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"Non-user of the charter" is another ground of complaint by the honorable member against the bank, and in what does it consist? Why, sir, it seems that some of the branches omitted to issue any bills or currency of any kind for several years; and this, the gentleman asserts, was impoverishing and injurious to the country and the local banks, in the highest degree. It is an offence, he contends, for which it should be held answerable.

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tleman read the catalogue yesterday, much to his own hibited from commencing business until a given amount, amusement. If this be a sufficient reason for refusing to about eight millions, was actually paid in, and that, by a renew the charter, refuse it; but why institute this com- fair construction, the bank is at all times to have that mittee? The opinion of Mr. Jefferson has been cited in amount on hand, and a neglect in this particular is a viothis debate, especially by the honorable gentleman from lation or abuse of the charter. If so, sir, the bank might South Carolina, [Mr. MITCHELL.] He forgot, however, have violated its charter the very first day of its operato inform us that Mr. Jefferson, when President, sold to tions. If its first emissions had been immediately returnforeigners all the stock which the United States held in ed upon it for specie, the sum on hand must inevitably the then existing bank, giving a practical illustration of have been reduced below the amount required to have his opinion of the dangers to be apprehended from fo- been paid in. Sir, it is wholly impossible for this or any reigners holding stock in that institution. other bank, at all times, to have any given amount of specie on hand-all that can be required is, that it shall have abundant means to meet its bills whenever they are presented. The gentleman says this is not the case now, and the apparent prosperity of the bank is illusory—that it is in a desperate condition, and could be broken in twentyfour hours. How is this to be done? He says it has but seven millions in specie, and two millions of local bank notes on hand, making nine millions. Now let the banks I confess, sir, I was not quite prepared for the conse-in Philadelphia and New York come in suddenly with ten quences which the honorable gentleman attributes to this millions of their bills, and how, he asks, can they meet circumstance, after having listened to his moving account the run? Perhaps, sir, in such a case, it could not well of the ruin and distress brought upon that section of the be done. But where are these local banks to get ten country by the issuing of currency from the several millions? It is a thing not very speedily to be accomplishbranches. If the former was so serious an evil, the latter ed. While these banks are accumulating this large would generally be considered a benefit. The process amount, is the United States' Bank idle or stationary? Are by which this evil was inflicted upon the country, the gen- not its funds increasing more rapidly still? Why is it that tleman has described. And it seems that several of the they have no more than nine millions in specie and other branches were for a long period places of "deposite" bills? From this very operation of exchanges and runs merely, not of "discount." They issued no currency of by the local banks. Having come in with their ten mil their own, but collected the bills of other banks, for which lions, if the gentleman will have it so, the United States' they drew specie, and this was transmitted to the parent Bank had still nine millions left. Ay, but "get ten mil bank. They transacted their business upon the bills of lions more"-yes, sir, get it first, and it will be quite time the local banks. Such is the account given by the gen- enough then to see what means the bank has to meet it. tleman. Sir, in what way did they get the bills of other The nonorable member says that the United States' Bank banks? By deposite. Well, sir, if they collected these has forty millions of dollars in circulation, and there are in specie, and sent this specie to Philadelphia, and issued but fourteen millions of specie in the United States; and no bills of their own, how did they pay their depositors' he thinks this a very alarming circumstance. If the bank Were these gratuities to the mother bank? Were the has half of the whole specie in the country, I think it depositors so accommodating as to permit their fund to be must be admitted to be much safer than the local banks, given to that institution? Probably not. They were doubt- which, with the other half, have a circulation, as he in less paid in specie, other equivalent currency, or drafts on forms us, of one hundred and thirty millions. The honora the bank, which the depositors or others wanted. Then ble gentleman seems to suppose that the bank should have no injury is done to any one. Did the local banks suffer as much specie on hand as it has bills in circulation. Did If their bills had been sent to Philadelphia, would they not any bank under heaven ever exhibit such a condition? have been returned home for specie? If they would not Has it no other means of redeeming its bills but in specie have been received at Philadelphia, would not the specie or bills of other banks? How are the fifty or sixty milhave been drawn and sent instead of them? I am at a lions due to it to be paid? Much of it, doubtless, in its loss to understand how a very large business could have own bills. Instead of redeeming by specie or other curbeen done on deposites, which, in their nature, are tem- rency, much is redeemed by the notes and obligations of porary and fluctuating. If they were deposites of public its debtors, who are constantly paying their debts in the moneys, then the only operation is, that the bank has been bills of the bank. A very small proportion of specie ena the means of collecting the funds of the Government, bles a well conducted bank to transact its business, and converting them into specie, transmitting it at its own risk what it may want in the final settlement of its concerns and expense, and all this it was bound to do by the terms will be furnished in good currency by its debtors. The of its charter. This was originally considered a benefit honorable member need have no apprehension that the to the Government, not an injury. As to their not emit-country is ruined, because there is not a dollar in specie ting bills or currency of their own, I know not how the to redeem every dollar of paper in circulation. But it fact is, but doubtless they refrained from doing so, be- seems to me, sir, that this objection is not very consistent cause the condition of the bank would not warrant it. It with another, made by the honorable member, and which was their interest to do it, if it could have been done safe- here and elsewhere has been urged against the bank with ly; and I trust we are not about to decide as to the pru- great vehemence, and that is, that this is a "mammoth dence or imprudence of particular issues at particular institution"--wielding all the money power of the nation, periods and places. The directors were the best judges capable of breaking down the local banks, and permitting of that, and we all know in what a condition of peril the them only to have a limited and precarious existence. In bank was once placed by excessive issues in the South his zeal against the bank, the honorable gentleman has and West. Restraint was absolutely necessary to the not been careful to make his objections harmonize with solvency of the bank, and its character was restored by each other. If the Bank of the United States can be run what the gentleman now denominates a "non-user of the upon and broken in twenty-four hours, by the local banks of two cities, it surely cannot be a very dangerous institu"Not cash enough in the vaults." This is another tion to these local banks. If they can break it, surely it charge against the bank, and the honorable gentleman cannot break them. Both charges cannot be true. For contends, by the terms of the charter, the bank was pro-myself, I believe neither of them. Mutual hostilities might

charter.'

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Bank of the United States.

[MARCH 7, 1832.

injure both in some degree, and so far would injure the incompetent or faithless, and so use the power which they community; but that any danger is to be apprehended possess as to injure the country or the Government, I either on the one ground or the other, I am far from be- would, or would not, hold the bank responsible, accordlieving; certain I am it cannot be on both grounds. The ing as it did or did not sustain, sanction, or authorize such honorable gentleman [Mr. CLAYTON] contends that the proceedings. Now, sir, I had supposed that all the errors bank is not entitled to so much praise as has generally been and mismanagement occurring prior to 1819 had been accorded to it, for restoring a sound currency throughout entirely liquidated and settled between the Government the Union, and he says that any other bank, having the and the bank. The bank has redeemed itself from the peculiar advantages given to it which this enjoys, could previous errors of its officers and agents. If gentlemen have done the same. If the member means to say that are not yet satisfied, let them condemn it now; but they any other institution, with the same capital, the same pri- cannot want further information on this point. vileges of every description, managed with the same pru- The honorable gentleman from Virginia [Mr. PATTON] dence, fidelity, and ability, would have accomplished the contends, and rightfully, that the bank should not be vestsame results, nobody will be disposed to controvert his ed with powers to engage in commerce, manufactures, position. The same might be said of a single individual or become owners of plantations and negroes, or woolperhaps. But, sir, the question is, has it not accomplish-growers. Certainly it should not; and if there is any ed these objects? And, if so, is it not entitled to the cre- danger to be apprehended of such events, we can very dit of the achievement? If other means or institutions easily impose restraints in the renewal of the charter. If had been adopted for this purpose, with success, and the any further limitation of the right to hold land is necessary, question now was upon the continuance of such other we can now make it. All this can be accomplished, withmeans, then it would have been a fair and sound argument out instituting the inquiry proposed. in favor of their continuance. So it is now, in favor of I will not exhaust the patience of the House by exathe bank, I take it, however, that it is quite unnecessary mining all the specifications against the bank made by the to send a select committee to Philadelphia, to settle this honorable gentleman from Georgia, [Mr. CLAYTON,] nor point: for that is the matter to which the argument of the attempt to follow him in all the remarks and arguments honorable member is directed. by which he has endeavored to support them. They have The gentleman complains that the bank has made "ex-been fully met and refuted, in my judgment, by the cessive issues" within a short period, increasing the cir- honorable member from South Carolina, [Mr. MCDUFFIE.] culation nine millions in about as many months; and he There are some, however, so extraordinary, that I cannot sees in this a deep design to purchase public opinion in its forbear very briefly to advert to them. "Loans to editors favor. So far as the fact, what amount of circulation has and printers," for improper purposes. If the honorable been issued is wanting, we know it already. No inquiry gentleman is disposed to enter into an inquiry as to the is necessary on that score. As to the design, does not policy and propriety of favors and rewards to this class of every body know that the last year was one of uncommon citizens, I am quite ready to go with him. If he is anxious activity and prosperity, in business of every kind and de- to preserve the purity and freedom of the press, and to scription? Does not such a state of affairs require a large visit with his indignation all attempts to corrupt or control. circulation? Is it believed that the bank has forced loans it, I am happy to know it; because I had supposed the upon the community? Or has it only yielded to the wants honorable member to belong to a school which did not reof its customers? Is it the purpose of the gentleman to gard it a very criminal offence to bestow "favors" upon investigate the circumstances under which each and all printers and editors. In the process of purification, howof its discounts have been made for the last year? If it ever, the gentleman need not go to Philadelphia. Matis, he will not have concluded his examinations before ters of this sort may be found much nearer to this place, our seats must be made vacant for those who may come if the gentleman chooses to investigate them. But does after us. the honorable member seriously propose to appoint a seThe honorable gentleman from South Carolina [Mr. lect committee to determine to what extent "editors and MITCHELL] argues from the general liability of banks to printers" may safely be allowed to have bank accommoabuse; and he puts, by way of illustration, a case which dations?-where honorable dealing ends, and corruption occurred many years ago in the city of New York. It begins? Does he propose to arraign before him every seems that a cashier of one of the banks there, who had individual of this class who has dealings with the bank, sustained a good character, resigned his situation, went to and to investigate their private concerns, their motives Europe, where he is still living in wealth and splendor, and objects, and how far their judgment has been swayed and it has only very recently been discovered that he had and controlled by bank influence? robbed the bank of a large amount of money. Doubtless, "False clamor" in favor of the bank is one of the sir, instances of fraud have occurred; doubtless they will charges which the gentleman wishes to have investigated. occur again. All human institutions, "the works of men's He cannot conceive why so numerous and urgent memobands," are imperfect. Government itself is liable to rials are pouring in from all quarters, praying the renewal, abuse. But are we therefore to have no Government, no unless the bank has improperly exerted its power and ininstitutions of civilized society? Does the gentleman in- fluence, and operated upon its debtors and other local stance this as one of the possible abuses which we are to banks by threats of oppression. Has the gentleman any investigate? Is it our duty, or have we the right reserved grounds for his suspicions? How will he investigate? in the charter, to examine into the fidelity of the various Why, sir, he must summon before him all the petitioners subordinate officers of the bank? The worthy member from every quarter of the Union, and interrogate them as [Mr. MITCHELL] complains also of "fraud in the original to the motives by which they were influenced. Will he distribution of the stock." Sir, that was fully investigated do this? As to "false clamor," is there none against the by a select committee of the House in 1819, and we have bank? Will the honorable gentleman inquire into this? their report. Nothing more, certainly, can be wanted, or Will he ascertain whether instructions have not gone from can be procured. If that furnishes a sufficient reason this place to the chiefs of "the party," "to get up resoagainst the recharter, so be it; but no further inquiry is lutions against the bank" for political effect, and to susnecessary. I do not say, Mr. Speaker, if the bank, as a tain the President in his determination? Whether a high corporation, should wilfully violate its charter, that I officer of this Government did or did not send such direcwould, under any circumstances, consent to renew it; but tions to one of the Western States, which, I believe, were I would distinguish between the acts of the corporation implicitly followed? Will he look into the force of party and the proceedings of some of its officers. If they prove discipline which has been brought to bear upon the bank

MARCH 7, 1832.]

Bank of the United States.

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and to disabuse the public mind of the calumnies which have been propagated elsewhere, and to prevent an impression being made abroad that the bank or its friends evaded or suppressed inquiry, if the course indicated by the gentleman from Pennsylvania [Mr. CRAWFORD] should be adopted, if the committee be chosen by ballot, and instructed to report facts, and not theories and speculations, and to report by a given day, early enough to admit the action of the House this session upon the bill to recharter the bank, I shall give to the resolution my assent. Whatever form it may take, however, the honorable gentleman is destined, I apprehend, to gather no enviable laurels in this crusade.

in various States? Sir, as to "false clamor,” if investi- tion of the House. Nevertheless, sir, as an act of justice gated on both sides, there is no doubt where the prepon-to that institution, and to enable it to refute the charges derance will be found. I hope, however, the great which gentlemen seem to think are serious and weighty, question is to be settled, not by "clamor" on either side, but that we shall act upon higher considerations. "Interference in elections." Does the gentleman wish an inquiry, a broad inquiry, into the improper official influences which have been exerted upon the freedom of -elections? Does he wish it? I abstain from pursuing the inquiry, and from saying what the occasion might well justify. But what is the foundation of the charge thus brought forward? Why, sir, simply this. One of the officers of the branch at Norfolk had the audacity, on some occasion, to attend at the polls-to vote himself to scrutinize the votes of others--and to declare that he was opposed to Andrew Jackson. The honorable gentleman, with his usual minuteness as to facts, has informed us that "a fight ensued." This was very proper, undoubtedly, for the investigation of some justice of the peace, or police officer, in that vicinity. But are we to become the guardians of the public peace? Is the Bank of the United States to be held responsible for the passions, the political contentions, the votes of all its officers, clerks, and agents, scattered widely over this Union? Is it not to be rechartered, because some persons in its employment have the presumption not to approve the course of the President, and are opposed to his re-election? Above all, sir, what does the honorable gentleman expect to find at the bank in Philadelphia, touching this or any similar instance?

Mr. BEARDSLEY, of New York, said this debate had taken a very wide range, and had embraced almost every subject and consideration at all connected with the general topic of the renewal of the bank charter. The constitutional question, said Mr. B., has been discussed with zeal and ability; and every view which may be supposed to bear upon the policy of sustaining this institution, or of suffering it to expire, has been presented to the House. It is not my purpose, sir, to discuss either the constitutional question, or the policy of that measure. These, indeed, in my estimation, have no relation to, or bearing upon, the present question. If we concede both the constitutionality and the expediency of a national bank, still the inquiry now asked for may be equally proper and necessary.

to trace its progress to this time. To understand that, a brief notice of the bank will be proper.

Mr. Speaker, the first time the honorable member from Georgia [Mr. CLAYTON] addressed the House, having but recently taken his seat here, he deemed it suitable and It may be well, sir, to recur for a moment to the origidecorous to admonish those of us who were then endea-nal posture of the resolution now under consideration, and voring to prosecute an inquiry, and to search out what we believed to be a gross fraud, to abstain from the object we had in view; for though he would not impugn our mo- The Bank of the United States was incorporated in tives, yet it would be done elsewhere. The people, he 1816, with a capital of thirty-five millions of dollars, and said, entertained the opinion that much of our proceed- has been in operation from that period to the present time. ings here was dictated for party and political objects; Its charter will expire in 1836. Of its stock, seven milthat abuses were pretended to exist which had no founda-lions of dollars are owned by the United States, a greater tion. And he read us a grave lecture to attend to our amount by foreigners, and the residue by individual citiappropriate business, for fear the people would attribute zens. It has planted branches in many of the States, and our conduct to unworthy motives. Sir, let me commend in some States several branches. Its dividends have been the gentleman's advice to himself. Will not the people liberal, and it is now prosecuting a very advantageous be apt to suspect that the object of this resolution is not business in the art, trade, and mystery of banking. The what it purports to be?-that the real purpose is to delay bank has presented a petition for a renewal of its charter the rechartering of the bank until after the Presidential for another period of twenty years; and the Committee of election?--to screen the President from the necessity of Ways and Means of this House has reported a bill in acdeciding upon it until he is beyond the reach of the popu-cordance with that prayer. At this stage of that applicalar will Will they not say that it is to prepare the public tion, an honorable member from Georgia [Mr. CLAYTON] mind, by impressing it with a belief of the misdemeanors presents charges of a very grave character, involving not of the bank, for the Presidential negative? The honora-only the pecuniary responsibility, but the integrity of the ble member from Virginia [Mr. PATTON] told us these institution. He moves the appointment of a select comthings had been said already; and he thought it necessary mittee to investigate these charges, and asks that the comto devote some fifteen minutes of his speech to a disclaimer of any such motives on his part. The honorable mover himself commenced by a very solemn denial of any such intentions on his part. If the matter be so suspicious on the face of it, I beg the honorable member to consider whether the advice he was so kind as to proffer to us should not have the sanction of his own example.

I have refrained, sir, from discussing the merits of the question which will soon come before the House. Whenever it shall be presented, I shall be prepared to act upon it, and I trust to give the reasons, if necessary, which will influence my vote. At present the question is, the expediency of instituting the proposed investigation. I do not deem it necessary, because the matters brought in charge against the bank are already fully known and understood --or such as, if true, the bank are in no way responsible for; or such as no scrutiny at the bank can elicit any information upon--or, I say it without intending offence or disrespect, are frivolous, and unworthy the grave considera

mittee shall be armed with the necessary power to effect the desired object. And how, sir, was this proposition met in the House? It was opposed. The charges were declared to be groundless, and altogether unworthy of the serious notice of the House. Such, sir, was the course originally taken by gentlemen who avowed themselves favorable to this institution, and to an immediate renewal of its charter. Nor was this ground changed or abandoned, until an honorable gentleman from Pennsylvania, [Mr. WATMOUGH,] and a frank and zealous friend to the institution, announced his willingness that an inquiry should be gone into, but moved to amend the resolution by substituting the Committee of Ways and Means for a select committee. I need hardly remark, sir, that this step of the honorable gentleman produced a very sudden and striking effect upon the House. It conceded the propriety of an inquiry. It broke the apparently compact front of the opposition to that measure; and it merely proposed that a standing committee of the House, instead of

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Bank of the United States.

[MARCH 7, 1832.

one raised for that special purpose, should perform the terfere to compel a report. But until some indication of delicate and important duty. It was manifest, sir, that such a disposition was given, he [Mr. B.] for one was opthis change in the direction of the inquiry was not favora-posed to any limitation in point of time. bly received by the House. Proposed as it had been, and He also objected to the choice of a committee by balfrom the purest motives, it would still, if adopted, be lot, instead of leaving the selection, as in ordinary cases, subject to misconstruction. The Committee of Ways and to the Chair. The House might, if it pleased, in his opiMeans was favorable to a rechartering of the bank. If nion, very properly settle the principle upon which the there was ground for an inquiry, it was proper that inquiry committee should be organized. It might declare that it should be made by those whose hostile feelings would ought to be composed of the friends, or of those hostile to prompt them to a rigid scrutiny. All this was apparent, the institution. But, sir, said Mr. B., when this rule has and was too just to admit of hesitation or doubt. The ho- been established by the House, I would desire to know in norable chairman of the Committee of Ways and Means what manner its observance can be secured in a ballot for [Mr. McDUFFIE] saw the dilemma in which the House was members of the committee. The Chair, no doubt, may placed, and with commendable frankness and intrepidity very readily designate a committee of either character: announced that he would no longer oppose the inquiry, but it would be somewhat difficult, as he [Mr. B.] believand that it would best comport, not only with his feelings, ed, for this House to choose by ballot seven members, a but with his view of propriety, to have the examination majority of whom should certainly be either favorable or made by a select committee, rather than by the one indi- adverse to the bank, according to the principle upon cated in the amendment proposed by the honorable gen- which the House should desire to organize the committee. tleman from Pennsylvania. Upon this suggestion, that It must, however, be admitted that the mode of selecting amendment was withdrawn. At this juncture, the ele- the committee is but a secondary consideration. The im ments of opposition seemed to be hushed. There was an portant feature is its character. Shall it be made up of apparently general wish to close the discussion, and to the ardent friends of the bank, or, on the other hand, of dispose of the subject without further delay. An ad- those who are adverse to a renewal of the charter? He journment of the House, however, took place. Time was [Mr. B.] understood the uniform and established parliagiven to recover from the panic; and subsequent develop-mentary rule to be, that when charges of misconduct were ments leave no doubt that the inquiry, if ordered, must preferred against a public officer, or a public institution, be by the strength of votes, and not by concessions from the investigation, if one was directed, should be made by any quarter. a committee, a majority of which should not be composed of those whose views were favorable to such officer or institution. Such he [Mr. B.] understood to have been the uniform course of this House, and of all well regulated legislative bodies--a course which could not fail to commend itself to the judgment of every dispassionate mind; for he would venture to say that no public institution, or public officer, would deserve to be sustained, if unable to endure the most rigid public scrutiny of such a committee.

Some gentlemen are still opposed to all inquiry. Others, although favorable to this object, are yet of opinion that a majority of the committee should be friendly to the bank. It has also been suggested that some short period should be fixed as a limit to this inquiry, and the committee be required, peremptorily, to report by a certain day.

With a view to attain one or all of these objects, my honorable colleague [Mr. Roor] has this morning proposed, as an amendment to the resolution, that the committee shall be chosen by ballot, and not appointed in the ordinary mode by the Chair.

I believe, sir, said Mr. B., that the power of the House to institute this inquiry has not been drawn in question; Sir, I would ask if these different propositions do really nor could it well be. The charter of the bank expressly tend to aid the House in disposing of this matter in a pro- retained and conferred it upon the House. He would per way. If we desire, and are to have an inquiry, let it add, that we had a precedent for its exercise, and one be granted in the ordinary mode, and in conformity with which he thought might well be followed on the present well established principles. Place it in the hands of those occasion. In 1818, a similar inquiry was instituted. It who will be prompted both by feeling and a sense of duty was within two years after the first organization of the to make it thorough and searching. Let the concerns of bank. Yet, at that early period, it was found in the most this institution be probed, and, as far as propriety and a unsound and alarming condition: and, but for that examinregard to individual rights will tolerate, let them be ex-ation, it must have sunk in utter and irretrievable ruin. posed to the view of this House, and of the world. If it has neither transcended its powers, nor perverted them to unworthy or profligate purposes; if, in truth, sir, it is as represented, so sound in its condition, so healthful in its action, and of such exemplary morality, its friends surely need not blush at its exposure, and its enemies may be confounded as they gaze upon so rare and so sublime anay, more, is it not our imperative duty, to look into all spectacle.

It was that, sir, and that alone, which restored it to any thing like a healthful and safe condition, and which secured to it any large proportion of the public confidence. If an examination was proper at that period, is it not much more so now? Called upon as we are to give or withhold a renewal of its charter, have we not a right,

its operations-to insist that its most secret movements It was hardly necessary, nor would he [Mr. B.] at this should be submitted to a severe and rigid scrutiny? Are time advert to the particular character of the charges we, while these charges exist against it, to renew it on which had been brought against the bank. It was con- trust? Are we to presume it honest, patriotic, and justly ceded that if those charges were true, they were such as entitled to exclusive privileges? This, a moneyed corpoto deserve the consideration of the House. Their truth ration, a mere legal entity, a body without a soul, with was denied. Hence the necessity of an examination, an most fearful powers; and yet, while clamoring for a reexamination which should be full and minute; and what-newal, are we not to look beyond such statements of its ever time should be required for the purpose, certainly condition as it may choose to give us? What, sir, do we ought to be allowed by the House. Why, he would ask, know of the interior and domestic operations of this instiin the outset limit the committee to any certain time? tution? And what, in these respects, can we learn from Why limit them to a short time? Would the House act the statements with which we are furnished? Are we to upon the supposition that a committee, in violation of its be satisfied with gazing at the exterior only? How has its duty, would attempt to prolong or procrastinate this inves-secret service fund been disposed of? What items of extigation? When it should appear that the committee was penditure have entered into its ordinary disbursements justly open to such charge or suspicion, it would be in and current expenses? What gratuities, jobs, or disguis time to act; and then the House might very properly in- ed loans have been made to secure influence, co-opera

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tion, and patronage? to enlist the press? to silence opposition? to rally friends? Sir, without pretending to aver that there is any thing really wrong in the conduct of this institution, or any just ground for the suspicions which are abroad, I must maintain that justice to the country and to the bank alike demand that the investigation should take place; that we ought, in no event, nor under any circumstances, to act upon the subject of renewal, until the investigation shall be closed.

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comes at too late a period: we shall not be able to act on the "respectful" petition for a renewal during this session. Respectful! I will not suggest, sir, that it is not decorous in its terms; but I will say, that had it proffered a willingness to submit to a rigid scrutiny, had it invited such scrutiny, it would, in my estimation, have commended itself more to the favor of the House, than by a cautious reserve in that respect. But, sir, although, for one, I am very willing to act finally and definitively upon the application during the present session, and although I believe we have ample time to do so before we adjourn, giving full scope for this examination; yet suppose that shall be found impracticable, what then? Are we to be charged with a dereliction of public duty and a neglect of the public interest? What special necessity exists for an immediate disposition of this question? This Congress will be together at another session. Then at least we shall have ample time to dispose of the application. But what time would probably be required for this examination?

Such would be the course of any prudent individual in the management of his private concerns. Let us suppose, sir, that you had employed an agent for twenty years to conduct the business of an extensive and important establishment; one which, while it in a great degree committed your fortune and your character to his trust, afforded him, to say the least, many convenient opportunities to build up his own fortune at the sacrifice of the interest and fame of his employer. He had, to be sure, from time to time, rendered general statements of the condition of the business, and paid over the balances thus ascertained. You That of 1818 occupied but a few weeks, and yet reporthad never gone through the books but once, and that ed a volume of testimony. If all is right, this investigashortly after he began the business, and then you found tion will necessarily be short; if, on the other hand, there them in the most confused and disorderly condition. He is any just foundation for the charges and suspicions which now applies to be continued in this employment for twenty are afloat, time cannot be better employed than in detectyears more. I ask, sir, would you renew the engagement: ing and exposing them. This session will probably conwould you again put yourself in his hands for twenty tinue for three months more, and the next for three months. years, and that without any scrutiny into the actual con- Can we not trust ourselves in this matter? This objection dition of the business which had, for so long a period, been of a want of time is indeed the most groundless of all obcommitted to his charge? Especially, sir, would you rush jections. If made by the bank, it would afford a strong headlong into this new bargain, if your agent stood charg- suspicion that it feared to meet inquiry. ed with infidelity in his employment, and a disregard of every interest but his own?'

But we have been told by my honorable colleague, [Mr. ROOT,] that this Government and the bank are copartners in business, a relation which implies confidence, and should| repel every suspicion of misconduct. Is this so, sir? Is this corporation elevated to an equality with these sovereign States? If so, we may well give it precedence as the managing, if not the senior member of the firm, and take to ourselves the more humble rank of a dormant partner. But, even in that relation, as we are now invited to renew the articles, we may, with great propriety, inquire into the condition of the old business.

I confess, Mr. Speaker, that the course of opposition to this resolution strikes me as somewhat remarkable. Gentlemen are no doubt the best judges for themselves of what is suitable and proper on this and on all other occasions. But, sir, if charges like these were preferred against an officer of this House, and by a member in his place, would any gentleman object to inquiry? If similar charges were made against any important functionary of the Government, would inquiry be opposed? Would not such functionary, if an honest man, seek and demand inquiry. Yet this bank, which performs many of the high duties of a public functionary, whose patronage and power are almost equal to those of this entire Government, has not stepped forth to proffer or solicit any investigation, but, as far as we can at all judge of its motives, is averse to such a measure. We are called upon to renew its commission, to elect and instal it in office, to place it in the full possession and enjoyment of all its prerogatives, not for one or five years, but for half the space of human life; and all without inquiry, on trust, on precisely such information as it is pleased to give us.

The pending application for a renewal is widely different in this respect from one for the incorporation of a new bank. Then we should prescribe what the associates must do; now we find the associates together, and, without knowing what their conduct has been, without any satisfactory exposition of their present actual condition, we are called upon to renew, and in effect to perpetuate this mighty institution.

We then have power to make this investigation.
The time is sufficient.

The question of renewal calls for it.

The charges made demand it at our hands.

I will now, sir, invite the attention of the House to some of the remarks which fell from my honorable colleague, [Mr. RooT.] I do this with reluctance and regret; but I will not shrink from it. They seem to me, sir, to be of a character which forbids that they should pass unnoticed.

The prominent features of the gentleman's speech were, an effort to sustain the position that this examination ought to be made by the friends of a national bank, and a general and almost indiscriminate abuse of the public authorities, the public institutions, and the banking policy of his own State. The honorable gentleman observed that the fair presumption might be, that the resolutions of the Legislature of New York, against the rechartering of this bank, were expressive of the voice of the people of New York. But this, he said, was not so. They were the voice, he said, of a combination of banks in New York, led by the great central bank power of that State, the Farmers and Mechanics' Bank of Albany. I also understood the honorable gentleman to object that the banking system of New York was vitious; that the appointment of commissioners by the banks, "to mouse out their faults," as he expressed it, was not only delusive, but ridiculous; and that the safety fund system provided no effectual guards against the frauds and insolvency of the banks. The honorable gentleman argued in favor of a national bank, with branches extending through the States, that they were necessary as places for the safe deposite and disbursement of the public revenues; that, in the absence of these institutions, the local banks must necessarily be resorted to for the same purposes; and that thus these local banks, especially in the city of New York, where so large a proportion of the national revenue was collected, would secure to themselves enormous and undue advantages, and which might render them formidable and even dangerous to similar institutions in other States.

These advantages, sir, so much to be feared by the But it is said, sir, that this application for a committee | public, and the institutions of other States, if enjoyed by

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