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about the work of reconstruction and restora-(considered, each House which adopted, and Štion. The Republican' Secretary of the the President which signed it, were strongly

Treasury, Alexander J. Dallas, reported to of the Republican' faith. It was a measure Congress that nothing but a National Bank of that party, so far as it was the act of any a would bring order out of the subsisting chaos. party, so supported and opposed, and so reHis views were seconded by the great majority garded by the Country, of the Republicans' in Congress-by Mr. This Bank went immediately into operaCLAY, whom five years' bitter experience tion; but the sanguine anticipations of publie had fully convinced of the necessity of a advantage from its action were not immeBank; by Mr. CRAWFORD, as aforesaid; by diately realized. The whole Country was SJOHN C. CALHOUN, the young and energetic overwhelmed with Debt, public and private; Schampion of the Republican' faith, who the Currency was in a most deplorable conShad entered Congress about the beginning of dition; and all our Manufacturing Interests Sthe War, and had rapidly risen to the respon- were just breaking down, under the pressure Ssible etation of Chairman of the Committee of of Two Hundred Millions' worth of Foreign $ Ways and Means, in which capacity he re- fabrics poured in upon us at the restoration? Sported, ably advocated, and carried through of Peace, and rattled off at any price. The

ihe House, the bill chartering the late Bank Bank attempted to sustain and restore every S of the United States.

thing by affording facilities of business and § This bill passed the House by Eighty Yeas exchange; but this, under the circumstances, Sto Seventy-one Nays, and the Senate by was impossible. The attempt, daringly perSTwenty-two Yeas to Twelce Nayg. Of the sisted in, came near stopping the Bar elf. $ Yeas, more than two-thirds were Republi-Time and a more efficient Tarifi were required Scans;' of the Nays, about three-fourths were to bring about the restoration of soundness in Federalists. Among the votes for the bill the local Currency, however efficient the cowere those eminent Republicans' Messrs. operation of the Bank. Soon, however, the $ Calhoun, Middleton, and Lowndes, of S. C.: Bank was placed under better management:

s. Smith and Pinkney, of Md.; Taylor, the Tariff was raised, and the Country begans Wilkin and Throop, of N. York, Barbour, to emerge from its embarrassments. From 3(J.) Mason and Gholson, of Va. Among the 1819-20 the Currency steadily improved until

Federalists' in the negative were Messrs. it became, and continued for years down to Dana and Pitkin, of Conn.; Webster and 1834, the best practical Currency in the Mason, of N. H.; Tichenor and Langdon, of world, yielding every assistance to the busiVt.; Christopher Gore, Timothy Pickering ness of the Country. and J. Reed, of Mass.; Rufus King, D. Gen. Jackson was elected President ins Cady and Gold, of N. York; Hopkinson, of 1828. During the canvass which preceded Pa.; Goldsborough, of Md.; Sheffey, of Va. that result his election was urged on every &c. &c. It was almost á party division plausible or imaginable ground, yet no man --the men who about the same time nomina- whispered that the overthrow of the United Sted Jas. MONROE for President and Dan'l D. States Bank was one of the ends to be accom

TOMPKINS for Vice President generally voting plished by that elevation. Mr. Adams's Ad $for the bill; those who opposed them nearly ministration was blamed for the cupidity of

all opposing the Bank. But many of those Great Britain in shutting her West India who voted against the bill were favorable to ports against us, for not permitting the Cheroa Bank. Thus Gen. Root of this State, and kee Indias to be robbed and exiled, for every Mr. Webster of N. H. (now of Mass.) both unwelcone occurrence-even the failure of

voted against the bill from hostility to the the harvests in particular localities was ad Sprovision of the Charter which authorized duced as evidence that nothing could flourish

subscriptions in stocks of the United States under such rule-but no man complained of $(which were then below par)they insisting the Currency, or demanded a radical change

that a Bank should be based upon nothing in our Banking system. But Gen. Jackson Sbut cash. They voted Nay to arrest the bill was inaugurated, and soon involved himself and throw it back into Committee, where in a controversy with the management of the they hoped to have the obnoxious feature ex-United States Bank. His Secretary of thos punged, and then vote for the bill. Others Treasury demanded the removal of the Presi. voted Nay on the same or similar grounds. dent* of the Branch Bank at Portsmouth, N. Mr. Madison, who had repeatedly urged Con- H. as a man obnoxious to the friends of the gress to do something for the restoration of Administration in the neighborhood of that soundness to the Currency and Finances, Branch; but this demand was unaccompapromptly gave his assent to the bill. ?nied by any allegation of misconduct or inca$ Thus was the second Bank of the United pacity on the part of that officer, and complica S States chartered, and this time clearly by the ance was necessarily declined. The whole s Democratic' party. It was solely Demo-l * Jeremiah Mason, formerly U. S. Senator, now of

cratic in its origin, and each Committee which Boston. wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww

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A NATIONAL BANK. country was thereupon surprised by the ap- is so justly entitled, from the eminent station and high

character of the citizer by whom it is entertained, the 3 pearance m ven. Jackson's Annuur messigo, Com e are constrained to express their resmetul Sthat the rechartering of the Bank was a ques- but decided dissent from it. * * * Human

tion which must soon demand the attention wisdom has bever etted in any other rountry, a of Congress, and should meantime be consid-nearer approach to, nuorinity m currency than that

which is made by the use of the precious metak. II, ered by the Country, and that both the Con- therefore, it can be shown that the bills of the United stitutionality and expediency of such an insti- Frates are ofequal value with silver at all points of the

Union), it would set that the proposition is clearly tution had been well questioned.'. The por- made ont, a the Bank mayor omplished the great tion of the Message containing this ascertion end ot'establishing a unitorm and sound currency. * was committed by the House to its Commit

* * for all the purposes of the revenue, it (the tee of Ways and Meaus, ol' which Hon. formity, that ideal perfection, to which a currency of

Bank gives to the National Currency that perfect uniGEORGE McDUFFIE of S. C. was Chairman gold and silrer, in so extensive e country, could have 3-the House, the Committee and its Chair- no pretensions. * * * When it is, moreover, con

sidered, that the Bank performs, with the most ecrupu. man being all stanch supporters of Gen. lous punctuality, the stipulation to transfer the funds of Jackson. This Committee gave a deliberate the Government to any point where they may be wanted, consideration to the whole subject, and made free of expense, it must be upparent that the Coimit?

tee are correct, to the very letter, in stating that the Sa long and able Report, of which the spirit Bank has furnished both to the Government and to the onclusions may be see

people, a currency of absolutely uniform value in all Slowing extracts the first in reference to the places, for all the purposes of payu: the public con-3

tributions, and disbursins the public reconue. * * President's intimation that the Constitution- **** Upon the whole, then, it may be contidently as-3 of such a Bank was doubtful:

serted, that no country in the world bas a circulating 'If the concurrence of all the Departments of Go- me

of co medium of greater unitormity than the United States; Svemment, at different periods of our history, under every

Svory and that no country of any thing like the seme geo Administration, and during the ascendency of both the

graphical extent has a currency at all compurable to great political parties into which the country has been

that of the United States on the score of uniformity. * Suicidad son after the adoption of the present Consu-united States. in furnishing a sound and uniform cur



* " But the salutary agency of the Bank of the tution, shall be regarded as having the authority to such sanctions by the common consent of all well regu

rency, is not contined to that portion of the currency lated communities, the constitutional power of Con

which consists of its own bills. One of the mcet imporgress to incorporate a Bank may be assumed as a post

tant purposes which the Bank was desimated to actulate no longer open to controversy. In little more con

complish, and which, it is contiently believed, no other than two years after the Government went into opera

human agency could have ettected inder our federative ion, and at a period when most of the distincshoesystem of goverument, was the enforuenient of specie members of the Federal Convention were either in the payments on the part of nunierous loral Banks dering Erecutive or Legislative Councils, the act incorpora-19

their charters from the several Suates, and whose paper,

CC, And ulimitele grany, ton-S song the first Bank of the United States. Dosed both lredeemable in branches of Congress by large majorities, and received the su

the stituted the almost entire currency of the country." 3 deliberate sanction of President Washington, who had he is the present com Sthen recently presided over the deliberations of the Con-ted States in their currency: 2 vention. The constitutional power of Congress to pass the Bank of the United States were destroyed, and

this act of incorporation, was thoroughly investigated, local institutions het without its restring fluenre, both in the Executive Cabinet and in Congress, under the curreny would almost certainly rulape into a state circumstances, in all respects, propitious to a dispus-tof endiness. The pressure which the present Bank sjonate discussion. There was, at that imme, no or-in windin up its concerns. would compelthen either to ganization of whitical parties, and the question wae, curtail this discounts. When inost nende, or to sus) therefore, decided by those, who from their knowledge and snecie olyments. It is not diticult to predict which and experience, were peculiarly qualified to decide cor-of those phernatives they would adopt, under the cirrectly; and who were entirely free from the influence

buntences in which would be placed. * * * of that party excitement and prejudice, which would this view otthe.ubit, it does annear to the Comjustly impair, in the estimation of posterity, the au- mittee that none of the istitutions of the country, not

thority of a legislative interpretation of the constitu- croen in the Army or Navy, is of more vital impor3tional Charter. No person can be more compete it to tanca than o NATIONAL BANK. It has this decided adgive & just construction of the ('onetitution, than those con

vantage over the Amy and Navy; while they are of Swho had a principal agency in forming it; and no ad- scarcely any value, except in war, the Bank is not less ministration can clain 2 more perfect exemption from in ruce. It has another advantage still greater. If, all those intluences, which sometimes prevent the judge. Hk the Ariny or Navy, theit hould cost the na-> ment, even of the most wice and patriotic, than that of ton millions sonually to sustain it, the expediency of 3 the FITHER OF uy COUNTRY during the tirst term of us ful than either o them in war, and is also useful bis service."

the expenditure might be doubted. But when it actuProgressing in the Report with such rea-lally saves to the Government and to the country more ng, the Committee further say:

millions annuolly than are expended in supporting both “Indeed, Bank credit and Bank paper are so exten

the Army and Navy, i woull seem that, if there was Suively interwoven with the commerciul operations of 90-19

any one measure of national po'icy upon which all poSciety, that, even if Congress had the constitutional power

litical parties of the country should be brought to it would be utterly impossible to produce * entire ain?

unite, by the impressive lessons of experience, it is cbange in the monetary system of the country, as to

that of inaintaining a NATIONAL BANK." abolish the agency of Banks of discount, without in Of a National Bank founded on the credits Spolving the community in all the distressing embar- of the Goverment and its revenues as Gen. arassments usually attendant on great political reco-Jackson recomiended, the Committee in bitions, subverting the titles of private property: Let the bitter and bad experience of our co

conclusion discourse thus: country answer these plain and sensible truths. Deeply impressed with the connection that the weak

* point of & free Government is the absorbing, tendency ot But the Report continues:

executive patronage, and sincerely believing that the "The Chief Magistrate, in that part of his message proposed Bank (op the funds of the nation, would inSwhich relates to the Bank of the United States, ex-vest that branch of the Government with a weight of

press the opinion, that it has failed in the great end money intiluence more dangerous in its character, and Sof exablishing a uniforin und sound currency. After more powerful in its operation, then the entire mass of

giving to this opinion all the consideration to which it its present patronage, the Committee have fait that Huvumwinuwwwwwwwwwwwwwwwwwwwwwwwwwwwwuuum

ences in the united

more recided ed


A NATIONAL BANK. they were imperiously called upon, by the highest con-Treasury Circular in that year, the expansiderations of public duty, to express the views they sion of the Paper Currency under the stimuShave presented with a frankness and freedom demanded] by the occasion."

lus given to State Banking by the distribution $ This Report was concurred in by Congress, of the Public Moneys among them consequent Zand the subject so dismissed for in time on the Removal of the Deposites; the exces-a

But Gen. Jackson continued to press it upon sive speculations, importations, foreign and 3 the attention of Congress, and at length, in domestic indebtedness which ensued, result$ 1832, a bill was reported by a Jackson Com-ing in heavy exportations of Specie, and as Smittee of the Senate and passed through both general prostration of Businoss and Currency SHouses of a strongly Jackson Congress, re- in the stoppage of Specie Payment by nearly Schartering the United States Bank. Its lead- all the banks in 1837; the Extra Session of Sing champions were George M. Dallas, Wild Congress in that year, and the recommendaSliam Wilkins, and Henry Horn-all leading tion of the Sub-Treasury project by Mr. Van s Jackson men-and of the Jackson Delegation Buren at the opening of that Session, are wells S from Pennsylvania only one ian Adam known to the whole Country. The struggless

King) voted against the bill, and he was beat-which ensued; the passage of the Sub-Trea-s Sen directly after in a strongly Jackson Dis- sury in 1840, and the signal defeat of Mr. Vans Strict. The Jackson Legislature of Pennsyl- Buren at the close of that year; the Inaugu-s vania had previously passed, in response to ration and Death of Gen. Harrison; the sucGovernor Wolf, resolutions unanimously re- cession of Vice President Tyler to the Presicommending the Recharter.

dency; the Extra Session of Congress, and & Gen. Jackson vetoed the bill, but in his the passage therein of two successive Banks

Veto, explicitly affirmed that if he had been bills, both defeated by the Vetoes of Mr. Ty3 applied to, he would have furnished the plan ler-these are too familiar to be dwelt on, and

of a Charter which would have been Consti-Ibring down the history of our Financial poli.s Stutional. His authority, therefore, stands ex- cy to the present time. At present, the Reve

plicitly in favor of the Constitutionality of a nues of the Government are collected through National Bank, though not of the late one..and kept on Deposite in State Banks-a poli

He also, after having repeatedly urged Con-cy condemned as unsound in principle and Sgress to take up and pass upon the question unsafe in practice by the great majority of

of Rechurter, so that the Country could know the People of all parties. This policy can3 what to expect, and accommodate itself to the not, in the nature of things, endure; the Coun

policy decided on, now most strangely repre-try will resolve to return to the system of Zhended Congresz' for acting on the subject Washington and Madison, under which Four

prematurely, while the Banx had yet several Hundred Millions of Dollars have, through
3 years of its first Charter unexpired !-An at- forty years, been collected and disbursed
Stempt to pass the bill over the head of the without loss or charge to the Government; or
Veto failed in the Senate, receiving a majority it must fall back on the Sub-Treasury systems
of the votes, but not the two-thirds required of Van Buren, and enforce the colloction of
by the Constitution. Gen. Jackson was soon all Duties, Land Payments and Postages in
after re-elected, and then it was distinctly Specie exclusively, to the destruction, so far
Smade known that he would consent to no Re- as the Government can effect it, of all Paper
charter of that Bank on any terms. So it Currency whatever. If a return to the old
was determined that the National existence policy should be resolved on, doubtless greats
of that Bank should terminate in the year 1836. inodifications, improvements and safeguards
3. The subsequent proceedings in regard to would be devised; but the essential principles
the Bank-the arbitrary Removal of the De-of making the collection and keeping of the
posites from it in 1833; the consequent con- Public Revenues assist and facilitate, not de-
vulsion and pressure of 1834; the State Char- press and embarrass, the Business and Ex-
ter of the Bank of Pennsylvania in 1836; the changes of the Country, is one which ought
Sexaction of Specie for all Public Lands by a never to be lost sight of.

Born. Inaug:).

Born. Inaus
GeoroE WASHINGTON,.......Feb. 22. 1732 1 1891JOAN Q. ADAMS.............. July 11, 1767
SJOKK ADAM8,.................. Oct. 19, 1735 1797 ANDREW JACKSON,..........March 15, 176T

1829 NUOMAS JEFFERSON,......... April 3, 1743 1801 MARTIN VAN BUREN,.........Dec. 5. 1782 JANIS MADISON............. March 5. 1751 1809 WILLIAM H. HARRISON,......Feb. 9, 1773 JAMES MONROE, ............ April 2, 1759 18171 JOHN TYLER,[by death of H.)..Mar. 23, 1790

It remarkable that every President down to J. Q. Adams finished his term in the 66th year of his age, and if Mr. A. bad been re-elected, be would bave retiried in his 66th year.

VICE-PRESIDENTS ... Fransiirotedel.

Inautuata JOHN ADAMS,.....


1797 Joun C. CALHOUX...... AARON BORR.........



11JOEN TYLER. immummmmmmmmmmmmiiniuminino wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww

... Marchi


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1 § In a formar essay, I attempted to show that the expediency, there can be no doubt of the

the doctrine of protection was designed not so constitutionality of protection. I much for the rich, as for the poor-not for the The propriety of sustaining our own interScapitalist, but for the laborer; and that this ests, and fostering our own industry, is so ob

doctrine was interwoven with our institutions, vious, that little need be said upon the sub13 so that the object for which our government ject, further than to answer some of the prin1 was formed could not be secured without its cipal objections which have been made against Sexercise. I also attempted to show, and I this policy. But before we consider these ob$think succeeded in showing, that this doctrine jections, it may be well to take a passing nowas free from all constitutional objections. tice of the doctrine of “free trade," which is It was there seen that the power to lay du- put forth at the present day with some degree ties" was restrained by nothing but the “gen- of confidence. And what is this boasted doceral welfare" of the country, and that this trine of free trade? If it means anything general welfare required the exercise of the which is intelligible, it means that all duties protective principle. It was also clearly on imports should be removed; and that all shown that the phrase, "to regulate com- laws and treaties which seeure any advantage merce," engrafted upon the constitution, was to our own commerce and shipping, over that understood by the people to include the power of other nations, should be annulled. In a " to encourage manufactures;" that this mean-word, this doctrine goes on the ground that ing of the phrase was settled by the usage of an American Congress should cease to legisall nations, and particularly by the usage of late for the American people, and legislate the States under the confederation; and that, for the world. I do not say that the advowhen this power was granted to Congress, it cates of free trade avow this, or that this is was understood by the framers of the consti- their design; but I do say that their princitution, and by the people who ratified it, that ples involve this idea—and if they were carthe commercial power thus granted included ried out to their full extent, such would be Šthe power to foster our own industry, and the practical result. The doctrine of free protect our manufacturing interests. It was trade also implies “ direct taxation; and the further shown that the first Congress which advocate of it must, to be consistent, maintain assembled under the constitution, composed that all the burdens of the government should of many of the distinguished statesmen who be borne by a direct tax upon the people. 3 framed the constitution, and who were mem- · Now who is prepared for this? Who 182 bers of the state conventions where that in- willing that all restrictions should be removed strument was ratified--that this Congress from our commerce, and that no preference were unanimous in the opinion that the con- should be given to American, over foreign stitution gave full power in the premises; and productions ? The most numerous class of S that they passed a protective tariff bill, set- free tr rade men w Sting forth, in the preamble, that duties were our merchants, and those engaged in the naSimposed " for the discharge of the debt of the vigating interest. They maintain that all reUnited States, and for the encouragement and strictive tariffs impair our commerce, and

protection of manufactures." It was like- hence should be removed. But while they Swise shown that this cotemporaneous con- are pleading for free trade for others, they are

struction of the constitution, given by its au- enjoying protection for themselves. From the 3thors, had heen acquiesced in by all depart- establishment of the government to the pre

ments of the government, for more than half sent time, a preference has been given to Sa century; that every President and every American shipping. A duty on tonnage, for 3 Congress had given it their support; and that the express purpose of securing our own car-3 3 there had never been a moment, since the rying trade to our own shipping, was imposed

passage of the first tariff by the first Congress, by the first Congress; and other provisions when protection had not been the law of the have been added, from time to time, seeking land.

the same end. We are far from objecting to § From this view of the argument, I think it these provisions; we contend that they are will be seen that whatever may be thought of wine and proper--that, in our navigation and

ind among

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PROTECTION OF AMERICAN INDUSTRY. coasting trade, there should be a preference attempt to adopt it would be destructive of given to American bottoms. But it is totally our best interests.

inconsistent for those who are enjoying this Suppose we should at once repeal our tariff's Sprotection to advocate free trade. It would of duties, and blot from our statuic-book every

seem, however, that, like many other theo-act which gives a preference to American rists, they hate the doctrine for others-not shipping--would this constitute free trade?

for themselves. Great Britain, since the days Take our commerce with England for examS of Adain Smith, has been for froe trade in ple. We open all our ports to her, and re

theory; but whenever she has been called ceive her commodities free of duty. What Supon to carry this doctrine into practical ef- treatment do we receive from her in return ? Sfect, she has always felt herself “free" to Does she open her ports, and adınit our staSadopt such regulations as were the most pro-ples free of duty ? No-in her revised tariff Sductive of her own interests, regardless of the of 1842, she imposes a duty which, if carried

interests of other nations. And so of our out ad valorem, would amount to the followSour commercial men, who advocate free trade. ing rates: Salted beef, 59 per cent; bacon,

They demand protection for themselves, but 109 per cent; butter, 70 per cent; Indian 3 deny it to others. Is it not so? Are those corn, average, 30 per cent; flour, average, 303 Sconcerned in navigation willing that all laws per cent; rosin, 76 per ceni; sperm oil, 33 pers Simposing duties on foreign tonnage should be cent; sperin candles, 33 per cent; tobacco,

repealed, and that foreigners be permitted to unmanufactured, 1000 per cent; tobacco, man-3 Scoinpete with them for our carrying and coast- ufactured, 1200 per cent; salted pork, 33 pers Sing trade? Are the ship-builders disposed to cent; soap, 200 per cent; spirits from grain, Syield the protection which is extended to 500 per cent; spirits from molasses, 1,000 per

them? Until they are disposed to give up the cent. Sadvantages which they derive from our legis. Here is the free trade which Great Britain Slation, the cry of “free trade" comes from extends to us. She imposes such duties as them with an ill grace.

n interest requires. It is an absurdity There is another class of free trade men, to talk of free trade, unless it is reciprocated. who shrink from the necessary corollary, di- Opening our ports to Great Britain, and adSrect taxation. They would have all duties initting her commodities duty free, while shes Son imports repealed, and hence all revenue pursues her present policy, is far from con. froin that source cut off; but, at the same stituting what can with any propriety be

time, they would not consent to impose a di- called free reciprocal commerce. But there Srect tax upon the people! Now I should like is a sort of looseness in the phrase, “ free

to know what such men would liave? If they trade,” which renders this discussion emSare in favor of free trade, let them come up to burrassing. The advocates of this doctrine

the work like men, and provide the means for do not tell us with sufficient precision what Scarrying on the government by a direct tax. they mean by the phar:se. If they mean that

But they tell us that they are in favor of a we should take off all restrictions from comŠtariff for revenue; that they go for a 20 per merce, whether other nations do or not, it is cent horizontal rate of duty. But what can one thing; but if they mean that we should be inore absurd than this? Opposed to all do it towards those nations which will recip-s restrictions upon commerce, and at the same rocate the favor, is quite another thing. But $time in favor ofa duty of 20 percent upon allar- the phrase must imply a trade which is muticles! This is as far removed from free trade. tually beneficial, or it must not. If it does as our present system. During the last com- not iinply a trade that is mutually unrestrictos mercial year, the free articles imported into ed and mutually beneficial, that is a good

the country exceeded $66,000,000-being but reason for rejecting it. I have not made safsa fraction short of one-half of our foreign in- ficient proficiency in the science of political Sports; and if to these we add the articles pay- non-resistance, to advocate a system of trade Sing less than 20 per cent, it would annount to which enriches other nations by impoverishsiderably more than one-half of our

is. I cannot consent to open our porte, simports. Now, according to this notion of duty free, to those nations which throw every Sunrestricted commerce, one-half of all our embarrassment in the way of our commerce. Simports which are now free, or nearly so, are My political creed does not require me to love

to be einbarrassed by a duty of 20 per cent ; other nations better than my own. But if Sand this is called “free trade!"

. free trade implies a traile mutually advan-3 I mention these things, to show the cx-tageous, I am willing to adopt it this can Stremes into which the advocates of free trade never be done by taking off all commercial Sare compelled to go. Beginning with a sys- restrictions. If the trade is to be mutually

tem which is totally impracticable, they are beneficial, it must not only imply a recipro-3 S compelled to have recourse to alniost every city in commercial relations, but a similarity subterfuge to defend it. The fact is, free trade in condition. The position of one nation mày 3

is impossible in the nature of things; and an give her such an advantage, that the removais wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww

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