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


moral treason to paralize the ann Of the
government whilst dealing blows against
the enemy. After peace twas concluded,
the case was then different. My enemies
point to an expression uttered by
me, during the continuance Of the war,
which was not favorable to Its vigorous
From your friend very respectfully, i
JAMES BUCHANAN.
Hon. GEO. w. JONES.
From the Washington Union.
The Wages OF Labor-Mr. Buchanan |
viewa-an Old Calumny Exposed.
In the memorable presidential canvass
OF 1910, one OF the charges against the
Democratic party by which the people
we're deceived into the support OF the
Wing nominations was the false allegation,
that in advocating the iadependent-trea
ry system the Democrats favored the re-
duction Of The wages of the laboring man
to "ten cents day. This, together with
other Interpretations equally inbound
ed, succeeded for the time being in effect
ing the overthrow of the Democracy
Within less than year after that result,
the people discovered the imI osition which
had BEEN practiced on them, and there is
now not to be found on the statute books
one measure Of generalinterest which was
enacted by the Congress which was elect.
ed during the ssme temporary delusion in
the popular mind which caused the defeat
of the Democratic candidate for the Pres
idtncy. Experience has so fully vindica-
ted the wisdom OF the Independent treasu-
ry system, that It has become the settled
policy Of the Government, and no man OF
any party is insane enough to propose to
disturb it. But whilst all men of al; par
ties freely acquiesce % the independent
treasury policy, there are some who in
dulge the illusory idea, that because the
people were cheated in ls40 by the false
cIamor about low wages they can be cheat
ed again IN 1855 in the same way. As it
was on a palpable misrepresentation OF
speech OF Mr.. Buchanan III support Of the
independent treasury law that the charge
as to the reduction Of wages was made, il
is supposed that now, when he is the Dem
ocratic candidate for the Presidency. the
same charge may be revived and pressed
with equal success. So far from Directing
to the renewal of this calnmny, we are
rather disposed to shank the State Gazette,
Of New Jersey, ana other kindred journ.
ais. for the opportunity which they afforl
US OF vindicating Mr.. Buchanan's claims
to wise craftsmanship in the support OF
that measure which has become part of the
settled policy Of the Government.
The ''ten cent" chatge had its origin in
this wise: On the 22d OF January, 1910,
Mr.. Buchanan delivered speech in the
Senate IN favor Of the independent Treas
ury bill. in reply to one by Mr.. Clay, OF
Kentucky. against. Ia that speech Mr..
Buchanan diseased the measure IN its
practical bearing upon the manufacturing
interest and upon the currency. He sum.
med up the leading objects Of the inde-
dendent treasury as follows:
"Our chief objects i'll adopting the in .
dependent treasury, are to disconnect the
government from all banks. 10 secure the
peoples money from the wreck Of the
banking system. and to have 1t always
ready to promote the prosperity Of the
country in peace and defend it IN war;
Incidentally. however, it will do some
good in checking the extravagaDt spirit OF
speculation, which is the bane of the coun.
try.
sin the FIRST place, by requiring specie
in all receipts and expenditures of the
government you will create ali additional
demand for gold and silver to the amount
Of five millions Of dollars per annum. &C.
cordin8 10 the estimate OF the President.
A large portion of this sum will be drawn
from the banks, and this will compel them
to keep more specie in their vaults in pro-
portion 10 their circulation and deposi;es,
and to bank less. This, SO far as il may
60, will strike at the root of the existing
evil. fear, no never, that it will prove
to be but very inadequate restraint upon
excessive banking.
"In the second place. this bill will, in
some degree. diminish our IMPORTS, espe.
cially after June, 1912. most heartily
concur with the senatoI in desiring this
result. What is the condition Of the i'm
porting business at the present momen, :
1t is almost exclusively in the hands of
British agents, who sell all The manuiac.
lures they eau dispose OF in other portions
of the world. and then bring the residium
here TO glut our markets. According to
our existing laws, they receive a credit
from the government to the amount OF its
duties. Thew sell the goods for CASH aud
the credit becomes so much capital in their
hands to enable them to make fresh i'm
portations. The independent treasury bill
requires that all duties shall De paid M
gold aud silver aud after June, 1S4a. the
compromise law will take away III. cred.
its altogether. We shall then have a svs.
TEN Of cash duties in operation, which
will contribute much to reduce the amount
of our importations aud to encourage do.
mestic manufactures.
"In the third place. this bill will make
the banking interest the greatest econo-
mist IN the country, SO far as the goveiu-
ment is concerned. Their nerves Of self.
interest will BIZ touched in favot Of econo-
my, and this will induce them to unite
with the people in reducing the revenue
and expenditures Of the government 10 the
lowest standard consistently with the pub.
lie good"
MIR. Buchanan regarded the United
States Bank as the antagon.stic proposition,
and ON that subject he spoke us follows
"The Senator ridiculed the idea that the
establishment of a new bank OF the United
States could Prove dangerous to civil lber-
w. Such q bank Eith a "a nitai of from