H. OF R.] Amendments to the Constitution.--Bank of the United States. me that they have been preferred by a member of this House, with an averment of his belief that they can be established. Under these circumstances, it was reasonable to presume that the bank, if innocent, would have challenged its accusers to their proofs. But if, instead of this, it shrinks from an investigation, it subjects itself to a suspicion that all is not right, and it must take the consequences. [MARCH 2, 1832. Resolved, That the following amendments to the constitution of the United States ought to be proposed to the Legislatures of the several States for their ratification: The people of each State, qualified to vote for the most numerous branch of the Legislature thereof, shall give their votes directly for a person to be President of the United States; and the person having the greatest number of votes in such State shall be declared to have therein a There is, however, sir, one charge to which I beg number of votes equal to the whole number of members leave particularly to advert. It is that which relates to in both Houses of Congress to which such State may be loans to editors or printers of newspapers. The honor-entitled. The votes of the people of the several States able gentleman from Pennsylvania, [Mr. WATMOUGH,] in shall be canvassed by the Supreme Court of the United his amendment, proposes that the Committee of Ways States, and the person having the greatest number of votes and Means shall inquire "whether any loans or accommo- shall be declared President of the United States after the 3d dations have been afforded to any editors, &c. in any day of March then next ensuing. In the event of the highother way, or on any other account, than in the regular est candidates having an equal number of votes, the two course of business." Now, I object to this qualification. Houses of Congress, by joint ballot, shall determine and deI do not wish to inquire of the directors as to the pur- clare which of them shall be President of the United States. pose or object of loans to persons of this character, I merely wish to ascertain the facts; and, therefore, if the amendment is adopted, I shall propose to instruct the committee further to inquire "whether any loans amounting to the sum of five thousand dollars or upwards have been made within the last two years to any editors or printers of newspapers; and, if so, what are the amounts of said loans respectively, and who are the individuals to whom they were made." And if it should turn out that there have been these accommodations made to editors of newspapers of extensive circulation, who were previously opposed to the bank, but now favorable to it, it will be for the candor and intelligence of this House, as well as of the community at large, to determine as to the motive for the accommodation on the one hand, and the conversion on the other. The Vice President of the United States shall be elected in the same manner; but, in the event of an equal number of votes for the highest candidates, the Senate shall determine which of them shall be Vice President. The President and Vice President of the United States shall be elected for years, but the President shall be ineligible for the next term. BANK OF THE UNITED STATES. The House then resumed the resolution offered by Mr. CLAYTON, proposing an inquiry into the management of the bank. Mr. CLAYTON, of Georgia, rose, and said, in the discussion of this resolution, a very singular contradiction had been presented. His motives had been arraigned in opposition to the express admission of gentlemen that Mr. McDUFFIE said his views remained unchanged by they believed nothing unfair, on his part, was intended by the debate. The charges had vanished into thin air. He its introduction. While I am honorably acquitted of any very humorously combatted that particularly which re- political design, said Mr. C., it is nevertheless urged that ferred to the case of alleged usury in Kentucky, illustrating the sole object of this inquiry is to defeat the renewal of the effect of a demurrer to a plea from a case in Tennes- the charter, and thereby save the President from the nesee of hog and turkey stealing. He concluded by asking cessity of meeting the question at this session. In seaof Mr. WATMOUGH as a personal favor to withdraw his sons of strong political excitement, where men and not amendment. It would place Mr. McD. in a delicate situa-measures regulate the conduct of public functionaries, tion, and was, besides, contrary to parliamentary usage. very little credit is given to the pledges of any one; and Mr. WATMOUGH again rose, and stated to the House I am aware that I place myself in a very delicate situation, that, in offering the amendment which he had had the when I attempt to vindicate my motives by such a resort. honor to submit, he had had no objects but those he had But I think the gentleman from South Carolina [Mr. already fully explained to the House, He trusted he MCDUFFIE] will bear me out in the declaration that, long should not be misunderstood. The firm conviction of his before I came here, my opposition to the bank was as deown judgment would still induce him to adhere to the cided and well known in the country we represent, as his course which a sense of duty had prescribed to him. In-own advocacy of that institution. I have been writing deed, the views taken by the distinguished chairman of against it for the last seven years; and, as he well knows, the Committee of Ways and Means, so far as the bank have not even spared his own far-famed report. It would was concerned, fully sustained him in that course. He be something very remarkable, then, that, under the first could not fail, however, to feel a becoming diffidence in and only occasion where I could raise my official voice his own judgment, when he found it conflicting with the against it, I should be found dumb and unconcerned. From sound discriminating mind of the honorable gentleman the part I have heretofore taken, and the just expectafrom South Carolina. Besides, that gentleman had ap- tion which that course has inspired, I should, were I to pealed to him on personal grounds. He fully appreciated remain mute on this occasion, lay myself fairly obnoxious to the feelings and motives of that honorable gentleman, and the suspicion that some sudden charm had spell-bound my however much the act might conflict with his own convic- speech. When I perceive gentlemen affirming, with so tions, or might ultimately affect the important question, he felt himself bound to accede to the personal feelings of the honorable member, and therefore withdrew his amendment. Mr. CLAYTON obtained the floor, and, as it was past four o'clock, moved an adjournment. The House then adjourned. FRIDAY, MARCH 2. AMENDMENTS TO THE CONSTITUTION. Mr. ROOT submitted the following resolution, the consideration whereof was postponed till Tuesday next: much earnestness, that it is all-important to the country to recharter the bank at this time; that it is unfair and ungenerous to assail it upon political considerations, and that the present measure is intended, not so much for the purpose of faithful inquiry, as to avoid the exercise of honest responsibility, I stand ready to declare, by every sanction imposed under the highest solemnity, nay, by all my hopes of peace here or hereafter, that my opposition to the bank is founded upon its sole, separate, naked, and individual unworthiness, unconnected with any consideration, save the damning influence it has already exerted, and will continue to spread over every interest in this young and growing country. MARCH 2, 1832.] Bank of the United States. [H. OF R. But, sir, if gentlemen choose to consider the question shall relieve the South from its most intolerable burdens; as containing some lurking mischief, and will not believe and on that account I do not agree with the President on any thing else, I am willing to put it upon that footing; all points of policy. I regret to say the President is too and, foul or fair, we can have nothing to dread in the in- much of an American system man for me; but I take pride vestigation of the subject. Are gentlemen altogether in saying, I admire him for his independence, I honor him pure themselves in this matter? Is every thing fair and for his integrity, and I greatly venerate him for his serhonorable on their part? Have they no political designs vices; and for myself, though anti-tariff in principle, I am in urging the bank question at this time? They should willing to support the President's general policy, and in take care, in persisting to ascribe improper motives of con- this respect I am confident I express the general feelings duct to those who were favorable to the resolution, that of the South. they did not betray their own secret springs of action. So much for the political motives that belong to the The suspicion was much stronger against them, and I shall introduction of this resolution. Let us now inquire into take occasion to exhibit the proofs. If you will press into the views which so suddenly determined the friends of this subject the Presidential election; if nothing else will the bank to bring forward the measure of renewing its do; if the bank is anxious to measure arms with the Pre-charter at this time, since gentlemen court this discussion. sident, we meet you at once; and without mincing the In the month of September last, the stockholders of the matter, without palavering about disinterested views, and bank held their triennial meeting at Philadelphia, and honorable intentions, and all that sort of thing, which down to that time no cause appeared, though they had may suit any other Congress but this, we come directly to fully examined all the affairs of the bank, which could the point, and affirm that the friends of the bank are justly make it necessary to apply to Congress for a reincorpochargeable with the first movement in this matter, under a ration. On that occasion, if any good reason had prepolitical influence and for a political purpose; and we will sented itself to the stockholders for rechartering the defeat them, if we can, in that object, if for no other pur-bank at this session, does not every one believe so impose but to save the Government from the disgraceful con portant a matter would have been concluded upon? But trol of this dangerous idol. It has been distinctly avowed what did they say at that time? Let me read it to the that the only mode of saving the charter was to connect it House. Say they," the charter of the bank will expire with the Presidential election, which this resolution was on the 3d of March, 1836, and there will consequently calculated to prevent by the delay it would occasion. It be but one triennial meeting after the present, and that seems to be the prevailing opinion of the friends of the at a point of time too near the expiration of the present bank that the President is afraid to meet the question, charter, to authorize measures in regard to its renewal. and therefore it is a great object with his friends to ward It is fit that, before that meeting, power should be given off the proposition for rechartering it at this session. Now, to the board of directors to prosecute them, if they think if this were true, it would be no more than just that cun-proper. This power should be large and definite; not ning should be caught in its own snare. merely to solicit a renewal, but to abide, if they think But I can assure gentlemen they are greatly mistaken, right, by the terms which Congress may impose. Á board first, as to the firmness of the President; and, secondly, of directors, who have administered the bank in the manas to my own views in presenting this resolution. Does ner detailed in their recent communication, are safe depoany man flatter himself that the President wishes to waive sitaries of the entire power of the stockholders on the subthis question? The man who has for two years past urg-ject of a renewal of the charter." Down, then, to last ed the consideration of it upon Congress, that the people September, it manifestly appears no good reason presentabroad should understand something of the nature of aned itself to the stockholders, aided as they were by their institution of such vast powers, before they gave it another" safe depositaries," to trouble Congress at this session being--the man who has never shrunk. from any danger, about their charter; but, as if it might be necessary to either moral, political, or physical-will the man who has watch the signs of the times, and to make the most of favorrisked his life for his country, in a hundred shapes-who able circumstances, these stockholders came to the concluwillingly exposed it at Taledega, Emuckfaw, and the Horse sion to vest unlimited powers in their directors to apply Shoe--study, at this late day, to preserve his popularity for the renewal whenever they thought proper; and to for the sake of an office that can add nothing to his fame? save appearances for conferring so great a trust, apologizWill the hero of New Orleans, who met the pride and ed, by declaring them worthy of all confidence on account strength of a triumphant European army, and as triumph-of former fidelity, and of course "safe depositaries of the antly laid it low--who made civil and military authori- entire power of the stockholders." Accordingly, they ties bend to that result, and defied all responsibility, now "Resolved, That if at any time before the next triennial tremble at the prospect of meeting a question, about which meeting of the stockholders, (September, 1834,) it shall half the people know nothing, and the other half care be deemed expedient by the president and directors to nothing? apply to Congress for a renewal of the charter of the bank, In addition to all these tests of his contempt of death, they are hereby authorized to make such application in when his soldiers in the Seminole expedition were on the the name and behalf of the stockholders, and to accept very point of starvation, so that they were compelled to such terms of renewal as they may consider just and prosubsist on acorns, and, in the anguish of their suffering, per." Thus ended that meeting, and nothing prepared declared they could hold out no longer, and would desert for Congress. On the first Monday in December, being him--will the man who, on that occasion, flung himself the time of the meeting of Congress, nothing was heard from his horse, and presenting his bosom to those famished about the bank but the thrice repeated voice of the Pretroops, declared, if they separated, they should first pass sident. Down to that time, or a reasonable time thereafover his dead body, be afraid to meet such a mere popgun ter for the presentation of a memorial, the bank had seen as a bank charter? Depend upon it, gentlemen deceive nothing to make an application necessary; and so little was themselves--greatly deceive themselves, if they believe then thought of the matter, that when so much of the PreAndrew Jackson is composed of such stuff. Besides, the sident's message as related to the bank was proposed to opinions expressed by the President would be those of the be referred to the Committee of Ways and Means, the mass of the people, had not such infinite pains been taken chairman of that committee said it was unnecessary to to mislead them by dependent debtors, hireling presses, and interested speculators. As to my own course, it is actuated by no party devotion to the President. I have come here to attach myself to no party, except that which make such reference, for no report would be made at this session on the subject, unless the bank applied for the renewal of its charter; and there the matter rested. As a great objection to the resolution of inquiry, it is now urged H. OF R.] Bank of the United States. [MARCH 2, 1832. of respect for such an important and useful measure-if it evinced no strong fears and suspicions of the rectitude of the bank--if it amounted to no shuffling in the ranks, and a prodigious uneasiness about something which was not suited to the public eye, why then it is all well, and I have no right to complain. But if the people should think differently, and believe with me that I was badly treated, then I do complain. that it is all-important to have early action upon the sub-and as soon as I learned that it was favorable to the bank, ject of rechartering the bank-delay will be fatal to it. and I could introduce my resolution, it was done. Of the This resolution comes too late, it will defeat the bank of manner in which it was assailed, I think I have just reaits charter; nothing can be so important to stockholders sons to complain, though I may be mistaken as to what is, as to know what they have to rely on. And can it be pos- or is not, allowable by way of trick in this House. I will sible that gentlemen are serious in such declarations? repeat for the information of the people at large, how What! the stockholders not anxious about the matter in this plain, fair, and reasonable resolution was treated; and September last-left the whole matter to the directors if there was nothing wrong in it--if it betrayed no want they unprepared and indifferent about asking this Congress for a new charter at its meeting in December-send an agent here, who remained six weeks without ever broaching the subject to Congress--who returned home, and then sent on a short memorial that does not contain one solitary reason why this Congress rather than any other should act upon the subject, that now it is all-important for early action! Wonderful! No; the truth is, the agent I have mentioned came on upon a reconnoitering expedi- I introduced the resolution on Friday, and immediately tion, hung around the skirts of the camp, and would occa- a gentleman rose, and asked, as it was a very important sionally wait upon political meetings, commonly called resolution, that I would postpone it till the next day. I caucuses, and, after counting noses and concerting plans, readily consented, saying I had no wish to hurry a matter popped off to Philadelphia--and lo! on came the memo- supposed to be of such interest. He then requested that rable memorial which now requires such " early action," I would put it off until Monday. To that I also willingly and is doomed to destruction if it meets with any delay! consented. When Monday arrived, the intermediate time Oh, what ineffable modesty is here, my countrymen! This having been employed in settling a plan of operations, the is the key to the imputation of political management. first motion that was made, upon calling up the resolution, Gentlemen who have brought it forward against the side was whether the House would consider it. This, I underI advocate, are conscious of their own principles of action, and are carefully endeavoring to fasten upon me what belongs to themselves. I beg leave to be excused. I have been to no private political meeting about this resolution, and that is more than can be said on the other side in relation to the bank. Igo nowhere but from my lodgings to this House, and from this House to my lodgings; and, coming or going, I am never in a caucus, unless the promiscuous throng that attends this place may so be called. I have the further testimony of some six or eight honest, true hearted State rights men, with whom I live, that will readily affirm they know all my movements; and so far from having secret meetings, our every thought and action is laid open to the world in terms of constant detestation of that plundering system that is so fatally destroying our constituents. stand, puts the matter to sleep at once, nay, strangles it in its birth: it carried in the negative. Fortunately for me, the Speaker decided that the motion was out of order, as the receiving the resolution on the previous Friday and postponing it until Monday was such an order as implied a determination to consider the proposition. As soon as the decision was announced, another motion was instantly made to lay the resolution on the table. This, I understand, is also another method of giving a quietus to a measure; for if a majority opposed to it can once nail the matter to the table, the same majority can and will keep it there forever. It can never again come up. The friends of the resolution looked at one another in astonishment, and then looked at the friends of the bank with surprise, mixed with a very large portion of indignant scorn; and their looks seem to say, can As to the objection made by the gentleman from South it be possible you will so rashly dare to insult an intelCarolina, [Mr. MCDUFFIE,] that this resolution comes too ligent community? Whether the fears for the bank, or late, and will, if its object is attained, defeat the rechar-shame for the act, or both united, overcame the coutering of the bank, it has been most ably answered by my rage which prompted such a procedure, it is difficult to colleague, [Mr. FOSTER,] yesterday. I will only add, that say, but so it was, the motion was withdrawn. The arthis objection comes with a bad grace from the honorable gument then proceeded, and certain charges were prechairmain of the Committee of Ways and Means; for he ferred in such strong colors, and with such a powerful had not reported the bank bill ten days, before I introduc-claim to the consideration of the House, that notwithed my resolution. I arrived here, Mr. Speaker, on the standing the resolution was most violently opposed at 20th of January, and found the subject of the bank in the first, yet a gradual relaxation of resistance was manifestcare and keeping of the Committee of Ways and Means, ly perceived, till finally a proposition was made by the and there it remained until the 10th of February. In all friends of the bank to refer the inquiry sought by the time, it would have been very indecorous in me to agitate resolution to the Committee of Ways and Means--the a question that was then under the consideration of a stand-very committee that had twice reported in favor of the ing committee of this House, whose report, whether favor- bank, and had at this very session recommended its reable or not to the bank, could not well be known. There incorporation. Fortunately, the honorable member at might have been no use for my resolution, though I can- the head of that committee, and who has been a disindidly own I never had any violent misgivings on that point. terested friend of the bank, expressed his dissatisfaction So it was, I thought it my duty to wait for the report. And at that course--said it ought not to go to that committhis was the more necessary and proper in me, for, strange tee, and that it was contrary to all parliamentary usage as it may appear, I heard it whispered about, that, for a to send any proposition to a committee, a majority of new member, I had taken rather an early start in the way whom were opposed to the measure. Thus the matof debate. Let this be as it may, I care nothing about it, ter stands, and though we have been discussing this busiand should not have mentioned it, but I wish to show my ness for a fortnight, we hear nothing from the bankconstituents the aristocratic and monopolizing spirit of the whether she wishes an inquiry or not. I therefore infer times--the dangerous tendencies of this Government to she does not; and believing that all the opposition which exclusive privileges. I presume this is a part of the Ame- has taken place is with her knowledge and consent, I rican system, and new members are to have no share in the must, for the sake of putting this case in a still stronger discussions of the House until they have served a regular point of view, beg leave to use an illustration, free and apprenticeship! From this monopoly I also choose to familiar in its character, and founded upon such obvious dissent. On the 10th of February the report was made, and commonplace ideas as will bring the conduct of the MARCH 2, 1832.] Bank of the United States. [H. OF R. bank to the full perception of every understanding, how- Mr. Speaker, if one-tenth part of the charges thus preever dull in its comprehension. ferred against the bank had been made against one of In order to show, Mr. Speaker, what kind of informa- the departments of the Government, what an uproar! tion has been denied, I beg to refer to the charges, and to Committees upon committees would have been appointsubmit the following plain picture: Suppose, Mr. Speaker, ed; his office would have been ransacked, down to the the bank charter about -to expire, and the president and very envelopes of his letters, and nothing would have directors, instead of sending a memorial for its renewal, been left undone to ferret out the fraud, if any existed; should come in person into this chamber, all the members and shall the bank be less scrupulously watched? A being arrayed and seated on each side of you, as on a judi- great moneyed aristocracy, holding the fortunes of indivicial bench, and respectfully ask for an act of reincorpora- duals, and, perhaps, the destinies of the Government, tion. Suppose a member should rise and say, Mr. Presi- within its grasp! Shall such a tremendous machine, to dent and Directors, you have had this great privilege for give it no worse name, be so sacred as that the vulgar twenty years: besides the large interest which the Govern- eye must not gaze upon it? Wo will certainly betide ment holds in that bank, the community are deeply con- that hour, when, from either dread or doubt, this Gocerned in knowing whether you have managed your af- vernment relinquishes its control over the Bank of the fairs with prudence, impartiality, and honesty; have you United States. any objection, seeing you have your books along with you, If it were situated here, Mr. Speaker, who could possito let us examine into them, fully, before we grant your bly object to a committee going into its office and looking request? Would there be any thing unreasonable in such into its management? And shall the distance of one huna proposition? On the contrary, as a faithful public ser- dred miles present such an obstacle to the inquiry, as that vant, is it not just such a demand as the public had a it must be abandoned, for fear they may not obtain, at this right to expect? The president turns round, and, after session, another twenty years' exclusive sweep over the consulting his directors in a whisper, replies to the mem- great moneyed affairs of this Union, especially when four ber: "We had rather you would not make the examina- years of their old charter are not yet expired? What tion." Whereupon, suppose another member should must be the dreadful and fatal nature of that infatuation rise in his place, and observe to the president, Sir, you that seems so eager to fix the country under another term must let your books undergo an investigation; for it is of bondage to the most inexorable tyrant that can ever rumored all through the country that things are not as possibly sway its sceptre in this country? A dominion they should be in your institution; and, indeed, you are that strikes at the very subsistence of every man in the nadirectly charged with fraud and corruption. If it be so, tion! Can we, who have been sent here to guard every you have no right to ask for another charter. If it be interest of the community, who are well paid for our serotherwise, you have it amply in your power to make it vices, who are provided with every comfort and conveniappear; and such an examination, you know, must great-ence for our deliberations, consistently excuse ourselves ly heighten your claims. The president turns round to the country, if we flinch from a duty demanded by again to the directors, and, after further consultation, every consideration of prudence and caution, because it answers: "We would rather you would determine mong may be attended with labors and delay, and because that yourselves whether you will consider those charges: we delay may work an injury to a highly favored few? As to certainly plead not guilty to them, but would prefer not the passage of the resolution, there is not a person in this to be tried!" The member says to his fellow-members, House more indifferent to its fate than myself. I care not we must consider this matter; to which all reply, yes, whether it is adopted or not. The consolation remains we must consider! The president then requests that to me, and with it I am amply satisfied, that, in submitthe charges be laid upon the table! He is asked, Are ting it to the House, I have discharged an honest duty. you not afraid or ashamed, for your reputation's sake, It is now left to others to do with it whatever they may to make such a request? Upon consulting, a third time, think proper. with the directors, he says, I will withdraw my last request; and we are now willing to submit to an inquiry, provided you will let us choose our own committee. There are among you some members who, heretofore, have been very friendly to us; and presuming much upon a continuance of that kindness, we will leave it to them. One of those members promptly objects, and declares it is not right that the matter should be examined by those friends, and there the matter rests--the president and directors still debating the question, and resolving to agree to no other terms. [Here Mr. C.'s remarks were interrupted by the expiration of the hour. When the subject again came up, he continued as follows:] Having made these preliminary remarks, I shall proceed more immediately to an examination of the argument made by the gentleman from South Carolina, [Mr. MCDUFFIE.] Before, however, I proceed to this branch of my subject, I hope I may be allowed to make one remark, intended by no means to give offence. Somewhere in the gentleman's observations, he said he was glad he had quit the profession of the law, but I can assure the genAnd now, Mr. Speaker, under this precise state of facts, tleman the profession of law has not quit him, for a more suppose all the good people of the Union were assembled lawyerlike speech I presume he never made in his life. on the plain below the capitol, and you were to get up And when I say this, I have reference to that kind of inand go to the window just back of you, and proclaim genuity which, being the offspring of a sudden occasion, with a loud voice to the multitude, exactly what had oc-addresses itself more to the fancy than the judgment, curred between the directors and Congress, what do you and, operating with a quick and flurrying action, seems think would be their reply? Just imagine, for a moment, to say, presto, change, and begone. this state of things, and again ask yourself, what would be I do not intend to go fully into the merits of the bank the feeling that would run through this great throng? I question at this time-I hope, on another occasion, to will tell you, Mr. Speaker, knowing the honesty and in- probe that matter to the very bottom. I merely wish to telligence of this great people, they would send forth explain the nature of the charges which I have brought one wide, loud, long, and thundering shout--let them against the bank, occasionally throwing out such reflecgo home! nay, drive them from your Hall! Such palter- tions as are obviously connected with the facts, and well ing with a just and honest right deserves no countenance; calculated to stamp those facts upon the mind with a and, whatever may be the suffering which they so art- steadfast and abiding impression. A few of those gene. fully predict, among their ten thousand debtors, let it come, ral ideas, at this part of our discussion, will not be unprorather than sacrifice the firm purposes of principle and inte-fitable, especially as I design what I am now about to grity which should ever belong to this boasted Government. say, more for the public ear than for the benefit of this VOL. VIII.--124 H. or R.] Bank of the United States. [MARCH 2, 1832. House. I will candidly confess I am extremely anxious of South Carolina, one million of dollars in revenue; he to use my present station to speak to the people on the subject of this destroying bank, and to urge them, by every consideration which can forcibly appeal to the love of country, to a regard for their Government, to a respect for liberty and equal rights, to their hatred of monopolies, to their disgust for extortion, to their horror of oppression, and their detestation of privileged orders in this happy country, to pause before they permit the continuance of an institution involving within its influence and control all the foregoing relations. The Bank of the United States, so called, to give it the advantage of a great name, is located at Philadelphia, and has twenty-seven branches scattered throughout the Union. The whole of this immense money-making machine belongs to a few privileged individuals, who have an express assurance that no similar establishment shall be erected by the General Government in the United States. These are some of the leading general principles of this institution: 1. The mother bank will not receive the bills of her branches without a premium. 2. The branches will not receive those of the mother bank without the same. dare not use it himself in any mode of speculation, but is obliged to deposite it in the branch bank of the United States at that place. That bank then writes a short letter, in true mercantile style, to a sister branch, say in New York, something like this: "Have to advise you of one million to credit of Government, (the hard earnings of the poor Carolinians,) value at sight, and expect due honor." This is enough: a draft is drawn in favor of some cotton buyer, who wants funds in Charleston, at from one to two per cent., and the branch at New York makes, right off, from ten to twenty thousand dollars from the American system' screwed hard down upon the honest Carolinians. At the same time the same branch at New York informs her sister bank at Charleston that she too has "ten millions taken in like manner, which can be drawn for in favor of merchants of Charleston, who want to purchase goods in New York;" accordingly it is done, and the Charleston branch "pockets" from one to two hundred thousand dollars more, by what would be called on the turf "cross jockeying." And this operation is continually going on between the mother bank and her branches all over the United States, upon twenty-five millions of Government money. It is so mean and ridiculous a species of legalized swindling, that while it resembles, it is even worse than the knavery of the two Dutch lawyers practised upon their unsuspecting clients, when one of them wrote to the other, in true Dutch style, 3. The branches will not receive the bills of one another without the same. Now, what is the consequence of this? These favored few have a monopoly of all the moneyed transactions of the Union. Their capital is thirty-five millions of dollars, and this they lend out at a "I haf von fat goose, I saund you anoder, certain interest, and then set out agents to shave their own "You pluck de von, and I'll pluck de oder." paper. They first make a profit by lending their notes, Most people know nothing of the oppression and grindand then a profit by paying them off at a discount. Can ing exactions that are secretly but constantly operating any practice be more dishonest? If an individual, by rea- upon the community by means of the monopoly granted son of his wealth, were to do this, were to impose upon to the Bank of the United States. Should not Congress the necessities of his poor neighbor to whom he had given then hesitate and examine, and examine and hesitate, long, his note, by shaving it afterwards, he would be justly es- very long, before they perpetuate such a blight upon the teemed a dishonest man. The fact is, there are principles rising prosperity of this vast and growing country? allowed to this bank which the consent of all honest men With a view to arrest the mad career into which the has branded with infamy whenever practised by indivi- bank is plunging its votaries, the strong direction of duals; and it is permitted to do that with impunity which which is to go in blindfold, for its re-establishment, I a sound morality has universally condemned in the ordi- have preferred the charges so anxiously sought to be evadnary transactions of men. But the most intolerable privi-ed, with a hope that enough will be found to cool down lege is yet to be told. Not satisfied with being allowed to the ardor of its most fastidious advocates. To these charges lend and shave their own notes, the Government actually I will now call the attention of the House. The first is, puts into their possession the whole of its revenues, amount-"the issue of seven millions of dollars, and more, of ing to twenty-five millions of dollars, to speculate upon as branch bank orders as a currency. The president of the they may think proper. There is scarcely any man who bank admits seven millions issued." The gentleman from does not know that under our system of taxation the most South Carolina asks, "what is this charge? That the of it is paid by the consumers of the country, and they are bank has forfeited its charter! And how has it forfeited generally the farmers. Commerce forms the subject of it? By doing that which the charter itself, in terms, aurevenue, which the merchant in the first place pays, but thorizes it to do; by issuing bills of exchange." The very which he afterwards compels the consumer to reimburse, object, he adds, for which the bank was instituted, its with an increase of profit. All this flows silently and im- most important and beneficial operation, "the dealing in perceptibly into the custom-house, and the Government exchanges." Now, idle as he conceived the charge, I not satisfied with having exacted it from the hard-earned find that he and the president of the bank are at points as labor of the consumer, by reason of a most ruinous duty to the character of this currency, and if he is right the upon the articles of his consumption, but they must suffer president is wrong, and consequently has attempted to it to pass into the hands of a few highly favored stock-impose upon the Government in accounting for this issue. holders to undergo an additional process of extortion. If I hold in my hand a correspondence between the presithe collector of the revenue, the public officer of the Go-dent of the bank and the late Secretary of the Treasury, vernment, were to lend out the taxes, and speculate upon Mr. Rush, on the subject of this very currency. them after they were collected, for his own private bene- the receivers of public money in the West had written to fit, every body would cry out shame upon such an officer, Mr. Rush to know if he should receive these orders in and he would be hurled from his post with just indignation. payment of public debts. Mr. Rush immediately wrote And yet the Government directs him to pay the taxes into to the president of the bank to explain the character of the Bank of the United States, and the moment it gets those drafts, so as to enable the department to judge how there, it is set afloat in all directions upon lending and far they may be legally received in payments to the Unit speculating contracts, and these bank gentry realize not ed States. To this inquiry the president answered: less than six, and often as high as twelve per cent. upon You are aware that an expression in the charter of the burdens of the country thus drawn into their coffers. Let us illustrate by a familiar but striking example this process of extortion. The collector of Charleston receives from the merchants, and they from the consumers, One of the bank has been construed as implying that the notes issued should be signed by the president and cashier." Though this is the express and unequivocal direction of the charter, which no sophistry can evade, yet the presi |