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this would have scarcely purchased a breakfast. The more proper expression would be, to say that that country is most prosperous where labor commands the greatest reward; where one day's labor will procure not the greatest nominal amount of a depreciated currency, but most of the necessaries and comforts of life. If, therefore, you should, in some degree, reduce the nominal price paid for labor, by reducing the amount of your bank issues within reasonable and safe limits, and establishing a metallic basis for your paper circulation, would this injure the laborer? Certainly not; because the price of all the necessaries and comforts of life are reduced in the same proportion, and he will be able to purchase more of them for one dollar in a sound state of the currency, than he could have done, in the days of extravagant expansion, for a dollar and a quarter. So far from injuring, it will greatly benefit the laboring man. It will insure to him constant employment and regular prices, paid in a sound currency, which, of all things, he ought most to desire; and it will save him from being involved in ruin by a recurrence of those periodical expansions and contractions of the currency, which have hitherto convulsed the country.

"This sound state of the currency will have another most happy effect upon the laboring

man.

He will receive his wages in gold and silver; and this will induce him to lay up, for future use, such a portion of them as he can spare, after satisfying his immediate wants. This he will not do at present, because he knows not whether the trash which he is now compelled to receive as money, will continue to be of any value a week or a month hereafter. A knowledge of this fact tends to banish economy from his dwelling, and induces him to expend all his wages as rapidly as possible, lest they may become worthless on his hands.

"Sir, the laboring classes understand this subject perfectly. It is the hard-handed and firm-fisted men of the country on whom we must rely in the day of danger, who are the most friendly to the passage of this bill. It is they who are the most ardently in favor of infusing into the currency of the country a very large amount of the precious metals."

Extract from Mr. Buchanan's speech on the Annexation of Texas, delivered in the Senate on the 8th of June, 1844:

"In arriving at the conclusion to support this treaty (the annexation of Texas) I had to encounter but one serious obstacle, and this was the question of slavery. Whilst I ever maintained, and ever shall maintain, in their full force and vigor, the constitutional rights of the Southern States over their slave property, I yet feel a strong repugnance, by any act of mine, to extend the present limits of the Union over a new slaveholding territory. After mature reflection, however, I overcame

these scruples, and now believe that the acquisition of Texas will be the means of limiting, and not enlarging, the dominion of slavery. In the government of the world, Providence generally produces great changes by gradual means. There is nothing rash in the counsel of the Almighty. May not, then, the acquisition of Texas be the means of gradually drawing the slaves far to the south, to a climate more congenial to their nature, and may they not finally pass off into Mexico, and there mingle with a race where no prejudice exists against their color? The Mexican nation is composed of Spaniards, Indians, and negroes, blended together in every variety, who would receive our slaves on terms of perfect social equality. To this condition they never can be admitted in the United States. That the acquisition of Texas would, ere long, convert Maryland, Virginia, Kentucky, and Missouri, and probably others of the more northern slave states into free states, I entertain not a doubt. In fact, public opinion was gradually accomplishing this happy result, when the process was arrested by the mad interference of the Abolitionists. A measure having directly in view the gradual abolition of slavery, came within one vote, if my memory serves me, of passing the House of Delegates of Virginia shortly before the abolition excitement commenced. There was then in that state a powerful, influential and growing party in favor of gradual emancipation, and they were animated to exertion by the brightest hopes of success; but the interference of fanatics from abroad has so effectually turned back the tide of public opinion, that no individual would now venture to offer such a proposition in the Virginia legislature. The efforts of the Abolitionists, whether so intended or not, have long postponed the day of emancipation."

MR. BUCHANAN'S SANFORD Letter.

Washington, August 21, 1848. T. Sanford, Esq.-Dear Sir: I have just received yours of the 12th instant, in which you submit to me the following paragraph, and ask whether it contains an accurate version of the conversation between us, concerning my Berks county letter, on the occasion to which you refer :

"Happening to meet Mr. Buchanan at the his attention to this letter, and asked him if President's levee on Friday evening, I called he intended to be understood as claiming that the population of a territory, in an unorganized capacity, had the right to control the question of slavery in such territory. He de clared that no such idea had ever been maintained by him; that the construction put upon his language by Mr. Yancey was a perversion of its plain and obvious meaning; that in his opinion the inhabitants of a terri tory, as such, had no political right [although they possessed all the private rights of Ameri can citizens]; that they had no power whatever over the subject of slavery; and they

could neither interdict nor establish it, except | sentatives, during the first session of the 34th when assembled in convention to form a state Congress, said, that in 1819 Mr. Buchanan constitution. He further authorized and re- acted as the chairman of a committee at a quested me to make any public use of these declarations that I might think proper, to cormeeting held at Lancaster, Pennsylvania, in which certain resolutions were adopted derect any impression which Mr. Yancey's construction of his language in the Berks letter nouncing the Missouri Compromise. Those might have made." resolutions are as follows:

With the addition which I have inserted between brackets, this statement is substan

tially, almost literally, correct, according to my recollection."

"Resolved, That the Representatives in hereby, most earnestly requested to use their Congress from this district be, and they are utmost endeavors, as members of the National in any of the territories or states which may be Legislature, to prevent the existence of slavery erected by Congress.

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'Resolved, That, in the opinion of this meet

The Hon. J. Glancy Jones replied to the charge of Mr. Fuller, a few days afterwards, as follows:

In my letter to Berks county of 25th August, I had said, "Under the Missouri compromise slavery was for ever prohibited north of the parallel of 36 deg. 30 min., and south of this parallel the question was left to be decided by the people. What people? Un-ing, the members of Congress who, at the last session, sustained the cause of justice, humandoubtedly the people of the territory assembled in convention to form a state constitution, ity, and patriotism, in opposing the introducand ask admission into the Union, and not to be formed out of the Missouri territory, tion of slavery into the states then endeavored [first] adventurers or 'first comers' who are entitled to the warmest thanks of every might happen to arrive in the territory, asfriend of humanity." sembled in [primary] meeting." If a doubt on this subject could possibly exist, it is removed by the next succeeding sentence of my letter. I proceed to state that "Congress, in the admission of Texas, adopted the same rule," &c. And what was this rule? The joint resolution for annexing Texas to the United States, approved March 1, 1845, answers the question in the following words: "And such states as may be formed out of that portion of said territory lying south of 36 deg. 30 min. north latitude, commonly known as the Missouri compromise line, shall be admitted into the Union with or without slavery, as the people of each state asking admission may desire." Such was the description of the people to whom I referred in my Berks county letter.

Any other construction of the letter would render it essentially inconsistent with itself. Having urged the adoption of the Missouri compromise, the inference is irresistible that Congress, in my opinion, possesses the power to legislate upon the subject of slavery in the territories. What an absurdity would it then be, if, whilst asserting this sovereign power in Congress, which power from its nature must be exclusive, I should in the very same breath also claim this identical power "for the population of a territory in an unorganized capacity."

my

In conclusion, I desire to reiterate and reaffirm every sentiment contained in Berks county letter. I cling to the Missouri compromise with greater tenacity than ever, and yet firmly believe that it will be adopted by Congress.

JAMES BUCHANAN.

Yours, very respectfully,
T. Sandford, Esq.

"Now, sir, I am enabled to state, on unquestioned authority, that the declaration, that James Buchanan was chairman of the committee which framed those resolutions, is unfounded and untrue. I undertake here, in that Mr. Buchanan did not report the resolu my place, to say to the House and the country, tions referred to; that he was not the chairreported; and that he never saw them until man of the committee by which they were they appeared in print. But, suppose he had reported them; suppose he had been chairman of the committee which reported them-I appeal to the South to answer whether this fact should stand against him with the long experience of his life before the country?

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But, Mr. Speaker, this accusation belongs to the class of idle reports invented, and now circulated, to damage him in the estimation of the American people. Sir, all these accusations, whether asserted anonymously or publicly, are triumphantly answered by the record of his public life."

INAUGURAL ADDRESS OF MR. BUCHANAN.

Fellow-citizens-I appear before you this day to take the solemn oath "that I will faithfully execute the office of President of the United States, and will, to the best of my ability, preserve, protect, and defend the Constitution of the United States."

In entering upon this great office, I must humbly invoke the God of our fathers for wisdom and firmness to execute its high and responsible duties in such a manner as to restore harmony and ancient friendship among the people of the several states, and to preserve our free institutions throughout many generations. Convinced that I owe my elecMr. Fuller of Pa., in the House of Repre- tion to the inherent love for the Constitution

MR. FULLER'S CHARGE AGAINST MR. BUCHA-
NAN.

and the Union, which still animates the hearts | own destiny for themselves, subject only to of the American people, let me earnestly ask the Constitution of the United States. their powerful support in sustaining all just measures calculated to perpetuate these, the richest political blessings, which Heaven has ever bestowed upon any nation. Having determined not to become a candidate for reelection, I shall have no motive to influence my conduct in administering the government except the desire ably and faithfully to serve my country, and to live in the grateful memory of my countrymen.

The whole territorial question being thus settled upon the principle of popular sovereignty-a principle as ancient as free government itself everything of a practical nature has been decided. No other question remains for adjustment; because all agree that under the Constitution slavery in the states is beyond the reach of any human power except that of the respective states themselves wherein it exists. May we not, then, hope that the long agitation on this subject is approaching its end, and that the geographical parties to which it has given birth, so much dreaded by the Father of his Country, will speedily become extinct? Most happy will it be for the country when the public mind shall be diverted from this question to others of more pressing and practical importance. Throughout the whole pro

We have recently passed through a Presidential contest in which the passions of our fellow-citizens were excited to the highest degree by questions of deep and vital importance; but when the people proclaimed their will the tempest at once subsided, and all was calm. The voice of the majority, speaking in the manner prescribed by the Constitution, was heard, and instant submission followed.gress of this agitation, which has scarcely Our own country could alone have exhibited so grand and striking a spectacle of the capacity of man for self-government.

known an intermission for more than twenty years, while it has been productive of no positive good to any human being, it has been the prolific source of great evils to the master, to the slave, and to the whole country. It has alienated and estranged the people of the sister states from each other, and has even seriously endangered the very existence of the Union. Nor has the danger yet entirely ceased. Under our system there is a remedy for all mere political evils in the sound sense and sober judgment of the people. Time is a great corrective. Political subjects which, but a few years ago, excited and exasperated the public mind, have passed away, and are now nearly forgotten. But this question of domestic slavery is of far graver importance than any mere political question, because, should the agitation continue, it may eventually endanger the personal safety of a large portion of our countrymen where the institution exists. In that event, no form of government, however admirable in itself, and however

What a happy conception, then, was it for Congress to apply this simple rule-that the will of the majority shall govern to the settlement of the question of domestic slavery in the territories! Congress is neither "to legislate slavery into any territory or state, nor to exclude it therefrom; but to leave the people thereof perfectly free to form and regulate their domestic institutions in their own way, subject only to the Constitution of the United States." As a natural consequence, Congress has also prescribed that when the territory of Kansas shall be admitted as a state, it "shall be received into the Union with or without slavery, as their constitution may prescribe at the time of their admission." A difference of opinion has arisen in regard to the point of time when the people of a territory shall decide this question for themselves. This is, happily, a matter of but little prac-productive of material benefits, can compensate tical importance. Besides, it is a judicial question which legitimately belongs to the Supreme Court of the United States, before whom it is now pending, and will, it is understood, be speedily and finally settled. To their decision, in common with all good citizens, I shall cheerfully submit, whatever this may be, It is an evil omen of the times that men though it has ever been my individual opinion have undertaken to calculate the mere matethat under the Nebraska-Kansas act the ap-rial value of the Union. Reasoned estimates propriate period will be when the number of actual residents in the territory shall justify the formation of a constitution with a view to its admission as a state into the Union. But, be this as it may, it is the imperative and indispensable duty of the government of the United States to secure to every resident inhabitant the free and independent expression of his opinion by his vote. This sacred right of each individual must be preserved. That being accomplished, nothing can be fairer than to leave the people of a territory free from all foreign interference to decide their

for the loss of peace and domestic security around the family altar. Let every Unionloving man, therefore, exert his best influence to suppress this agitation, which, since the recent legislation of Congress, is without any legitimate object.

have been presented of the pecuniary profits and local advantages which would result to different states and sections from its dissolution, and of the comparative injuries which such an event would inflict on other states and sections. Even descending to this low and narrow view of the mighty question, all such calculations are at fault. The bare reference to a single consideration will be conclusive or this point. We at present enjoy a free trade throughout our extensive and expanding country such as the world has never witnessed. This trade is conducted on railroads and canals,

on noble rivers and arms of the sea, which | just to the rest of the community, and inconsistent with that spirit of fairness and equality which ought to govern in the adjustment of a revenue tariff.

bind together the north and the south, the
east and the west of our confederacy. Anni-
hilate this trade, arrest its free progress by
the geographical lines of jealous and hostile
states, and you destroy the prosperity and
onward march of the whole and every part,
and involve all in one common ruin. But such
considerations, important as they are in them-
selves, sink into insignificance when we reflect
on the terrific evils which would result from
disunion to every portion of the confederacy
to the north not more than to the south; to the
east not more than to the west. These I shall
not attempt to portray, because I feel an hum-
ble confidence that the kind Providence which
inspired our fathers with wisdom to frame the
most perfect form of government and union
ever devised by man will not suffer it to perish
until it shall have been peacefully instrumen-
tal, by its example, in the extension of civil
and religious liberty throughout the world.

But the squandering of the public money sinks into comparative insignificance as a temptation to corruption when compared with the squandering of the public lands. No nation in the tide of time has ever been blessed with so rich and noble an inheritance as we enjoy in the public lands. In administering this important trust, whilst it may be wise to grant portions of them for the improvement of the remainder, yet we should never forget that it is our cardinal policy to reserve these lands as much as may be for actual settlers, and this at moderate prices. We shall thus not only best promote the prosperity of the new states and territories, by furnishing them a hardy and independent race of honest and industrious citizens, but shall secure homes for our children and our children's children, as well as for those exiles from foreign shores who may seek in this country to improve their condition and to enjoy the blessings of civil and religious liberty. Such emigrants have done much to promote the growth and prosperity of the country. They have proved faithful both in peace and in war. After becoming citizens they are entitled, under the Constitution and laws, to be placed on a perfect equality with native-born citizens, and in this character they should ever be kindly re cognised.

Next in importance to the maintenance of the Constitution and the Union, is the duty of preserving the government free from the taint, or even the suspicion of corruption. Public virtue is the vital spirit of republics; and history proves that when this has decayed, and the love of money has usurped its place, although the forms of free government may remain for a season, the substance has departed for ever. Our present financial condition is without a parallel in history. No nation has ever before been embarrassed from too large a surplus in its treasury. This almost necessarily gives The Federal Constitution is a grant from birth to extravagant legislation. It produces the states to Congress of certain specific wild schemes of expenditure, and begets a race powers; and the question whether this grant of speculators and jobbers, whose ingenuity is should be liberally or strictly construed has exerted in contriving and promoting expedi- more or less divided political parties from the ents to obtain public money. The purity of beginning. Without entering into the arguofficial agents, whether rightfully or wrong- ment, I desire to state, at the commencement fully, is suspected, and the character of the of my administration, that long experience government suffers in the estimation of the and observation have convinced me that a people. This is in itself a very great evil. strict construction of the powers of the GoThe natural mode of relief from this embar-vernment is the only true, as well as the only rassment is to appropriate the surplus in the safe, theory of the Constitution. Whenever, treasury to great national objects for which a in our past history, doubtful powers have clear warrant can be found in the Constitution. Among these I might mention the extinguishment of the public debt; a reasonable increase of the navy, which is at present inadequate to the protection of our vast tonnage afloat, now greater than that of any other nation, as well as to the defence of our extended seacoast.

It is beyond all question the true principle that no more revenue ought to be collected from the people than the amount necessary to defray the expenses of a wise, economical, and efficient administration of the government. To reach this point it was necessary to resort to a modification of the tariff; and this has, I trust, been accomplished in such a manner as to do as little injury as may have been practicable to our domestic manufactures, especially those necessary for the defence of the country. Any discrimination against a particular branch, for the purpose of benefiting favored corporations, individuals, or interests, would have been un

been exercised by Congress, these have never failed to produce injurious and unhappy consequences. Many such instances might be adduced if this were the proper occasion. Neither is it necessary for the public service to strain the language of the Constitution; because all the great and useful powers required for a successful administration of the government, both in peace and in war, have been granted, either in express terms or by the plainest implication.

Whilst deeply convinced of these truths. I yet consider it clear that, under the warmaking power, Congress may appropriate money towards the construction of a military road, when this is absolutely necessary for the defence of any state or territory of the Union against foreign invasion. Under the Constitution Congress has power "to declare war," "to raise and support armies,' "9" to pro vide and maintain a navy," and to call forth

the militia to "repel invasions." Thus en- It is our glory that, whilst other nations dowed, in an ample manner, with the war- have extended their dominions by the sword, making power, the corresponding duty is re- we have never acquired any territory except quired that "the United States shall protect by fair purchase, or, as in the case of Texas, each of them (the states) against invasion." by the voluntary determination of a brave, Now, how is it possible to afford this protec- kindred, and independent people to blend tion to California and our Pacific possessions, their destinies with our own. Even our acexcept by means of a military road through quisitions from Mexico form no exception. the territories of the United States, over which Unwilling to take advantage of the fortune men and munitions of war may be speedily of war against a sister republic, we purtransported from the Atlantic States to meet chased these possessions, under the treaty of and to repel the invader? In the event of a peace, for a sum which was considered at the war with a naval power much stronger than time a fair equivalent. Our past history forour own, we should then have no other availa- bids that we shall in the future acquire terrible access to the Pacific coast; because such tory unless this be sanctioned by the laws of a power would instantly close the route across justice and honor. Acting on this principle, the Isthmus of Central America. It is im- no nation will have a right to interfere or to possible to conceive that, whilst the Constitu- complain if, in the progress of events, we tion has expressly required Congress to defend shall still further extend our possessions. all the states, it should yet deny to them, by Hitherto, in all our acquisitions, the people, any fair construction, the only possible means under the protection of the American flag, by which one of these states can be defended. have enjoyed civil and religious liberty, as Besides, the government, ever since its origin, well as equal and just laws, and have been has been in the constant practice of construct- contented, prosperous, and happy. Their ing military roads. It might also be wise to trade with the rest of the world has rapidly consider whether the love for the Union which increased; and thus every commercial nation now animates our fellow-citizens on the Pacific has shared largely in their successful procoast may not be impaired by our neglect or gress. refusal to provide for them, in their remote and isolated condition, the only means by which the power of the states, on this side of the Rocky Mountains, can reach them in sufficient time to "protect" them "against invasion." I forbear for the present from expressing an opinion as to the wisest and most economical mode in which the government can lend its aid in accomplishing this great and necessary work. I believe that many of the difficulties in the way which now appear formidable will, in a great degree, vanish as soon as the nearest and best route shall have been satisfactorily ascertained.

It may be proper that, on this occasion, I should make some brief remarks in regard to our rights and duties as a member of the great family of nations. In our intercourse with them there are some plain principles, approved by our own experience, from which we should never depart. We ought to cultivate peace, commerce, and friendship with all nations, and this not merely as the best means of promoting our own material interests, but in a spirit of Christian benevolence towards our fellow men, wherever their lot may be cast. Our diplomacy should be direct and frank, neither seeking to obtain more nor accepting less than is our due. We ought to cherish a sacred regard for the independence of all nations, and never attempt to interfere in the domestic concerns of any, unless this shall be imperatively required by the great law of self-preservation. To avoid entangling alliances has been a maxim of our policy ever since the days of Washington, and its wisdom no one will attempt to dispute. In short, we ought to do justice, in a kindly spirit, to all nations, and require justice from them in

return.

I shall now proceed to take the oath prescribed by the Constitution, whilst humbly invoking the blessing of Divine Providence on this great people.

Buffalo and Utica Conventions of 1848.

THE Utica Convention met on the 28th of June, 1848, the Hon. Sam. Young, president, Gilbert Dean, Esq., of Dutchess Co., N. Y., secretary. The credentials of the Barnburner delegation were returned. Messrs. Martin Grover, Preston King, B. F. Butler, and John Van Buren spoke. D. D. Field, Esq., read a letter from Martin Van Buren, taking ground against the action of the Baltimore Convention.

Simeon B. Jewett, Esq., of Monroe Co., moved the unanimous nomination of Martin Van Buren by acclamation for President, which was carried with cheering. Henry Dodge of Wisconsin, was nominated for Vice President. Speeches were then made by Messrs. Rathbun, Nye, and Young. The resolutions adopted, assumed it to be the right and duty of Congress to expel slavery from the territories, and declared "domestic slavery a great moral, social, and political evil," and a "relic of barbarism.”

The address reported by Mr. Butler was a strong Free-Soil one.

Senator Dodge wrote an immediate letter, declining the candidacy of Vice President. In order to fill this vacancy on their ticket, and extend the Free-Soil movement in other states, a " Convention of Free States" was called to meet at Buffalo on the 9th of August, 1848.

The Buffalo Convention met, all the non slaveholding states being represented, that is, having citizens upon the ground. Charles

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