NUMBER 4. In the Senate, July 23, 1841, Mr. Nicholson, a Democratic Senator from Tennessee, delivered an able speech in favor of a uniform system of Bankruptcy, and moved to amend the bill then pending, by inserting "BANKS AND OTHER CORPORATIONS;" which motion was lost by a vote of 34 to 16.
NUMBER 5. That great light of Democracy, Col. Richard M. Johnson, late Vice-President of the United States, wrote and spoke in favor of a General Bankrupt Law. In a letter of his, now before us, dated Washington, January 18, 1841, he says, speaking of such a law: "My opinion is that it will redound to the honor of our country."
But we will do Mr. Buchanan justice, by stating that he said he would vote against the Bankrupt Law of 1840, because he did not like its features. When Mr. Webster spoke in favor of the law, and of the character of the petitioners, many of whom presented their petitions through Mr. Buchanan, the latter spoke on the 24th of February, 1840; and, to satisfy Mr. Webster and others that he was not opposed to the principle in former days, stated, "He came to the other House of Congress, many years since, A FRIEND OF A BANKRUPT LAW. The subject was before the House when he entered the body twenty years ago." He added, "He was open to conviction, and might change his purpose!"
Thus, it will be seen that Mr. Buchanan, in this, as in every thing else, was on both sides! And how does it look in a Presidential candidate, to have supported a General Bankrupt Law for the relief of rich, extravagant, and aristocratic gentlemen, and then to turn round and advocate "ten cents per day" for poor folks and laboring men? It will look rather bad; but, then, Sag Nicht Democracy can go any thing! This old "ten cents per day" champion of Democracy advocated, in so many words, the reduction of all paper money prices to the real Cuba standard of solid money! We take extracts from his speech, which will be found in the Appendix to the Congressional Globe, page 135:
"In Germany, where the currency is purely metallic, and the cost of every thing is REDUCED to a hard money standard, a piece of broadcloth can be manufactured for fifty dollars; the manufacture of which in our country, from the expansion of paper currency, would cost one hundred dollars. What is the consequence? The foreign French and German manufacturer imports this cloth into our country, and sells it for a hundred. Does not every person perceive that the redundancy of our currency is equal to a premium of one hundred per cent. in favor of the manufacturer?"
"No tariff of protection, unless it amounted to prohibition, could counteract this advantage in favor of foreign manufactures. I would to heaven that I could arouse the attention of every manufacturer of the nation to this important subject."
"What is the reason that, with all these advantages, and with the protective duties which our laws afford to the domestic manufacturer of cotton, we cannot obtain exclusive possession of the home market, and successfully contend for the markets of the world? It is simply because we manufacture at the nominal prices of our inflated currency, and are compelled to sell at the real prices of other nations. REDUCE OUR NOMINAL STANDARD OF PRICES THROUGHOUT THE WORLD, and you cover our country with blessings and benefits."
"The comparative LOW PRICES of France and Germany have afforded such a stimulus to their manufactures, that they are now rapidly extending themselves, and would obtain possession, in no small degree, even of the English home market, IF IT WERE NOT FOR THEIR PROTECTING DUTIES. While British manufactures are now languishing, those of the continent are springing into a healthy and vigorous existence."
How will the Free Trade Democracy of the South relish these "protecting duties" of an old Federal politician? They are about as consistent in their support of the Cincinnati nominee as "Clay Whigs" are, when they know that Buchanan was the only man living who had it in his power to do Clay justice, in reference to the "bargain and intrigue" calumny, and obstinately refused!