able to prove an instance of abuse, how probable is it that a remote and humble individual, making a charge upon a great and powerful corporation, would expose himself to the mortification of having his complaints treated with contumelious neglect, and himself scoffed at here? [H OF R. into the hands of the factor, without the slightest examination into his accounts and his conduct for the previous twenty years? I do not mean to enter upon a detailed examination of all the items of complaint against the bank, but to exThere is one view of this subject which ought to induce amine one or two of them; and if it shall appear, in relathe House to institute an investigation into the condition tion to them, that the bank has apparently violated its of the bank, and its past management, if there was no charter, and abused its power, it ought to be sufficient to charge made against it at all, avoached or unavouched. show that we want no other evidence that a further and What is it, said Mr. P., that we shall be soon called on fuller investigation ought to be made. We shall want no to do? To revive and continue for a term of twenty years witness, no voucher: if one instance of flagrant abuse the charter of a corporation which has already been in can be made out, I would act upon the principle “ex uno existence for twenty years, or will have been at the expi-disce omnes," so far as to vote for the inquiry. For this ration of its present charter; a corporation which is, in purpose, in the first place, I ask the attention of the House some respects, the guardian of the public credit, and of to the practice of the bank, for several years past, in isthe whole currency of the Union; the depository of the suing checks or bills of exchange drawn by the branches millions of public revenue annually collected; an institu- on the mother bank; bills of exchange, as they are detion unquestionably, for some purposes, potent for good, nominated by those who justify the practice here; bank if well administered, and, which every body must admit, notes, as the bank itself designates them. almost omnipotent for evil, if unfaithfully, injudiciously, What, asked Mr. P., is the history of this practice? The and corruptly managed. If this institution be, as its friends charter forbids the bank from issuing any bank bills or say, so powerful and salutary in checking, controlling, notes, which are not signed by the president of the bank, and regulating the State institutions of a similar character, and countersigned by the cashier. I have heard it said and thus regulating currency, and sustaining commerce, that, when the question of creating the bank was under it may be said to be to the State banks what the great consideration, in 1817, the impossibility of these two offi. central luminary is to the solar system, controlling, sus-cers signing as many notes of the smaller denominations taining, and preserving the inferior orbs, giving them as might be thought convenient or useful for the bank, light, heat, and motion. Is it not most strange that, after was anticipated. Yet the authority to sign notes for cirit has exercised these vast powers for twenty years, the culation was restricted, as before stated. It was intended creator of this great instrument of its beneficence should that the bank should not have it in its power to supply the make no inquiry how it has performed these great func- whole circulation, and to drive the notes of the State tions? That it should not ask, have you been faithful to banks out of circulation. It was created for national purthe many things over which you have been made ruler? poses, and to subserve great and general interests; deHave your powers been exercised so as to confer bless-signed to preserve the State banks in a condition of ings, or abused so as to spread ruin? Have you kept the healthful vigor, not to destroy them. Whether I am corState banks, the commercial planets, moving in their pro-rectly informed or not, (and I do not vouch for it,) as to per orbits? Have they been drawn so much within the this having been considered when the charter was granted, reach of your power as to be withered and consumed, or it is certain that the bank, in 1820 and 1821, felt itself made to "shoot madly from their spheres," producing trammelled by the restriction, and, in each of those years, chaos? When I regard the immense extent of influence the bank presented its memorial to Congress, complaining which such an institution may exercise upon the commer- of this limitation upon its power to issue notes, and asked cial prosperity of the country; the almost unlimited ex- to be allowed to appoint an agent and a register, with autent to which it may control the whole currency of the thority and for the purpose of signing and countersigning nation; that it is the keeper of the public treasury, and notes, in the same manner as the president and cashier directly and palpably interested in increasing the public were authorized. The memorial in the House of Reprerevenue to the highest possible amount, I am amazed sentatives was referred to a select committee, composed that any man can doubt about the propriety of making a of the friends of the bank, (or at least a majority,) and a thorough and jealous scrutiny, not because charges are bill passed the Senate, giving the authority which was made merely, but, even in the absence of any charge, asked, and also referred to the same committee. Neither it ought to be dictated by the exercise of even the most the memorial nor the bill were reported upon by the com. ordinary prudence, and ought to be gone into as a matter mittee. Some two or three years afterwards, if I am of course. We surely would not act otherwise in com- correctly informed, in 1826, the bank, finding it could not mon life, and in relation to our own individual business procure the authority which it asked from Congress to do and interests. Would any one of us, if called from home, it directly, set about contriving some ways and means to for even five or six years, during which time his affairs do the same thing indirectly; and they accomplished it by were conducted by an agent, renew the authority of this adopting these things which the gentleman from South agent for five or six years more, without looking at all Carolina calls bills of exchange. Now, it is true they into the manner in which he had performed his trust in are, when first issued, bills of exchange, or checks upon the first instance? Would he, ought he, to rely upon the the mother bank, in form, but not in substance. In terms general statements of the agent himself? Even if he had they are so, but not in reality. They have the outward heard no charges of misconduct and mismanagement, he show and appearance of the ordinary bank notes. They would go to the best sources of information within his issue from the branch banks in the same way, and for the power, and ascertain if the stewardship had been faithful. same purposes, as bank notes; they are not treated by Imagine a large capitalist, employing a confidential factor, those who receive them, nor designed by those who issue with full power and authority to use his credit and his them to be treated as bills of exchange. They are issued name, without other security than the interest and inte- and reissued precisely as bank notes. What are the incigrity of the factor; that, after the continuance of this con- dents of a bill of exchange? One is, that it must be prenexion for twenty years, the factor asks that a contract sented in a reasonable time for payment, if no time of may be entered into, continuing their relations for another payment be expressed; and, if not paid, reasonable notice twenty years, without any power in the principal to re- must be given, that is, by the next mail, in order to fix move him, and dissolve the connexion, is it conceivable the liability of the drawer and endorser. A Tennessee that any man could be so mad, so fatuitous, as to agree to farmer, or Kentucky hog drover, would look very queer, such a proposition; again put his credit and all his funds if, on presenting one of these bills of exchange, which he H. OF R.] Bank of the United States. was simple enough to think looked very like a bank note, "Things one knows not what to call, [FEB. 28, 1832. on account of the Government. These being the conditions which attach to all the issues of the bank. Thus it is admitted by the president of the bank that these bills of exchange are on the same footing with branch notes--in all respects the same. In other words, that they are not payable at the mother bank, because, according to the "new lights" which have shone upon the bank since 1819, the mother bank is not bound to pay the branch notes-not payable at any of the branches, but that from which they issue respectively--payable nowhere, in short, but at the place where, according to the face of the note, they are not payable, and where there is consequently no obligation to pay them. The gentleman from South Carolina says they are payable every where--it turns out Are issued to-day in payment to A B, received back from they are payable nowhere--thus verifying the adage that CD to-morrow, and reissued to E F the next day. It" what is every body's business, is nobody's business." is not necessary to introduce authority to show that a fraud But we are told by the gentleman from South Carolina upon the statute is a violation of it. This principle, as it that one fact ought to settle this matter. The question as happens, is clearly and expressly stated by the Supreme to the validity of these notes, and the right of the bank to Court in the case of the United States vs. Owens, which issue them, has been decided--adjudicated! and this is anI shall have occasion presently to refer to on another point nounced as if we, the legislators of the nation--the repreof the discussion. Have we not reason to believe, nay, is sentatives of the people--were to close our mouths whenit not proved, that the charter has been violated in this ever a judicial decision has been made upon any question particular? Has not a fraud upon the statute been com---as if every judge was to be considered a "Sir Oracle, mitted? The charter does not give authority to issue notes and, when he opes his mouth, no dog must bark." By signed by any body but the president and cashier of the whom decided? By one of the circuit courts of the Unitmother bank. Conscious of this, application is made to ed States, (some other court in Ohio decided the other the only power that can confer it--it is refused; and way.) With every respect for the ability and legal erudistraightway the bank does indirectly what it is forbidden tion of the judge who decided the case, I must be permit. to do directly, and issues bank notes in the disguise of bills ted to protest against yielding such deferential homage to of exchange. The facts I have stated as to the manner the opinion of every federal judge. It is enough to dein which these bills or checks are employed, are noto- mand that we should acknowledge the judicial supremarious. But I have in my hand express proof, in a letter cy of the whole Supreme Court, to which I am ready to from the president of the bank to the Secretary of the pay every deference that I conscientiously can. Treasury, written in answer to certain resolutions which How was it decided? Upon the trial of a criminal for lately passed the Senate on this subject. In answer to the forging one of these branch bank orders. I do not know, first resolution, calling for the amount of the paper cur- of course, how the indictment was drawn, but take it for rency in circulation, in the form of orders, drawn by the granted the district attorney took care to draw it so as to presidents of the branch banks on the cashier of the Bank avoid any question not necessarily involved; and if so of the United States, he answers: of five dollar drafts, drawn, the judge had about as much to do with the ques $1,991,000; of ten dollar drafts, $2,438.000; and of twen- tion whether the order was of valid obligation upon the ty dollar drafts, $610,000. Total in circulation now, United States' Bank, as with the question whether the $5,029,000. I understand the statement which accom-moon is made of green cheese. The charter of the bank panied this letter, and which I have not seen, shows that makes the forging of any check or order drawn upon about $8,000,000 in these notes have been issued, of the bank or either of its branches," criminal and punishawhich $3,000,000 are in the vaults of the bank ready to ble as prescribed in the charter. One of these branch be reissued as occasion may require. Another fact which notes is certainly an order or check drawn on the Bank of appears from another statement which accompanied the the United States, and, if genuine, would have made the letter is, that silver coin and bullion, about the amount of individual who drew it, and him who endorsed it, liable to the issue of these notes, was drawn from the branch banks the holder, even although neither the parent bank nor the which issued them, and remitted to the parent bank, since each branch bank began to issue the notes, and about in the proportion that they were issued. This would be very natural and proper, if these notes were what they profess to be. If they were really and bona fide bills of exchange, or checks on the mother bank, it would be all fair and right that the specie should go where they were to be paid. But how is the fact? In answer to another resolu- On the whole, therefore, I cannot agree with the gention, the president of the bank says: "The branch tleman from South Carolina when he says that if the gen drafts being in practice substitutes for branch notes, are tleman from Georgia does not admit these to be bills of considered in all respects the same, like branch notes; exchange, it must be because they are printed and paintthose of five dollars are received at all the branches; those ed. On the contrary, I cannot conceive how any man, after above five dollars are not necessarily received." And in this, can vindicate the bank for creating this spurious ciranswer to another inquiry, viz. "whether there is any culation, unless he is prepared to admit that this institution instruction from the directory of the Bank of the United can make bank notes in any way, no matter how clearly States commanding the drawers of those orders to cash forbidden by its charter, if it will only print and paint them at the branches where drawn," he answers thus: them, and christen them as bills of exchange, checks, or"No instruction was given, none such being necessary. [ders, obligations, or any thing else it may please. The authority to issue branch drafts instead of branch notes was understood to place both on the same footing." It included, of course, the obligation to pay them by the branch issuing them, to receive them at all the branches for sums of five dollars, and to receive them for any sum branch whose officers drew and endorsed it were liable, just in the same manner as if a forgery were committed by making a check or order on the Bank of the United States, purporting to be drawn by me in favor of my friend who sits by me, which, if genuine, would create no obligation upon the Bank of the United States, as I am sorry to say I have no money there. The charge of violation of its charter, or abuse of its power in this particular, is fully made out. I am not disposed to pronounce a condemnatory judgment against the bank there for, but surely we are called to inquire of the bank why it has done this thing; what excuse it has. FEB. 28, 1832.] Bank of the United States. [H. or R. Was it impelled to it by any urgent necessity in refer- secure a debt, and by purchase at sheriff's sales under ence to the public interests? If it turn out to be so, I would judgments in favor of the bank. I frankly confess that it look upon the aberration with an indulgent eye, and is difficult to draw the line so as to prescribe the manner would not hold it to the full measure of a stern and inex- and extent to which it may use and enjoy the land thus orable infliction of the legal penalty. acquired and holden; certainly it is under no obligation to Another charge is fully made out, of a violation of the suffer it to remain unoccupied and unprofitable; but there charter, by the adjudication establishing the fact of usury is just as little question that this power may be employed upon the bank, adjudged not by a circuit judge, but by most perniciously, and in a manner never contemplated, the Supreme Court of the United States in the case of so as to shock the moral sense of every man in the comthe Bank of the United States vs. Owens, &c., 2 Peters. munity. While it may acquire real property, it ought to But it is said the usury is not established, because the case be disposed of with all convenient despatch, in reference was decided upon a demurrer. That is the very reason to the purposes for which it is authorized to acquire it, to it does prove it. The demurrer, which admits the facts, get the debt for which it was bound, paid, and, while holdwould hardly have been filed in such a case as this, if the ing it bona fide for this purpose, it may be put to any reabank had not known the facts stated in the plea to be true, sonable use looking to that end; but will any man say that, and could be proved. It is to be presumed that the bank having lawfully acquired the real estate, it may hold it forwas well advised, as it is known that it employs the best ever, even though it should be enabled to sell it so as to counsel, as it ought to do, and gives the best fees-of pay the debt for which it was bound, and even to a profit, which I do not complain, as I am glad to see my brother and use it in any way it may please; that having acquired chips get such good pickings--when the bank then, as we extensive commons, it may build up cities, and people them may suppose, told their counsel that the defendant had with its tenants; buy negroes and stock, and go to farming; applied to them for a discount, which they refused because become a cotton planter, an extensive wool grower, and they were not then discounting upon their own paper. manufacturer? I am sure the gentleman from South CaBut it was afterwards agreed that if he would take notes rolina would be very unwilling that this great moneyed of the Bank of Kentucky, then at a depreciation of forty-corporation should become a partner in that "great consix per cent. in the market, and give them his note for the federacy of interests," "the American system," whereby amount at the par value, bearing interest from the date, a combination would be created more difficult to be brohe could be accommodated. Such counsel, as I have sup-ken up, than any which has yet been formed; and an accesposed to have been employed, would very naturally have sion of force brought to that system, which would constisaid, your only chance is to deny the legal validity of the tute it a tower of strength, only to be overthrown by some defence. If you go before the jury, and the facts are such desperate and fatal expedient as would pull down proved, you are gone. If the facts stated in the plea are not true, then you ought not to risk your debt on so nice and delicate a question of law. The bank knew the facts to be true, and stood upon the law. They played for the last stake, and lost it. The effect and force of this case, in establishing the fact that the bank has practised usury, it is attempted to remove, by a note of the reporter of the Supreme Court, appended to the report of the case, in which some facts are stated as authentic, which go to show that the bank had not incurred the moral turpitude of usury. That statement does not deny the truth of the material allegation of the plea, that Kentucky bank notes, at comment. the time of this transaction, (1822,) were at a depreciation its time longer than any thing I have said can remunerate of forty-six per cent. in the market. I must be permitted for. I will conclude by saying, that if I were the most deto say that the reporter, who is employed and paid by the cided friend to the renewal of the charter of the bank, and Government to report the judicial proceedings of the was confident that it could remove the well-grounded sus court, has gratuitously and impertinently interpolated in his book of reports this statement, which had nothing to do with a report of the case and the judgment of the court, which he says is authentic. It is not said by whom it was avouched-the facts did not appear in the record-and the probability is that it was made by those interested in Mr. POLK, of Tennessee, said it was no part of his inthe bank; and this statement is to be regarded as certain- tention to follow the windings of the argument of the ly true, so as to preclude all inquiry. There is no doubt gentleman from South Carolina, in his elaborate vindica. that banks and individuals may be involved in the legal tion of the bank against the charges preferred against it penalties of the usury law, without incurring its moral tur- by the gentleman from Georgia. This was not the time, pitude. The courts have decided transactions to be usu-nor the occasion, for entering into the examination of the rious, where neither of the parties had the most remote great question on which this Congress would be called to idea of violating the law. But when a charge of usury is established against such an institution as this, on which we are required to pass a judgment of death or life, when it is shown that it has apparently abused its power, and it has been adjudged that it has violated its charter, surely some explanation ought to be asked for, and given. the constitution, the Government, and the Union along with it. If ever the bank should occupy that position, the gen tleman from South Carolina may be assured, or there is no truth in the known and ordinary principles of human action, that all the benefits he has conferred on this institution, by his able, distinguished, and strenuous exertions in its behalf, would be remembered no more, and that it would turn on him with viper ingratitude, and sting the bosom that has warmed it into life. I will not detain the House by remarking upon any of the other charges, though several of them are fruitful of I am conscious that I have already occupied picions which some facts have generated against it, I would regard as fortunate such an opportunity of vindicating it. If I were its worst and most embittered foe, I could wish it no more certain and fatal injury, than that its friends should defeat the passage of the resolution. decide, before the close of its present session. The question of rechartering the bank was not then before the House. The proposition of the gentleman from Georgia was one of a preliminary character. The simple question presented by the resolution was one of inquiry. And what was that inquiry? It proposed an examination by a committee of this House into the present condition of the Another charge made upon the bank is, that it has per- bank, into the manner in which its affairs had been man verted its authority to hold real estate, and used it to pur-aged, and into the truth of certain charges of abuse and poses which are not legitimate; that it built houses, and mismanagement which had been made against it. It sought rents them out. information which he deemed not only important, but indispensable to enable Congress properly to decide upon the great question to which he had alluded. The charter expressly authorizes the bank to acquire real estate, for certain purposes, and in certain specified cases, viz. for its banking houses, by way of mortgage to The bank asks a renewal of its charter; and ought its H. OF R.] Bank of the United States. [FEB. 28, 1832. friends to object to the inquiry? He must say that he He requires something tangible and substantial to be prehad been not a little surprised at the unexpected resist-ferred, and to be vouched upon authority. Now, a memance which had been offered to the resolution under con- ber of this House, rising in his place, brings forward his sideration, by the friends and admirers of this institution-resolution, and accompanies it with certain specific charges by those who, no doubt, sincerely believed its continued of abuse and mismanagement against the bank, some of existence for another term of twenty years to be essen- them, in the opinion of the member, amounting to a fortial to the prosperity of the country. He repeated his feiture of the charter. And that member, upon his resurprise that its friends should be found shrinking from sponsibility upon this floor, states that he is authorized the investigation proposed. He would not say that such and instructed to say that the allegations thus preferred resistance afforded any fair grounds of inference that can and will be sustained. Nay, more, that member had there might be something "rotten in the state of Den- told the House that he himself believed them to be true, mark." He would not say this; for he did not feel and to be susceptible of proof. Was not this sufficient himself authorized to do so; but was it not perceived authority to put the House on inquiry? Was not the rethat such an inference might, and probably would, be spectability and responsibility of a member of this House drawn by the public? On what ground was the inquiry voucher sufficient to justify investigation? So far from opposed? Was it that it was improper? Was it that it opposing the resolution, he [Mr. P.] thought the bank, was unusual? The charter of the bank itself authorized and the friends of the bank, if these charges were una committee of either House of Congress to examine its founded, should hail its introduction with a joyous welbooks, and report upon its condition, whenever either come, as affording an opportunity for self-vindication; House may choose to institute an examination. A com- that it should throw open its doors and its books, and inmittee of this House, upon a former occasion, did make vite the severest scrutiny. such an examination, and he would refer to their report If even a well-founded suspicion existed of abuse or before he sat down. Upon the presentation of the bank corruption on the part of the bank, much less direct memorial to the other branch of the Legislature, a select charges, Congress certainly ought not (even if it were in committee had been invested with power to send for per- all other respects proper to do so) to confer a renewal of sons and papers, if they chose to do so. When the same exclusive powers upon the corporation for twenty years memorial was presented to that House, what had been the more, without a previous inquiry into the truth or untruth course pursued by the friends of the bank? A motion to of those suspicions. Previously to perpetuating its great refer it to a select committee was opposed. It was com- privileges and immense powers, Congress should investi mitted to their favorite Committee of Ways and Means. gate its concerns, should see how it had been managed, He meant no disrespect to that committee, when he said how its duties had been performed, and with what effects that the question of rechartering the bank was known to upon the interests of the country. They should do this, have been prejudged by that committee. When the Pre- even though there were not even suspicions, much less sident of the United States brought the subject of the direct charges, preferred. bank to the notice of Congresss in December, 1829, a se- Mr. P. said it was admitted by all that the time was lect committee was refused by the friends of the bank, when great and alarming abuses had crept into the manageand that portion of the message was referred to the Com- ment of the bank. The gentleman from South Carolina mittee of Ways and Means. Precisely the same thing had himself conceded that, prévious to the year 1818, occurred at the commencement of the last and at the pre- there would be no difficulty in finding abuses in the masent session of Congress, in the reference which was made nagement of the bank, and he had gone on to explain the of that part of the messages of the President upon the causes of the irregularities which existed at that period. subject of the bank. The friends of this institution have He [Mr. P.] would now call the attention of the House to been careful always to commit it to the same committee, the examination of the bank, made by a committee of this a committee whose opinions were known. Upon the oc- House in the year 1819, and under the order of the House. casion first referred to, that committee made a report fa- He then held the report of that committee in his hand. vorable to the bank, which was sent forth to the public, That committee visited the bank at Philadelphia; they exnot a report of facts, not a report founded upon an exa-amined its books, and scrutinized its conduct. They exmination into the affairs of the bank. At the present ses-amined on oath the president, a part of the directors and sion, we were modestly asked to extend this bank monopoly officers of the bank. And what was the result? They for twenty years, without any such examination having discovered many and flagrant abuses. They found that taken place. The committee had reported a bill to that the charter had been violated in divers particulars, and effect, but had given us no facts in relation to the present they so reported to this House. He would not detain the condition of the bank. They had not even deemed it ne- House, however, with the details of that document. Gencessary to ask to be invested with power to examine either tlemen could refer to it, and satisfy themselves. It coninto its present condition, or into the manner in which its tained much valuable information, as bearing upon the affairs have been conducted. proposition now before the House. It was sufficient to say From the moment the subject of rechartering was that at that period, and within three years after the bank first agitated, up to this hour, no such examination had had gone into existence, it was upon the very verge of even been made. The friends of the bank had carefully bankruptcy. This the gentleman from South Carolina avoided all investigation; we were called upon to act upon would not deny. The report of the committee to which faith, and take it for granted that all was right. This was he had alluded authorized him to say that there had been not the first time that charges had been preferred; they gross mismanagement, he would not use any stronger had been made elsewhere as well as here. They were now term, and in the opinion of that committee (an opinion made in a specific form by a member of this House. The never reversed by Congress) a palpable violation of the gentleman from South Carolina, in the outset of his re-charter. Now, sir, this was the condition of the bank in marks yesterday, had himself avowed that, if any tangible 1819. The indulgence of Congress induced them not to and substantial charges against the bank were preferred revoke the charter. The bank had gone on in its operaupon the authority of a single respectable witness, he tions. Since that period no investigation or examination would go into the investigation, whatever the consequen-had taken place. All we knew of its doings, since that ces might be, and though such a step might deeply affect period, was from the ex parte reports of its own officers. the interests of the bank. Now he submitted it to the gen- These may all be correct, but, if they be so, it could do no tleman and to the House, if the case required to be made harm to ascertain the fact. The present petitioners for a out by him, to justify inquiry, had not been made out. recharter were the same corporators, and surely they FEB. 28, 1832.] Bank of the United States. [H. OF R. He could not expect, seeing in what a ruinous condition the not desire the information sought for himself, yet it was bank was in 1819-seeing that no examination had since apparent that the gentleman from Georgia, and many taken place, and especially in the face of the direct charges others, did not only desire it, but thought it necessary that now preferred, that we would take all upon faith and it should be obtained. He had no doubt that the gentlegrant their request, without an opportunity of ascertain- man from South Carolina was very sincerely of opinion ing the truth of the allegations preferred against them. that a bank was necessary, and equally so that the preThere was another view of the subject which rendered sent bank was to be preferred to any new one; but he the inquiry proper, and went to show that we should not submitted it to gentlemen whether those who doubted or act hastily, and without the benefit of the information entertained a different opinion, should not be permitted sought. Applications had been made from Boston, and the opportunity to probe to the core the present bank, and other portions of the country to the North, for a charter satisfy themselves whether the charges made against it to establish a new bank, with a capital of 50,000,000 dol- were well founded or not. lars. These petitioners had offered a bonus of a million Of so grave and serious a character did the gentleman of dollars a year, for the exclusive privileges of banking, from South Carolina consider one of the charges made one-half to the United States, and one-half to the several against the bank by the gentleman from Georgia, to wit, States. These petitioners and the present bank were a strong suspicion of a secret understanding between competitors before us for the monopoly of a bank charter. the bank and brokers to job in stocks, contrary to the The Committee of Ways and Means had decided in favor charter--for example, to buy up the three per cent. stocks of the present bank, and had reported a bill in its behalf, at this day, and force the Government to pay at par for though it offered no bonus, but agreed to pay a moderate that stock; and whether the Government deposites may interest on the Government deposites. Now, taking it not be used to enhance its own debts;" that he had defor granted, as the friends of the bank insist, that we must manded of the gentleman from Georgia, before the House have a bank of some sort; that, without one, the interests should rise on yesterday, to bring forward his evidence--of the country could not well be preserved, though this to produce the witness upon whose authority this charge he begged it to be understood he by no means conceded had been made. What! would the gentleman have such or believed, but, supposing such to be the fact, ought we witness brought to the bar of the House and examined? not in common fairness to weigh the propositions made to Was that the usual course of procedure? Was it not more us by other citizens of the United States, for supplying consistent with the usual forms of the proceedings of the this supposed necessity? And if, on the proposed investiga- House to raise the committee asked, vested with full tion, it should turn out that the exclusive privileges grant- power to send for persons and papers? Nay, if it was ed to the present bank in 1816, had been abused, or that deemed necessary to go to the bank itself, to examine its the bank had been guilty of practices in violation of its books, and to interrogate, on oath, not only its officers, charter, ought Congress to hesitate in its decision? He but other witnesses, when an ample opportunity would thought not. The Government was under no peculiar be afforded to the bank to show, if they could, that this obligations to the present bank. Its present charter was as well as all the other charges was unfounded? originally a power granted. It had enjoyed the full thought that such a course ought to be desired by the benefit of that power, and now asked its continuance for bank itself. Upon such an examination, the truth would another term of years. We may grant it or not, as we be elicited, and the fact ascertained, whether the charter choose. If we prefer it, and the Congress should deter- had been violated; whether unlawful speculations in the mine to have some bank, we may grant a charter to a stocks, to the detriment of the Government, had been new corporation. Surely we would not renew the pre-made by the bank; and, in short, whether any or all of sent charter, whilst the grave charges preferred against it the charges were well founded or not. The only possible were unexamined and unexplained. way in which the House could arrive at these facts was by But the gentleman from South Carolina had supposed sustaining such an inquiry as that proposed by the resoluthat the gentleman from Georgia had been deceived by tion.. When such charges were brought forward by any his informant, and that he would not be able to substan- member of the House, he should at all events feel it to be tiate the charges which he had brought forward. If such his duty to vote the investigation. was the case, he [Mr. P.] thought it was due to the coun- What, said Mr. P., was the state of the question in retry, and still more to the bank itself, that the inquiry gard to the facts charged? The gentleman from Georgia should go on. Did not the gentleman from South Caro- affirms, on the one hand, his belief of their truth: the genlina perceive that if the matter stopped here, those things tleman from South Carolina, on the other, thinks the genwhich the gentleman considered as mere suspicions, and tleman from Georgia has been misinformed and deceived, which he thought could not be substantiated, might, by and denies their truth. Here an issue was made up; and the country, be taken for facts? He [Mr. P.] could not, how were the House to decide without proof? Such was of course, know how far it would be in the power of the the difference of opinion between these gentlemen, upon gentleman from Georgia to support his charges by proof, almost every one of the charges preferred, that it would nor could any one know until the opportunity was afforded be impossible for the House to decide, without an him to adduce it. The gentleman from South Carolina inquiry into the facts. He would specify only one of had alluded to the delicacy of public credit, and espe- these charges upon which this difference of opinion excially of bank credit. But seeing that this proposition isted. One of the charges proposed by the gentleman had been brought forward, would not the danger of from Georgia against the bank, was that of usury-of injury to the credit of the bank be infinitely greater if its "usury on broken bank notes in Kentucky and Ohio. affairs were smothered up, and this inquiry stifled, than They amounted to nine hundred thousand dollars in Ohio, if they were fairly and openly exhibited through a com- and nearly as much in Kentucky," And the gentleman mittee of this House to the world? In using the term smo- cites a case decided by the Supreme Court of the United thered, he meant merely the effect which a refusal to States to sustain this charge. The gentleman from South make this inquiry would have upon the public mind, as it Carolina insists that the case decided by the Supreme regarded the credit of the bank, and meant no imputation Court happened ten years ago, was decided on demurrer, whatever upon the honorable member from South Caro- and that the facts were not examined. To this the genlina. That honorable gentleman, he had no doubt, was tleman from Georgia replies, that the demurrer admitted sincerely of opinion that there was no necessity for the the fact charged, and that, if it had not, it would be susproposed inquiry, and that the bank was well managed. ceptible of proof. He need not go through the various But though this was his opinion, and the gentleman might points contained in the several charges preferred on the |