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Baltimore and IVashington Railroad.

(May 19, 1834. had expressed during this session. They had arrived at Baltimore would have been brought down to that standthat period when they were called upon to make the usual ard. The whole scheme was exceedingly curious as far and regular disbursements of the public money. Up as the State of Maryland was concerned. As a considto the present time, the Senate and the nation had been eration for this grant of money, Mr. P. said that the engaged in discussing the act of the Executive, and its transmission of the mail for twenty years had been proinfluence upon the money concerns of the country; they posed. Mr. P. said that, if the compensation were $10,000 had passed, in strict review, that act and its consequences, annually, it would be three times as much as the sum for and the current of their business had now brought them which an offer had been made to carry it, with a limitato the consideration of matters of a similar character. He tion of six hours. All abore this, then, would be clear (Mr. P.) had been among those who had censured the gain to the company. But, supposing the price were Presidential act, and he thought it therefore incumbent fixed at $10,000, instead of $3,000, for which an offer upon himself and all those who had with him deplorer had been made, or instead of $2,000, for which the mail the existing monetary distress to do all in their power might doubtless hereafter be carried, the interest, at six to mitigate that distress by their present course of action per cent., on the $350,000 proposed to be granted, would with regard to the treasury of the United States. He be $21,000 annually, so that for twenty years there would had voted for a measure to relieve the country at the be a clear gain over $10,000, of $11,000 annually; and commencement of the session; another opportunity of more than this, the principal itself was to be absorbed in doing so now presented itself, and he trusted that those that time, which, added to the interest, would make who had so often admonished them of the necessity of ex- $26,000 a year, for services which would be rendered tending relief to the people, would not fail to avail them- hereafter for $2,000. But it was proposed that the mail selves of it. Every thing concurred to bring his mind to should be hastened. The time was now limited to six the conclusion, that a course of the most vigilant and hours by the contract, but in fact, in good going it would scrupulous economy was necessary; for although he could be carried by either line of stages in five hours, or four not now take time to go into the state of the treasury, he and a half. Mr. P. thought that the remuneration for the thought he might venture to say that it was about to be- proposed grant of money would be entirely too little, come exhausted. The pressure on the money market even if the obligation to carry the mail should be renderhad been such that our imports from Europe had been, ed beneficial. Mr. P. was in favor of a fair and liberal and would continue to be, diminished; many orders bad compensation, but he considered $10,000 amply sufficient, been countermanded. All this indicated to him, that in as the mail could now be carried for two or three thousand the course of next year they would be called upon either dollars. But Maryland had driven a bargain infinitely to borrow money or increase the rate of taxation, and beyond this; a bargain which, Mr. P. believed, would be either of these alternatives would be regarded by him as disadvantageous to the company. Mr. P. asked if Cona great calamity. It was time to commence a system of gress had a right to make this appropriation. He had no economy-not a party system-but one which would pre- doubt that they had a right to give money in this District, serve the nation from the evils to which he had alluded. but he denied that they had the right to give it to an inIf, after all that the Senate could do in the way of re- corporated company for the construction of a road to trenchment, increased taxation or a new national debt Baltimore. The expenditure of the money was to be should become necessary, in God's name, let the respon- confined within the District, but it was to save the exsibility of such a state of things remain with those by penditure of so much money without the District. The whom responsibility was so readiiy taken. Let it be company was incorporated to bring that road here. Mr. known that the Executive, and not the Legislature, was P. thought the case of the canal was not parallel. The the cause of any distress which might ensue.

canal was designed to benefit the city of Washington, and Mr. P. then went on to show the great advantage which that was within the jurisdiction of Congress. But it was the State of Maryland had secured to herself by this road, evidently improper to tax the citizens of the United States and the very little that would result to the General Gov- for the benefit of a few citizens of a single State. He ernment. Five-sixths of this railroad passed through that hoped the bill would not pass in its present form. State, and, careful of her own interests, she had made Mr. CLAYTON proposed to amend the amendment, by an appropriation of $500,000 towards its construction, fixing the time at 30 years, instead of making it perpetual. reserving to herself one-fifth of the profits. Maryland, He would be satisfied with the bill with this alteration; Mr. P. continued, would be able to discharge her whole and he thought it important to the Government, if they civil list by her income on this road, and thus Congress looked only at the transportation of the mail by day-light was about to make an appropriation to exempt the citi- for thirty years. But the consideration suggested by zens of Maryland from taxation. Was it right to tax the the Senator from Maryland (Mr. CHAMBERS] had great citizens of the United States for this purpose? Was South weight with him, (Mr. C.,) that it would increase the fa. Carolina to appropriate her proportion to a work of cilities of intercourse between the different sections of which Maryland was to receive the profits, not to expend the country, by making a continuous railroad and steamon internal improvements, but to put into her treasury, boat line from Washington to Boston. It had been said, to discharge her civil list, and exempt her citizens from that Maryland was to receive one-fifth of the profits from taxation? If the State of Maryland' had driven such a this road; but they ought to look also at the losses which bargain with the stockholders, she could not censure this the State had incurred, by establishing another road, of Government for making a similar bargain. But the stock - which this was a lateral projection. If Congress would holders were not willing to stipulate with Congress. It share the losses on the principal road, there would be seemed that the State of Maryland had come in for a more reason in the objections which had been offered. share of the spoils; she had a wise and vigilant regard to Mr. C. was in favor of extending the benefit to the Gore her interest in the whole project. She was a stockholder ernment, by the transportation of the mail, to thirty years; to the amount of $500,000, and in addition to this, she but he objected to rendering it perpetual, especially as claimed one-fifth of the whole income. On what princi- the number of post offices on the route would be inple had this speculation been founded? The Legislature creased, so that the company would be unable to deliver had fixed the minimum price of a passage high enough the mail at all the offices, and get through in the time and low enough to supersede travelling on the common stipulated. Mr. C., though he would not enter into a roads; the price on railroads was usually much lower, narrow calculation, considered the transmission of the and this was ihe ordinary rate of a stage passage on a com- mail for thirty years about equivalent to an appropriation mon road, and no doubt the price on the common road to to the company of $350,000.

Mar 19, 1834.]

Baltimore and Washington Railroad. Mr. HENDRICKS asked if this amendment was in order. ate was told, would be gracid national bank, worthy gen

The CHAIR expressed some doubt, but did not decide finished, to accept it, and distributo This may apgated that it was out of order.

themselves. Well, was the proposition st I fully believe Mr. BIBB thought some of the views of the Senator ged by the amendment which had been offere be one, is from Maryland were incorrect. He said the company not. The nature of the grant was the same as ev.which calculated on making the passage in a much less time extent only was limited. This was one among the nu than three hours; and there was no stipulation on this merous instances presented during this session, in which point inserted in the bill. As to the stipulation to deliver some petitioners seemed to forget the nature and purposes the mail in three hours, it was merely put in as a make- for which our Government was created, or remembering, weight, holding out an idea of exertion on their part disregarded them. The people of the United States, for worthy of remuneration, when they intended to go the purposes mentioned in the constitution, were one nation, distance in a shorter time.

and in order to carry out the objects for which they were Mr. CLAYTON asked if this took in the stoppages at a nation, they had a national treasury, which was filled the various post offices.

(or said to be filled) by the common contributions of all Mr. CHAMBERS said, that it had been stated to bim the States. Now not one dollar ought to be expended that they could take the mail in two hours; but the com- from this treasury excepting in some trust for the future pany was not willing to bind itself to carry it in less than benefit of the people." He (Mr. K.) asked who would three.

pretend to say that a grant of $350,000 to a company of Mr. BIBB said the company, he believed, could carry adventuring merchants from Baltimore (admitting they it in a shorter time. Although he was opposed to making had the honor of the State of Maryland as a partner appropriations for purposes of internal improvement, he in the concern) was a grant in trust for the benefit of did not object to make appropriations for improvement in the people of the United States? The $350,000 were the District of Columbia, provided the object was a prop- unblushingly asked in the first instance without any comer one. In this case, the people of this District were not pensation, and now the transportation of the mail for 30 able to have any profitable share in the road, and he was years was offered as an equivalent. It had been said, not willing to deprive the people of Washington of the and he believed truly, that ihe mail could be carried for benefits which their own local legislature, if they had $3,000. Let the railroad go on without this grant from one, would give to them, and no local legislature could Government, and the company would be gla: eventually hesitate to throw such a proposition out. The company to carry it for $3,000. But they were told that this railcould not come within the District without an act. If it road offered important advantages to the country, a great should be granted, it would be an exclusive privilege to increase of speed in the conveyance of the mail

. This that corporation. No one else could carry on that road; was like many other arguments which had been brought and the Senate was asked to give three hundred and fifty forward; a trifling benefit was made a plea for the most thousand dollars, when out of that money the profits were lavish and disproportioned expenditure. It was like the to arise to the stockholders of the company. The State late plan of distributing information by giving books to of Maryland was to receive a dividend on five hundred Senators for their own use. Admitting the advantage of thousand dollars, and a tax besides on the passengers. speed, he said the sum demanded for it was too great; to And what did the United Stat get? The carriage of give it would be as wise a procedure as going to Bologna the mail for thirty years, for which they were to give lio eat fresla sausages. He (Mr. King] had not attended $350,000. Mr. B. showed that the interest of the money to the details by which the account had been made out; would be sufficient to defray the expense of carrying the but what matter was it to Congress, as legislators for the mail, and that the United States was called upon ia make benefit of the people of the United States, what estia clear donation of eleven thousand dollars, whivil was mate the Railroad Company had chosen to fix on the transgiven to the stockholders in the corporation, and to ihem portation of the mail, when they knew they could get it only. It was a private property. It seemed to him to done for $3,000? And this $3,000 a year for twenty be a new principle altogether, and one which the United years, was to be the only compensation for $350,000, States ought not to adopt. With respect to the transporta- which, at the end of that time, would become the proption of the mail, he was of opinion that when the term erty of the company. Mr. K. would be compelled to agreed upon was expired, the Government would be at vote against the bill, from the general principle that the mercy of this Railroad Company. He had recently it would be doing injustice to the people of the United heard that the contractor at Charleston had offered to States, for the benefit of a few people in the State surrender his contract to the Railroad Company, who ask. of Maryland. Mr. K. alluded to what he thought the ed $50,000 for transporting the mail, and who alone could very strong principle in political economy, that the perform that service. If this sum of $350,000, Mr. B. Government should spend as much and receive as little said, was a grant to the people of the District of Columbia, as possible. He read an extract from the report of he should feel better disposed to vote for it; they wer a the Secretary of the Treasury, in which the estimates people poor, and struggling to extricate themselves from were made on the supposition that the imports of the their difficulties; they had dipped too deeply into the present year would be as great as those of the last. Mr. K. transactions of the Ohio Canal Company. If, he repeated, had no doubt that there would be a considerable falling the present were a grant to relieve these men, over whom off in the revenue, in this and the two succeeding years. Congress exercised an exclusive legislation, and whom Ile thought the winding up of the concerns of the United they were bound to take care of, he should feel better States Bunk would create a feverish state in the money disposed towards it. But to give such a sum as $350,000 concerns of the country, which would result in a diminuto à Railroad Company, with a perpetual charter to them tion of the revenue. it, then, there should be a material and their heirs forever, was what he could not agree to increase in the expenses of the Government, the Govern

Mr. KING, of Georgia, said he should vote for the first ment during the next and the succeeding year would be amendment, but against the bill, in whatever form it might bankrupt; and Mr. K. said the South would not quietly present itself. There was something in it so extremely submit to the imposition of new duties and taxes, unless wild, the separation between it and the proper legislative they were necessary for the support of Government. action of Congress, was so alarmingly great, that he felt Every argument, therefore, should induce them to pause astounded at the bare statement of the proposition. Here before they made this appropriation. Mr. K. alluded to was a proposition to build and complete a road costing the late application of the term whig, and said one of the $350,000, and to present it to a company, who, the Sen-primary articles of the faith of a whig was econoniy in

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Baltimore and Washington Railroad.

(May 19, 1834. untleman from Maryland wished journey in two hours without inconvenience. He con

true church of whiggism, he should tended that the facilities which would be afforded in the out of the pockets of the people. Mr. carriage of the mail would amply remunerate it for the vi no Senator so ready to grant appropriations money, and that if Congress were to erect the road them. oney, as the honorable Senator from Maryland. He selves it would be a matter of more credit. nad heard a citizen of Maryland say he was proud of his Mr. KENT rose for the purpose of correcting an imSenator, and Mr. K. had no doubt that he would have re- pression under which those who addressed the Senate in peated the declaration, if he had known with how much opposition to this bill appeared to labor. From the rezeal the Senator voted in behalf of the merchants and ad- marks that had fallen from them, it might be inferred that venturers in Maryland. His patriotism was like those they supposed that the State of Maryland had applied circles of light which shine immediately around us, but here for Congressional aid, towards the formation of this as they recede, gradually darken to a shade. Mr. K. road. Not so, Mr. President. Could Maryland have ope. thought he ought to act with more reference to the bene- rated within this territory, they would have made the fit of the people of the United States.

road, and you would have known nothing of it, except in Mr. CHAMBERS said he professed to be a whig of its beneficial effects. Unable then to approach nearer to 1834, and such as he had professed to be during all his you than the line of this District, the company had to aplife; but he thought the gentleman from Georgia did not ply to Congress to be authorized to form the road within say whether he himself was a whig. (Mr. King replied your territory. Having obtained this permission, the offiin the affirmative.] Mr. C. was glad to hear it; but the cers of the company apply to you to aid them in these last person to whom he would apply for the true doc- hard and difficult times; they ask you to contribute some. trines of whiggism, was the gentleman from Georgia. Mr. thing towards the completion of this great line of internal C. had hoped, some time since, that the Senator from communication from North Carolina to the Western lakes Georgia was about to change his views, but he appeared -on the whole of which we have all the facilities that to be reprobate, and Mr. Č. would give him over to his can be afforded to the community, either by steamboats, own State, to indoctrinate him in the principles of the, or railroads, except the one from this place whigs, and Mr. C. thought the result would show him to Baltimore.. And can it be possible you will withhold that he was now entirely astray. The gentleman from your aid? It is no boon the company asks: they offer you Georgia had done him (Mr. C., much injustice, in say. an equivalent in carrying the mail, and the friends of the ing that he was always ready to open the doors of tic appropriation ask you to grant it, only upon equitable Treasury. Mr. C. thought the United States were able principles. The engineer, Mr. Knight, estimates that it to effect whatever purpose their character and dignity rr. would cost the Government, to carry the mail on the railquired, and he was of the opinion, that they would not road, in cars propelled by locomotive engines, $52,000 refuse to take all necessary measures to do whatever was per annum, and this after the road shall have been formright and proper to be done by the Government; he had ed, at an expense of from one and a half to two millions. a higher opinion of their patriotism, than to think other. The interest on $554,000, proposed to be granted by wise. He regretted the implied denunciation of the indi- the bill, at four and a half per cent., the interest for viduals of this company, as merchants and adventurers; which the State, in ordinary times, can procure any and Mr. C. would tell the gentleman from Georgia, that amount of money, would be about sixteen thousand dolhundreds of the stockholders in this company were not lars. If this data is correct, the proposition to carry the merchants, and never had been; they were as respectable mail thirty years free from any charge by the company, as any other class of the people; and if the gentleman had would be equal to ninety years' interest on the sum that used adventurers as a term of reproach—[Mr. King said, has been proposed the United States should contribute Not at all.]--or, Mr. C. said, if the gentleman meant to towards the completion of this great work. apply to the company the other term of unblushing de. Reference has been made to the act of incorporation mand, Mr. C. believed they asked for no specific sum; by the State of Maryland. It was granted upon terms and Mr. C. would appeal to the Senate whether their considered correct and proper by the Legislature of that committee, who had fixed on that summ, were worthy of State, and all circumstances considered, the advantages having the phrase applied to them. Mr. C. was not sur- secured to the State are not greater than would be prised that the gentleman from Georgia opposed the bill; awarded to her by any one who would take the trouble it was in the usual line of his conduct, and he would not to make themselves acquainted with them. The State of take the trouble to distinguish between this case and Maryland, Mr. President, has contributed largely towards others. But how any legal argument could be erected several works of internal improvement, all of which, like on the clause in the constitution giving Congress jurisdic- the one under discussion, are much more of a national tion over ten miles square, Mr. C. could not tell. Con than local character, and from none of which has she gress had been in the practice of making appropriations derived, as yet, any profit. Among them are the Chesaio institutions of various kinds; they had even made grants peake and Ohio canal, and the Chesapeake and Delaware for religious purposes; and yet the Senator had risen and canal, both of which are greatly national in their characsaid, that this bill was unparalleled. Instances of grants ter, and truly important in the great chain of inland commight be found in every statute-book, on principles pre. munication, and no doubt will, in the end, prove profitacisely the same. It was easy to put any proposition into ble. Having, beretofore, derived no benefit from the such terms as might render it offensive; and when the public works in which she has engaged, and having exSenator had said this grant of $350,000 was to be made hausted considerably her resources, when it was proposed for the purpose of obtaining the favor of a corporation, she should adventure farther in this way, was it not propit appeared singular; but he might have said the same ifer that she should look around her and see how she was the bill had been for any other purpose; undoubtedly, he to secure (what hitherto she had not done) some remumight put any fair proposition into offensive language. neration from the further sums she was about to adventure The State of Maryland was at one-third of the expense in works of this sort. Hence, she said to the company, of making the road. They wished it to be profitable, Secure to me at once, one-fifth of the money received for and wished it to be guarantied to be profitable. The passengers, and I shall unite with you. The terms were tax was not on the people. Mr. C. here drew a com- acceptable to the company—they are keen-sighted on parison between the present mode of travelling, jolting such occasions, and I have no doubt have made a good at the risk of one's bones for sometimes pine hours, with bargain. The State of Maryland had previously given the easy, safe, and pleasant mode of accomplishing the lihem half a million.

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Mar 20, 1834.]
Proceedings from Pittsburg and Coluna

(SENATE. Mr. SMITH said, if the company would agree to carry by which the enterprise the mail as long as the railroad existed, he would vote for those two important points. national bank, worthy gertat the grant, otherwise the corporation would be in a situa- in the evils of the times. They have

This may apgated tion, at the end of twenty or thirty years, to make their partial and undistinguishing scourge, I fully believe

be one, is conveyed in the short space of two hours and a half, Gov- trade, the want of employment, the disappearawhich ernment would never be contented to return to the old credit, and the flight of commercial confidence. Senů system, but would give any thing that the company might ments like theirs, strongly and ably expressed, have just demand. Mr. S. spoke in favor of the undertaking, and been heard in the memorial of the anti-masons of Allerepeated that he would vote for the grant, if the com- ghany county. Like the anti-masons of Alleghany counpany would agree to carry the mail as long as the railroad ty, these Lancaster whigs are satisfied with their expelasted.

rience of the experiment; and, like them, they protest The question was then taken on the amendment to the against the protest. amendment; which was lost. It was then taken on the The Alleghany memorialists declare their opinion, that amendment, and resulted as follows:

the removal of the deposites was made without just YEAS.-Messrs. Bell, Benton, Bibb, Black, Brown, cause, and that, therefore, it violates the word of honor Calhoun, Ewing, Forsyth, Frelinghuysen, Grundy, Hen- of this Government. And among the resolutions adoptdricks, Hill, Kane, King of Alabama, King of Georgia, ed by the whig meeting at Columbia, I find the folKnight, Linn, Mangum, Morris, Naudain, Porter, Pren- lowing: tiss, Preston, Robbins, Robinson, Shepley, Silsbee, Smith, " Resolved, That the Bank of the United States has Sprague, Swift, Tallmadge, Tomlinson, Tyler, Wagga- acted the part of a useful and faithful public servant; that man, Webster, White, Wilkins.-37.

the war now being waged against it is foolish, wicked, NAYS. – Messrs. Chambers, Clay, Clayton, Kent, Mc- unjust, and calculated to injure the best interests of the Kean, Tipton.-6.

country; and that the charter of that institution ought to The bill was now passed by the following vote: be renewed, with such restrictions and modifications as NAYS.--Messrs. Bell

, Chambers, Clay, Clayton, Ew- the public good may require and the judgment of Coning, Frelinghuysen, Hendricks, Kent, Knight, McKean, gress ordain.". Naudain, Porter, Prentiss, Robbins, Robinson, Silsbee, I believe this resolution is entirely true. The present Smith, Sprague, Swift, Tomlinson, Waggaman, Webster, state of things, in my judgment, exhibits the laws transWilkins.—23.

gressed, the chartered rights of a corporate institution NAYS.-Messrs. Benton, Bibb, Black, Brown, Cal- violated, the word of honor of the Government broken. houn, Forsyth, Grundy, Hill, Kane, King of Alabama, I think the withholding the deposites from the bank is a King of Georgia, Linn, Mangum, Morris, Preston, Shep- daily wrong, a continued infringement of its legal rights, ley, Tallmadge, Tipton, Tyler, White.-20.

inasmuch as it stipulated for the custody of these deposThe Senate then adjourned.

ites, paid its money under that stipulation, and had done

no act whatever contrary to its contract. I believe the TUESDAY, Max 20.

suffering of the community is brought upon it by an act PITTSBURG (PA.) PROCEEDINGS.

not only unwise, but unjust; not only an act of folly, as it Mr. WILKINS rose and said, he had had in his posses

affects ourselves, but an act of positive wrong to others. sion for some days past , but had, until now, been preoccur, to say something upon the motion which I made to

Mr. President, this is perhaps as fit an occasion as may vented, by accidental circumstances, from presenting the Senate the latter part of March, for leave to bring in them, sundry resolutions and proceedings of the citizens of Pittsburg opposed to secret societies, which bear on of the United States, with certain modifications. At that

a bill to continue, for six years, the charter of the Bank certain important measures of the Government-had ref. erence to the removal of the public deposites, and the time, sir, the country had been trying this notable experi

ment, or rather its own patience and forbearance had paper of the Chief Magistrate called a protest, and spoke of them in terms of condemnation. As he did not accord been on trial under its operation, almost six months. All with his neighbors and friends in the sentiments they ex. become satisfied that very great distress existed in the

men of the least pretension to sense and candor, had pressed, and inasmuch as he had been honored with the presentation of these papers, he would content himself country. The time for doubt and denial had gone by. with laying them before the Senate without comment. It Senate, whenever the pressure on the country was allu

The sneers which had previously been manifested in the was his duty, however, to state that the resolutions were ded to, had ceased. However men might dispute about well drawn, and expressed the views of those who framed the cause of the distress, the fact of its existence was too them in distinct terms—that the meeting was composed of highly respetable and worthy gentlemen, and were enti- plain to be gainsayed. The merchants, the farmers, the tled to a rejectful hearing.

manufacturers, and the mechanics, had loaded our tables He moved that the proceedings be, as usual, read, halls with their committees. No measure of relief, mean.

with their remonstrances and memorials, and filled our printed, and referred to the Committee on Finance. This motion was agreed to.

time, was suggested by gentlemen connected with the ad

ministration. Their only remedy was, as it now is, enduCOLUMBIA (PA.) PROCEEDINGS. rance: if we spoke of distress, they bade us hold our Mr. WEBSTER said he was more fortunate than the tongues and bear it. The sum and substance of their pogentleman near him, the member from Pennsylvania, as litical philosophy was, “We must stand by the President: he was about to present to the Senate a paper, in the sen- we must hold on upon the experiment.” timents of which he heartily concurred. It was a paper

In this state of things, sir, I felt it my duty to prepare, which recorded the proceedings of a whig meeting in the for the consideration of Congress and the country, some town of Columbia, Lancaster county, Pennsylvania. Co-measure of immediate and efficient relief. It might be lumbia was a handsome town, as most of the Senate knew, rejected, but then an offer would have been made. The on the Susquehanna, containing two or three thousand in- devotees to the experiment might cling to it, extol its habitants, and by its position, much connected with the wisdom, and predict its success, but the country would inland trade in lumber and articles of agricultural prod. have an option. The condition of the country was such ucts, as in the great line of communication between Pitts- as was not to be trifled with, and, therefore, I sought for burg and Philadelphia, by those noble canals and railroads/ a measure that, if adopted, could not fail to be effectual.

VOL. X.--111


years had


1764 Columbia (Pa.) Proceedings.

(Max 20, 1834. proposed well-tried experi- mit itself, one way or the other. Whatever might be con

and speculative theory, I of. jectured of its course, it had come to no decision,

Tash proved to be safe, practical, But before the 21st of April came, that honorable body ral. Allow me to

advert to the main provisions had expressed its opinion. It had decided, by a very Jill which I recommendea, as

kdesigg.jts changedter Targe majority, and in the most general terms, that the Luld be kept, to the eye of the public, in a clear and bank should not be re-chartered. While this purpose reinct light.

mains, it is obvious, that any proceeding of the Senate on Vhat the bill proposed, was

the subject must be nugatory. The Senate cannot reshort continuance of the present charter, with an charter the bank. The Senate, of itself, has no power lition of its exclusive right; so that, while this bank to pass measures for the public relief. It can, indeed, I continued, Congress, at its leisure, might provide check the measures of other branches: it can resist what other, if it chose, and bring it into existence to take it deems to be wrong, and it may show itself ready to e place of this, at the end of six years;

concur in wise and proper measures of relief; but it can A restoration of the deposites;

do no more. It would seem, therefore, to be hardly And a provision for enlarging the specie circulation, so worth while to occupy the attention of the Senate with to increase, in fact, to a great extent, the hard money propositions for relief, to which the other House has, be

the country, and to discountenance the circulation of forehand, manifested its determined opposition. Until nall notes.

there is some intimation of a change of opinion in that This is the substance of the measure.

House, it is useless to press the measure which I proNow, sir, if this measure shall be adopted, the country posed. For the present, therefore, I shall suffer the subwill be relieved;

ject to remain where it is. When I shall next call it up, The bank will have time to collect its debts and wind will, of course, depend on circumstances. of the measup its concerns;

ure itself I retain the same opinion as I expressed on its Congress will be at liberty, also, to adopt any system introduction. It is a prompt measure, it is an efficient For the future which its wisdom shall approve. It may re- measure, it is a conciliatory measure, and it is the only charter this bank; it may create a new bank; it may de. measure which promises relief to the country.

These cide it will bave no bank. Meantime, and until its final are my opinions; and those who oppose this measure, decision shall be made, business will resume its wonted and have nothing to propose but a confirmation of the course, employment will revive, labor will be again in present state of things, act on their own responsidemand, commerce will open its sails, and revenue begin bility. again to flow into the Treasury. If there be one intelli- Sir, the question is before the country. Shall the bank gent individual who denies that all these consequences be re-chartered, for a short period, until it can collect its would immediately follow the passage of this bill, that in- debts and wind up its concerns without distressing the dividual I have not met with. What is said is, not that people, or shall it be left to collect its debts in the short this measure would not produce these beneficial effects, period of its charter which yet remains, whatever may be but that we can get along without it; that the experiment the consequences to the public? will yet succeed; and that, at any rate, the President and Mr. President, if Congress see fit to embrace the latter the party will put down the bank. If, sir, this bill had branch of the alternative; if it will not re-charter the passed within a fortnight from the time of its introduc- bank, even for a day, or under any modification; if it will tion, the country, at this hour, would have begun to remake no new bank; if it will leave the country it its pressume its accustomed prosperity, activity, and cheerful- ent condition, to struggle with its difficulties and its disness; we should have despatched the business of the tresses as it can, it will be recollected, at least, that all country, and been ready to go home by the first day this is not the result of necessity. It will be recollected of June, to receive the cordial welcome of our con- that a different policy was proposed; that a fair and constituents.

ciliatory measure was offered, was earnestly pressed on If we could pass it now, although the case has been the attention of Congress, and was rejected. growing constantly worse, yet, even now, it would, in ten Let gentlemen, then, sir, take the consequences upon days, give an entire change to the face of things. In a themselves. If the summer shall prove to be one of month, put the cotton mills again in motion, bring up the great embarrassment; if business shall be suspended; if prices of lumber, wheat, and other products of the farm, trade shall stagnate; if employment for labor shall not be re-animate internal trade, put life into all the manufacto. found; if the revenue shall fall off one-half; let it be reries and the mechanic pursuits, in which life is now sus- membered that these consequences, one and all, might pended, gladden labor with the certainty of fair wages, have been, this day, easily prevented; that plain, easy, restore confidence, bring back credit, and make the and adequate means of prevention were proposed, but country, once more, what it was twelve months ago. All that gentlemen chose to adhere to their theories, their this good is in our reach, if we will abandon theories, experiments, and their predetermined course of policy, when they are proved and demonstrated to be fallacious; against all remonstrances, as well within the walls of Congive up follies, now that they stand as exposed and ac- gress as without. knowledged follies; and restore the reign of the law, of Mr. President, while, like others, I am engaged here justice, of good sense, and of experience.

every morning in presenting to the Senate the proceedWhen I last addressed the Senate on this subject, the ings of public meetings and the memorials of individuals, latter part of March, I manifested my intention to call it supplicating Congress to restore the public prosperity, up again the 21st of April. The opinions of the Senate, and to re-establish the authority of the laws, I think it both on the causes of the public distress and on the due to those who thus do me the honor to make me the proper remedy, were very well known. A majority, it organ of their sentiments and their wishes, and indeed to was not doubted, disapproved the whole Executive pro- the whole country, that I should express my own opinions ceeding, in removing the public moneys from the bank, upon the present state of things, and upon the prospects and would regard their return as the first step in re-estab- before us. lishing a proper state of things. And a continuance In the first place, then, sir, I wish to express my belief of the present bank, with modifications, was supposed, that nearly all practical men and men of business in the also, to be the measure which a majority was most likely country, friends or foes of the administration, have be. to concur in, as the remedy best suited to the occasion. come satisfied that the “experiment” is a The House of Representatives had done nothing to com-/ ure. Whatever some may, at one time, have believed,

complete fail

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