H. OF R.]

a trust so conferred.

though the alliteration would have been more perfect, if of taking care of all the stockholders-the nation, for its they had described their functions as extending to all seven millions, included. If others forget this duty, they duties, public, political, patriotic, and party, incident to will not. This House, I hope, will not; nor will they join in censuring these faithful men for refusing, under Now, sir, without at present saying whether this theory the challenge of political power, to give up the direction was true, the other directors had a right to a counteract- of the bank, by allowing to any department an inquisition ing theory for themselves; and if it is true that the Gov- into their concerns which the charter does not warrant. ernment directors were devised as instruments, and that Mr. Speaker, it is in connexion with this asserted right they are, by their creation, political directors, the other of inquiry into the affairs of the bank, that the contracts directors, who have not been so devised, are entitled to made by the Secretary with the new deposite banks beconsider themselves as anti-political directors, and not come an object of the deepest interest. The 15th funbound to assist the political operations of the other branch, damental law of the bank charter enables the Secretary but rather, by the momentum of their greater numbers, to require of the bank a weekly statement of the capital to keep them from moving the bank out of place. But, stock of the corporation, debts due to the same, moneys sir, the heads of the memorialists have been made dizzy deposited therein, notes in circulation, and the specie in by their elevation. Their theory has no foundation in hand; and gives him a right to inspect the general acreason or in the charter. I deny that they were devised counts relating to it in the books of the bank, but not the as instruments, whatever they may have made of them-right of inspecting the account of any private individual. selves. There is not a shadow of difference between the This ought to have been sufficient for the Secretary, as, rights and duties, the powers, or the obligations of any in the judgment of Congress, it was sufficient for the of the directors: they are all directors, neither more nor safe-keeping of the public moneys. It was enough for less, and owing the same duties to all the interests confid-safety, which Congress wanted, but not enough for intered to them. The directors appointed by the President ference and control of the bank, which Congress did not owe a duty to the nation, and so do the others; and, in my want. The contracts which the Secretary has made with poor judgment, they have performed it. The directors the deposite banks hold a very different language, as may elected by the stockholders owe a duty to the bank, and be seen by that with the Girard Bank. The bank is so do the directors appointed by the President; but they bound, not only to make weekly returns of its entire conhave neither performed nor acknowledged it. They are dition, and to submit its books and transactions to a critinot placed there to make inquiries for the President. The cal examination by the Secretary, or an agent duly author. President has no authority to direct inquiries to be made ized by him, but it is expressly provided that this examby them. This is a question of charter power, of power ination may extend to all the books and accounts, to the over a corporation, all of whose privileges are rights of cash on hand, and to all the acts and concerns of the bank, property. The charter gives to the President no such except the current accounts of individuals. Sir, I am right. It expressly gives to the Secretary of the Treas- happy to learn that the stockholders of the Bank of Virury a right of limited inquiry, by investigating such gen. ginia have disavowed the act of their directors, in giving eral accounts in the books of the bank as relate to the this power to the Secretary. It is a fearful power, and, statements which the bank is bound to furnish to the with the Treasury interpretation of current accounts, Treasury Department, but no further. Congress have (which is not the language of the charter, but accounts the power to inspect the books of the bank, and the pro- generally of any private individual,) we may see the exceedings of the corporation generally. These powers tent of control which, with the aid of the deposites, this have been expressly given, and they have been so given clause of the contract will give. It is an authority for because they would not have been derived by implication universal supervision of all the operations of the bank, from the charter. But here is a power to be implied including its discounts, and for granting and withholding greater than all, and worse than all-a power to be exer- accommodations at the pleasure of the Secretary. I cised secretly, and without avowal, ex parte, without no-humbly submit to all who feel any kindred sympathies tice, without opportunity of reply or explanation being with honorable men, whether, in the absence of the mangiven to those whom it affects, and by persons who are date of a judicial decision, in a case in which such a deholding, to all appearance, the relations of amity with cision has been avoided by the power that has a right to their co-directors, sitting on the same seats, and profess- invoke it-whether this is a fit occasion to justify the reing the same general objects. Sir, the board did right|moval of the deposites for violation of charter, because not to aid them; it would have done right to resist them; the directors have not adopted or assisted such principles, and I inquire of the members of this House, and ask them interpretations, and aims, as these?

to follow out their honorable feelings into the reply- The affair of the French bill I shall briefly notice, as I would they consent to sit in committee by the side of men pass to the remaining topic of the Secretary's answer. who professed principles like these, and submitted them. I will take the history of that bill, as it is given by the selves to the direction of another as to the manner in honorable member from Tennessee-that it was a bill which they should carry them into execution? This ques- bought by the bank, refused payment by the French tion concerns all banks, and this bank most intimately. Government, and, upon protest, the amount was paid by A hue and cry is raised against the directors of this bank, the agent, for the honor of the bank, to the foreign holder; because the bank will not tell the Government directors, that the money was not used by the Treasury here, and that they may tell the Secretary, precisely how they mean that the bank suffered nothing but a few expenses, which to wind up, if they do mean it; and here is a new theory the Secretary is willing to refund. I will agree that there of banking, to place by the side of the new theory of is nothing but an old statute of Maryland to give damages political power-that all which the bank intends to do for on the protest, and that it does not include the sovereign its own defence is to be told to an enemy, that, if he of the country. I cannot argue the case, because the thinks fit, he may defeat the measure; that it is not suffi- honorable member assumes all the law and all the facts, cient for him to continue to know the precise condition of and the Secretary's letter gives us none. 1 must, therethe bank, in point of fact, as it actually is, and as he must fore, agree to the case as he presents it. But the thing perceive it to be by the weekly statements, but that he which passes my comprehension is, that a mere claim by must also know what is going to be by the operation of the bank-a claim without suit or other act-a claim measures of defence, that if it is in his power, and he also which it is the privilege of the lowest and poorest to thinks fit, he may frustrate the purpose. The private make upon the highest and richest in the land, without directors of this bank have upon them the responsibility incurring either forfeiture or damage-that this should be

1

JAN. 7, 1834.]

Removal of the Deposites.

[H. or R.

gravely put forth as a brand of faithlessness upon the out the answer of the people to it, what more triumphant bank, and a forfeiture of her right to the public deposites. refutation can be adduced of the reasons that find either Sir, there must be a strange perversion of mind in myself, a ground of apprehension, or a motive of punishment, in or in the honorable Secretary, in regard to this conclu- acts which have thus failed of effect? If the premises sion. It would have been the occasion of infinite surprise belong to the case, the true conclusion is, that the peoto me, if the faculty of being surprised had not been ple are in no danger from attempts to gain political power recently so much impaired by use, that I am no longer by the devices of the bank, and that she may go on to conscious of its existence. the conclusion of her charter, performing her constitutional duties to the country, as she has always done, with fidelity and success; leaving the question of renewing the charter to settle the extent of her punishment.

The last reason of the Secretary for removing the deposites is, that the bank had employed her means with the view of obtaining political power.

it.

If

I beg permission of the House to say a word concerning the humble individual who has the honor of addressing entertained, and that not a particle of evidence has been But, sir, I deny the charge. I say the design was not Had I been a director of the Bank of the United produced to infer the contrary. The board have printed States during the years in which it has been its misfortune and published, and have assisted in printing and publishnot to have received the approbation of the Secretary, ing, "for the purpose of communicating to the people I should have been associated with men who are an orna- information in regard to the nature and operations of the ment to the city in which they live, and an honor to their bank, and to remove unfounded prejudices, or repel incountry-men who, from earliest youth to their present jurious calumnies on the institution intrusted to their care." mature age, have been beloved, respected, and honored This is the declared purpose of all they have done, and by all around them, and who are as much the standard of they stand upon the sacred principle of self-defence in all the virtues, private, social, and patriotic, as the coins asserting their right to do it. That there was nothing in of your mint are the standard of your currency, and the veto message to justify the circulation of the review without any of the base alloy which you mingle in your which the gentleman from Tennessee has noticed, is more coins to make them fit for the use and abuse of the world. than I admit; and when the gentleman shall assert, upon If I had been called upon to act with such men as these, his own authority, that the board have given currency to in regard to measures of any kind, and had differed from a scurrilous pamphlet against any one, he will find me them in my judgment, I should have deemed it almost an ready either to deny the fact, or to admit its impropriety. act of treason against the authority of superior intelli- The constitution secures to every person, natural and gence, or of arrogance, exposing myself to reprehension political, the right of printing and publishing, being reor contempt. I should have followed them fearlessly sponsible for the abuse of it. It prohibits Congress from wherever they led, and with unshaken confidence that passing any law abridging the freedom of the press. they could not lead me where either wisdom or virtue the charter had inserted a provision to restrain the board would be exposed to reproach. But, sir, I had not this of directors from printing or publishing, it would have honor. I was not a director of the bank in 1829, nor in been null and void. 1830, nor in 1831; and, though chosen a director in 1832, restrain it is equally so. They have the universal right, An interpretation of the charter to I left Philadelphia in January, to pass my winter here, subject to the constitutional corrective, through the judiand met the board but once after my return, to show re- cial tribunals of the country; but to condemn, and then to spect to the committee of inquiry appointed by this House. try them-to punish, and then to hear--belongs not to Of the measures now to be adverted to, I was not inform- the tribunals of this earth, nor to the constitution of this ed, except as the public and this House have been in- country. formed. I can speak of them, therefore, without the in- Sir, the change of the deposites is an extraordinary fluence arising from either participation or privity. As mode of preventing their application to the purposes of to my professional relations to the bank, I am proud to political power. Before their removal, they were in a belong to a profession which has many distinguished mem- bank not possessing political power, nor capable of using bers in both Houses of this Congress-a profession which it. They are now wielded by those who possess it, and the confidence and affection of this people have raised, who are more or less than men if they do not wish to keep in more than one instance, to the highest office in their it. Then, they were in one bank, under one direction; gift. I will not degrade this honorable profession. I will now, they will be in fifty. Then, they were in a bank not degrade my own rank it it, however humble, by con- which political power could not lay open to its inquiries descending to inquire what extent of compensation would and control; now, they are in banks that have given a induce an honorable man to sell his conscience and his stipulation for submitting all their acts and concerns to principles, as slaves, to his client!

review. Then, if these deposites sustained any action at all, it was in the safest form for the people-action against power in office; now, its action is in support of that power, and tends to the augmentation of what is already great enough.

Go to the

Sir, the great accusation against the bank is, that she has endeavored to obtain political power, and interfered with the election of the President of the United States. Grant the design of the bank, sir; and what then? It has not succeeded. The letter of the Secretary is an ar- I say, in conclusion upon this point, if these publications gument to show that it has not succeeded, and that the are deemed by this House to have been unlawful, return question of recharter is settled against the bank by the the deposites till the bank has been heard. voice of the people at the last election. The election of scire facius-give to the bank that trial by jury which is the President, the appointment of the Secretary, the secured by its charter, and is the birthright of all. Ask elections for this House, were all completed before the the unspotted and unsuspected tribunals of the country deposites were removed; and these are held up to show for their instruction. Arraign the bank upon the ground that the design imputed to the bank has failed and fallen either of sedition, or grasping at political power. to the ground. Then I ask, sir, what is the character of was ample time for it, and still is; and there is a great that act which has removed the deposites? Is it prevent- precedent for it, which I commend to the consideration ive, or is it vindictive? It is vindictive, sir. It is pun- of this House.

There

ishment directed against the bank for an imputed design Sir, in the worst days of one of the worst princes of that has wholly failed in its execution; and the victim of England, (I mean Charles the 2d,) the love of absolute the infliction is not the bank, but the country. If it is a rule induced him to make an attempt upon the liberties matter of grave belief that the purpose of the bank was of the city of London, whose charter he desired to overthat which is imputed, and that the elections have given throw. He complained that the common council had

H. OF R.]

Removal of the Deposites-Resignation of Mr. Bullard.

[JAN. 7, 8, 9, 1834.

taxed him with a delay of justice, and had possessed the feigned satisfaction that I have raised my feeble voice in people with an ill opinion of him; and, by means of his behalf of the amendment offered by the gentleman from ministers of the law, and by infamously packing the bench, South Carolina, whose enlightened labors in this great having promoted one judge who was not satisfied on the cause, through a course of years, have inseparably conpoint, and turned out another who was not clear, he suc- nected his name with those principles upon which the ceeded in obtaining a judgment, under which the liberties security, the value, and the enjoyment of property deof that ancient city were seized by the Crown. But, pend; and it will be sufficient reward for me if I shall be when the revolution expelled his successor, and the prin- thought not to have impaired the effect of his efforts, nor ciples of the British constitution came in with the House to have retarded the progress of those principles to their of Orange, an early statute of William and Mary reversed ultimate establishment. For myself, I claim the advanthe judgment as illegal and arbitrary; and from that time tage of saying that, as I have not consciously uttered a it has been the opprobium of the bench, and the scorn of sentiment in the spirit of mere party politics, so I trust the profession. that my answers to the Secretary will not be encountered The account of it which is given by Burnet is thus: in that spirit. If the great and permanent interests of the "The court, finding that the city of London could not be country should be above the influence of party, so should wrought on to surrender their charter, resolved to have be the discussions which involve them. It ought not to it condemned by a judgment in the King's Bench. Jones be, it cannot be, that such questions shall be decided in had died in May; so now Pollexfen and Treby were chiefly this House as party questions. The question of the bank relied on by the city in this matter. Sawyer was the is one of public faith; that of the currency is a question Attorney General, a dull, hot man, and forward to serve of national prosperity; that of the constitutional control of all the designs of the court. He undertook, by the ad- the treasury is a question of national existence. It is vice of Sanders, a learned, but very immoral man, to over- impossible that such momentous interests shall be tried and throw the charter. The two points upon which they determined by those rules and standards which, in things rested the cause were, that the common council had pe- indifferent in themselves, parties usually resort to. They titioned the King upon a prorogation of Parliament, that concern our country at home and abroad, now, and to all it might meet on the day to which it was prorogued, and future time; they concern the cause of freedom every had taxed the prorogation as that which had occasion- where; and, if they shall be settled under the influence ed a delay of justice: this was construed to be the raising of any considerations but justice and patriotism--sacred of sedition, and the possessing the people with an ill opin- justice and enlightened patriotism-the dejected friends ion of the King."--"When the matter was brought near of freedom dispersed throughout the earth, the patriots judgment, Sanders, who had laid the whole thing, was of this land, and the patriots of all lands, must finally surmade chief justice; Pemberton, who was not satisfied on render their extinguished hopes to the bitter conviction the point, being removed to the Common Pleas, on North's that the spirit of party is a more deadly foe to free instiadvancement. Dolbin, a judge of the King's Bench, was tutions than the spirit of despotism. found not to be clear; so he was turned out, and Wilkins came in his room. When sentence was to be given, Sanders was struck with an apoplexy, upon which great reflections were made; but he sent his judgment in writing, and died a few days after." As the only precedent which the books present to us of forfeiture of charter for sedition, or an interference with political power, it is not without instruction.

Sir, these reasons of the Secretary being one and all insufficient to justify the removal of the deposites, the question of remedy is the only one that remains. The state of the country requires the return; but the question of return has nothing to do with the renewal of the charter. If renewal were the object, I should say, Do not put them back; leave them as they are; make no provision for the future, and see, at the end of two years, to what relief the people will fly. But, sir, let us save the country from this unnecessary suffering. Return them, and the mists will clear off from the horizon, and the face of nature smile as it did before. Return them, and make some provision for the day when the capital of this bank is to be withdrawn from the country, if it is to be withdrawn. Provide some control, some regulation of your currency. The time is still sufficient for it, and the country requires it. If, indeed, this bank is not to be continued, nor another to be supplied, nor a control devised to prevent the State banks from shooting out of their orbits, and bringing on confusion and ruin, then I confess that I see no benefit in putting off the evil for two years longer. The storm must come, in which every one must seize such plank of safety as he may out of the common wreck; and it is not the part either of true courage or of provident caution to wish it deferred for a little time longer.

{Mr. B. continued his speech from day to day, till he had concluded. The parts, however, have been consolidated, and given entire above.]

WEDNESDAY, January 8.

The following letter was received by the Speaker of the House, read, and ordered to lie on the table:

HOUSE OF REPRESENTATIVES, January 8, 1834. SIR: I have the honor to inform you that my seat in the House of Representatives of the United States, over which you preside, has become vacant by resignation, addressed to the Executive of the State of Louisiana. I have the honor to be, very respectfully, Your obedient servant,

H. A. BULLARD.

To the Hon. ANDREW STEVENSON,
Speaker of the House of Representatives.
After going through with the usual business, the House
took up the subject of

THE PUBLIC DEPOSITES.

Mr. BINNEY then resumed and continued the speech which he commenced the day before. He had not concluded what he had to say, when, being requested to do so, he gave way for a motion to adjourn; and The House adjourned.

THURSDAY, JANUARY 9. The bank question coming up, Mr. BINNEY resumed and concluded his remarks in support of Mr. McDUFFIE's motion for instructions, which direct the committee to report a bill ordering the deposSir, I have done. I have now closed my remarks upon ites hereafter to be placed in the Bank of the United the question of the public deposites, second in importance States. The whole of Mr. B's speech will be found ento none that has occurred in the course of the present tire in preceding pages. When he had concluded, administration, whether we regard its relations to the Mr. CAMBRELENG rose, and, after expressing the public faith, to the currency, or to the equipoise of the embarrassment he felt in following the distinguished gendifferent departments of our Government. It is with un-tleman from Pennsylvania, and stating, in apology for

Removal of the Deposites-Appropriation Bill-Five per cents.

On motion of Mr. POLK, the House went into Com mittee of the Whole on the state of the Union, and took up the naval and Indian appropriation bills, and the Senate's amendment to the general appropriation bill, in part. On this latter bill a desultory debate arose on disa- Mr. SELDEN then said that he had but a few remarks greeing to the Senate's amendment, striking out a provi- to offer to the House. If he understood the annual reso which restricts the printing for both Houses to such port of the Secretary of the Treasury as the gentleman purposes as are "connected with the ordinary business of from Pennsylvania seemed to do, he should agree with Congress." that gentleman; but as he understood the report, if it af

In this debate, Messrs. McDUFFIE, POLK, WHIT-forded an accurate statement of facts, there was money in TLESEY, of Ohio, EVERETT, of Mass., ADAMS, of the treasury fully sufficient to pay the outstanding debt Mass., GORHAM, and CLAY, took part. of the nation. If the Secretary was correct, there reThe question being put, the committee refused to dis-mained on the 1st of January, 1834, in the treasury, the agree to the amendment. [So the amendment remained, i. e. that the proviso be stricken out.]

H. OF R.]

The Five per cents--Case of Noah Fletcher.

[JAN. 10, 13, 1834.

never could rise but a shade beyond the actual value. It would faithfully apply any surplus to this object, none was impossible to give it a fictitious value. It would be could doubt. Did not the gentleman see that the Secre as unreasonable to expect that the price of bank bills tary, in his report, had stated to the House, that if the might be raised in the money market by an order to the money appropriated should be paid, and the appropriabank who issued to redeem them. Bank stocks might, tions recommended should be adopted, there would not no doubt, be thus raised in price; but not Government be money enough left in the treasury? With such a restock, so soon redeemable as this is, which never could solution before them, the House were called to compel bring the holder beyond the principal and five per cent. the commissioners to redeem the five per cents! Supinterest. Was it to be told that the people of this nation, pose the resolution should be adopted, and that the com. having means to pay their debts, left the money in their missioners should pay the debt, and that, in consequence, chest, and left their debt unpaid? Yet that was the posi- there should be no money in the treasury to meet the tion which, in substance, had been advocated by his asso- necessities of the Government; the public service must ciate from New York. Was that the policy to be pursued then be injured, and what good would be gained? He by the American Government in the management of her renewed his motion to lay the resolution on the table. finances-to place its money in banks where it drew no The motion of Mr. STEWART was put and lost-Ayes interest, and leave debts unpaid which were drawing in- 75, noes 80. terest? But it had been said that, by leaving the money Mr. SELDEN explained. His resolution provided that, in the banks, it was of advantage to the trading communi- if there should be a deficit in the treasury, it was to be met ty. Indeed! and was it the doctrine of gentlemen on this by a sale of a small portion of the United States Bank floor that money was to be raised by taxation from the whole country, that it might be lent out to banks who charged interest for the use of it? To such doctrine he could never subscribe.

stock.

Mr. STEWART then replied that the result would be to sell stock bringing seven per cent. to pay a debt bearing only five per cent. That was the economy of the His object in referring the subject to the Committee of measure. Ways and Means was, that that committee might bring in Mr. SELDEN asked the yeas and nays on the resolua law in such a form as would guard against the raising of tion. the price of this stock, if such a result should be supposed Mr. MERCER briefly opposed the resolution as being possible. The law might provide that the commission- unnecessary, so far as the power of the commissioners ers should pay, for stock surrendered previous to an ear- was concerned; and worse than unnecessary, as it would ly given day, two per cent. in advance, or some other exchange seven per cent. for five. reasonable premium, and beyond that day a diminished Mr. POLK expressed his hope that the resolution would premium. Mr. S. said, in explanation, that he had not be committed to the Committee of Ways and Means; the distinctly heard the amendment proposed by the chair-whole question would be open before that committee. man of the Committee of Ways and Means, [Mr. POLK,] The yeas and nays being taken, stood as follows:-Yeas when he accepted it; but as he had accepted it, he should 126, nays 81. abide by what he had done, especially as he understood, from conversation with that gentleman, that he was as de- The House then proceeded to the consideration of prisirous of relieving the country from the public debt as vate bills; in the course of which some animated discushe himself was. Believing, therefore, that that commit-sion took place in reference to several of the bills for tee would use their best exertions to further the object of granting pensions. The remainder of the day's sitting the resolution, he should wait for their action upon the was spent in this business; and then

subject. If, however, after waiting the requisite time, he found that nothing was done, he should take the liberty of apprizing them, from time to time, of what was the state of the public funds, and should continue occasionally to inquire why they had not acted on the resolution.

So the resolution was adopted.

The House adjourned to Monday.

MONDAY, JANUARY 13.

CASE OF NOAH FLETCHER. Mr. LANE, of Indiana, having now returned to his The petition of Noah Fletcher coming up in its order, seat, said, that he had endeavored, on a former day, to Mr. DAVIS, of Massachusetts, rose, and after referring get the floor; and now rose, not that he might discuss the to the postponement of any action on the petition when subject of this resolution, but to congratulate the House first presented by him, said that, although he did not and the nation on the glad tidings of the recovery of the lost agree that the rules of the House, under which it was treasury of the United States! He had lately heard from postponed, had been always uniform, yet that he had that quarter of the House the loud inquiry "What has acceded to it because he had every desire to accommobecome of the treasury of the United States? Where is date the House, and not entangle it with a contention the treasury? The President has stolen the treasure of about the rules of their proceedings. He would not, now, the nation-bas seized and borne it off." Ay! What go into an elaborate view of the subject, and had nearly glad tidings, then, that the treasury was not only found, closed what he had to say upon it, when, on the former but was enriched with a treasure of nine millions of dol- occasion, the member from Alabama [Mr. CLAY] bad inlars! Heaven send that old Hickory should seize it every terposed, by his objections, that, under the rule of the day, if such was to be the issue. What was the complaint House, the subject could not be then discussed; but he of gentlemen now? That there were nine millions in the would merely remark now, as he did then, that the peti treasury, and that the Treasurer had it locked up, and tioner was a person in an humble situation of life: he had would not let a dollar of it out of his hands! He had risen been a laborer in the service of the Government for nearonly that the glad tidings should be proclaimed from ly the whole of his life, and of which fourteen or fifteen Georgia to Maine, that the treasury is found, and that it years had been passed as a subordinate officer of the has come back richly replenished. House; that he had discharged his duty so far, as he had Mr. STEWART had but a remark to make. The ob- reason to believe, in a satisfactory manner, for no comject of the resolution was to compel the commissioners to plaint had been preferred against him. Under such cir extinguish the remnant of the four and three-quarters mil- cumstances, it however appeared that he had been relions of the public debt, whether there should be money moved from the office which he so filled, by the fiat of to do it or not. That was the amount of the resolution. power; he had been removed by virtue of an instrument The commissioners had all power in the case now, pro-with which they had become latterly somewhat familiarvided there was money with which to pay. That they lan instrument in writing, a little paper, unceremoniously