BANK OF THE UNITED STATES. Resolved, That a select committee be appointed to examine into the affairs of the Bank of the United States, with power to send for persons and papers, and to report the result of their inquiries to this House. These, sir, were the more immediate and more power ful causes which humbled the haughty spirit of the Bashaw, and extorted from him that treaty by which our commerce was freed from the infamy of a tribute, and our citizens from captivity and chains. The destruction of the Philadelphia was more remote, and less calculated to operate upon the fears of a barbarian. In that enterprise fortune crowned Decatur with success; but he, more than any other naval officer, entered into the full enjoyment of the rich fruits of that success. I cannot consent to create any further distinction. It would be as impolitic as it would be unjust. I cannot consent to give to his representative a A discussion thereupon arose on the question whether large amount of the public money, and leave the represen- it was in order, after a resolution had been postponed to tatives of other brave men, who perished in sustaining the a day certain, to receive a motion such as had been made honor of their country, to penury and want. Believing by Mr. WATMOUGH. Mr. WATMOUGH moved the question of consideration. On that question Mr. POLK demanded the yeas and nays. the claim, therefore, not justified by law, or by sound In this discussion, or rather conversation, Messrs. POLK, policy, I shall feel it my duty, however painful, to vote HUNTINGTON, CAMBRELENG, CLAYTON, EVEagainst it. RETT, WILLIAMS, FOSTER, and MCDUFFIE partici The question was then taken on Mr. PEARCE's amend-pated. inent, and was negatived--yeas 76, nays 80. of the House by a vote postponing its consideration until this day, the Chair decided that it was too late to entertain the question of consideration. Mr. WILLIAMS thereupon moved to lay the resolution on the table; but, after some remarks from Mr. CLAYTON, he consented, at the request of Mr. McDUFfie, to withdraw his motion. It having been ascertained from the journal that the reMr. BLAIR, of South Carolina, said, although he would solution after having been offered had received the action not yield to any person in estimating the valuable services of Commodore Decatur, yet he was opposed to the bill in every shape: he was opposed to it, because, as it seemed to be conceded, the money was to be regarded as a simple donation on the part of the country. He did not think, according to the principles of the constitution, the House had the right to make such a donation. Much stress had been laid on the circumstance that this measure had come Mr. CLAYTON said he was not disposed to discuss this recommended to the House by the President, although he resolution, but in a spirit of the utmost liberality. [He [Mr. B.] was satisfied that, in recommending it, the Presi- commenced with quoting a clause in the charter requir dent had only done what he felt to be his duty; yet he re-ing the bank to submit its affairs to examination.] The gretted that he had meddled with it; he wished he had left committee of the House appointed to examine the subject, that job undone. In opposing this measure, however, he had declared that the power to investigate the state of the for one had no apprehension of being censured for doing institution was so wholesome in its nature and tendency, so by the President, for as he himself got credit for do- that whenever any suspicion was excited against the bank, ing, at all hazards, what he believed to be right, he would it ought to be employed. [Here he quoted the report of doubtless allow to others the privilege of acting consist- the Committee of Ways and Means, and also that of the ently with what they deemed a conscientious discharge of minority of that committee, to show that they coincided their duty. If, however, he should, in so acting, incur in recommending an examination into the affairs of the the censure of the President, then he would say, in God's bank.] Mr. C. said, that when he introduced the resoluname, be it so. He felt it his duty to move that the en- tion, he had expected that the friends of the bank would acting clause be stricken out of the bill. have seized on the opportunity thus held out to them to When the question on this motion was about to be put, put the institution on higher ground than any it had yet Mr. McDUFFIE suggested the propriety of withdraw-occupied; for such must be the effect of the investigation, ing this motion, as it could be put when the subject came if the condition of the institution were such as they reprebefore the House; and if it was now pressed, it would only sented it to be. It must be manifest to every one, that if protract the debate, to the manifest inconvenience of the the bank should come out of the ordeal unharmed, and House. prove itself to be a benefit to the nation, none would be disposed to put it down. Mr. BLAIR consented to withdraw his amendment, but a similar one was offered by Mr. PENDLETON; after which, Mr. POLK, in reply to what had fallen from the member from South Carolina wished to explain that he voted for the bill, not on the ground of its being a simple donation, for if he thought it was, he agreed with him that it was not in the power of the House, according to the constitution, to make it; he voted for it, because it came fully within the equitable principles of the prize act, and which, as had been detailed to the House, had been sanctioned during the late war by Congress. Mr. McDUFFIE believed that this was as just and sacred a claim as any which had been ever pending between individuals and the United States; and when the proper time would come, he was prepared to meet all the objections which had been urged against the bill. VOL. VIII.--118 Mr. C. said he would frankly state what he believed could be brought against the bank. He thought it was enough for him, as a representative of the people, to state to his corepresentatives the charges which he believed might be substantiated against the institution; when they had heard them, they might vote the investigation or not, as they might deem proper. The following facts would, he believed, be established, and, under that impression, he preferred them as a sort of indictment against the bank: 1. The issue of 7,000,000, and more, of branch bank orders as a currency. The president of the bank admits seven millions issued. 2. Usury on broken bank notes in Kentucky and Ohio; they amounted to $900,000 in Ohio, and nearly as much in Kentucky. See 2 Peters's Reports, p. 527, as to the nature of the cases. H. OF R.] Bank of the United States. [FEB. 27, 1832. 3. Domestic bills of exchange, disguised loans to take to deal in bills of exchange, and to transact other business more than at the rate of six per cent. Sixteen millions of properly belonging to branch banks, contrary to the these bills for December last. See monthly statements. charter. 4. Non-user of the charter. In this, that from 1819 to 15. Giving authority to State banks to discount their 1826, a period of seven years, the South and West branch-bills without authority from the Secretary of the Treasury. es issued no currency of any kind. See the doctrine on Having gone through with these items, briefly comnon-user of charter and duty of corporations to act up to menting on each as he proceeded, Mr. C. observed that the end of their institution, and forfeiture for neglect. he knew a number of petitions had been presented to the 5. Building houses to rent. See limitation in their char-House in favor of rechartering the bank. Such petitions ter on the right to hold real property. 6. In the capital stock, not having due proportions of coin. 7. Foreigners voting for directors, through their trus tees. Abuses worthy of inquiry into, not amounting to forfeiture, but going, if true, clearly to show the inexpediency of renewing the charter. were gotten up with great facility. Some of these were even obtained in New York. Now he would appeal to the whole South, whether the petition of a few individual merchants was to be regarded in preference to the declared opinion of the Legislature of the State of New York. He knew it was become very unfashionable to listen to the voice of States; he knew they were scarcely as much respected as so many corporations, and that their will weighed nothing. But, as long as he was able to 1. Not cashing its own notes, or receiving in deposite utter his voice in favor of the rights of the States, he at each branch, and at the parent bank, the notes of each would continue to aver that they were worthy to be reother. By reason of this practice, notes of the mother bank garded. The House was receiving the petitions gotten are at a discount at many, if not all, of her branches, and up by the bank as an expression of the wishes of the comcompletely negatives the assertion of "sound and uniform munity, while the voice of New York and of other States was disregarded. currency. 2. Making a difference in receiving notes from the Federal Government and the citizens of the States. This is admitted as to all notes above five dollars. The bank was an institution whose arms extended into every part of the community; and one of its officers had not long since boldly declared that the moment the bank 3. Making a difference between members of Congress should succeed in obtaining the renewal of its charter, it and the citizens generally, in both granting loans and sell- would grind the State institutions to dust. This he pledging bills of exchange. It is believed it can be made to ap-ed himself to prove. An institution like this, which, by a pear that members can obtain bills of exchange without, mere exertion of its will, could raise or sink the value of citizens with a premium; the first give nominal endorsers, any and of every commodity, even of the bread we ate, was the others must give two sufficient resident endorsers. to be regarded with a jealous watchfulness. When the 4. The undue accumulation of proxies in the hands of present charter was granted, a committee had been apfew to control the election for directors. pointed to investigate its concerns; and he thought the bank ought to be satisfied that the proposed inquiry should be instituted. a 5. A strong suspicion of secret understanding between the bank and brokers to job in stocks, contrary to the charter. For example, to buy up the three per cent. stock The charges he had made, could, he was confident, be at this day, and force the Government to pay at par for maintained. He had not made them without the best reathat stock; and whether the Government deposites may sons. But should the charges be refuted, the bank would not be used to enhance its own debts. 6. Subsidies and loans, directly or indirectly, to printers, editors, and lawyers, for purposes other than the regular business of the bank, 7. Distinction in favor of merchants in selling bills of exchange. 8. Practices upon local banks and debtors to make them petition Congress for a renewal of its charter, and thus impose upon Congress by false clamor. 9. The actual management of the bank, whether safely and prudently conducted. See monthly statements to the contrary. 10. The actual condition of the bank, her debts and credits; how much she has increased debts, and diminished her means to pay in the last year; how much she has increased her credits and multiplied her debtors, since the President's message in 1829, without ability to take up the notes she has issued, and pay her deposites. 11. Excessive issues, all on public deposites. real or delusive. If such be able to convince the nation that it did not rest on the [Our sketch of Mr. CLAYTON's speech is but imperfect: he was not heard with distinctness: but the substance of his remarks is believed to be given.] Mr. WAYNE rose to vindicate the individual who had been, he was confident, wrongly charged. That indivi. dual was a common constituent of both his colleague and himself. He could assure his colleague, and the House, that what had been said was incorrect, as it respected that gentleman; though he had little doubt that the bank, if successful, would do as had been said. 13. The amount of gold and silver coin and bullion sent Mr. LAMAR said, that until evidence to the contrary from Western and Southern branches of the parent bank was produced, he should remain satisfied that the statesince its establishment in 1817. The amount is supposed ment was perfectly true. If the gentleman last up had to be fifteen or twenty millions, and, with bank interest known the very respectable source from which that inforon bank debts, constitutes a system of the most intolerable mation came, he would be of the same opinion. oppression of the South and West. The gold and silver of the South and West have been drawn to the mother bank, mostly by the agency of that unlawful currency created by branch bank orders, as will be made fully to appear. 14. The establishment of agencies in different States, under the direction and management of one person only, Mr. HUBBARD called for the orders of the day; but the House negatived the motion. Mr. McDUFFIE then rose, and addressed the House nearly as follows: Mr. McD. said that if any tangible and substantial charges had been submitted to the House on the authority of but a single respectable witness known to the House, FEB. 27, 1832.] Bank of the United States. [H. OF R. he should feel under the highest obligation to go into the notes in Kentucky and Ohio." And as to this count, as a investigation proposed, cost what it might, and be the lawyer, I should almost think it subject to a demurrer. consequences what they might. But it was extremely "Usury on broken bank notes!" Sir, I do not quite unobvious, that to sustain a resolution of the character of derstand this charge. The gentleman read a plea put in that which had been offered by the gentleman from Geor- by the defendants and their counsel, to which there was gia, containing matter of so grave a kind, and having such a demurrer; and he stated the decision of the court, that an important bearing on all the interests of the Bank of the facts set forth in the plea went to make out a case of the United States, was a thing not lightly to be done. usury. Sir, the lawyers must have been unskilful indeed The gentleman had drawn up an indictment, as he called it, against the bank, containing fifteen counts; and out of all of them, there were but one or two which professed to disclose any other than matter of general notoriety. As to the first charge-"the issue of seven millions and more of branch bank orders as a currency.' if they did not. A demurrer to a plea is made merely to settle a principle. A demurrer decides no facts. But the gentleman omitted to read the explanatory note at the bottom of the page. I will supply the omission. [Here Mr. McD. read a note stating that owing to the demurrer the facts of the case never came to proof.] Sir, the whole Now, sir, said Mr. McD., I will take this charge as a of these alleged facts going to make out a case of usury, fair specimen of the whole: and I will venture to say that are denied, and can be disproved. This is a plain case, a all the others will end in the same manner as this must very plain case. Both the Government of the United end, on a fair and candid investigation. What is the States and private individuals deposited, in the branch bank charge That the bank has forfeited its charter. And in question, State bank paper, good when deposited. how has it forfeited it? By doing that which the charter The branch bank held this paper, and received interest itself, in terms, authorizes it to do: by issuing bills of ex-upon it as so much cash, from the State bank. The State change. What is the very object for which the bank was bank did finally pay up the balance of notes held by the instituted? What is its most important and most benefi- United States' branch. Under this state of things, an incial operation? It is dealing in exchanges: the very dividual comes to the branch seeking a loan. The office operation here denounced. It seems, according to the tells him, we are prohibited, by the orders of the mother gentleman, that these drafts, or bills of exchange, bank, and especially by a temporary regulation at this are grossly unconstitutional. Why? Because they are time, from complying with your request. The applicant drawn by one of the branches of the bank, and signed by says he is willing to take bills of the State bank which had the officers, the president and cashier of such branch? been deposited there, (and which were equal to so much Oh no. That is a common, regular operation of every day. cash to the institution,) and to this proposition the bank Why then? Because they are drawn upon the mother assented. It was a perfectly fair transaction; and the inbank? No: that, too, is an ordinary, every day operation. dividual no doubt thought at the time that a great favor Such drafts on the mother bank are drawn by the had been extended to him, but found it convenient to branches continually. Why then? Why, sir, I will tell plead usury when the day of payment came round. This you: it is because the bank has been so atrocious, so dar-transaction happened ten years ago. But this, it seems, ing, as to paint the paper on which these drafts are is the day when all the sins of the bank, for these sixteen drawn. That, sir, is the whole substance of the charge. years past, are to be brought up in judgment. If the The gentleman can make nothing else of the matter. The gentleman had gone beyond the year 1819, he might have drafts are colored blue, stamped in a particular way, brought forward much higher charges than this, and if and they circulate as bank bills. This is the idlest, the the bank is to be held responsible for them, too, there is very idlest, of all charges that ever was gravely brought no telling where it will end. But, in the year 1819, all forward. It will not bear discussion. Although not against those now stale charges were brought fresh for examination the charter, this operation is very inconvenient to the before this House, and the bank was exonerated from bank. It is perfectly well known that the officers of the serious censure, on the ground that they were matters mother bank did not possess the physical power to sign which had grown out of the necessity of the times, and the vast number of small bills required for the circulation that the bank had done the best it could. of the country; and these checks were substituted as a Sir, the fact is, the very difficulties of the bank in 1819 matter of sheer necessity. What injury has happened to all grew out of an attempt to do what the gentleman from the public in consequence of the adoption of this expe- Georgia supposes the bank is bound now to do; from the dient? What is the charge against these drafts, except idle and visionary attempt to pay the bills of all its that they are painted and stamped? The bank is liable branches, not only at the branches where drawn, but at for every such check that may be issued. That point has all its offices. It was an absurd attempt to do what was been tried and settled. No professional man, familiar and is impracticable. with commercial law, will dispute the position that the bank, having thus authorized the branches thus to draw upon it, is responsible for the drafts. The bank is authorized by its charter to deal in exchanges. The branches draw upon the mother bank, by an authority given them in advance; and every lawyer knows that such an indefinite authority granted to an agent beforehand renders the principal liable to any extent. The third article of this indictment charges the bank with "the dealing in domestic bills of exchange, and disguised loans." any per cent. it pleases? I should, I confess, like to understand the nature of these charges. Why, sir, this is one of the ordinary transactions of the bank, and one of the most unexceptionable of those transactions. Sir, am I to understand the gentleman from Georgia as charging the bank with a violation of its charter, because it buys bills of exchange, and sells bills of What, I again ask, is the injury sustained by the pub-exchange, or checks, at half per cent., one per cent., or lic? It has been said by the gentleman from New York the other day, [Mr. CAMBRELENG,] that these drafts are payable nowhere. Ay! payable nowhere! If that is the Mr. CLAYTON explained. A note was asked to be fact, the objection is conclusive, But, sir, they are, in renewed; the bank refused the request, but was willing point of fact, payable every where. That is the fact to give a discount on a draft on a distant factor, thereby and the bank has paid them every where, indiscriminately. realizing a profit of two per cent. on the bill. This, he There may have been a few exceptions, owing to a very concluded, was a disguised loan. If the applicant had the great accumulation of them at one spot; but the bank money to pay for this draft, he had the money to pay the usually pays them at all its branches. So much for the note. This, though not a regular compact to get ten per grave charge of painting drafts. cent., was certainly a regular dealing in loans, and was a The next specification is for " 'usury on broken bank substitute for a demand of higher interest. H. OF R.] Bank of the United States. [FEB. 27, 1832, Mr. McDUFFIE resumed. He believed that the charge authority to own land is an authority to use it; and can a as now made never could be made out. The Bank of the man be said to have the full use of his land, if he may not United States never, he was confident, had been guilty of build a house upon it and rent it, until he can sell? Such such a transaction, with a view to practice a species of a construction went to destroy the right altogether; the extortion, by exacting a rate of interest not allowed by its right to purchase is wholly deceptive, unless the land charter. I can conceive, however, said Mr. McD., a case purchased may afterwards be made use of in any lawful where the bank would refuse a loan on an ordinary note, manner most conducive to the interest of the owner. when its object was to have funds ready in a particular The sixth count is for not having, in the capital stock, place to meet some engagement there. Under these a due proportion of coin. I am wholly at a loss to uncircumstances it might be very willing to grant a loan, if derstand this charge. It is alleged to be a violation of the the money, when repaid, was to be deposited at that charter. I am unapprised to what fact it refers. I place; and in such a case the bank would be lawfully should be glad to know to what part of the charter it reentitled to realize the difference of exchange between lates. There is nothing in the charter, as I read it, on the two points; and I will venture to say that in that the subject. case the bank would be found willing to take a lower Mr. CLAYTON here read something in reply, which rate of exchange than any broker who might be em-was totally inaudible. ployed. The fourth charge was a "non-user of the charter;" in this, that during a period of seven years, the Southern and Western branches had issued no currency of any kind." My friend from Georgia, said Mr. McD., must have been unfortunate indeed, in drawing his indictment, if that is the only specification. Mr. CLAYTON. I mean to say that the bank cannot pay its debts, and is broke; can the gentleman understand that? It was unnecessary to go into the question of non-user. Every practical man acquainted with banking would be Mr. McDUFFIE. The allegation is utterly unfounded. satisfied that the bank would never have violated its char- The bank is not only able to pay its debts, but it is a great ter, if some of its branches had never issued a single bill. deal too able to do so, to suit the views and wishes of its It was not a condition in the charter that the bank should opponents. Its ability is so undisputed, and its credit so issue bills from all of its branches. Why should it? The very high, that all the forms of speculation, by brokers object of the bank, in a commercial view, was to grant and banks without capital, are completely put down by discounts; but, for this, it was under no necessity of issuing the perfect regularity which this bank has introduced into its own bills of any kind. Could not the bank let the the commercial and moneyed operations of the country. I applicant have specie for his note, or the bills of some said that the bank did not owe more than it was able to other bank? Might not the state of exchange be such, pay. I now say it can pay all its debts, and leave its that the bank could not safely issue its own notes at a capital wholly untouched, and a large surplus besides. particular place? Did not the gentleman know that there The debts due by the institution are several millions was a time when it would have been very hazardous to within the limits of its charter. Sir, what is the debt of do so? In 1818, the institution had been reduced almost the bank? It has a circulation in notes of some twenty to bankruptcy, by the attempt to pay its bills indiscrimi- or twenty-four millions of dollars; while its capital (over nately. There was in the West a vast demand for the and above all deposites) is more than thirty-five millions. bills of the bank, and its circulation might have been ex- The seventh charge: "Foreigners voting for directors tended to an almost indefinite amount. It did issue bills through their trustees." I know nothing of this charge. in the first instance, to the amount of many millions. But But the fact can easily be ascertained from the bank itself. such was the state of the internal commerce of the coun-I have no doubt that, so far as it is a charge at all, it will try, that the whole of the bills issued in the West found turn out to be wholly without foundation. It may be that their way to the branch at New York, and other Eastern stock has been owned by a foreigner, and yet held in the branches. The balance of trade was constantly against name of some citizen of the United States. But how, I the West, and the current of exchange carried all the ask, can the bank prevent an American stockholder from paper of the bank to the Eastern branches, where specie voting on stock held by him, on the ground of a secret was demanded. The consequence was, (what it must trust? This is no abuse for which the bank is answerable, ever be, if the bank should have no discretion as to where unless the bank has been conusant of the fact, and had its bills should be issued and payable,) all the exchanges the power of correcting the abuse. This charge may of the country were performed without compensation, at be answered from the books and records of the bank, in the expense of the bank. Would any man give even five minutes. one-fourth per cent. for a bill of exchange, if he could I have now gone through those charges which go to an take a bill of the Bank of the United States, and send it alleged violation of the charter of the bank. The others, from one point of the Union to another, with the assurance according to the gentleman, do not amount to a forfeiture, that it would there command specie? The consequence but are thrown in to show the inexpediency of rechar of such a state of things would be, that the bank would tering the institution. I will proceed to notice these in have to keep teams constantly travelling backward and order. The first of these subordinate offences is stated forward with specie. to be, The fifth charge was the building of houses to rent.. "Not cashing its own notes, or receiving in deposite On this subject the terms of the charter, Mr. McD. said, at each branch, and at the parent bank, the notes of each were plain. It prohibited the bank from purchasing land, other." save in certain specified cases; the debt must not origi- It is unnecessary that I should enter on the investigation nally have been contracted on the security of land; but of this topic. In the report made two years since by the where there was a mortgage subsequently given, by way Committee of Ways and Means, it was fully examined, of collateral security, the bank was permitted to purchase. and the imputation effectually refuted. By the attempt In this manner, and in no other, had the bank become to do what the bank is here assailed for not doing, all the possessed of real estate. The idea of the gentleman, embarrassments which prevailed in 1819 were, as I have said Mr. McD., is wholly new to me; and I should be said, produced. No bank that acted on the plan suggestglad if the gentleman from Georgia would show me, from ed could sustain the soundness of its currency for two Coke or Blackstone, how it can be lawful to purchase years. A bank with branches extended over all the land, and not to build houses upon it, and lease it. The States of the Union, to be bound to pay the notes drawn authority to buy land is an authority to own land; and an at all these branches at every other branch! Why, sir, FEB. 27, 1832.] Bank of the United States. [H. OF R. does not the gentleman see that all the commercial ex-low-members, should the gentleman succeed in deterring changes of the country would be conducted at the expense the bank from granting us these little accommodations. of the bank? The bank issues bills at New Orleans, pro- Next comes the undue accumulation of proxies in the mising to pay them at that place. What says the gentle-hands of a few to control the election for directors." man? The promise of the bank to pay at New Orleans The bank has no control whatever over this, nor has Then we have the following specification: "A strong suspicion of secret understanding between. the bank and brokers to job in stocks, contrary to the charter. For example, to buy up the three per cent. stock at this day, and force the Government to pay at par for that stock; and whether the Government deposites may not be used to enhance its own debts." binds it to pay at New York, and the promise to pay mo- any abuse been practised. Sir, I confess that the language of this count in the gentleman's indictment did not a little surprise me. That the Bank of the United States, a bank holding its privileges by a charter from the Congress of the United States, should be formally arraigned by a member of that Congress on a public charge that there is "a strong suspicion This attempt had nearly perpetuated the unsoundness of a secret understanding of that bank with brokers for of the currency which the bank was instituted to correct jobbing!!" Is the gentleman from Georgia aware of the and prevent. Should such a condition be inserted in the probable consequences of what he is doing? Has he not charter, it would be utterly vain to talk any longer of a received some admonitions on the subject of yielding his uniform and sound currency. The Bank of the United ear too credulously to those suspicions which are whisperStates would soon become an auxiliary with the State ed by anonymous and irresponsible informers? This, sir, banks, and run with them the career of depreciation. It could not avoid it. It would be a matter of necessity. Here, sir, is another charge: "The making a difference in receiving notes from the Federal Government and the citizens of the United States." is one of the gravest charges on the whole catalogue. It involves not indeed a violation of the charter, but it contains a charge of moral turpitude utterly disgraceful to any public institution. Sir, I do not believe the charge. It is a universal prinThis is a most serious and extraordinary charge, indeed! ciple, that even the criminal at the bar of public justice Sir, what are the terms of the bank charter? Is not this shall not only by the humanity, but by the wisdom of the the very thing it stipulates that the bank shall do? Was law, be presumed innocent until his guilt shall be estait not one of the primary objects of establishing the bank?blished by proof. Yet here are we called to go a tilting Sir, the bank was created, among other objects, for the against fabricated phantoms of guilt and corruption, which very purpose of doing the thing which is here made the on the very face of the indictment rest on mere suspicion. ground of denunciation. The bank is obliged, by its char- Sir, what must be the effect of this investigation? The ter, to receive the bills of all its branches as deposites of gentleman from Georgia must surely be aware of the dethe Government, and to transfer the funds thus deposited licate nature of the public credit of all kinds: above all, of to all parts of the United States where the Government bank credit. A whisper may blast it. It is like female may require them. Is not this dealing with the General reputation; you have only to make the charge, and you Government in a manner different from that which the have already, and perhaps irreparably, done the injury. bank deals with individuals? Suspicion, therefore, is no adequate ground for institutBut I will here remark that this circumstance, so far ing such an inquiry as this. Facts, well authenticated, from being a disadvantage to individuals, is, on the con- and positively vouched by responsible persons, are the trary, a wery great advantage to them. All who owe the only sufficient grounds of such a proceeding. Yet here Government, though they may reside in the northernmost is one of the guardians of the public interest, and who extremity of the Union, may tender bills drawn by the ought also to be a guardian of that institution, bringing forbranch in Louisiana in payment, and they are receivable ward a grave and damning imputation against its characfor all Government dues; the bank is bound to take them ter, without even the pretence of proof. I shall feel myon deposite, and to give cash for them when demanded, self bound to vote down any such attempt. Sir, what is or drafts on any part of the Union. This obligation to re- it? It is not even a ghost! Not a shadow! "A mère ceive the bills of its branches indiscriminately, and to give bodiless creation!" It is nothing but what may be imputcash or drafts in exchange for them, gives to those bills ed to the purest of men as readily as to the purest of pubalmost as uniform a value as if they were generally receiv-lic institutions. able. It renders the bills of the Bank of the United States I have no doubt that some such dark insinuation has almost perfectly uniform throughout the Union-certainly been poured into the gentleman's ear. I know him too more uniform than specie itself could be in so extensive a country. The next charge is in these words: "Making a difference between members of Congress and the citizens generally, both in granting loans, and in selling bills of exchange." I am wholly ignorant of the nature and extent of the facts alluded to. well to suppose that he would otherwise bring forward such a charge. But, having brought it forward on this floor, I trust, before the House rises, he will state the name of the author, and by whom he proposes to prove it. It is a very grave charge, and I hope it will not go off without assuming a more tangible shape. Another charge is, "subsidies and loans, directly or indirectly, to printers, editors, and lawyers, for purposes [Here Mr. CLAYTON explained--but not a word reach-other than the regular business of the bank." This, sir, ed the reporters' desk.] is a charge which turns upon facts. I am entirely igno Mr. McDUFFIE resumed. I believe it has been the rant of them, as no disclosure has been made on the subuniform practice of the bank, from its foundation, to ac- ject. I think the gentleman from Georgia is bound to commodate members of Congress as to their pay. It gives show some proof to sustain them: but, in the absence of us gold or silver when we wish it, or drafts on distant places; proof to substantiate the charge, I may take it for grantand I confess, sir, that I, for one, should be grievously ed the bank pursued the same course in making their distressed, on my own account as well as on that of my fel- loans and discounts to the lawyers, editors, and printers, |