MARCH 1, 1832.] Bank of the United States. [H. OF R. become citizens. The naturalized citizens have adopted and is liable for the payment of them, I consider as esthis country as their home; they have brought to it their tablished by the court, although the bank itself has never wealth, their talents, their skill, and their industry; they denied its liability, but admitted it. The learned justice have committed all to the protection of our laws, and we who holds the circuit court at Philadelphia, and is not infehave conferred upon them all the civil and political rights rior to any judge in the country in legal arguments and and privileges possessed by native citizens; and yet the research, has given a decision touching these "bank gentleman would deny to the naturalized citizen the trifling checks;" to counterfeit them is punishable. A forgery of privilege of being a director, or even a stockholder, in these checks would not be a fraud upon the bank, unless the bank. Sir, the gentleman will find among the natu- the bank were liable to pay. I consider, therefore, that ralized citizens as much integrity and virtue, and compe- on all these points we have already every information that tency to manage the affairs of a bank, as he will find any committee could procure. among the natural born citizens of South Carolina, or any other part of our country. Something has been said about this being a political question; that it is to have an effect upon an approaching In the remarks which were submitted to the House by election. I regret, sir, that politics have been alluded to the gentleman from Virginia, [Mr. PATTON,] and the gen-in this discussion; that the great and important question of tleman from New York, [Mr. CAMBRELENG,] very little, the recharter of the bank, involving deeply the national if any thing, was said, touching a majority of the charges prosperity, and the credit of the country, cannot be view. made by the gentleman from Georgia. These gentlemen ed by some gentlemen apart from political considerations. seemed to rest their arguments for this inquiry almost ex- In attempting to excite party politics and party feelings, clusively upon two or three charges, viz. usury, bank it appears to me gentlemen have egregiously erred; they checks, and excessive issues. These were selected as the have satisfied my mind of the low estimate in which they strongest; and if it can be made to appear that, in rela- hold the integrity, the intelligence, and last, though not tion to these, this committee is unnecessary, may we not least, of public virtues, the independence of gentlemen reply to the gentleman from Virginia in the words of his in this House; and that they have not that confidence in own maxim, ex uno disce omnes. The first charge is usury; the President which they profess. These gentlemen this comes before us under a different aspect from the would have us to believe that they are the exclusive other charges; it is not founded upon mere suspicion or friends of the President, and that they have implicit conrumor, it is a matter of fact, substantiated in a court of fidence in the views of the Executive upon the subject; justice about ten years ago, in the Kentucky case of the and yet they are unwilling to trust him with it now. Bank vs. Owens et. al. For the sake of argument, I am Where is their confidence? The President, I believe, is as willing to give to the gentleman the full benefit of that much prepared to act at this session as he will be at the case, with all the facts, and the strong coloring, as stated next. The stockholders, the directors, the friends of the by the defendants in their plea, to which the counsel for bank, and the friends of the country, who are anxious on the bank demurred. Then how stands the fact of usury? the subject, and convinced of the salutary influence of Why, sir, established by the highest judicial tribunal the institution, manifest more confidence in the President; known to the country. The Supreme Court having pro- they are willing to commit the matter to him now. Why nounced judgment in the case, why now appoint a com- should the opponents of the bank, who call themselves mittee to inquire into the transaction to show the usury his friends, distrust him, and endeavor to withhold it from The committee cannot strengthen the opinions of that him? The gentleman from New York, [Mr. CAMBREcourt, nor can they weaken its judgments: there is no need LENG,] if I understood him correctly, stated that the then of the inquiry. Nor can I see that this transaction friends of the President are not the friends of the bank ought to affect the character of the institution injuriously. in any part of the country. I certainly am as well, if not What was it? It was an affair with the branch bank at better, acquainted with the politics of my own State, as Lexington in relation to a loan of depreciated paper. the gentleman from New York can possibly be. That the View it in its most odious light; take it with the worst fea- President has many friends in Pennsylvania, no one can tures that can be given to it by the defendants themselves deny; and I can assure the gentleman, that among the in their own statement, and it seems to me to operate fa- earliest, strongest, and most firm friends of the President, vorably to the conduct of the officers of the branch; it are to be found the strongest friends of the bank, and the establishes the conviction in my mind that they believed warmest advocates for a renewal of its charter. What the transaction a fair one, entered into in good faith, and the fact may be in New York, and other parts of the not a violation in any respect of the charter, and that un- country, I cannot say, I speak only as to Pennsylvania; der the charter they had a right to make it. Whatever, Pennsylvania fears not the bank; her Legislature has retherefore, was the true legal nature of the transaction, it commended that it be rechartered. She has confidence was not intentionally and knowingly usurious on the part in its management. The interests of the people are proof the officers of the branch. How did the bank act in tected in the direction by the people's directors, placed this matter in court? Did the bank put the defendants to there to watch the conduct of the bank. Have they sent the trouble and difficulty of proving the facts before a up any charges against the bank? have these persons comcourt and jury? The counsel for the bank might have em- plained of any mismanagement? No sir, they have not barrassed the defendants greatly by requiring strict proof been heard here, except in the memorial asking for a of the facts alleged on their part. Was this course pursued? renewal of the charter. No, sir; the officers of the branch admitted all the facts set For these reasons, sir, I cannot assent to the proposiforth in the plea of defendants, believing that the bargain tion made by the gentleman from Georgia. If I thought would be sustained in law, and not pronounced usurious. any useful purpose could be effected important to the Another reason for this investigation, is the issuing of action of this House at this session, I would have no obbank checks, "spurious notes," as they have been called, jection to an inquiry; justice to the bank would seem to but properly" bills of exchange." What can be gained require it. But taking the charges which have been inupon this point? The fact is already known to us all. troduced, without coming from the Government or The bank does not disavow it. These bank checks are people's directors, to be true and believed, let them form in circulation every where, and are seen every day. The the basis of propositions to amend the charter when the bill amount issued by the bank is known; the bank has fur- on our tables shall be under consideration at this session, nished the information. What more can be desired? We and not to obstruct or retard the action of the House on a have every thing that a committee could obtain upon this subject of such vast importance to the whole community. subject. That the bank is authorized to issue these bills, VOL. VIII.-123 Mr. WATMOUGH, of Pennsylvania, next addressed H. OF R.] Bank of the United States. [MARCH 1, 1832. the House. The hour, he said, was late, and he felt that at large, when it shall be properly brought before us. I it would be a tax upon the patience of the House to con- shall do this, sir, with the more confidence, because I tinue this debate for a moment longer than was absolutely shall feel myself sustained, not only by the unanimous necessary to a clear development of the views of those voice of my constituents, and of the intelligent and moral with whom it originated, and a vindication of the course community which I have the honor, in part, to represent, which a sense of public duty prescribed to him at its out- but, sir, by the general sense of the great mass of the set. I am, said he, the only member on this floor against people of Pennsylvania, as expressed in the many memowhom the charge, so often repeated by honorable gentle-rials which load your table, and as manifested by the almen, of an intention to stifle debate upon this momentous most unanimous vote of their Senate and House of Repre question, can "at all apply. And, although, sir, my pur-sentatives. I shall refrain, therefore, at present, from pose in rising at present is mainly with the view to offer following gentlemen through all the grounds they have to the House the amendment I hold in my hand, yet I thought proper to go over. I must be excused, however, trust I shall be excused for occupying your attention for a for a moment, while I notice one position taken by the honofew moments, while I meet that charge, and assume, en-rable gentleman from South Carolina [Mr. MITCHELL] Who tirely and individually, all its responsibility. When, sir, I spoke last, and which struck me in a light so pleasant that rose in my seat, and called for the question of considera- doubted whether the honorable gentleman was serious tion upon the resolution submitted by the honorable gen- when he urged it. The honorable and talented gentletleman from Georgia, I was desirous that what I considered man deprecated any immediate action on this question of an evasion of the action of this House upon a most im- the bank, as calculated to embarrass very much a certain portant and momentous question, should be met with portion of the members of this House, by placing them in promptitude at the very threshold, and quashed at once. the awkward dilemma of a struggle between what might I considered the resolution, sir, in no other light than be deemed their duty to their country and their allegi as an attempt at indefinite postponement. The rules of the ance, if I rightly understood the honorable gentleman, to House forbade me to go into an exposition of the reasons the Executive of the nation. I confess myself, sir, to be which governed nie; nor have I, until the present moment, quite at a loss whether to be most amused at the pleasantbeen able to obtain the floor to offer those reasons to the ness of the argument, or grieved at the awkwardness of House. I have had no cause, sir, to change the opinion the position to which it reduces some of the honorable formed in the outset of this matter. On the contrary, sir, members of this House. I will venture to assert that the I have reason to congratulate myself at the view first number of those who feel their independence of action taken, and thank the honorable frankness of the distin- thus trammelled, the scope of their own judgments thus guished and talented gentleman from South Carolina, enchained, is indeed very few. For myself, sir, I utterly who last addressed the House, for having confirmed me in repudiate any such subjection. I reject, with the warmest the correctness of my course. That honorable gentle-indignation, any wavering, unsteadiness of purpose, any man has met this question, and argued it entirely on the selfish political consideration likely to have, even reground of postponement. In that light only can it be motely, the tendency to divert me from the rigid performviewed, how much soever to the contrary honorable gen- ance of a great public duty. Why, sir, the honorable gentlemen may protest. In that light only did I view it, when, tleman's argument reminds me of a pleasant story I reby the impulse of my own unaided, uninstructed judg- member once to have heard, which, while it amused me ment, I rose to a question of order, and dared the respon-infinitely at the time, conveyed to my mind a lesson I have sibility with which the friends of the resolution immedi- often had occasion subsequently to turn to account. ately attempted to load the bank. On that point of order, the story, sir, of a man sailing up the North river, with sir, I was overruled; and, much as I regretted the decision prospects so favorable, and the wind so directly fair, so of the Chair against me at the time, I have since had dead aft, that he was utterly at a loss on which side to abundant cause to rejoice in the opportunity which was place his boom. And what does he do, sir? Why, sir, he thus offered to the most brilliant and triumphant display came to an anchor, and thus lost both wind and tide, and of the highest order of talents on the part of the distin- with them the market to which he was hastening. guished chairman of the Committee of Ways and Means. This, sir, is not my case in the course my duty has preNo sooner, sir, had the honorable gentleman from Georgia scribed to me. I am moving to my object with all sail set, unfolded his budget; no sooner had he developed his long the wind abaft the beam, the sky clear and unclouded, the list of crude, indefinite charges, not vouched for by him- haven directly before me; and shall I prove recreant to self, and only supported by a vague suspicion in his own my public and private duty, because I hear in the distance mind that all could not be as it should be, than the honora-a few faint murmurs of breakers past? I trust not, sir. I ble gentleman from South Carolina rose in his seat, met am too well sustained on this point by the general voice of these charges triumphantly, and most triumphantly re- my constituents at home-by the sense of one of the most futed them to the satisfaction of every calm and unpreju-moral communities in this world, among whom the inudiced mind. To that refutation, ample and complete as endoes, the suspicions contained in the bill of indictment it was, I can add nothing--nothing is desired. It left no of the honorable member from Georgia are not known, ground untouched. It levelled completely the airy fabric and will not be received; and, above all, sir, by the generaised, no doubt, with so much labor; and there the mat-ral voice of the freemen of Pennsylvania, as conveyed to ter cught of right to rest. But, sir, it seems the oppo- us, her representatives here, by the almost unanimous nents of the bank seek not conviction; they clamor for voice of her representatives in the State Legislature--a scrutiny. The debate has been continued--the charges voice, sir, which has never yet spoken but to decide. dilated upon; and, sir, notwithstanding their stale, flat, do not, therefore, feel myself upon the horns of the awkand I do contend, so far as their consumption of the time ward dilemma which the eloquence of the talented genof this House, and their encroachment upon the import- tleman has so feelingly described. I have but one object ant interests of the country at large go, their truly unpro- in view--the rechartering of an institution upon the exist fitable character, yet are we to be forced, prematurely, ence of which I conscientiously believe depend all the into the general merits of a question not properly before important interests, not only of the Government, but the House, and upon which it becomes us to enter with likewise of the merchant, the farmer, the manufacturer, all due sobriety of argument and feeling. the mechanic. I consider the resolution only as an im It is 1 Sir, I cannot consent to this course. I am ready, and pediment to the fulfilment of this object, and I have conshall be most happy to meet and debate this subject, so sequently opposed it. And this, sir, is the whole secret vital to every interest of the Government and the people of this mighty attempt to stifle debate. MARCH 1, 1832.] case. But, sir, it is said that the bank dreads investigation-- of such a course? Would it not be the most effectual seeks rather to avoid it. I am confident this is not the step that could be taken to prevent any operation on the On the contrary, I am well assured that the closer bill presented for the renewal of the charter of the bank the scrutiny, the more complete will be the triumph. for this session? Would it not prolong the excitement The amendment I hold in my hand, and which I propose which prevailed on the subject throughout the country? to offer, will be sufficient at once to convince gentlemen And might it not, from mere delay, ultimately tend to the that it is not the object of those who favor the bank to defeat of the bill? No individual in the House could-seavoid scrutiny. They only desire that the prompt action riously credit the vague charges that were brought forof this House may not be evaded. They believe it due ward on such grounds as were presented. If he thought both to the respectable class whose memorial is now be- the rottenness and corruption alleged against the bank fore us; to the honorable committee to whose labors that existed, he would willingly prolong the sitting of the memorial was confided, and who have reported a bill; and, House until September, with a view to have a final deciabove all, to the vast interests involved in the question sion on the question, and at the same time give every opunder discussion, that this action should take place at as portunity to investigate, that the House might be enabled early a day as possible. It will be seen, sir, that the pro- to act with every possible knowledge on the subject. He posed amendment is as ample as gentlemen could desire, did not believe that there was any rottenness in the instituand covers all the grounds included within the specifica- tion, as was alleged; and he well knew that the state of tions of the gentleman from Georgia. I submit it, sir, in the country made it necessary there should be a speedy the hope that it will meet the approbation of a majority of action of the House on the renewal of the bill. The inthe House, and put an end at once to a discussion as inde- terests of the bank were so blended with the other great finite as it is likely to prove injurious. interests of the country, with its agriculture, manufacMr. MITCHELL proposed to amend the amendment tures, and commerce, that every person must admit that by adding a clause instructing the committee to inquire all these vital interests, and which affected all parts of the of the directors of the bank whether they had not acted country alike, would be seriously jeopardized if further dishonorably or dishonestly in administering the affairs of the institution. Mr. CAMBRELENG opposed the amendment offered by Mr. WATMOUGH, as tending to evade the object of the resolution. It was wholly unparliamentary to put such an inquiry into the charge of a committee avowedly in favor of the bank. Mr. ELLSWORTH rose for the purpose of repelling the statements which had been made, that there was a general opinion throughout the country that the affairs of the Bank of the United States were conducted corruptly or improperly. Such was not, as far as he knew any thing on the subject, the general opinion, but the reverse. He would go still further, and say in his place that no such general sentiment would be found to prevail in that House. He did not mean to impute improper motives to those who made such insinuations, but he denied altogether that such opinions existed against the institution, there or elsewhere. delay took place. But for what reason was this delay required? Simply because vague suggestions, mere suspicions, were gravely urged, which induced some individuals to think, or pretend rather, that there was rottenness in the institution. Mere suspicions were urged as the ground for delay, whilst no member, although calls were made for that purpose, could be found to rise in his place, and vouch for any one of the facts upon which suspicion rested; nor was there any person who ventured, upon his responsibility, to place the subject in such a light before the House as would deservedly bring down upon the bank the condemnation so much desired. The whole charges against the bank were not of any moment, and he believed proceeded from the struggle existing between the parties who were advocates for, or who were against the renewal of the bank charter. He wished the question could be narrowed simply to that of renewal, as he felt a strong desire to bring that matter to a crisis, although he had no personal interest to advance; nor was there any want felt The approaching crisis was one of vast importance, not in Connecticut for any of its funds; he regarded the ques alone to that great institution itself, but as it regarded al- tion as affecting the currency of the country, the fiscal most all the vital interests of the country. The friends operations of the Government, and the other interests of the bank were desirous to meet any investigation that involved. Should not the bank be renewed, sixty milshould be presented on any thing like reasonable grounds. lions are to be drawn in from its debtors to close its conThe charges of the honorable member from Georgia, cerns. It was a question, in fact, of such vital importance [Mr. CLAYTON,] he must be excused for saying, appeared to all the great interests of the country, that he deprecated to him to have been originated on very vague suggestions. the very agitation of it, as calculated to do serious inYet it was to such vague charges, although not vouched jury. He was totally adverse to any measure which would for, nor given upon the responsibility of any individual, have a tendency to postpone a decision in the question, yet the honorable member from New York lent the weight of he felt gratified that the amendment was such, as that his influence. They were not, however, of such a na- while it secured full investigation into the charges which ture as to induce him, although desirous, in common with had been preferred, he could vote for it as he meant to do; the friends of the bank, to have investigation when pre- not that he believed there was any necessity for the insented in such a way as to call for it, to vote for the ap- vestigation, but because he did not wish it to go abroad pointment of a select committee of the House. They all that inquiry was refused. The Government had never knew the time that would elapse before any report could experienced two so distressing periods, as when it was be made by such a committee, if appointed. He thought without a bank, before 1792 and 1816. The fiscal operathe amendment proposed to the resolution by the mem- tions of the Government have since become immense. ber from Pennsylvania, [Mr. WATMOUGH,] was calculated Thirty millions of dollars are now annually collected, transto secure full investigation into the matters presented by mitted, and disbursed by the bank, without trouble, risk, the honorable member from Georgia. If a select com- or charge to the United States. Destroy the bank, and mittee was appointed, and placed as it would be in the what confusion ensues! The alarm is great, and the fear hands of those opposed to the bank renewal, there could of the friends of the bank is daily increasing, and well it be no calculating when their investigation would terminate. may, for gentlemen rise in their places here, who are With the usual powers given to such committees to send friendly to the President, and who have the means of for persons, papers, &c., the opponents of the bank could knowledge, and declare that he never will give his conpresent plausible matter sufficient to take up the time of sent to a new charter. Mr. E. believed the prospects the committee several months. This, then, being his of the bank were the most disheartening; he could not forview of the subject, he would ask, what must be the result get the language of the President used in his first mes. H. OF R.] Bank of the United States. [MARCH 1, 1832. sage to Congress: "The charter of the Bank of the United A motion was accordingly made to refer the memorial to States expires in 1836, and its stockholders will most a select committee. In what spirit, Mr. Speaker, was probably apply for a renewal of their privileges. In this proposition met? Who has forgotten the agitation it order to avoid the evils resulting from precipitancy in a produced? Sir, the House was kindled into a flame. measure involving such important principles, and such The friends of the bank were rising in all quarters, and deep pecuniary interest, I feel that I cannot, in justice to protesting with uplifted hands against this motion. The the parties interested, too soon present it to the deliberate interests of the bank were not to be hazarded by being consideration of the Legislature of the people. Both the committed to those who might be unfavorable to it. An constitutionality and expediency of the law creating this honorable gentleman from Pennsylvania [Mr. COULTER] bank are well questioned by a large portion of our fellow-frankly told the House that he had no idea of sending this citizens; and it must be admitted by all that it has failed application to a committee of its enemies "to be stranin the great end of establishing a uniform and sound cur- gled." "Let it go to its friends," said the gentleman: rency." "let it be referred to the Committee of Ways and Means. Mr. FOSTER, of Georgia, said that from the com- Well, sir, the friends of the bank again prevailed; the remencement of this discussion the strong ground of op- ference they had urged was ordered by the House; the position to the resolution offered by his friend and col-investigation so anxiously sought was thus again virtually league [Mr. CLAYTON] was, that the investigation pro-refused; and in due time, as every body expected, a bill posed would have the effect to postpone the decision of providing for the renewal of the charter was reported. the question whether the United States' Bank should be And now, when this question, in which the great interests rechartered to the next session of Congress. And it had of this country are so deeply, so vitally involved, is been asked, over and over again, why this investigation about to be considered and determined, another gentlehad not been sooner proposed. Now, said Mr. F., Iman, who has but recently become a member of this body, have never heard such an objection from such a quarter, and who has obtained such information as to the managewith less grace; and for the correctness of the statement ment, or (rather) mismanagement of the bank, as to feel I am about to make, I appeal to the candor and to the re-it his duty to ask for a formal examination into its affairs, collection of every gentleman present. We have just comes forward, and moves for a committee for that pur been reminded by the honorable gentleman from Connec- pose, and, to obviate every pretext for shunning this exticut [Mr. ELLSWORTH] that this subject was presented amination, he exhibits specific charges as to the abuses to the consideration of Congress, by the President, two practised; and what do we behold, sir? The gentleman years ago; and we all remember how much he was re- is met at the threshold, and told that he is too late; that proached for it, when the charter had yet six years to run. the investigation ought to have been had sooner; to inBut the President thought there should not be too much stitute it now would produce such delay that the bill delay in this matter. Foreseeing that an application would which has been reported could not be acted on during the be made for a renewal of the charter, he conceived it due present session. to the bank, as well as to the nation, that the policy and Really, Mr. Speaker, it is somewhat amusing to refer to propriety of the measure should be fully investigated, the various objections which are made to every proceedand calmly and deliberately determined. That part of ing affecting in any way the interests and prospects of this the President's message relating to this subject was re-institution. When the President invited the attention of ferred, without opposition, to the Committee of Ways Congress to this subject two years ago, it was said he was and Means; and a report made by that committee, dis- premature: the bank, its friends, and dependants not only tinguished for as much ability as any report ever laid upon complained, but the Chief Magistrate was denounced in the tables of this House, sustaining both the constitution. most unmeasured terms. The suggestions in his seality and expediency of the bank. No further proceed-cond message were received and treated in the same manings were had on the subject during that session. At ner-it was still quite too soon to agitate the subject. Now, the succeeding session the President again presented it the adversaries to the bank, after having so repeatedly to our consideration, and a motion was then made by my tried in vain to have an investigation into its affairs, are colleague [Mr. WAYNE] to refer it to a select committee, gravely told they have waited too long. The President for the avowed purpose of investigating the affairs of the was too early, and we are too late! Too late, sir? Are bank. Was this motion sustained? No, sir, it was suc- gentlemen serious? Can they flatter themselves with the cessfully resisted by the friends of the bank; a select hope of avoiding this investigation on such grounds? committee was refused. Does this look like a disposition But, I have not yet done with the delay which it is alon the part of the opponents of the bank to delay an in-leged this investigation may occasion. Admit that there vestigation into its concerns? But, sir, twelve months may be some delay. Is the inconvenience to which this more rolled round; a new Congress is convened; and the moneyed aristocracy may be subjected by the procrastinaPresident renews his suggestions as to the bank. My tion of a few weeks, or even months, to be put in compecolleague [Mr. WAYNE] again proposed a reference to a tition with the vast interests of the whole people? Suppose select committee, repeating his intention of procuring an that the charter of this bank was about to expire, and the investigation into the affairs of this institution. But the bill for its renewal was now before us for final decision, advocates of the bank adhered to their former course; it was well understood that a majority of the Committee of Ways and Means were friendly to a renewal of the charter, and no hazard was to be run by suffering a committee who might entertain different opinions to inquire into the management and operations of this great corporation. and the grave and serious charges now exhibited were brought before us at the very last hour: would it not be the bounden duty of this House to pause and inquire into them, rather than rush on, and, by one single act of rash legislation, commit the dearest and best interests of this country for twenty years to come? But here, sir, this The subject being thus disposed of, no other movement extreme case does not exist: this charter has yet four years was made, and no other proceeding took place, until some to continue, and, I fear, the country four years to suffer. time in January, when the memorial of the directors of Whence, then, the pressing necessity for this hasty dispo the bank praying for a renewal of their charter was pre-sition of the subject? Indeed, Mr. Speaker, I should be sented to the House. The opponents of the bank, still glad to know at what time the directors of the bank them. anxious for the investigation which had been so repeatedly selves discovered the very great importance of having refused, conceived that the reasons for it were now this matter determined on at this session of Congress. The greatly increased; nor indeed was it imagined on what stockholders did not seem to be aware of it at their meetground the advocates of the bank could longer resist. ing in September last, when they gave the directors MARCH 1, 1832.] Bank of the United States. [H. of R. discretionary power to apply at this session or not, as they to whom the destinies of this mighty institution can be conmight deem advisable. Had the necessity of a speedy ap- fided. Sir, I have as much confidence in the ability and plication been so very obvious, the order for it would integrity of that committee as any member on this floor; have been peremptory. And, sir, if the directors, in the but when the majority of the gentlemen composing it are exercise of this discretion, conceived it their duty to make known to be friendly to the bank, and when the chairman the application at this session, why was it not done at the has already declared his utter disbelief of the charges precommencement? Whence the necessity of first throwing ferred against it, and has argued so ably and earnestly to out feelers to ascertain the interests of Congress? Why show that they are not well founded, can we believe that was an envoy extraordinary sent on by the bank to this this investigation would be prosecuted with the same scrucity in December last, to consult and advise as to the pro- tiny, zeal, and persevering energy by the Committee of priety of making this application? And why did the di- Ways and Means as by a committee selected for the purrectors wait for his despatches or report, before they could pose, and who believe the charges to be true? But the decide whether to exercise the powers with which they gentleman from Pennsylvania, [Mr. WATMOUGH,] in order were clothed? Was it the intelligence they received from to obviate all difficulty, to show that the bank dreads no Washington that convinced them of the urgent necessity investigation, and that he himself is anxious for it, proof making immediate application? poses by his amendment to instruct the Committee of Sir, I confess there is something strange in all this; and Ways and Means especially to inquire into all the various most assuredly, after the bank has suffered six weeks of charges made by my colleague. How is this, sir? The main the session to elapse before presenting its memorial, it ground of opposition to this investigation has been the decomes with very bad grace from its friends to charge its lay it might occasion. Will not this same delay occur adversaries with having delayed, for one short month after whether the examination be made by a select or a standthe memorial was presented, before they demanded an in- ing committee? Has the gentleman explained to us how it vestigation into its concerns. is that this business could be despatched with more rapidAs additional evidence of the determined resistance ity by the Committee of Ways and Means than by a select which has been made to a thorough investigation of the committee? Either would have the same charges to inaffairs of the bank, I beg leave now, Mr. Speaker, to recall vestigate, the same means of obtaining the information rethe recollection of gentlemen to the proceedings which quired, the like power to send for persons and papers; the have taken place on the resolution of my colleague, [Mr. same time would be consumed, whether the investigation CLAYTON.] When this resolution was submitted to the were confided to one committee or another. The genHouse, its postponement for a few days was requested, tleman from Connecticut, [Mr. ELLSWORTH,] also, while and readily assented to. It subsequently came up in its warning the friends of the bank that the examination askorder in the business of the House; and when the mover ed for would almost certainly have the effect to postpone was about to explain the reasons why he had introduced it, the bill for the renewal of the charter to the next session, he was suddenly intercepted, and the question of conside- earnestly urges an investigation by the Committee of Ways ration made by the honorable gentleman from Pensylva- and Means. With all his anxiety for immediate action on nia, [Mr. WATMOUGH,] a question which, had it been this bill, he has brought himself to consent to expose it to entertained by the Chair, placed it in the power of a ma- all the hazards of delay. Sir, I shall not question the genjority of the House to prevent all debate-the very object tleman's sincerity; nor shall I charge him with inconsiswhich the gentleman will no doubt candidly own he had tency; but I must be permitted to say that this has very in view. Yes, sir, had not this question been declared much the appearance of a design to defeat the proposed out of order, all discussion upon this resolution would have investigation by a side blow. been prevented; every tongue would have been hushed into silence; and not only would the proposed investigation have been refused, but even the privilege of giving a single reason for it would have been denied. Mr. Speaker, it has been several times broadly intimated that the object of this investigation was to postpone the question of rechartering the bank beyond the present session of Congress; and the motive for this postponeMr. Speaker, the resistance to this investigation, taken ment has been too plainly insinuated to be misunderstood. in connexion with the application for a renewal of the For one, sir, I claim to be exempted from these imputacharter, is to me extraordinary beyond expression. The tions. I do not desire the postponement. I wish the bill bank comes forward, and asks us to reconfer on it these which has been reported to be fully and fairly discussed, extravagant, alarming, and, I fear, ultimately ruinous pri-and the vote of every member, if possible, to be recorded vileges; and when we wish to know in what manner it has for or against its passage. No one can object to this: managed heretofore, we are not to be indulged; the credit there is certainly no gentleman here who dreads the reof the bank is too delicate to be hazarded by an examina-sponsibility which may attach to his vote; at least, I know tion into its concerns. You may call upon every officer of no one who is liable to such an unworthy suspicion; of this Government, from the President down to the most and let me tell gentlemen, notwithstanding their insinuasubordinate; every department of the Government is liable tions, they will find another department of this Governto the searching operations of this House; but this great ment, which shuns no responsibility, and fears no consecorporation must be held sacred, and its secrets secure quences. But, sir, I deny that the proposed investigation from our scrutiny. Sir, if this course is pursued with this will produce the delay which has been alleged. We have institution wielding such an immense influence, and con- now three months, the whole length of a short session, betrolling the property of such a vast number of people, is fore us; and a committee can go to Philadelphia, make it not time for this whole country to take the alarm? And the proposed examination, and report the result, in ample will it not be our solemn duty, if this investigation is final- time for us to decide on the bill for rechartering the bank ly refused, to warn our constituents of the danger to which before the session closes. they are exposed, from this overgrown, this almost irresponsible power? Mr. Speaker, the charges which have been exhibited against the bank by my colleague have been called a bill But, Mr. Speaker, there is, by the amendment now of of indictment. I prefer they should assume the shape of fered, an apparent yielding on the part of the friends of a bill in equity. I wish not only that the books and papers the bank to the investigation so anxiously sought. The ho- of the bank should be produced and examined, but that norable gentleman from Pennsylvania, [Mr. WATмOUGH,] the consciences of the directors should be appealed to, after having invariably resisted this proposition heretofore, and their answers to these charges obtained. As to the now proposes to institute the inquiry through the Commit- charges, I express no opinion at present; indeed, as to tee of Ways and Means. Yes, sir, this is the only committee some of them, I have formed none. It is sufficient for |