3. 3, 1834.] Memorial of Merchants, &c. of New York. ns, to protect itself from the effects of the withdrawal that confidence and those funds. [H. OF R. not, is guarded, so far as relates to the interference of other States, with a State pride, which will resist and conLet me ask whether a course like this is not almost suf- trol all attempts from abroad. Did not these objections ent to justify the merchants themselves in assuming a exist, the difficulty and expense of a local bank placing stile attitude? and saying that, if the Government con- funds at various points necessary to sustain its circulation, er it of no importance to aid and foster them in times limited and curtailed as it must be by other banks attemptdifficulty, they will withhold their payments, and leave ing to pursue the same course, must effectually prevent public officers to pursue their remedy? It will scarce-local banks from obtaining, or attempting to obtain, a genbe said that the Government fares better than other eral circulation. ents in the business of litigation. It would be unwise to The memorialists say that the scheme sought to be ve to such a result. Our commercial men would bear carried into execution by the administration is unwise g and endure much before they would depart from the and impracticable. Are not the above suggestions, of th of duty. Should the Government, however, system- themselves, sufficient to justify their conclusions? A nacally pursue a course fatal to their interest—should it tional bank, in their opinion, can alone create a good, rigid unkind treatment compel them to resist-above sound, and sufficient national currency. That alone can , should our merchants, from any cause, not consider carry on its concerns with benefit to itself, and with point of honor to fulfil their engagements, the loss equal corresponding advantages to every section of the ich the revenue must sustain might prevent us from United States. No local substitutes will answer the pureting our ordinary expenditure. pose; without it, all the exchanges in the interior are to The act of 1833, whereby the system of short credits be charged with ruinous premiums and discounts, not for d cash duties was ingrafted upon our revenue laws, the benefit, but to the loss, to the great loss, of every class is the result of a compromise-the middle ground upon of our citizens, whether producer, manufacturer, mechanhich the different States and different conflicting inter-ic, or merchant--perhaps to raise up an increased number ts were able to unite. It might, therefore, be consid- of brokers and speculators, who will thrive upon the deed the settled and fixed policy of the Government, not preciated and disorganized state of the bank note currency. ble to alteration. Independent, therefore, of the par- So manifest were these results, that those who have cular concurrence of double duties during the past year, declared their opposition to a national bank-not to this e merchants are from this time forth deprived of all the bank-to any national bank—now aver in this hall, and elsevantages arising from long credits on the duties to be where, that their efforts are to be directed against the id into the treasury, and, as a necessary consequence, whole system. The language is too plain to be misunquire a continued increased amount of accommodations, derstood. The course has been too plainly delineated, ly to be afforded by an institution so extensive in its and too often repeated by those who are known to speak perations and credit as to include every point at which le revenue is collected and disbursed. This House must and will deem it their duty not to nite in, but to resist, any plan which has for its object, or hich produces as a result, the ruin or injury of this most seful portion of our citizens. They have arranged a sys- Where, Mr. Speaker, are we to procure the gold and em of trade founded upon credit, and credit alone, silver? Will those who have them take our local bank hereby the inland and foreign commerce is carried on notes in payment? Will they pass more current in Engith almost entire certainty, and with the least possible land or France than here? The precious metals are to be xpense. The produce of the interior reaches its ulti-paid for; the world would not give them to us without an nate market, is sold, and returns are made at the small-equivalent; and we are called upon to believe that the st cost; the products and goods from other countries country would be benefited by parting with eighty mileach the consumer charged with a smaller advance than lions of dollars of its property, to procure a substitute for one without experience would suppose within the power of any system of commercial operations. Why jostle, or listurb, or destroy the machinery? It works well-it performs in every part admirably. from authority, and to indicate the opinions of the administration. Our whole banking system is to be overthrown, and we are deliberately told that we must return to gold and silver as the only medium for carrying on our commerce, both at home and abroad. a currency now sound and good, and which literally costs us nothing. The whole effort is impracticable--it cannot be carried into execution. The memorialists do not come forward as the advocates or opponents of the present bank; they do not wish or intend to become parties to that contest. They believe, and I believe, that a bank is essential; and they are opposed to that policy which would deprive the country of its benefits. They wish the charter so modified as to prevent it from being used as a political institution, either by or against the Government. They believe either position hostile to the purposes for which it should be created, and that provisions might be formed which would prevent it from assuming such an attitude. Our local banks perform a most efficient and useful part in this great machine, yet their operations were essentially and necessarily local; their credit was and must be confined, so far as relates to their bills, to the neighborhood. The fact that those who receive or circulate those bills, at a distance from the place of issue, would not stand upon equal ground with those nearer the institutions-that in case of failure, or anticipated failure, they would not be at hand to present them for redemption, was sufficient, of itself, to prevent local banks from giving a general circulation. Even in our own State, arranged Mr. S. said he was not a convert to the new theory, as our banking system is, the notes of the western section that bank notes, whether national or local, were hostile to do not pass current; they are oftener cashed by the bro- the liberty of the country, or injurious to the interests of ker than passed into currency, and in all cases are received any portion of the people. On the contrary, he believed with reluctance and complaint. How, then, is it possible that every class, except the idle and profligate, had benfor the bank of one State to render its notes current in efited by the use of the important agency of bank notes. other parts of the Union? The prejudices of the people They had enabled labor, enterprise, and talent to comare against it. State legislation would be also directed pete with wealth. No man in this country, however poor against it. There is now a law of the State of New York, may have been his origin, or humble his condition, has which renders it penal to circulate notes of foreign banks been prevented from carrying into effectual and profitable less than five dollars, although the same restraint is not execution any business or enterprise, which offered any placed upon our own banks. The regulation of curren- reasonable prospect of success, who had integrity, capacy is considered in the light of an attribute of sovereignty; city, and industry to recommend him. And to our exand, whether constitutionally belonging to the States or tensive system of credits, founded upon bank notes, are H. OF R.] Memorial of Merchants, &c. of New York. [FER. 3, 1854 we principally indebted. Whenever we look to the rapid the power of steam, it may produce serious disasters. Iet increase of our population, and to the more rapid increase the benefits so far exceeded its disadvantages, that so in of national and individual wealth; when we look at the could hesitate upon the question of its continuance. The rapidity with which these States have advanced to their local banks required regulation; and those engaged i present imposing powerful condition, from the Atlantic to commerce have said that a national bank constitute a the western waters, filled with thriving cities, towns, and villages, workshops and manufactories scattered through every section, the farmer and planter furnished with a ready market at his door-no one, who will look at the cause, can deny that for these happy consequences we are mainly indebted to the facilities offered to enterprise by the circulation of bank notes. good and sufficient regulation--a regulation in which the local and general circulation constituted mutual checki, restraining excesses on either side. 19 To recur to the effect of the present plan upon the enue: has it resulted as was anticipated? The theory e employing local banks as the agents of the Governmen has been already sufficiently tried. The experiment de All the necessaries of life, all the comforts and luxuries failed. Those who pay the revenue tell you that it b from every quarter of the world, are found in as great failed; that they have and must form insufficient instr abundance in the remotest settlements as on the shores of ments for collection or disbursement, without deranged to the Atlantic. They are not only found there, but pur- all the channels of trade; that they can afford no sufic chasers are found there; and no one who is willing to accommodations to enable them to pay their engagemen labor is deprived of the ability to participate. If we are or to continue their operations. The state of things int asked for the great efficient agent which has enabled us to our commercial towns confirms the representation. B realize all this, I answer, bank notes. Where would have ness is at a stand. Private negotiations and contracts h been our roads, our canals, our great lines of internal im- ceased. The only struggle seems now to be to meet the provement, penetrating the far West, were it not for the engagements already contracted. A different course nu use of bank notes? be adopted. It seems to me that we are quarelling with our best in- Upon the subject of accommodations to the debton t terests; that we are seeking to destroy one of the most the Government, it may be remarked, that the selec important devices ever contrived by man, in this war upon banks cannot answer the purpose to the extent expects bank notes. Let me say that the poor and middling classes There are three in New York, among which the ba are more interested in this contest than the rich. The lat-due the Government are to be distributed. Each is c ter have already realized those means whereby they may pelled to retain, subject to the draft of the Treasury, a accumulate more; the former can only hope to improve amount not used in loans not much less than would ben their condition by the use of these circulating credits. tained by a single institution; thus withholding from t Labor alone will not do it; they must have means; they accommodation to our merchants nearly three times must have facilities; they must have aid. much as would be otherwise required; and these embe I would, said Mr. S., put the question to the people of rassments are increased-yes, multiplied-as you enlay the country, and nine out of ten of those who have ad- the number of depositing banks, either there or elsewher vanced to fortune will answer that their first successful ef- It had been said that it would be vastly better for th forts arose from their ability to borrow bank notes. I monetary system to be carried on and regulated by would warn the labor, and enterprise, and talent of the different institutions, rather than one, on the ground of a country to be on their guard. The effort now making, great power. How, he would ask, was the Governme whether intended or not, is to elevate wealth above char- of the country carried on? Had we one or a hund acter and industry; and to give the vantage ground to executive heads? What is the strong argument in fir those who now have already their gold and silver, or the of one executive head, independent of its giving unifor means of obtaining them, which can never be recovered. ity of action? It is this-that the people have but ar It is said that a gold and silver currency is more conso-agent to look to, one body to hold responsible. Sir, Is nant with our free institutions. There is no truth in the with a national bank the people have but one great ag assertion. I, said Mr. S., deny it. Look to Europe; un- to look to, and past experience shows that it is compells der what Governments has a sound paper circulation flour- to direct its course in pursuance of the popular voiceished? Under those which most assimilate to our own. one time to diminish its loans as excessive, at anothe In England, where the people have been able to preserve time to enlarge them as too contracted. With twen a representative Government; where, whatever complaints Government banks, attention would be distracted, and may be made against other parts of her political institu- their managers may grant their favors and gratify the tutions, the country is governed by laws adopted by the partialities almost without the possibility of redress. Le representatives of the people; in France, from the mo- us have one national institution, one board of directos ment she returned to a representative system. Look to for a general superintendence, one president, to be kept Austria, to Spain, to Russia, and Prussia; have they been constantly up to public view. And while we thus co able to sustain or establish a sound paper currency? I an-mit to one head, or one board, this power, they will be swer, no. And their bills are dishonored at the very doors kept in constant check, at the same time that they ar of the palace. There seems to be a species of repelling able to act upon enlarged views arising from a concer power between despots and bank notes. The former can- trated knowledge of the wants, the products, and cas not live where the latter circulate, and the latter cannot merce of every section of the country. circulate where the former live. The people will not It is said by some that the people were willing to sha not trust a paper currency which is not protected by a don bank paper as the circulating medium. Where is the representative Government. It constitutes an efficient evidence? Do the resolutions from the Legislature of agent of the people's power. Despotism cannot reach or touch it, but it vanishes or dwindles into rags. Thereby they keep the property of the country out of the grasp of tyranny, and at a moment's notice transfer it to a place of security. New York afford any such evidence? Does the conduct of her citizens afford any such evidence? No: on the ca trary, we find that the same Legislature is called upon incorporate full fifty new banks, with a combined capt of fifty millions of dollars or upwards. Do the resolubars In making these observations, Mr. S. observed that he from Ohio afford any such conclusion? No: on the car would not be understood as saying that this important trary, that State, within the last two years, has doubled agent was harmless. No; on the contrary, it required banking capital, and the people are asking for more constant control and continued watchfulness. There was Every where-yes, every where-the attachment to ban a constant tendency to derangement and excesses. Like notes continues, and will, Mr. Speaker, continue, unles B. 3, 1834.] Memorial of Merchants, &c. of New York. [H. of R. eir value or use is destroyed by depreciation and fail- have no power. It is a libel upon the people of this coun25. The people call for good bank notes, such as will try. The ballot boxes have not and cannot be corrupted redeemed in specie; and the question, in truth, is, by the influence of wealth. The history of parties in this ether we shall have a solvent or insolvent bank note country is against it; the character of the American voculation? ters repudiates the charge; the course of the last election affords irresistible evidence against it. All must admit, if our circulating medium is to remain the shape of credits, we must have a regulator-a good Look back to the close of the administration of General 1 sufficient regulator. The question is this: shall we Washington: the federal party then greatly outnumbered ve a medium so controlled that it shall continue sound their opponents, and owned by far the largest part of 1 stable? or is it intended to allow the local banks to the property of the country; yet, in the progress of a few ow out an extent of issues which they are unable to re- years, it sunk into a feeble minority. The wealth which it em, and unwilling to reduce, until the whole are in- possessed was one of the causes of its downfall. The first ved in one common failure? In the hands of this House bank was unable to sustain a corporate existence beyond he power of preventing such a catastrophe. We can- the period of its first charter; the present bank seems dwell too long upon the subject of the power of a doomed to the same fate. The instinctive opposition to ge moneyed institution. Mr. S. said, I admit that it ex-wealth by those who do not possess it, (and they must al, and believe it can be controlled, and effectually con- ways constitute the great mass,) renders it powerless--it lled. That power was brought into exercise by its might almost be said helpless-in a contest for political acity to make profits. The proprietors of the present, ascendency. Those who have been successful in acquirany other national bank, so regulated that it could not ing large estates, find, as a uniform accompaniment, the urn to its stockholders a revenue exceeding that which loss of political influence. It must be so. It is well, as a arise from other safe investments, would make but whole, that it should be so. The danger to which our inle struggle, either by using the funds of the bank or stitutions are exposed arises, in truth, from those who ir own, to give it perpetuity or influence. They have no sympathies with the people, that seize upon the uld change or withdraw their investments, and place popular will to direct it against the general interests, for em elsewhere, not subject to complaint or contest. The individual private benefit. ck of this bank has, as yet, not proved a very profitainvestment, but its capacity to make profits has been veloped; and to that point more than to any other should attention of Congress be directed. During the recent election, what evidence was exhib. ited? Pennsylvania, having a deep stake in continuing the bank at the city of Philadelphia, gave a larger majority than any State in favor of the present Chief Magistrate. The city of New York, deeply interested in commerce, relying upon and receiving large accommodations from the bank, gave an immense majority on the same side. There was no section of the Union, which was expected to be favorable, which was not favorable to his elevation. It may be considered certain that a party will gain strength by arraying itself in opposition to the bank. The power of bearing down upon the local banks is ich exaggerated. It can never be exercised until the al banks commence overtrading. As long as they conue the business of discreet banking, making no exces. e loans, or throwing out excessive issues, the national k is powerless: when they commit excesses, that bank powerful; and it seemed to him that this was one of the at benefits of the institution. Again, this power is mu- How stands the charge against the public press? The 1. Suppose the excess is on the part of the Bank of very suspicion that it was influenced by accommodations United States; that it improperly increases its loans, from, or payments by, the bank or its officers, was suffiI sends forth its bills; as a necessary consequence, cient to paralyze its influence. So strong was the feeling, ose bills find their way into the local banks, and are re-that not only those papers against which there was reasned for redemption in specie. The condition of the onable ground to make the charge, but those with regard ional bank, exposed at every point, and in every sec- to which there was no proof, or any reason to believe of the country, compels that institution to keep itself that any proof existed, were stricken down in public Ehin confined limits, and, as a necessary consequence, it opinion, and their efforts rendered useless in favor of the eps the local banks within proper bounds. The great- bank, upon the mere allegation that they were working amount of loans which that bank has had outstanding for the bank. A full answer to every argument which s about seventy millions of dollars: this was twice the ingenuity could devise in its support, which editorial inount of the capital. At the same time, the bank, industry and talent were able to put forth in sustaining the dition to that capital, had large, very large deposites. institution, was found in the simple assertion that the w, loans to twice the amount of capital would be con- newspaper was bought by the bank. A bank press—a ered not an excessive business by our local banks. In purchased press. Any effort to deny it was taken for w York the law allows twice and a half the amount, evidence of the fact. most of the banks in the interior avail themselves of Mr. Speaker, are not these observations well founded? advantage; and banks in other parts of the country Politicians constantly act upon them, and those triumph ve extended quite as inuch, without complaint. Twice in their plans who place themselves in opposition to the amount was excessive for the Bank of the United advocates of any great moneyed institution. If, said Mr. tes, and was deemed unwise and unsafe by many of S., I were striving for advancement, and were willing to directors of that institution. It would scarcely be at- make all considerations yield to that advancement, my opted again. It should be prevented by law. The ef-course would be very plain. I would be found uniting in t, however, was, that at that period it was rather in the cry against this dangerous monopoly, overshadowing power of the local banks than the opposite. And so the liberties of the country. It is a sound which will ralmust always be, when it pursues the plan of over-ly all the forces to the field-forces before which the ding. present bank will sink into its grave--forces before which no bank can stand for a moment in contest; and the larger the institution, the more certain is its death. We have heard much of the political power exercised the bank in the elections of the country. It seems to said Mr. S., that the proposition was inaccurately stated. There are objections to the present bank, or any other hatever may have been the attempts of the bank, or of organized as this is--strong and powerful. They must officers or stockholders of the bank, (and my purpose be removed. The memorialists understand the difficulot to prove or deny them,) it is perfectly manifest that ties, and suggest the necessity of modifying the charterh attempts were, and must be always, ineffectual-whether the old one, or a new one-to meet these objecrse than ineffectual. They have no power-they can tions. Curtail its ability to make profits for the stock H. OF R.] use. holders, by applying a part of those profits to the public ated nine per cent., or one hundred and eighty thousand Limit its power to extend improperly or unsafely dollars on the amount of its capital. The Delaware and its business. Check it at every point where experience Hudson Canal Bank, seven hundred and twenty thousand has shown it requires checks. dollars on the amount of its capital. An institution thus organized is deemed by the memorialists essential to our commercial and national prosperity; they are able to judge, and their judgment ought to be followed. Other banks have suffered a corresponding decline, and the depreciation in the price of bank stocks of the city alone falls not far short of three millions. Insuran stocks of all kinds have declined in a corresponding d In presenting this memorial, he must of necessity ad-gree. With such proof, it is idle to deny the distresses vert to one other topic. The question had again been which prevail. These are not declarations; they are faca raised, whether this Government had constitutional pow-which must carry conviction to every member of the er to create a bank. It was not his intention to discuss House. this question at this time. One or two remarks, however, Within the last few days, less incredulity seems to prev might be made. The power thus exercised was claimed the language is now changed; and it is admitted, wi under that clause in the constitution whereby Congress is and without this House, that there is a pressure in o clothed with authority to pass all laws needful and proper commercial cities along the Atlantic, but that it does a to carry certain specified powers into execution-among extend to the country; and it has been asked, by at lea which specified powers are those of raising, collecting, one, of what importance were these dealers in tape a and expending the public revenue, and of coining money. buckram? Now, whether a bank is needful or proper for the pur- Let me, said Mr. S., tell the honorable gentlemen whe pose, affords the test; and that test is liable to vary, from represent the interior, that they are mistaken if they a a variation in the condition of the country. At the time pose the storm is only to reach the shores of the Athan Mr. Jefferson first expressed his opinion, there were but they will find it extending, with increased fury, to eve two or three local banks in the United States-one at Phil-town, village, and hamlet in the interior; prostrating,: adelphia; one, if his recollection served him, at New York; its course, not only their mercantile and manufacti and one at Boston. That distinguished statesman might establishments, but their workshops and their crops, well have formed and expressed the opinion that a bank ing to those, of whom I (said Mr. S.) have the advanta was not needful or proper to carry into effect any speci- of being one, the profitable business of collecting fied power. ruins. How stands the matter now? On the 1st of January, 1833, there were three hundred and eighty-five banks, with seventy-five branches, in the United States, with a circulation of from eighty to one hundred millions of dol lars of bank notes, and all engaged in the business of creating and extending that circulation-all striving to enlarge their business-and the whole system exhibiting a constant tendency to derangement, vastly useful in the main, but calling for a continued check. The national revenue is now collected by, and disbursed through them, and, therefore, liable to all the fluctuations to which the banks are themselves exposed. Might it not very well be that a power which was doubtful at one time, founded upon the question whether it was needful and proper, at another would be deemed a matter of the highest necessity to exercise-a dereliction from the constitution not to exercise? This Government has not, it is maintained by many, the power of making roads or canals through or in a State. Would any one doubt that it might do it in time of war, to furnish means for transportation of arms and the materials of defence? It may be said, then, that a national bank might, at one time, have been very unnecessary, and therefore unconstitutional, at another time, of the highest necessity, and therefore constitutional. Before closing his remarks, Mr. S. observed that he would refer the House to a comparative stock list, taken from the sales in the New York market, exhibiting a comparison of prices between the present period and the time immediately preceding the action of the Secretary of the Treasury, whereby the friendly relation of the Government to the bank was destroyed. The stock of the Bank of New York had depreciated seven and one-half per cent., or seventy-five thousand dollars on the amount of its capital. The stock of the Manhattan Company, one of the Government banks, had depreciated eleven per cent., or two hundred and twenty thousand dollars on its capital. The stock of the Merchants' Bank had depreciated ten per cent., or one hundred and forty-nine thousand dollars on the amount of its capital. The stock of the Mechanics' Bank, one of the Government banks, had depreciated six per cent.,or one hundred and twenty thousand dollars on the amount of its capital. The stock of the Bank o America, the last of the Government banks, had depreci f This is not all; every improvement is now in danger being stopped. Your railroads and canals: from whe is the money to come with which to continue these were Should the consequences extend further, and which st have great reason to apprehend-should the stocks wit have been issued by the different States, and now o in Europe, be returned upon the American market r sale-should the foreign fundholder become alarmed the passing events here, and seek safety by partial st fices-how would the credit of State securities be tained? Our rich men might avail themselves of the depe ciation to some extent, and become purchasers; but, a doing it, they must withdraw their means from the pa where they are now loaned, to the ruin of their debtın and to the immense depreciation of their property. I ask, said Mr. S., the representatives from Louisen, what will become of her ten millions of securities held Europe? the representatives of Ohio, what will One with her four millions of debt in London? and the rept sentatives of Pennsylvania, what course will that pr State pursue with her twelve millions of stock belt: foreign owners? Can these States take advantage of the market, and buy them? Where is the money to come fres How are their public works to be completed' By stock list to which I have referred, it appears that the Ohio six per cent. State stocks have depreciated ten re cent., or one hundred thousand dollars on every mar which they may be compelled to borrow; and this, t at a time when the resources of the commercial cities dried up. Let us proceed to another relation affected by the pr ent state of things-the relation of debtor and crecer The amount of outstanding debts is incalculable. W constitutes one man's prosperity is another man's de The stock of all our banks is invested in promissory mo and bills of exchange. Debts-nothing but debts. property of our merchants consists mostly of outstand debts. There is scarcely a man in the country, eng in any kind of active employment, that is not a debtor greater amount than would, in ordinary times, remais à him when his debts were paid. How are all the debtors to pay? They are to pay fr the proceeds of property to be sold at half the p which it originally cost. In other words, the money a♬ 3, 1834.] Memorial of Merchants, &c. of New York. [H. OF R. ich they pay is worth and will purchase twice as much What could he gain? Nothing. But could he have folwhen the debt was contracted; and he who receives lowed his own private wishes; could he cast from him receive in value twice as much as he agreed to re- those daily and hourly proofs of distress; of the distress ive when the debt was contracted. I say, said Mr. S., existing not merely in the commercial world, but in all war now carrying on is a war against the debtors of portions of the community; a distress which was aggracountry, and, so far as the debts are paid for the ben-vating with every hour, he must have been either more or of the creditors, it is a war of ruin. It is a war against less than man. If even one-half of which had reached the nk notes--it is a war against labor and enterprise. It eyes and ears of him who now administered the Governwar against the poor, which we, as politicians, are ment, it would be enough to shake even that rigidity of ging for our own advancement. It is a war against purpose which had been so generally ascribed to him. debtors, whether by mortgage, note, or other con- But because he believed that the Government did not realize what was passing in the country, he would state, briefly, the reasons which had induced him to offer such a proposition to the House. ct. One further suggestion, said Mr. S., and he was done. was a favorite theory with some that we had no use for eign capital. The amount already contracted must be At the outset, Mr. W. said, he was met by allegations urned. How will you return it? Where are we at from various quarters of the House that no distress exesent to find the means to pay it? Our country is pros-isted. It was in vain that one universal shriek came up rous: gaining every day more and more by the use of from all the cities of the land: in vain petition on petition s capital. It is procured at low interest, and used at were heaped upon the table: in vain a most respectable it advantage. Why reject it? Can it injure us? Sup- delegation attended at the doors of the House from the se, in a war with England, we should take their for- great commercial metropolis of the country-the House sses and strongholds, or their ships of war; would you was still in a doze-still gentlemen continued to declare render them because they were English? or would that there was no distress. Well, under circumstances 1 retain them for defence, and to enforce a just and like these, what was the natural and obvious course to be al peace? So the possession of foreign capital affords pursued? When the House was told by its members that ite as great advantage. With fifty millions of British there was no distress in the community, and by the peoFrench property in the possession of our citizens, rely ple themselves that there was, what was to be done but on it we would hold a guaranty for our rights both at to inquire, in the best and most certain way in their powne and abroad, as great as could be furnished by our er, whether there was any distress or not? and, if distress did exist, what were the causes of it? Was not this the plain course? Was it not a course which it was the duty of the House to pursue? If it were true that all this alleged distress was a mere political trick, got up for the purpose of embarrassing the Chief Magistrate in the exercise of his legitimate powers, which he was exercising for the public good, was there any means more decidedly calculated to put the broad seal of reprobation upon the authors of such a scheme, than the report of a committee empowered to send for persons and papers, laying the testimony submitted to them before the House? The House would then have, not the mere impressions of different gentlemen who addressed them, but palpable, substantial proof. ny or navy. In sending the memorial to the Chair, Mr. S. stated After Mr. S. had concluded his remarks-- If gentlemen should refuse to sanction a proposal so fair and reasonable, might he not with reason infer either that their desire for truth was less ardent than his, or that the means of getting at it presented itself to them under a very different aspect from that which it had in his eyes? Mr. W. observed, it was among the last things he would In his opinion, the country and the Government stood we thought possible, a few days since, that he should on the brink of a deep and dangerous precipice, to which compelled to offer an amendment of this description, the public measures were hurrying them every instant. to address the House in support of it. But the very He did not see more distinctly the finger of time moving nificant hint they had just heard, admonished him that, over the face of the clock before him, than he beheld ess he availed himself of this opportunity of expressing universal bankruptcy, the suspension of specie payments, opinion, he might not find an opportunity at all. It and a corrupted currency, involving vast loss both to the s true, the chairman of the Committee of Ways and people and the Government, approaching the inhabitants ans had only intimated the necessity of a speedy deci- of this Union. It might, indeed, be said, that these were , and entreated the House to stop all further debate, but the opinions of an individual: true, they claimed no hout intimating by what process that result was to be other weight, save that which was to be found in the reaomplished. But no great experience in public busi- sons themselves. s was requisite to understand how quickly such enties were interpreted, and a degree of urgency proed and enforced, by means more cogent than the gennan's powers of persuasion. But he had risen not for the purpose of argument; and he must content himself with the statement of general principles only, without following them out into detail. He had selected a few letters from among numerous others, dr. W. went on to say that there were many reasons with the intention of reading them to the House; but he y he had no desire to throw himself before the House would not do it, although they were disconnected with all the country at the present time. If, unfortunately, party movements, and came from parties who did not fear as true, as all the political prognostics which met him most for themselves; although they were sufferers, but ry hour seemed to indicate, that the minds of the ma- who looked on with as much philosophy as men could do y were made up as to the course they would pursue, who possessed the ordinary susceptibility to the sufferings should he interfere? why should he throw himself and dangers of their country. They came from every ath the wheels of that car whose onward motion was quarter of the country-East, West, North, and South; xed and irrevocable as that of the powers of heaven? and they spoke in a voice which but too distinctly proVOL. X.--163 |