" '
'vp,'i,..ttrM,TnxrIMl-UliMlllLKJ Klgl.-J-aaTam.--n-,.. i, , . ... . , .
i hao sworn ttfaii the Aitar of God, eternal hostility to every form of Tyranny ovfcr the Mind of Man." ThomM Jcflcreoij.
-r
Voltiasso MI.
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POLITICAL.
REMARKS OF MR. BUCHANAN
IN REPLY TO MIti UAVIS.
Mr. BUCHANAN roso and said
Mr. Pkesidust : I rise to perform a pain
'fol but iruprious duty, which I owe to iny
self. Tlic speech which I lately delivered
in favor of llio Independent Treasury bill
lias been inade,lho subject of criticised and
censure ill another putt of this Capitol; un
der what nil'o of order I confess I cannot
comprehend. In somo portions of the
country, at public thuelings and in ihe pub
lic press, I liavo been denounced as the en
emy of the laboring man, and have been
charged with a desire lo reduce his wages,
and depress his condition lo that of the de
graded serfs of European despotisms.
Sentiments, liave been attributed to me,
which I novcr uttered, and which my sotil
abhuM.. I JPaaitjviat..L.dstlnieilJiu,t
speech, that if I eouldliblieve for a moment
that tho Independent Treasury hill would
prove injurious to the laboring inan.itshould
"meet my unqualified opposition.
I had intended to ombrabe the first op
portunity which presented of doing myBelf
justice upon this subject. Uusiness eniicu
mo away, and I was absent whilst the Sen
ator from Kentucky Mr. Chittenden ad
dressed the Senator on tile resolutions .how
lefore it. I understood that he had referred
to tho waes of labor, in no offensive terras
io me, hdwover; but in ouch a manner at) lo
havo presented the opportunity which I so
niueli desired. When thu Senator from
New York, Mr. Tai.lwadob, afterwards
:alluded to the same subject, tho debato had
Mdaniiind a norsonal character, and I Vas
Hot tho man to interfere against him in such
n contest. He had said uolhing which
could excite any disposition on my part to
pursuo such a couKo.
Had I obtained tho floor at any time dur
ing" llio laBt week, my explanation would
liavo bfceH short and simple. The moans,
and the only means, by which it wa3 allcg
fcd that I hud sought to reduce the wages of
labor to the standard of the hard money des
potisms of Europe, was, by tho introduc
tion of an exclusive metallic currency into
Wis country. Now, to such a radical
change- in our currency, I liavo ever been
opposed, i have avowed my opposition
rcpouiedly tipnu this floor and clauwherc;
tind never more distinctly Hun m my tato
speech in favor of thu independent Treas
ury, My motto has atways(befen to reform,
liUi to destroy tho banks : anil I have en
lleaviiieil lo prove with what success, I
lnust leave Ihe public to judge that suoh n
radical reform iu these institutions as would
prevent violent expansions and contractions
.
lif thu cunoncy, mid hiis ouablo them w-1 ihu iwa ul tlie cartli could so lar nave mis
ways to redeem their notes in spevie, would taken my meaning aa to attribute lb mo ar
jirovo omitiently beneficial to nil elassea iifgumtMiU in favor of tha bill, as directly bp
society, but more csncciallv to the laboring
man.
On Saturday evening last a niessago wris
rent mo by a friend, requesting mo to ex
amine llio published speech of tho Senator
from Massachusetts, Mr. Davis, mid sug
gesting that it contained an ertouunua utate
incut of tho arguments which I had used
in favor of tho Independent Treasury bill.
BILOOBISBPRG, bmmiMk COTOTY, PA. SATURDAY, APRIL 4, 1840.
I examined his speech in tho Natianal Id
telligencer. having nevor read it before, and
I confess it slruct mo with tho utmost as
lonishment. I found that, throughout, he
had attributed to me arguments in favor of
the bill which I neer used; nay more, that
tho objections lo the bill, which I had en
deavored to combat, had been imputed lo
me as the very arguments which I urged in
its favor;
I shall proceed lo make some remarks
upon his Bpeech, .Iu performing this duty,
it is my solo purpose to justify myself, with
out feeling the slightest disposition to do him
injury-.
In my remarks I urged tho passage of
the Independent Treasury Bill, because it
would separate the banks from the Govern
ment, and would render the money of the
people always secure, and always ready o
proinoto their prosperity in peace and to de
fend them in war. Great as aro the advan
tages, direct and incidental, which thb coun
try will dcrivb from the passage of this bill,
I knew that It could accomplish little or
nothing, towards reforming our paper cur
rency, or restraining the banks within safe
limits. This opinion I have declared upon
all occasions, and never more emphatically
than in my Into speech. I stated that tho
additional demand for gold and silver which
it might create would not exceed five mil
lions of dollars per annu'ril, according to the
President's estimate; and that although this
might compel the banks lo keep moro spe
cie in their circulation and deposites, yet
hat it would provn but a very inadequate
restraint upon excessive banking; Nay,
more; I plumed mySelf upon the fact that I
had been thb first lo suggest tho nmondent
requiring the holders of Treasury drafts to
present thorn fur l'ayJ,jjhhepJsita-
cxpress pUrnbib 'b'isTving Ihebartko .from
tho injury which might bo inflicted upon
tlicm by lbcking up" a largo surplus of rev
enue in gold aHd silver in tho vaults of the
lepc-Mtarles. And I endeavered to prbve,
not only by rny own arguments, but by the
authority of one of the most distinguished
ilimncierB tllalthis cdUntry has ever produc
ed, that tho banks never coiitd bo injured
by thb adoption of ilia Independent Treas
ury bill; unless lii thb event of a largo sur
plus revenue, which would not probably
soon occur. I also stated that it would thus
become their interest, as it nlroady was that
of ihe re6t of the community, to prevent
tho aceumulatidiifof-jruch a surplus.' Iu re
ferring to the blessings which would flow to
the laboring mati froni the b'xistcneo of a
Sound mixed currency, whoso basis should
be gdld and silver, I expressly declared that
the bill would exercise no great influence iu
producing this desirable result.
Again, in speaking of tho effect which
this measure would produce in reducing the
amount of our imports a consummation
devoutly desired by all what was niy ar
gument? That the bill would, in sonie de
dree, especially after June, 1&4U, diminish
our imports; because we should then havo
,i system of cash duties, which would ope
rate us an encouragement to our domestic
manufactures.
Or.o of the great objects of ray speech
wns to answer the ebiactions which had
been uiged against the Independent Treasu
rv bill, by proving that it would not injitri
ously Irifluerico tho business of the country
in thu manner which had been predicted by
ils enemies; and especially that it would
produce little or nd 6ffoct upon the sound
and solvent hanks of tho country. I thought
t 1 had succeeded. It certainly never onter-
' td into my ronecptiori thai atiy person ou
I I I I K I .
wwia lo those winch 1 urgeu as uarmiess l
i In tiiilil.
i - - ...
Yon may judge, then, Mr. President, ol
my stoui?hment. when, in the very second
liiiraijrnph of tho speech of tho Senator
from .Massachusetts, I road the following
tentoMco ;
"Thu SuuMor from Mississippi Mr.
Yalkk3 witlt his usual acknowledged "a-
PRINTED AND PUBLI&IIED BY II; WEBB;
bilily', arid tho distinguished Senator from
Pennsylvania Mr. Buchanan following
in his track, havo advanced tho propositions
that tlie otnbarrasmcnts and distress with
which the country has been grievously af
flicted for several years past, and which
now paralyzo'all its energies, are imputable
to the pernicious influence of bank paper,
thai this bill the Independent Treasury
bill contains the n'ecissary corrective, as
it will check importations of forrign goods,
suppress what they call the system, arid by'
restoring a specie currency, reduce the wa
ges tf labor and-'thc value of property.
This is the character given to the measure
by its friends; and alarming as the doc
trines are, 1 am gratified that they are
frankly avowed."
Nov, sir, I openly doclaro, in the lace of
thu Senate and tho world, not only thut no
such doctrines were ever avowed by me, but
that these remarks of the Senator arc palpa
ble, I will not say intentional, misrepresen
tations both of thb letter uud spirit of my
speech.
What ! sir, to attribute Id me the remark,
that this bill,by applying the uecessdry cor
rective to llio pernicious influence of bank
paper "and by thus restoring a'specie cur
rency," will produce the disastrous conse
quences which ho has enumerated ; when a
considerable portion of my argument was
devoted to provo that, the bill would pro
duce ho injurious eiTecl whatever upon the
sound and solvent banks of the country.
Nay, more, that it would exert but a very
trifling influence, indeed, if any, uvett in
restraining within safe limits their loans
ahd issues. Now, sir; it may be a very in
genious j but it is certainly ndt Very fair so
put into the muutlt a( a friend of the bili,as
arguments iu its favor, thojitrpuge9l bbiec-
its cheraies.- These wodld bo so many ad
missions ofits fatal consequences, and they,
would bo the stronger when converted into
argumeats in its favor by one of its friends.
Against the whole current of my remarks
against mv express and reiterated doclara-
tibns, both upon this and former occasiotts,
that 1 was no frierid to an exclusive hard
ruonoy currency, but wa9 in favor of well
regrilated Stato banks, how could the Sena
tor be so far mistaken as lo sit down and
deliberately, write lhat I had urged in favor
of ihis bill, that it would restore a Epccio
cunency, and thereby reduce the wages of
abor and the value of property? I leave
it for him to answer the question accor
ding to his own senso of justice towards
brother Soriatot who had uever done him
harm.
Kilt the Senator does not slop here.
Throughout his whole speech he imputes
to me the uso of such arguments in favor of
iho bill as 1 have stated, -nd dwells tipdri
thorn at length arguments which, if I had
over used, would prove conclusively lhat I
was ail eucmy of the bill which I professed
lo advocate, and lhat scarcely even Id dis
iruiso. This is tho light in which he pre
cpnts uie before the world. Towards tho
of his sneech ho claps tho cli
max. He says :
iTo follow out tho case I liaVe cupp'oscd
The-incorae of every man, except the ex
porler, i9 to be reduced one-half iit the val
ue of wages and property, while all foroign
merchandise will cost the same, which will
obviously, in alTeci, dauble the price, as it
will take twico iho amount of labor, or
twice tho amount of the products of labor.to
purchase it."
" do not ascribe the power to the bill
but it is enough for me that ils friends
do. What response vill the farmers me
chanics. manufacturers, and laborers
make to such a flagitious proposition?"
All this the Senator says in a prolessed
reply to me. Ho thus charges me with
havirig a's'ciibetl to the Independent
Treasury bill tho power of reducing
the income of every man m tho country
"oae lulf.in the valuo of wages and proper
ly." Had I contended in tavor ot any
such power, well might the Senator hive
said it was "a flagitious proposition." He
would almost hae been justified in the use
of a term so harsh and unparliamentary.
Self-respect, as well as the respect which
I owe lo the Senate, restrains mo from gi
ving such a contradictioii to this allegation
as it deserves. It would surely not be
deemed improper, however, in me, if I
were to turn to tho Senator, &nd apply the
epi'.het which ho himself has applied to the
proposition ho imputes to me, and were to
declare thai such an imputation was a "fla
gitious" misrepresentation of my re
marks. So far from imagining lhat the Indepen
dent Treasury bill would restore to the
country a metallic currency, I believed tliat
it would exercise but a slight influence in
restraining the excesses of the hanking
system. Ulher and much more efficient
emcdies must be adopted by the several
Stales to restrain these excesses and thus to
prevent future suspensions. Iii my romarha
stated distinctly what legislation would; I
thought. bo required to accomplish this
purpose. In the first place,l observed that
tho banks ought to bo compelled to keep in
their vaults a certain fair proportion of spe
cie compared with their circulation and de
posites ; or, in other words, a certain pro
portion of immediate specie means, to meet
their immediate responsibilities. 2d. That
io foundation of a specie basis for our pa
per currency should bo laid by prohibiting
the circulation of bank notes, at the first,
under the denomination of ton, and after
wards under that of twenty dollars. 3d.
Thai the umount of bank dividends should
bo limited. 4th. And above all, that, upon
the occurrence of another suspension, the
ddors bfthc Uank4 should be closed at once
and their afl'airs placed iri the hands of com
missioners; A cerJatntxJhaUKK0inMiiJr4
would do more to prevent it than any other
cause. To reform and not to destroy, was
my avowed motto. 1 know that the exis
tence of banks and tho circulation of bank
rtaner, are so identified with" the habtls df
our people lhat they cannot be abolished,
even if this were desirable.
Such a reform iu the banking system as
iiave indicated, would benefit, every class
of society ; but above all others, the man
who makes his living by tho sweat of his
brow. The object at which I aimed by
these reforms wrs not a pure metallic cur
rency, but a currency of a mixed character;
Ihe paper portion of it always . convertible
nto gold and silver) add subject to as little
fluctuation in amount as the regular busi
ncss of thu country would admit. Of all
rtforms, this is what the mcchanicand the
laboring man oufr'ht most to desire. It
would produce steady prices and Steady
employment, aud, under its influence, the
country would march steadily on it3 career
of prosperity without suffering from the
ruinous expansions and cantractlons and
explosions which we have endured during
the last twenty years. " What is most es
sentisl lo the prosperity of the mechanic
and laboring man? Constant employment
steady and fair wages, with uniform prices
for the necCEsaries and comforts of life
which lie must purchase, and payment for
his later in a sound currency.
Let us in these particulars compare the
present condition of the laboring man under
the bauking system which now exists, with
what it would be under such reforms as I
have indicated. And first, in regard to con
slant bmnlovmont. What is the eflect of
tho present system of bank expansions an
contractions, and revulsions, in this particu
lar ? Is it not absolutely certain, has not
experience demonstrated, that under such
system, constant employment io rendered
impossible ? It in true that, during th
short period whilst tho bubble is expanding
and the banks aro increasing their loan,and
their issues, labor of every kind finds em
ployraent. Then buildings' of all sorts are
orccted, manufactories are established, and
the carpenter and the mason, and other me
chanica are in demand, rubiic works are
prosecuted and afford employment to an
immtnse number of laborers. Ihe trades
man of every description then finds custom
er8, because tho amount of p3por id circula
tion produces a deluslvo appearance" of
prosperity and promotes a spirit of extrava
gance. But, air; under this system, tha
slornt io sure to succeed the sunshine; the
explosion 13 certain to follow llio expansion
and when it conies and we sro now 6uf-
rcring Under it what is i'hBti iho 'condition
of the mechanic, and tho laboring bant
Buildings of every kind cease; banilfaclo
rics are closed public works aro ouspehded.
and tho laboring classes aro thrown out or
employment altogether. It is enough tJ
make one's heart bleed to reflect upon their
sufleringo, particularly in our larga' cities,
during the past winter. In many inslancci
the question with thorn has not been what
amount of Wages they could earn, but
whether they could procure any employ
ment which would save them and their fam
ilies from starvation. If our State Legisla
tures, which alone poesessthe power, would
but regulate our bloated credit system wise
ly, by restraining the banks within Safe lim
its, our country would then be permitted
to proceed with regular strides and' the la
boring man wonld suffer none of these evils
because he would receive constant employ
ment; In the second placo, what is the effect sf
the'prcsbnt system upon the wages of labor
and upon the:prices of Uhe necessaries and
comforts of life ?. It cannot bo denied lhat
that country is tho most prosperous where
labor commands the greatest reward but
this is not for one year merely nbi for
that short period of time when bur bleaiei
credit syotem is most expanded but for tt
succcssibn of years for all titnej Perma
nence iri the rale of wages is indispensible'
to the prosperity of thb iabo'iln&Jiian l
- eoinr
itnurcrttr calculate
upon
being able to rear and educate his family by
the sweat of his brow, and to make theni
espcctable aud useful citizens. In this re-!
sect, what is the condition of the laboring
man under our present system Whilst
he suffers more under it than any bthet
member4of society, he derives from it tho
fewest advantages. It is a principle of no-
itical economy confirmed by experience,
that whilst the paper currency is expanding
the price of every thing else increases mora
rapidly than tho wages of labor; Tliey aro
the last to rise with the expansion; and tho
first to fall with tho contraction tf the cUr-
Ihe price of a day's or a month s. labor
of any kind tho price of a hat, of a pair
of boots, of a pound of leather, of all arti
cles of furniture, in short, of manual and)
mechanical labor generally, is fixed and.
known to the whole community. Tho niir-
1 . t
chaser complains when these fixed price
aro enhanced, and tho mechanic or laborer,
in order to retain his customers, cannot; and
does not raise his pries until he is compel
led to do it by absolute necessity. Ilia meat,,
his flour, his potatoes, clothing for himself
and family, mount up to an oxlravasant
price long before his compensation is in
creased. It was formerly supposed that the
productions of meat and flour were so vast
in our extended and highly favored land;
that a fnonopplyjof thorn would be impos
sible. Tho experience of tlflf last two or
three years has proved thb cbntaryi The
banks, instead uf giving credit in small
sums to honest men, who would have used
the money wisely, in prbmoting their owrt
welfare, and, as a necessary consequence,
lhat of the community, have loaned it to'
monopolists, to enable them to raise tho
price of the necessaries of lifo to tho con
sumer. Have wo not a'Uloarned that a mil'
lion of dollars has been advanced bj then
to nn individual, for the purpose of enabling,
him to monopolize the sale of all ihc beef
consumed, iu our Eastern cities? Do wo
not all know that this effort proved success
ful during the last year in raising tho pried
of this necessary of life to twelve and six
teen cents, and even higher, per pound,'
Now, sir, although the wages of the labor
ing man wero then nominally high; what
was his condition ? lie could not afford to'
go into the market and purenase beef for