SENATE.] Bank of the United States. [JUNE 2, 1832. some modification of this section could be made after the Naudain, Poindexter, Prentiss, Robbins, Seymour, Silsbill should be reported to the Senate. bee, Tipton, Tomlinson, Webster, Wilkins.-20. Mr. BIBB then moved to amend the fourth section, by striking out the words "from any other incorporated bank," so as to make it incumbent on the bank and its branches to receive the notes of any and all of their branches in payment of debts due from individuals as well as from State banks. This amendment was opposed by Mr. WEBSTER, and supported by Messrs. BIBB, HAYNE, KNIGHT, and GRUNDY, and finally adopted--yeas 25, nays 19, as follows: YEAS.--Messrs. Bibb, Clayton, Dickerson, Dudley, Ellis, Foot, Grundy, Hayne, Hill, Kane, King, Knight, Mangum, Marcy, Miller, Moore, Poindexter, Prentiss, Robinson, Ruggles, Tazewell, Tomlinson, Troup, White, Wilkins.--25. NAYS.--Messrs. Bell, Benton, Brown, Buckner, Clay, Dallas, Ewing, Frelinghuysen, Hendricks, Holmes, Johnston, Naudain, Robbins, Seymour, Silsbee, Smith, Sprague, Tipton, Webster.--19. Mr. EWING then moved to strike out the fifth section of the bill, prohibiting the bank from issuing and circulating notes of a less denomination than fifty dollars, not payable at the bank or branch whence issued, or circulated, unless at the special instance and request of the person to whom the same is payable or issued." Mr. SMITH here moved an adjournment: negatived-yeas 20, nays 23. Mr. KING then demanded that the hour should be recorded on the journal at which the Senate refused to adjourn. This, he said, he had a right to ask. Mr. GRUNDY said he was glad to see an evidence of a determination to do business; but he thought gentlemen were going too far--they were not going to make their bank that night, he would assure them. He would sug gest that the Senator from Missouri should give in all his amendments at once, and that the Senate should then adjourn, and consider on them, in order to act promptly in the morning. Mr. BENTON then handed to the Secretary his amend SATURDAY, JUNE 2. BANK OF THE UNITED STATES. The Senate again, sitting as a Committee of the Whole, resumed the consideration of the bank bill. The series of amendments submitted by Mr. BENTON came up in order. The first was in the following words: "That so much of the original charter as restricts any future Congress from granting charters of incorporation to other banking companies, and grants an exclusive pri A debate then ensued, in which the motion was advo-vilege to the stockholders in the Bank of the United cated by Messrs. EWING, WEBSTER, JOHNSTON, and SILSBEE, and opposed by Messrs. BIBB, KING, HAYNE, MARCY, and TAZEWELL; when Mr. TAZEWELL moved a division of the question, so as to take it first on striking out the last words of the section, which he said rendered the whole nugatory, viz. "unless at the request of the person to whom the same (i. e. the notes) shall be issued, paid out, or put in circu lation." The division having been ordered, the question was taken on striking out the latter part of the section as above, and lost--yeas 17, nays not counted. States, shall be, and the same hereby is, repealed from and after the third day of March, in the year one thou sand eight hundred and thirty-six." Mr. BENTON pointed out the clauses in the charter which granted the exclusive privilege, and imposed the restriction, which it was the object of his motion to abolish; and read a part of the 21st section, which enacted that no other bank should be established by any future law of the United States, during the continuance of that charter, and which pledged the faith of the United States to the observance of the monopoly thereby created. He said the privilege of banking, here granted, was an exclusive privilege, a monopoly, and an invasion of the rights of all future Congresses, as well as of the rights of all citizens of the Union, for the term the charter had to run, YEAS.-Messrs. Bell, Bibb, Buckner, Clay, Clayton, and which might be considered perpetual; as this was the Dallas, Ewing, Frelinghuysen, Grundy, Hendricks, last time that the people could ever make head against Holmes, Johnston, Knight, Naudain, Poindexter, Pren- the new political power which raised itself in the form of tiss, Robbins, Seymour, Silsbee, Sprague, Tipton, Tomlinson, Webster, Wilkins.--24. The question was then taken on Mr. EWING's motion to strike out the whole section, and it was decided in the affirmative--yeas 24, nays 15, as follows: NAYS.--Messrs. Benton, Brown, Dudley, Ellis, Foot, Hayne, Hill, King, Mangum, Marcy, Miller, Moore, Robinson, Tazewell, Troup, White.--15. Mr. GRUNDY moved an adjournment; rejected-yeas 18, nays 21. lege to the Bank of the United States. But in the case of this the bank to overbalance every other power in the Govern ment. This exclusive privilege is contrary to the genius of our Government, which is a Government of equal rights and not of exclusive privileges; and it is clearly unautho rized by the constitution, which only admits of exclusive privileges in two solitary, specified cases, and each of these founded upon a natural right, the case of authors Mr. BENTON said he had several amendments to offer; and inventors; to whom Congress is authorized to grant, and first proposed one repealing so much of the original for a limited time, the exclusive privilege of selling their charter of the bank as restricts Congress from granting own writings and discoveries. a charter to another bank, and grants an exclusive privi- charter there is no natural right, and it may be well said there is no limited time; and the monopoly is far more Mr. KING moved that the Senate adjourn. It was im- glaring and indefensible now than when first granted; for possible, he said, for gentlemen to expect to get through then the charter was not granted to any particular set of with the amendments that evening; it was six o'clock, individuals, but lay open to all to subscribe to it; but now and the gentleman from Missouri had several other amend- it is to be continued to a particular set, and many of them ments to propose, which would probably occasion debate. foreigners, and all of whom, or their assignees, had alrea On the motion to adjourn, he asked for the yeas and nays, dy enjoyed the privilege for twenty years. If this com which were ordered; and on their being called, the Senate pany succeeds now in getting their monopoly continued refused to adjourn, by the following vote: for fifteen years, they will so entrench themselves in wealth YEAS.-Messrs. Benton, Bibb, Brown, Dudley, Ellis, and power, that they will be enabled to perpetuate their Grundy, Hayne, Hendricks, Hill, King, Mangum, Marcy, charter, and transmit it as a private inheritance to their posMiller, Moore, Sprague, Tazewell, Troup, White.--18. terity. Our Government delights in rotation of office; all NAYS.--Messrs. Bell, Buckner, Clayton, Dallas, Ew-officers, from the highest to the lowest, are amenable to that ing, Foot, Frelinghuysen, Holmes, Johnston, Knight, principle; no one is suffered to remain in power thirty-five JUNE 2, 1832.] Bank of the United States. [SENATE. an Executive veto, the President will become the true representative of the people, the faithful defender of their rights, and the defender of the rights of the new Congress which which will assemble under the new census. years; and why should one company have the command of bank bill, which requires no decision for three years to come the moneyed power of America for that long period? Can But the difference is greater still; for the land bill and tariff it be the wish of any person to establish an oligarchy with bill are ordinary acts of legislation, open to amendment, unbounded wealth and perpetual existence, to lay the or repeal, by ourselves and successors; but the charter is foundation for a nobility and monarchy in this America! to be irrevocable, unamendable, binding upon all ConThe restriction upon future Congresses is at war with gresses till the year 1851. This is rank usurpation; and every principle of constitutional right and legislative if perpetrated by Congress, and afterwards arrested by equality. If the constitution has given to one Congress the right to charter banks, it has given it to every one. If this Congress has a right to establish a bank, every other Congress has. The power to tie the hands of our successors is nowhere given to us; what we can do, our successors Mr. B. concluded his remarks with showing the origin, can; a legislative body is always equal to itself. To make, and also the extinction, of this doctrine in England. A and to amend; to do, and to undo; is the prerogative of tory Parliament in the reign of Queen Anne had first each. But here the attempt is to do what we ourselves granted an exclusive privilege to the Bank of England, cannot amend-what our successors cannot amend--and and imposed a restriction upon the right of future Parliawhat our successors are forbidden to imitate, or to do in any ments to establish another bank; and the ministry of 1826 form. This shows the danger of assuming implied powers. had condemned this doctrine, and proscribed its continuIf the power to establish a national bank had been ex-ance in England. The charter granted to the old Bank pressly granted, then the exercise of that power, being of the United States and to the existing bank had copied once exerted, would be exhausted, and no further legisla- those obnoxious clauses; but now that they were condemntion would remain to be done; but this power is now as- ed in England as too unjust and odious for that monarchisumed upon construction, after having been twice rejected al country, they ought certainly to be discarded in this in the convention which framed the constitution, and is, republic, where equal rights was the vital principle and therefore, without limitation as to number or character. ruling feature of all our institutions. Mr. Madison was express in his opinions in the year 1791, that, if there was one bank chartered, there ought to be several! The genius of the British monarchy, he said, favored the concentration of wealth and power! In America, the genius of the Government required the diffusion of wealth and power. The establishment of branches did not satisfy the principle of diffusion. Several independent banks alone could do it. The branches, instead of lessening the wealth and power of the single institution, greatly increased both, by giving to the great central parent bank an organization and ramification which per- Mr. BENTON's second amendment was as follows: vaded the whole Union, drawing wealth from every part, "That, from and after the 1st day of April, 1836, no and subjecting every part to the operations, political and member of Congress, or officer of the Federal Governpecuniary, of the central institution. But this restriction ment, or alien, shall hold any stock in said bank." ties up the hands of Congress from granting other char- This provision, said Mr. B., is copied from the charter ters. Behave as it may-plunge into all elections--con- of the famous Scottish banks, which are now considered vulse the country with expansions and contractions of as the models of all good banks; and the good effects it paper currency-fail in its ability to help the merchants to has produced in those institutions should encourage all pay their bonds--stop payment, and leave the Government others to assume it. The provision is founded in the just no option but to receive its dishonored notes in revenue payments and still it would be secure of its monopoly; the hands of all future Congresses would be tied up; and no rival or additional banks could be established, to hold it in check, or to supply its place. There was now a call for the question; and, on division, the amendment was rejected, as follows: YEAS.--Messrs. Benton, Brown, Dudley, Ellis, Grundy, Hayne, Hill, Kane, King, Marcy, Miller, Moore, Tazewell, Troup, Tyler, White.--16. NAYS.--Messrs. Bell, Buckner, Clay, Clayton, Dallas, Ewing, Foot, Frelinghuysen, Hendricks, Holmes, Johnston, Knight, Naudain, Poindexter, Prentiss, Robbins, Robinson, Ruggles, Seymour, Silsbee, Smith, Sprague, Tipton, Tomlinson, Waggaman, Webster.-26. medium between the common law principle of partnerships, which makes each partner liable for the whole debts of the concern, and the corporation principle, which absolves each partner from all liability. Each of these extremes was equally unjust in a banking institution. The Is this the Congress to do these things? Is this the liability of each stockholder for the whole debts of the Congress to impose restrictions upon the power of their corporation, would always be unjust with respect to himsuccessors? Is this the Congress to tie the hands of all self, and nugatory with respect to the public; the total Congresses till the year 1851? In nine months this Con-exemption from all liability was unjust to the public, as gress is defunct! A new and full representation of the stockholders might continue to live in affluence, while people will come into power. Thirty additional members those who held their notes might be reduced to beggary. will be in the House of Representatives; two millions of Liability to the amount of the stock was the true principle, additional people will be represented. The renewed and, besides being just in itself, was a principle of easy charter is not to take effect till three years after this full application; as the holders of the notes, on the failure of representation is in power! And are we to forestall and the bank, could immediately bring their actions against anticipate them? Take their proper business out of their any stockholder, and continue to recover from him until hands--snatch the sceptre of legislation from them-do an he had paid up the amount of his stock. act which we cannot amend--which they cannot amend-- But the fact was, that, where this principle prevailed, which is irrevocable and intangible; and, to crown this act there was no occasion to enforce it. It was the true check of usurpation, deliberately set about tieing the hands, and control over banks; the effectual restraint upon overand imposing a restriction upon a Congress equal to us issues. The Scottish banks, which contained it, had never in constitutional power, superior to us in representative stopped payment; the Bank of England, which did not numbers, and better entitled to act upon the subject, be- contain it, had twice stopped. It was the true security, Cause the present charter is not to expire, nor the new and the only one, against sudden expansions and contracone to take effect, until three years after the new Congress tions of the currency-those ebbs and flows, in which shall be in power! It is in vain to say that this reasoning there is a deluge of paper to-day, and every body runs would apply to other legislative measures, and require the in debt, and a dearth of paper to-morrow, and all debtors postponement of the land bill and the tariff bill. Both these are ruined. The presence of such a provision prevents bills require immediate decision, and therein differ from the the bank from running the risk of these expansions and VOL. VIII.-64 SENATE.] Bank of the United States. [JUNE 2, 1832. contractions, and keeps it to the same steady line of busi- reign influence, and that influence procured by money ness which prudent merchants and traders follow. It was Look at the intrigues of Philip in Greece; look at the inthe best of remedies for the evils to which banks were trigues of the neighboring Powers in the affairs of the most subject; it was the remedy of prevention! for wher- Dutch, the Swiss, and the Germanic confederacies; money ever it existed, it had prevented over-issues, and suspen-was at the root of all these intrigues; and the arrival of sions of specie payment. Mr. B. said it was a common armies was always preceded by the corruption of orators opinion now in the remote parts of the Union, that the and writers. Suppose the Bank of the United States to Government of the United States was responsible for the continue to glide into the hands of foreigners until it is payment of the notes issued by the Bank of the United swallowed up, or nearly swallowed up, by the hereditary States. Many people were deceived by the name, and nobility, the prime ministers, and the military and nava gave a credit to the bank to which it was not entitled. officers, of European sovereigns; will not this foreign The United States were not responsible for one dollar of aristocracy then have the control of the moneyed power of these bank notes. If the bank stopped payment to our America? And will they not use that power to raise up morrow, not a dollar would this Government be liable to an American aristocracy, and to depress the American pay; neither would the stockholders be liable. It was democracy? Assuredly they will; and, as the charter now his wish to realize, in some degree, the belief of those stands, they may not only use their own money, but the persons, by making all stockholders liable to the amount of their stock, of course, the Government with others, to the amount of the stock held by it. Foreigners alone could not be reached by the provision, as their residence in foreign conntries would protect them against suits; and this formed an additional argument against the admission of aliens into this corporation. The question being taken on this amendment, it was also rejected by the following vote: YEAS.--Messrs. Benton, Ellis, Grundy, Miller, Robinson, White.--6. credit and revenues of the United States, to corrupt the press and the Legislature, to govern elections, to tamper with individuals, to enrich and to impoverish whom they please, and to put up and pull down public men accord ing to their own views. There is no excuse for incurring this danger. Foreign capital is not needed in the United States. Our own citizens have more than they can employ; and, besides, the Bank of the United States needs less private capital than any other bank in the world. The credit and revenues of the United States, and the receivability of its notes in par NAYS.--Messrs. Bell, Brown, Buckner, Clay, Clayton, ment of public dues, are its real capital, and diminish Dallas, Dickerson, Dudley, Ewing, Foot, Frelinghuysen, the want of private capital throughout the institution, Hayne, Hendricks, Hill, Holmes, Johnston, Kane, Knight, and totally dispense with it in one-third of the branches. Naudain, Poindexter, Prentiss, Robbins, Ruggles, Sey. This is known to every body. Then, why go abroad for mour, Silsbee, Smith, Sprague, Tazewell, Tipton, foreign capital? Our own citizens are applying for this Tomlinson, Troup, Tyler, Waggaman, Webster.-34. charter; they are offering five times as much for it as these Mr. BENTON's third amendment was then read: foreigners offer; then, why continue the monopoly to fo "That the stockholders in said corporation shall be lia-reigners? If the capital of the bank was three times ble in their individual and private capacities to the amount what it is, every dollar of the stock would be taken by of their stock, if the said corporation should, at any time, our own citizens. If the present bank was broken up into fail or refuse to pay its notes, bills, bonds, obligations, three independent moderate institutions, the citizens of drafts, or other securities, in gold or silver coin; and the South and West would quickly subscribe for one bank the holders thereof may sue said stockholders before any tribunal having jurisdiction thereof." each. Besides, the dangers of foreign influence, and the injury to our own citizens, from permitting foreigners to Mr. BENTON said, it was from no illiberal prejudice continue to hold stock in this bank. Mr. B. dwelt conagainst foreigners that he proposed to exclude them from siderably on the injury which was done to the country from an interest in this national institution. If foreigners came the annual transfer of money from the United States to to the United States to live, and to plant their posterity Europe, to pay the dividends to the foreign stockholders. among us, he was for receiving them with kindness and The amount now annually drawn was great; it was on the respect, and extending to them all the advantages of our increase, for aliens were continually engrossing stock; it laws and Government; but while these foreigners remained might amount to the whole annual profits of the bank, for in their own countries, subject to a foreign prince, and aliens might succeed in acquiring the whole stock; and bound by their allegiance to him to prefer his interest to then the American citizens might pay a larger revenue to ours, whenever they came in conflict, he was wholly op- their bank lords in Europe than to their own Government posed to conferring upon them powers and privileges in the United States. The annual profits of the bank which would enable them to exercise an influence over now were between four and five millions of dollars; they our prosperity, and to engross advantages which our citizens might be carried up to double that sum, and doubtless would rejoice to possess. This bank is called a national would be under the new and extended charter; and then institution; it even bears the name of the United States, the people of America would find their resources in the as if it actually belonged to the Federal Government: yet hands of absentees, to be expended abroad for the enrichat this very moment foreigners hold eight and a half mil- ment of foreign States. lions of the stock, are rapidly increasing their investments The exclusion of members of Congress, and officers of in it, and may, if they please, become its sole owners! Government, from participation in the bank, was neces How contradictory and absurd that a national institution sary, in the opinion of Mr. B., to the purity of the Goshould belong to aliens! That a bank bearing the name of vernment, and to the better administration of the affairs of the United States, should, in fact, be the private property the bank. One of the most baleful operations in a naof the nobility and gentry of Great Britain! tional bank was the business, or trick, of stockjobbing. It Money is called the sinews of war: what then must be was a species of gambing, in which public measures were the condition of the United States, if, involved in another made to operate upon private fortunes; a system of putwar with Great Britain, all these sinews should be in the ting up and pulling down, in which a motion in Congress, possession of the enemy? But, without extending our or piece of news from a department, would have the speculations to a state of war, which may be remote, and effect of raising or depressing stocks, and throwing bar which we would wish to be improbable, it is sufficient to gains and speculations in the hands of the initiated, at the contemplate the dangers of a foreign moneyed influence expense of bona fide holders. Public men should have no among us in time of peace. What has been the bane of temptation to engage in such practices, and, therefore, all confederacies, ancient and modern? Was it not fo- should have no interest in the bank. Again: the bank is JUNE 2, 1832.] Bank of the United States. [SENATE. to be under the supervision of Congress; it has a right to Dickerson, Ewing, Foot, Frelinghuysen, Holmes, Johninvestigate its proceedings, to condemn its conduct, and ston, Knight, Mangum, Miller, Naudain, Poindexter, Prento order a scire facias against it for violations of its charter. tiss, Robbins, Robinson, Ruggles, Waggaman, Webster, Is it to be supposed that this supervisory power will ever Wilkins.-29. be exerted if Congress is filled with the stockholders Mr. TAZEWELL then moved to amend the clause of the bank? The evils of this connexion between the (relative to the term of the duration of the charter) by officers of the Government and the bank, have been fully striking out fifteen and inserting ten. His reasons, he said, experienced in Great Britain, where members of Parlia- for wishing to substitute ten years, in lieu of fifteen, arose ment had, by a clause in the Bank of England charter, from the attempted provision to give Congress a control a right to own its stock, and where they had always voted over the charter of the bank having been rejected. By on the side of the bank against the people in every ques- this and other decisions, the Senate had voted that this tion between them. In 1797, they had absolved the bank great moneyed institution should come into the hands of from liability to redeem its notes in specie, and afterwards they knew not whom, and the currency be regulated at made the notes of this insolvent bank, that is to say, their their discretion. Now, since the Senate thought that own notes, a legal tender in discharge of all debts, and Congress should not have power, by such restrictions, over continued that iniquitous law for twenty-five years. To the currency, he hoped, at least, that there would be a reguard against such dangers in America, we should avoid striction on the length of time that this power was to be the cause which led to them in England, and exclude our wielded by the bank. Those who had sent them (the public functionaries from all interest in our bank. Senate) there, did not, probably, calculate that the power Mr. GRUNDY said, if the effect of the amendment vested in them they should delegate away to others. If would be that the individual stockholders would be lia- they had supposed that Congress would thus have deleble for all the debts of the body at large, he should vote gated away such rights, he [Mr. T.] apprehended they against it; but if it were merely intended that each stock-would have said to them, in such case, if it must be so, holder should be liable for the amount of the stock held make the term of the delegated power as short as possiby himself, it would be an improvement in the language of the clause, and would put its meaning beyond doubt, to insert the word "respectively" after "stock," to read "to the amount of their stock respectively." Mr. BENTON adopted this suggestion. The vote was then taken on the amendment, when it was rejected, as follows: YEAS.-Messrs. Benton, Ellis, Grundy, Hill, Kane, King, Miller, Moore, Robinson, Troup, White.-11. ble. And ten years, he was confident, would be found long enough to vest such power in this corporation; and he should, therefore, urge his amendment. Mr. DALLAS said that the fixing of any particular time for the duration of the charter was, altogether, an arbitrary measure. The time fixed by the committee was predicated on what had been the practice, heretofore, in granting former charters. Yet, the last charter, still in force, was for a longer period-that of twenty years. But NAYS.-Messrs. Bell, Brown, Buckner, Clay, Clayton, the committee were induced to shorten the present term, Dallas, Dickerson, Dudley, Ewing, Foot, Frelinghuysen, from the reflection that the bank differs now from what it Hayne, Hendricks, Holmes, Johnston, Knight, Marcy, did formerly; being, at present, in full operation. BeNaudain, Poindexter, Prentiss, Robbins, Ruggles, Sey-sides, the early application for the new charter, some mour, Silsbee, Smith, Sprague, Tazewell, Tipton, Tomlinson, Tyler, Waggaman, Webster, Wilkins.--33. Mr. BENTON's fourth amendment was as follows: "That the said corporation shall not issue any currency which shall not be payable, on demand, at the branch bank where first issued, and subject to the penalties for nonpayment, or delay of payment, mentioned in the seventeenth section of the charter." Mr. BENTON remarked that he had proposed this amendment to test whether it was intended to make the bank a specie-paying bank, or the contrary. He would ask the yeas and nays. three or four years in anticipation, would operate with the fifteen years proposed as equivalent to eighteen. To this view of the committee he had acceded, in every way possible. Mr. D. would remark that the charge of their giving to the bank unrestricted power over the currency, beyond the control of the Government, was too broad; it went too far. The charter contained every restriction that was necessary. The bank, in its means of doing good, and every thing that was beneficial to the country, was uncontrolled-to effect any mischief, strongly restricted. It had not, heretofore, done any mischief, nor could it now; for, where they have seemingly gone beThe amendment was lost, by the following vote: yond the charter, Congress has interfered, and would YEAS. Messrs. Benton, Brown, Dudley, Ellis, Grun-interfere again; and, in the event of their going an iota dy, Hayne, Hill, Kane, King, Mangum, Marcy, Miller, beyond, would abrogate it altogether. Then, looking at Moore, Tazewell, Troup, Tyler, White.-17. the restrictions which the present charter contained, assurNAYS.-Messrs. Bell, Clay, Clayton, Dallas, Dicker-edly the accusation that had been made was too broad. son, Ewing, Foot, Frelinghuysen, Hendricks, Holmes, But there was one great objection-one strong reason Johnston, Knight, Naudain, Poindexter, Prentiss, Robbins, against shortening the charter; and that was, the frequent Robinson, Ruggles, Seymour, Silsbee, Smith, Sprague, recurrence of the warm excitement which the discussion Tipton, Tomlinson, Waggaman, Webster, Wilkins.-27. of the subject always caused--an excitement which beMr. MARCY rose to move an amendment, that nothing came general throughout the country, and which, in the in the act contained should be construed to prevent Con- present instance, has been both felt and seen. Besides, gress from modifying, altering, or changing the same after the stockholders had made too early an application for the the 10th of April, 1836. renewal of their charter. The measure had been forced on Congress by the interest created. The same feeling might be expected to recur prior to every renewal; and thus it would be impolitic to bring on the same, at such short intervals. Mr. M. observed, that, in chartering State banks, the States were in the habit of reserving this power to themselves. He thought that Congress should have the same reservation. Mr. MARCY and Mr. HILL both rose together, to ask for the yeas and nays. They were ordered accordingly. The vote was as follows: YEAS.-Messrs. Benton, Dudley, Ellis, Grundy, Hayne, Hendricks, Hill, Kane, King, Marcy, Moore, Tazewell, Troup, Tyler, White.--15. NAYS.--Messrs. Bell, Brown, Clay, Clayton, Dallas, If you bring the measure up again within ten years, and that again its discussion is commenced four or five years antecedent to the limitation of its charter, the whole time of Congress would be occupied, to the neglect of every thing beside. If for no other reason, then, but that of self-defence, he [Mr. D.] thought the period should not be shortened. He would add, as regarded his individual SENATE.] Bank of the United States. [JUNE 2, 1832 opinion, if it lay with him, he would take from those who State for so long a period? If we are to grant this exemp had a stake in the bank all interest in making application for a time, let us recur to our own power as fretions for a recharter--even from calling for legislative de- quently as possible. Mr. T., in conclusion, alluded to the liberation on the subject. The interest thus had in ob-practice of issuing branch bank orders made payable, he taining a recharter was productive of mischief; and the said, probably five hundred or one thousand miles offmischief was liable to be increased, if the interest so felt practice, in his opinion, illegal. Besides, from the deci should beget electioneering policy to aid the cause. But sion which had just been made, as regarded one of the to political excitement in the public mind he was far from being adverse. He rather rejoiced in it, and looked on it as generally salutary in its results. amendments proposed by the Senator from Missouri [Mr. BENTON,] the bank would not, in reality, be a specie paying bank; for it could be so arranged, by giving draft on St. Louis in Portland-in Portland on St. Louis, &c. that the supposed power of obtaining specie was only nominal. Mr. TAZEWELL replied. If he required any additional argument in support of his motion, the Senator from Pennsylvania [Mr. DALLAS] had furnished it in his answer. What has now been avowed? The charter must be pro- Mr. DALLAS said he might, very possibly, in the ex longed to prevent those having an interest in its rechar-pression of his opinions with regard to the motion under ter from interfering in and influencing the elections. Is consideration, have failed to communicate the idea he had this the reason given to us to prove the necessity for its in his mind, as the gentleman from Virginia seemed to prolongation, in order that we may prevent such inter- have misunderstood him. He did not, in taking part in ference, and guard against the influence of this money this discussion, consider himself for one moment as the corporation' He [Mr. T.] had proposed to substitute ten advocate of the bank. He was here in the discharge o years as the term; but if, after this avowal, any gentleman a public duty, and he should endeavor to discharge would propose to make it for one year, he would vote for faithfully; and, if ever he overstepped the line of duty such proposition with more pleasure than for his own. and became the public or private advocate, he should suf When he had proposed his substitute, he had stated but a fer, as he would deserve, in the estimation of the Senate single motive for the necessity of the amendment, and and of the public at large. He did not mean, nor did he that was the intangibility of the bank by Congress; for he say, that he deprecated a popular examination into abuse thought that intangibility should not be granted for long that this corporation might commit-not that he would duration. To this restriction against Congress changing avoid popular excitement; that was not the scope of his the charter during its continuance, after its policy had remarks. These popular excitements are, on many oc been once fixed, he had no objection to subscribe. Let casions, in the highest degree, salutary; and during the it have settled interests, and so long to abide. For this course of his public life, he had, on more than one occareason he would wish to leave it free; and, if the public sion, endeavored to provoke them as tending to purify good required it, let Congress be bound-be restrained the public atmosphere. The idea he intended to convey from after intermeddling with it for a certain period. But was, that, looking at the practical operations and relations if such was to be the case, let that period be as short as of the bank, it was necessary to deprive it of the motives possible. We were now about to recharter, in 1832, say for mixing in political movements. Do we not see, from ten years more from the expiration of the charter, in day to day, that the great interest which the stockholders 1836, and this would make a term of fourteen years, have in the institution gives them an inducement to enwhich was certainly long enough. Longer than this, we gage in political operations; and, if that inducement does should not bind ourselves. If good, in ten years its be-exist, the less you can make it consistent with a reasonnefits would be seen and acknowledged. If, on the con- able time for the Government again to have the control trary, it shall prove a curse, shall we bind ourselves for of the institution, the less frequent will be the popular so long a period from effecting a remedy? It would ap-excitement connected with it? pear, if the arguments of its friends were good, that we It was true that many things have taken place 'n the should even further prolong its duration. If this were a corporation that may not have been anticipated by those salutary measure, in place of being an evil; if it were a who framed its charter. It was impossible, however, for public benefit, let us, in God's name, make the term at the gentleman from Georgia to speak for others. The once fifty years; ay, or five hundred. But he appre-judicial decision referred to may have been foreseen and hended the necessity for occasional recurrence to first expected by other gentlemen who voted on the bank char principles would be felt; and certainly every ten years ter, though not by the gentleman from Georgia; and the was too seldom, in his opinion, to recur to them. For his decision against the right of the States to tax, and the part, he wished they would recur to them more frequently orders of the branch banks, may have received their enthan for some time had been the habit. tire acquiescence. One or two gentlemen, whatever may The Senator from Pennsylvania [Mr. DALLAS] had said be their own sentiments, cannot pretend to answer for the that the charter was guarded by many salutary restric- rest. A variety of things might happen to change public tions. When have mere words been binding on interested opinion in the course of ten, fifteen, or twenty years, the parties, or of aught effect? Look at the constitution of great and leading results of which might be anticipated the United States--a document sacred--of tenfold more and provided for by a legislator so intelligent as the Sunweight than any act whatsoever; and what respect has tor from Virginia; but all the minor results can be forebeen paid to its wording, or the tenor of its language? seen by no human eye. In determining the expediency Are we not in the daily habit of frittering it away--of in- or inexpediency of abbreviating the charter of the bank, terpreting it--of putting constructions on it which its fra- the Senate must be governed by other considerations than mers denied it could contain? And have we not had evi- those connected with the corporation; it must depend dence of the faith that may be placed in this corporation alone on public consideration, whether the charter is to be when interest shall dictate? What had been said by a Se-prolonged or abbreviated. It was often difficult to deter nator from Georgia, when speaking of the former charter? mine the precise period to which legislation should ex That, had he thought, by that enactment, that the States tend. That we often do legislate for an indefinite period, were excluded from the right of taxation within their own and deprive subsequent Legislatures from reviewing our jurisdiction, he would never have voted for it. And this acts, is beyond all question. Congress had formed new Senator was one of its framers, conversant with the import States, and agreed with them on the terms and conditions and meaning intended; and yet this very right we have upon which they should enter into the Union, to last as just seen taken away by a vote of this Senate. And if we long as the Union itself. Every day's practice in legisla are to make this exclusion, am I, said Mr. T., to tie my tion presented contracts entered into to endure for an |