The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-07-17
REMARKS OF
MR.. BUCHANAN

January 92d, 1910.
But the Senator from Kentucky GMr
CLAY leaves no stone unturned. He say
that the friends of the Independent Treasu
ry desire to establish an exclusive metallic
currency, as medium of all dealing
throughout the Union; and also to reduce
the wages of the poor mans labor so tha
the rich employer may be able to sell hi,
manufactures at a lower price. Now, sir,
deny the correctness of both these PROPOSE
tions; and, in the first place, /, for one, ON
not in favor of establishing an exclusive me
talic currency for the people OF this country
desire to see the banks greatly reduced in
number; and would, il could, confine theil
accommodations To such loans or discounts
for limited periods, to the commercial, man.
ufacturing, and trading classes Of the com
munty, as the ordinary course of their bus
ness might render necessary. never wish
to see farmers and mechanics and profess
ional men, tempted by the facility OF obtain.
irg hnnk loans for long periods, to abandon
their proper and useful aud respectable
spheres, and rush into wild and cxtravapun,
speculation; ! would, If I could radically
reform the present banking system SO as Ia
contine it within such limits us TO preven,
future suspensions Of specie payments; and
without exception, would instantly deprive
each and every bank of its charter, which
shouM again suspend. Establish these or
similar reforms, and give us a real specie
basis for our paper circulation. by increasing
the denomination of bank notes first to ten,
and afterwards to twenty dollars, and / shall
then be the friend, not the enemy of banks.
| know that the existence of banks. and the
clrlation of bank paper,are so Unidentified with
the habits Of our people. that they cannot be
abolished, even if this were desirable. To
reform, and not to destroy is my motto.--
To coniine them to their appropriate busi,
ness, and prevent them from n.inistcring t.
the spirit OF wild and reckless speculation,
by extravagant loans and issues, il NIL which
ought to be desired. But this I shall say :.
II experience should prove il to be inippssi.
Bile to enjoy the facilities which well regu.
lated banks would Afford without, at the
same time, continuing to suffer the evils
which the wild excuses Of the present
banks have hitherto entaiIed upon the coun
try, then ] should consider it the Lesser evil
TO abolish them altogether. n the State
Legislatures shall now do their duty, | do
not believe that it will ever become neces.
snry to decide on such an alternative.
We are also charged by the Senator from
Kentucky, with desire to reduce the wages
of the poor mans labor. We have often
been termed aerarians on our side of the
House. II is something new under the sun,
to hear the Senator and his friends attribute
10 us a desire to elevate the wealthy manu-.
'ncturer at the expense Of the laborinr man
ind mechanic. From my soul, respect the
aboring man. Labor is the foundation oCl
he wealth of every country; and the free
ab"rers OF the North deserve respect, both
or their probity and intelligence. Heaven
orbid that | should do them wrong. or all
The countries on the earth, we ought to have
The most consideration for the laboring man
From the very nature Of our institutions, tho
Wheel of fortune is constantly revolving and
Producing such mutations in prosperity, that
he wenlthy man OF to day may become the
'oor iaborer of to morrow. Truly, wealth |
ften takes to itself wings and flies away
large fortune rarely lasts beyond the third
generation, even if it endure so long. We
must all know of instances of individuals
bliged to labor for their daily bread, whose
are men of fortune. The req.
lar process OF society would almost seem
D consist Of the efforts Of one class to dis.
ipnte the fortunes which they have iahcrir
d, whilst another class, by- their Industry
nd economy, are regularly rising TO wealth
We have nil, therefore n common duty,, to
rotect the rights Of the laboring man: and
! believed for moment that this bill
'ould prove Injurious to him, it should NEE,
y unqualified opposition.
Although this bill will not have as erea,
! influence as I could desire. yet, as far !.
goes, will benefit the lsboring man a.
uch, and probably more, than anv other
ass of society. What is it he onght mos
desire Constant employment, regular
ages, and uniform reasonable prices for the "
,cpssaries and com torts of lille which he u
quires. Now, sir, what has been his con
lion under our systems of expansions and
He has suffered more BY {
EN- ihln any other class of society. The =
te of his wages is fixed and known Y
d they are the last to rise with increasing
pansion and the first to fall when the cor.
spending revulsion occurs. He still corr :
ues to receive his dollar per day, whilst ,
, price Of every article which he consumes !,
rapidly rising. He is ut length made to :
i that although he nomina!ly earns as "
ch, or even more than he did formerfy,1
!. from the increased price Of oil tho ne. !,
saries OF life, he Cannot support his Fam. bo
Hense the strikes for higher wages,
the uneasy and excited feelings which
'e at different periods existed unong the lio
oring classes. But the expansion at Il
9Th reaches the exnloiinv foint. and - Int