MAY 21, 1834.] Memorials from Pennsylvania and New York. [SENATE. subject. Mr. F. thought that nominations had been de- but the recent conduct of the present bank setting at delayed before, till late in the session. While he revered fiance the national representatives, and bearding the Presthe opinions of General Washington, yet honorable gen- ident of the United States, was enough to shake any one's tlemen did not say that he had not the constitutional right confidence in it. But he would wait till the honorable to withhold nominations till late in the session, if he member behind him [Mr. TYLER] should give him informhad reasons for it. Where, then, was the injury done ation as to the state of public sentiment in Virginia. now-where was the violation either of the constitution Believing, therefore, that there was no hope in the presor of the rights of this body, in withholding them till the ent session of Congress, or in any Congress for ten years last month or week in the session? If the nominations yet to come, that a project for a bank could receive a mashould be made, and the Senate refuse to confirm them, jority of votes, he asked the honorable gentleman from their commissions would not expire, because they held Massachusetts, what was our duty? That gentleman said till the end of the session. Now, suppose, in this case, he waited for the friends of the administration to propose that the President should think the public interest did not something. Was not the plan of the administration before require the nominations of these persons, and he should Congress? Was it not working in the other House? nominate others, when would their commissions take ef. Was it good or bad? So far as regarded the security of fect? At the expiration of the commissions under which the public treasure, securities were proposed, and limitathose now in office held. Where, then, was the injustice? tions of Executive control, which were never afforded in Standing in the attitude the President did to one of these the charter of the present Bank of the United States. individuals—he alluded to the Secretary of the Treasury, For the first time in the Government, the Executive came for he had been the subject of the peculiar animadversion and asked limitations upon its own power. If the honorof this body-it would have been treating him with great able gentleman clinged to the hope of uniting public injustice to have sent in his nomination at an early period sentiment on his favorite project, let it be tried, and sent of the session. How stood the Secretary of the Treasury? to the House of Representatives. The gentleman, as He had connected himself with a great measure of public chairman of the Committee on Finance, could forestall the policy, and was but just beginning that policy when it other House. In this point, he was fore-armed and forewas thought necessary to pursue the course, with regard warned. Let us not hear appeals, then, to the friends of to him and that measure, which we had seen here. Would the administration about plans for relief. There are the it have been just, then, under such circumstances, to have plans of the administration-let gentlemen examine them. presented him to the Senate for confirmation? It would But suppose the plan of the gentleman from Massachuhave been obviously unjust, where the object was to re-setts (not his panacea) should succeed, it could not come ject him; unjust to have forced him out of office, till he into existence till the present bank charter should expire had had an opportunity afforded him of placing before it could afford no relief for the next two years. The the public his whole conduct, and the full extent of his real distress must arise from the winding up of this instipolicy. It was no violation of the constitution, then, to tution. It must wind up its affairs; its debtors must be delay these nominations; and honorable gentlemen, who called on, and they must pay; and the State banks were had no object in view but to condemn the Secretary of afraid to accommodate, for fear of this institution pressing the Treasury, need not be in a hurry; they would have a them, and extorting their specie. Suppose, too, that the full opportunity of doing so, and if condemning him could Bank of the United States, being in hostility to the Govinjure him, it would have that effect. Mr. F. said he had ernment and the State banks, should not be pleased with understood the honorable gentleman from Kentucky to the new project, and should desire to throttle it, would it have descanted upon the present condition of the country. remove the distress for the ensuing two years? Must it Mr. F. said he showed the other day, by referring to the not rather aggravate it? The prosperity of the country prices current, that the industry and enterprise of the depends on the Government and the Bank of the United country was receiving its ample reward; that cotton, States. And whenever the bank should do its duty, and sugar, tobacco, flour, &c., were at their usual prices. proceed to wind up its concerns, with no more pressure The gentleman from Maine [Mr. SPRAGUE] said that lum- than it was obliged to inflict, then matters would go on ber was bearing no price at all. Now, he (Mr. F.) had smoothly, the notes of the State banks would take the seen, from the prices current, that lumber was at high place of those of the United States Bank as they returned prices in Boston and New York, and if there was any dis- to its counters, and the affairs of the bank would be wound tress arising from the want of a market for that article, it up with facility. If, then, gentlemen wanted to cause no could be relieved by sending their lumber there. Gen- more distress than was necessary, let them unite with us tlemen might talk as they pleased, but no assertions, no in endeavoring to induce the bank to proceed moderateappeals, could change stubborn facts; and, with the ex- ly, and join us in regulating the fiscal affairs of the counception of the banks, he would say that the people were try under the proposed system. The fate of the bank in as prosperous a condition as ever they were in the was sealed-no struggles of its own or efforts of its friends United States. could postpone its expiration for a day beyond its charter People who were in debt had suffered, but gentlemen-it remained for its friends, therefore, to use all their said it arose from the act of the Government. Mr. F. be- power to make it do its duty. This would require some lieved it did not. But the gentleman from Massachusetts sacrifice on the part of honorable gentlemen, but they was stated in the papers of to-day to have said, yesterday, could yield to necessity, and teach the bank to yield to that he believed his panacea would not answer. Well, necessity; while those connected with the bank would this was something gained, but he thought that some other suffer, the great interests connected with the industry of project might yet be adopted. The plain English of this the country must and would remain unaffected. was, that the honorable gentleman had a lingering hope Mr. WEBSTER would say a few words in reply to the that Congress would establish a national bank. Now, as gentleman's remarks; and first on the Presidential appointto the rationality of this hope, the honorable gentleman ments without the concurrence of the Senate, to which had appealed to the state of public sentiment in Virginia. he had alluded. The gentleman supposed that the presAnd what was it in Virginia, with regard to the gentle-ent case was not without precedent. Mr. W. averred man's only remedy. He said, that in his judgment, the that it was without a precedent. After a research by public sentiment there was favorable to relief. Mr. F. others and himself, they had not found one case of the said, that according to his information, two-thirds of the kind since the commencement of the Government, giv. Legislature of Virginia were against such a project. He ing the slightest countenance to the present course of the (Mr. F.) thought a national bank was a useful institution, President. Officers had now held their offices since the SENATE.] Memorials from Pennsylvania and New York. [MAY 21, 1834. last year; Congress had been six months in session, and the appeals to Virginia had been; a response which would the officers still held on: for this there had been no case be adopted by her sister State of North Carolina, and that would serve as an example. The President, so other States. Mr. W. did not represent the opinions of far from having followed the example of General Wash- Virginia as to a national bank; it was enough for him to ington, who delayed thirty days at farthest, and generally state what he did with much pleasure, that the conduct for a much shorter period, had delayed his nominations of the administration in regard to the whole subject, bad for a length of time beyond that of any former example. met with a severe rebuke, in the language of a majority But the gentleman argued the question, as if the Presi- of the people of Virginia. dent had withheld the nomination of the Secretary of the] In one respect, we were under obligation to the SeraTreasury alone, when half his constitutional advisers had tor from Georgia; he had made an avowal which would held their offices for six or eight months, without his ask- be received as very important to the community; it was, ing the Senate for its opinion as to their confirmation or that the financial bill reported in the other House was rejection: the Secretary of State, of the Treasury, and brought forward as the administration measure; it was the Attorney General, had never been nominated. The their offer, and their only proposition. There was to be gentleman asked what was the harm. Just the harm, no national bank; the present bank was not to be continsaid Mr. W., that what the constitution enjoined, was not ued, and no new one to be established; and the gentleman done. It was well known, that during the session of expressed the opinion, that for ten years there would be Congress the most important duties of these officers were no national bank. We had this, then, as a matter of fact, to be performed, and now the session of Congress, and a that the bill reported in the other House was the admin. busy session, had been continued nearly two-thirds of the istration expedient for the present crisis; and the gentleyear. This was a single case, without a precedent in man had asked Mr. W. whether he thought the measure point or form, and embracing one-half of all the high of- good or bad one. Mr. W. said, if it should get as far as the Senate, which he very much doubted, it was highly But the gentleman had said that these persons hold probable that he would express his opinion upon it, and offices until the end of the session, and what would be give his reasons for that opinion; all he would say at the effect of nominating others? The effect would be, present, was, that if his views of it were just, its effect that if there was another nomination of a Secretary of the would be to give a nominal authority to Congress over Treasury, and he should be confirmed by the Senate, the treasury, while the real authority would remain as it then there would be a new Secretary of the Treasury. was. The gentleman had said that this was the present So, when a person held the office under a temporary ap- measure of the House, and that the House had rejected pointment, and received a confirmation by the Senate, his all national banks. The responsibility, then, Mr. W. said, old commission would end, and he would act under a new rested on them. ficers of Government. a commission. The operation, then, of the present plan, But the gentleman had said, taking the ground that the was entirely to deprive the Senate of any effective por-present bank would not be re-chartered, would any new tion of the appointment to the highest offices of the Gov-bank which could be created, relieve the distress of the country? The first time Mr. W. had said any thing on ernment. The honorable member had made some remarks on ob- this subject, he had endeavored to show the great inconservations of Mr. W.'s yesterday. Mr. W. desired only venience of getting a new bank into operation, when this to put him right. He was first entirely wrong in the sup. bank should go out of existence. He had proposed that position that the motion, on the bank, which Mr. W. had Congress should charter a new bank, and bring it into made to the Senate, was in any sense abandoned. Mr. operation before this should go out; there would be W. had said no such thing, but precisely the reverse. He great inconvenience, but after all, a new bank would be had expressed the opinion, and he would now express it just as good as the present. again, that it was the only possible mode of relief. But The gentleman said the present bank could not be re it had failed of a prospect of success; and Mr. W. had chartered, and that he expected to see the local banks of said, that there did not seem to be so much of a prospect the same importance, when their notes would be in circuof its success in the other House as would warrant its lation, and answering every purpose which the notes of adoption here. He had asked why it was not sent to the the Bank of the United States did now. He (Mr. W.) other House, and the reply to this question had thus been never expected to see it. He [Mr. FORSYTH] expected given yesterday. that every thing would go on well, if the bank gave up The gentleman had said that Mr. W. entertained a its pretensions. What were they? How rapid should be lingering hope that a bank would yet be established. It the withdrawal of its loans, to meet the gentleman's idea? was not only a lingering hope, but an entirely confident He (Mr. W.) thought the bank was curtailing too slowly, hope, that when all the passing ephemeral projects had as he stated yesterday. He stated that a vast majority of had their little day, they would disappear, and a national the Government and the people thought that there ought bank would be the final result in Congress. Mr. W. had to be a national bank; and what the people will, no more doubt of it, than that war must be carried on by would be. means of an army and navy, because, under the circum- Mr. TYLER had been called upon to state what was stances connected with four hundred local banks, a na- the true sentiment of his State. He could answer the tional institution was as indispensable to the exchanges and gentleman from Georgia [Mr. FORSYTH] without difficulthe currency, as fleets and armies in the contests of bel-ty. There were certain resolutions upon the table which ligerants. How soon it would come, Mr. W. could not relieved him from all difficulty-resolutions connected say, and how long the majority of the people would be with certain legislative proceedings. They bore to him willing to try idle experiments, he could not say, but it must come at last. Mr. W.'s hope was confident, and was gaining confidence every day. As to the election in Virginia, Mr. W, did not introduce that State into the debate; it was the member from North Carolina, (Mr. BROWN.) Mr. W. would not say one word as to the opinions of Virginia, in regard to a national bank, and had made no reference to them; but he had said that the appeals now made to other States to support the Executive, would be probably answered as the opinion of his State, and instructions to vote against the bank, on high constitutional grounds; and he had no hesitation to say, that the people of Virginia responded emphatically to the language of the Legislature. He had no doubt of the course which would be taken by that State, whenever the laws were violated, or authority as sumed in opposition to the constitution. Virginia had been tested through all times; she had always opposed the exercise of arbitrary power; she had done so with regard to the Senate. In the faith of our ancestors, MAY 21, 1834.] Memorials from Pennsylvania and New York. continued Mr. T., we mean to live; in the faith of our ancestors we mean to die; and I trust we shall not desire to die in any other faith than that which our ancestors have consummated by their lives. [SENATE. Are the offices unfilled, or unconstitutionally filled? Is the public service suffering in either of these cases in which the nominations are called for? Certainly not, sir. The places are all filled, and the duties of them are in a Mr. BENTON commenced by remarking upon the re-state of regular discharge. They are constitutionally fillpeated complaints which were made upon this floored-for every body knows that the appointments which against the President for not sending in the cabinet nomi- are made by the President to fill vacancies happening in nations. The complaint had become a sort of standing the recess of the Senate, continue in force until the end order of the day, and from the frequency of its repeti- of the next session of the Senate. Such appointments tion, and the impatience with which the message of nomi- are made by commission; and that commission has a connation was called for, the people at a distance might beginstitutional duration. The President grants a commission; to believe that the Senate was out of work; that it had that is the language of the constitution; and the commistransacted all its ordinary business; had nothing more on sion so granted confers upon the holder all the rights, and hand, and would be ready to adjourn as soon as they subjects him to all the duties, and all the penalties, for could despatch the nominations to the Treasury and State the constitutional period of its duration, which attach to Departments and the Attorney General's office. Such the commissions issued upon the appointments conferred would doubtless be the inference; but would the infer- by the President and Senate, when acting in their respecence be correct? Would the people be right in believing tive spheres, under regular nominations. The Secretary that the Senate had finished all its business, and could do of the Treasury has a commission-the Secretary of State no more until a Presidential message had put this little has a commission-the Attorney General has a commisjob of the cabinet nominations into their hands? Would sion; and these commissions are all granted under an exthe people be right in that belief? Let a view of your press clause in the constitution, and will remain valid untable, loaded with untouched bills, answer the question. [til the end of the Senate. The public service is going on Let three hundred cases, standing upon the general or- in all these departments. Then, why this cry for the ders, many of which have stood there for months, re- nominations? Surely not from an impatience to immolate spond to the inquiry. Never since he had been a mem- victims--that would be unworthy of the Senate--of this ber of the Senate, and he had now been a member for high tribunal, composed of men of mature age, wise fourteen years, had a session of six months passed off heads, and generous hearts. Rumors had gone into the with so little attention to the business of legislation, and papers, that one of these nominations, the Secretary of with so large an accumulation of business, public and the Treasury, would be rejected by the Senate. It might private, all in arrear, untouched and unthought of, while be that the Senate wished to negative that rumor, and to this loud and incessant cry is set up for a new job, as if show that the bank presses had spoken without authority the Senate had nothing to do. The legislative business when they announced the certain rejection of Mr. Taney's was in great and flagrant arrear, and so far as he might nomination. The business of rejecting nominations was be permitted to speak of Executive business, it was in in itself a painful and ungracious office. It was a sort of the same miserable condition. He would speak of the condemnation. It was a disagreeable duty in itself, and case of the bank directors, for the Executive proceed- therefore, could never be anticipated, or eagerly sought ings on the subject of these directors was now published, after by the Senate. Judges do not call out for victims; and the whole subject was open to public remark. Have it is enough to pass sentence when brought regularly be we any directors at this time in the Bank of the United fore them. Would the Senate exhibit itself as impatient States? No, not one! The year half gone for which they for a victim which it had pre-doomed to condemnation? were to serve, and no directors for the Government yet, Certainly not. Such a course, and such a temper, would in that institution. Whose fault is this? Is it the fault of be supposed to belong to the branch of the Government the President; upon whose shoulders every fault is now at the other end of the avenue, judging from the manto be thrown? No, sir! It is not his fault, but the fault ner in which that branch of the Government is daily of those who have converted this chamber into a hall of characterized here; and could not be supposed to belong accusation-a sort of club-room-for the incessant attack to Senators here, who, from the profuse application of and denunciation of the President. Early in December odious epithets to the President, and from a constant delast, the President sent in his nomination of bank direct-nunciation of his violence, would certainly have themors; it was not until the last of February that these nom-selves to be understood as the reverse of the character inations were acted upon, and then they were rejected. which they ascribe to him. Gentleness, charity, benevoTen or twelve days afterwards, the President sent in a lence, sweetness of temper, should doubtless be the charre-nomination of the same directors, with a message, ex-acteristics of those who complain so much of violence in planatory of his reasons for doing so, this re-nomination the President. It cannot then be, that this impatience to lay in the Senate almost two months, from early in March get hold of Mr. Taney, proceeds from any disposition to till the first of May, and the nominees were again reject-condemn and reject him, but rather to clear the Senate ed. Immediately upon this rejection, other persons were itself from an unjust imputation which has gone abroad, nominated for directors, and these nominations are, to this and which has attributed that intention to them. Be that day, without the action of the Senate. The nominations as it may, said Mr. B., one thing is now certain and inof these five directors are now upon our hands, and in-disputable, that the year is half expired, and that we stead of acting upon them, instead of doing what we can have no directors yet in the Bank of the United States. to give the Government its share in the management of These directors only serve for one year, and half that the affairs of the United States Bank, we leave those nom-year is now expired. A most eventful and critical time inations untouched and unattended to, and call out for has occurred in the bank. The rights and interests of new nominations, as if we were idle, and had nothing to the American people have failed to be represented there; do, and could not go to work until the President would these rights and interests are not now represented there; send in fresh nominations. A cormorant cry is set up for new nominations, when we have five bank nominations on hand, awaiting our action, and demanding our attention. Surely the people will see that it is not for want of work that we are thus crying out for new work. Why, said Mr. B., why this call for the cabinet nominations; and especially for the Secretary of the Treasury? VOL. X.-113 the places are vacant; nominations for directors all on hand, and the Senate, instead of passing on those nominations, to fill real vacancies, where the public service is suffering, is calling out for nominations to offices which are constitutionally filled, and the duties of which are in state of regular and punctual discharge. a Mr. B. adverted to the remark which had been made, SENATE.] Memorials from Pennsylvania and New York. [MAX 21, 1834. that the President, by keeping his temporary appoint-and these positions he meant to maintain, not by assertion ments in office till the end of the session, might virtually and declamation, but by facts and reasons. fill them with persons of his own appointment, to the The distress of the country, he affirmed, had been experpetual exclusion of the Senate. Mr. B. said the sup-aggerated. There was no doubt individual loss, and inposition was a far-fetched and improbable case, such as dividual suffering, and some worthy people seriously inhad never happened yet, and was only theoretically con- jured, but this daily proclamation of the wide-spread ruin ceived now to furnish a new head of accusation against-of universal desolation-of general bankruptcy-loss of the President. But how stands the conduct of the Sen- all confidence-fall of all prices-cessation of all enterate, and that not in theory but in practice? Has it not prise-was mere imagination and declamation--all sound found a way to keep offices vacant, and that in a most im- and fury, signifying nothing, and having no basis, in fact, portant case, and during a most critical period, and un-on which to rest. Prices of property, of produce, and der circumstances which must now rouse and fix the at- of labor, were now as high, in general, in some cases tention of all America? He alluded to the same case of higher, than they have usually been heretofore. The the bank directors, on which he had been already dwell- great staple in the South, cotton, was now a cent higher ing. The Senate had found a way to keep these offices in the pound, at New Orleans, than it was at this time last vacant. It was a very simple way-it was merely to let year. The domestic exchanges, which had been deranged the nominations lie two months, and then reject them-lie for a while by the power and policy of the Bank of the again two months, and then reject them again-and so on, United States, were now recovering, and in nearly as good till the year is nearly elapsed, and a committee of the a condition as ever. The notes of the Virginia banks, House of Representatives has been repulsed from the though proclaimed in this city to be ten per cent. disdoors of the bank, by a directory exclusively appointed count, are quoted in the New York price currents at three by the stockholders. Mr. B. said that many persons were per cent.; North Carolina and other Southern notes, at now setting up for prophets, and trumpeting the fulfil- from three to four; the Louisiana and Mississippi notes at ment of their own predictions. He must be allowed to five per cent.; and these are the exact rates at which they figure a little in that character also, and to recall one of have stood in that market in those happy and prosperous his predictions, made at the commencement of this session times which gentlemen paint in such glowing colors, and and in reference to the state of things which now exists the loss of which they deplore with such incessant wailin the Bank of the United States, where the people have ing and such incontinent grief. Money, real money, is not the shadow of a director for their seven millions of more plenty than ever. There is more specie now in the stock, in the present new and extraordinary attitude of country, said Mr. B., than for many years past, and the the bank. He then said it was probable there would be no more Government directors in the Bank of the United States; that it was questionable whether any more direct ors could be appointed without first obtaining the consent of the bank, and conforming to her will in making the selection. This is what he said in January last, and it is what the event is now corroborating.* quantity is now rapidly augmenting, and giving to the $176,603 119,165 279,909 7,358,654 $7,934,331 Mr. B. passed to another topic, but which was no novelty in the Senate one which had been repeated so often that all seemed to have it by rote, and many, who in all probability would never have thought of it, were now Auent, if not flippant, in its endless and incessant repetition; he alluded to the removal of the deposites, and the wound which that cruel act had given to the constitution of the land, and the prosperity of the people! Dreadful blow, under which a happy and prosperous people were struck into misery and poverty! Our dear constitution was shivered into atoms! Trade, industry, commerce, To this amount, which might in general terms be staagriculture, all, all, prostrated-and the whole of these ted at eight millions, was to be added the quantity not endire effects the result of one man's will, and one man's tered at the custom-houses; for specie paid no duty, and word, in ordering the deposites of the public money to none was entered but what appeared on the manifest of be made hereafter in the State banks, instead of the Uni-the vessel. The innumerable parcels brought by pas ted States Bank! Ample cause, truly, for such desolating sengers and traders in their own trunks and custody, was and terrific effects. But what are the facts? Why, that still to be computed, and at New Orleans alone, these the Bank of the United States is no longer to receive the parcels were computed at one million and a quarter of public moneys, and is to pay out the moneys on hand, not dollars. Making a reasonable allowance for the whole at once, and in mass, but in sums and parcels from time to quantity not entered, and the importations of specie, for time, as the public service should require. This order the last five months, could not be less than ten millions of was given the first of October last, and so gently has it dollars! and this amount was a clear gain-for the exportabeen executed, that up to this day a large deposite of tation for the same period only amounted to about a quarpublic money remains in the hands of that bank. No less ter of a million of dollars. than three millions and a quarter at the last return, on the These statements, Mr. B. said, were facts, authentic, first of this month. This is the mighty cause for the ruin, undeniable facts; and proved that money-real money— the distress, which is daily proclaimed from the floor of was more abundant in the United States than it had been this chamber, and echoed from the friends of the bank for many years past; so that the country, instead of going and the ranks of their political allies. Mr. B. said that to ruin, as predicted and proclaimed in this Senate, was he denied, in the first place, that any thing like the proved to be flourishing and thriving more rapidly than amount of distress had taken place which had been pro- ever. Such a vast importation of specie was not merely a claimed; and he affirmed, in the second place, that nearly sign of prosperity, but constituted prosperity in itself. It all that had taken place had been produced by the Senate was wealth-national wealth-active, vivifying wealthof the United States, and the Bank of the United States; which invigorated and stimulated every species of industry and enterprise, and would carry forward the nation, in spite of the Bank of the United States, to the highest *The day after this speech was delivered, three of the nominees for Government directors, were confirmed by the Senate, MAY 21, 1834.] Memorials from Pennsylvania and New York. [SENATE. state of felicity. He said, however, that another remark presses in the service of the bank proclaimed this rise, was due upon this point: these ten millions of specie thus and openly exulted that the removal had not hurt the imported, were uncurrent money in the United States. bank, and could not hurt it. The stocks of many State The laws of Congress condemned it as a currency, and banks, especially the deposite banks, rose also; and sunk it to a price below its value. Come it had, but stay for the two months that elapsed after the removal, and it could not, unless those laws were repealed, and foreign before the meeting of Congress, the country was trangold and silver made current, at their full money value. quil and contented. The removal was not felt by the Here then was a great duty which Congress owed to the country, no more than the fall of a pea in the Atlancountry, never to adjourn until these great measures were tic sea would disturb the waters of the ocean on the coast accomplished-till the foreign coins which are thus flow- of China. ing into the country, are naturalized and domiciliated by It was not until Congress met, and the cry and signal our laws, and permitted to abide among us. If these for ruin and distress, was held out from the Senate chammeasures are passed before Congress rises, the ten mil-ber, that the country ever thought of such a thing! Genlions which have come in, will remain; another ten mil-tlemen were wrong in their chronology-he must beg to lions will arrive before Christmas, and will remain also, correct their date and set them right as to their epochsuccessive millions will constantly arrive, and as such will when they asserted, as they had for many ten thousand remain, and remain permanently, as the business of the times, that the country was happy and prosperous up to country will require. The demand and supply will reg- the time of the removal; they must accept an amendment, ulate itself. But if Congress adjourns without passing and insert for the 1st of October the 1st of December; these measures,. then the efflux of this specie will com- they must say, hereafter, that the country was tranquil and mence; it will flow out just as fast as it came in; for spe- happy for two months after the removal; was tranquil cie will not stay in a country where it is illegalized and and happy until Congress met, and until the distress flag undervalued by law. I was run up, and the alarm guns were fired, from the floor Resting upon the position, that the distress of the of the Senate of the United States! Then the Bank of country had been grossly and systematically exaggerated the United States took it into her head to get distressed -that it was slight and transient compared to the studied also. Her stock immediately fell! Fell five or six per and affected clamor that was raised about it--Mr. B. went cent. That same stock which had risen two per cent. on to his next assertion, that all the distress that had oc-in a month after the removal of the deposites! The rise, curred, was occasioned by the conduct of the United said Mr. B., was a bravado, to show the bank strong and States Senate and the United States Bank, and not by powerful; the fall was a trick, to show it weak and disthe conduct of the President, in discontinuing the public tressed. The whole was the work of the bank itselfdeposites in that bank. The friends of the bank asserted a mere gambling transaction, and a sporting with the the contrary-but they had no fact, no argument, no property of the people; for all other stocks had to sym-reason, to sustain their assertion. They rested their pathize with those of the great bank; and a general decharge upon assertion alone; and, at the end of five pression of prices ensued, by which a great many worthy months, have not a single reason to give in favor of what citizens were seriously injured. This, then, was one they assert. They do not even condescend to explain leading fact upon which he (Mr. B.) relied, to prove how the removal of the deposites could operate to distress that the Senate and the bank, and not the Presidentthe country, or even to distress the bank. It was a plain the meeting of Congress, and not the removal of the decase. The bank had had the keeping of the public mon-posites-had occasioned all the real injury and distress eys for eighteen years; the average monthly deposite which the country had actually suffered. The next fact was six millions and three quarters; she had it without in- upon which Mr. B. relied, was, that the distress was great. terest; and at last the Government gives notice that it est where the cry was loudest; and all the injury suffered, will no longer deposite with her, and that she will be was precisely in proportion to the distance that the place required to pay out, gradually, the amount on hand. was from the source of alarm. That source was the SenThis is the state of the case; and for this a state of war ate of the United States: and here, in the presence of the is proclaimed between the Government and the bank, Senate, has the greatest mischief been done. Four banks and ruin and desolation is predicted for the people! have stopped in the District, within the range and fire What, said Mr. B., would be thought of an individual of our alarm guns; two have stopped at Baltimore, withwho had had the keeping of another's money for 18 years in five hours' ride of our distress speeches; and that is the without interest, and then should proclaim war upon the end of the story, and the limit of our capacity to break owner of the money for asking for it to be paid out for banks by false alarms. The Virginia banks are safe, his service? The individual who should act thus would though proclaimed to be gone; the New Yorks banks are be universally condemned; yet this is the conduct of the all safe, though the selected objects of attack and diurbank, with the superaddition that its wealth and organ-nally assailed for an entire month. The safety-fund sysization has enabled it to punish the community for the tem has rode out the storm. It was too far off to be afact of the Government. The assertion that the removal fected. The alarm speeches made here could not be heard of the deposites had distressed the country, was a mere in New York; and now the safety fund seems to rest in naked assertion; unsupported by fact or argument; con- peace. Not an orator has alluded to them for two months tradicted by facts and arguments; unintelligible in itself; past. After being for thirty days the object of all atten-and a mere experiment upon the simplicity and credulity tion, they now attract no notice; get not a word, good of the people. He (Mr. B.) on the contrary, would as-or bad, and are left to silence and their own fate. Such sert, that all the distress which had been created, had was the progress of the distress-greatest where the Senbeen produced by the Senate of the United States, and ate was-least where it was not-and none at all in the by the Bank of the United States, and this assertion he regions inaccessible to our voice. Indiana, Illinois, Mis-would prove to be true by public and notorious facts. souri-all remote places-all places remote from the SenThe first fact which he relied upon was the notorious ate of the United States, and the Bank of the United circumstance that, for two months after the removal of State-were free from the ruin, and deaf to every appeal the deposites, there was not the most distant rumor or to send in distress memorials. The next leading fact to intimation of this dreadful distress which has since been which Mr. B. referred, was the unprecedented sale of so direfully proclaimed. The removal was made on the public lands in the Western country. It was foretold, 1st of October; United States Bank stock, instead of fall-upon the floor of the Senate, that the people of the West ing, rose two per cent. in the ensuing month; all the were to have nothing to buy lands with; that the removab |