A

H. OF R.]

Bank of the United States.

[FEB. 27, 1832,

as they pursued in regard to every other class. If the nual accounts rendered to the stockholders. A reference bank had done otherwise-if it had proscribed these classes to these accounts will satisfy the gentleman, without furof citizens, it would not have discharged its duty. I can well ther trouble, that the affairs of the bank have been prudentimagine that printers and editors, in certain cases, which ly conducted, and that it is not only able to pay its debts, might be stated, would not be proper subjects for public but has fulfilled all its obligations, and performed all its patronage; that objections might be urged to the practice duties, in a manner that should be highly satisfactory to of appointing them to office, when the natural conse- the people and to the Government as well as to the stockquence would be to impair the perfect freedom of the holders. press, and make it subservient to the will of those having patronage to bestow.

The next allegation of the gentleman is "that the bank has made excessive issues, all on public deposites." Such objections have been urged against the last as Now, sir, if the Bank of the United States is obnoxious well as the present administration; but this objection was to censure in this respect, there is no bank in the whole founded altogether on political grounds. But I have never Union that can escape condemnation. For I may venture yet heard it maintained that a printer or editor was, by to assert that there is not one which is not authorized, by any principle in law or morality, to be held and deemed the terms of its charter, and which does not, in point of so destitute of credit as to be precluded from obtaining a fact, issue a larger amount of bills, according to its actual loan from a bank. If there be such a principle in either capital, its deposites, and the specie in its vaults, than the the commercial or political code of the country, I am en- Bank of the United States. I say it boldly, that there is tirely at a loss for the grounds of it. Along with the edi-no bank in the country, and never has been, which has torial corps, the lawyers, too, come within the scope conducted its issues with more perfect safety to all the inof the gentleman's proscription. I should be glad to terests involved. Let the available means of the bank be know upon what possible grounds they can be pre- considered for a moment, and this charge will utterly cluded from enjoying the facilities of bank discounts. vanish. These means amount to upwards of sixty millions; Are they not entitled to have the same privileges as other of which a sum sufficient to pay all the notes in circulamen? Are we to recognise different orders in the coun- tion could be converted into specie on the shortest notice. try? Shall the Bank of the United States be constituted It would not be hazarding much to say that if a run was into a sort of moral Areopagus, with authority to place made upon the bank for specie, it could redeem all its whole classes of the community under the ban? On this notes in circulation in the short space of sixty days; a subject I may possibly have some esprit du corps, having fact which certainly cannot be predicated of any other once been a member of the profession of law; but in the bank. state of things which the gentleman seems to desire, I The honorable member from Georgia seems to dissent should regard myself fortunate in having abandoned it. from this, however, because the specie in its vaults But the whole foundation for this charge, I will venture to amounts to only seven or eight millions. Why, sir, does say, when investigated, will turn out, although thus grave- it not occur to that gentleman, that the available resources ly urged against the Bank of the United States, to be no- of a bank are not alone the specie in its vaults, but that it thing more than that it had the audacity to employ some has other funds equally as available as specie? The notes eminent lawyer, who gave an opinion in favor of the lega- of State banks convertible into specie, and the funded lity of those checks, the issue of which by the bank the debt owned by the bank, may be fairly estimated as cash, gentleman from Georg a so much deprecates. And al- in the operations of the bank. In addition to these, the though that opinion may not be gratifying to that gentle- discounted notes and bills of exchange which the bank man; and though he may not approve of the bank em- holds, to the amount of some sixty millions, puts it in its ploying its funds for the purpose of getting such an opi- power, at all times, to call in to the amount of five or ten nion, the stockholders, who are the only persons interest-millions more, to meet any extraordinary demand for ed in this matter, will no doubt say the money for that specie. purpose was well laid out. The bank directors acted So much, sir, for the prosperity of the bank and its reproperly in getting a professional opinion, to put a stop sources; and I leave it to this House to decide "whether to the charge which was bruited throughout the country, it be real or delusive." that they were making issues of spurious paper, for which. the bank was not responsible.

The next charge is, "that the bank made a distinction in selling bills of exchange." This is unfounded.

The eighth charge is, that the bank has used undue and improper "practices to induce the local banks to petition Congress for a renewal of its charter, and thus impose upon Congress by false clamor." Now, sir, this is, in its very nature, and upon its very face, a charge founded not upon evidence, but surmise and conjecture, and I therefore pass it over as meriting no serious attention, owing to its vagueness.

The next inquiry which the gentleman from Georgia proposes to make by the agency of a select committee, relates to "the amount of gold and silver coin and bullion sent from Southern and Western branches to the parent bank since its establishment in 1817." The amount, says the specification “is supposed to be fifteen or twenty millions, and, with bank interest on bank debts, constitutes a system of the most intolerable 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 the branch bank orders." I would remark, sir, that the transfer of The gentleman next proposes "that an inquiry should specie, like that of any other article, is regulated by the be instituted as to the actual management of the bank, course of commercial exchange, and the demands of the whether safely and prudently conducted." This con- different parts of the Union. To complain that this transtains no charge, and requires no special notice. Nor can fer is performed by the bank, almost free of all charge, is I perceive on what ground it is proposed that an inquiry to complain of one of its most salutary and beneficial be made into the actual condition of the bank, its debts operations. Let me tell the gentleman from Georgia that and credits; how much it has increased its debts and di- he has entirely mistaken the cause of these oppressive minished its means to pay within the last year. How drafts for specie upon the Southern and Western States. much it has increased its credits and multiplied its debtors, He seems to me to have been singularly unfortunate in since the President's message in 1829, without ability to ascribing these oppressive drafts for specie to the bills of take up the notes it has issued, and pay its deposites. exchange drawn by the Southern and Western branches With regard to this, there is nothing in it. The particulars on the mother bank. In no respect has the Bank of the sought for are fully and satisfactorily disclosed in the United States rendered more essential service to the counmonthly accounts rendered to the treasury, and the an- try, and granted greater commercial facilities to the pco

FEB. 27, 1832.]

Bank of the United States.

[H. OF R.

ple, than in the very matter which is here brought up in clusively devolved upon the State banks, my reputation judgment against it. The gentleman has mistaken the on it, the absolute distresses and necessities of the counhand that mitigates the burden for the hand that imposes try would drive those banks into the fatal policy of susit. A bare reference to the course of trade between the pending specie payments in twelve months. different parts of the Union will verify what I have said. I am now approaching the close of this long list of For example, the Western farmer sends his live stock to specifications, and I am heartily glad of it; for I have alCharleston or Savannah, and sells it for money. As these ready committed a much longer trespass on the attention cities are not the markets in which he can most advanta- of the House than I intended. geously make his purchases of goods, he would most as- The fourteenth charge is, "the establishment of agensuredly demand specie for the local bank notes obtained cies, in different States, under the direction and managefor his live stock, in order to make his purcbases in New ment of one person only, to deal in bills of exchange, and York and Philadelphia, if it were not that the branches of to transact other business properly belonging to branch the United States' Bank furnish drafts or checks on these banks, contrary to the charter." cities, which are, for all the purposes of the Western far- I am wholly ignorant, sir, of any provision in the charmer, better than specie. With these drafts the Western ter which forbids the establishment of such an agency, merchants pay for the merchandise which supplies the and I am equally ignorant of the fact that any such agency Western market, and the whole circle of this domestic has been established. I can very well imagine, however, commerce is completed without the use of a dollar of spe- that circumstances might render it inexpedient to establish It is obvious, therefore, that this very operation of a branch of the bank where the interests of the public the bank, upon which the gentleman charges the oppres- would be greatly promoted by such an agency as the sion of the South and West, is that which tends most gentleman has denounced as a violation of the charter. It powerfully to relieve them from oppression. is quite a new idea to me, sir, that the express authority given to the bank to deal in bills of exchange should be constructively limited to such dealing as is effected by the agency of a branch bank.

cie.

I come now to the fifteenth and last specification: "Giving authority to State banks to discount their bills without authority from the treasury."

But these parts of the Union are subject to very oppressive drafts, I admit, from a very different source, however, from the Bank of the United States. It is, sir, from the fiscal operations of this Government, from the large amount of revenue levied and collected in these parts of the Union, and disbursed in other parts of it, that these oppressive drafts proceed. And if the gentleman I confess, sir, I am at some loss to understand what it is would look a little deeper into the matter, he would find that the gentleman means to condemn in this last count that here, also, the Bank of the United States, though it of his indictment. Does he really suppose that the State is unavoidably the agent of the Government in making banks would not be authorized to discount the bills of these drafts, performs the duty in such a way as to dimin the United States' Bank, without special authority from ish the injury inflicted to a very great extent, in compari- that bank to do so? or that any authority of that kind son with what it would be if the same duty were per- could give them a greater right, in that respect, than they formed by any other agent. If there were no Bank of have without such authority? The honorable member the United States, and the Government deposites were might as well make it a charge against me, that in making made in the local banks, what would be the effect of levy- a note I promised to pay the sum stipulated to the bearing and disbursing the public revenue upon the Southern er, and thereby authorized the payee to negotiate it to States? If it be assumed that three millions of revenue is whom he pleased. All bank notes are payable to the collected in Charleston and Savannah, and only five hun-bearer, and every bank may lawfully discount the bills of dred thousand expended in the South, it would follow every other bank. Upon the whole, sir, if I understand that two million five hundred thousand would remain to this charge, it is one of the most extraordinary and fancibe transferred, probably to Norfolk and this city, for dis- ful charges that can be conceived; but I must admit that bursement. In this state of things, if the Government it is in perfect keeping with the general tenor of the made its deposites in the local banks, and these were bound, whole accusation. It is fit and appropriate, sir, that an like the Bank of the United States, to place these funds indictment which commences with the grave and solemn wherever the wants of the Government might require charge of stamping and painting the paper on which its them, I ask, in what manner would they be able to make checks are written, and permitting the people to use this transfer? Their bills, whatever might be their credit them in the place of bank bills, should conclude with the in Charleston and Savannah, would not be received in equally grave and solemn charge of permitting the State Norfolk and Washington. Having no branches at these banks to discount the bills of the Bank of the United places, they could not give drafts on them. Their only States, without the authority of the Secretary of the Trearesource, therefore, would be to transport the specie, or sury! purchase bills of exchange at a very high rate, certainly And now, sir, having gone through the long list of the much beyond the rate which now exists between those suggested violations of the charter of the banks, and of points of the Union. If the notes deposited by the Go- other alleged abuses deemed worthy of inquiry by the vernment were in other banks than those in which the de- gentleman from Georgia, I must be permitted to say that posites were made, the specie would be demanded for the bank has great cause to rejoice that no graver charges them. Then, sir, there would be a real cry of distress, a can be brought against it. For, sir, with the excep clamor that would make the very welkin ring. The option of the crime of being suspected of a secret underpression in this case would not be imaginary, but real; an standing with brokers to cheat the Government, and one oppression resulting from the unmitigated action of the or two kindred charges, resting on the same shadowy Government, levying heavy contributions from the people, and requiring it to be paid in a medium which could not

be obtained.

foundation, we have heard nothing but the stale and hackneyed and exploded imputations that have been already reiterated a hundred times against the bank, and as many times refuted. I think it must be apparent that this institution has fully performed the great duty of supplying and preserving a sound and uniform currency, and all its other obligations, both to the Government and to

Sir, it is the highest eulogium that can be pronounced on the Bank of the United States, that it provides the Government with a sound currency, of perfectly uniform value, at all places, for all its fiscal operations; and at the same time enables that Government to collect and dis- the country. burse its immense revenues in the mode least oppress- I will say a word or two as to the course which I think ive to the community. If the same functions were ex-wisdom, and prudence, and justice, concur in recom

H. OF R.]

Bank of the United States.

[FEB. 28, 1832.

mending this House to pursue in relation to the resolu- what they may. But, in the failure of the gentleman to tion submitted by the gentleman from Georgia. I have give this assurance, I shall feel constrained by every conalready adverted to the delicate nature of bank credit, sideration to give my vote against it. and the consequent effect of instituting the proposed Mr. McD. having concluded, proceeding, on the extensive interests involved in the Mr. PATTON, of Va., obtained the floor; but, as it Bank of the United States. A large portion of the now wanted but five minutes of four o'clock, at which stock of this institution belongs to the widow and the or- hour the House had on Friday agreed to take a recess phan; in many instances, perhaps, their sole support and until seven o'clock, then to take up the Post Office bill, inheritance. As the guardians of these interests, there- he moved an adjournment. The motion prevailed, and fore, we are called upon to protect the institution in the House adjourned to seven o'clock P. M. whose destiny they must be involved against every charge The House resumed its session at seven o'clock, and which may be preferred upon mere suspicion, at the same went into Committee of the Whole on the bill establishtime that we are under the highest obligations to the pub-ing certain post routes, and discontinuing others.

FRIDAY, FEBRUARY 28.

BANK OF THE UNITED STATES.

lic to prosecute every charge which may be brought forward upon sufficient authority. Most of the charges preferred by the gentleman from Georgia are of a nature to preclude the idea of a select committee of investigation, admitting them to be well founded in fact-the leMr. ROOT gave notice that when the bill for rechar gality or illegality of painted and stamped checks, non- tering the Bank of the United States should come up for user of the charter, building houses to rent, the refusal consideration, he would offer the following additional secto receive the notes of all the branches indiscriminately: tions as amendments thereto; which were read, and laid these and most of the other charges turn upon facts which upon the table: are not controverted by either party. The questions And be it further enacted, That, after the 3d day of they present, therefore, are questions of law and of ge- March, 1836, there may be added to the said bank, by neral policy, which this House is better qualified to de- the United States, one hundred and fifty thousand shares, cide than any committee. amounting to fifteen millions of dollars, to be created for I am, therefore, decidedly opposed to the appointment that purpose, and bearing an interest of three per cent. of this inquisitorial commission, until some facts are per annum, payable quarter-yearly, and made redeemabrought forward, sufficient, at least, to raise a presump-ble at the pleasure of the United States. tion against the bank. After hearing the further expla- And be it further enacted, That it shall not be lawful nations which the gentleman from Georgia may desire to for the President, Directors, and Company of the said make, I trust, therefore, if he adduces no more substan- bank to sell and transfer more than three millions of the tial grounds of accusation than we have already heard, said stock, so to be created, in any one year, nor to sell that the House will give such a direction to this matter as any part thereof, at any time, without previously giving will arrest the whole proceeding. notice of their intention to the Secretary of the Treasury, I have no doubt that the gentleman regards the bank and giving the United States the refusal, for fifteen days, of the United States as a great national curse, and I of purchasing the same at the current market price. can, therefore, very well conceive that his mind will give And be it further enacted, That, of the twenty-five dicredence to much slighter evidence against the bank rectors for the management of the affairs of the said inthan would satisfy a mind differently prepossessed, or corporation, eleven shall be appointed by the President having no prepossessions of any kind. I am convinced of the United States, by and with the advice and consent of the perfect sincerity in which these charges have been of the Senate, not more than five of whom shall be resipreferred against the bank, and that the gentleman from dent in any one State. Georgia has not brought them forward at this particular And be it further enacted, That the notes or bills of the time, with a view to accomplish, indirectly, any object mother bank, or any of its branches, shall be receivable which he does not avow. But, sir, I cannot be blind to at the mother bank, or any of its branches, in payment the fact, that if this resolution should be adopted by the of debts due the said corporation. House, and a select committee should be sent off to PhilaThe first bank incorporated under the constitution of delphia to investigate these vague and indefinite charges, the United States gave a bonus of one million five hunthere is a strong probability that the important question dred thousand dollars for its charter. It offered the of renewing the charter of the bank will not be decided like sum for a renewal of its charter in 1801. The preduring the present session. When the bank presented sent bank offered the United States the like bonus for its the memorial asking for a renewal of its charter, the charter, and, upon the same principle, ought to pay that proper occasion was presented for instituting this inquiry. or a larger sum for its renewal or extension. But, as If this course had been then proposed, and any reasona- some of the States have claimed, and others may be desirble grounds had been presented, I should have cheerfully ous to possess, the right of taxing the said bank or its voted for a select committee. But as the probable effect branches within their respective jurisdictions, and it beof instituting this proceeding now, will be to postpone a ing highly important that harmony between the General great and important measure, which the public requires and State Governments should be cherished and perpetuto be speedily decided, I cannot give my assent to it, un- ated, therefore, til a sufficient show of evidence shall be produced to make out a probable cause for the prosecution, and to countervail the presumption of innocence, which is raised by the general character of the directors of the bank, for integrity, fidelity, and ability.

Be it further enacted, That, in lieu of such bonus, the right of taxing the said bank, and its branches, in the same manner, and to the same proportional extent, as they do their own local banks, is conceded to the States, respectively, in which the same may be situated.

In conclusion, sir, I will repeat the declaration I have The House resumed the consideration of the following already made, that if the honorable member from Geor-resolution, offered by Mr. CLAYTON, of Georgia: gia will state, upon his responsibility as a member of this Resolved, That a select committee be appointed to exHouse, that there is any respectable man who has assur-amine into the affairs of the Bank of the United States, ed him that he will prove against the bank the alleged with power to send for persons and papers, and to report charges of corrupt dealing with brokers or any other de- the result of their inquiries to this House.

scription of persons, I will give my vote for creating this Mr. PATTON, of Virginia, rose, and said, when he obspecial commission, be the cost and be the consequences tained the floor yesterday, he wished to present to the

FER. 28, 1832.]

Bank of the United States.

[H. OF R.

consideration of the House a few reasons which satisfied have indicated. I have heard it intimated that some such his mind that they ought to adopt the resolution offered scheme (whether truly, I know not) was to come in the by the gentleman from Georgia. It was not, Mr. P. said, shape of a motion for indefinite postponement, or some his wish or expectation that the delivery of his remarks such question, which did not necessarily involve a decision should have been postponed by an adjournment--a cir- on the merits of the claim for a renewal, from some one cumstance which he regretted, because it placed him in who was both a friend of the bank, and a friend of the an attitude which gave too much solemnity and formality President, and that its adoption was to be recommended to the small part which he intended to take in the discus-upon political or party grounds. I care not whether the sion, and might possibly have excited some expectation of fact be so or not, but take this occasion to say that I will a more elaborate and thorough examination of the subject not contribute my aid to any such movement for any such than any thing he might say would be likely to satisfy. He purpose. As a political friend and supporter of the did not design to say one word about the question, whether Chief Magistrate, a sincere and decided friend, I should the charter of the Bank of the United States ought to be regard it as the greatest injustice to him to pursue a course renewed or not. To discuss that question, said Mr. P., calculated and designed to shield him from the responsiupon the proposition now before us, would in my estima- bility, which, in the event of the bill for the renewal of the tion be ill-timed, premature, and disorderly. Whether charter being passed through both Houses, would devolve that institution has dispensed blessings or inflicted curses upon him, of disappointing and displeasing his friends in on the country--whether it has brought with it "airs from some quarter or another, no matter what might be his heaven," as its friends say it has--or "blasts" from the course in relation to it. Sir, it is not to be disguised, the other place, as is imputed to it by its foes, are inquiries evidence is all around us, that an effort is making to give not proper now to be made. They ought to be reserved great importance and influence to the Bank of the United for a more suitable occasion. States in the pending Presidential canvass. In one quarIf I were to judge, said Mr. P., of the character which ter of the Union, where the institution is supposed to be this discussion is to assume, from the manner in which I very popular, the enemies of the President assail him on have heard it spoken of by members out of doors, it is to the ground that he is an enemy of the bank. In another be conducted in a spirit on either side, which I can neither quarter, where the bank is supposed to be in rather bad participate in nor sympathize with. I have heard it said odor, his enemies enforce their opposition, by asserting that it was upon the proposition now before us that the and endeavoring to prove that he will certainly approve battle on the question of renewing the charter of the Bank a bill for the renewal of the charter. And it must be conof the United States was to be fought. And I have heard fessed that the same game is played by some of his friends it charged that it was a manœuvre, this proposition for in- in the same quarters of the Union, they representing him quiry, designed to evade and prevent a direct decision where the bank is unpopular, as its inflexible and uncomupon the merits of that question during the present session promising foe, and where it is in favor, as ready to give of Congress. I take leave to say that I will fight no his approbation to the charter, with certain restrictions such battle, on any such ground. It is not an appropriate and modifications. I for one will not take a hand in any field. We are not ready for the fight. We have not our such game, nor do any thing with a view to prevent its arms and ammunition. For myself I do not wish to be con- being ended. On the other hand, I will not hasten my sidered as having enlisted under the banners of either of steps inconsiderately, nor consent to precipitate a decision the contending armies. I have no such decided and inex on so important a question, for the mere purpose of comerable opinions upon the subject in dispute, as to be ready pelling the President to act upon it for the gratification of to engage pell mell and with headlong precipitation in the those who imagine that his action upon it, whatever it may conflict. I will enter upon the investigation of the claims be, will seriously affect his re-election. of the United States' Bank to a renewal of its charter with none of the spirit of a partisan. Estimating the question as an extremely important, as undoubtedly it is a very interesting one to a large portion of the people of the I believe the suspicion, (if any foundation were to be Union, so many considerations and inquiries of intrinsic given for it by the friends of General Jackson, pursuing delicacy and difficulty, both as to its constitutionality and the course I have deprecated,) that he wishes to shrink expediency, are involved in the inquiry, that it behooves from any responsibility his station imposes, would be inus to enter upon it with a calm, dispassionate, and delibe- finitely more fatal to his popularity, as it ought to be to rate judgment, with an eye single to the ascertainment of his character for purity, patriotism, and firmness, than any truth and the promotion of the public good, and to follow decision he might make, favorable or unfavorable, upon whithersoever they may lead. It is in this spirit I wish to the bank or any other great question on which he might examine it. And after having done so, when we have be called to act. I have confidence, entire confidence, in reached the true battle ground, and have an open field and his purity, patriotism, and firmness, and believe he is the a clear sky, I shall be ready to take my place in the con- last man who would desire such a course to be pursued by flict, and endeavor to do my duty in the station I shall oc- his friends as would be calculated to subject him to suscupy. I utterly disclaim being influenced in my support picions so unworthy of him. I do not believe that the of this resolution by any hope or expectation that the inqui-proposition now before us has been prompted by any mory it proposes would have the effect of preventing the tive to embarrass, for the purpose of delaying the decision direct and deliberate action of Congress on the bank ques- of the bank question. But whatever may be the views tion during the present session. When we have the mate- and motives of others, it receives support from me for no rials for a full and fair examination of its merits before us, such motive or end. neither in this or in any other form will I lend my counte What is it? It asks that an inquiry may be instituted nance to any scheme to get rid of that question by a side into the condition of a large moneyed corporation, having blow, by a decision not upon the merits, whereby the vast influence upon the currency and commerce of the country would be left in a state of uncertainty, as it is now, nation, invested with vast powers which it has been as to what will be its ultimate fate. It is due to the coun- clothed with for twenty years, and those powers carrying try, to a just regard to the great interests depending upon with them exclusive and valuable privileges during the it, to the recollection of the vast influence it exerts over same period of time. We are called on by this corpothe currency and commercial exchanges of the whole ration to continue these powers, to renew these privileges, Union, whether for evil or for good, that we should not and to allow it to enjoy these profits, for another period of get rid of it by any indirection, but meet it in the spirit 1] twenty years. A member rises in his place, in this House,

Vol. VIII.-119

Our course ought not to be governed or influenced on such a question by any reference to its possible effect to elevate one man or depress another.

H. OF R.]

Bank of the United States.

and presents a long list of charges, grave charges, and seriously affecting the integrity and fidelity with which the powers heretofore conferred have been exercised; declares that he verily believes these charges or many of them can be sustained by proof, if you will furnish the means of making the investigation.

[FEB. 28, 1832.

With due deference to the gentleman from South Carolina, for whose integrity and candor I feel every possible respect, and for whose ability I entertain an almost unbounded admiration, the whole of his prompt and powerful argument to show that the charges against the bank were unfounded in law and fact, was nullified by It is not wonderful that an application so reasonable as the admission made at the close of his remarks, that if this should be resisted by the friends of the institution, the charges had been presented one month sooner, no obsupposing the charges to be sustained, the facts to be jection would have been made, and he, as the friend of proved; it would appear that the institution had exceed the bank, would have advocated an inquiry into them by a ed its chartered limits, had abused its powers, had em- select committee for that purpose. One month is a short ployed its funds in bribery, had committed a fraud upon time to cause an inquiry to be barred by the statute of its charter for the purpose of doing indirectly that which limitations. Shall we be precluded from an inquiry just the authority to do when asked from Congress was re- and proper, for enabling us to determine upon the grantfused, and that it had been guilty of usury. And yet, in ing of a charter for twenty years, by a delay of one month the face of such grave charges as these, we are called on in bringing forward the charges? You must take care hastily and blindly to re-create this corporation. Not to not only to come with all your charges, specifications, and do an act of ordinary legislation which could be repealed proofs; and then you may be turned out of doors, not benext year, if it was found that it had been unwisely en- cause you do not show proper grounds of inquiry, but acted; but to make a law which divests us of the power because you come one month too late! And without any of similar legislation for twenty years. Pass the bill for regard to the charges, we are asked to divest ourselves the renewal of the charter without inquiry, and it cannot of all legislative power upon this subject, by a hasty and be recalled-" volat irrevocabile verbum"-no matter how precipitate act. I do not wonder at the course of the clearly the proofs of usurpation, abuse, and corruption may gentleman from South Carolina. He is a zealous, ardent, then appear. And yet you cannot allow the inquiry. and devoted advocate of the bank on principle, thinks it And why not? has conferred unnumbered benefits upon the country. He The first objection seems to be that the charges are has entire confidence in the integrity and fidelity with not sufficiently minute; not accompanied with detailed which it has been conducted. He, therefore, may well specifications of time, place, and manner. This objection turn a deaf ear to accusations against it. This abiding seems to be in the nature of a special demurrer to the indict-confidence may possibly mislead him into the indulgence ment against the bank, as the gentleman from Georgia of too much indifference to the charges. But we who called his charges; an appellation which, perhaps, was have had no such opportunity of acquiring confidence in not exactly appropriate. I would call it a presentment, the management of the institution, who may not be so well and the Congress of the United States the grand jury, satisfied as to its conduct or its beneficent effects, can whose duty it is to investigate the charges, to hear hardly be expected to shut our eyes and our ears to charthe proofs, to examine the witnesses. But we are told by ges and to proofs which seriously affect, prima facie, the the gentleman from South Carolina [Mr. McDUFFIE] integrity of its administration; to require us to do so, that these charges are accompanied by no proof. Why, would be to exact from us a faith as meek, submissive, the very object of the resolution is to procure the proof. and fanatical, as that of the deluded Hindoo, who throws If we had the proof, the inquiry would be idle and unne- himself on the ground before the car of his idol, and is cessary; and yet we are told we shall not have the inves- crushed under its enormous weight. tigation, because we do not produce that which it is the [Here Mr. McDUFFIE said the gentleman from Virvery purpose of investigation to procure, and which, from ginia had not correctly understood what he had said. lle the very nature of the subject, cannot be procured, but in stated that, even now, inopportune as the time was, if any the mode indicated by the resolution. Sir, this is mockery. charge were preferred on the authority of a single witBut, said Mr. P., it is again objected by the honorableness, cost what it might, he would be in favor of the ingentleman from South Carolina, [Mr. McDUFFIE,] that quiry. He had also said, that when, in the early part of the resolution ought not to pass, because public credit, and the session, the gentleman from Georgia [Mr. WAYNE] especially bank credit, is so fragile and delicate a thing, moved for the appointment of a select committee for the that, like female reputation, even a suspicion, however un-reference of the memorial of the bank, he would have founded, does it serious injury; and, consequently, we been in favor of it, if any charges demanding investigaought not to listen to suspicions and charges, and give tion, and sustained by the testimony of a witness of recountenance to them, by instituting an inquiry into their spectable character, had been made.] truth. This is to give the delicacy and presumed chastity Mr. PATTON continued. I doubtless did misappreof public credit a holier sanctity than has ever been given hend the gentleman, and acquiesce in the correction he to female reputation. It was said of Cæsar's wife that has made. But it makes but little difference in the force she ought not only to be chaste, but unsuspected, that is, of the argument, and only makes it necessary to inquire if unsuspected, because above suspicion. But here, where proof ought to precede investigation, which I am willing we have suspicion and charges avouched by the gentleman to submit to the judgment of the House. I agree, we from Georgia, as to his belief of their truth, and suscepti- ought not to listen to every idle tale, to countenance every bility of proof, we are not to inquire, because public credit vague suspicion or loose accusation, that might proceed is so delicate that serious injury may be done. Public credit from the jealous hostility of a personal or political foe. is under the care of the Bank of the United States. The But if we ought not to institute a solemn investigation bank is roundly charged with having "played the wanton," into the condition and management of the bank, upon and we must turn a deaf ear to the charge, for fear of injur- such a basis as we now have, we may employ what terms ing the character of the guardian and the ward. Instead we please in the charter, for subjecting the institution to of this being to treat public credit like female reputation, the supervisory control of Congress, and yet, to every it seems to me more like placing a delicate, modest, and practical purpose, it will be independent of you. innocent girl into the care and custody of one who is charg- Most of the abuses and misconduct with which the bank ed with being a bawd of twenty years' standing, guilty of is charged, and is most likely to be chargeable, can only venal prostitution for the gratification of her lust of power be exposed by seeking for the proof of them in its own and money, and giving "base bribes" to procure certifi- vaults, in its books and papers, in the bosoms of its own cates of good character, and "buy golden opinions from officers; and if, peradventure, an individual should be all sorts of men."