MARCH 5, 1832.] Georgia and the United States. [H. OF R. In one of its justice. Pirates of every sea, while they might every was due to the memorialists, and to the special and mohour violate its principles, could not treat with contempt mentous matter of its conclusions, as none but a select its dignified and sacred requirements. The bravo, the committee would, in his judgment, be competent to disvery hireling of blood, would look at the high and holy charge those functions which the prayer of the memorial injunctions of this judgment with that awe and fearfulness called upon that House to perform. The matters of the which, even when plunging the dagger into the bosom of memorial did not relate solely to the subject of the Inhis victim, will come over his spirit, if memory bring to dians. There were three things in it which called for the his ear the mandate of the Eternal, "Thou shalt do no action of the House. One was a statement of certain murder!" No, it was not in mortal man to treat a writ- treaties long since concluded, which the memorial charged ten decision of that court with deliberate contempt. as having been violated. Another was a law of the When the gentleman from Georgia said that his own State United States, whose date was given, and which, as the would do it, he said that which could not be, and which memorial alleged, had not been carried into effect. The none could believe. third thing was, that under those circumstances two free The gentleman has said that the State of Georgia would citizens of the United States had been unlawfully immured treat not only the decision of the Supreme Court, but any in a dungeon. Were not these circumstances to call for proceeding of Congress on the same subject, with sove- the action of that House? If not, he did not know for what reign contempt. Georgia treat the Congress of the United the House had been instituted. A gentleman had alluded States with contempt! What is Congress? Individually to Verres; it seemed to him that the allusion might well its members may be nothing; but the constitution had be applied to the circumstances in this case. clothed them with high and commanding attributes. Con- the most splendid efforts of the Roman orator, there was gress might have its spots, and its blotches, and its dis- a reference to the prætor of Sicily, which had a close eased members, but Georgia could not but respect the analogy to the facts complained of in this memorial. constitutional acts of Congress. Did she not send to this Verres had crucified a Roman citizen, and one of the House her most respected men? And when it hears their greatest efforts of the orator was in describing the scene voices, the State comes before it with a consideration where, in the very agonies of death, the unfortunate man which it could not otherwise attain. No, he never would exclaimed, "I am a Roman citizen." Were not the two believe that Georgia would insult either that House, or men immured in that dungeon entitled to say, we are America's supreme judicial tribunal. It might not be American citizens? And was not that House the guardian necessary for Congress to do any thing in reference to of the freedom of American citizens? He would not this matter; yet it might become necessary for it to do pursue the subject further. If the House could consider every thing. He trusted, however, that any action of the memorial as not presenting any legitimate subject for Congress on the subject would not be required. He its action, then he had no more to say. trusted that the generous and enlightened South would not trample on the common prosperity, nor cut itself loose from the common bond of brotherhood. Should this, nevertheless, come in the course of events, the nation will still, I trust, remain great and prosperous, and Georgia- -whatever God permits her to be. Mr. STEWART, of Pennsylvania, believing that the further prosecution of this debate would have none other than bad effects, either in that House or out of it, and being therefore of opinion that it ought not longer to continue, moved the previous question, but withdrew the motion at the request of It is with great reluctance that he dissented from his colleague as to the propriety of referring the memorial to a Committee of the Whole on the state of the Union. That motion he considered as in substance precisely the same as a motion to lay the memorial on the table. Should it prevail, never more will this House hear a word in reference to this petition. He did not absolutely know that under ordinary circumstances the memorialists would be entitled to that particular consideration which he thought they now deserved. It was possible there might be other memorials upon the same subject already before the House, although he was not aware that any such had yet been presented. The general subject of our Indian affairs, and particularly the state of the Cherokees, had been referred to the Indian Committee, or to a Committee of the Whole on the state of the Union; but as he did not conceive that the memorial stated facts, calling for the solemn action of that House, and that a recent decision in another part of that building gave to these subjects a solemnity which they never had before, he had been induced to ask a select committee. Mr. ADAMS, who rose to say that he regretted that it was not in his power to assent to the propositions of his colleague [Mr. DAVIS] for referring the memorial to a Committee of the Whole on the state of the Union. He had already stated to the House the circumstances under which he had received it. It had not been sought by him. The gentleman from New York [Mr. CAMBRELENG] had mentioned a circumstance, that although the petition came from New York, it had not been presented by one of the members from that city. In reference to that re- Nothing could be more remote from his mind than the mark, Mr. A. would observe that he believed the reason idea of going to war with Georgia. The subject, howwhy the memorial had not been sent to one of the mem- ever, involved inquiries which would occupy any combers, was a conviction, on the part of the committee mittee during a greater number of days than would be charged with the transmission of the memorial, that to ask required to receive information from Georgia, whether either of those gentlemen to present it would be impos- the mandate from the Supreme Court was or was not ing on them a disagreeable task. It certainly had not been an agreeable task to him; but on receiving the me- No select committee of that House would report a plan morial, and examining it, he felt himself called on by a of blood and destruction, or would desire to make a wilvery respectable portion of his fellow-citizens to act in the derness of Georgia. Whatever such a committee might Had it not been for that cause, he should not have propose, would doubtless be of a character that might bear taken a part in any of the discussions on this subject du- the sober, discreet, and conciliatory discussion of that ring the present session of Congress. He had felt it his House. Respect for the memorialists, and for the objects duty to move the reference of the paper to a select com- of public interest referred to in the memorial, had been mittee, not from any disrespect to the Committee on the motive under which he had acted; but whatever Indian Affairs, who were already charged with the con- might be the fate of the memorial, he had discharged his sideration of a part of the subjects in the memorial; cer- duty to the memorialists, to that House, and to the country. tainly out of no disrespect towards the Committee of the Whole on the state of the Union, (a thing that would hardly be imputed to any one,) but from a belief that it case. VOL. VIII.--128 obeyed. Mr. WARDWELL, of New York, remarked, that when this memorial was presented by the gentleman from Massachusetts, he supposed that the gentleman himself, with H. OF R.] Bank of the United States. [MARCH 6, 7, 1832. his usual candor and fairness, would have moved that it The previous question was then put as follows: Shall the should be laid on the table, or the consideration of it post-main question now be put? (namely, on referring the meponed to a future day. He considered even the presen-morial to a Committee of the Whole on the state of the tation of the memorial premature, and the action of the Union,) and was carried in the affirmative. House upon it altogether unnecessary. And if the peti- Mr. WICKLIFFE then demanded a division of the questioners possessed the same knowledge of the recent deci- tion. sion of the Supreme Court of the United States as is now It was divided accordingly, and the question was first possessed by the House, in relation to the important sub-put, whether the memorial be committed at all. ject of this memorial, he believed they would not, at present, request the action of the House upon it. Ever since the trial, conviction, and imprisonment of the missionaries to the Cherokee tribe of Indians have been known to me, said Mr. W., I have viewed the whole subject relating to them with the greatest anxiety and the most intense interest. There has been much feeling excited upon this question, in different sections of the country, and particularly in the State of New York. Much has been said, both in the pulpit and out of it, among a certain class of citizens. Much has been wrote and published, which was designed to influence the public mind on this important subject. I have considered all these proceedings as rather premature, and beg leave to give my reasons for such opinion. On this question, Mr. ADAMS demanded the yeas and nays, and they stood-yeas 96, nays 93. The question was then put on referring the memorial to a Committee of the Whole on the state of the Union; which was agreed to, and the House thereupon, at half past five, Adjourned. TUESDAY, MARCH 6. BANK OF THE UNITED STATES. Mr. CLAYTON resumed the speech he commenced on Mr. WAYNE asked him to withdraw the motion, in or- WEDNESDAY, MARCH 7. BANK OF THE UNITED STATES. The resolution moved by Mr. CLAYTON, of Georgia, in reference to the Bank of the United States, again coming up for consideration, This question is purely between two citizens of the United States and the State of Georgia; citizens who have been tried, condemned, and imprisoned, for refusing to submit to what was supposed to be the laws of Georgia. After sentence of the court was pronounced upon them, they had the offer of pardon by the Governor of Georgia, on condition that they should obey her laws, or leave the State. They chose not to accept the offer of the Governor, but preferred being imprisoned in the penitentiary of that State, with a view to put themselves upon the laws of their country for redress, with an intention to appeal to the Supreme Court of the United States, and abide by its decision; such appeal was made; the missionaries desired this course, and refused a pardon from the Governor, that they might pursue it. One of them expressly said that his decision was made up from the beginning of the Mr. ROOT, of New York, rose, and said it was not his controversy, and that he should abide its consequences. purpose to take a general view of the vast subject before He said further, when a pardon was offered him, that he the House, nor should he undertake to reply to the volushould not have proceeded so far as he had done, but minous and protracted statements and arguments of the should have submitted quietly and peaceably to the laws gentleman from Georgia, nor to go into an examination of of Georgia, or have left the State, had it not been for the the numerous questions brought to the consideration of predetermination which he had formed to contest the con- the House by the memorials and petitions from various stitutionality of the laws of Georgia, under which they parts of the Union, as well as by the observations of genwere condemned. I will ask then, sir, while this cause tlemen who have engaged in this discussion. He intended was pending before the Supreme Court, while it was in a to confine himself exclusively to the resolution under conprogress of judicial investigation before the highest tri-sideration. But if he should happen, in the judgment of bunal in this country, at the special instance and request some gentlemen, to appear somewhat erratic, he hoped it of the missionaries, was it not premature, was it not highly would not be ascribed to any intention of departing from improper, to circulate petitions, create excitements, and the rule of order, but rather to the extent and fruitfulness forestall public opinion upon this subject? of the subject. He could not submit to the concessions, But the Supreme Court have decided in favor of the even of the gentleman at the head of the Committee on missionaries. Is not this all they asked? Is it not all they Finance, and certainly not to the claim of his honorable expected would or could be done for them? And yet colleague, [Mr. CAMBRELENG,] to have an investigating we are now called upon to inquire into the conduct of committee, composed exclusively of members opposed to Georgia; pass sentence upon her acts, before it is known the bank. Parliamentary history had been referred to, what she will do in regard to the late decision of the Su- and with much force, to show that, in all cases of scrutiny, preme Court; we are called upon to refer this memorial the committee should consist of members opposed to the to a select committee to make a special inquiry into this subject, when it is not known but that as soon as Georgia shall have learned the decision of the court she will release these missionaries from imprisonment. I have voted to lay this memorial on the table, with these views and these reasons. I shall now act as it appears to me every gentleman ought to act in this case, and as I believe the petitioners themselves would act were they here, and had the same knowledge of the facts and circumstances as we possess. Mr. STEWART, of Pennsylvania, now demanded the previous question. His call was sustained by the House--yeas 90, nays 64. thing scrutinized, and anxious to expose its faults. But, in his judgment, this was an exception, and perhaps the only one to be found in the whole course of legislation, in which it would be proper to confide an inquiry into its affairs to a committee, of which the majority should consist of the friends of the institution. He knew that parliamentary usage, in almost every other case, would require an opposite course. But, in this case, a majority of the committee ought undoubtedly to consist of the friends of a national bank. He said he was not particularly friendly nor inimical to the existing Bank of the United States; but it was to a national bank that he desired the investigating committee to be friendly. But, first, it would be proper MARCH 7, 1832.] Bank of the United States. [H. OF R. to inquire who were to be considered its friends. Gen- which they were allowed so to manage as to make reasonatlemen might be decidedly in favor of a Bank of the United ble profit to themselves, while, at the same time, they States, though perhaps not in favor of the existing institu- performed, as officers of the Government, certain pretion. He considered those entitled to be denominated its scribed duties in the collection, preservation, transmission, friends, who held the opinion that a national bank is neces- and disbursement of its funds. The bank, in these resary and proper to carry into execution certain powers spects, was an agent, an officer of Government. delegated to Congress in the constitution. Those who He insisted that it was the duty of Government to obbelieved a bank a necessary instrument, in the hands of tain the discharge of these services on as low terms as the Treasury Department, for the collection, preserva- was practicable. In paying its officers of every kind, tion, transmission, and disbursement of the national reve- Government never ought to give a greater salary or highnue, were entitled to be considered friends of a national er fees than would be sufficient to induce persons compebank; those who believed it to be necessary, in order to tent to the duties to engage in its service. Upon this the production of a uniform national currency, in which principle, he would not give the stockholders in the bank the collection of all duties, imposts, and excises shall be a greater share of the probable profits than what would uniform throughout the United States, according to the be sufficient to induce prudent capitalists to embark in requirement of the constitution; those who believed that, the enterprise. By a company thus associated with the without such an institution, a sound and uniform national Government, the revenues could be transmitted and discurrency could not exist, and that an equality in the pay-bursed at a much cheaper rate than by the employment ment of taxes could not be effected, were the friends of of wagoners, paymasters, and other agents, and by the a bank, loan officers, as formerly, in the different States, with Who were the enemies of the bank? Those who held their retinue of clerks, messengers, and waiters, with all that there existed no power in the constitution authorizing their contingencies. By the present mode, through the Congress to create such an institution as the national bank. instrumentality of the bank, the expense to agents and All who believed that the operations of Government could brokers, and sometimes a high premium on exchange, is as well be carried on through the instrumentality of State saved to the Government. Considering a bank thus ciror local banks. All who thought that the local banks in cumstanced as a friend in partnership with the Governthe different States might advantageously be used as de- ment-as an instrument appointed by it for useful and positories of the national revenues. Those who believed important functions, that Government ought to inquire, in that these local banks can be employed as proper agents a friendly spirit, whom it would like to have as partners. for the collection of custom-house bonds, for transmitting It should inquire to ascertain whether the present partthe national funds from one part of the United States to ners ought to be continued, or whether they deserved to another, or to foreign countries, as the wants of the Go-be laid aside, and others taken in their places. Now, he vernment might require, or for the payment of Govern- would ask whether in private life, if the inquiry whether ment dues, either as pensions or otherwise, and who held certain persons were, or were not, to be continued as that there was no need of a national instrument for all or partners, would such an inquiry be confided to persons for any of these purposes; these, indeed, might be very who were confessedly hostile to all partnership whatever? properly denominated enemies to the bank. Supposing or ought it not, in reason, to be entrusted with those who the House to contain a majority (as he hoped and believ-believed that a partnership was advantageous, who have ed it did a large majority) of the friends of a national a friendly feeling towards the parties, and who desired bank, what would be the first and proper subject of in- that, if worthy and competent, they might be continued? quiry? The Government was now in partnership with the The Bank of the United States had been treated on bank as at present established. He hoped the Govern- that floor as if it were an alien--as if it were an institu ment would be yet more largely concerned as partners, tion hostile to the Government--and as if the friends of much more so than it had been for the sixteen years past. Government, as of course, must be hostile to the bank. According to his proposition, which some days ago was How happened this? Why must the bank be thought ordered to be printed, and which he intended to move as hostile to the Government? Why was it treated as such a an amendment when the bill shall be taken up for con- fearful monster? as a monopoly that was bearing down sideration, the Government would advantageously hold the liberties of the country? It was impossible that a twenty-two-fiftieths of its stock, and appoint eleven-twen-national bank, constituted as it would be, in the event of ty-fifths in its direction. The only subject of inquiry his amendment being adopted, should be opposed to would seem to me, whether Government should continue the Government. The creature and instrument of the its present partners or seek new ones. If, indeed, as some Government, opposed to the Government! It could not gentlemen seem to suppose, a national bank only operated be. The Government had control over all its concerns. to create a monopoly for the stockholders, and that it was It was a mere instrument in the hands of the treasury. It calculated to bear down the liberties of the country by the never could continue in existence, if opposed to the treaweight of its power, then it would be proper to raise a sury, and to the Legislature. The proposed inquiry being committee, containing a majority of its enemies, that they as to the fitness of the existing partners for the managemight search out its hidden pollutions, and expose its de- ment of the concerns of a national bank, it follows that formities to public view and to public execration. But, the committee should not be composed of individuals considering a national bank as an instrument of the Go- opposed to any institution of the kind. A majority of the vernment, created for Government purposes, then it would committee should believe that a national bank is necessary be proper that its concerns should be looked into by those and proper for carrying into execution certain powers who believed that such an instrument was useful, necessa- contained in the constitution. He would state a proposiry, and proper, and ought, in some shape, to be continu- tion on this subject, which might be regarded as paradoxed, and by those who can carefully examine into the fitness ical, but was, nevertheless, true. It is this: that the of the partners to be associated. constitutionality of the bank depends upon its expediency, As he contemplated the subject, the Government em- and its expediency upon its constitutionality. If it is ploys the bank to transact various kinds of business, and constitutional, it is expedient; and if it is expedient, it is to perform certain duties and offices, which would other-constitutional. The one depends upon, and is the neces wise be done by agents and officers with salaries or fees, sary consequence of the other. For if a bank is necessary or a per centage by way of commissions. Instead of this and proper to carry into execution other delegated powhost of officers and agents, the Government associated ers, it is expedient that one be created. If it is expedient with itself a company of individuals with a definite capital, to have a bank, it is because it is necessary and proper to H. OF R.] Bank of the United States. [MARCH 7, 1832. carry into execution other delegated powers, and is there- haps, a fair presumption that this vote expressed the fore constitutional. If it is not expedient, it is because views of the people of that State. Gentlemen who bewe do not need it; because we can do well enough with long to distant quarters of the Union, who did not know out it. Then we have no right to create it. It is uncon- the management and machinery which was brought to stitutional. If, then, it is constitutional and expedient, it bear upon that question, who were ignorant of that stuis the bounden duty of Congress either to recharter the pendous power in a combination of banks connected present bank or to create a new one. Which of the two together under a specious but delusive pretext of a safety should depend upon the terms and conditions of the grant fund, all moved by the same impulse, and directed to the and the advantages conceded to the United States? With same object, by a great central power, might infer that equal, or pretty nearly equal advantages reserved to the the people of that State desired the destruction of the United States, the present bank, if approved on examina- United States' Bank. The stockholders, the directors of tion, should have the preference. What, the present these banks, thus connected, have a deep interest in its bank! when it has been treated before this House like a prostration. All the banks in this connexion are authofelon! It has been accused, nay, indicted for seven felo- rized by the law creating the safety fund, and, as inducenies and fifteen misdemeanors. Whether it was ** felony ment for them to come into the scheme, are authorized without benefit of clergy," he had not been advised. He to take seven per cent. on all discounts for more than had seen, years ago, in the newspapers, that the Legisla-sixty days. Taken at ninety days, which is the usual ture of Georgia had declared a certain offence to be practice, it amounts to about seven and a half per cent. "felony without benefit of clergy." By whom is the per annum. Most of the country banks, under this law, bank to be tried on this indictment? His colleague [Mr. transact their business with what may be considered a CAMBRELENG] was for a packed jury. Such a trial would sort of a mother bank-the Farmers and Mechanics' Bank but illy comport with the benignity of the common law. at Albany. If the Bank of the United States is destroyed, That provided for a trial, in cases of indictment, by the what are the consequences? neighbors and friends, of the vicinage--not by a jury of The immense revenue collected in New York, amountaliens. He was willing the bank should be so tried on ing to about three-quarters of that of the whole nation, this indictment. Several of the crimes whereof it stands must be paid into the State banks. They would be recharged had occurred prior to the year 1819. At that lieved from the operation of the branches of the United period there was a full inquiry. The institution was then States' Bank at New York, Utica, and Buffalo. Under arraigned at the dread bar of the House of Representa- their regulations only six per cent. interest can be taken. tives of the nation, and there fully acquitted. Its offences The State banks are admonished to do the same, or the appeared to have been imposed upon it by the force of branch banks would get all the good paper, and the State circumstances, and it received a full pardon. The House banks only the doubtful. It would be highly important of Representatives issued the proclamation by the unani- to their interests to get these branch banks out of the mous vote of all in that body who were of opinion that a way. Then usury shops would multiply throughout the national bank could exist under the constitution. Those State; under the safety fund, directed by commissioners who voted against it then, voted against it as some will appointed by the banks themselves to mouse out their now, not for its offences, but because it was a bank. That faults. In the absence of the Bank of the United States, was its crime, the unpardonable sin of being a bank. these institutions must be the depositories and disbursers Gentlemen have gone largely and extensively into the of the public revenue. For these objects they must bequestion of rechartering this bank, and have told us that come in effect national banks. To all practical purposes it would be useless to pass any bill for that purpose, as they are necessarily made so by the Government. These the President's veto would undoubtedly be interposed. are then national banks-incorporated by the State auSir, is this an objection to an inquiry into the transactions thorities-governed by managers beyond the control of of the bank by the friends of a bank? Let us discharge the Treasury Department, and of Congress-institutions our duty, and let the President perform his. Let each "not subject to the law, neither indeed can be." These act in its appropriate sphere, unawed and uninfluenced institutions Government will be under the necessity of by the other. He had heard members of this House employing in its financial concerns. The consequence admonished by the Chair that it was disorderly to refer to will be, in New York--without the mighty engine prothe proceedings of the other branch of the Legislature. posed by a Mr. Tibbets-the combination of banks under It was certainly as improper to allude to what the Presi- the control of the commissioners of the safety fund dent might or might not do. The two Houses of Con-would be placed beyond the reach of examination of the gress should endeavor to do what may appear to them to proper department of the Government. They will manbe right, and rely upon the wisdom of the President for age your money as they may think expedient. The city the exercise of his high constitutional powers. On a of New York would become the money market of the great occasion the President had interposed his veto. nation--it will not be as in by-gone days, when Boston That independent and patriotic act was hailed with loud was the focus of capital--no, the sceptre has departed acclaim from one end of the Union to the other. By that from Judah! It was an ill gotten sceptre--established at act the name of Andrew Jackson was interwoven in the the time of "free trade and teamsters' rights;" when the kindliest affections of the people of New York, and goods imported into the neutral port of Boston were naught but a mighty revulsion can rend the web. But transported by land to every section of the country; when does it follow that he would exercise the like power on the difference of exchange between Boston and this place every occasion; or, if exercised in this case, that it would was more than twenty per cent. Sir, the general place excite a burst of applause alike universal? From what of deposite of the revenues of Government must become has recently taken place in the State of New York, gen- the head quarters of the money market. The soundness tlemen might be led to suppose that a veto interposed in of the currency at any point is calculated by comparison the case now before us would meet with an approbation of the exchange with that place. The large commercial there as deep and as universal as that upon the Maysville places in the neighborhood will maintain a currency nearly road bill. But in this gentlemen would find themselves equal. How will it be with North Carolina or the far in a great mistake. West? In South Carolina, the great commercial transacThe Legislature of New York had instructed her Re-tions of Charleston would serve to keep exchange more presentatives--no, had instructed her Senators, and re-nearly equal, but Cape Fear and Fayetteville would be quested her Representatives, to oppose the renewal of the far in arrear. What is the difference at this time? Not charter of the Bank of the United States. It was, per- long since the difference of exchange between New York and North Carolina was from two to three per cent. How much would it be in the absence of a national bank? In Georgia this difference is generally something more, and in Louisiana still greater. Are gentlemen belonging to different and distant quarters of the Union willing to become the fiscal tributaries to the city of New York? willing to promote the object which induced the Legislature of that State to instruct her Senators, and advise her Representatives to vote against the recharter of the Bank of the United States? pay "O! Fortunatos nimium sua si bona norint [H. OF R. In relation to this resolution, he was not disposed to prevent any inquiry into the transactions of the bank. He thought it ought to go to a committee, a majority of which were friendly to the institution of some national bank. The gentleman who filled the chair of the House with so much credit to himself and satisfaction to the members of this body surely would not feel offended at being relieved from the thankless task of selecting a committee for the He would say a few words upon the branch bank or- purpose of making this examination. No person could ders, which had been considered so flagrant an abuse of repose more entire confidence in the integrity and imparthe charter of the bank. They had been termed a wan- tiality of the presiding officer of the House than himself; ton violation of law-a great mischief in society--not less but he was persuaded that it would gratify the feelings of to be dreaded than "war, pestilence, and famine." How the Speaker to be relieved from this task. He would, have these orders become such a great national evil? therefore, propose to strike the word "appointed" Why, they have circulated in the same manner as bank from the resolution, and that the words "of seven to be notes in the southwestern and western section of the chosen by ballot" be inserted in lieu thereof. There could United States. It had been said by his colleague [Mr. be no doubt but the honorable gentleman from Georgia CAMBRELENG] that these orders were made payable no- would have that station assigned him on a committee so where; that, if paid at all, it would be after presentation chosen, to which his distinguished talents and thorough and protest at the mother bank, and notice duly given to researches so eminently entitle him. the branch from which they were issued. But, on exa- Mr. R. concluded by moving an amendment, providing mination, these orders turn out to be a very simple and a that the committee should be appointed by ballot of the very common affair. They are bills of exchange accept- House; but, at the request of Mr. CRAWFORD, withdrew it ed. Acceptance, under authority previously given to for the present, that the discussion might be unrestricted. draw. Payable nowhere? The uniform practice of Mr. CRAWFORD, of Pennsylvania, followed. He said ing them at all the branches was enough. Besides, we he would not be troublesome to the House by the length have the official letter of the president of the bank to the of his remarks. Thinking it would be unseasonable, said Secretary of the Treasury, and by him communicated to Mr. C., I do not propose now to present an argument in the receivers of public money. Payable nowhere? When favor of rechartering the Bank of the United States, or to the objection was first raised to this currency, he did enter into the policy of that measure: nor will I attempt apprehend one difficulty that might attend it--he did to reply to the charges of the honorable gentleman from suppose that, by means of these orders, drawn by the Georgia, [Mr. CLAYTON,] my present purpose being only branches, the bank might incur debts without their amount to submit some reasons for the vote I shall give. being disclosed through the regular returns of the mother In this country we have a written guide for the discharge bank to the Treasury Department. But it turns out that of our public functions, a prescribed orbit in which our there is no mystery in this matter. These orders are all legislative powers revolve, and chartered limits beyond prepared and registered at Philadelphia, where accounts which we ought not, cannot, and must not go. But I am are kept of their issue, in the same manner as of ordinary among those who think that there is a time when constiWhy are these orders issued? Sir, because tutional construction should be regarded as settled--who they were demanded by the institution of the bank. It believe that when the great organs of the Government was required by its charter to furnish a national currency. have repeatedly and solemnly decided, as well by enactThere was a physical impossibility in doing it in the man-ment as adjudication, that certain powers have been delener expected. Application had been made to Congress gated by the constitution, they are to be considered as to relieve the affairs of the bank from this impossibility. rightfully exercised. Should a different view prevail, and The committee of this House, to whom the subject had the constitutional power to establish and pursue any line been referred, for some reason, did not provide the means of leading public policy be treated as perpetually open, of relief. The bank was obliged to furnish a currency the measures to be determined on here will be vacillating that would be received in payment for public dues, thus making duties, imposts, and excises, equal throughout the United States. Why is this result complained of? It is said to be a great injury to the farmers of the West, and the planters of the South and Southwest. Where is the wonderful injury? bank notes. and uncertain as the opinions of gentlemen; and the great interests of the country, instead of being placed upon sure and permanent bases, as the acts of the Government gave them a right to suppose they were, will find themselves exposed to all the hazard and destructive influence of fluctuating legislation, directed and shaped by powers conIs it that the bank has furnished them with a currency tracting or expanding, according to the views of gentleworth two per cent. more than the paper currency of the men on each particular occasion of their exercise. The local specie-paying banks? In some of the States this construction of the constitution, which Washington, Hamcurrency is worth from four to five per cent. more than ilton, and Madison approved, I should therefore feel no the paper of the local banks. Is this an injury to the plant- hesitancy in adopting, especially as it has been more than ers and farmers, to furnish them with a currency worth once solemnly sanctioned by our predecessors here, and par at Philadelphia? Perhaps not bankable at all places; has never received any legislative discountenance that I for instance, at New York, Boston, and Baltimore; but any am aware of; for although the bill for rechartering the broker, for a premium of a quarter per cent. would make first Bank of the United States was rejected by the castit bankable any where in the Union. This currency, in- ing vote of the patriot George Clinton, then the second stead of being the subject of reprobation, deserved the officer of the Government, (for whose memory and serhighest applause from that portion of the Union from which vices I have the highest respect,) and that vote given too the loudest reproaches had come. It would be ungra- on constitutional principles, yet I have always understood cious in him to allege that individuals did not understand that many of those who acted with him on that occasion their own interests. But perhaps it would give no offence voted on the belief that it was inexpedient, and not that it to the planters of the South and Southwest, and the farm- would be unconstitutional to renew the charter. Besides, ers of the West, were he gently to hint to them, in the however much my own humble judgment may have been language of the poet, strengthened by the views of others, I believe for myself, |