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Sufferers by Fire in New York-Incendiary Publications.

naturally leads to the inquiry, How is the mint now supplied with bullion and metals for coining? Pursuing this inquiry, he found that the great business of supplying this national establishment was virtually devolved upon individuals and upon banks; and that these individuals and banks were charged a tax of one half of one per centum on the amount coined, either in a direct charge, or in a delay equivalent in loss of interest to the same amount. This, he said, accounted for the lamentable result, that in forty years our coinage had amounted to no more than forty millions; that our mint was but half supplied now, and would soon be not one fifth supplied. Such a result was incompatible with the idea of establishing a mint and of creating a specie currency; and he had been led to pursue the inquiry further, and to ascertain whether it could ever have been the intention of the founders of the mint that that institution was to be thrown upon individuals and corporations, and they discouraged by a tax, for the means of supplying a national coinage? Looking into the early laws, he found the answer which the reason and propriety of the case required to exist; he found that it had never been intended that the mint was to be limited to these precarious sources of supply, but that the national revenues were made a resource by law for that purpose. He found in the act of 1793, sec. 3, this provision: All foreign gold and silver coins, except Spanish milled dollars, and parts of such dollars, which shall be received in payment for moneys due the United States, after the said time when the coinage of gold and silver shall be gin at the mint of the United States, shall, previously to their being issued in circulation, be coined anew, in conformity to the act establishing the mint, &c. This, said Mr. B., establishes the intention of the founders of the mint. That intention was to make the United States the supplier of bullion to the mint, and to devote the revenues of the Union to that object. The effect of this law, Mr. B. said, at the time it was enacted, was expected to be great and decisive, for the act of 1789, forbidding any thing but gold and silver to be received on account of the United States, was then in force. No bank notes were then receivable for public dues; so that the revenues, and these revenues in specie, were intended to pass through the mint, and a full and perfect new coinage to be kept up. But this law soon lost its entire force, and has remained for forty years a dead letter on the statute book. The Bank of the United

States was chartered, and its notes became receivable in lieu of coin; State banks began to grow up, and their paper also to be received; and eventually all the public moneys came to be deposited in banks, instead of any part going to the mint; and this is the state of things at present. The deposite banks receive all the revenue; and whatever coin they receive is considered as their own, and there is nothing for the act of 1793 to operate upon.

This exposition of the evil, continued Mr. B., is in itself an indication of the remedy. The remedy lies in the repeal of the half per cent. tax on coinage, and in reviving and carrying into effect the original intent of the founders of the mint, to make the revenues of the Union the main source of supply to that establishment. For this purpose he had drawn up the bill, which he proposed to bring in, and would say but a word in support of the two provisions which it contained.

First. As to the repeal of the tax and the abolition of the charge for refining. The amount of the tax could be no object to the Government, while it was a serious consideration to the depositor, and no doubt often prevented deposites for coinage from being made. It might have been justifiable when the mint was first established, and the national treasury was empty, but could have no apology now, especially with those who were intent upon re-establishing the currency of the constitution.

Second. As to coining the revenues.

[APRIL 5, 1836.

This must have a good effect in a great variety of ways.

1. The revenues of the Union are now received in paper, and there is little or no national check upon the amount of this paper received. Its transfer to the mint will supply a check, and that a serious one; for even now a million a month of the revenues might be sent to the mint; and, with the improvements going on, and the completion of the branch mints, the whole amount of the annual revenue, if necessary, might be coined anew, for the minting establishments will be sufficient to coin forty millions, at least, per annum.

2. It will keep the mint fully supplied, and will furnish the Union with a perfect and beautiful coinage, by coining up all foreign coins, and all domestic ones which become imperfect by wear or by fraudulent diminution. 3. It will put the coinage under the direction of the Government, which can then direct the denominations to be coined, and can supply the country with small change. At present the banks and individuals chiefly direct the denominations which suit themselves, and those are half eagles and half dollars; but the interest of the country, the convenience of the people, and the cultivation of a beneficial spirit of economy in small dealings, requires a great coinage of small change.

4. The transfer of part of the revenues to the mint for coinage will show their capacity to become depositories, with a few additional branch mints, for the public moneys, and thus let the banks see that the United States are not dependent upon them for keeping the public moneys, and are in a condition to dictate terms, or to cut the connexion with all banking establishments.

5. It would cause the present surplus revenue to take the solid and substantial form of coin, instead of remaining a light and volatile mass of paper.

Mr. B. concluded what he had to say at present, with remarking that the return to a constitutional currency was a work of many steps, and that one step was to supply the mints with metals for coinage, and this was the step which he now proposed to take.

The bill was then read twice, and referred to the Committee on Finance.

NEW YORK SUFFERERS.

A bill was received from the House, amendatory of the act for the relief of the sufferers by fire in New

York.

Mr. DAVIS stated that it was necessary to pass this bill at once, owing to a misconstruction of the bill which had been previously passed by the collector, who had construed it as extending its benefits to all bonds up to the day of the passage of the bill.

The bill was then, without opposition, read a first and second time, considered as in Committee of the Whole, read a third time, and passed.

EXPUNGING RESOLUTION.

The Senate proceeded to consider the expunging reso. lution offered by Mr. BENTON.

Mr. LEIGH resumed and continued his observations, as given entire in preceding pages.

After Mr. LEIGH concluded his speech, On motion of Mr. BENTON, the resolution was laid on the table, and ordered to he printed.

INCENDIARY PUBLICATIONS.

Mr. CALHOUN moved to postpone the orders preceding the bill to prevent the circulation of incendiary publications, and to take up that bill; which motion was agreed to.

The bill was then read; when Mr. WHITE expressed a wish to go into the consideration of executive business; and a motion to that effect was agreed to.

APRIL 6, 1836.]

Incendiary Publications--Revolutionary Pensions.

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Mr. CALHOUN briefly explained the provisions of the bill, and moved to fill up the first blank with $100, and the second blank with $1,000; which motion was agreed to.

[These sums apply to the penalty imposed on the depty postmasters for a violation of the law, being a fine of not less than $100, and not more than $1,000.]

[SENATE.

some length the nature and effect of it. He said, in the present state of things, the amendment of the gentleman from Missouri [Mr. BENTON] might operate too suddenly, and in effect produce a sort of panic; and he had offered his amendment with a view to give more time, and to effect the object more gradually.

Mr. WHITE approved most highly of the objects of the bill, but thought, if there was any defect in it, it consisted in there being no penalty imposed on the officers or agents of the Government for disobeying the law.

ment.

Mr. BENTON most cordially concurred with the Senator from Tennessee. He had turned over the subject in his own mind, and had not inserted a penalty in the bill, partly because he was unwilling to embarrass a measure which he had so much at heart, and partly because he knew that the officers of the army would be Mr. DAVIS said this was a very important bill, and subject to the rules and articles of war if they disobeyed ought not to be acted on without some deliberation. He the injunctions of the bill, for its provisions would be had hoped some gentleman would have been prepared sent to them with instructions from the War Departto deliver his views at length upon it. As for himself, he was not now prepared to speak on it. But he was heartily willing, and would warmly He would and cordially concur in inserting the penalty that the move to postpone it for the present. disobedience of the officer shall be followed by a dismis Mr. GRUNDY observed that he had lately turned his sal from the service. He knew that great oppressions attention to the subject, and approved of the principles had been practised by officers on laborers and others of the bill though he did not think it altogether calcu- who could not help themselves. The main stress of the dated to effect the objects it had in view. If the gentle- amendment, said Mr. B., lies in the last clause of the man from South Carolina would consent to a postpone. amendment, that is, in making our mark at $20, and ment for two or three days, he should then be prepared which goes to cut off every bank note which is not payto offer some amendments that he thought would be able in gold and silver upon the spot. This would be satisfactory to the gentleman, and would answer the pur- of incalculable benefit to the soldier who could not leave pose intended; his duties in the committee of which he his post to get uncurrent paper exchanged. Gentlemen was chairman preventing him from attending to the sub-might say that this amendment was to carry gold and ject sooner. Mr. G., after further consideration, and a suggestion from Mr. CALHOUN, assented to the postponement till to-morrow, and the bill was accordingly so postponed.

Mr. DAVIS did not know that he would or would not address the Senate on the subject, but if he did he should want it laid over longer than till to-morrow.

REVOLUTIONARY PENSIONS.

On motion of Mr. WRIGHT, the Senate took up the bill making appropriations for the payment of the revoutionary and other pensioners of the Government for the year 1836; the question being on the following amendment, submitted by Mr. BENTON:

"Szc. And be it further enacted, That no bank note of less denomination than twenty dollars shall hereafter be offered in payment in any case whatsoever in which money is to be paid by the United States or the Post Office Department; nor shall any bank note, of any other denomination, be so offered, unless the same shall be payable and paid on demand, in gold or silver coin, at the place where issued, and which shall not be equivalent to specie at the place where offered, and convertible into gold or silver upon the spot, at the will of the holder, and without delay or loss to him."

Mr. NILES submitted the following amendment to the amendment:

The

silver to the soldiers. He said, God grant that it might. The largest payments to the army were made in the West; and there were three paymasters there, Major Massias, Major Stewart, and Major Harney, who deter silver, and that equivalent to it; and they did carry it, mined to carry nothing to the soldiers but gold and and the beneficial effects were soon discovered. largest sum that was carried was carried by Major Harney. He carried about $40,000, $10,000 of which was in gold, and he did it without any expense to the United States. All he had to do was to make a requisition on the next military post for baggage wagons and a guard; and he was informed by that officer that there was a general rejoicing in the camp when he arrived there with the money. There was but one rueful countenance to be seen, and that was of the sutler, who complained that, if that practice was continued, he would be ruined; that formerly, when payments were made to the soldiers, they rushed to him in crowds, with their bank notes; but that now they would keep the gold and silver, instead of spending it in drink and other superfluities. He believed that under this provision nothing but gold and silver would be carried to the outer military posts. If the Senator from Tennessee would suggest an amendment to suit his views, he would heartily concur in it.

Mr. WHITE spoke in favor of pensions being paid in specie, and that it was of more importance that their interests should be subserved in this matter than even the soldiers of the army. That class of them who received their forty-eight dollars were, of all things, most glad to receive the specie. He was, on the whole, content with the amendment of the Senator from Connecti cut, [Mr. NILES.]

"That hereafter no bank note of less denomination than ten dollars, and that from and after the third day of March, A. D. 1837, no bank note of less denomination than twenty dollars, shall be offered in payment in any case whatsoever in which money is to be paid by the United States or the Post Office Department; nor shall any bank note, of any denomination, be so offered, unless the same shall be payable and paid on demand, inment, and it was adopted: Yeas 22, nays 13, as follows: gold or silver coin, at the place where issued, and which shall not be equivalent to specie at the place where offered, and convertible into gold or silver upon the spot, at the will of the holder, and without delay or loss to him."

Mr. N., after submitting his amendment, explained at

The question was here taken on Mr. NILES's amend

YEAS-Messrs. Benton, Brown, Calhoun, Grundy, Hendricks, Hill, Hubbard, King of Alabama, Leigh, Linn, McKean, Morris, Nicholas, Niles, Porter, Robinson, Ruggles, Shepley, Tomlinson, Walker, White, Wright-22.

NAYS--Messrs. Black, Clay, Davis, Ewing of Ohio,

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Kent, King of Georgia, Knight, Mangum, Moore, Naudain, Prentiss, Robbins, Swift-13.

Mr. CLAY thought it worthy of serious consideration whether it would not be better to leave the matter as it now stood, as, under the present laws, the creditors of the Government were bound to take nothing but gold and silver in payment. It was worthy of consideration whether the passing this amendment would not be giving an implied sanction to the reception, by the officers of Government, of bank notes of every description.

Mr. BENTON observed that the subject of receiving and disbursing the revenues of the United States had occupied the attention of all; it certainly had occupied his attention; and, after spending years in thinking about it, he had come to the conclusion that there was but one safe course for the United States to pursue, and that was, to return to gold and silver for the treasury. He had been of that mind for years past; and had made the rough draft of a bill to accomplish that object; the only difficulty was to arrange the times, so as to enable the Government to cut loose from bank paper without giving a shock to the community. It was a lamentable circumstance that the federal Government, while receiving the depreciated currency of the States, was able, at the passage of the very first revenue law, and at the first session of its Legislature, to declare that gold and silver only should be received in payment, and that they were not now able to do it without producing a convulsion, so much had they become entangled in the paper system. Now, the little amendment which he had offered to the appropriation bill was only the commencement of a system which he hoped to see carried out; and the rough bill he had drawn out was to take up and carry on the system thus commenced. While they were complaining of the States for the sanctioning the inordinate increase of banking capital, it was lamentable that this was owing to the fault of the federal Government in receiving these notes to the extent they did, and paying them out to the public creditors. It was by this means that a fictitious credit was given to them; it was by this means that they got the money of the United States to bank on; and it was by this means that a piece of worthless paper with a little lampblack on it, and made at Passamaquoddy, and called five dollars, was made to pass at Attakapas, because it was receivable in payment for public lands. He saw it announced in the New Or leans papers, that a Mr. Armand had, in the Louisiana Legislature, proposed, in bitter irony, that the ancient and renowned company of fox hunters should be incorporated with banking privileges. He did it in bitter irony, as a reproach to the wild spirit of speculation, by which the evils of a paper currency were so much extended. As a consequence of this expansion of the paper system, they are purchasing bread from Europe --the starvelings of Europe were sending them bread; and it was because those who made this bank paper did it with such facility that they could give a bundle of it for a single loaf. He held that all this was the fault of the federal Government rather than of the States; for if they did not give this paper money the wings to fly on, by making it payable for the revenues, it would fall back on those, who issued it; and those charters, by which uncounted millions were circulated, and which encouraged an extravagant and demoralizing system of gambling in stocks, would soon cease, for the quantity of bank capital in the United States was brought back to the lawful operations of trade; he believed that four fifths of the stock now held would be surrendered as unprofitable. So far from giving sanction to the receipt of paper money, his object was to cut loose from the whole of it.

Mr. PORTER here submitted the following amendment: "Provided that nothing herein contained shall

[APRIL 6, 1836.

be construed to make any thing but gold or silver a legal tender, by any individual, or by the United States."

Mr. BENTON assented to the amendment, and said that the gentleman might make it as strong as he pleased.

Mr. KING, of Alabama, presumed it was intended by gentlemen to follow up this amendment by a repeal of the law which forced on them the reception of the notes of the Bank of the United States in payment of the revenue. There was a bill pending, not before them, however, for that purpose; and he did not know whether gentlemen were prepared to give it their support, if the bill did come up. He only made this suggestion to gentlemen, that they might give their attention to the subject.

Mr. EWING said there was nothing in this bill to prevent the receiving of the notes of the United States Bank. If there was a compact or obligation on the part of the Government, in pursuance of the charter, to receive them, it could not be violated. He understood it had been so construed by the Secretary of the Treasury that that Department was bound to receive them. He, (Mr. E.,) however, did not wish to be considered as giving any opinion on the subject.

Mr. CLAY. The notes of the Bank of the United States were never a legal tender; the law only authorized them to be received in payment of debts due the Government. If any Senator had any of those notes, and wanted to get rid of them, he might hand them to him. He would be glad to give the notes of any of these small banks, or even specie, for them.

Mr. KNIGHT considered the amendment altogether useless. There was no obligation on any one to receive any thing but specie in payment from the Government; and he presumed that, when notes less than ten dollars were paid to an individual, it was only for his convenience. If the individual was paid in notes over five dollars, he only had to turn round and ask the cashier to change them for fives; and he could also, if paid in five dollar notes, get them changed for tens or twenties, by asking for them. He considered the amendment alogether useless; but if the gentleman would introduce a proposition, requiring payments to be made only in gold and silver, he should vote for it.

Mr. BENTON said he should certainly do so; but not for a single suggestion, and not at that time.

Mr. CALHOUN doubted whether much if any good could come out of this proposition. He could see nothing in it that could cure the wretched state of the currency. It would be better to draw the fifteen millions of Government money out of these deposite banks, and distribute it where it could be usefully employed. They were using this money without paying any thing for the use of it, and drawing from the Government something like two and a half millions of dollars profit. The administration was responsible for that thoughtless, mischievious, and imprudent act, of withdrawing the deposites from the United States Bank, and placing them in these pet banks; notwithstanding they were told that, instead of stopping the evils of banking, these Hydras would spring up like mushrooms. It was amazing to see the majority sitting quietly by, without proposing a remedy to this evil, which was making beggars of thousands, and enriching speculators. These pet banks had an agent by the name of Whitney, (Mr. C. did not know him,) who had a control over the pecuniary affairs of the country which no other man ever had. He could raise or depress stocks at pleasure. There was an awful responsibility resting on the supporters of the adminis tration. The gulf into which they were rushing was before their eyes. The dreadful explosion was coming. The injury to the manufacturers would be immense.

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But, he thanked God, it would not be so great to those of the South. If the growing crop should be cut off, no one could tell the state of things it would bring about. Money that had been won by blood was put into public lands, and drawn out to be put into pet banks. Withdraw them (the deposites) from the banks, said he, and if you cannot return them to the people in any other way, loan them without interest. The money of the United States deposited in these irresponsible banks was an annual tax of something like two millions of dollars. He approved of the spirit in which this resolution was offered, but it would not meet the crisis. Let the Senate follow up this resolution with measures that would make this money cease to be banking capital. The Senate would do him justice for predicting, in 1834, that the state of things then would shake the country to its very centre. He could not let the matter pass with out warning the Senate and the country of the dangers that threatened the country.

Br. BENTON said that, among the other papers in his possession, he had an amendment that he had prepared for the bill to regulate the deposites of the pub. lic moneys. Would the Secretary be so good as to tell him how that bill stood on the calendar.

[The SECRETARY answered that bill was only eight ahead.]

Well, continued Mr. BENTON, we shall come to it pretty soon, and he was then for making these deposite banks pay something handsome for the use of the public money. He also had a provision to prevent them from issuing notes less than twenty dollars, and to make them pay in gold and silver, or that equivalent to it, so that the holder of the bills should have a right to demand specie, and one half in gold, on the spot. He should stake his political existence against suffering the notes of any of these banks from becoming the currency of the country. We cannot, said Mr. B., cut them off at once; but must come to a specie circulation gradually. He would state, before he sat down, that his bill to supply the mint with coin (proposed a few days ago) would take up a considerable portion of the revenue; for the mint would require, as he had been informed by the director of that institution, a million of dollars a month.

Mr. CALHOUN rose to express his approbation of the measures the Senator from Missouri proposed to introduce, and said he would co-operate in any measures that would prevent that greatest of all calamities to any country, a ruined currency, a state of things which gave the sagacious and cunning man the advantage over the honest laborer.

Mr. NILES said that the Senator from South Carolina [Mr. CALHOUN] had delivered the speech we had just heard, or the substance of it, three or four times during the session, on different occasions. The surplus in the deposite banks appears to give the gentleman great anxiety and alarm. In addition to his apprehensions for the security of the public funds, which he has not now enlarged upon, he represents the surplus as an alarming evil, by its tendency to enlarge the action of the deposite banks, and give dangerous expansion to the whole paper system. So far the gentleman is correct. Aside from all other weighty objections to an accruing surplus, if it shall appear that there is a surplus, this is, no doubt, an evil of no small magnitude. The money now in the treasury, however, cannot be regarded as a surplus; it has accumulated by the tardiness of our legislation, and the delay of the appropriation bill; it is much of it required for the public expenditures of the current year. The evil, therefore, to a considerable extent, may be regarded as a temporary one. But if there shall prove to be a surplus beyond the appropriation, such surplus, whether of thirty millions or ten millions, being,

[SENATE.

as of course must be the case, deposited in the banks, becomes a capital on which the banks will make discounts and enlarge their operations. This operates like a sudden creation of additional bank capital to the amount of the permanent surplus, and will enable the banks to increase their loans to perhaps twice the amount of these deposites. This state of things, in common with the improvident legislation of the States for the last two years, in creating bank capital to an unprecedented amount, exceeding, probably, fifty millions, has had a pernicious influence, by giving a dangerous expansion to the whole paper system.

The profits which the deposite banks derive from the public funds, although large, and what they ought not to receive, is the smallest part of the evils of this state of things. Did I suppose there was to be a permanent surplus, I should be as anxious to make some disposition of it as the Senator from South Carolina can be; and although I will not say that I would support any of the proposed schemes for the distribution of it, yet I would go as far as he who goes the farthest in support of anv plan to get rid of it, founded in justice, and which shall not conflict with the constitution. He did not, however, wish to see it distributed among the States, but desired to see it returned to the people; or, rather, that no more money should be drawn into the treasury than what was required to meet the wants of the Government. Let us stop the money from flowing into the treasury, and leave it to distribute itself among the people. This was the scheme of distribution which he should prefer. But the Senator represents the evils of this surplus as arising from the public funds being withdrawn from the Bank of the United States, and deposited in certain State banks. He could not understand how this had either caused the evil, or increased it; it was unaccountable to him how a given amount of money deposited in one set of banks should have more influence to extend banking operations than if deposited in another set of banks. The banks are all governed by the same principles, and act from the same motives. Their object is to make the greatest profit; and the public funds, let them be in what bank they may, will be used for this purpose. It is now claimed that the public revenues being in State banks have occasioned an alarming extension of banking operations and expansion of the paper system, which threatens general ruin. Would not these evils, so far as they do exist, have been the same if these funds had been in the Bank of the United States and its branches?

He should like to have the explanation of this matter. It was to him as great a mystery as one of an opposite character two years ago. Then it was claimed by the Senator and others, that the removal of the public funds from the Bank of the United States to these same pet banks occasioned a money pressure and a panic. It was then said that the public revenues, while deposited in the United States Bank, were a fund in which that bank extended accommodations to merchants and others; but that being removed to State banks, they were not available for such purpose. The public could not be benefited by them in the State banks; and this was gravely alleged as the cause of the money pressure. Men of plain common sense could not then comprehend how it was that the removal of eight or ten millions of dollars from one to another set of banks, all acting on the same principles, and using it as a capital, should create a scarcity of money. This was a mystery two years ago; and now it seems we have another mystery quite as great; the deposite of the public funds in State banks, or what the gentleman calls pet banks, producing an alarming expansion of the paper system, deranging the currency, and threatening a general explosion, when none of these evils would exist had the same funds been de

SENATE.]

Revolutionary Pensions.

posited in the Bank of the United States. He had no partiality for the deposite banks nor any other banks; he wished them to be restricted, and compelled to pay for the use of the public deposites; they were enjoying advantages which they ought not to enjoy; but he could not, in silence, hear it repeated again and again on this floor, that the evils arising from the present surplus, whatever they may be, have been occasioned by the public revenues being deposited in the State banks, instead of the Bank of the United States, as that bank has greater power, is controlled by one will, can act with more energy and effect. Had it retained the public funds, the public evils would have been greatly increased.

Mr. CALHOUN, in reply to Mr. NILES, said the gentleman had misunderstood him. His argument was, that the removal of the deposites, and the breaking down of the Bank of the United States, had given rise to innumerable State banks; and not that the surplus would not have accumulated in the Bank of the United States; and that the idea of limiting bank capital by removing the deposites had turned out to be wholly falJacious. But it was the security of the public money to which he had alluded; for he would venture to assert that, if an ensurance was opened, they could not get the public money ensured in the deposite banks, against loss, for a premium of twenty per cent. In the Bank of the United States the public money would have been safe; and, what was more, they would, as stockholders, be drawing an interest of $400,000 for this money, which the deposite banks used without in terest. There would have arisen another advantage from leaving the public money in that bank. Had it remained there, there would have been no objection, as now, to the distribution of it among the States, because the Government was in a state of hostility to the bank. President Jackson had twice recommended this measure, and it was surprising to see the facility with which his friends changed their opinions to please him. When he first recommended the distribution, they highly applauded it; the recommendation was eagerly hailed by New York; Pennsylvania followed suit, and the whole party sung hosannas to it; now they were all opposed to it. He saw a great difference in having the public money where it was safe, from having it where it was not safe. Banking capital had increased more than one hundred millions, and he held the administration responsible for it, as well as for all the evils with which they were threatened. He had predicted this state of things again and again, as a consequence of the measures of the administration, but he had not been listened to, and they had proposed no measure to remedy or prevent the evils acknowledged to exist. They came into power in 1830-they saw the public debt was about to be paid--they saw the tariff throwing millions into the treasury which it ought not to have collected; and they recommended no measures to meet these emergencies. Instead of being employed in attending to these objects, they were employed in turning out one cabinet and putting in another, and regulating social intercourse, declaring who they should visit, and who they should not visit. He held the administration responsible for the existing state of things in regard to the currency, and for converting the public lands, the property of the people, into useless paper.

Mr. WALKER said he had heard with much surprise the charge renewed by the gentleman from South Carolina, [Mr. CALHOUN,] in relation to the deposite banks; or, as that gentleman designates them, pet banks-the President's banks. Mr. W. said, that if these banks are the pets of any man, or set of men, they were the pets of the United States Bank; for Mr. W. believed that nine tenths of these very misnamed

[APRIL 6, 1836.

pets had petitioned for, or favored the recharter of, the
Bank of the United States. They were, said Mr. W.,
with few exceptions, all opposed to the President. The
official documents from the Treasury Department, on
which gentlemen of the opposition have heretofore
commented, exhibit the fact that the Planters' Bank of
Mississippi held nearly three millions of the public mo-
neys; and yet this enormous sum is permitted to remain
in a bank, whose president, whose cashier and direct-
ors, were the decided opponents of that gentleman,
whose cause, it is insinuated, the President desires to
promote through the aid of the public moneys in the
deposite banks. Should not this fact convince every im-
partial mind that these charges against the President
were utterly groundless. Sir, (said Mr. W.,) I venture
to affirm that four fifths of the deposite banks are op-
posed to the President, and that a publication of the list
of names of the stockholders, directors, and officers, of
these institutions, would prove the truth of this asser-
tion. Sir, (said Mr. W.,) if banks, ay, even if de-
posite banks, were to decide the politics of the day,
hopeless indeed would be the cause of the President
and of his friends. But, (said Mr. W.,) the gentleman
from South Carolina tells us that the public moneys are
unsafe in the deposite banks; that no one would ensure
the return of these public moneys, by these banks, to
the Government, at less than twenty per cent. Sir,
(said Mr. W.,) if the gentleman will make the offer,
be can, I have no doubt, obtain this ensurance at less
than one half of one per cent.; and, sir, so far as my
humble means would go, I would most cheerfully ensure
the prompt payment of all the public moneys by the
Planters' Bank of Mississippi at less than one twentieth
of one per cent. Sir, (said Mr. W.,) that bank is
owned and controlled by political opponents; but I feel
bound to say that the institution is perfectly solvent,
fully able to meet, at any moment, any call the Treasury
may make upon it; and that it is, at this moment, infi-
nitely safer than the Bank of the United States; that it
has more specie or northern funds, in proportion to its
circulation, than the Bank of the United States. Sir,
(said Mr. W.,) an effort was made some two years ago,
on this floor, to destroy the credit of the Planters' Bank
of Mississippi. An alarm was created abroad; the notes
of the bank was sent in from all the distant cities for re-
demption in specie, and they were redeemed, and the
panic terminated; and, sir, is it desired to get up an-
other panic, not merely in Mississippi, but throughout
the Union? Is it intended once more to unhinge public
confidence, to excite another alarm, by asserting that
twenty per cent. would not be taken as an ensurance for
the return of the public moneys from the deposite
banks? Is it intended to create, by false alarms here,
another scene of distress and embarrassment, and then
to charge it all upon the President? Is it for this that
inflated estimates of the alleged surplus are presented
to the public, when at the rising of Congress, when all
the appropriation bills may have passed, there may be
no surplus at all? But these public moneys are not de-
posited in the United States Bank; they are not there to
be used in prostrating the administration, and over-
throwing the liberties of the people; and this seems to
be the great grievance of which the gentleman from
South Carolina so loudly complains. Sir, the sentiment
of the American people, shaken by the portentous
alarms echoed and re-echoed from this hall, did for a
moment vibrate upon this subject, but it is now fixed
and immutable that the public moneys had better be
scattered to the four winds of heaven, than to be used
as a part of the artillery of the bank in its war upon the
Government and people of the Union. Believing, then,
that no useful object can be accomplished by these in-
cessant assaults upon the deposite banks, I hope these

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