SENATE.] Revenue Statements. [JUNE 16, 1834. From October 1st to June 11th. Imports. Exports. $304,491 $11,177 256,617 1,376 410,907 87,570 10,156,909 898,638 $11,128,924 $998,761 Gold bullion, increased, and the revenue increased; and the result of the whole is, that New York and some other anti-bank cities, have gained what Philadelphia and other bank cities have lost; and the Federal Treasury is just as well off, as if it had got its accustomed supply from every place. This view of facts, Mr. B. said, must fasten upon the bank the odium of having produced all the real commercial distress which has been felt. But at one point, at New Orleans, there was further evidence to convict her of wanton and wicked oppression. It was not in the SecMr. B. remarked, upon this statement, that it presented retary's reports, but it was in the weekly returns of the a clear gain of more than ten millions of dollars. He was bank; and showed that in the beginning of March, that of opinion that two millions ought to be added for sums institution had carried off from her branch in New Or not entered at the custom-house, which would make leans, the sum of about 800,000 dollars in specie, which twelve millions; and added to the six millions of 1833, it had been collecting all the winter by a wanton curtail-would give eighteen millions of specie of clear gain to the ment, under the pretext of supplying the amount of the country in the last twenty months. This, he said, was deposites taken from her at that place. These 800,000 prosperity. It was wealth itself; and besides, it showed dollars were collected from the New Orleans merchants that the country was not in debt for its large importin the very crisis of the arrival of Western produce. The ations, and that a larger proportion of foreign imports merchants were pressed to pay debts, when they ought to now consisted of specie than was ever known before. have been accommodated with loans. The price of prod- Mr. B. particularized the imports and exports of gold; uce was thereby depressed; the whole West suffered how the former had increased, and the latter diminished, from the depression; and now it is proved that the money during the last few months; and said that a great amount was not wanted to supply the place of the deposites, but of gold, both foreign and domestic, was now waiting in was sent to Philadelphia, where there was no use for it, the country to see if Congress would raise gold to its fair the bank having more there than she can use; and that value. If so raised, this gold would remain, and enter the whole operation was a wanton and wicked measure to into circulation; if not, it would immediately go off to coerce the West to cry out for a return of the deposites, foreign countries, for gold was not a thing to stay where and a renewal of the charter, by attacking their commerce it was undervalued. He also spoke of silver, and said in the market of New Orleans. This fact, said Mr. B., that it had arrived without law, but could not remain withwould have been proved from the books of the bank, if out law. Unless Congress passed an act to make it curthey had been inspected. Failing in that, the proof was rent, and that at full value as money, and not at the mint intelligibly found in the weekly returns. value, as bullion, it would go off. Mr. B. had a further view to give of the prosperity of Mr. B. recapitulated the evidences of national prosper. the country, and further evidence to show that all the dis-ity-increased imports-revenue from customs exceeding tress really suffered was factitious and unnatural. It was the estimate-increased revenue from public lands-inin the great increase of money in the United States du- creased amount of specie-above eleven millions of availring the last year and a half. He spoke of money; not able funds now in the treasury-domestic and foreign paper promises to pay money, but the thing itself-real commerce active-the price of produce and property fair gold and silver-and affirmed that there was a clear and good-labor every where finding employment and regain of from eighteen to twenty millions of specie, within ward-more money in the country than ever was in it at the time that he had mentioned. He then took up the any one time before-the numerous advertisements for custom-house returns to verify this important statement, the purchase of slaves, in the papers of this city, for the and to let the people see that the country was never so Southern market, which indicated the high price of Southwell off for money as at the very time that it was pro-ern products-and affirmed his conscientious belief, that claimed to be in the lowest state of poverty and misery, the country was more prosperous at this time than at any He first showed the imports and exports of specie and bullion for the year ending the 30th of September, 1833. It was as follows: Year ending September 30, 1833. Exports. 495,890 1,722,196 period of its existence; and inveighed in terms of strong indignation against the arts and artifices, which, for the last six months, had disturbed and agitated the country, and done scrious mischief to many individuals. He regretted the miscarriage of the attempt to examine the Bank of the United States, which he believed would have completed the proof against that institution for its share in getting up an unnatural and factitious scene of distress, in the midst of real prosperity. But he did not limit his invective to the bank, but came directly to the Senate, and charged a full share upon the theatrical distress speeches, delivered upon the floor of the Senate, in imitation of Volney's soliloquy over the ruins of Palmyra. Mr. B. having read over this statement, remarked upon He repeated some passages from the most affecting of it, that it presented a clear balance of near five millions these lamentations over the desolation of the country, such of specie in favor of the United States on the first day of as the Senate had been accustomed to hear about the time October last, without counting at least another million of the New York and Virginia elections. "The canal a which was brought by passengers, and not put upon the solitude! The lake a desert waste of waters! That popu custom-house books. It might be assumed, he said, that lous city lately resounding with the hum of busy multitudes, there was a clear accession of six millions of specie to the now silent and sad! A whole nation, in the midst of unpar money of the United States on the morning of that very alleled prosperity, and Arcadian felicity, suddenly struck day which had been pitched upon by all the distress ora- into poverty, and plunged into unutterable wo, by the tors in the country to date the ruin and desolation of the direful act of one wilful man!" Such, said Mr. B., were the lamentations over the ruins, not of the Tadmor in the des Mr. B. then showed a statement of the imports and ex-ert, but of this America, whose true condition you have ports of specie and bullion, from the first of October, 1833, just seen exhibited in the faithful report of the Secretary of the Treasury. Not even the baseless fabric of a country. to the 11th of June, instant. It was as follows: JUNE 16, 1834.] vision" was ever more destitute of foundation, than those lions of specie was a surplus! How is it now, with near lamentable accounts of desolation. The lamentation has double as much specie, and five millions less of notes out, ceased, the panic has gone off, would to God he could and twelve millions less of debt? The bank needs less follow out the noble line of the poet, and say, leaving specie than any other banking institution, because its not a wreck behind." But he could not say that. There notes are receivable, by law, in all federal payments; and were wrecks! wrecks of merchants in every city in from that circumstance alone would be current, at par, which the bank tried its cruel policy, and wrecks of banks although the bank itself might be wholly unable to rein this District, where the panic speeches fell thickest and deem them. Such a bank is a nuisance. It is the dog loudest upon the ears of an astonished and terrified com- in the manger. It might lend money to business men, at munity! short dates, to the last day of its existence; yet the signs are for a new pressure; a new game of distress for the fall elections in Pennsylvania, New York, and Ohio. If that game should be attempted, Mr. B. said, it would have to be done without excuse, for the bank was full of money; without pretext, for the deposite farce is over; without the aid of panic speeches, for the Senate will not be in session. But, continued Mr. B., the game is up; the alarm is over; the people are tired of it; the agitators have ceased to work the engine of alarm. A month ago he had said it was "the last of pea-time" with these distress memorials; he would now use a bolder figure, and say, that the Secretary's report, just read, had expelled forever the ghost of alarm from the chamber of the Senate. All ghosts, said Mr. B., are afraid of the light. The crowing Mr. B. said, that among the strange events which took of the cock-the break of day--remits them all, the place in this world, nothing could be more strange than whole shadowy tribe, to their dark and dreary abodes. to find, in our own country, and in the 19th century, any How then can this poor ghost of alarm, which has done practical illustration of the ancient doctrine of the metempsuch hard service for six months past, how can it stand sychosis. Stranger still, if that doctrine should be so the full light, the broad glare, the clear sunshine of the far improved, as to take effect in soul-less bodies; for, acSecretary's report? "Alas, poor ghost!" The shade of cording to the founders of the doctrine, the soul alone the "noble Dane" never quit the stage under a more in- could transmigrate.† Now, corporations had no souls; that exorable law than the one which now drives thee away! was law, laid down by all the books; and of all corporaThis report, replete with plain facts, and luminous truths, tions, moneyed ones, especially, and above all, the Bank puts to flight the apparition of distress, breaks down the of the United States, was most soul-less. Yet, the rumor whole machinery of alarm, and proves that the American was, that this bank intended to attempt the operation of people are, at this day, the most prosperous people on effecting a transfer of her soul; and after submitting to which the beneficent sun of heaven did ever shine! death in her present form, to rise up in a new one. Mr. B. said he, for one, should be ready for the old sinner, come in the body of what beast it might. No form should deceive him, not even if it condescended, in its new shape, to issue from Wall-street, instead of Chestnut! Mr. B. congratulated himself that the spectre of distress could never be made to cross the Mississippi. It made but slow progress any where in the Great Valley, but was balked at the King of Floods. A letter from St. Louis informed him that an attempt had just been made to get A word more, and Mr. B. was done. It was a word up a distress meeting in the town of St. Louis, but with- to those gentlemen whose declarations, many ten thouout effect. The officers were obtained, and according to sand times issued from this floor, had deluded a hundred the approved rule of such meetings, they were converts thousand people to send memorials here, certifying what from Jacksonism; but there the distress proceedings stop- those gentlemen so incontinently repeated, that the reped, and took another turn. The farce could not be play-moval of the deposites had made the distress, and nothed in that town. The actors would not mount the stage. ing but the restoration of the deposites, or the renewal Mr. B. spoke of the circulation of the Bank of the of the charter, could remove the distress! Well! the deUnited States, and said that its notes might be withdrawn posites are not restored, and the charter is not renewed; without being felt or known by the community. It con- and yet the distress is gone! What is the inference? Why tributed but four millions and a quarter to the circulation that gentlemen are convicted, and condemned, upon their at this time. He verified this statement by showing that own argument! They leave this chamber to go home, the bank had twelve millions and a quarter of specie in self-convicted upon the very test which they themselves its vaults, and but sixteen millions and a half of notes in have established; and after having declared, for six circulation. The difference was four millions and a quar- months, upon this floor, that the removal of the deposites ter; and that was the precise amount which that gigantic institution now contributed to the circulation of the country! Only four millions and a quarter. If the gold bill passed, and raised gold sixteen to one, there would be more than that amount of gold in circulation in three months. The foreign coin bill, and the gold bill, would give the country many dollars in specie, without interest, for each paper dollar which the bank issues, and for which the country pays so dearly. The dissolution of the bank would turn out twelve millions and a quarter of specie, to circulate among the people; and the sooner that is done the better it will be for the country. The bank is now a nuisance, said Mr. B. With upwards of twelve millions in specie and less than seventeen millions in circulation, and only fifty-two millions of loans, it pretends that it cannot lend a dollar, not even to business men, to be returned in sixty days; when, two years ago, with only six millions of specie and twenty-two millions of circulation, it ran up its loans to seventy millions. The president of the bank then swore that all above six mil About the same time a similar failure took place at Crawfordsville, Indiana. made the distress, and nothing but their restoration, or the renewal of the bank charter, could relieve it, and that they would sit here until the dog-days, and the winter solstice, to effect this restoration or renewal; they now go home in good time for harvest, without effecting the restoration or the renewal; and find every where, as they go, the evidences of the highest prosperity which ever blessed the land. Yes! repeated and exclaimed Mr. B. with great emphasis, the deposites are not restored-the charter is not renewed-the distress is gone-and the distress speeches have ceased! No more lamentation over the desolation of the land now; and a gentleman who should undertake to entertain the Senate again in that way, in the face of the present national prosperity-in the face of the present report from the Secretary of the Treasury, would be stared at, as the Trojans were accustomed to stare at the frantic exhibitions of Prian's distracted daughter, while vaticinating the downfall of Troy in the midst of the heroic exploits of Hector. Mr. WEBSTER here made some remarks, when From the Greek, meta, again; en, in: psyche, the soul; i, e. The Soul again in. SENATE.] Revenue Statements. [JUNE 16, 1834. Mr. CHAMBERS rose and said, that when lessons were if this is the issue, we are prepared to meet it; the counadministered on this floor avowedly for the edification of the try is prepared to pass upon it, and we think that melanAmerican people, it might not be amiss to qualify general choly experience will enable every man to give his verremarks by proper limitations and restrictions to conform dict. But, sir, with an incongruity which is incompre. to the actual condition of the subject. Now, sir, if any hensible, the loud peals of triumphant exultation have not portion of the American people shall be led to suppose ceased to vibrate on our ears before, in the speech, we that any thing in the report of the Secretary now read is find it distinctly asserted, and reiterated in terms of the calculated to show the inoffensive character of the late harshest denunciation and "invective," that the bank has Executive measures, he would say they would be led to a caused the distress-that panic speeches in the Senate conclusion utterly fallacious. have caused the distress-have produced "wreck of merI am one of those, Mr. President, by whom predictions chants in every city." It is certainly difficult to reconcile have been made, as well in regard to the ruinous conse-two positions apparently so utterly opposed. To believe quences of the Executive conduct as to its probable effect that the bank or the Senate, or both, have produced a deon the revenue. I had the honor to be among the first, per-gree of distress which filled our cities with "wrecks," haps the first, on this floor, to venture the result of a fee- and at the same time to believe that this report and other ble judgment as to the probable consequences upon the evidences "utterly contradicted the idea of distress importations and the revenue. Nothing in this report les- and commercial embarrassment which had been propasens, in the slightest degree, my confidence in the opin-gated from this chamber for the last six months"-that ions heretofore advanced. How should it? "never since America had a place among nations was the The report informs us of the amount of importations, prosperity of the country equal to what it is at this day" and the accruing revenue, for the first quarter of the pres--will require, in my poor opinion, more credulity than ent year. I so understand it, from hearing a part of it is to be found in the most benighted region of this wideread at your table: no other means have been afforded me spread Union. Sir, it is fully to tell a man sinking and to ascertain its contents, much less to prepare full notes dying with disease, and conscious of his condition, that all for a speech upon the report, as the Senator from Mis- his symptoms indicate health and strength and vigor, and souri [Mr. BENTON] seems to have done. Well, sir, does promise long life; and yet such is the experiment now any thing in the character or amount of importations in made. The good people of the country, the farmers, the the first three months of this year prove any fact in re-merchants, the manufacturers, mechanics, and laborers, gard either to the effect of the Executive measures, or to who feel themselves diseased and dying under the fatal the accuracy of our predictions? Most certainly not. malady of Executive rashness and indiscretion, are calmly Every man who knows any thing of the subject, knows asked to believe that they were never so prosperous, nevwell that there are two principal seasons of importations; er so happy, never so independent. They will not be one in the spring, for the demand and consumption of spring persuaded or cajoled by any report of a Secretary, nor and summer, and another in the summer or early fall, for will they be conviced by any studied commentary upon the demand and consumption of fall and winter. We all I can tell you what they say, sir; a letter is this instant know that the goods thus imported are ordered a consid-on my desk, received by this morning's mail from a valued erable time before they arrive in this country; that they friend who resides in the interior of my State-far from are inade, manufactured to order, before they are shipped the city-holding no office, desiring none--pursuing his from abroad. If, then, these importations mentioned in honest avocations with industry, and neither tempted nor the report were ordered in the usual way of trade, in corrupted by the expectation of political honor or emolu. season for the orders to have been received abroad, the ment. [Mr. C. here read from a letter, giving account goods purchased and shipped, and to arrive in the United of the state of feeling in the writer's district.] States before the first of May-and of these facts no doubt Since I have known any thing of public affairs, never could be entertained-it was evident they afforded not the have I known our yeomanry so perfectly to understand, smallest proof whatever of the influence of measures so generally to discuss, and so cordially to destest, any which operated at a much later period. It is idle to at- measure of the Federal Executive, as its course in relation tempt to apply any prediction made here to the period to the United States Bank. They feel its effects; they embraced in this report. Mr. C. said he happened to writhe under them; and if every Congressional district in have in his drawer one of those letters upon which he had the United States be equally intelligent and equally hon. ventured the opinion expressed; and to show how far it est, after the next election, the President will not have a can be tortured into a speculation upon the state or amount single friend returned to the House of Representatives. of importations ending on the first of April, he would I do not mean, Mr. President, to go over the beaten read an extract. The letter says, "The dry good mer-ground of bank distress or panic-speech distress. The chants have not (they say) ordered more than one-half varied tones of assault upon the bank are now understood. their usual supply of goods for the fall. This will affect One day the insolvent institution, which in a little month the revenue of this and the next year, in which case the should be prostrate at the Executive foot-stool; the next, remnant of the debt will lie over, that the 'experiment' the gigantic monster, which, like the golden calf, was may have a full trial." Now, sir, let the administration the object of our idolatry, now useless and insufficient, and its friends, in the absence of any better occasion for joy, make themselves happy in the glorious triumph which they announce; and let them flap their wings and crow because the importations of the first quarter do not show the diminution which we predicted would occur in the third quarter, and the last. it. and capable of nothing but what local banks might effect; and now the fearful engine whose resistless power would crush the liberties of the nation, and bring its Government into subjection, as it had brought our people into distress and ruin. The history of the bank operations, happily for those who desire to arrive at truth, is contained in official documents. The extent of loans and curtailments, expansion and contraction, may be known by authentic proof. There was some difficulty in meeting such an argument as the Senate had just heard. In one part of it, we are distinctly told there is no distress, no pressure, no pecuniary embarrassment; on the contrary, the country never One idea advanced and attempted to be sustained by was more prosperous, business never more active or profit- the authority of this report of the Secretary, is certainly able, money never more plenty. These positions are boast-as novel as it is amusing. We are told that in the bank ingly made, and stand out prominently in the speech which cities commerce had declined, and in the anti-bank cities has cheered this report as the extinguisher of all the fond-had increased; where the bank had the upper hand the est hopes and speculations of the opposition. Well, sir, revenue was less; where it had not, the revenue was JUNE 16, 1834.] Revenue Statements. [SENATI. greater. Philadelphia on the one hand, and New York ing them go into the hands of foreigners, because our on the other, are selected as illustrations. We are gravely rash Executive measures had empoverished our citizens, told that in Philadelphia, the location of the bank, the and ruined our currency. It was said, however, that residence of the directors, amidst their relations, connex- stocks were rising, and the tone of triumph in which this ions, friends, and families, they have wickedly exerted was urged, would seem to import that stocks were no the utmost of their means to ruin and destroy the trade longer depressed by the destructive "experiment." and commerce of their citizens and their own, to drive I am at a loss to conceive on what authority such an their community into their views, while it is perfectly assertion can be advanced. If it be intended to say that, known that almost every individual of that community, depressed as they are, they are yet not quite so bad as man, woman, and child, are, and always have been, loud they were a few weeks since, there may be some foundin their denunciations of the Executive attack upon the ation for the remark. But if it be intended to say, that bank, and ardently anxious to have it re-chartered. they are at all at the point at which the "experiment" And we hear it said with equal gravity, that in New found them, then nothing can be said more wide of the York, from whence it has been supposed the first idea of fact, as I understand it. I will speak what I know. I putting down the bank was conceived; in New York, am a stockholder in the pet bank in Baltimore. When which, it is by many shrewdly supposed, designs to put the President assumed the control of the public treasure, down a "Chestnut-street" bank, to build on its ruins a and through his Secretary ordered the removal of the "Wall-street" bank-an opinion based upon the fact, deposites, that stock was at eighty-one or two dollars per which you, sir, know is sometimes alleged, that New share, the par being seventy-five. At a sale lately York does not always march to her object by the most made-made at auction, so that holders might be indirect road; in New York, where every motive existed fluenced to interpose and purchase, to save the character to induce the bank to make proselytes and strengthen of the stock; made certainly upon terms well calculated her interest-there, it is said, she has forborne to exert to secure a full price-it commanded less than fifty her destructive operations; and trade and commerce dollars. are increased. Sir, the importations of the year, from The price of slaves was also alluded to as rising, and January to March inclusive, were not affected, for good this was a further evidence of national prosperity. In or for evil, by the Executive "experiment," and this re-regard to this matter, I make the same remark as in relaport will prove any other fact as well as it will that for tion to stocks. Slaves may possibly sell for something which it has been used. more than they would command a few weeks since. I If the bank has the means and the inclination to "dis- do not know that the fact is so, but it is possible. That tress" the country, why should they not be exerted as they are of less value, by twenty to thirty per cent., than well in New York as in Philadelphia—as well in Balti- they were before the Executive plan of finance was commore as in Boston? The idea suggested in regard to the menced, I do not know. I live in a slave county; and, South, affords a key to some matters, which perhaps although neither a purchaser or seller, I profess to know would be a little difficult of explanation by any other how the fact is; and I assert that slaves will not, in Marytheory. It seems, it is thought, the South will not bear land, command a price within from twenty to thirty per the "lash." Perhaps this conviction may account for cent. as great as they did prior to the " experiment,' the singular fact that, in the "high-mettled" region of either in the domestic market, or for the South. South Carolina, it was deemed prudent to leave the de- Again: we have the price of grain introduced as conposites in the United States Bank, when they were re-clusive evidence of our prosperity. I will not allow mymoved at other places. We are referred to sundry par- self to be drawn again into details upon the subject. The ticulars, to demonstrate the extraordinary prosperity of frequent repetition of an error cannot make it less an the country at this time. Let us see how that matter -stands. error. Do we not see in every newspaper statements from different places in the country, showing the remarkThe increase in the number of arrivals at New York, able scarcity of corn? Do we not learn that at some from foreign ports, was no more than the regular and points there is scarcely a bushel for consumption? Do uniform growth of the country required; nothing more we not all know that it is solely for immediate and home than the history of our commerce proved to be the case consumption that it is required? and can it be necessary in every year. These importations, however, as well as again and again to urge that this, and this alone, has the sales of public lands, of which this report gives us caused an increase in the price-an increase of a few the amount, were made before the destructive effects of cents only beyond the price at which it sold when harthe Executive measures were experienced. vested last fall, and very much less than it would have been but for the mad policy of "the Government?" The importation of specie had also been alluded to as an evidence of great national prosperity. It is certain Mr. President, there is nothing in the report, nothing that a large amount of specie had been imported; and it in the condition of the country, to show that we misconmight not be amiss to remark, that the much-abused bank ceived the character or consequences of Executive rashhad imported a very large portion of it. Finding itself ness and folly. Every thing verifies our prediction. threatened by the vast power of the Executive, which The experience of men in all departments of business makes itself felt through every artery of the country, by will sanction the assertion, that pecuniary distress and means of its army of office-holders and dependants, the embarrassment, deep and pervading, afflicts the country, bank, at a very early period, resorted to this means of caused by folly and by passion, uselessly caused and obpreparing itself to meet the assault. It was not the re-stinately continued. sult of prosperity, but the embarrassments of the country Sir, I still think as I have thought, that when the pethen expected-now realized-that induced this importa-riod shall arrive to enable us to ascertain the influence of tion. Foreign capitalists had been induced, it was beliey-the late Executive measures on our foreign commerce ed, by the declension of our stocks, to introduce specie and the revenue, they will be found to affect both injufor its purchase. While money was plenty abroad, and riously. It may be, that to some extent, the importations produced but from two to three per cent., our depression which the crippled condition of our merchants will not here had increased its value to such an extent as to in-permit them to order, may be made by foreigners, as sugvite it from abroad. Our stocks, yielding six, eight, and gested by my friend from Massachusetts, [Mr. WEBSTER;] ten per cent., had been below par, and our citizens, who but I do not think the deficit will be supplied in that way. had heretofore enjoyed the benefits of these profitable The country is too much empoverished by the "experiinvestments, were now reduced to the necessity of see-ment" to pay for the amount of importations which we VOL. X.-127 SENATE.] Memoria's from Harrodsburg, (Ky.,) and Kenhawa, (Va.)—Foreign Silver Coins. [JUNE 16, 1854. should have received, but for the fatal shock to the cur- came from the House, did not regulate the weight of rency and to credit. coins. He had received a communication from the di I still think, as I have thought heretofore, that these rector of the mint, and also one from the committee of "Executive measures" have carried throughout this the other House, on the subject, and he believed they whole country desolation and wretchedness, prostrating were right in the opinion that the weight of coins should the hopes of thousands of honest and useful men, robbing be established. The first amendment, therefore, propothe laborer of his hire, and industry of its just reward, sed, was to make the limitation of the dollar to the weight and producing an aggregate of national mischief and of 415 grains; the next to establish the weight of the ruin, which years of prudent discretion will not com- French five-franc pieces at 384 grains. pensate. Mr. WEBSTER now modified his motion to refer to the Committee on Finance, and moved that the communication he laid on the table and printed; which was agreed to. HARRODSBURG (KY.) MEMORIAL.. Mr. BIBB presented the memorial of a large and respectable meeting of inhabitants of Harrodsburg, that portion, Mr. B. said, of his State which, during this session, had been so unfortunate as to be disfranchised. Under these circumstances, he felt himself peculiarly called upon to present this memorial, and to speak in its favor. He was acquainted with the officers who presided at this meeting, and he felt assured that they would not designate it as numerous and respectable unless it were so in reality. Mr. B. here alluded to the manner in which the memorialists had been deprived of their member in the other House, and stated that the conduct of the sheriff of the county, by whose instrumentality this result was effected, had produced an expression of the highest reprobation on the part of the popular branch of the Legislature of Kentucky; the members of that part of the Legislature to which he referred, had almost unanimously expressed their desire that the act of the sheriff should be made penitentiary offence. a Mr. B. moved that the memorial be read, printed, and referred to the Committee on Finance. It was so ordered. KENHAWA (VA.) MEMORIAL. These amendments having been read, were agreed to. Mr. W. then said he had another amendment to propose, which had been suggested to him by the director of the mint; it was on fixing the fineness of the South American dollar. The Senate would recollect that, by the bill, the dollar was regulated, "when of not less twelve grains, of pure silver, in the troy pound of twelve fineness than ten ounces, fifteen pennyweights, and ounces of standard silver, at one hundred and sixteen cents and one-tenth of a cent per ounce. " Now it was leave the South American dollar of the value of one hun proposed to strike out these 12 grains, which would still dred cents; but if the twelve grains were retained, it would exclude a great many of the South American coins which were worth the American dollar. He therefore moved to strike out the twelve grains; which was agreed to. There being no further amendments offered, the question was on ordering the bill to be engrossed for a third reading; when, Mr. CALHOUN hoped the Senator from Massachusetts would consent to lay the bill on the table for the present. The measure was a very important one, and demanded of increasing the issues of bank paper. If the object of some consideration; he thought it would have the effect the bill was to increase the amount of bank discounts, find it to their interest or convenience, to pay out their the measure was a very judicious one. Banks would specie by weight instead of by tale, and a majority of the community would not receive it unless by the former method. The bill, he repeated, was an important one, demanded some consideration, and he, therefore, moved to lay it on the table. Mr. LEIGH presented the memorial of above seven hundred citizens of Kenhawa county, Virginia, stating that the operation of their business was very much em barrassed, and that they were suffering under grievous Mr. WEBSTER requested the gentleman from South distress. Whether this was caused by the bank, or by Carolina [Mr. CALHOUN] to withdraw his motion for a mospeeches in this House, or by Executive interference, ment; which request having been acceded to, Mr. W. Mr. L. would not now undertake to determine, but he said, if the gentleman would permit the bill to be enmust be allowed to say, that the memorialists knew better grossed for a third reading, he would, at its last stage, what they felt, than those who undertook to show it by make further explanations. His object was, at this late analogical arguments. They stated that their profit was period of the session, to save time. He had received derived from the manufacture of salt, which is now in a many communications from gentlemen in the commercial state of embarrassment and distress. They felt also an-world, showing the great anxiety there was for the pas other distress, in common with every citizen of this com- sage of this bill, and its importance to their interests. munity, that the constitution and the laws of the country There was some importance, he thought, in regulating have been trampled under foot. They expressed their the South American coins. opinion in strong and indignant terms, that the act of the Mr. EWING thought the honorable gentleman from Executive in removing the deposites, was contrary to the South Carolina was mistaken. The bill did not provide Jaws and constitution of the United States, and they rep-that foreign coin should pass by weight, but by tale: resented farther, that the protest of the President set up if it had been made to pass by weight, the effect of maa claim to power which was little short of monarchical. king the coin pass current would have been defeated. Mr. L., on account of the state of business in the Senate, Mr. CALHOUN expressed himself satisfied with the and his anxiety to adjourn, in common with other Sen- honorable Senator's explanation. ators, would only ask that the memorial be read, referred, Mr. CHAMBERS observed, that he would have a proand ordered to be printed; which was ordered accord-vision inserted, making it a legal tender. ingly. FOREIGN SILVER COINS. On motion of Mr. WEBSTER, the Senate proceeded to the consideration of the bill from the House to regulate foreign silver coins. Mr. WEBSTER said it was so understood; the bill set forth that the coin should pass current, as money, in the payment of debts, therefore that must make it a tender, The amendments were then ordered to be engrossed, and the bill passed to its third reading. COMPENSATION TO Mr. POTTER. Mr. W. said that this was a measure of great importance to the commercial community, and be hoped that there would be no delay in passing on it. He had some The resolution submitted by Mr. WRIGHT, to com amendments, which the Committee on Finance had pro- pensate the honorable Elisha R. Potter, for his attendposed, and which he would briefly state. The bill, as it ance while claiming a seat in the Senate, under the au |