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JAN. 31, 1834.]

Extension of the Pension Laws-Purchase of Books-Appropriation Bill, &c.

speculators of that day, who had purchased these certifi cates at ten cents on a dollar, received their nominal value; while the officers and soldiers of the revolution, who were compelled to receive this depreciated paper for their services, realized next to nothing. Let it not then be said that they have been paid-fairly and adequately paid. Considerations of this character had sustained him in granting pensions to the soldiers of the revolution, and they must induce him to confine the application of the system to that period.

[H. or R.

Mr. WHITTLESEY moved that the committee rise, and
report the fact of there being no quorum.
The necessity of this was, however, obviated by Mr.
FOSTER withdrawing his motion.

The question was then taken on Mr. SPEIGHT's amendment, and it was carried.

The committee then rose, and reported the resolution as amended.

APPROPRIATION BILL.

With a full conviction that we are not warranted by Mr. MCINTYRE moved a reconsideration of the vote the letter or the spirit of the constitution to grant money of yesterday, in relation to the partial appropriation bill, for local objects or for private charity; believing that it by which the House had refused to concur in the report would be of a dangerous tendency to extend the pension of the committee of conference; but, in the mean time, system, he must, on every ground, as a matter of expedi- that the question of reconsideration be postponed to Monency-as a matter of policy-vote against the resolution of day. the gentleman from Kentucky and against any bill which might be founded upon that resolution.

When Mr. H. had concluded his remarks

The CHAIR now corrected a decision made yesterday in relation to the motion made by Mr. WILDE, "that the House recede from its disagreement to the Senate's amend

Mr. POPE obtained the floor; but the hour allotted to ment of the appropriation bill." The Chair had declared it having expired, the debate was suspended.

PURCHASE OF BOOKS.

The SPEAKER stated to the House that an oversight had been committed in passing to a third reading the resolution offered by Mr. SPRIGHT. That resolution involved an appropriation of money, and must, therefore, first be considered in Committee of the Whole House.

On motion of Mr. SPEIGHT, the House went into Committee of the Whole on the state of the Union, Mr. CONNOR in the chair, and took up the resolution.

Mr. SPEIGHT then amended his resolution by adding that the whole of the Register of Debates, from the first to the ninth volume, inclusive, and the whole of the Documentary History published, should be purchased for those members of Congress who had not yet received copies of those works.

Mr. FOSTER inquired of the mover what the books were which would be covered by the resolution, and what would be the cost of them?

Mr. SPEIGHT replied, that the gentleman had the same information as he had; what the cost would be, he could not say. He had stated what the works were which he had in view.

Mr. FOSTER suggested that the resolution ought to specify the books. He observed that the resolution, as amended, went to provide, not only for new members, but for the old ones also. The House was improving. In stead of resisting the practice of furnishing themselves with books, they were extending it. He wanted to have an estimate of the expense of carrying the resolution into effect, that the people might know how much they were voting to themselves over and above their pay.

that motion to be out of order, but had done so under the
impression that the bill was still at the same stage as when
the House had before refused to recede. This not being
the case, the gentleman's motion was in order.
The subject was postponed to Monday.

The House then passed to the order of the day, which was the consideration of private bills; and then, on motion of Mr. BATES, adjourned to Monday.

MONDAY, FEBRUARY 3.

MAINE RESOLUTIONS.

After the reading of the Journal, the several States being called for the presentation of memorials, &c.—

Mr. PARKS rose and said, he had to present to the House certain resolutions from the Legislature of the State of Maine, in relation to the recent removal of the depos ites, and the question of rechartering the Bank of the United States. These resolutions went to justify the course pursued by the administration in that removal, and showed that they were opposed to any recharter of the bank. He took leave to say, that the Legislature of that State was composed of 186 members in the House of Representatives, and of 25 in the Senate. These resolutions had been passed in the House of Representatives by the large vote of 119 to 53, and through the Senate by a vote of 22 to 2; and he believed they were passed by a body of men as able, as intelligent, and patriotic, and as truly respectable, as any other body of men in the Union. This respectable body, then, came forward to state, that, in their opinion, the bank was unconstitutional; and they believed this, because they thought that Congress had no power given to them by the constitution to grant such a charter; holding that all powers not expressly granted by the constitution are reserved to the several States. They further believe that upon this question of removal of the deposites now depends, and it is identical with, the recharter of the bank; and that, if the bank is not to be rechartered, their restoration would be improper. Thus Mr. FOSTER deprecated the resolution with warmth, believing, they had instructed their Senators, and reas going to produce a scene of perfect confusion: the requested their Representatives in Congress, to oppose the solution went back for years, and those who had been restoration of the deposites and the renewal of the charter members of the House years ago would be sending to the of the United States Bank. Clerk for volumes to complete their sets, &c. He moved that the committee rise, and would in the House move to refer the resolution to the Library Committee, with direction to report the expense of carrying it into effect. The question being taken on rising, it appeared there was no quorum voting.

Mr. SPEIGHT said the gentleman seemed wholly to have misunderstood the resolution, and his purpose in moving it. It was merely to put the new members on the same footing with the old, in relation to two works very important to a right discharge of their public duty on this floor.

Mr. SPEIGHT asked that the House should be told

over.

The CHAIRMAN told the House accordingly, and no quorum was present.

They also believe that the distress which has been brought upon our commercial communities has been produced by the improper action of the bank upon the public, with a view to cause discontent at the recent measures of Government, and thus force from Congress a restoration of the deposites. It was evident, then, that if the bank, by producing this distress, was successful in her object, when she would think the proper moment had arrived for her to do so-to ask for a renewal of the charter-she would only have to put her inachinery in motion, rack

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her victims, and, through the agonizing throes thus pro duced, compel Congress to yield to her application. Thus, yielding once to her, it would only be a prelude to their yielding again. He therefore felt with them, that the present was the time to meet the question, and resist it.

The Legislature of his State were the advocates of State rights. They fully adopted the doctrines put forth by the State of Virginia; and they believed, if the bank should prove successful in throwing her golden chains around them, the words State rights, nullification, and secession, would be mere terms, more fit to be bandied by the lips of children than to be used by freemen.

[FxB. 3, 184

measure of the National Government, in the removal the public deposites from the Bank of the United States This resolution proceeds to say, "That the remond the public money from the Bank of the United States had a tendency to derange the currency of the coun and to produce the embarrassments which now ers the money market; for the bank, having curtailed is: commodations to the public over $9,000,000 in the fr months preceding the 1st of January, has not only v drawn that large amount from circulation, but has p duced a corresponding curtailment in the accommo tions of the State banks; and thus increased the evil, created alarm, throughout the whole commercial ca

Mr. P. having called for the reading of the resolutions,munity." they were read as follows; and subsequently referred to the Committee of Ways and Means.

"STATE OF MAINE:

Sir, said Mr. S., that there exists a pressure in the nomarket of that region whence those resolutions have er anated, is not for me to deny. But that it is attribut properly, to the removal of the deposites from the Un "Whereas, at an early period after the election of An- States Bank, is a proposition to which I cannot asser drew Jackson to the presidency, in accordance to the And I think that in the resolution itself, to which I sentiments which he had uniformly expressed, the atten- adverted, an argument is embodied which illustrates, tion of Congress was called to the constitutionality and ex- every candid mind, the fallacy of such a conclusion. I pediency of the renewal of the charter of the United order to show the tendency of the measure complaine States Bank; and whereas the bank has transcended its reference is had to the operations of the bank for fit chartered limits, in the management of its business trans-months preceding the 1st of January last. This refer actions, and has abandoned the object of its creation, by ence, sir, embraces a period of two months anterior to engaging in political controversies, by wielding its power existence of the measure complained of. The fact t and influence to embarrass the administration of the Gen- the authors of these resolutions felt compelled thus to eral Government, and by bringing insolvency and distress back to the period when that measure first existed, upon the commercial community; and whereas the public order to prove the tendency of it after it existed, and security, from such an institution, consists less in its pres- order to trace the existing state of things home to it, is ent pecuniary capacity to discharge its liabilities than in my mind, a satisfactory exposure of the fallacy of t the fidelity with which the trusts reposed in it have been reasoning upon which these resolutions rest. executed; and whereas the abuse and misapplication of In another of these resolutions it is said that the pres the powers conferred have destroyed the confidence of sure in the finances of the country is so great, that a the public in the officers of the bank, and demonstrated union of all parties existed to give utterance to them. Ir that such powers endanger the stability of republican in-yet another of them, however, we are told that they e stitutions: therefore, "Resolved, That, in the removal of the public depos- Portland. Sir, this was prudent. If they had unde press only the opinions of "a portion" of the citizens of ites from the Bank of the United States, as well as in the manner of their removal, we recognise in the administration an adherence to constitutional rights, and the performance of a public duty.

taken more-if they had assumed to attribute these op ions to the generality of the citizens of Portland, or to the generality of the citizens of Cumberland district, I sure that the rush of the multitude would have been da upon them, and their feeble utterance would have been drowned by popular acclamation of an opposite import, ere they could have reached this hall of legislation. Resolved, That the Senators of this State in the Con- the genti Sir, I have had an opportunity of becoming acquainted gress of the United States be instructed, and the Repre- men whose names are associated with these resolutions sentatives be requested, to oppose the restoration of the Sir, I am pleased to say-I am pleased in being able to deposites, and the renewal of the charter of the United say, that, with a single exception, there is not an e "Resolved, That the Governor be requested to trans- ning, either opposed to all the leading measures of the vidual among them who has not been, from the begi mit a copy of this preamble and these resolves to the present national administration, or a friend of the Bank President of the Senate of the United States, and to each the United States. A majority of them, sir, have had ther of our Senators and Representatives in Congress."

"Resolved, That this Legislature entertain the same opinion as heretofore expressed by preceding Legislatures of this State, that the Bank of the United States ought not to be rechartered.

States Bank.

Mr. SMITH said, I hold in my hand a communication, of opposition to the present administration, which names associated no less distinctly with every measure in the shape of resolutions passed at a public meeting been, at any time, concerted in the city of Portland, holden in the city of Portland, in the district which I have they had now presented themselves in any other stitut the honor to represent upon this floor. They relate to than that of hostility to the measure complained of the existing state of the currency in this country, and to would have excited my surprise. I must admit, sir, sh the removal of the public deposites from the Bank of the that I feel surprise at the association of two or three of United States. They also embody a request that the these names with these resolutions. Not, sir, that representatives from Maine would cause them to be laid gentlemen to whom I allude exhibit now evidences before this House, and give their support to them. their opposition to the administration; but I am

surprised In compliance with that part of the request which asks at it from other considerations. I am surprised, because to have them laid before this House, I beg leave to lay I know them to be directors of a bank in the city of Part them upon your table. In relation to the other part, land, which was among the first and swiftest of the bank which asks my support of them, I feel constrained to de- to make application to the Treasury Department for the cline. With the permission of the House, I will briefly keeping of these same public deposites, and before ther It will be observed that, in one of the resolutions, the band, sir, a copy of the official application of the bank removal from the United States Bank. I hold in my alleged distress in the money market is attributed to the of which the gentlemen alluded to are directors, tender

advert to some of the reasons why I do so decline.

FEB. 3, 1834.]

Maine Resolutions.

[H. OF R.

ing the services of their bank to the Government, and not the benefit of their legal and constitutional learning, thus encouraging and inducing the very removal now and must, therefore, follow those minor lights which shine complained of! Sir, it cannot be doubted that these gen- upon us here. tlemen then regarded this measure as necessary, just, and The powers conferred upon the bank, say the resolupatriotic. Then, sir, they regarded this measure-to use tions, "endanger the stability of republican institutions." the language of the gentleman from South Carolina [Mr. Mr. Madison, who approved these powers, and the reMCDUFFIE]" as fair a thing as ever was." But now, sir, publican Congress which conferred them, were not quite the deposites having been removed, and these gentlemen zealous enough in favor of republican institutions to rehaving found that another bank in Portland has been pre-gard these dangers, or quite sagacious enough to discover ferred by the Government to their own for keeping these them. But it must be so, I suppose, sir; for the Legisla deposites, the measure of removal is censured by them ture of Maine has solemnly declared it. and condemned; and they gravely resolve, in public meeting, that it is destructive of the commerce and business of the country; or, to use the language of the gentleman from South Carolina once more, they declare it to be "all a piece of villanous cheating!"

Now, sir, as the Legislature of Maine has not furnished me with any facts upon which these doctrines are founded-as they have not maintained them by argument, and have left me to my own limited knowledge, and the guidance of the feeble light which we can discover here, I Sir, with the views which I entertain of these resolu- must be excused if I am unable to adopt these broad contions, I cannot do more than to move that they be laid clusions which the Legislature of Maine has asserted with upon your table, and be printed; with the accompanying undoubting confidence. For the want of better guides, copy of the application of the Exchange Bank in Port. I must rely upon my own humble understanding. land for the deposites.

Mr. EVANS wished his colleague to withdraw his motion for a few moments, as he desired to submit a few remarks in relation to the resolution; to which request Mr. S. acceded.

My colleague [Mr. PARKS] has said that these resolutions were adopted by large majorities. That is true, sir, but it is also true that they were adopted by strictly party votes; that it was purely a party measure. They are entitled, therefore, to precisely the degree of weight Mr. E. said, that, in common with his colleagues, he to which the responsive echoes of a party majority to a bad received copies of the resolutions which had been party measure are entitled. They were adopted, sir, offered; and he would follow the example which they with little argument, and with no evidence of the facts had set, in submitting his sentiments upon the topics in- which the preamble asserts. I beg pardon, sir, there volved in them. And, first, he would say a few words was evidence-the speech of the honorable gentleman upon the resolutions which had been adopted by the Le- from Tennessee was read on the occasion. But the State gislature, and which he believed to have a common origin of Maine, it is asserted, adheres to the doctrine of State with resolutions presented here from Legislatures of other rights-to the "Virginia school." Well, sir; and what States, upon the same subjects. These resolutions (said are the doctrines of that school upon the subjects under Mr. E.) are founded upon certain reasons set forth in the discussion? Virginia has lifted up her voice, and we have preamble; and it is, therefore, to the preamble that we heard it; and it proclaims a doctrine very different from must look, to ascertain upon what foundation the resolu- that expounded in the resolutions of the Legislature of tions rest. The first sentiment, sir, which meets us in Maine. But, sir, I will pass from these to the proceed. the preamble, is a doubt of the constitutionality of the ings of a meeting held in Portland, which have been preBank of the United States; and my colleague, who pre-sented by my other honorable colleague, [Mr. SMITH,] sented the resolutions, undertakes to declare that the sen- and upon which I ask the indulgence of the House to timent of the State is adverse to the constitutionality of submit a few remarks. that institution. Now, sir, by whom is this opinion adThese resolutions (said Mr. E.) purport to have been vanced? I trust I am not wanting in respect to the Legis- adopted unanimously, "at a meeting of a large number lature of Maine; but it is no disrespect to say that I know of the citizens of Portland, called without reference to of none, in the majority of that body, who voted for the party, and composed of persons of all political parties, to resolutions, that would not find it an exceedingly diffi- act upon the subject of the present depression of trade, cult task to prove that the policy of the country, for the and the embarrassments of the money market;" and I last forty years, in relation to this question, has been un- have no doubt, sir, that this description of the manner constitutional. I know of no committee which that ma- and occasion of them is entirely just and accurate. jority could send here, that I think quite competent to not necessary, I trust, to remind the House that the city argue this great question of constitutionality with Wash- where this meeting was holden is the commercial empoington, Madison, Monroe, Hamilton, Dallas, and a multi- rium of the State in which it is situated, largely engaged tude of the first statesmen which this country has produced in commerce and navigation, both foreign and coastwise, -I say nothing of the Supreme Court, whose decisions and holding no inconsiderable rank among the maritime they are doubtless ready to overthrow. Unquestionably, towns of New England. Its inhabitants, therefore, are sir, they who have advanced this opinion are prepared to of that class who will feel early and sensibly any depres maintain it, and are competent to the undertaking; but sion or stagnation in the active business of the country, they have chosen to leave me in the dark, to grope my or any derangement in its moneyed operations; and it has way to this conclusion in the best manner I can. Again, therefore come to pass, that the distress and alarm, which sir, the preamble asserts "that the bank has transcended we have so abundant evidence prevails extensively in its chartered limits in the management of its business every other commercial city in the United States, has transactions, and has abandoned the object of its creation." also reached this city, hitherto prosperous and flourishing How, and wherein? Doubtless they who have asserted in a very high degree. Its citizens have therefore assemthis fact, and given it their sanction, are quite prepared bled, peaceably, dispassionately, and deliberately, to conto sustain it by argument. They are able to settle all sider the circumstances which have come upon them like and every question of legal construction growing out of a cloud on a summer's day; to lay before the Governthe charter. They can inform us precisely how far the ment under which they live the grievances they feel charter extends, and where it stops. They can point to and fear; to make known their wants, and to solicit its the specific acts which constitute a violation of the charter, protection. I hope, sir, that the voice of these free citiand show us wherein these acts are repugnant to it. But, zens of a free country will be heard here with respectful sir, although they are competent to all this, they have consideration. They have deemed it necessary, in exernot seen fit to enlighten me on the subject. We have cising their inalienable right and privilege of addressing

It is

H. OF R.]

Maine Resolutions.

[FEB. 3, 1834

the Government of their country, to disclaim all connex- tions of business, and produces a fearful stagnation in ve ion with party, or party objects, and, in the expression ordinary channels of employment and industry." The of their sentiments, to declare that they discard all ask for an "immediate action by Congress for the re party feeling and political purpose." Doubtless, sir, they of the people from the present embarrassments;" a were admonished by what is daily passing before our eyes they say that the first and most important step for this pre of the necessity of rescuing, in advance, their motives and pose is, a restoration of the friendly relations betwe their sentiments from misconception and misrepresenta- the Government and the Bank of the United States: tion, in order to secure for them a just respect. For that the public money may hereafter be placed in tha what has been the uniform answer here, and elsewhere, stitution. These are among the sentiments contained to the repeated manifestations of public sentiment upon the resolutions; and I propose to submit some remai these topics, but that it is the work of party men for upon them. And I wish to ask the House, and ever party purposes an effort to embarrass the administration member of it, if indeed there be any distress and enr -the complaints of disappointed partisans, and of bank rassment in the community? Do gentlemen, at leng agents and hired attorneys? These are the answers which believe that there is a pressure, and a severe pressur have been given to the respectful petitions of large bodies upon the money affairs of the country? Is there a su of the intelligent citizens of this country, when they have nation of business? Is bankruptcy and ruin every sought to make known their grievances, and to supplicate coming before the active and enterprising men of the to redress. But, sir, the meeting at which these resolutions tion? This has been denied here and elsewhere, and were adopted disclaims all objects of a party character people have been told that it was all a delusion. whatever, and this disclaimer is made by gentlemen of I know that there are none so deaf as those who vi both political parties. I perceive that of twenty-four not hear-none so blind as those who will not see; persons, whose names are connected with the proceedings I submit to gentlemen to consider how much longer t of this meeting, twelve are supporters of the present ad- people of this country will bear to be told that their cot ministration, and some of them were among the earliest, plaints are groundless-the evils which they feel imag firmest, and most constant of the advocates of the Pres- nary-that there is no pressure-no distress? It is ta ident. I do not mean that they were the loudest or most more than sixty days since we have been shut vociferous in their hosannas; for they were not looking place; we have not been much conversant personally v to "the recompense of reward." I do not mean that the state of the business which ordinarily falls under they are among those who either hold, or expect to hold, observation; and shall we, dare we, undertake, in the offices under the State or National Governments, and face of the multitude of evidence which is pouring in ap who live upon the salaries they may receive; but of those who have given to the present administration their firm and unbiassed support upon what they regard as the correct and sound policy of the country.

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us like a flood, to say that there is no severe presset upon the business of the country? Sir, if we have at lea come to this conclusion-if we begin to perceive that there is really embarrassment and distress in the country, My honorable colleague [Mr. SMITH] says, that, with a we have made some progress-we have advanced one single exception, every person whose name appears upon step. Early in the session, if I recollect right, it was these resolutions is either an opponent of the present predicted by gentlemen upon this floor, that, before the administration or a friend of the bank. How this is, I do month of December was at an end, all alarm and appe not know. But, sir, if these gentlemen are friends to the hension would cease, and business would go on in s bank, does that exclude them from the pale of the party? customed channel. The reasons of this prediction Are the friends of the President indulged in no exercise assigned, which I need not repeat. Has it been fulfi of judgment? Are they bound in all things to conform to On the contrary, sir, has not the evil been constantly the exact standard prescribed? I have information, upon creasing? Is there any reasonable prospect of its mig which I can rely, that twelve of the persons named are tion? Do gentlemen discern any reason to hope that firm supporters of the administration; and I perceive, sir, blast has gone by, and its work of destruction finishe: among them, the name of one who was an elector of Pres. If they do, where is it? Have they given us any other ident in 1828, and, upon that occasion, gave the only ground of confidence than the vague and unsatisfactory vote for General Jackson which he then received in one, that the business of the country will settle down Maine. It cannot be forgotten, sir, that a note of tri-adjust itself to the new condition which a change of the umph was raised throughout the country, loud and long, fiscal agent of the Government has produced? Sir, and the "Star in the East" was hailed with joy and exult desire to know when and how gentlemen suppose the ation. I know not, sir, how soon this gentleman will be country will have relief from the embarrassments w read out of the political church for his late heresies.now press upon it?

W

Besides him, I perceive the names of several others of But, sir, it has been said, and it will again be said, th the same political faith-persons of high character, and whatever of distress exists is attributable to the cond who, I am sure, would enter into no arrangements for the of the bank, and the unnecessary curtailment which purpose of embarrassing the administration, or destroying has made of its usual facilities to commercial men. the party to which they belong. So much I have thought must be totally blind not to perceive that a great and pe it necessary to say, to impress the House, if I can, with a severing effort is to be made to shift the responsibil conviction that these resolutions do not come from party from the administration, where it justly belongs, to men, and are not designed for party purposes. I proceed bank; and to endeavor to excite the jealousies and o now to the facts, and the grievances which they set forth. tilities of the people against the bank, so as to render tir They affirm, then, that there is a "present depression measures of the President, in removing the public de of trade" that there is embarrassment in the money ites, less the subject of scrutiny and censure. The bat market" that this is so great, as "to check exchanges is to be held chargeable for all the evils and oppress of property, and seriously to affect persons most actively which the administration has brought upon the country engaged in the leading pursuits of business"-they de- Why, sir, what has the bank done? What ought clare that the evil consequences of a derangement of the have done? It has been called upon to pay some e currency will fall not upon the rich capitalist, but chief millions of dollars to the Government, and it has met the ly, if not entirely, upon the middling classes and the indus- call. To do so, it has been obliged to collect the trious poor" and "that the uncertainty which hangs amount due from its customers, and it has done so. Ho over the money affairs of the country increases alarm, otherwise could it have met the demand upon itse

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FEB. 3, 1834.]

Maine Resolutions.

[H. of R.

to be guilty of the exceeding folly of extending its dis- vency, bankruptcy, and ruin to stalk over the land, and counts to the same degree as when it had nine millions the business, and prosperity, and industry of the country more of capital to operate with? Was not the bank jus- to be prostrated, to enable the President and the bank to ified in foreseeing that a heavy pressure was to fall upon try a question of power? Do the people deserve no rehe country? that, in common with every other institu- gard? Is this warfare to be waged at their expense? ion, it would suffer? that its borrowers would be dis- Sir, is it not notorious that, whatever the bank has done, ressed--would fail to pay promptly? and that its means it has done in consequence of the acts of the President would be crippled? And, foreseeing this, was it not to and those who control him? If it had done otherwise, prepare for the emergency? And now, because it did and permitted itself to be humbled at the feet of the Secanticipate and provide for the emergency, it is to be retary, and to owe its existence to his breath and his forcharged with the creation of the very evil which it fore-bearance, then we should have heard a different catalogue aw and prepared to meet. Does not every body see of complaints and anathemas. The removal of the pubhat the interest of the bank imperiously requires that the lic moneys would have been justified upon the ground of present embarrassments should have been avoided, if their insecurity; the bank would have been pronounced practicable? Who are the debtors of the bank? The very insolvent, if not in fact made so; and would have been men upon whom the present distresses are falling with the charged with mismanagement, profuseness, and corrupseverest weight. If they fail, must not the bank be the tion. The history of this matter is short. The President loser? Is it not for the interest of this bank, and of every early determined to destroy the bank. Hence, every bank, to maintain the credit and solvency of the mercan-thing which it has done, or has omitted to do, has been tile community, and of its customers generally? To sup-made the subject of accusation: no matter what the occapose, sir, that the bank would designedly bring about a sion, the necessity, or the motive. It is all wrongstate of general depression and distress, which must in-wrong-wrong; and nothing will be right, on its part, evitably fall heavily upon itself, is to suppose it wholly re- until it is prostrate at the feet of the Executive; and the gardless of its own interests, and utterly beyond the reach control of the moneyed operations of the country is of all the ordinary motives of human action. I know that wholly at his will. This is the consummation aimed at the bank is in a condition of great strength and security. in all these proceedings, and pursued with a steady and But what then? Do gentlemen desire it so to manage unfaltering step; and let the country look to it in season." its affairs as to become weak and insecure? Do we not One of the resolutions under consideration declares that know to what attacks it has been exposed? Do we not the evils consequent upon a derangement or change in know that an effort has been made to create a doubt in the currency of the country will "fall, not upon the rich the public mind as to its solvency, and thus to expose it capitalist, but chiefly, if not entirely, upon the middling to be heavily drawn upon? Do we not know that a sys-classes and the industrious poor." In this sentiment I entematic plan has been attempted to break one of its tirely concur; and what is now passing before our eyes branches? I have seen, within a few days, in a leading abundantly verifies its truth. Sir, the meeting which has party paper at the North, an earnest appeal to "the declared this opinion was composed of those who have party" to keep up a constant and uninterrupted run upon a right to advance it-of men in active business-of merthe bank for specie, with the avowed purpose of crip- chants, ship-owners, ship-builders, traders, and mechanics. pling and destroying it. And at such a time, and under I do not find among them the "rich capitalist," complainsuch circumstances, do gentlemen really expect the banking of any grievance which he feels. I do not find the to throw out its money with a profuse hand-to scatter it holders of office, nor professional men, who are little af to the winds--to expose itself to that condition, appa-fected by the embarrassment of the times. But I find rently so much desired, and so eagerly pursued, of insol- among them the enterprising, industrious, and prudent vency and ruin? It was not long ago boastingly declared, men of business--some of them, indeed, men of substanby some of those who are conspicuous in this vindictive tial property, the fruits of their own industry; but none warfare upon the bank, that it was humbled at the feet of of those immense aristocratic fortunes, which have so the Secretary of the Treasury, and maintained its exist- much excited the jealousy and alarm of certain politicians ence only at his pleasure and will. Has such proved to for the safety of our republican institutions. No, sir; be the fact? No, sir. The bank is solvent, and has while these men were consulting for the redress of their withstood, and will withstand, every assault which has grievances, the "rich capitalist" was elsewhere, taking been, or can be, made upon it; and it is precisely this fact his two and three per cent. a month, growing richer upon of solvency, now so indisputably established, that seems the misfortunes of the "middling classes and the industo have aroused anew the angry passions of its pursuers. trious poor," and holding, with a Shylock's grasp, to the The chafed lion has been disappointed of his prey, and letter of the bond. Upon whom, sir, does the pressure all the thickets of the forest send back his impotent roar. naturally fall? Upon the man who is in debt--who is I am one of those, sir, who believe that it was the im- called upon for money, and must make large sacrifices of perious duty of the bank, in the circumstances which property to obtain it. Upon the industrious laborer--the surrounded it, to keep itself in a condition of strength hundreds and thousands in the factories, the vessels, the and safety, to be able to meet the emergencies in which ship yards, and the shops of the country, whose wages it might be placed, to maintain its credit at home and are reduced because of the stagnation of business and the abroad, and to commence an early preparation to wind up scarcity of money, and who are often entirely thrown out its extensive concerns. And I have looked in vain to of employment. Upon the mechanic--who is cut off from find any evidence of harsh, vindictive, and malevolent bis business, for the want of moderate assistance, which conduct on its part towards the State banks, or towards he cannot receive. Upon the farmer-whose produce the mercantile community. We see no such evidence, lies upon his hands, or must be sold at a low rate. except in the heated vituperations of party writers, and Can any thing be more manifest than that every flucthe unsupported assertions of politicians by trade. This tuation which advances the relative value of money, and is not the kind of testimony which prudent men should depresses the relative value of other commodities, operreceive, to settle great, important, and complicated ques-ates to the advantage of the holders of money--of the tions of finance and currency-questions which too few"rich capitalist," and to the injury of the holders of the of us fully understand, or justly appreciate. But, sir, other commodity, whether of property or labor? One supposing the bank to have been wrong--to have been of the charges recklessly thrown out against the bank, oppressive-what then? Does that mitigate the evil un- to catch the popular approbation, is, that it is a moneyed der which the people are now bowed down? Is insol- aristocracy-a monopoly, to make "the rich richer, and VOL. X.-162

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