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Joxe 23, 1834.]
Presentation of Memorials.
(H. or R.
Bank of the United States; such was at that time the “I am persuaded that no man, whatever his preconconsummation of the memorials and petitions which pour ceived opinions may be, can preside over the Treasury ed in from all quarters, and which the chairman of the one year, without being deeply impressed with the expeCommittee of Ways and Means has lately thought proper diency of the Bank of the United States in conducting the to speak of with contempt, and to treat as the fictions of finances of the Union. The provision in the constitution federalists and bank advocates. But, notwithstanding the which gives Congress the power to pass all laws which efforts of the administration on this floor, notwithstanding may be necessary and proper to carry into effect the the clamor raised by demagogies every where, notwith. enumerated powers, gives Congress the right to pass the standing the very sudden and remarkable change of opin- bank bill.
I was Secretary of the Treas. ion among some of her own representatives, Pennsylvania ury more than eight years, and during that time I had will still prefer to keep her eye upon those great fathers ample evidence of the great utility of the Bank of the of her principles and her policy to whom she has been so United States in managing the fiscal concerns of the long accustomed to look up-i mean upon Madison, Gal. Union." latin, and Crawford.
And now, Mr. Speaker, let me ask, ought or can any What is the language of these highly-distinguished and thing more conclusive be required on the question? I consistent republicans? Let us examine, and place it in think not, sir; and I heartily trust that, at least so far as contrast with what is now given. And first, as to Mr. my own native State is concerned, the high and elevated Gallatin: on the 30th January, 1811, Mr. Crawford, then authorities I have just quoted will prove a sufficient bar. a member of the United States Senate, applied officially to rier against the attempts and designs of self-interested Mr. Gallatin, at that time Secretary of the Treasury, "for demagogues. his views as to the practicability of employing the State And here, Mr. Speaker, I take my leave of this part of banks as places of deposite for the public moneys, and as the subject; I feel it, however, to be my solemn duty to means suited to regulate the currency of the country. advance one step further into the general question. It is
Mr. Gallatin replies to the following effect; and I ven- but too evident, from movements which have lately maniture to say that no candid man will read his reply, without fested themselves on this floor, that, in despite of all the deeming the question entirely put at rest. I desire, par- petitions and remonstrances of the people, the infamous ticularly, to bring this letter to public view, because, in a "experiment" is to be forced onward. We have lately debate on the bank deposite bill, the chairman of the seen a chairman of a most distinguished committee rise in Committee of Ways and Means turned this letter to his his place, and in a speech of two hours, intended purely own account, and quoted one single paragraph "as evi- for political effect, seek to force through a bill which, ! dence of the very highest character” in favor of his State venture to assert, is in direct opposition to the views and bank deposite bill.
interests of the people, against all previous and all judi. I submit this letter, entire, to my countrymen, and rely cial anthority, and which, if passed, will inflict a mortal confidently upon their good sense to come to a just con- wound both upon the constitution and the laws. We clusion; and I am willing to give the honorable gentleman have likewise seen another bill of vast importance, as it from Tennessee the whole benefit of his extract. They relates to the currency and the general welfare, hastily will find, too, that no doubt rested, even at that day, on forced through the House, without debate, without being the mind of Mr. Gallatin, as to the constitutionality of the reported upon, or receiving the action of any of the combank.--(See end of speech.)
mittees of the House, and recoinmended purely as a party I recommend it to their careful perusal. And here, measure. Mr. Speaker, I might rest this whole question, even on No doubt, therefore, can exist upon the mind of any the authority of the gentleman from "Tennessee, (Mr. man that the Bank of the United States is to be put down, POLK.] But, sir, the further you go in quest of authority, cost what it may, and that the State banks, against all the stronger the case becomes. What says Mr. Madison? previous experience, and in the very face of the still exthe virtuous, the enlightened Madison; almost the last isting balance of 1,500,000 dollars of “unavailable funds," survivor of that immortal civic band by whose labors our are to be permanently substituted as places of deposite constitution was framed. It will be recollected that, in for the public moneys. 1814, a majority of the two Houses of Congress sanctioned Under these circumstances, I consider it to be my the chartering of a Bank of the United States—a measure bounden duty to state the case fairly to my constituents forced upon them by the extreme state of depression un- and my country. I shall, therefore, proceed now to show der which the country labored, in consequence of the the nature of the security which they at present possess total derangement of its currency, and the State bank for the vast amount of accruing revenue, and, in juxtadeposite system Mr. Madison, acting under a conscien. position, the actual condition and resources of the Bank tious conviction that this charter would not effect the of the United States. object proposed, modestly returned the bill to Congress It may well be supposed, sir, that the bank at "head with his objections. In April, 1816, however, he affixed quarters," the military chest, as the Bank of the Metropohis name to the charter of the existing bank, and in June, lis may be not inaptly styled, will be guarded with ex1831, in reply to a letter addressed to him on the subject treme care, and ought, of course, to present the best of the bank, he wrote the letter which I now hold in my statement. Let us see, then, how this matter stands; and hand, and which I shall annex, at full length, to my writ- here, sir, let ine premise that I have been led to make ten remarks. (See end of speech.) In this letter Mr. this examination from seeing what I suppose was an offiMadison for ever settles the constitutional question. He cial statement, made in the Globe on or about the 1st of reasons like a philosopher, a statesman, and a man of May last; it will enable the people to judge what reliance sense; and I do most fervently hope that my countrymen is hereafter to be placed on any statement coming from will read and deliberate upon the views contained in this that quarter. invaluable document, and remember that it will ever be To my mind, sir, the results are startling in the exranked among the best of those precious relics left us by treme; and as I have not been able to come to a more the sages of 1776.
satisfactory conclusion in looking over the accounts of any But, sir, I stop not here. I have still one authority left, of the selected banks, I confess myself overwhelmed by scarcely less conclusive than those I have already given. the most dismal forebodings of the future. Mr. Crawford, a stalesman of undoubted taler and the By the “ statement” of the “Official,” the following deepest experience, meets the question directly in frunt, appears to have been the condition of this Bank of the and says that
Metropolis on the 1st day of January, 1834, to wit: Vol. X.--304
H. Or R.]
Presentation of Memorials.
(JUNE 23, 1834.
$500,000 00 Due to individuals,
95,140 160,283 00 Due to public officers,
151,719 146,531 11 Discount account,
19,083 370,687 75 286,645 68
$1,603,215 10,917 15 29,055 67 Bills and notes discounted,
$749,600 Discounts on stocks,
203,576 $1,504,120 36 Real estate,
25,113 Notes of other banks,
27,229 $755,476 78 Checks of other banks,
197,644 216,822 92 Specie,
134,635 25,131 90 Due from other banks,
261,246 270,435 86 Expense account,
4,152 26,728 00 209,524 90
$1,603,215 $1,504,120 36
From this statement, the fractions of dollars thrown off, it appears the demands amount to
$1,084,132 $975,064 69 And the available funds to meet the same, 748,643 58 to only
$226,421 11 Leaving a deficiency of
$463,358 Now, sir, I take this, their own statement, and I pro- The item of “stocks of various kinds,” noticed in the ceed to show you the real condition of this bank.
January statement, is now converted into “discounts on The demands against it, then, are as follows, viz: stocks." How this is effected I cannot undertake to say; Notes in circulation,
$160,283 00 or whether the amount of this fund is likely to be renderDue to other banks,
146,531 11 ed more available in its present form, I leave for those Due to United States,
370,687 75 better instructed than myself to determine. Due to depositors,
286,645 68 The statement of the “Official” inserts among the Due for dividends,
19,917 15 available means:
$25,131 90 And the stocks, which amount to
216,822 92 To meet these demands, its only available means are as Now, sir, it must be borne in mind that the value of follows, viz:
real estate in the District has depreciated beyond all Specie,
former example; and any one will be convinced, on Due from other banks, 270,435 86
the most casual examination, that this large item of Notes of other banks,
“ stocks” cannot and ought not to be ranked with the $506,688 76 available means of the bank. It is made up, as appears
by the report of the Secretary of the Treasury, of Leaving a deficiency of means to meet de
Corporation stock of the City of Washingmands, of $477,375 93 ton, to the amount of
$10,000 00 Canal stock, to the amount of
1,922 92 This, certainly, is no very flattering picture; but let us And of stock of the Bank of the Metropolis, proceed. By the last report, lately made to the Senate,
which cost the said bank $181,541 45, it will be seen that the condition of this bank, on the 5th but is charged
204,900 00 of May, had somewhat varied. By a comparison of these two statements, made at an interval of only four months, Making up the amount, above stated, of $216,822 92 the country will be enabled to form a correct judgment of the effect of the “experiment,” and of the capability of Now, sir, I think it will scarcely be pretended that any those State banks to afford those facilities to the com- amount of money could be raised on these items, in the merce and industry of the country, 50 essential to their present deranged state of the currency, and under the due encouragement, and her general prosperity. During pressure existing, particularly in this District. I think ! the short interval above mentioned, the discounts of this hazard but little in saying that ten thousand dollars could bank have been reduced six thousand dollars, and its cir- not be realized in money from the whole of them. And culation contracted sixty thousand dollars; and, by looking now, to say nothing of the very questionable character of closely into all the facts as they present themselves, it is this Jast transaction, that of a bank dealing in its own manifest that the public funds are locked up to sustain the stock at a depreciated value, and under circumstances credit of particular banks, and the people deprived of all which will not, perhaps, bear the light of day, there can the benefits they bave bitherto enjoyed from their free be no doubt that the difference between the cost of the and liberal circulation. One, therefore, of the main ob- stock and its par value forms a part of the surplus of jects of a good banking system, that of keeping capital in $29,055 67. circulation in lieu of being centralized, is entirely de. Now, sir, I believe that the highest price offered for a stroyed. But to make this plain, on the 5th day of May small amount of this stock put up for sale at public aucthe bank stood as follows, viz:
tion, was only 83 per centum, and, at another attempt to Capital,
$500,000 sell at public sale, there was no bid at all. It is, thereCirculation,
95,136 fore, not improbable but that this gain will prove to be a Due to Treasurer United States,
662,676 loss. Due to
special deposites, 20,625 It is fairly to be presumed, too, that a part of the bal. Due to banks,
58,836 ances set down as due from banks, einbraces the sums re.
cently loaned to the banks which have suspended specie moneys. Now, I think I have clearly shown that her payments; if this be the case, to that extent, at least for whole probable available means do not exceed 620,774 ihe present, these balances are not available.
dollars. Thus, then, it is seen that, so far from being able to There can be no doubt that, under the existing cir. meet all its engagements, by a curtailment of 30 percumstances of the country, the whole amount of the centum in three equal calls, at sixty, one hundred and public funds will be immediately required. In this twenty, and one bundred and eighty days, it will require event, the result is inevitable-a deficiency to meet the 63 per centum on $755,476, the amount of discounts, to Treasurer's drafts, of 192,621 dollars. And what now enable the bank to meet its just demands; and when or becomes of the holders of the notes and of the claims of where so large a sum can be raised to meet these demands, individuals? They must rely upon collections to be made is a question of fearful import, not only to the directors from the discounted debt, and from the sale of the stock of this institution, but, allow me to add, to this House, as of their own bank. I think I have clearly shown that well as to those who have assumed the responsibility of con- these are not to be relied on; but it must be further refiding the money of the people to such places of deposite. collected that the United States has a preference over
But, sir, I have seen it stated that the Bank of the individuals; and as it is highly probable all the public United States has made repeated "runs," as they are moneys will be required in the course of the year for the technically called, upon the Bank of the Metropolis, with current expenses of the Government, the other creditors the view to destroy it by abstracting all its specie: I be of this bank must look to it in due season; otherwise, lieve this is not true. I have sought the necessary infor- they will be left to get their pay as best they can. mation, and understand that there has been but a single Under all these circumstances, then, what claim has demand made for specie by the United States Bank on this or any of the deposite banks upon the forbearance that bank, and that for fifty thousand dollars only, while of the United States Bank? Surely none. And the the state of the balances between the two institutions more so, as further forbearance on her part can only would have authorized a demand of not less than half a tend to jeopardize the interests of her own stockholders, million: nor could this have been imputed to the Bank of and finally deprive hier of so much additional means to the United States as an act of injustice, or as one she would enable her, when the great crisis shall at length arrive, not have been sanctioned in adopting, under the existing which is destined to convulse the whole community, if state of warfare waged against her; for I venture to as not shake the very foundations of our Union itself, to resert that the deposite bank holds not a dollar of coin in main firm and unmoved at hier moorings. hier vaults that has not been directly or indirectly with- That she will be enabled to do this, I firmly believe, drawn from the Bank of the United States, or some one and will now proceed to make manifest. (See end of of her branches; the illegality and unconstitutionality of speech.) which have been so clearly demonstrated. Sir, the course The analysis I am about to make is one embarrassed pursued by the United States Bank, in this instance, is by no difficulties. It presents itself in a form intelligible precisely that adopted by her in her relations with all the to the plainest understanding. It is purely a matter of State banks an entire elevation above all personal ani- official statement. It involves the vast concerns of a mosities, and a regard solely to the credit of the country great and thriving nation. It develops the secret springs at large, and the convenience of all the great interests of of all the great interests of society. It plainly exposes the nation.
the nerves and fibres of all those springs, and shows "This will be seen, more distinctly, in the following what exquisite skill is necessary in the employment of comparison of the business and deposites of the three them, and what exquisite skill has been brought to bear places where the present pressure is mainly ascribed to upon their past operation. the reductions of the bank; that is, at Philadelphia, New I mean not, sir, to repeat all or any of the arguments York, and Boston. At those places
which, in the course of this painful session, have been The loans were
Domestic bills. Public deposites. uttered with so much eloquence and effect upon this floor Oct. 2, $12,509,778 15 $6,317,700 28 $6,871,626 64 against the acts and the policy of the President of the Dec. 2, 11,639,130 47 4,037,642 70 2,830,864 81
United States. I leave them to operate their full effects
upon the minds of the people; and I call upon them Reduct's, $870,647 68 $2,280,057 58 $4,040,761 83 maturely and deliberately to weigh the consequences
which have already sprung from those acts, and the making the actual reduction of loans only $870,647 68, effect which is likely to be produced upon their own on a reduction of Government deposites, of $4,040,- welfare, and the future prosperity of their children, by 761 83.
the new relations towards ihem and the constitution "And taking the bills into consideration, the whole re- which the President has thought proper to assume. Sir, duction of loans and bills will be only $3,150,705 26, for let it not be supposed that the people of these United a reduction of deposites of $4,040,761 83; and all this at States will permit themselves any longer to be deceived. a moment when secret drafts to the amount of $2,300,000 Political means, to ensure political results, involving were hanging over the bank.
great principles of national policy, they will sanction; "It will be seen how little reason there is to complain but when it shall once become manifest to their minds of the reductions of the bank. In fact, the bank, so far that political means are only used to smooth the way to from endeavoring to oppress the State banks, has treated broad, and uncontrolled, and unconstitutional power; that them with the greatest liberality. Thus:
the hue and cry of political demagogues is to be raised The debt from the State banks on the
against every principle, and every institution of the coun2d of October, was
$4,719,972 80 try, and every co-ordinate branch of the Government On the 20 December,
4,083, 260 15 that opposes ihe inroad, or does not lend itself to the
advance of power, then, sir, my life on it, they will shake A diminution of only
$636,712 65 off the infatuation which has hitherto palsied their enerwhile the bank reduced its own business upwards of gies, and in the bold and energetic language of the ironfive millions."
crowned monarch of ancient Lombardy, exclaim, “ Gare There is yet, however, one other view in which this à qui la touche.” Sir, they will not be satisfied with the matter strikes me as being of deep moment. It will be means proposed and now offered to them by the majority remembered that this Bank of the Metropolis holds all of this House to silence their cries, and evade their present an amount equal to 814,395 dollars of the public petitions for redress; they will reject the bill offered by
H. OF R.]
Presentalion of Memorials.
[JUNE 23, 1834.
the honorable chairman of the Committee of Ways and March 1 18,523,189 00 10,385,439 15 2,035,985 00 Means. They are not yet reduced to that condition of April i 17,521,264 39 10,180,008 76 2,195,489 00 vassalage and imbecility which this bill presupposes. May 1 16,604,147 90 11,183,774 54 3,094,787 00 What, sir, legalize the unconstitutional acts of the Presi- June 116,612,527 06 12,298,333 20 3,329,362 00 dent by a remedy proposed by himself? Leave the constitution to wither, become a dead letter, and the law to this period of severe trial, and see whether she has for.
Now, sir, let us test the conduct of the bank during be prostrate at the foot of the executive throne, while gotten her duty to the public, and given herself up to a they rivet with their own hands the chains he has at- wanton spirit of retaliation, or whether she has not regu. tempted to throw around them? No, sir, never. If the lated herself by an extreme prudence, and kept her ac. great means by which the currency has been hitherto tion always within the line forced upon her by the Execuregulated and controlled is to be abolished, and an old tive. Since the removal of the deposites, and condemned political expedient substituted in their The reduction of loans has been $7,892,290 05 place, let it be done at least under the sanction of the While the reduction of deposites has been 8,277,417 70 law, and with all the forms prescribed by the constitution. The constitution and the laws must be redeemed. Being more than the reduction of loans by 385,127 65 The President must purge his own heart and his councils The reduction of the notes in circulation is 2,515,662 51 of that obdurate arrogance which refuses to confess a The increase of the specie,
1,634,891 69 wrong, and, laying aside his personal animosities, and his The specie is now $12,298,333 20 military notions, submit himself to public opinion, and in the notes and debts of his executive action confine himself modestly within the other banks,
3,329,362 00 limits prescribed by the constitution and the laws; then, sir, all the evils of which we complain will be at once while the riotes in circulation amount to 16,612,527 06
15,627,695 20 remedied: and if the people so decide, the great object of his unrelenting vengeance will expire by her own
Here, Mr. Speaker, you have presented to your view limitation, and it will become the duty of Congress to a more remarkable instance of skill, sound management, provide other means to promote tlie general welfare.
and solvency, in an institution, than perhaps have ever But, Mr. Speaker, it is assumed that the bank is the before been manifested. During the whole period which cause of all the distress and want of confidence, and gen. the most unrelenting persecution. The combined force
this statement contemplates, the bank was the object of thrown. sir, that this is not true, is susceptible of of presidentia) patronage, of executive venom, and of mathematical demonstration. I proceed to the proof.
every corrupt press in the country, was brought to bear No one has denied the existence of the most unparal- upon her; to break her was a matter of life and death with leled state of prosperity with which the year 1833 her persecutors; no matter what amount of ruin ensued, opened. The people were buoyant with hope, and the no matter to what degree public confidence was prosyear promised a most abundant harvest. on'the first trated, or the national currency deranged, the prestige day of October the President of the United States issued of military firmness, of glory, of victory, must 'not be his mandate, without previous notice, or any of the previ- assault upon the general welfare and prosperity of the
Carthage was to be destroyed;" and the unholy oils arrangements which the importance of the measure, people was persevered in. The bank has remained unand a common feeling of benevolence to his countrymen, touched. The whirlwind has swept by her, and, while ought to have dictated: the public deposites were at once she has been enabled, from her position, to extend the withdrawn from the place which the law had appointed hand of relief whenever and wherever it has been claimed, for them.
What then, sir, was the situation of the Bank of the without regard to party distinctions, she has defied the United States?
storm. The immediate claims against her were the de. That there may be no mistake in this matter, I ask the posites and her circulation. The means immediately to attention of the House to the following statement.
be relied upon to meet these claims, are the specie and pledge myself for its entire authenticity, and only desire the debts from banks. that it may be carefully perused. It contains the amount
I now ask attention to the following statement. It of loans, of public deposites, and of private deposites, shows the condition of the bank in these particulars when on the day the deposites were withdrawn, and on each shout of anticipated victory bellowed from a hundred
the first bold effort was made to destroy her, and the succeeding month, up to the 1st of June instant: It pre throats; and at the present time, when the confederated sents, likewise, a concise view of the circulation of the bank, the amount of specie in her vaults, and the amount powers, bafiled and completely foiled, have turned their of debts and notes of State banks due, for the same pe silver coin bills, and their State bank deposite bill, to ef
efforts to details, and hope, by means of their gold and riod of time. They will be found to be as follows:
fect that which violence failed to consummate. Loans. Pub. depos. Priv. depos. Oct. 1 $60,094,202 93 $9,868,435 58 $8,008,862 78
October 1. The deposites were $17,877,298 36 Νον. 57,210,604 38 8,232,311 18 7,285,041 88
· 19,128,189 57 I)ec. 54,453,104 67 5,162,260 63 6,827,173 10 Jan. 1 54,911,461 70 4,230,509 63 6,734,866 06
- $37,005,487 93 Feb. 54,842,973 64 3,066,561 72 6,715,312 60 At the same time, the specie was 10,653,441 51 March 1 56,167,829 86 2,604,233 62 7,343,129 92
The debts from banks, 4,719,972 00 April 1 54,806,817 62 2,932,866 74 7,166,028 21 May 1 53,756,485 18 3,251,345 64 7,022,820 10
- $15,383,413 51 June 1 52,201,912 88 2,731,988 51 6,867,892 15 On the 1st June, the deposites are 9,599,880 66
The circulation, 16,612,527 06
- $26,212,407 72 Oct. 1 $19,128,189 57 $10,663,441 51 $4,719,972 00 While the specie is
12,298,353 20 Nov. 1 18,518,000 57 10,342,160 46 4,489,217 00 And the debts from banks,
3,329,362 00 Dec. 1 18,650,912 90 9,818,529 25 4,083,258 00 Jan. 1 19,208,379 90 10,031;237 72 3,519,385 00
• $15,627,695 20 Feb. 1 19,260,472 90 10,523,385 69 3,211,385 001 Thus:
Total means on hand. Since the 1st day of October, 1833, the Bank of the Oct. 1, $37,005,487 93
$15,383,413 51 United States has introduced into the ports of Philadelphia June 1, 26,212,407 72
15,627,695 20 and New York-
- $1,000,000 Reduction, $10,793,080 21 Increase, $244,281 69 From the South,
2,500,000 Certainly, sir, we have before us a fine comment upon
Making a total of
$3,500,000 the wisdom of our rulers, and the sagacity of our minister of finance! In the midst of the general hurrah, the The bank has imported this large amount of specie with bank has quietly pursued the even tenor of her way, and a view to place her own solvency beyond all manner of has actually paid off nearly eleven millions of her liabili- doubt, and to enable her the better to sustain that crisis ties, finding herself at this moment with more funds in which must inevitably result from the measures of the her possession than when she sat out.
Government. This importation has had the effect desired, Such, Mr. Speaker, is the general result of this war and public confidence has increased towards that instituof persecution against the Bank of the United States. tion. Calm, temperate, and just, her board of directors have But what becomes of the two million five huudred thouanticipated every blow aimed at the interests of the sand dollars over and above that imported by the bank? country, and have protected the institution over which What effect has it bad upon the business of the country? they preside from the violence which has fallen with an To what degree has it restored, either generally or pariron hand upon the people.
tially, that 'confidence among the merchants and traders The following table fully develops the general condi- so essential to their welfare and that of the country at tion of the bank on the 1st day of June instant. It pre- large, and which has of late been so utterly annihilated? sents an argument in itself worth all that could be said or to what amount has it tended to increase the circulation written, and ought to convince the people of the benefits of values, or to afford facilities in the making of payments? which might be derived from an instiiution so regulated, None whatever, sir. The business of the country is at a and so solvent, under circumstances of general harmony stand; the whole year has been thrown away; confidence and prosperity, when it presents such results under cir. still holds aloof, and the means of employment are infinitecumstances of so widely different a character.
ly diminished; nor do I believe, Mr. Speaker, that four On the 1st day of June, 1834, the bank
times the amount would produce any effect whatever on owed to depositors, public and private, $9,599,880 66 the general concerns of the nation, until the proper reme. Owed to holders of its notes,
16,612,527 06 dies are applied by Congress itself. Of this, sir, I have
but little hope; and although there may be a redeeming
26,212,407 72 spirit in the country and her institutions sufficient to Unclaimed dividends on its own stock, 73,180 98 carry her safely through the calamities ahead, yet, sir, I,
for one, can never consent to prove the vigor of our conTotal, $26,285,588 70/stitution at the expense of so much individual distress.
Before I conclude, I must be allowed to notice one more This is every dollar which any man has a right to claim subject. from the bank
Among the many clamors raised against the bank, it Now, to pay them, the bank has
has been attempted to arouse public indignation against Specie in its vaults,
$12,298,333 00 her for the republishing of valuable public documents and Notes of State banks, $1,707,286
speeches of members of Congress. I cannot believe, sir, Balances from State banks, 1,662,076
that, when this matter is temperately viewed, the people
3,329,362 00/ will disapprove of it. What possible injury has it or can Funds in Europe,
1,995,290 00lit effect? Do these documents contain any thing prejuReal estate,
2,904,762 00 dicial to the interests of the people, or adverse to the inLoans,
52,289,053 00 stitutions of our country, or to the soundest republican
doctrine? No, sir; no one will dare to say they do. They Due by the United States,
72,816,801 00 contain the best collection of facts, and the soundest po. 164, 110 00 litical views; and, without exception, they breathe the pu.
rest and most elevated principles of liberty. Total, $72,980,911 00 Sir, we are now at the close of a long and most painful
session of Congress. On the part of the friends of the Here, then, is a mass of property of more than seventy- administration, every argument has been used, and every two millions bound for the safe-keeping of the public effort employed, to sustain the administration in all its funds, and the performance of the duties of commissoiners policy, and especially the President in all his views and of loans and pension agents.
assumptions. These arguments have been distributed in Compare this security, Mr. Speaker, with that offered large quantities, and public opinion has decidedly repby these deposite banks, and surely we may wonder how probated most of them. Still, sir, they continue to be the wicked policy under which the country now groans disseminated among "the party," and every true liegecan be permitted to continue..
man is bound to receieve them as his rule of faith. Now, I must be allowed to notice one other matter. It is cer- sir, wherein consists the sin of the bank? She has spread tain that there have been large importations of specie into the antidote wherever the poison has reached; she has the country during the late winter and spring; and I have thrown light where it was sought to perpetuate darkness, heard it triumphantly announced on this floor as one of and the people have felt the influence of that light. the happy consequences of the President's measures. They have become acquainted with the great principles
The gentlemen who used this language, if they knew of our constitution and of civil liberty, and have been no betier, are grossly deceived. The whole amount sup- taught the danger likely to result from the unconstitutional posed to have reached our shores has been estimated at and alarming doctrines of "presidential protests.” They about six millions; it has not probably been so much. This have acted accordingly, and the sin is visited upon the specie comes either direct from England and France, or bank: with what justice, I feel confident I can rely upon more generally from Mexico to New Orleans, and thence the people to say. to New York and Philadelphia.,
I intended, Mr. Speaker, to have said much more on