JAN. 23, 1834.] Extension of the Pension Laws. [H. of R. chivalric and capable officer. Well may it be said of him, which was alike complimentary to General St. Clair, and that his misfortunes were his only faults; them alone it condemnatory of himself. is necessary to explain, and heavy is the debt that public opinion owes to his memory. Mr. L. then read the following extract from the report of a committee, made on the 8th of May, 1792, on the causes of the failure of the expedition under Major General St. Clair: The evacuation of Ticonderoga was wakened into a fault by his subsequent defeat at the West. In the long interval, he had received the strongest proofs of public "From the foregoing state of facts, the committee sugconfidence. It is true that the evacuation of the works gest the following, as the principal causes, in their opinwas condemned in the general opinion. The public are ion, of the failure of the late expedition under Major Gentoo ready to impute calamities to the malconduct of indi-eral St. Clair: viduals, when, in truth, the cause is found in their failure "The delay in furnishing the materials and estimates to furnish the proper means. for, and in passing the act for the protection of the frontiers; the time after the passing of which was hardly sufficient to complete and discipline an army for such an expedition, during the summer months of the same year. "The delays consequent upon the gross and various mismanagements and neglects in the quartermaster's and contractor's departments; the lateness of the season at which the expedition was undertaken; the green forage sufficiency of subsistence for the horses necessary for the having been previously destroyed by the frost, so that a army could not be procured. The defence of Ticonderoga was impossible with the force under General St. Clair. The evacuation saved the garrison, and enabled them to join the main army, and thereby secured the surrender of Burgoyne. Mr. L. then read the following extracts from Wilkinson's Memoirs; p. 199. Extract from a letter dated Mape's Creek, July 28, 1777. "Believe me, sir, if virtue or justice have existence, the man (General St. Clair) who stands condemned for retreating from Ticonderoga will ere long be thanked for the salvation of 3,000 men, who, instead of being in captivity, are now opposing the enemy." Again, page 216, General Wilkinson says: "I shall ever believe that General St. Clair, by the abandonment of Ticonderoga, laid the foundation of our good fortune in the convention at Saratoga." The court-martial which inquired into the conduct of General St. Clair, and of which Major General Lincoln was president, found as follows: "That, having duly considered the charges preferred against Major General St. Clair, (in reference to the evacuation of Ticonderoga,) and the evidence, are unanimously of opinion that he is not guilty of either or any of them, and do unanimously acquit him of all and every of them, with the highest honor. B. LINCOLN, President, and Major General. "The want of discipline and experience in the troops. "The committee conceive it but justice to the commander-in-chief to say, that, in their opinion, the failure of the late expedition can, in no respect, be imputed to his conduct, either at any time before, or during the ac tion; but that, as his conduct in all the preparatory arrangements was marked with peculiar ability and zeal, so his conduct during the action furnished strong testimony of his coolness and intrepidity. "The committee suggest, as reasons for leaving the numbers of troops at particular periods, and the dates of some facts, blank, the want of sufficient time to complete the report with minateness, and, in some instances, the want of the necessary evidence." acter, and more highly complimentary to General St. Clair." "7th November, 1792-committed to a Committee of the Whole House on Wednesday next. 14th November, 1792-Committee of the Whole House discharged, and report recommitted to a select committee. 15th FebruMr. L.. read extracts from Marshall's Life of Wash-ary, 1793-amendatory report made, stronger in its charington, corroborating the correctness of General St. Clair's conduct, and giving the reasons for the act, showing that it was unavoidable, was done with the approbation of a The history of General St. Clair is a humiliating lesson council of war, and was productive of the happiest con- of injustice and ingratitude. One of the ablest and best sequences. of all our public men; his services important and long Mr. L. quoted extracts to the same effect from Ram-continued; his character above suspicion; his fortune and say's History: "Subsequent events clearly proved the his life spent in the public service-and all this could wisdom and propriety of the retreat from Ticonderoga."only procure him contemptuous disregard of just claims Vol. 2, p. 35. while he lived, and the mockery of scorn after a death in indigence and sorrow had relieved him from the weight of a nation's ingratitude. Mr. L. remarked, that all concurrent testimony clearly showed that this was an act characterized by General St. Clair's usual sagacity, and one which entitled him to gratitude, not censure. Mr. L. said he was sure that the honorable gentleman from Kentucky [Mr. HARDIN] was not aware of these facts. He felt sure that had that gentleman known, as he knew, the descendants of that distinguished man, respect for them would have prevented him from wounding his memory. General St. Clair, unfortunate in all things else, has the rare merit of being truly represented in integrity and ability by his posterity. To them this country owes a heavy debt of reparation. But there is in my eye an honorable gentleman, [Mr. DENNY, of Pennsylvania,] who can far better than myself tell the tale of injustice and ingratitude. The other misfortune, which has blighted a long life of useful and eminent service, and withered, in the public estimation, a reputation more nearly allied in purity, ability, and common achievements, with those of Washington and Lafayette, than that of any other man, has been equally misrepresented-equally misunderstood. Mr. L. said he would not detain the House by an examination of the circumstances connected with St. Clair's defeat. It need only be remembered that he was stricken in years; that public opinion inconsiderately and most unjustly decided against him; that the then Secretary of War, to Mr. L. then proceeded to answer the objection that whose misconduct the defeat was mainly owing, endeav- the law proposed, and pension laws generally, conferred ored to cast the whole blame on General St. Clair. The benefits on the worthless. This, he said, was an abuse examination was made by a committee of this House, and in the administration of the public bounty, and required at its head was Giles, one of Virginia's most distinguished to be vigilantly guarded against. But the perjury of a sons. After a full and careful investigation, that commit- few impostors should not be allowed to militate against tee made the report which I hold in my hand. The Sec- the legitimacy of the provision. It should not be allowed etary of War, on whom the blame was, by this report, to deprive the really deserving of the recompense to justly thrown, obtained a re-examination; the result of which they were fairly entitled. Such an argument will 2507 H. OF R.] Extension of the Pension Laws. [JAN. 23, 1834. succeeding five years; and five years more, making the full period of sixty years, will remove them all. apply to every possible law. Yet, surely, the fear of abuse the ten years ensuing; one-half of this remainder in the is not a sufficient argument against an equitable law. [Here the hour allotted to morning business having exForty years has been fixed by custom as the period pired, Mr. L.'s remarks were suspended. The same subject coming up again next day, Mr. L. resumed and con- which shall elapse after the service is performed, before the pension is granted. One-eighth of those who served cluded what he had to say, as follows:] Mr. L. said that, in conclusion of his yesterday's re-alone survive, and they rapidly drop off in the ratio stated. The number whom the proposed law will place on the marks, he begged leave to say that he was not a little surprised at the quarter from which proceeds the oppo- pension list will not exceed fifteen hundred. This will Have the constituents of the more than supply the vacancies caused by deaths of revosition to this resolution. gentlemen from the East and South reaped no advantages lutionary pensioners during the first year after the passage In the succeeding year it will be reduced to from the services proposed to be remunerated? Have of the law. they enjoyed no benefits from the pension system? Who nearly its present number; and, subsequently, the diminuhave found homes in the great valley which was the tions will go en rapidly, until, in twenty years, our pentheatre and the prize of the contest? They are emigrants sion list will be clear from all, save the invalid pensioners from the East and South, and who, while enjoying all the of the last war. advantages which their position and their enterprise have secured to them, will gladly yield aid to the few old men yet living of those whose exertions won the country from its savage possessors. From this view, it appears that this dreaded draft upon the treasury amounts to a few thousand dollars during a single year. Supposing the same principle applied to the soldiers of It is said they should not be classed with the soldiers of the last war, (as in justice it must be,) not more than ten the revolution. It is unnecessary to institute a compari- thousand will survive to receive the benefits, and these son, if they be found to have sufficient claims upon the will not come upon the pension list until death has stricknational gratitude. If pensions were granted, as the gen- en off all the old pensioners. This fearful draft upon the tleman from Rhode Island avers they are, solely on treasury is, therefore, only in the gentleman's imaginaThe expense under the head of pensions is, with balances proved by accurate comparison of debits and cred-tion. its, and should he, on this basis, adjust the balances due the slight exception noticed, now at its maximum. Time those whom the resolution proposes to compensate, the will rapidly diminish it, despite the gentleman's forebotreasury of the United States could not pay the debt. dings. But, even if the supposed law did increase the expense, The whole West, with its millions of acres of improved land, its invaluable channels of commerce, its profitable Mr. L. said he should support it. The question, in his produce, and acquired wealth, is on the one hand; and on opinion, rests on principles not to be affected by such an the other, a few decrepit veterans, whose youth and man-objection. A few thousand dollars, more or less, are to hood were passed in the wilderness, in daily contest and this nation of trifling import, compared with the preservation of its good faith and general policy. He had already hourly privation. But, says the gentleman, [Mr. BURGES,] they were not said that our wars are made for national defence, and not regularly enlisted and draughted. Those who lived in the to gratify the passions of a single ruler. Our soldiers are West thirty years ago will smile at this objection. I not as the soldiers of other nations. would refer the gentleman to my honorable colleague, [Mr. Boox,] who will tell him that the pioneer of the West, Colonel Boon, whose name has been immortalized by the greatest poet of the age, spent his life in incessant contest; and, strange as it may seem to the well-drilled notions of the gentleman from Rhode Island, never was enlisted in the service. We of the West have been weak enough to suppose that we might be permitted to defend our homes and our families, to serve our country, and aid each other, without a regular enlistment. We have carried our weakness still further, and thought that, if privations were endured, and dangers encountered, it took nothing from our merit that we might have slunk away without the risk of being shot for desertion. But these objections carry their answer upon their face. Mr. L. proceeded to say that he begged leave to add a few words to what he said yesterday in reference to the objection that the provision would occasion a large draft upon the treasury. Under the act of 18th March, 1818, eleven thousand and thirty-four revolutionary soldiers were placed on the pension list. Our wars will prob ably be very few, and a great incentive to exertion would be lost if our pension system were abandoned. The profession of a soldier is at all times unpleasant. In peace, he who is unfortunately thrown into the ranks of the army is deprived of all social enjoyments; is shut out When grown old and from the sympathies and the acquisitions which are the aim and gratification of other men. decrepit, they are thrown upon the cold charity of the world for support. I have been pleased to see a bill introduced, providing an asylum for their old age. If such be the state of the regular soldier in time of peace, what is the condition of the citizen, forced from his home and his family, to encounter privation and danger foreign to his habits? We have already declared, by laws universally approvWe have provided for the ed, what should be done. soldiers of the revolution, and for the invalid soldiers of the last war. The pension laws constitute a system consistent throughout. The soldiers proposed to be relieved stand on the same footing before this Congress as did the soldiers of the relaws for their benefit. volution before the Congress which passed the pension Consistency with existing laws, and justice to these inUnder the act of 7th June, 1832, twenty-three thousand three hundred and forty-eight have been enrolled, dividuals, imperatively call on us to make the provision including one hundred and seventy-seven who relinquish-contemplated by the resolution. ed old pensions and came in under this act. not yet decided will swell this number to twenty-five thou- The claims It is true that we cannot mete out to each service its exact reward. It is true that we may benefit a few unworthy in providing for the many who are worthy. The same objection will apply to every law; and such an argument is a paltry evasion of a just debt. The whole number of pensioners may be estimated at thirty-five thousand. Mr. L. proceeded to say that the gentleman was mista. An examination and comparison of the several censuses of our population show, that of a class of men between ken in supposing that these men had been paid in land. If twenty and forty-five years of age, seven-eighths will they have the good fortune to possess any, it has been purdie in forty years; one-half of the remainder will die in chased at the Government price; which price, with the JAN. 23, 1834.] Extension of the Pension Laws.-Removal of the Deposites. [H. OF R. fifty millions proceeds of the sales of public land, has erless, indeed, would be that Government, and limited that been drained from the West, to be expended on the sea- constitution, which could not reward the soldiers by whose board, for the benefit of the constituents of the gentlemen exertions they have been established and supported. who urge the objection. It is also said that they were merely frontier settlers, and not distinguishable from other frontier settlers. Can this be true? All the frontier settlers, from Plymouth to the mountains, when attacked by the Indians, could retreat to the settlements. Not so with those west of the mountains; for twenty years, those men, without aid, or the possibility of retreat to the settlements, were engaged in incessant warfare. The Indian enemy could shelter himself from pursuit, in the forest, or under the protection of their British ally; while the last stand of the white man was at his cabin door in defence of his family. Mr. L. said that he was most surprised, not by the low estimate made by the gentleman of the services of these western soldiers, but by the eulogy which he had pronounced upon their Indian enemies. Mr. L. concluded by expressing the hope that the amendment offered by the gentleman from Virginia [Mr. BOULDIN] would be rejected, and that the original resolution would be adopted. THE DEPOSITE QUESTION. At one o'clock, the House proceeded to the stated order of the day; when Mr. HUNTINGTON, of Connecticut, addressed the Chair, in substance, as follows: Mr. Speaker: Since the adoption of the constitution under which we are here assembled, there has seldom arisen a subject of more deep and thrilling interest to the people of this country than that which is now submitted to the consideration of their representatives in this hall. This is not a subject of local concern, of sectional interest, of the appropriation of a few thousand dollars more According to the gentleman's statement, the Boons, or less, or one regarding which the injurious effects of the Wickliffes, and the Spensers will be forgotten, while hasty legislation may be speedily corrected. It is one in the names and the deeds of the Indians will be remem- which every portion of the community is deeply interestbered. The gentleman asks, where is the history of these ed, for it takes hold of the value and security of propertwenty years of war? where the memorials of their battles ty of all kinds, of the price of labor and its reward. It is and sufferings? most intimately connected with the currency, the stand I am happy in being able to tell the gentleman that ard and measure of the value of all property and all there is a history written by a distinguished citizen of labor. The humblest individual who has settled on your Kentucky, that faithfully records them all. [Marshall's public lands, the soldier who garrisons your forts and deHistory of Kentucky.] To it I refer the gentleman, and fends your frontiers, the sailor who carries your flag over am sure that he will agree that the sufferings of these pi- every ocean, the mechanic, the farmer, the manufacturer, oneers of the West, so far from being exaggerated, have the day laborer-all-all of them have a direct interest in never been fully appreciated. the proper disposition which we shall make of this great Mr. L. said he wished the gentlemen who had endeav-subject. "The smallest of all politicians know that the ored to depreciate the advantages of these services would currency of a nation is as delicate as a lady's honor; and look to the present condition of the West for their answer. those are the least of all, who suppose that the hand of The motives, the conduct, and the consequences of violence can be applied to it without doing mischief." these services, are alike honorable to those who perform- And I am gratified that the subject is placed before us in ed them. Mr. L. said that he wished, for the honor of a form which admits the fullest examination and freest the nation, that those whom the gentleman so unjustly discussion. This is due to the importance of the subject, underrated had been near this city, with their sons and to the character of this House, to the plighted faith of the grandsons, some years since, to second the efforts of a Barney, in defence of this city: had they been, this capitol would not have been in flames, nor a British admiral in the Speaker's chair. Mr. L. said he had omitted to notice an objection of the gentleman from South Carolina, [Mr. PINCKNEY,] that all pension laws were unconstitutional, and who asks that the clause may be shown which gives to the Government the power to make such laws. nation; above all, it is due to the great interests of our citizens, which it is our duty to cherish, and protect, and promote, by all the means which the constitution of the country has placed within our reach, and which are now suffering, to an extent almost unpar. alleled in the history of the Government, and which are threatened with speedy and almost entire extinction. Look, sir, at the two propositions submitted to us. One of them has for its object to place the public moneys, In return, Mr. L. said he would ask the gentleman the treasure of the people, collected from them, and to be where he would find the clause giving to Government the distributed as the legislation of Congress may direct, in power to grant to the crew the value of the ship they the Bank of the United States—a corporation created by capture; to pay the citizen for property taken by the the authority of Congress, in which the United States are enemy; to expend the money of the people for the rich a large stockholder; a bank of a safe and solid capital, of drapery and costly furniture in this hall-more for show great, and undoubted, and ample resources; which has than convenience; to expend millions, on and around this always redeemed all its obligations to the country, withcapitol, for the same purpose? For all this there is no clause in the constitution, yet who ever doubted that the power was given? Mr. L. said he was not among those who approved the modern doctrine of implication. But he was inclined to believe there was more danger to be apprehended to the republic and the constitution from a captious adherence to a literal construction, instead of its plain and obvious spirit, and the equitable intent of its framers. out expense and without loss to the people of a single dollar; and which, by the admission of its opponents, has kept the public moneys safely, and paid them whenever required by proper authority: a bank, also, which is subject to a salutary control from the Executive, Legislative, and Judicial Departments of the Government—a control, I had almost said, greater than that which any monarch in Europe can exercise over any moneyed institution within his dominions. What, sir, is that control? Examine the The limitation contended for is at variance with the charter of this bank, and you will find that the President, simplest and most necessary powers of the Government-whenever he shall have reason to believe that the charter powers which are the indispensable attributes of every has been violated, may order a scire facias to be sued out of Government. the circuit court, that if, upon proper examination, such The power to carry on war, of necessity, gives the pow- violation is made to appear, its charter may be adjudged er to pay the soldier, by such allowances or pensions as to be forfeited and annulled. The same power is vested may be proportioned to his services and wants. Pow-in Congress; and thus the judicial tribunals of the country H. OF R.] Removal of the Deposites. may exercise a proper control over the institution. This The subject rises infinitely above all party considerations. is not all: a committee of either House of Congress, ap-It should have no connexion with the politics of the times. pointed for that purpose, are authorized to inspect the It is one in which men of all parties have a common inbooks and examine into the proceedings of the corpora- terest. It affects, more or less, all classes and all individtion, and report whether the provisions of the charter uals-the man of wealth and the man of moderate properThe officer at ty; him who is poor, and him who is rich; the man who have been by the same violated or not. the head of the Treasury Department is to be furnished, is in affluence, and him who, by his daily labor, earns a once a week if he require it, with a statement of the comfortable subsistence for himself and his family. And amount of the capital stock, the debts due, the moneys I hope that in the discussions to which the subject has deposited, the notes in circulation, the specie on hand, given rise, and in the results to which we may come, we with a right to inspect such general accounts in the books shall look away from every thing which is not connected of the bank as relate to such statement; and, finally, for with its merits, and decide as our consciences shall dictate proper reasons, to order and direct that the deposites of and our high responsibilities require. The honorable member from Tennessee [Mr. POLK] the money of the United States shall not be made in the need not comment on stated, and more than once repeated, that, in regard to bank or the branches thereof. the extent of the power thus reserved, to make this insti- this subject, the issue was formed between the Governtution a safe place of custody for the public moneys; a ment and the bank. I differ with him as to both the parfaithful fiscal agent in the disbursement of these moneys; ties which he has named. If he means by the term "Govand to subserve all the great and important purposes for ernment," that which is so called by the travelling agent of which it was created. Such is the bank where, until the Treasury-one branch of it only, the Executive, or lately, your treasure has been placed, and where the in- simply the Treasury Department-he has rightly named structions moved by the gentleman from South Carolina one of the parties; but if he uses the term as freemen propose that it shall hereafter be placed. What is the understand it, as including the Executive, Judicial and substitute provided for it? Where are your moneys now Legislative Departments, then the Government is no pardeposited, and where is it proposed that they shall con- ty to what he calls the issue which has been closed. Continue to be deposited? In the local banks, created by gress has declared the bank to be a necessary and useful State authority, in which the United States have no pecu- corporation. The Supreme Court has decided that it is niary interest, over whom they have no control, into a corporation rightfully created under the constitution. whose situation and affairs they can make no examination, The House of Representatives, by a large majority at the (except by contract with those institutions, and the per- last session, declared it to be a safe place of deposite for formance of which is dependant upon their sense of pro- the public moneys; and the Executive only has been priety,) who have no unity of design or action, whose in- found in opposition to it as unconstitutional and inexpediThe Government proper, therefore, has not made terests are often in opposition, whose notes are limited in ent. their circulation, "floating around the points where they itself a party to the removal of the deposites. The bonare redeemable," and of whose solvency and ability to dis- orable member is equally in an error when he affirms that charge the trust committed to them the Government have the bank is a party. However great and unwearied the efforts have been to destroy its credit and usefulness, both no peculiar means of knowing. by this House and the Senate is this issue to be tried, and judgment rendered; and in its determination, the bank, as such, and in regard to its own rights, is comparatively a cipher-a matter of no moment. The question is, whether the Treasury shall govern, or the people? The observations which I propose to submit to the House will be comprised in answers to the following questions: What was the condition of the country previous to the contemplated change in the place of deposite of the public moneys? I submit to this House, whether any individual member at home and abroad; however unceremoniously the charof it, or any man of ordinary prudence having moneys to acters of the honorable and virtuous men who manage its deposite and to be disbursed, would, if he had the con-affairs have been traduced and slandered; however wanservative power possessed by the Government of the ton have been the attacks on the institution and its directUnited States over the bank, select that, as the most suit-ors, the whole dwindles into insignificance compared with able, proper, and safe institution to subserve his individual the results which have followed to the country from the interests in the custody and transfer of his private wealth? hostility of those who should have been its protectors and or would prefer the State banks, over whom he had not friends. The issue is closed between the Treasury and even the shadow of control? Would there be any hesita- the people, and it has been tendered by the former; and tion or doubt in his mind to which corporation to give the preference? And shall we, who are the guardians of the public moneys, whose duty to keep them safely is as sacred as it is obvious, do with the treasure of our constituents what we would not do with our own under similar circumstances? Shall we be less prudent, and discreet, and watchful, in the selection of a depository, acting as public men, than when we are consulting our private interests? Shall we give the custody of the money of the people to institutions to whom we would not, in similar cases, intrust our own? These are questions of grave import, and are directly presented to us by the opposite instructions to the committee, which are proposed for our adoption; and I rejoice that they are put in a form and in language so plain, that the freemen of this country can understand them. They have intelligence, and can comprehend their nature and import, and will take care that their rights shall be acknowledged, and their interests promoted, by those to whom they have been committed. This great subject, which now occupies almost the undivided attention of Congress, and which engrosses the thoughts of almost every citizen of the country, should be examined and disposed of in that spirit which its importance demands. In presenting the view of it which I entertain, I have neither private interests to promote, nor In the stock of the Bank of political objects to attain. the United States I have never had the remotest interest. What is that condition now? What is it to be if the deposites are not restored? What causes have produced the present distressed condition of the country, and the alarming forebodings of calamities still greater to befall it? What is the remedy for these evils? There is not one of these questions which is not full of meaning, and worthy our most serious consideration. What, then, was the condition of every portion of this great nation while the public moneys were in their legiti mate place of custody, and the power of the Treasury had not been applied to disturb and remove them? It was one of unparalleled quietness, ease, and prosperity. Every channel of industry was filled. Full employment was given to the laborer, who earned his daily bread by the sweat of his brow-to the mechanic, who JAN. 23, 1834.] Removal of the Deposites. [H. OF R. worked in his shop, and furnished the necessaries and credit, in its efforts to destroy it, and with it all commercomforts of life for himself and all in his employ-to the cial transactions; its disregard of individual prosperity, by manufacturer, who rewarded the industry of thousands meeting the removal of the public deposites in a spirit of connected with and dependant upon the successful pur- anger and menace-all of which, he said, was palpably suit of his business-to the merchant, who was engaged evident, but of which he furnished no evidence, and did in prosperous commercial enterprises-to the farmer and not profess that he possessed any; and which he cannot planter, who found a ready and profitable market for the tax our credulity to believe, as he does not know it by products of their labor. Payments were made for the intuition, nor by testimony to which he has referred usproductions of agricultural, mechanical, and manufactur- concluded his denunciations against the bank with the ing labor through the domestic exchanges of the country, declaration that, notwithstanding all the power of the at a trifling expense; and in like manner were payments bank, exerted for the purposes which he named, our cities made for imported merchandise scattered over every por- were now brought to a "tolerably healthy condition." tion of the Union. The Bank of the United States, sus- Let us examine, and see what that healthy condition taining its amicable and confidential relations with the is. Treasury, acted the part of a balance wheel, regulating The price of bills on England has fallen from seven all the movements of the whole machinery of currency and a half per cent. premium (last of September) to one and exchange, keeping it in order, preventing the over- and a half per cent., which is lower than at any period issues of the State banks, and yet befriending them; dis- within fifteen or twenty years; the notes of merchants of tributing the public revenue in every direction to pay the undoubted solidity, with the most ample security of endebts of the Government; and, through its loans and ex-dorsers, payable at ninety days to six months, from one changes, giving and continuing health and soundness to and a half to two and two and a half per cent. interest per every part of the country, and creating and sustaining a month, and more offered than purchased; almost all kinds currency more perfect than any which ever existed in the of agricultural productions and manufactures unsaleable most finished periods of the commercial prosperity of for cash, and nearly so on credit; loans, on mortgage of Europe. Our country presented a scene which we might the most desirable city property, solicited at from twelve and did contemplate with delight, and which called forth to eighteen per cent. per annum, and refused; the aucour thanksgivings to the beneficent Author of all Good tioneers and commission merchants declining, except to for such distinguished mercies. There was not a dark a very limited extent, to accept drafts or make advances shade in the picture of our country's prosperity; all-against the consignments of mechanics, manufacturers, all-was bright, delightful in fruition, cheering in pros and country merchants and dealers; the prices of every pect. article on sale fallen-indeed, almost nominal; a great reAnd yet it has been suggested as matter of congratu-duction in the price of all stocks of unquestionable solidlation that the magic wand had been applied to it, for it ity; private capital almost entirely withdrawn from emevinced that our prosperity had been the result of our ployment, investment, or loan; it is hoarded up, not lent; own abject submission. The bank, (the modern Circe,) orders for foreign goods countermanded; extensive failit was said, had transformed us into beasts of burden. ures almost daily occurring; the discount on country I do not envy the feelings of any one who could witness bank notes increased; the notes and bills offered for dissuch a state of high prosperity as I have described, and count greatly exceeding the ability of the banks to purrejoice that it had ceased, and been succeeded by one of chase; the state and rates of exchange between the comdeep depression; nor can I well conceive the nature or mercial cities and the interior suspending all business dedegree of that " abject submission" which avails itself of pendant on them. I am informed that the Bank of the all honorable and lawful means (even if they exist through United States buys drafts to some extent on the Atlantic the facilities furnished by the Bank of the United States) cities to the South, where it has branches. Beyond this, to sustain and increase the industry and wealth of the however, there are no sales, unless on terms extremely nation. And should it be true that this great moneyed injurious to the holders. The brokers, who are willing aristocracy has converted us into animals of the descrip- to give their notes, may purchase, to a limited extent, at tion which has been mentioned, it would be gratifying to a considerable discount; and these notes are endorsed by know whether our ears would be less long if we should the sellers, and sold at the current rate of interest, (two be in subjection to the State banks, and derive that meas- to two and a half per cent. per month.) This operation, ure of prosperity which it is supposed we should then however, is so severe, that, if it be not already, it must enjoy under their kind and republican government. If the people of this country are to be the slaves of any banks, it would be the part of wisdom to select those over whom they can exercise some power, rather than those whose conduct they cannot in any manner control. What is now the condition of the country? soon be discontinued. This, sir, is the “tolerably healthy condition" of our principal cities. I hope we shall not witness a great redundancy of such health. But this is a condition, to speak of which with levity is inexcusable; it is one which calls for the exercise of every feeling of sympathy, and the exertion of every lawful power to change it; it is one of imminent peril and danger. Changed, greatly changed; almost wholly reversed. Every channel of industry is now partially choked. A paralysis has settled upon our principal commercial cities, This, however, is but the commencement of evils still and is rapidly extending itself in every direction. Busi- greater to follow, unless an immediate remedy be applied ness is suspended; no new contracts are made; the arm of by the action of Congress. And this leads to the inquiry labor has become nerveless; the currency is disordered, what is the prospect before us? What is to be the conand money not to be obtained; a universal panic exists; dition of the country, if there be not a reaction, if busifear and alarm are apparent in the countenances of all; ness do not revive, confidence be not restored, the usual frequent bankruptcies occur; commercial credit is im- course of industry and enterprise be not pursued, the paired; and the whole country is in a state of agitation, currency be not restored to its former sound and healthexcitement, alarm, and fearful apprehension. Is not this ful state, and active employment be given to the labor of statement true? Does not every day's post bring us con- our citizens, with a reasonable prospect of a fair and cerfirmation of it? I am aware that the gentleman from New tain remuneration? York, [Mr. BEARDSLEY,] after asserting in very unmeas- That condition, it is to be feared, will be one of geneured terms the hostility of the Bank of the United States ral bankruptcy, and, perhaps, a suspension of specie paytowards the local corporations, in its attempts to embar-ments by most of the local banks; the present state of rass and prostrate them; its utter recklessness of private things, gloomy and fearful as it is, cannot long continue; VOL. X.-158 |