H. of R.] Lycoming counly (Pa.) Memorials. [MAY 19, 1834 aloud, and spare not," panic, distress, bankruptcy, and tion to the people, and to aid and assist, to the utmost of ruin; and thus endeavor to persuade the people that the their power, in making me popular at home. whole body politic is on the brink of destruction. Permit me to ask for information (because I cannot conThere is another subject to which I beg leave to call ceive how those gentlemen can bear the expense of sendthe attention of the House for a few moments, and to ex- ing such loads of speeches) whether they pay, as the press my kindest and most heartfelt acknowledgments friends of the administration do, from two to five dollars to some of my colleagues for their fatherly care and per hundred for them? I observe by the envelope sent watchful protection of my constituents. One of my friends me that clerks are employed to endorse the packets and says, May 3, "I almost forgot to mention how much you write free, and the member has nothing to do but put his are indebted to the bank men in Congress for the care sign manual. This relieves my friends from some trouble; they take of your constituents in sending information to but still, do they pay these clerks? The Government them. The mail is loaded almost every day with pam- finds wrapping paper, folders, &c., and the mail con phlets and papers, sent on by them, and all to Jackson tractors and postmasters do their part of the duties remen, too, franked by Mr. and Mr. of Pennsyl- quired gratis. But still, the question recurs, at whose exvania." I omit the names of my particular friends, and do pense are those speeches printed? For although I am pleas not wish to flatter them to their faces, for their benevolent ed to observe the solicitude of my friends for the dissemand kind intentions. ination of what they deem correct principles, yet I fear I shall never be able to repay those kind gentlemen a tithe of the expense they incur in rendering my conduct acceptable to my constituents, spending both time and money in their benevolent work of circulating speeches through my district, and all this, too, to benefit those stubborn friends of the administration who will not give any thanks. Altogether inexperienced in legislation, when I observ. Again: May 7. "The deluge of bank pamphlets still ed honorable members asking to have the memorials continues in this quarter. The mail contained scarcely presented to the House printed, together with the names any thing else last evening, and was full. The greatest attached thereto, being in some cases several thousands, number were for Jackson men, franked by and I could not, for some time, conceive what object those (ny colleagues.) Kind souls! Good Jackson gentlemen had in view except to supply a large quantity men, I'll warrant." of what is termed "fat" for the public printer. But the On the 8th, another letter says: "The mail was loaded mystery is now solved, as those names, when printed and this evening; sixty-five packets stopped at one office, ad- laid on our desks, afford great facilities to my colleagues, dressed principally to Jackson men, and franked by as well as other friends of the bank, to direct speeches Messrs. and my kind colleagues. A and documents to every village and neighborhood. great number went up the river. It is a most outrageous imposition on the mail contractors and postmasters." On the 9th. When I wrote to you last evening, I mentioned to you how outrageously Messrs. Another friend writes me, that "this morning most of my friends received McDuffie's and Calhoun's speeches; and, from appearance, the mails are loaded through all parts, and sent to the true friends of our worthy chief, Old Hickory. "I enclose you the envelope. Let me know who has been so kind without any thanks." " To be serious, does any man doubt that these self-same speeches are printed at the expense of the Bank of the United States, are circulated by members of Congress devoted to her interests, in every town, hamlet, and neighborhood, and for the very express purpose of putting down, destroying, and annihilating, if possible, the present administration and all its friends and supporters? And yet we are told that the bank, the pure, immaculate bank, does not interfere with politics, does not exercise any power or influence in our elections--that it pursues the even tenor of its way, regardless of any thing further than its own rectitude. Let those who can believe such assertions do so; but the sober-minded, thinking portion of the community are not thus to be gulled. Send on your pamphlets--deluge the country with bank speeches-load the mails till the next election, and you cannot purchase the votes of the freemen of Pennsylvania or of any other State. and were abusing the franking privilege, and I hoped they would have some compassion on the mail contractors and postmasters, and cease for a while to load the mail with bank pamphlets. But this evening we were visited with a most appalling and tremendous shower of bank and nullification speeches, forwarded to the good folks of this neighborhood. For the town of alone, there were 270. The mail bag, of course, could not hold them, and I got a two bushel bag and put them in, which they filled full! I suppose the same game is playing all over the United States. The last load was under the frank of ——, and, as far as I can learn, consisted of speeches of McDuffie, Calhoun, Webster, &c. The bank advocates in this quarter are, or appear to be, ashamed of the affair, and some of them exclaim, "it is One of my friends informed me, a short time since, that too bad!" When people are shown the piles, and stacks, a colleague of mine who was unacquainted with my conand bags full of those speeches and Senatorial Jeremiads, stituents had sent a number of speeches to some persons the natural inquiry is, who in the world pays for printing whose names were attached to a call for a bank meeting: all these things? And this question can be answered by and as they had never been so highly honored before, asking another: Who or what is intended to be benefited the postmaster would call some young men in who were by scattering these speeches amongst the people? The passing by to get their packets. They usually took them; Bank of the United States, and those who are scrambling but one refused, and said "he did not want any pay for to get into power under its wing. "I would like to know if there is no remedy for such gross and flagrant abuses. Can there be no limit to them? Why, it is an outrageous imposition on the mail contractors and the country postmasters. And yet those very men who are the perpetrators of the act are amongst the loudest in crying out against the abuses in the Post Office Department, and the mismanagement of it. I wonder where such men keep their consciences?" his signature." I merely mention this to show my colleagues that men's votes are not to be bought with speeches paid for by the bank and franked by them. How far these gentlemen, who thus load the public mail with documents, are justified in abusing the Post Office Department, I pretend not to decide: they ought, however, not to complain while the mail contains scarcely any thing else than their franked speeches. In the memorial sent me by the citizens of Milton and I know not, Mr. Speaker, how to pay the debt of grat- vicinity, they take occasion to censure the patriotic gover itude I owe my colleagues for their kind and generous nor of Pennsylvania for his message to the Legislature of interference in my behalf. I have not the least doubt the 26th February last, "believing it to be a document that it is all done by them merely to give correct informa- calculated to carry out of the State an influence neither derived from the popular will, nor the state of the case at issue." [H. OF R. aided individuals in their pecuniary arrangements with each other, and especially in the transmission of money to distant parts of the Union." What Pennsylvanian does not know that it was owing to the decidedly hostile exertions of the friends of the Such were the sentiments of the present governor of United States Bank against Governor Wolf, in the fall of Pennsylvania respecting the Bank of the United States 1832, that he came near losing his election? In 1829, his after his second election; and to those who are acquainted majority in the city and county of Philadelphia was nearly with that amiable, high-minded, honorable man, any thing 11,000 votes, and in 1832 the majority of his opponent, which I can say in his behalf is altogether unnecessary. who was the same candidate that ran in 1829, was about If he has changed his opinion, and now believes that "this 1,200--making the difference of about 12,000 votes powerful moneyed institution is at this time seeking, by against Governor Wolf in Philadelphia city and county. all the means of which it is capable, to accomplish cerEvery intelligent citizen of Pennsylvania cannot fail to tain objects indispensable to its existence; if "all its enerremember that, in 1832, Governor Wolf's friendship for gies and all its powers have been put in motion to defeat education, for the establishment of common schools the measures of the national administration in relation to throughout the Commonwealth, his zeal and anxiety for it; if the State of Pennsylvania is indebted, in a great the promotion of our internal improvement system, had measure, for its disappointments heretofore, and for the gained him many warm, and, apparently, unchangeable failure to obtain its late loan; if the State was crippled friends in Philadelphia. But the bank, the honest, non- and embarrassed in her pecuniary arrangements, and parpolitical bank, could not suffer any person to be elected alyzed for a time in her efforts to complete her great chain who would, directly or indirectly, be instrumental in the of improvements by the depressing policy of the bank,' re-election of that tyrant, that usurper, that Cromwell, all of which is alleged by Governor Wolf, in his message that Casar, that Napoleon, to the Presidency, in Novem- of the 26th February, he merits the highest meed of praise ber: and thus we find Governor Wolf denounced by the for exposing to the world the course of conduct pursued bank party. We see Clay masons, grand masters of lodges, by this moneyed monopoly, and his determination no longcasting off their jewels--throwing to the wind the square er to advocate and support an institution so capable, and and compass-meeting in convention, and abandoning apparently so ready, in order to subserve its own purthe leader of the American system"--coming out al- poses, "to bring indiscriminate ruin and distress upon an most en masse for the anti-masonic candidate for governor; unoffending community." not because he was the decided friend of education and internal improvement, not because he was the choice of the national republicans, not because he was better qualified than Governor Wolf, but simply because Ritner had and that he who was hostile to the Bank of the United States had neither a sound head nor a good heart," and our worthy governor would not denounce those of his friends who differed with him as to the propriety and advantages of a national bank, when asked to do so by those who were its advocates and supporters. Had he cringed and fawned for the friendship and influence of that corrupt moneyed aristocracy, we should not have seen a change of twelve thousand votes against him in Philadelphia. He was a favorite in that city; the liberal and enlightened policy adopted by him had met with universal approbation from all political parties in that commercial emporium. But how true it is that "God made the country, and man made the town." Ninety-nine good turns were of no avail when he was required to forsake his friends and throw himself into the arms of Nicholas Biddle. It was in vain, he said, I have always been the friend and advocate of the United States Bank. My message shows my attach ment to that institution: I consider the bank of immense importance to regulate the fiscal concerns of the country. The partisans of the bank say this is not sufficient. You must go ahead" still further: denounce the President and the veto message; use your exertions to hurl him from his seat; come out from among the friends of Jackson, or you shall feel the force of our power, the weight of our influence. To this cause, and this alone, may be attributed such a tremendous and unexampled change of the vote in Philadelphia from 1829 to 1832. Governor Wolf, like many other friends of the United States Bank, among whom I may be permitted to say I was one, was unwilling to believe that it had lent its aid to political purposes. But he has seen and felt its influence in preventing our State loan from being taken. He has seen and felt the blow which that aristocratic monopoly has attempted to inflict on our system of internal improvements, and which has been so ably exposed by one of the Senators of Pennsylvania; but, thank God, the "Key Stone" is too firmly fixed to be driven from its purpose by the threats and denunciations of the Bank of the United States, and, in spite of her efforts to depress our stocks, we see them rising in the market every day--our improvements rapidly progressing to completion, and bidding fair to yield a rich harvest to the Commonwealth for the immense sums expended in their construction. This much I have deemed it my duty to say in relation to what has been termed by gentlemen the time-serving course" of our patriotic governor. As an honest, incorruptible, and intelligent chief magistrate, devoted to the best interests of his country, I could not see my friend (and I am proud to call him such) wantonly assailed without raising my feeble voice in his defence. His name and his conduct have been needlessly brought before this House in debate, and his motives impugned, and, as an excuse for my remarks respecting him, permit me to say- "Absentem qui rodit amicum, Ille est niger, hunc tu, Romane, caveto.' It is alleged in the memorial from Northumberland that the disbelief that the President was opposed to a United States Bank secured his re-election in Pennsylvania, is a fair deduction from the interests the people of the Notwithstanding Governor Wolf was thus most shame- State have in the continuation of the bank." I cannot fully abandoned by the bank party at his election in Octo-permit this assertion to pass without a few remarks; and, ber, 1832, and would have been perfectly justifiable in in order to satisfy those who believe that the bank quesdenouncing the political exertions of that institution to tion was not agitated before the last Presidential election defeat his election, we find him, in the honesty and sin- in Pennsylvania, I will ask permission to read an extract cerity of his heart, in his message to the Legislature on from the Lycoming Gazette, a democratic paper printed the 6th of December following, regardless of personal in the town where I reside. It is dated October 24, 1832, considerations, devoid of vindictive feelings, speaking fa- just nine days before the electoral election, and reads thus: vorably of the bank. He says: "It has certainly done "The Clay convention reassembled at Harrisburg on the country some service; it has established a circulating the 15th instant, after a secret session of nearly two days, medium in which the people have confidence; it has determined on withdrawing their electoral ticket, and greatly facilitated the operations of Government; it has adopting that of the anti-masonic party, pledged to sup ES 4183 H. OF R.] Lycoming county (Pa.) Memorials. [MAY 19, 183 port William Wirt and Amos Ellmaker. There is, con- before them, and putting an end at once to the hopes Aqua, speec Stroetads. the discreti desitions of the Yex baca te cantrol Instead of sonications are of a excited to destroy th bef Magistrate-den start of his country @daitting "that with ged to incur an expense jarious misrepresenta te the national administr ere in its purity and in circulate false notes as its books and inves cars refuse them the ys, sec. 23, ** 1 on the 2d of November, and vote for the electoral ticket is in the power of Congress, by chartering companies, to comiter of inquiry pledged to support the distinguished hero and statesman dry up all the sources of the State revenue. 46 d for a committee of eith eved for that purpose, self the same uncorrupted and incorruptible patriot. Like country in the hands of any corporation will be dangero esamune into its com e in the proceedings of ed, and to report whether t ere been violated or not. xing at detance the po be delivered; and I consider it decetry, to my constituents, t rer of so dangerous an institu ay, in their memorial, e in operation, of substitutio erde perpose of aiding Government gating the currency, to formerly coincided. masonic ticket for electors, in order to throw the election at it in another aspect. Seven-tenths of its capital is in In this opinion, the honorab of President into the House of Representatives. But the hands of foreigners, and these foreigners chiefly Eng et of responsibility, (yes, respu He said, be to the opinion of the Secretar its meant that the ability to pay the tes which the Government may make greater than that of the State because they supposed his election would defeat Jackson, ought to guard against foreign influence. All history bity of a ramified institution, who Knowing that Mr. Wirt stood not the least possible chance foreign capital. If we had its use, without its attending of the local banks. The corruption of election, and not wishing to thwart the voice of the abuse, I should be gratified also. But it is in vain to ex- The memorialists "respectfully remonstrate and pro- ་་ possession of this English capital gives us a great influence by a single head, responsible for a are simple than that of a number of i connected establishments, I shall not de onfety, I am strongly inclined to th the parent, or any of its branches, m the whole system; and the loss of the , in that event, will be of the deposites made We, in the failure of one State bank, doned to the deposites in the vaults of Pads of the propriety of substituting the joging from the past, be permitted place of a national bank, properly regulata for the purpose of assisting the Gorand with some care and attention. I have facial concerns. This is a subject which bemteresting debates which gentlemen with on this floor, the present session, and my mind that a United States Bank, with They believe the experiment in operation, of substi- proper checks and restrictions, its powers day restrained within definite bounds, and jections in my mind to the present bank. The acquiion of power appears to be its primary object, and it is t squeamish as to the means of obtaining it. "Rem si possis recte; si non, quocunque modo rem." It has expanded and contracted its loans, making moy plenty and scarce, in turn, to advance its own interest. has made extraordinary loans, without the usual secuies, to editors of public journals. It has printed, and ill continues to print and cause to be circulated amongst e people, reports, speeches, pamphlets, essays, and ocuments of various kinds, paid for out of the contingent ind, placed at the discretion of the president of the ank, under resolutions of the board of directors, for no ther purpose than to control public opinion and to influnce the elections. Instead of confining itself to defence, any of its publications are of a violent political partisan haracter, calculated to destroy the confidence of the peole in their Chief Magistrate-denouncing him "who has illed the measure of his country's glory" as a tyrant inblushingly admitting "that within four years past it has been obliged to incur an expense of $58,000 to defend itself against injurious misrepresentations"-or, in other words, to abuse the national administration-placing those who do not believe in its purity and infallibility on a level with those who "circulate false notes;" and, to cap the climax, when a committee of inquiry is appointed by Congress, to examine its books and investigate its proceedings, the directors refuse them the right guarantied by the charter, which says, sec. 23, "That it shall at all times be lawful for a committee of either House of Congress, appointed for that purpose, to inspect the books and to examine into the proceedings of the corporation, hereby created, and to report whether the provisions of the charter have been violated or not." From such a corporation, thus setting at defiance the power that created it, and the right to examine into its conduct, we cannot too speedily be delivered; and I consider it a duty, which I owe to the country, to my constituents, to myself, to oppose the recharter of so dangerous an institution. My constituents say, in their memorial, "they believe the experiment' in operation, of substituting the State banks, for the purpose of aiding Government in its fiscal operations, and regulating the currency, to be feasible and practicable." In this opinion, the honorable Senator from Kentucky formerly coincided. He said, in 1811, "upon the point of responsibility, (yes, responsibility,) I cannot subscribe to the opinion of the Secretary of the Treasury, if it is meant that the ability to pay the amount of any deposites which the Government may make under any exigency is greater than that of the State banks. That the accountability of a ramified institution, whose af fairs are managed by a single head, responsible for all its members, is more simple than that of a number of independent and unconnected establishments, I shall not deny; but with regard to safety, I am strongly inclined to think it is on the side of the local banks. The corruption or misconduct of the parent, or any of its branches, may bankrupt or destroy the whole system; and the loss of the Government, in that event, will be of the deposites made with each. Whereas, in the failure of one State bank, the loss will be confined to the deposites in the vaults of that bank." [H. of R. subject to the control of the representatives of the people, is highly necessary, expedient, and useful to the Government, and would be advantageous to the nation. In this opinion I am aware that I differ with many of my most intelligent political as well as personal friends; but on a question of such vital importance to the welfare and prosperity of twelve millions of freemen, friendship and I should feel myself enmity should have no influence. unworthy of the confidence and support of my constituents were I to hesitate in my course. "Nullius addictus jurare in verba magistri, Quo me cunque rapit veritas, deferor hospes." "Bound to no party's arbitrary sway, I'll follow truth where'er it leads the way." When the panic and excitement that have been got up and industriously circulated from Maine to Louisiana shall have subsided, and we can investigate the subject with cool deliberation and a single eye to the best interests of the country, I shall have no hesitation to go into the question of creating a new bank, with limited capital, guarded with such restrictions as will effectually prevent its using its corporate power against the Government. But while the "Delphic priests collect with holy care the frantic expressions of the agitated Pythia, and pompously detail them as the unbiased opinions of a free people," I aimost despair of seeing any thing effected. I fondly hope, however, that, on a subject of so much magnitude and importance, we may ultimately be able to adopt such measures as will restore tranquillity and happiness to the country, al promote the cause of “virtue, liberty, and independence," Without trespassing further on the patience of the House, I have to express my thanks for the indulgence given me; and the only excuse I have to offer for the occupation of so much time is, that it is the first time I have troubled the House during the session, except for a few moments, and it was with extreme reluctance I did so on the present occasion. GLOUCESTER (VA.) MEMORIAL. Mr. WISE, who had on the last petition day presented a memorial from Gloucester county on the subject of the currency, and had accompanied it with two resolutions on that subject, disapproving the reasons of the Secretary, and the course of the President, now moved that the consideration of the memorial and the resolutions be postponed to this day week; which was agreed to. YORK COUNTY (PA.) MEMORIAL. Mr. BARNITZ, of Pennsylvania, presented a memorial from citizens of York county, Pennsylvania, praying a restoration of the deposites, and a recharter of the United States Bank with modifications, and offered to the consideration of the House the following resolutions: Resolved, That the removal of the public deposites made in the United States Bank before the 1st of October last, was not authorized by law. Resolved, That the reasons of the Secretary of the Treasury, for removing and withdrawing the public deposites, are insufficient. Resolved, That the Committee of Ways and Means be instructed to bring in a bill to recharter the United States Bank for a limited period, with such limitations and provisions, as to the capital stock and the powers and duties of the directors, as may be deemed expedient. I must, however, judging from the past, be permitted to express my doubts of the propriety of substituting the State banks in place of a national bank, properly regulat. ed and restricted, for the purpose of assisting the Gov- In support of the measures and principles embraced in ernment in its financial concerns. This is a subject which the resolutions, Mr. B. addressed the House as follows: I have examined with some care and attention. I have Mr. SPEAKER: In obtaining the floor on this important listened to those interesting debates which gentlemen have favored us with on this floor, the present session, and have satisfied my mind that a United States Bank, with limited capital, proper checks and restrictions, its powers and privileges duly restrained within definite bounds, and and exciting subject, I shall endeavor to deserve the indulgence awarded to me, by presenting my views in a form as much condensed as possible. I cannot offer to the consideration of the House any thing new; the utmost I can aspire to will be some illustrations of the great principles and topics involved in this debate, which may not be considered wholly uninteresting. The subject, as now presented, involves an examination of the policy of the Government in relation to the public revenue, its custody and disposition; it also embraces a discussion of the powers of Congress, and the rights, duties, and obligations of the United States Bank, under its charter. [MAY 19, 18 of each year will affect its prices; but if the rates of bor or of produce are at all tolerable now, how mu more so would they be under a high and prospera state of our commercial and manufacturing interests, stead of the ruinous condition in which we now fin them under the operation of this political experimen which cramps and shackles our best exertions? The county of York, which I represent, and the int It is now no longer doubted, or denied, that a state of rior of Pennsylvania, generally, is a great workshop serious embarrassment affects the business concerns of operative industry; there are few men of capital ther the community in every section of our extensive country; who can subsist without some regular employment; d every mail that reaches the capital, whether from the people depend on some constant and daily engagemen far West or the distant East, comes laden with the com- of business for their subsistence and prosperity. I plaints of our suffering fellow-citizens, and their prayers community like this, is the very place for the benefici for relief; they come, too, with this aggravation: We use of credit to a reasonable extent, and of a sound cu suffer not, say they, under our own misfortune or mis- rency. It is thus that enterprise and industry recei conduct; we suffer not under any dispensation of Provi- their reward at the proper and convenient time, and dence: no, we are prostrate under the measures of our the appropriate value. The tradesman collects his bi own Government; the very arm is uplifted against us, quarterly, half-yearly, or at certain periods only; and strikes the blow, to which we would look for succor manufacturer or 'mechanic on a larger scale, when h and protection. job is completed; the farmer, when his crops are seld I was one of those who, in the early stage of these and thus it is, in a great measure, throughout all the va measures of the administration, believed they would rious occupations and engagements of our citizens. In chiefly affect our commercial cities, having immediate the mean time, all must live and obtain the necessaries connexions with the bank. I was in error; their baleful the comforts, and conveniences of life, which their situa influence pervades every section of the interior, and, tion requires. These, according to a course which has like the blast of the sirocco, corrupts and destroys the long been established, are obtained, to a great extent, life-blood of social intercourse, credit and confidence, be- from the various merchants in the interior, upon a credit tween man and man; paralyzing the exertions, the ener- founded, and safely founded in prosperous times, upon gies, the hopes of the community throughout the whole the expected returns of industry, to be repaid out of the land. profits of business. The merchant in the country ob It is now about six months since I first left my home; tains his credit to the usual amount from the merchant at that time, although the storm lowered in the distance, in the city, and he in turn has his accommodations from it had not yet reached us. I left my fellow-citizens in the United States Bank, the great centre and source of the enjoyment of plenty, and reposing in security; the active capital of the country. Thus the accommothrough our fertile valleys, and even to the summits of dation and credit originally obtained from the bank is our green hills, the cheering voice of thriving labor was extended from the one to the other, in a beneficial course, every where heard, and the exertions of well-directed until it reaches, in some useful degree, to every workindustry every where witnessed; while the farmer, the shop and every cottage; and those acquainted with the great source of our prosperity, dispensed his abundance operations of business know that these benefits have to all around, in his varied intercourse with society. been extensively enjoyed, although, in a manner, silent But this scene is greatly changed, and changing every and imperceptible, until a derangement of the course day; I do not mean to say that there is actual suffering made us to feel and to perceive the injurious cause. In for want of the common necessaries of life; in a country a community where the means are furnished, by which so blessed as ours, that could not be. It is in the inter- our citizens can be supplied with the necessaries and course of business and the concerns of trade that our cit- comforts of life out of the returns or profits of their izens are overtaken by this calamitous state of things; embarrassing their plans of improvement, and deranging their hopes of prosperity and advancement, so that the utmost that industry and enterprise can attain is to continue stationary, waiting better days; while others, less fortunate or persevering, are sinking under a pressure they cannot withstand or avert. Sir, this is not a mere sketch of fancy;" our commercial and manufacturing interests, from the highest state of prosperity, are sud. The United States Bank, under the measures of the denly sunk to a disastrous and ruinous condition, and our administration, is pressed and required to wind up its agricultural prospects must necessarily be deeply affect concerns, to call in its loans and accommodations, more ed. My respectable colleague, who addressed the House than two years before its charter ends. The public a few days since, [Mr. ANTHONY,] denied that our agri- moneys, a fund on which vast accommodations were cultural interests had suffered, and, as a reason, exhibit- extended to the community, are withdrawn and given to ed statements of produce-prices for the last few years, those who, through their own embarrassments and va showing that they now are not much depressed below the rious engagements, can make no beneficial use of them. measure of former times. Sir, this argument is falla. The consequence is, that the merchant in the city is cious; it must be recollected that in the country from pressed; he presses the merchant in the country; and which he derives his information, extensive State im- he, in his turn, must press his various customers; and, provements are in progress, which furnish a present whilst he thus drains them prematurely of their means, market for produce to a great extent; and we may re- he must inform them that, in future, his business must be mark that, before the pressure had commenced, the a cash business, or that a very limited and uncertain farmers of the interior of Pennsylvania had disposed of credit only can be afforded. I conclude this part of the the largest portion of their surplus products; so that subject by adopting the strong but plain positions which little is left beyond what may be required for home con- the gentleman from Massachusetts [Mr. CHOATE] so ably sumption. A comparison with prices of former years and eloquently sustained-that our true policy is, to cannot be satisfactory, as the circumstances and demands allow the people the use of their own money; and that business, that must necessarily be a prosperous and improving condition. On the other hand, where these must be procured by encroaching on other means, or on the stock in trade, this is a situation which cannot be advancing or successful, and, if continued, must end in em. barrassment and ruin. Every one can understand this, and, understanding it, can distinctly trace the cause of the present alarming state of things. |