Abbildungen der Seite

H. OF R.]

Removal of the Deposites.

[Dec. 19, 1833.

greatly superior to what it had been for some time before; ernment, should not be exercised by less than seven diand the nature of the inquiry made of the State banks, rectors. The commitment of certain executive duties to confined as it was to the four principal commercial cities, subordinate committees is no violation of this article, showed that the immediate withdrawal of the entire de- provided these committees are appointed with the approposites from that bank, so as to distress it, was not con-bation of the board, and in conformity with the rules pretemplated. And if any apprehensions to the contrary scribed by it. Every person acquainted with the details were felt by the bank, an inquiry at this Department of banking knows that a large portion of the business of would no doubt have been promptly and satisfactorily an- all banks is necessarily done by its officers, without the swered.” I wonder who would have answered it? The presence of the directors, though by their authority. If Secretary proceeds: " And certainly it was the duty of all the duties of a president of a bank were required to the bank, before it adopted a course oppressive to the be performed in the presence and by the direction of the whole country, to be sure of the ground on which it act. whole board, it would be impossible to carry on the busied. It can never be justified for inflicting a public inju- ness of banking. It would be like forbidding the Presiry, [here is a nice question of casuistry, ] by alleging mis. dent of the United States to perform any of his appropritaken opinions of its own, when the means of obtaining ate duties, without the presence and concurrence of the information absolutely certain were so obviously within members of the legislative body-a very inconvenient enits reach. The change was always designed to be grad. cumbrance, sir, to which I do not think the President ual.”

would readily submit. Now, sir, did the Secretary suppose, when he made A great effort has been madle to create the impression these assertions, that the manifesto of the President was that there is something extraordinary and unprecedented entirely forgotten? Did not the President publish his de- in the operations of the exchange committee. It is treatcree, in September, that the deposites should be all reed as a dangerous and recent innovation. Now, as early moved on the 1st of October, and sooner if practicable) as the year 1821, when Mr. Cheves was at the head of Yet, in the very face of this declaration of the President, the bank, this very authority to purchase bills of exchange we are told that it was always designed to remove the de- was delegated to the president and cashier alone. posites gradually, and that the bank ought to have ascer. But it is alleged that this arrangement is an invention tained this by asking the Secretary of the Treasury: Sir, designed for the purpose of excluding the Government who was the Secretary of the Treasury? Was it not directors, not only from a due participation in the operaMr. Duane? and pray what information could he have tions of the bank, but from a knowledge of them. Now, given if the bank' had applied? Subsequent events have sir, the absurdity of this suspicion will be seen at once by shown that he was quite in the dark on the subject. The looking into the machinery and details of this system, and whole spirit of the proceedings of the Government made by ascertaining the circumstances under which the pow. it the duty of the bank to consider the removal of the er delegated to the exchange committee is exercised. deposites as a measure decided upon, and be prepared for The President and his Secretary seem to regard it as an all the consequences of so dangerous and hostile a move. independent power, exercised without any effective rement. Yet, when the administration has brought this sponsibility to the directors; whereas the proceedings of great calamity upon the country, without the shadow of this exchange committee are regularly entered on the a cause, and the denunciations of the community begin to books of the bank, which are submitted to the board of burst forth in all quarters, in a voice of thunder, why, directors at every regular meeting; and as only a few forsooth, the Secretary of the Treasury exclaims, “ Thou days intervene between these meetings, the proceedings canst not say I did it.” It was the bank, that monster of of the exchange committee are constantly open to the incorruption, that beartless tyrant, that has produced all this spection and review of the Government directors. Insuffering, without necessity, and purely to gratify its vin- deed, it may be almost said that the proceedings of the dictive feelings. No, sir, it is in vain that the adminis- exchange committee are carried on under the eye of the tration, after wantonly producing this great calamity, by board, so speedily is every act laid open to its inspection. an act of injustice and tyranny, attempts to throw the No concealment from the Government directors was posresponsibility and the odium upon the persecuted victim sible under these circumstances, when it is notorious that of its injustice.

the books of the bank are always open to their inspec. I will now proceed to inquire whether the specific tion, if they think proper to inspect them. charges brought against the bank, and which have been

Another charge brought against the bank, which I was made the grounds of removing the deposites, have any surprised to see, is the old story of the three per cents foundation in fact. It is alleged that the bank has violat- again. This dish, it seems, we are to have cooked and ed its charter, in delegating certain executive functions served up in all the various modes of culinary preparato what is called the exchange committee; whereas one tion, so as to be adapted to every palate. This charge of the fundamental articles of that charter declares that was brought forward at the last session, and referred to not less than seven directors shall constitule a board to do the Committee of Ways and Means; who reported that the business."

arrangement made by the bank with the holders of the Now, if it were true that the charter has been violated, three per cent. stock, so far from delaying, actually bastthe President might have ascertained, by consulting that ened its payment. Why was that arrangement so vehecharter, that it was his duty to direct a scire facias to be mently denounced? I will briefly explain it. The Gore issued against the bank, in order to have this question ernment had determined to pay off the three per cents decided judicially by the Federal court, instead of con. in October, 1831, at a period of great pecuniary pressure demning and punishing the institution in this summary upon the commercial community, owing to the large in: manner without a trial. But it did not suit the temper of portations of that year. The bank took that liberal and the President, or the purpose of his advisers, to adopt a comprehensive view of the effect which this operation legal course. Indeed, sir, 1 much question whether a re- would produce upon the credit of the country, (which it spectable lawyer could be found in the United States would have been well if the Government had taken,) and who would hazard his reputation by standing up before stipulated with the holders of these three per cents that the court upon such an issue.

the certificates should be delivered up to the bank, and In providing that not less than seven directors should the amount, hearing a specified interest, entered to the constitute a board, the charter meant nothing more than credit of the holders, on the books of that institution. By that the legislative authority of the bank-the power of this arrangement, the Government ceased to be responsiprescribing the rules and regulations for its general gor. ble for the stock, and ceased to pay interest on it sooner

Dec. 19, 1833.)

Removal of the Deposites.

(H. OF R.

than if the arrangement had not been made. How, then, competent to decide the question. In every view, it were the views of the Government thwarted? By the was the duty of the bank to make this claim, and of relief which the bank thus extended to the community at the Government to pay it. It was the only mode of & moment of great pressure? Without any loss to the obtaining damages from the French Government; for, Government, or any delay in the redemption of the public unless our Government shall pay damages, it can exact debt, the bank was by this means enabled to avoid curtail- none from France. To say nothing of the other stocking some six millions of its accommodations until the cri- holders, the people of the United Stales own one-fifth of sis of commercial embarrassment passed away. The ar. the stock of the bank, and they have a right to demand rangement, sir, was essentially beneficial to all parties, that the administration do not sacrifice upwards of thirty and injurious to none; and I am utterly at a loss to con- thousand dollars of their money, by its arbitrary and faithceive why the ghostly form of these extinguished three less conduct towards the bank. in every respect, this is per cents is now conjured up in the array of charges one of the most audacious charges ever brought by the against the bank. It serves no other purpose than to administration against the bank, to justify the high-handed evince the spirit of the persecution.

measures by which they have attempted to destroy it. Another charge gravely urged against the bank, and of I will now proceed, sir, to consider that charge which the administration ouglit to be ashamed, is the against the bank which is the real moving cause of criminal audacity of demanding from the Government, on this persevering and relentless persecution. It is, as a protested bill of exchange, the same damages which the the Executive expresses it, that the bank “bas attemptGovernment itself has universally demanded of individu- ed to acquire political power”-a charge unknown to als under like circumstances.

any code of law, moral or political, and of that fearful The Government being desirous to obtain funds here, in vagueness which indicates the arbitrary spirit in which exchange for funds in Paris, the bank, in the spirit of kind. it originates. The first specification under this charge is ness and accommodation which has marked all its transac- founded on a resolution of the board of directors, authortions with the Government, voluntarily offered to pur. izing the president of the bank to have certain documents chase a bill of exchange from the Treasury here, upon printed to illustrate its operations. To my mind, this seems the French Government, upon better terms than could to be a very harmless resolution; but as the President of be obtained any where else, or to advance the money to the United States bas denounced it as a dangerous precethe Government here, and undertake the collection of the dent, clothing the president of the bank with powers subbill as its agent. The Treasury declined the agency of versive of the liberties of the country, I will beg leave to the bank, and sold it the bill on the French Government read it for the inforination of the House. as a mere commercial transaction. From some cause, the Resolved, That the president be authorized to cause French Government refused to pay the bill, and it was to be prepared and circulated such documents and paprotested in Paris. The agents of the bank there paid it pers as may communicate to the people information in for the honor of the bank. But the President of the Unit. regard to the nature and operations of the bank.” ed States alleges that the sum paid here for the bill was Now, I pray to know, sir, what application of the left in the bank, and simply added to the amount of the funds of the stockholders could be more useful and jupublic deposites. If this were true, it would not rary the dicious, when the institution and its credit were assailed case as to the legal liability of the Government for dam- by every species of misrepresentation and calumny? But ages. But it is not true. On the contrary, the Secretary the President of the United States seems to regard it as of the Treasury, under the authority of an act of Con- equivalent to clothing the president of the bank with the gress, gave public notice that the nine hundred thousand whole fiscal and military power of the country. He says: dollars obtained for this bill would be loaned out for the “ Was it expected, when the moneys of the United benefit of the claimants for French spoliations, to whom States were directed to be placed in that bank, that they it belonged. It was, therefore, as much taken from the would be put urder the control of one man, empowered available funds of the bank, as if it had been immediately to spend millions without rendering a voucher or specifypaid over to the claimants. The directors would have ing the object? Can they be considered safe with the evibeen stupid in the extreme if they had regarded this as dence before us that tens of thousands have been spent an addition to the Government deposites, and made it the for highly improper, if not corrupt purposes; that the basis of discounts. The bank, having sold the bill in Lon. same motive may lead to the expenditure of hundreds don, would have been liable to the full amount of legal of thousands, and even millions more? And can we justi damages on its being protested, but for the good fortune fy ourselves to the people by longer lending to it the of having an agent in Paris who paid it. And now, sir, money and power of the Government, to be employed after the bank has saved its own credit and that of the for such purposes." Government by this payment, the administration comes It seems that the President of the United States has forward with a charge against the bank of assailing the an instinctive abhorrence for discretionary executive credit of the nation, because it demands its legal rights. power delegated to any one but himself. What is this Sir, the faith of the nation has been tarnished-deeply power vested in the president of the bank? It is not only tarnished-by the ulter disregard the Government has harmless and innocent in its object, but perfectly safe as manifested, in a mere question of legal right, to the a responsible exercise of power. The president acts ungreat moral and religious precept of doing unto oth- der the authority of the directors, with whom he is daily ers as it would that others should do unto it. The associated, who have daily opportunities of inspecting his Government has invariably exacted the legal damages proceedings, and to whom he is, therefore, under a confrom individuals in similar cases. In the case of Ste- stant and direct responsibility for the exercise of the disphen Girard, conclusive proof was adduced that the pro- cretion vested in him as to the amount he may spend in tested bill was immediately paid by the agent of Girard, printing documents explaining the operations and vindiand not by the agent of the Government, and that not cating the credit and the character of the bank. Yet the une cent of damages was sustained by the Government. President of the United States thinks this very insignifiYet the twenty per cent. damages were exacted to the cant power subversive of public liberty, when he is himuttermost farthing. Under these circumstances, it is a self clothed with a discretion a thousand times more danshame, a crying shame, that the administration should gerous. Sir, when I recur to what was done here at the thus not only refuse to pay its just debts, but, assuming last session; when I reflect that an act was passed-1 will the judicial power of deciding in its own case, attempt not call it a law—and that, too, at the special instance and to forestal the opinion of the tribunals which are alone request of the President, clothing him with the power

H. or R.]

Removal of the Deposites.

[Dec. 19, 1833.

not only to spend the whole revenue, but to exhaust the And what a lesson are we taught at this very moment credit of the nation in arraying a military power against a of the danger incurred by unskilful persons who venture sovereign State of this Union, I confess I cannot but feel to meddle with edged tools. The administration, or more surprise and disgust to hear that President magnifying a properly the President, bas struck a blow that it was sup. mole-hill into a mountain, and talking about the

danger of posed would shake the credit of the bank to its deepest executive discretion! A simple resolution authorizing foundations. That blow has recoiled. And while the the president of the bank to print explanatory documents credit of all the other banks has been shaken by the conis a monstrous proceeding; but an act clothing the Presi- cussion, the Bank of the United States stands alone on a dent of the United States with dictatorial power is all rock of adamant, bidding a proud defiance to the storm, perfectly fair and proper! This brings very forcibly to and generously extending the hand of succor to other inmy recollection another Dutch anecdote; and as I am in stitutions. Yes, sir, I am informed that within a few days the way of drawing illustrations from this excellent class past this bank tendered a loan of $50,000 to one of the loof our citizens, from whose very eccentricities lessons of cal banks to relieve it from the pressure produced by this wisdom may be deduced, I beg leave to relate it. In a reckless and vindictive act of executive madness. Such, certain Dutch vicinity-I will not say Kinderhook, lest a sir, is the contrast between these two Presidents. question of location should arise-a lottery was author. I come now to another of the specifications under the ized, and on a certain day the neiglibors all assembled to charge against the bank, of “attempting to acquire powitness the turning of the wheel. The drawing com- litical power.” It is alleged by the Secretary of the Treasmenced, and blank after blank was drawn by the princi- ury, that between the 1st of January, 1831, and the 1st of pal persons in the neighborhood, until a general suspicion May, 1832, a period of sixteen months, the bank increasof unfairness began to prevail. A large bully stepped ed its loans to the enormous and unprecedented sum of forward as the champion of his neighbors, threatening to $28,000,000. And it is inferred that this extension of its smash the wheel to atoms, and declaring that it was all a loans could be designed for no other purpose but to give willainous piece of gheatery.". In the midst of his rage, the bank a political influence, to be used in opposition to when every one was trembling for the safety of the wheel, the election of General Jackson. I will first examine the a friend stepped up to him with great exultation, exclaim- facts, and then the logic of this specification. The Secre. ing, “My dear sir, have you heard the news! You Lary states that “the aggregate debt due to the bank" have drawn the highest prize." “What, (said he,) the on the 1st of January, 1831, amounted to $42,402,304 highest prize! It's as fair a ding as ever was.

only; whereas, on the 1st of May, 1832, its loans amount. And so, sir, in the estimation of General Jackson, the ed to $70,428,070. Now, in fact, the discounts of the discretionary power to print a few documents, when con- bank amounted to $33,575,403 at the former date, and ferred on Mr. Biddle, is all a piece of cheatery; but when had only risen to $47,375,078 at the latter date, making a discretionary power of levying war and spending money a difference in the accommodations to the community of without any limitation is conferred upon himself, it is as only $13,799,675, instead of twenty-eight millions, as the fair a thing as ever was.

Secretary's statements would induce the public to supThe President of the United States asks if a bank pose. But this is not all. At the former period, the whose directors make such an application of the public bank had a debt due to it by the Government of $8,674,funds is fit to be the depository of the public treasure? 681, and by Baring & Co. $2,387,331, making a sum of Sir, I wish the President of the United States bad $11,062,012, which, added to the discounts, raised the been as faithful to the trust committed to him, as the debt due to the bank in January, 1831, exclusive of doagent of the people of the United States, who own one. mestic bills, to $14,637,415, being only $2,737,663 less fifth part of the stock in this bank, as the directors than the amount of discounts in May, 1832. It is apparent, and officers of the institution have been to their trust, from this view, that the aggregate debt due to the bank as the agents of the stockholders in general. What, then, in January, 1831, including $10,456,653 of domestic are the respective duties of the President of the United bills, was $55,094,068, instead of $42,402,304, as repre. States and the president of the bank, as representatives of sented by the Secretary of the Treasury, making the dif. the stockholders; and how have those duties been per- ference between the debt due to the bank at the two peformed? The contrast is striking. It is equally the duty riods selected for comparison, even if we include the doof them both to promote the prosperity and credit of the mestic bills, only $15,334,002; and if we exclude these bank, in order that its capital may yield a large profit, bills as not properly classed with bank loans, the differand its bills furnish a sound currency. But what has been ence will be only $4,877,349. It will be here perceived their conduct? For several years past, Mr. Biddle has that, to make out his charge of an unprecedented extenbeen night and day exerting talents of the highest order, sion of its loans by the bank in the sixteen months artful. with a singleness and devotion never surpassed, to pro-ly selected, the Secretary has suppressed the debts due mote the credit and usefulness of the bank. And what to the bank by the United States and by Baring & Co., has the President of the United States been doing in the amounting to $11,062,012, in stating the "aggregate same period? Has he exerted his influence to advance debt due to the bank" in January, 1831. And I am con. the credit and success of the bank, as the relation he strained, sir, to believe that this suppression was intenbears to the stockholders and the country required him tionally made, as the facts were upon the face of the to do? No, sir. On the contrary, he has been straining monthly statements, and of a nature not to be overlooked every nerve, and attempting to move heaven and earth to or misunderstood. When the bank converted its Govern. accomplish the destruction of its credit, and consequent- ment and foreign debt into cash, what course could it ly of its prosperity. At a time when the bank was as sol. pursue but make a corresponding extension of its disvent as any bank in the world, he suggested that the pub. counts? This was not extending its debt, but changing lic deposites were not safe in its vaults. This charge, its character, by lending to our merchants what it had colwhich in any other country would have shaken the cred. lected from the Government and foreigners. To censure it of any other bank, coming from such a source, made this, argues a total ignorance of the duties of the bank, and not the slightest impression upon the Bank of the United disregard of the pressing wants of the commercial commuStates. Nothing can be said more highly creditable to nity at the period under review. It was a period of unpre: the bank than that it was able to stand up against this as-cedented large importations, when the heavy con mercial sault upon its credit by the Executive Government, and a debt contracted, and the unusual amount of bonds due to confederacy, of speculators and stock-jobbers, which the Government, required that the bank should draw in would certainly have prostrated the Bank of England. all its resources from other quarters, and apply them to

Dec. 19, 1833.]

Remoral of the Deposites.

(H. of R.

the relief of the commercial community. They were so retary well knew this. But the Executive Government applied, sir, and were the means of saving, probably, hun- has thought proper to thrust itself forward, and place the dreds and thousands from great distress, if not from bank. subject in such a position as almost to deprive Congress ruptcy.

of its free agency:

We are now told by a gentleman i well recollect the lugubrious vaticinations of a gentle from New York, (Mr. CAMBRELENG,] that the restoration man from New York, (Mr. CAMBRELENG,) who told us of the deposites to the Bank of the United States was an that the bank had seduced the merchants into the exces- idea that struck him with alarm; that the country had alsive importations, and it could not save the country from ready suffered too much from one removal to be able to general bankruptcy. But experience, which has falsified endure the effects of another. It is for this reason that I this prediction, has shown that the bank understood its have made my resolution prospective. I am not so reckown duties and operations much better than those who less of the sufferings of the community as to take away chose to step out of their appropriate sphere, however the money which has been actually deposited in the select. enlightened on the general subject of political economy. ed banks. I know we shall be told that the picture of The country not only passed through the crisis, by means public distress is exaggerated. One gentleman, indeed, of the wise and liberal course pursued by the bank, but (Mr. VANDERPOEL, ) told us the other day that it was all a passed through it without a struggle. The merchants humbug to ascribe the prevailing distress to the removal would not fail, even to accommodate the gentleman from of the deposites. If this be a humbug, it is a very melanNew York; and the country was brought out of its diffi- choly one. But whatever gentlemen may have thought culties so naturally and smoothly, that it was hardly aware three days ago, I believe there is no one who would now of the crisis. The bank is certainly entitled to the high- be bold enough to say that the removal of the deposites est commendation instead of being obnoxious to censure, has had no agency in producing the public distress. The for effecting this great public benefit, without impairing calamity can hardly be overestimated. Any idea which its own credit-a result which the gentleman from New we can form of it here, will fall short of the sad reality. York deemed utterly impracticable. If I were to select ! confess, sir, I have been astonished at the accounts the period, or the incident in the history of its proceed-brought by every mail. I did not believe that a scene of ings, best adapted to illustrate its usefulness, it would be distress so sudden and extensive could have been proprecisely this. And I will only remark further on this duced by the miserable tampering of the Government point, that the intellect of that man must be wofully per- with the system of commercial credit. It is a mistake to verted, who can see in this proceeding no other motive suppose that it is confined to the merchants or to the comor object than to interfere in the presidential election. mercial cities. It will extend like a wave, until it affects

I have gone through all the charges brought against the every class, and reaches the farthest limits of the country. bank that I deem worthy of notice, and I now beg the In relation to one of the great national interests, I can attention of the House to those urgent considerations speak with positive knowledge as to the depression this which impel it to an immediate interposition of its author. measure has produced in the value of property. I confiity. I need not tell those who hear me of the actual and dently believe that every cotton planter who did not sell impending distress and ruin which threaten our commer- his crop at the commencement of the season has lost two cial cities, and finally the whole country. The evidences cents on every pound of his cotton, in consequence of of this are every where to be seen. We can neither turn this measure. Ti is a fact without precedent, but conclu. to the right nor to the left, without perceiving anxiety sively shown, by a comparison of the Liverpool and and dismay in every countenance. is it not, then, the Charleston prices current, that the price of cotton has solemn duty of Congress to interpose its constitutional been habitually five cents lower in this country, at any power to arrest the progress of this desolating torrent given time, than the European prices published at the We are called upon, sir, by every consideration wbich same time here. I presume all other descriptions of propcan grow out of a just regard for our own contemned au- erty have experienced a similar depression, and can well thority, or for the rights and liberties of the people. The imagine that all property in stocks, public or private, must President of the United States has unlawfully seized upon have suffered even in a greater degree. It is stated, on the public treasure. Where, sir, is that treasure at this good authority, that the stock of the Girard bank, the moment! No man here can tell us. By what authority one selected in Philadelphia to receive the Government has the President taken it? Let gentlemen produce it if deposites, has fallen from 70 to 54, since the 1st of Octhey can.

tober. Sir, Congress is peculiarly called upon to vindicate its An administration that will thus wantonly tamper with right to the guardianship of the public treasure, because public faith and private property, to promote the selfish the President has attempted to forestal its decision, and purposes of individuals—whatever else it may be called places it in a situation which may preclude the free exer- does not deserve the name of Government. In what, I cise of its judgment. Why, sir, way the change of the would ask, is all this to result? I am not sure that I know deposites made only sixty days before the meeting of Con. precisely what is its object, but I can tell you very cer. gress? I will tell you the reason. The President was tainly what will be its end. It will be, sir, the sacrifice of fearful that he could not induce even a drilled majority to the industrious and enterprising classes of the community do that which, if already done upon his responsibility, it to promote the interest of speculators and stock-jobbers. might be induced to sanction. lle is a military man, sir, Hundreds of industrious men, whose credit is their prin. and he knows the effect produced in desperate emergen- cipal capital, will be ruined; while the money lenders and cies, when the general throws himself into the breach, money changers will realize princely fortunes, making a and calls upon his soldiers to rusb to his rescue, or wit- rich harvest of the public distresses. If there be any ness his destruction. There could not have been selected speculators in the stocks-whether connected with the a time for performing this act better calculated to show administration or not, who have stipulated to deliver certhe President's defiance of the legislative authority. And tificates of State bank stock on a given day, they may yet, sir, the Secretary of the Treasury has come here profit by this act of the Government. But if there be with the miserable-1 had almost said impudent-pretence any who have calculated to make this measure subserthat he was constrained to do it by the necessities of the vient to their speculations in the stock of the United country. It is not true, sir. The President had only to States Bank, I rejoice that they will be disappointed. announce that the deposites would not be removed until The stock of that bank has been less affected than any the question should be first submitted to Congress, and other. the public mind would have been put at ease. The Sec-l And now, sir, in concluding my remarks, I must be

VOL. X.--141

H. OF R.]

Adjournment --Sinking Fund - Enlarging the Pension List.

[Dec. 20-27, 1833.

permitted to say, that, if we ratify this proceeding of the Mr. CLAY proposed Saturday next as the day on which President and Secretary of the Treasury, by refusing it should be read a third time. to order the restoration of the deposites, in addition to The House ordered it to be read to-day. the present suffering and distress of the people, we shall It was read accordingly; when permit a system of political banking to be entailed upon Mr. CLAY asked the yeas and nays on its adoption; the country, utterly incompatible with public liberty. If but the House refused to order them; and the resolution we intend that it shall ever be arrested, it must be done was passed and sent to the Senate for concurrence. now; for if we give time to complete the establishment of The Senate refused to concur in it. this confederacy between the Executive Government and Mr. E. EVERETT then moved that when the House the State banks in all its ramifications of dependant in- adjourn, it adjourn to Friday; which was agreed to. terests, I will defy all human power to break the league "The resolutions for inquiry, heretofore offered, were or resist the man who wields its power. Is it not appar- severally considered and adopted. ent that it will convert the deposite banks into dependants

SINKING FUND. and partisans of the President? Is it not equally apparent that the politician who controls these banks will indirectly

The resolution heretofore offered by Mr. SELDEN, control all those who are indebted to them, and thus ob relative to the sinking fund, was taken up for considera

tion. tain an absolute control over the public will? If this House shall confirm the act of the President, it will be,

Mr. POLK suggested a modification of the resolution, in my humble opinion, establishing in perpetuity a cor

so as to give it the form of an inquiry: rupting connexion between the banking capital and the

Mr. CĂMBRELENG stated that the existing laws on political power of the country, and placing them both in the subject of the sinking fund made all the provisions the hands of one man. I trust in God that the country what were the existing laws on that subject.

required by his colleague, except one. Mr. C. stated will not be destined to such a condition by the vote of this House. If it should, I can only pray that a power more laid on the table, on account of the absence of the mover,

On motion of Mr. WHITTLESEY, the resolution was than human may be interposed for its rescue.

Sundry engrossed bills were then severally read a third

time, passed, and ordered to be sent to the Senate for FRIDAY, DECEMBER 20.

concurrence; and then After going nearly through with the usual morning bu

The House adjourned to Friday next. sinessThe SPEAKER said that there wanted but a few min.

FRIDAY, DECEMBER 27. utes of the expiration of the hour, when the House, ac

ENLARGING THE PENSION LIST. cording to a standing rule for the day, (Friday,) would pass to the consideration of private bills. He should pro- Mr. CHILTON moved the following resolution: ceed to call for resolutions, unless the gentleman from Resolved, that the Committee on Revolutionary Pensions South Carolina [Mr. McDUFFIE) chose to move for the be instructed to inquire into the expediency of so extendunfinished business, and resume his remarks. (Mr. McD.'s ing the provisions of the act of Congress passed the 7th speech is given entire, in the report of yesterday's de- of June, 1832, granting pensions to certain classes of

troops therein named, as to embrace in its provisions Mr. McDUFFIE declining, resolutions were called. those who were engaged in the wars against the Indians

After which, the House went into committee on sundry subsequent to the close of the revolutionary war. private bills, which were severally reported to the House Mr. C. made a short explanatory speech in support of and ordered to be engrossed; when the House adjourned the resolution. to Monday.

Mr. HARDIN advocated the resolution, and dwelt on

the hardships, dangers, sufferings, and merits of those for MONDAY, DECEMBER 23.

whose benefit the resolution was offered; arguing to show

that they were as well entitled to the bounty of GovernThe morning business having been gone through with:

ment as those who are now borne on the pension rolls. THE REMOVAL OF THE DEPOSITES.

Mr. WARDWELL thought that the resolution ought The House resumed the consideration of the question claims, (over which he presides,) inasmuch as these were

to go to some other committee than that on revolutionary of reference of the report of the Secretary of the Treas not revolutionary services which it was now proposed to ury on the removal of the public deposites from the compensate. Bank of the United States, with Mr. McDuffiE's motion to instruet that committee to report a bill for restoring better to refer the inquiry to a select committee.

Mr. EVERETT, of Vermont, thought it would be the deposites to the said bank. Mr. McDUFFIE then concluded the speech which he his resolution accordingly.

Mr. CHILTON accepted the suggestion, and modified began on Thursday last, in support of his motion, as here.

Mr. WHITTLESEY, of Ohio, moved to amend the tofore given.

resolution so as to confine its effect to those who had On motion of Mr. POLK, at about half.past 3 o'clock, served subsequently to the peace of 1783, and prior to the House arljourned.

the year 1794 Mr. W. adverted to the favorable recep

tion of such a limited proposition at a previous session, - TUESDAY, DECEMBER 24.

and spoke some words in its favor. ADJOURNMENT.

Mr. CHILTON accepted this amendment as a modifi

cation of his motion. After the presentation of memorials and petitions, Mr. LANE advocated the resolution, and observed that

Mr. E. EVERETT called up his joint resolution for he had himself intended to bring the subject before Conan adjournment of both Houses until Monday next. gress, if some one else had not done it.

Mr. CLAY opposed the resolution, and moved to lay Mr. BURD wished to give the resolution a retrospectit on the table, but

ive operation before the year 1783, and for this end reThe House refused.

modelled it. Mr. EVERETT proposed that the resolution be read Mr. WILLIAMS was opposed to any extension of the a third time this day.

pension system beyond the limits of the revolution. No

bate. ]

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