exception,
and the rule. Give any President such a
bank as have described, and we shall
hereafter have mos. peaceful succession.
With all the pawer OF the Executive, COM
Ibine6 with all che wetth 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
deIudeG with the idea that they elected
their President; but the animating spirit
of our free institutions would be gone for
ever. A secret. but all pervading, money
ed influence would sap The foundations OF
liberty and render it an empty name.
"The immense power OF such an insti-
tuition was manifested III the tremendous
efforts which it made against General jack
son. Had he not enjoyed more personal
popularity in this country than any man
who ever lived, these efforts would have
proved irresistible. As it was, the con-
llict was Of the most portentous character,
and shook the Union to its centre. In
deed the bank, at one time, would, in all
human probability, have gained the victo-
nv, had the election Of President CHANGED
to occur at that period and we should
then have witnessed the appalling specta-
Gle Of the triumph Of the bank over the
rights and liberties of the people. The
Iconstitutlon OF the country aud tie demo-
cratic party would :hen have been pros
trated together.
In regard TO the influence OF prices as
resulting from ali inflated paper currency
on the manufacturing interest, A1r. Buc.
hauan made these remarkss
"Sir, l solxmnly believe that If We could
but reduce this inflated paper bubble tc
anything like reasonable dimensions, New
England would become the most prospe-
rous manufacturing country chat the sui
ever shone Upon. Why cannot I'VE man
ufacture gooos, and especially cotton goods
which will 60 into successful competition
with British manufactures in foreign mar.
) kets? Have we not the necessary capital
!, Have We hot the industry Have we mo-
the machinery And, above all, are NJ
our skill energy, and enterprise proverbia
through the world? Land is also cheap.
e, here than in any other couhtIy on tn.
lace OF the earth. We possess every adj
vantage which Providence can bcstow
; upon US for the manufacture of cotton bu
they are all counteracted by the folly o.
man. The raw material costs us less than
il does the English, because this is an ar
ticle the price Of which depends upon for
eian markets. and is not regulated by our
own inflated currency. We, therefore,
save the freight Of the cotton across the
Atlantic, and that Of the manufactured ar
ticle OH its return here. What is the
reason that, with all these advantages, and
with the protective duties which our law.
afford to domestic manufacturers of cotton
we cannot obtain exclusive possession Of
The home market, aud successfully content
: for the markets Of the worlde 1t is sim
ply because we manufacture at the nomi.
aal prices of ouI own inflated currency
and are compelled 10 sell at the real price.
OF other nations. Reduce our nominal ia
the real standard of prices throughout the
world, and YOU cover our country with
blessings aud benefits. ! wish to HEAVIER
! / could speak in voice loud enough &c
be heard throughout New England; be-
cause if the attention OF the manufacturer.
could once Dc directed to the subjcc,, the;
own intelligence and native sssacity woult
teach them how injutiousls they are at.
fected by our boated banking and credit
system and would enable them to apply
the proper corrective"
In answer to Mr.. Clay's allegation, tina,
the object of the friends OF the indep en- :
debt treasury to establish ali exclusive me-
talic currency, MIR. Buchanan stated the
following to be his position:
"But the Senator from Kentucky Mr.
Clay leaves no stone unturned. He sa,
THAT the friends Of the independent treas
ury desire TO establish an exclusive metal,
currency as the medium Of NIL dealing.
throughout the Union, and, also, to reduce
the wages ofthe poor mans labor so that
the itch employ CT may be able to sell bis
manufactures al a lower price. Now. sir,
deny the correctness VI both these Prop
osiuons; and, in tie first place, !, for one,
am not in FAVOR of establnhing an exclu-
Isiye metallic currency for the people OF
tins country. desire to see the banks
greatly reduced in lumber, and would; il
| could, confine their accommodations 10
such loans or discounts, for limited periods,
to the commercial, manufacturing, and ira
ding classes of the community as the ord-
nary couse OF business might render nee
essary. Inevti wish TO see farmers end
professional men tempted, by the facility
Vi obtaining bank loans for long periods,
TO abandon their own proper and nseful
aud respectable spheres. and rush into wild
and exiravagan, speculation. would, #
l could, radically reform the present bank :
ing system. so as to coufDe it within such
limits as to prevent future suspensions Of
specie payments and. without exception,
l would instantly deprive each and every
bank ofiis charter which should az lin sus-
pend. Establish these OF similar reforms
and give US real specie basis for our pa.
per circulation, by increasing the denomi-