« ZurückWeiter »
H. Or R.]
Removal of the Deposites.
[Jan. 7, 1834.
select body, who then represent the whole body in their be said, I am sure it may be said more profitably by others acts of legislation. The contrary of this is held to be the than by myself. So, also, sir, as to the discovery which law when the power is given by charter to a select body, the honorable member from Tennessee thinks he has for they cannot delegate their power to any other body made, of a contradiction between the amount of printing Now, sir, the whole body of the corporation of the Bank expenses of the bank in 1831, returned by the bank to of the United States, the stockholders, at a general meet- the Senate under a resolution of that body, and the ing held on the 6th January, 1817, did delegate their amount for the same year stated in the pamphlet which power of making by-laws and regulations to the board of he is pleased to term the manifesto of the bank--the fordirectors, after passing a few by-laws not affecting the mer being, as I understand, the sum of $9,775, and the present inquiry.' The act by which this was done de- latter the sum of $21,708 53. That discovery may not clares “that the directors shall have power to make prove to be as important as it is supposed to be, if gentlesuch rules, regulations, and by-laws, as they shall deem men will advert to the fact that the call of the Senate emnecessary and convenient for the government of the Bank braces only the expenses paid by the bank for printing of the United States, not contrary to these ordinances, and to editors; and the expenses in the pamphlet are the nor to the act of incorporation, nor to the laws of the whole amount paid by the bank for publications of every United States.” Consequently, the directors have, since kind, by whomever printed, and not merely the portion that time, possessed and exercised, and do now possess paid by the bank to printers employed by itself, and to and exercise, the legislative power of the corporation, by editors of newspapers. the gift and delegation of the stockholders; and the laws These, sir, are minor points; but the question of conand regulations made by the board of directors, whether cealment involves great considerations. It would appear for the government of their own body, or of the business that the charge implies a general concealment, from the of the bank, not being contrary to the constitution, the omission to appoint any one of the Government directors laws of the United States, or ihe by-laws made by the upon the committee of exchange; and particular concealstockholders, are good and valid, either by virtue of their ment, from giving to the committee on the offices a pow. own charter authority as directors, or the authority dele- er to modify the resolutions of the board for reducing the gated to them by the whole corporation.
business of the institution as they should dcem expedient, Upon what principle is it, then, that a regulation of and refusing to order them to make a report to the board; the board authorizing the president to appoint commit- and, also, from refusing to the Government directors 3 tees, (a necessary power in every legislative body,) or copy of the resolution indicating the course of policy prothat authorizing a committee to take order upon the pur- per for the bank to pursue under present circumstances, chase and sale of exchange, or to perform any other act and which the Government directors thought should of banking which the charter does not require to be done be transmitted to the Secretary of the Treasury. In reby somebody else, is denounced as a violation of the char- gard to the committee on the offices, I find it difficult to ter, and of the plain words of the charter? Sir, the pow- comprehend that branch of the alleged concealment, as er exercised by the committee of exchange is known by by their letter of the 220 April, 1833, to the President, all who know any thing of practical banking, as it is now it appears that one of the Government directors was at that conducted in our cities, to be not only usual, but almost time a member of that committee. Possibly, however, indispensable; and, to the due management of the parent there may have been a change, and I shall so consider it. bank, entirely so. To require a quorum of seven to be Sir, these questions are of great importance to all banks, present at every such operation, occurring as they do and to the Bank of the United States in particular. The every day, would be to say that the Bank of the United right of the Government directors to the station they asStates should not give the facilities to exchanges which pire to, or to demand that the board should make the the interests of trade require. The question of expedi- orders which the board have refused to make, has not the ency is, however, for the board, when its legal quorum is least foundation. Their right to be members of any compresent, to decide; and they have decided it, and the mittee has no more legal support than the right of a stockholders have never questioned the decision. As to member of this House to be upon a committee appointed the right: though from convenience, as well as from the by this House. It depends, in this House, upon the good regular recurrence and magnitude of the operations, the pleasure of the House; or, what is constructively the discounts of promissory notes are directed by the board same thing, upon the pleasure of the Speaker, chosen by of directors in person, there is no legal difference be the House. In the board of directors, it depends on the tween discounts and exchanges, or any other branch of pleasure of the board, either directly or indirectly, as banking business, which makes them necessarily subject they make the appointment themselves, or give the powto different rules. The board may regulate the whole as er of appointment to the president of the board. The it deems best for the bank.
right to require that a committee shall make a report to But, sir, this alleged violation of the charter is connect the board, is the right of the board, and not of any memed, in the mind of the Secretary, with a design to “con- ber of it. The right to take a copy of the minutes, for ceal certain important operations of the corporation from any purpose, depends on the will of the board by whom the officers of the Government.” The particular opera. they are made, or ordered to be made, as the charter tions concealed are not suggested, but the concealment is does not contain any direction upon the subject. alleged as an inference from the mode of appointing and would be the same in this House, if the constitution did instructing the committees in violation of the charter. not require a journal to be kept by each House, and to
There are some points of fact adverted to in the Secre- be published from time to time; though even this is subtary's letter, and in the argument of the bonorable mem-ject to an exception, depending on the will of the House. ber from Tennessee, which it is my intention to leave to The questions of right being thus, let us examine, sit, those who think that they are still worthy of additional the questions of expediency and propriety. notice. I am not of that opinion. These matters regard Heretofore, in the bistory of the bank, the directors the particular items of expense for printing and publica- appointed by the Presiilent of the United States have tion by the bank, and the old affair of the three per cents, mingled in all the transactions of the bank, mutually givboth as to the suspended payment from July to October, ing and enjoying unreserved confidence, and being in no and the contract by the bank with certain bollers of that respect whatever distinguished from the other directors. stock. If, after the volumes printed by order of this Mr. Biddle himself was a director appointed by the Pres. House at the last session of Congress, upon these and sident, for many years, and particularly in the important other kindred questions, something more is required to years of 1829, 1830, 1831, and 1832, as the reports of
Jan. 7, 1834.]
Removal of the Deposites.
(H. of R.
the last session show; and other Government directors|ject was not avowed, and they were not permitted to have, from time to time, acted upon all the important avow it, but were compelled, by their own sense of discommittees, including the committee of exchange, so as tress, to ask for an official sanction, under which they to give to the bank the benefit of their peculiar qualifi- might avow it; then, further, they were practising concations—for it must always have been a question of quali- cealment themselves, and trying to prosecute an investification; and, if a director was not qualified for a particu- gation, without avowing its object, when that object is lar post, it is not probable, whatever was the source of now known to have been to inculpate the board, and par. his appointment, that he would be placed in it. But, sir, ticularly the gentleman at the head of it, and, by means in the time of the present Government directors, a change of the odium thus excited, to justify to public prejudice has come upon us and upon the bank, of a very important an act of deadly hatred to the bank of which they were kind, and it is not surprising that it has affected those di- directors--the removal of the public deposites; and then, rectors also.
sir, I say, in conclusion, that there is not an honorable It was vehemently suspected, sir, at the time of their man in this House, or in this country, who will not reappointment, that their notions of duty and right were spond to the sentiment, that they were treated at least as peculiar; that they deemed themselves bound or entitled well as they deserved to be, by not being assisted in the to use their posts for the purpose of making representa performance of these remarkable labors. With this contions to the President of the United States, tending to fession of concealment by the Government directors, to excite odium against their co-directors, by impeaching which they were coerced by the Executive, the Secretatheir motives and acts, and thus to impair the credit of the ry of the Treasury arraigns the board for concealing its bank; that they deemed themselves at liberty, in the per-operations from them. He charges the board with conformance of this duty, or in the exercise of this right, to cealment, in violation of their charter, and in contempt of pursue objects which they did not care to avow, and the Government; when the head and front of their offence which they were not permitted to avow; and, finally, sir, is this only--that they would not consent to be the dupes that, in some way, by some unexplained theory of their of concealment that was practised by others. appointment, they had come to the opinion that they pos But, sir, this is not all. The memorial of the Governsessed political powers in the institution, which they were ment directors to this House, for the doctrines of which anthorized to use for political purposes. All this, sir, we are, I presume, indebted to the professional gentlewas, as I have said, most vehemently suspected; and if man whose name is at the head, cannot be too much adthe suspicions were just, the propriety of placing them in verted to, in connexion with both the charge of concealposts of trust and confidence in the bank was not so clear, ment by the board, and another charge, hereafter to be particularly as, if they were so placed, it might have noticed, of a graver description. It is a document that been difficult to persuade other gentlemen to sit beside may be considered as a sort of small martyrology—a histhem in the occupation of those posts. I say, sir, it might tory of the sufferings incident to disappointed efforts and have been extremely difficult to persuade gentlemen of mortified pretensions; and it contains, as is natural, a concharacter, having some feelings and reputation of their fession of the faith by which the sufferers have been sus. own, to sit in a post of trust and confidence by the side tained at the stake where they have placed themselves. of directors holding such notions of duty and right, and I beg permission to exhibit it to the House... “It has carrying them out, without avowing their objects, into pleased the majority of the board of directors," says the measures of extreme personal annoyance, as well as of memorial, “in the document to which we refer, in order, discredit to the bank.
we suppose, in some degree to extenuate their conduct Sir, what was at that time, perhaps, no more than ve-in systematically nullifying the representatives of the hement suspicion, is now, and, for some time past, has Government and the people,” [doubtless meaning thembeen, matter of unquestionable certainty; and the certain- selves,] “ to deny that the public directors are seated at ty is derived from the best possible authority—the confes- the board in any other relation than themselves; to deny sion of the very party.
the existence of any difference in the official character Sir, I beg to call the attention of the House to a part and duty of themselves and us. This extraordinary deof a letter addressed by three of the Government direct- nial, in the face of all experience of the familiar history ors to the President of the United States on the 22d of of the country, and of palpable reasoning, must rather April, 1833, which is annexed to the letter of the Secretary. be ascribed to the presumption which moneyed power is It is the first that has been exhibited to this House, but apt to inspire, than to the ignorance of wilful misreprenot the first in the correspondence of which it forms a sentation of those who make it. Nothing can be plainer part, and which has not been communicated, We know, than that the public directors were devised as instrueven now,
but in part. The three directors say: ments”-[I beg the House to allvert to the felicity of the “Without considering any portion of our remarks as language-“were devised as instruments."] “Nothing falling within the limits of those private accounts which, can be plainer than that the public directors were devised as you state, the charter has so carefully guarded, since as instruments for the attainment of public objects; that the whole relate to the action of the board upon matters their being insisted upon in the charter itself was in obefully open, and discussed before them, and extend in no dience to the will of those who elected the legislative instance to the private debtor and creditor accounts of body by which it was passed; and that their appointment individuals, yet we may be excused for expressing much was given to the President, with the advice and consent gratification at your assurance that the information re- of the Senate of the United States, (not to the mere quested is for your own satisfaction, and that you do not fiscal representative,) in order to clothe them with all the wish it extended beyond our personal knowledge. We character of official representation, and to exact from may be permitted also to add, that the wishes and opin- them a discharge of all the duties, public, political, and ions which we took the liberty of expressing in our for- patriotic, incident to a trust so conferred. If we are mismer letter have been since more strongly confirmed, and taken in this, we acknowledge that our solicitude about that we should not only feel more satisfaction ourselves, the rights and morals, the practical purity and freedom of but be enabled to convey to you more full and correct our countrymen, bas misled us. But we know that we information, were we to proceed in an investigation wbose are not.". object was avowed, and if we were strengthened by that Devised as instruments! and given to the President, to official sanction which we suggested.”
exact from them a discharge of all the duties, public, poThen, sir, they were not altogether comfortable in their litical, and patriotic, incident to a trust so conferred! new position; and I do not wonder at it. Then their ob- the sense would not have been more complete, sir,
though the alliteration would have been more perfect, if of taking care of all the stockholders the nation, for its they had described their functions as extending to all seven millions, included. If others forget this duty, they ciuties, public, political, patriotic, and party, incident :o will not. This House, I hope, will not; nor will they a trust so conferred.
join in censuring these faithful men for refusing, under Now, sir, without at present saying whether this theory the challenge of political power, to give up the direction was truc, the other directors had a right to a counteract of the bank, by allowing to any department an inquisition ing theory for themselves; and if it is true that the Gov-linto their concerns which the charter does not warrant. ernment directors were devised as instruments, and that Mr. Speaker, it is in connexion with this asserted right they are, by their creation, political directors, the other of inquiry into the affairs of the bank, that the contracts directors, who have not been so devised, are entitled to made by the Secretary with the new deposite banks beconsider themselves as anti-political directors, and not come an object of the deepest interest. The 15th fun. bound to assist the political operations of the otlier branch, Idamental law of the bank charter enables the Secretary but rather, by the momentum of their greater numbers, to require of the bank a weekly statement of the capital to keep them from moving the bank out of place. But, stock of the corporation, debts due to the same, money's sir, the heads of the memorialists have been made dizzy deposited therein, notes in circulation, and the specie in by their elevation. Their theory has no foundation in hand; and gives him a right to inspect the general acreason or in the charter. I deny that they were devised counts relating to it in the books of the bank, but not the as instruments, whatever they may have made of them- right of inspecting the account of any private individual. selves. There is not a sijadow of difference between the This ought to have been sufficient for the Secretary, as, rights and duties, the powers, or the obligations of any in the judgment of Congress, it was sufficient for the of the directors: they are all directors, neither more nor safe-keeping of the public moneys. It was enough for less, and owing the same duties to all the interests confid- safety, which Congress wanted, but not enough for intered to them. The directors appointed by the President ference and control of the bank, which Congress did not owe a duty to the nation, and so do the others; and, in my want. The contracts which the Secretary has made with poor judgment, they have performed it. The directors the deposite banks hold a very different language, as may elected by the stockholders owe a duty to the bank, and be seen by that with the Girard Bank. The bank is so do the directors appointed by the President; but they bound, not only to make weekly returns of its entire conhave neither performed nor acknowledged it. They are dition, and to submit its books and transactions to a critinot placed there to make inquiries for the President. The cal examination by the Secretary, or an agent duly author. President has no authority to direct inquiries to be made ized by him, but it is expressly provided that this examby them. This is a question of charter power, of power ination may extend to all the books and accounts, to the over a corporation, all of whose privileges are rights of cash on hand, and to all the acts and concerns of the bank, property. The charter gives to the President no such except the current accounts of individuals. Sir, I am right. It expressly gives to the Secretary of the Treas. happy to learn that the stockholders of the Bank of Virury a right of limited inquiry, by investigating such gen. ginia have disavowed the act of their directors, in giving eral accounts in the books of the bank as relate to the this power to the Secretary. It is a fearful power, and, statements which the bank is bound to furnish to the with the Treasury interpretation of current accounts, Treasury Department, but no further. Congress have (which is not the language of the charter, but accounts the power to inspect the books of the bank, and the pro- generally of any private individual,) we may see the exceedings of the corporation generally. These powers tent of control which, with the aid of the deposites, this have been expressly given, and they have been so given clause of the contract will give. It is an authority for because they would not have been derived by implication universal supervision of all the operations of the bank, from the charter. But here is a power to be implied including its discounts, and for granting and withholding greater than all, and worse than all--a power to be exer- accommodations at the pleasure of the Secretary. I cised secretly, and without avowal, ex parte, without no. humbly submit to all who feel any kindred sympathies tice, without opportunity of reply or explanation being with honorable men, whether, in the absence of the mangiven to those whom it affects, and by persons who are date of a judicial decision, in a case in which such a deholding, to all appearance, the relations of amity with cision has been avoided by the power that has a right to their co-directors, sitting on the same seats, and profess. invoke it-whether this is a fit occasion to justify the reing the same general objects. Sir, the board did right moral of the deposites for violation of charter, because not to aid them; it would have done right to resist them; the directors have not adopted or assisted such principles, and I inquire of the members of this House, and ask them interpretations, and aims, as these? to follow out their honorable feelings into the reply- The affair of the French bill I shall briefly notice, as I would they consent to sit in committee by the side of men pass to the remaining topic of the Secretary's answer. who professed principles like these, and submitted them. I will take the history of that bill, as it is given by the selves to the direction of another as to the manner in honorable member from Tennessee-that it was a bill which they should carry them into execution? This ques- bought by the bank, refused payment by the French tion concerns all banks, and this bank most intimately. Government, and, upon protest, the amount was paid by A bue and cry is raised against the directors of this bank, the agent, for the honor of the bank, to the foreign holder; because the bank will not tell the Government directors, that the money was not used by the Treasury here, and that they may tell the Secretary, precisely how they mean that the bank suffered nothing but a few expenses, which to wind up, if they do mean it; and here is a new theory the Secretary is willing to refund. I will agree that there
political power that all which the bank intends to do for on the protest, and that it does not include the sovereign its own defence is to be told to an enemy, that, if he lof the country. I cannot argue the case, because the thinks fit, lie may defeat the measure; that it is not suffi honorable member assumes all the law and all the facts, cient for him to continue to know the precise condition of land the Secretary's letter gives us none. I must, therethe bank, in point of fact, as it actually is, and as he must fore, agree to the case as he presents it. But the thing perceive it to be by the weekly statements, but that he which passes my comprehension is, that a mere claim by must also know what is going to be by the operation of the bank-a claim without suit or other act-a claim measures of defence, that if it is in his power, and he also which it is the privilege of the lowest and poorest to thinks fit, he may frustrate the purpose. The private make upon the highest and richest in the land, without directors of this bank have upon them the responsibility incurring either forfeiture or damage that this should be
gravely put forth as a brand of faithlessness upon the out the answer of the people to it, what more triumphant bank, and a forfeiture of her right to the public deposites. refutation can be adduced of the reasons that find either Sir, there must be a strange perversion of mind in myself, a ground of apprehension, or a motive of punishment, in or in the honorable Secretary, in regard to this conclu- acts which have thus failed of effect? If the premises sion. It would have been the occasion of infinite surprise belong to the case, the true conclusion is, that the peoto me, if the faculty of being surprised had not been ple are in no danger from attempts to gain political power recently so much impaired by use, that I am no longer by the devices of the bank, and that she may go on to conscious of its existence.
the conclusion of her charter, performing her constituiThe last reason of the Secretary for removing the depos- tional duties to the country, as she has always done, with ites is, that the bank bad employed her means with the fidelity and success; leaving the question of renewing the view of obtaining political power.
charter to settle the extent of her punishment. I beg permission of the House to say a word concerning But, sir, I deny the charge. I say the design was not the humble individual who has the honor of addressing entertained, and that not a particle of evidence has been it. Had I been a director of the Bank of the United produced to infer the contrary. The board have printed States during the years in which it has been its misfortune and published, and have assisted in printing and publishnot to bave received the approbation of the Secretary, ing, “ for the purpose of communicating to the people I should have been associated with men who are an orna- information in regard to the nature and operations of the ment to the city in which they live, and an honor to their bank, and to remove unfounded prejudices, or repel incountry-men who, from earliest youth to their present jurious calumnies on the institution intrusted to their care. mature age, have been beloved, respected, and honored This is the declared purpose of all they have done, and by all around them, and who are as much the standard of they stand upon the sacred principle of self-defence in all the virtues, private, social, and patriotic, as the coins asserting their right to do it. That there was nothing in of your mint are the standard of your currency, and the veto message to justify the circulation of the review without any of the base alloy which you mingle in your which the gentleman from Tennessee bas noticed, is more coins to make them fit for the use and abuse of the world. than I admit; and when the gentleman shall assert, upon If I had been called upon to act with such men as these, his own authority, that the board have given currency to in regard to measures of any kind, and bad differed from a scurrilous pamphlet against any one, he will find me them in my judgment, I should have deemed it almost an ready either to deny the fact, or to admit its impropriety. act of treason against the authority of superior intelli- The constitution secures to every person, natural and gence, or of arro nce, exposing myself to reprehension political, the right of printing and publishing, being reor contempt. I should have followed them fearlessly sponsible for the abuse of it. It prohibits Congress from wherever they led, and with unshaken confidence that passing any law abridging the freedom of the press. If they could not lead me where either wisdom or virtue the charter had inserted a provision to restrain the board would be exposed to reproach. But, sir, I had not this of directors from printing or publishing, it would have honor. I was not a director of the bank in 1829, nor in been null and void. An interpretation of the charter to 1830, nor in 1831; and, though chosen a director in 1832, restrain it is equally so. They have the universal right, I left Philadelphia in January, to pass my winter here, subject to the constitutional corrective, through the judiand met the board but once after my return, to show re- cial tribunals of the country; but to condemn, and then to spect to the committee of inquiry appointed by this blouse. try them--to punish, and then to hear--belongs not to of the measures now to be adverted to, I was not inform- the tribunals of this earth, nor to the constitution of this ed, except as the public and this House have been in-country formed. I can speak of them, therefore, without the in Sir, the change of the deposites is an extraordinary Auence arising from either participation or privity. As mode of preventing their application to the purposes of to my professional relations to the bank, I am proud to political power. Before their removal, they were in a belong to a profession which has many distinguished mem- bank not possessing political power, nor capable of using bers in both Houses of this Congress-a profession which it. They are now wielded by those who possess it, and the confidence and affection of this people have raised, who are more or less than men if they do not wish to keep in more than one instance, to the highest office in their it. Then, they were in one bank, under one direction; gift. I will not degrade this honorable profession. I will now, they will be in fifty, Then, they were in a bank not degrade my own rank it it, however humble, by con- which political power could not lay open to its inquiries descending to inquire what extent of compensation woulil and control; now, they are in banks that have given a induce an honorable man to sell his conscience and his stipulation for submitting all their acts and concerns to principles, as slaves, to his client!
review. Then, if these deposites sustained any action at Sir, the great accusation against the bank is, that she all, it was in the safest form for the people-action against has endeavored to obtain political power, and interfered power in office; now, its action is in support of that power, with the election of the President of the United States. and tends to the augmentation of what is already great Grant the design of the bank, sir; and what then? It enough. has not succeeded. The letter of the Secretary is an ar I say, in conclusion upon this point, if these publications gument to show that it has not succeeded, and that the are deemed by this House to have been unlawful, return question of recharter is settled against the bank by the the deposites till the bank has been heard. Go to the voice of the people at the last election. The election of scire facias-give to the bank that trial by jury which is the President, the appointment of the Secretary, the secured by its charter, and is the birthright of all. Ask elections for this House, were all completed before the the unspotted and unsuspected tribunals of the country deposites were removed; and these are held up to show for their instruction. Arraign the bank upon the ground that the design imputed to the bank has failed and fallen either of sedition, or grasping at political power. There to the ground. Then I ask, sir, what is the character of was ample time for it, and still is; and there is a great that act which has removed the deposites? Is it prevent- precedent for it, which I commend to the consideration ive, or is it vindictive! It is vindictive, sir. It is pun- of this House. ishment directed against the bank for an imputed design Şir, in the worst days of one of the worst princes of that has wholly failed in its execution; and the victim of England, (I mean Charles the 20,) the love of absolute the infliction is not the bank, but the country. If it is a rule induced him to make an attempt (pon the liberties matter of grave belief that the purpose of the bank was of the city of London, whose charter le desired to overthat which is imputed, and that the elections have given throw. He complained that the common council had
taxed him with a delay of justice, and had possessed the feigned satisfaction that I have raised my feeble voice in people with an ill opinion of him; and, by means of his behalf of the amendment offered by the gentleman from ministers of the law, and by infamously packing the bench, South Carolina, whose enlightened labors in this great having promoted one judge who was not satisfied on the cause, through a course of years, have inseparably conpoint, and turned out another who was not clear, he suc-nected his name with those principles upon which the ceeded in obtaining a judgment, under which the liberties security, the value, and the enjoyment of property deof that ancient city were seized by the Crown. But, pend; and it will be sufficient reward for me if I shall be when the revolution expelled his successor, and the prin- thought not to have impaired the effect of his efforts, nor ciples of the British constitution came in with the House to have retarded the progress of those principles to their of Orange, an early statute of William and Mary reversed ultimate establishment. For myself, I claim the advanthe judgment as illegal and arbitrary; and from that time tage of saying that, as I have not consciously uttered a it has been the opprobium of the bench, and the scorn of sentiment in the spirit of mere party politics, so I trust the profession.
that my answers to the Secretary will not be encountered The account of it which is given by Burnet is thus: in that spirit. If the great and permanent interests of the “The court, finding that the city of London could not be country should be above the influence of party, so should wrought on to surrender their charter, resolved to have be the discussions which involve them. It ought not to it condemned by a judgment in the King's Bench. Jones be, it cannot be, that such questions shall be decided in had died in May; so now Pollexfen and Treby were chiefly this House as party questions. The question of the bank relied on by the city in this matter. Sawyer was the is one of public faith; that of the currency is a question Attorney General, a dull, hot man, and forward to serve of national prosperity; that of the constitutional control of all the designs of the court. lle undertook, by the ad- the treasury is a question of national existence. It is vice of Sanders, a learned, but very immoral man, to over- impossible that such inomentous interests shall be tried and throw the charter. The two points upon which they determined by those rules and standards which, in things rested the cause were, that the common council had pe- indifferent in themselves, parties usually resort to. They titioned the King upon a prorogation of Parliament, that concern our country at home and abroad, now, and to all it might meet on the day to which it was prorogued, and future time; they concern the cause of freedom every had taxed the prorogation as that which had occasion- where; and, if they shall be settled under the influence ed a delay of justice: this was construed to be the raising of any considerations but justice and patriotism--sacred of sedition, and the possessing the people with an ill opin- justice and enlightened patriotism-the dejected friends ion of the King."--"When the matter was brought near of freedom dispersed throughout the earth, the patriots judgment, Sanders, who had laid the whole thing, was of this land, and the patriots of all lands, must finally surmade chief justice; Pemberton, who was not satisfied on render their extinguished hopes to the bitter conviction the point, being removed to the Common Pleas, on North's that the spirit of party is a more deadly foe to free instiadvancement. Dolbin, a judge of the King's Bench, was tutions than the spirit of despotism. found not to be clear; so he was turned out, and Wilkins (Mr. B. continued his speech from day to day, till he came in his room. When sentence was to be given, had concluded. The parts, however, have been conSanders was struck with an apoplexy, upon which great solidated, and given entire above.] reflections were macle; but he sent his judgment in writing, and died a few days after.” As the only precedent
WEDNESDAY, JANUARY 8. which the books present to us of forfeiture of charter for sedition, or an interference with political power, it is not
The following letter was received by the Speaker of without instruction.
the House, read, and ordered to lie on the table: Sir, these reasons of the Secretary being one and all House of REPRESENTATIVES, January 8, 1834. insufficient to justify the removal of the deposites, the Sir: I have the honor to inform you that my seat in the question of remedy is the only one that remains. The House of Representatives of the United States, over state of the country requires the return; but the question which you preside, has become vacant by resignation, adof return has nothing to do with the renewal of the charter. (dressed to the Executive of the State of Louisiana. If renewal were the object, I should say, Do not put them i have the honor to be, very respectfully, back; leave them as they are; make no provision for the
Your obedient servant, future, and see, at the end of two years, to what relief the
H. A. BULLARD. people will fly. But, sir, let us save the country from To the Hon. ANDREW STEVENSON, ihis unnecessary suffering. Return them, and the mists
Speaker of the House of Representatives. will clear off from the horizon, and the face of nature After going through with the usual business, the House smile as it did before. Return them, and make some took up the subject of provision for the day when the capital of this bank is to
THE PUBLIC DEPOSITES. be withdrawn from the country, if it is to be withdrawn. Provide some control, some regulation of your currency.
v. Mr. BINNEY then resumed and continued the speech The time is still sufficient for it, and the country requires, which he commenced the day before. He had not con
eed, this bank is not to be continued, nor an- cluded what he had to say, when, being requested to do other to be supplied, nor a control devised to prevent the so, he gave way for a motion to a jour; and State banks from shooting out of their orbits, and bring
The House adjourned. ing on confusion and ruin, then I confess that I see no benefit in putting off the evil for two years longer. The
THURSDAY, JANUARY 9. storm must come, in which every one must seize such The bank question coming up, plank of safety as he may out of the common wreck; and Mr. BINNEY resumed and concluded his remarks in it is not the part either of true courage or of provident support of Mr. McDUFFIE's motion for instructions, which caution to wish it deferred for a little time longer. direct the committee to report a bill ordering the depos
Sir, I have done. I have now closed my remarks upon ites hereafter to be placed in the Bank of the United the question of the public deposites, second in importance States. The whole of Mr. B's speech will be found ento none that has occurred in the course of the present tire in preceding pages. When he had concluded, administration, whether we regard its relations to the Mr. CAMBRELENG rose, and, after expressing the public faith, to the currency, or to the equipoise of the embarrassment he felt in following the distinguished gendifferent departments of our Government. It is with un-Itleman from Pennsylvania, and stating, in apology for