SENATE.] Huntingdon County Proceedings. [APRIL 28, 1834. But, to be serious: if it was at all relevant to the matter before the Senate, or of any importance, it could be easily shown that the majority which sent him here was similar to that which, for years back, had sent most of his predecessors to the Senate. the confidence of many of his neighbors and friends, but expression, and the ideas attached to it from the use to that should not prevent him from doing his duty here. which it was once applied in a certain high quarter, gave With regard to the dominant party, the yeomanry of it no favor in his (Mr. P.'s) eyes. His anxiety to get Pennsylvania, there could be no doubt that their spirits clear of it was so great, that he was compelled to state it were up, for they were sensitive enough on this question. had no application to his election. No, sir, said he, I They were compact, stood together, and were unmoved was elected by the decisive and overwhelming majority by all the operations of the bank. What, he would ask, of two! must have been the flagrant and mischievous conduct of that bank, when it had weaned from itself an invaluable and numerous body of friends, who, two years ago, supported it? There was now a total revolution in the State, in regard to that institution, from the Governor down to the most private citizen. The Legislature, too, had How the gentleman came to select his election as eviplainly expressed what was their opinion on the subject. dence that the State of Louisiana approved of the course Now, what rule was there by which they were to judge of the Executive, in removing the deposites, when his of the state of public opinion? Would Senators take the (Mr. P.'s) opinions in opposition to it were avowed and elections which had occurred since October last? Let known before the election, he could not possibly divine. them be taken as the touchstone, and what must be the It seemed curious. It was not, however, for him to find verdict of every impartial man? The Pennsylvania elec- fault with the gentleman's skill in selecting topics to sustions occurred after the removal of the deposites, which tain his views; his business was to show that they did not was the subject of conversation on the election ground, sustain him. Still he must be pardoned for saying, that and what had been the result? Senators were to judge it did appear to him most amusingly strange, why the of that act by the effects which followed, not immediately, election of a man opposed to a certain measure was adbut by the subsequent conduct of the bank. What duced as evidence that those who elected him approved change had the removal of the deposites produced in of that measure. Louisiana? Why, the gentleman on his right [Mr. PORTER] had been elected by a majority of one vote. What was the public sentiment in Alabama? How it stood in Mississippi, he could not tell. [Mr. POINDEXTER said: Pretty well.] Mr. WILKINS resumed. What was the public opinion in Missouri, Illinois, Indiana? It was in favor of the administration. What was the opinion in Ohio? There, the election of members to the Legislature took place on the second Tuesday of October, and they had since instructed their Representatives and Senators in Congress to pursue a particular course. We had, then, prima facie evidence what was the sentiment of that State. Pennsylvania stood in the same position; so did New Jersey, as was shown by the instructions which her Legislature had given the Senators from that State. The sentiments of the people there might have since changed, but he should wait for further evidence on that point. In New York, it was sufficient to say, that the administration had not been beaten. So far as concerned the result, even in that great emporium of commerce, where all the power and influence of the bank were brought to bear on the elections, to a degree that had never been known before, and perhaps would never be repeated-where the opponents of the administration had every advantage-yet they sustained a defeat at all events. These were the facts from which he drew his conclusions with regard to public opinion. In Virginia, the contest was not yet over. But, had the administration gained or lost there? But as he was no great logician, there was, perhaps, something hidden in the argument which he could not discover; and, as the fact of his election seemed to afford the gentleman so much pleasure, he was enabled to give him some other information of a similar kind, in regard to public opinion in Louisiana, which would increase his satisfaction. He admitted the truth of the honorable Senator's remark, that the question in relation to the deposites had entered into the late election for Senator in Louisiana-but it was not the sole question. At that time, the public mind there, though awakened to a consideration of the subject, was not, as since, intensely fixed on it. It was discussed more as a matter of speculation than as one in which we were practically concerned. It had not then produced the bankruptcies, the ruin, which have since followed it. If it had, the same opinions would have been then entertained of it in New Orleans that are now held there. Evidence had reached him, since he took his seat here, of a decided change in public opinion on this subject through the whole State. There could be no doubt, that, if his election were to come on there tomorrow, and the wisdom of the Executive in removing the deposites was the test applied, that his majority would be much greater than it was last winter. He hoped this intelligence would increase the delight of the Senator from Pennsylvania. But he had still further gratification in store for the honorable Senator. It was only this day, said Mr. P., that I had the pleasure of shaking by the hand a valued friend who has just taken his seat in the other House, to [Mr. CLAY said: Look at the result in Hanover.] Mr. WILKINS Continued. Had the administration gain-fill the vacancy created by the resignation of Mr. Bullard. ed or lost? That was the question. He, like myself, is decidedly opposed to the act of the Now, with respect to granting relief-there was no President removing the deposites, and yet he has been one more heartily disposed than himself to legislate on elected without opposition, in a district which, since the the subject for the purpose of restoring harmony and late party divisions sprung up among us, has sent memgood feeling to the country. But he was free to confess, bers opposed to each other in politics, to Congress. that, in consequence of the great diversity of opinion This is an additional proof, of the kind furnished by my which existed in the public mind, he despaired of any election, of the opinions of Louisiana in relation to the immediate relief being given-though he hoped that some-late Executive measures. I commend it to the special thing might be done. attention of the Senator, and hope that when he is next Mr. PORTER said, he should not have risen but for marshalling his evidence, he will not omit it. the particular allusion which had been made by the Sen- As to the satisfaction the Senator derives from the elecator from Pennsylvania, to the circumstances attendant tions in Virginia, I shall say nothing. Certainly there is on the election which brought him here. The compla- no means of destroying a pleasure which increases with cency with which the gentleman had dwelt on his (Mr. the news of each successive defeat. It would be uncharP.'s) majority of one, shows the great value the gentle-itable to do so, if one could. I leave, however, the Senman places in government on a unit. But this famouslator, on this score, to my friend behind me, [Mr. LEIGH,] APRIL 29, 1834.] Huntingdon Proceedings.-Edgecombe (N. C.) Resolutions.- New Hampshire Memorials. [SENATE. who has but this morning informed me that the returns 4th. That, during the same period, there has been an from Virginia show that ancient commonwealth to be in actual increase in the total loans of the bank of one mildecided opposition to the late acts of the Executive. I lion two hundred and fifty-six thousand three hundred hardly, however, required any information of that kind and sixty-eight dollars sixteen cents. to instruct me as to her course. I knew that the mother of statesmen, ay, and of States too, would not be found wanting, in this struggle, to her known devotion to principle, and to her ancient renown. And now that her ban ner is shaken loose to the wind, I feel that it will be a rallying signal to her talented sons, from the shores of the Potomac to the banks of the Sabine. The honorable Senator seems delighted that they were not beaten in New York. This is now the burden of the How, said Mr. P., after this exposition of facts, any one can still remain under the delusion that the bank has caused the present distress, is more than I can comprehend. EDGECOMBE (N. C.) RESOLUTIONS. Mr. BROWN presented the proceedings and resoluN. C. Among the resolutions, Mr. B. said, was one tions of a meeting of the inhabitants of Edgecombe county, song of those who, before the late expression of opinion rate a national bank. If any doubts had previously exwhich denied the power of the Government to incorpothere, claimed the State as their own. I tell the Senator, isted as to the injurious tendency of such an institution however, they were beaten there. They have lost the whole administration of the city, save its chief magistrate, it was now exercising over the country, the despair as the Bank of the United States, the great power which and he has succeeded but by a majority of 183, when which prevailed, the statement which had been made, his party, in the contest preceding, had a majority of 6,000 that many of our citizens had been deprived of their breakvotes. Does the gentleman quote this, too, as evidence fasts and suppers, ought to remove those doubts. He of public opinion being in favor of the Executive, and is concurred fully with the resolutions which he had the he glad of it? Be it so-he is certainly grateful for small honor to present, and believed the resolutionists might making throughout America to destroy credit, and cause have added, that the systematic effort which had been mercies. As to the price of agricultural products, the gentleman did well to dwell on flour alone. This is an article of first necessity; it enters largely into the food of man; and the gentleman's assertion amounts to nothing more than that the people are not actually starving. Does not the honorable Senator see, that, whether the people who are deprived of employment eat bread at their own expense, or at that of others, there can be little or no dif ference in the price? If, however, the Senator had carried his inquiries beyond articles of primary necessity, he would have found a material change in their value, Had he done so, and convinced me that sugar had maintained its price, the intelligence would have been of much more importace to me than all the other matters he has communicated to the House. the Bank of the United States. ment, he would ask that the resolutions and proceedings be read and referred to the Committee on Finance. ed to report to the Senate the gross amount of the pro- amount received, and number of acres sold, in each State and Territory. But there was another subject touched on by the honorable Senator, which Mr. P. said he could not Resolved, also, That he report to the Senate the manallow to remain unnoticed. A sense of justice forbade time to time, the "twentieth part of the nett proceeds ner in which has been ascertained at the Treasury, from him. He could not remain silent, and hear the charge of the lands lying within the said State, (Ohio,) sold by which the gentleman had made againt the bank. He Congress, from and after the 30th day of June next, says the distress which now pervades the country is produced by the machinations of that institution, in with- (1802,) after deducting all expenses incident to the drawing its capital, in contracting its discounts. Sir, for laying out and making public roads; and the manner same," which, by the compact with Ohio, was set apart said Mr. P., I am surprised-I am actually astonished to in which the like allowance made to other new States has hear on this floor such assertions made by a gentleman-been ascertained at the Treasury, showing, especially, and by a gentleman too, of known integrity and talents, the deductions made from the gross amount to ascertain Sir, I call on him to show how the bank has produced the nett proceeds. this distress. I demand of him his evidence for the assertion he has made. If the allegation be true, the facts must be known on which it is based. Give us then, those facts. If you have not the facts, you are not justified in making the accusation. Sir, as the gentleman seems in some difficulty in this matter, I will help him to some facts, with which he should have been familiar before he put forth his charge. I hold in my hand, sir, the last official document of the bank. Its veracity cannot be called in question. Well, sir, what do we see by it? Why these conclusive facts: that, from the 1st of October to the 7th of March 1st. The reduction of the loans has not been, by upwards of four millions of dollars, as great as the reduction of the deposites. 2d. That the withdrawal of nearly eight millions of dollars of those funds on which the bank has based its accommodation to the community, has not yet been followed by a reduction of accommodation equal to one-half the amount of funds thus withdrawn. 3d. That, from the 1st of January to the 1st of March, the increase in the line of domestic bills amounted to nearly two millions and a half of dollars. VOL. X.-97 PRESIDENT'S PROTEST. The Senate then proceeded to the consideration of the special order, being the resolutions offered by Mr. POINDEXTER, as modified by Mr. CLAY. The question being on the motion of Mr. BIBB to amend, Mr. BIBB resumed and concluded his remarks, as giv- TUESDAY, APRIL 29. NEW HAMPSHIRE MEMORIALS. Mr. BELL presented a memorial from Somersworth, in the State of New Hampshire, signed by 452 citizens of that place, and another from Dover, in the same State, signed by more than 500 of its citizens, both complaining of great and unparalleled distress, general stagnation of business, and reduced demand for the products of industry; all of which the memorialists ascribe to the measures of the Executive in relation to the Bank of the United SENATE.] New Hampshire Memorials. [APRIL 29, 1834. States; and praying Congress to adopt such measures as evils. I have recently had opportunity of obtaining init may deem expedient for their relief. formation of the present situation and prospects of the On presenting the above memorials, Mr. BELL ad- manufacturers of cotton and woollen goods in New Engdressed the Chair as follows: land; and I fully concur in the views and opinions exMr. President: I have been requested to present to pressed by the memorialists respecting them. I believe the Senate memorials from the towns of Somersworth and with them, that any considerable duration of the present Dover, in the State of New Hampshire, upon the subject state of the currency, and the want of confidence resulting of the general distress inflicted upon the country by a late from it, will inevitably put a stop to all these manufactuunjustifiable act of the Executive. The memorial from ring establishments, excepting such as are owned by Somersworth contains four hundred and fifty signatures, wealthy capitalists. No other branches of industry will and that from Dover more than five hundred. The char- suffer so extensively and ruinously as these must, from an acter, situation, and employments of these memorialists, adherence to this Executive experiment upon the curentitle their statements and opinions to the most respect-rency. This will necessarily result from the nature of the ful consideration. The citizens of these towns are as in- business, and the manner in which it is generally conducttelligent, moral, and industrious, as any other portion of ed. These manufactures are carried on chiefly by incorthe population of our country. These are manufacturing porated companies, which have, in addition to their fixed towns, engaged in the cotton and woollen manufactures. capital, consisting of buildings and machinery, a small Their establishments for carrying on these manufactures money capital, sufficient only for the management of their are amongst the largest in the United States. They have business, by the aid of the customary credits. Their manbeen brought to their present condition by an expenditure ufactured goods are generally sent to commission merapproaching to four millions of dollars. When in full chants in the cities on the seaboard, from Boston to operation, they give employment to three thousand per-Baltimore. The commission merchant advances to the sons. They pay annually in wages nearly half a million manufacturer upon the receipt of the goods a consideraof dollars. They have afforded a very valuable market to ble portion of their value. He sells, generally, upon a the agriculturists of the surrounding country. The ad- credit, and guaranties the solvency of the purchaser, for vantages derived from this market are apparent in the im- which he receives an indemnity in the form of a commisproved and prosperous condition of the country in the sion upon the sale. This is the manner in which this bu vicinity of these towns. These memorials are not in the siness has been generally conducted by most of the large same words, but they state substantially the same facts, and nearly all the small manufacturing establishments. It express similar opinions, and solicit the same measures of can no longer be conducted advantageously in this way. relief. The memorialists represent that business of all The commission merchant is unable to make the customkinds is suffering under a most severe and unparalleled ary advances to the manufacturer upon the receipt of his depression. They say that until the removal of the Gov- goods, because the banks decline to make to him the ernment deposites from the United States Bank, pros-usual discounts. He is even unwilling to take the responperity and an active spirit of enterprise pervaded the sibility of guarantying the solvency of his purchasing cuscommunity in their vicinity; that the price of labor was tomer, from the increased hazard of failure, resulting from unusually high; that trade, agriculture, and the mechanic the state of the currency and the general want of confiarts, rewarded those who pursued them by liberal profits.dence. We have, for several years, manufactured coarse The memorialists assert, that, since the adoption by the cotton goods, to an amount far beyond a supply of the Executive of those measures which have produced a de- wants of the United States. This surplus has been regurangement of the currency, every kind of business and larly sent to foreign markets, and sold at a remunerating enterprise has been rapidly declining, until every depart- price. The exportation of these goods is now greatly diment of industry and exertion seems to be completely minished, not because of a reduction of their price in paralyzed. The price of labor has fallen, and the demand foreign markets, for these prices are not materially chanfor it so diminished as to leave the industrious without ged, but because the exporting merchant is crippled in his profitable employment. The profits of trade and manu- means of purchasing. He cannot, as formerly, obtain factures are diminished almost to nothing, and, in many loans at the banks, and his fears of increasing embarrassinstances, are turned into positive loss; and that a general ments, and want of confidence, damp his spirit of enterfeeling of insecurity and distrust pervades the community. prise, and induce him to provide for his own safety by The memorialists add, that their manufacturing establish- contracting his business. The warehouse of the manuments must inevitably stop their operations, unless a fa- facturer is full of goods, for which he cannot find a marvorable change is speedily effected in the financial affairs ket. The stock necessary to continue his business, can of the country, so as to enable them to make sales of their be obtained only for cash, or at best on a short credit. manufactured goods, and pay their laborers. They have, The banks, where he has usually obtained loans, refuse they say, already begun to discharge their hands, and that to increase them in proportion to his increased necessities. already families begin to feel distress for want of employ- Their own situation not only compels them to refuse new ment whereby to earn the necessaries of life. The me- loans, but induces them to call in a proportion of those morialists declare that, if these evils were pressing upon which had been previously made. them from natural and inevitable causes, they would bear In consequence of these embarrasments, resulting netheir sufferings, however great, with patience and with- cessarily from this unjustifiable act of the Executive, many out complaint; but they sincerely believe that the embar- of the manufacturing establishments of New England have rassment and distress which universally pervades the been compelled to suspend, either partially or entirely, country, can be distinctly traced to the extraordinary as their operations. It has been stated, upon good authorisumption of power by the Executive over the Treasury ty, that more than seventy thousand cotton spindles have of the nation and the currency of the country. And they been stopped in the vicinity of Providence, in Rhode respectfully, yet most solemnly, protest against the right Island, alone. It is within my knowledge, that many of of any individual, however exalted his station, to put at the factories in New Hampshire and Massachusetts have hazard the vital interests of the country, by experiments suspended their business, and that many others have deon the currency. termined to dismiss their laborers and close their factories, The memorialists conclude by asking Congress to take unless a speedy change in their prospects shall prevent such measures as shall restore the currency to its accus- it. An entire prostration of this great interest will probtomed channels, and thereby relieve the country from its ably result from this high-handed and unauthorized act present distress, and the apprehension of still greater of the Executive, unless measures are speedily adopted APRIL 29, 1834.] Signers to Bank Memorials.—Polish Exiles.—Hanover (Pa.) Proceedings. [SENATE. to relieve the country from the evils which it has produHANOVER (PA.) PROCEEDINGS. ced. Those who believe that the existing distress is con- Mr. WILKINS moved that the Senate take up the confined to the cities, and that it will soon subside without sideration of the proceedings and resolutions from Hanolegislative interference, will in due time discover the fal-ver, Pa., presented to the Senate by Mr. CLAY on the lacy of that opinion. The cities are indeed the first to 25th instant, which, on Mr. WILKINS's motion, were then suffer from such causes, but the solvent city merchant (after debate) laid on the table. The motion having been agreed to soon relieves himself by contracting his business, and by calling upon the country trader, to whom he has given Mr. WILKINS said, that, when these resolutions had credit, for payment. The country trader calls upon the been presented to the Senate, his attention was attracted by agriculturalist, the mechanic, the laborer, and the manu- the peculiar harshness of the censure cast upon the Govfacturer, to whom he had given credit, to furnish him the ernor of Pennsylvania, in the first branch of the resolumeans of paying his city creditor. The agriculturalist, tion read, and which, it was presumed, had led the Senfrom the lessened demand for and reduced price of his ator from Kentucky into a misapprehension of his charproduce, the mechanic and the laborer from diminished acter and popularity. He had no disposition to say a employment and reduced wages, and the manufacturer word in relation to the right of the people to express from the entire suspension or reduced profits of his busi- their opinions on all public men and public measures; but ness, are unable to respond to his calls, without making on this occasion, he deemed it proper to correct the ruinous sacrifices. Thus that which brings partial relief to errors into which the gentleman [Mr. CLAY] had fallen, the city, transfers the distress to the country. Evils like when he undertook to comment on the public character this are never of short duration. Years will probably pass of Governor Wolf. The political adversaries of this genaway before the country will be restored to that prosperi-tleman charge him with no errors in the administration of ty from which this unjustifiable and vindictive act of the the Government of the State; and in the absence of facts, Executive has precipitated it. This Executive experi- which might be supposed to bear on questions of public ment has already thrown thousands of families out of those policy, the sweeping denunciation of "vacillating and employments which afforded their only means of obtain time-serving" was pronounced against him. The memorial was then read, referred to the Committee on Finance, and ordered to be printed. SIGNERS TO BANK MEMORIALS. Now every ing a comfortable support, and if persisted in will extend trait in the public and private character of that officer, to the remotest districts of the country, and bring distress gives a negative to the charge preferred against him in and ruin upon all classes excepting the rich moneyed the resolution from Hanover. He is neither "vacillating" capitalist and the salaried office-holder. in policy on measures deeply affecting our interest, nor time-serving" as a statesman on questions which involved differences of opinion throughout a vast portion of our country. Those who know him, cannot but in candor Mr. CLAY moved to take up the report containing an award him the merit of being firm and persevering in his account of the aggregate number of individuals who had patriotic career. And to the unwavering purposes of signed memorials for and against the United States Bank. Governor Wolf, in these respects, is Pennsylvania much By the report, it appeared that 114,914 persons had pe-indebted for the early completion of a system of internal titioned for relief from the distress consequent upon the improvement, so justly the pride of an intelligent and inlate act of the Executive, and 8,721 had presented me-dustrious people. At one time the expediency of our morials of an opposite character. Mr. C. moved that the improvements, and the whole canal policy, involved report be printed, with 1,000 additional copies. Mr. FORSYTH would like to know how many persons had signed memorials from the city of Philadelphia. The SECRETARY intimated that he could not immediately give this information. The account of the meetings in Philadelphia was not in a condensed form-was scattered over the report. Mr. FORSYTH then, with the permission of the Senator from Kentucky, would move to lay the report on the table until to-morrow. Ile would examine it in the mean time, and procure the information he required. Mr. CLAY had no objection. POLISH EXILES. doubts, and for a while the action of Government was arrested-it was even believed a majority of the Legisla ture would make an impression unfavorable to measures recommended by the Executive. Was is at this peculiar crisis that Mr. Wolf manifested a "vacillating and timeserving" conduct in the administration of our affairs? Certainly not. He persevered with our friends of the system, until completion has at length united all parties in the pleasing anticipations that the welfare and prosperity of the State, by means so zealously pursued under his auspices, must be onward and triumphant. Neither the censure contained in the resolution read, nor the comments of the gentleman by whom the proceedings from Hanover were presented, can be sustained in referMr. POINDEXTER, with the leave of the Senator from ence to the measures of Governor Wolf's administration. Pennsylvania, would make a report. The Committee on Mr. W. said the presumption was, that the proceedings Public Lands, to whom was referred the petition of 235 referred to, and the honorable Senator's erroneous opinPoles, recently arrived in this country, had intrusted him ions growing out of the same, had been predicated on a to make a report, accompanied with a bill. The commit- message from the Executive sent to the Legislature on tee did not recognise the policy of granting land, gener-the 26th February last, in which he considered the deally, to foreigners who sought refuge on these shores; plorable condition into which the financial concerns of but were of opinion than an exception should be made in Pennsylvania had been brought. The attention of the favor of the gallant and unfortunate strangers, in the pres- Senate he would call to the opinion of the Chief Magisent case. After passing a eulogium upon Poland and trate of his State: it was clear, manly, and unequivocal; her noble sons, the report went on to describe the pecu-and was delivered under a deep conviction from the best liar case of the petitioners, and concluded by recommend- evidence, that the Bank of the United States had improping that a portion of land be granted to them in Michi-erly and wantonly interfered to injure and depress the gan, or some other suitable Territory. Mr. P. said he credit of Pennsylvania. The following was read from would ask that the bill he had presented be made a spe- Governor Wolf's message of the 26th February last: cial order for Thursday week. If any thing were done in Various causes have been assigned for this alarming this matter, it was necessary that it should be done quick-state of things, all more or less plausible. Among others, ly. The early attention of the Senate would enable the it is said that the removal of the deposites from the Bank House to act upon the subject during the present session. of the United States by the General Government, has been The proposition was agreed to. the means of producing all the mischief and pressure SENATE.] Hanover (Pa.) Proceedings. [APRIL 29, 1834. under which the country is now laboring; and yet many In 1829, said Mr. W., when the country was not agi of the friends of that institution admit that a restoration of the deposites is not necessary to a relief of the money market. "Whatever other causes may exist, it cannot be disguised that we have among us a powerful moneyed institution, which is at this time seeking, by all the means of which it is capable, to accomplish certain objects indispensable to its existence; and, having an energetic, a firm, and unbending antagonist to contend against, all its energies and all its powers (and they are of no ordinary character) have been put in motion to defeat his measures, and to frustrate his designs in relation to it. On tated by the removal of the public deposites, the credit of my State was seriously affected by the combination of a moneyed power, connected with the Bank of Pennsylvania, at that time seeking a renewal of its charter. The fiscal embarrassments and momentary depression of our credit, interestedly and artfully produced, although they succeeded, he might say, in coercing a renewal of the charter, yet not without stipulations advantageous to the public interests. Mr. W. was desirous to detail a statement of a particular fact, not generally known, and bearing on this case. How far the bank has had an agency in the transaction, every man will decide for himself. "It can scarcely be doubted, from the course of opera- Mr. W. would draw no conclusion, nor should he undertions that institution has been pursuing for some time past, take to ascribe any sinister motive to the directors of the (whether justifiable or not, I will not undertake to deter- bank. In the act for the renewal of the charter of the mine,) that the State is indebted in a great measure for Bank of Pennsylvania, it is stipulated that the bank, if its disappointments heretofore, and for the failure to ob- called on, is to loan to the Commonwealth one million of tain its loans of Saturday last. Whether by bringing in- dollars annually, at an interest of 5 per cent., for the term discriminate ruin and distress upon an unoffending com- of three years, after the 1st of January, 1831. But the munity by the bank, is the most certain mode of obtaining State was obliged to demand or give notice of the requia return of the public deposites, or a renewal of its char-sition by the first of January, in each year. Of course, it ter, or an extension of time to wind up its business, is a will be perceived, the right of the State of Pennsylvania question for those who have the direction and manage- to make the call for one million of dollars ceased on the ment of its affairs to determine. The State of Pennsyl- 1st of January, 1834, by limitation in the charter. vania may be crippled and embarrassed in her pecuniary the 16th of December preceding, the Messrs. Allens, who arrangements, and paralyzed, for a time, in her efforts had contracted for our loans, paid the usual monthly into complete her great chain of improvements, by the de- stalment, and no intimation was given of their inability to pressing policy of the bank, but that is no reason why we meet their subsequent monthly engagements. Now, let should despair of the commonwealth. Our public works it be distinctly marked, that it was in their letter dated on may languish for a season, but will not be suffered to lan- the third day of January, addressed to the Governor, that guish long. The resources of the State are ample; her they first communicated their disastrous news of "prescredit is unimpaired; her public stocks, although under a sure" in the money market, and first intimated their want momentary pressure at home, are highly acceptable of means to meet future engagements. abroad, and will, before long, be as eagerly sought after Mr. W. would ask, why was this important informaby the capitalist as ever; the crisis of our pecuniary af- tion withheld until after the critical day of the first of fairs must soon arrive, if we have not already reached it; January had irrevocably passed, when the State might the clouds of despondency and distress which have been, have demanded of the Bank of Pennsylvania one million in my humble estimation, inconsiderately and heedlessly of dollars, at an interest of five per cent., under the charbrought upon us, must soon be removed, and a happy ter to aid in the completion of the public works? The change and a more prosperous era must inevitably await interest of the Messrs. Allens, connected with their liabilities to the State, could not have been injured by frankly Mr. W., in continuation, observed, that, from the best imparting the intelligence at an earlier day. The agensources of information in possession of the Executive of cy of the Bank of the United States in this transaction Pennsylvania, the Governor was deeply impressed with Mr. W. did not pretend to understand. Those who the conviction that the Bank of the United States had heard him must form their own judgments. But it must improperly pursued a course, for some time previous to never be lost sight of, and can never be forgotten by this message, calculated to bring "indiscriminate ruin Pennsylvania, that the Allens have acknowledged the cuand distress upon an unoffending community," and that rious and striking fact, that the kind interference of the the power of the bank to do mischief, and oppress the Bank of the United States had enabled them to pay the country, became apparent from the efforts ascribed to instalment on the 16th of December, 1833, only two that institution, whether justifiable or not, in relation to weeks before the expiration of that month, with the end the public loans. of which also expired the provisions of an act which had On the memorable 26th of February last, all eyes were prudently been made to meet any wants in our financial turned towards Harrisburg. An expression of opinion concerns! If this condemning fact be true, the Bank of by the Legislature or Executive respecting the bank, at the United States (during the distress in the money this peculiar period of momentary embarrassment in the market, and after the diminution of their own means) financial operations of our State Government, was a sub-aided the Allens to pass the critical day of the first of ject of no inconsiderable solicitude and deep interest January, and the moment that hour had passed, and our with the friends and adversaries of that moneyed institu- embarrassments were sealed, they slipped the plank tion every where. Harrisburg appeared to be regarded from under the Allens, and suffered them to sink! It is as the scene of action at this momentous crisis, where the enough to repeat, that the aid given just before, was allied armies of the bank intended to rally. It was evi- withheld immediately after the first of January! Whether dent, that in this political warfare Pennsylvania was view- this was a scheme or a combination between these broed as the "Belgium" of the continent, and that the bat-kers and the Bank of the United States, I do not pretend tle of "Waterloo" was to be fought at the seat of Gov- to determine, said Mr. W. But it is true, that our credit ernment. Every effort was exerted to procure an ex- was destroyed; our financial concerns so embarrassed as pression favorable to the renewal of the charter, and a to threaten, if not entirely to overthrow, our whole restoration of the deposites; but the course of policy scheme of State policy and internal improvement. Not which had marked the directory of that institution for a dollar could be borrowed, nor even a bid obtained for some time previous, had sealed its condemnation with the temporary loan of $300,000. Our five per cent. the Executive, Legislature, and a vast portion of the peo- loans, which had been up at 114 and 1144, sunk down to ple of Pennsylvania. par. All was dismay. Our Executive and Legislature, us. |