MARCH 8, 1832.]

Bank of the United States.

[H. OF R.

was too unyielding, has lately lost his election, and a gen- one mighty influence. To carry this scheme, it was netleman, a State Senator, and lately president of a provin- cessary to get the New York banks into the fund, for their cial bank at Lockport, appointed in his place.

capital is more than double that of all the country banks The following year I was again in the Assembly, and put together. This was so essential, that, in order to inacted as the presiding officer of that body. The great duce them to consent to join the combination, it was conbanks in the city of New York refused to come into the sidered necessary to put down the United States' Bank safety fund. They were not disposed to become sureties and its branches. That once out of the way, they thought for country banks, over whose proceedings they could they could measure swords with any thing that might op have comparatively but little control. pose. They thought that by using the popularity of the The banks in New York are taxed on the amount of President of the United States, who had declared against their capital paid in. In the city, this tax, by commuta- the bank, they should be able to put it down. What tion, had amounted to half of one per cent. a year. The then? Why, sir, under these promising circumstances, I next year the banks in that city, whose charters were resisted this bargain proposed by the New York banks, about expiring, and which had the year before refused to and thus called down upon my head the anathemas of the come into the safety fund association, applied to the Le-creatures of upstart power; and they charged me with gislature, consenting to come in on the condition of being uniting with the anti-masons. The following year the relieved from the payment of the bank tax. The desire President, in his message, called the attention of the was so strong to induce these banks to come into the as- American people to the question of the United States' sociation, that men high in power made a bargain, before Bank; and although he did not pronounce it absolutely unthe meeting of the Legislature, with the agents of the constitutional, nor express his utter hostility to it, yet a banks, that their charters were to be renewed, and they large and respectable portion of his fellow-citizens so concome into the safety fund association, and be exempted sidered it. Seizing upon this expression of the President from the payment of the bank tax. It was to be carried as one of hostility to the bank, upon his well-earned pothrough the Legislature as a party measure, and by the pularity, and the strong hold he possessed in the affecforce of party discipline. They were so confident of suc- tions of the people, the city banks were encouraged to cess, that the arrangement was openly avowed, and the enter into the combination, and contribute their share to acting Governor announced and recommended it in his the fund; now hoping and expecting that the Bank of the message at the opening of the session. One of the prin- United States would be put down, and that they would cipal reasons urged in favor of this measure was, that the have not only the great emporium of commerce, but, in country banks made greater profits than they could. The addition, all the deposites of the Government, and thus country banks were allowed to take seven per cent. on all become arbiters of all the fiscal concerns of the nation. notes over sixty days, while they in the city could get but six Sir, what must they of necessity be? Without chargper cent. Why? Might they not ask seven as well as the ing the people of New York with being more ready to country banks? Yes, they might ask it, but could they yield up their virtues to political temptation than the peoget it? No, sir. Their great rival competitor, a branchple of other States, I ask, what must be their condition of the Bank of the United States, with a capital of nearly under the operation of this system? and how may the two millions of dollars, discounted at six per cent.; and if United States' Bank be expected to fare, should it set up -the city banks should ask seven, they would get no busi- its branches in the midst of this bank combination? Supness, except in paper of very doubtful character. Hence pose one of these safety fund banks to be established in a this branch bank was the great burden of their complaint: country village, and suppose that some village attorney they asked to be relieved from the tax which all the other should, by good fortune, perhaps by the fees arising on banks in the fund were compelled to pay; and the plan was brought into the House as an Executive measure, and strong political feeling was got up in its behalf. Sir, 1 was guilty of arraigning that project at the bar of the Committee of the Whole; and, what was worse, I defeated it in opposition to the Executive power-to governmental recommendation--to the bargain of the bank directors, and to the influence of those who surrounded the Execu

tive chair.

On that occasion I recollect that a minion of power, and who, the year before, on its first appearance in the House, had been strongly opposed to the scheme, had the effrontery and the baseness to charge me, as I have been on this floor, with having been an applicant for the appointment of commissioner, and to suggest that it was the sting of disappointment which caused me to change my views and my course. Sir, I repelled, with scorn, the base insinuation, as of a scoundrel. I did believe, although he resided on the banks of the Mohawk, that civilization and the courtesies of life were so far advanced further up that river as to prevent its repetition by any individual residing upon its banks.

the suits against delinquent postmasters, perhaps from libelling some bark canoe and cargo engaged in smuggling goods across the St. Lawrence, or by some other fortuitous circumstances, become possessed of stock in this village bank; and suppose that, after that, the Legislature should create another batch of these village banks, and the stock should be parcelled out at head quarters, under the management of pliant and loyal commissioners; and suppose, sir, yet further, that this village attorney should, by an accumulation of good fortune, come in for a slice, and get some of the stock in one or two other banks, these banks enjoying at the same time an interest of seven and a half per cent. on all discounts, and two or three times the amount in circulation of all its capital paid in, and dividing annually fourteen per cent.; and suppose, sir, that, under these circumstances, the United States' Bank, that naughty monster, should think proper, without asking the consent of this lawyer, or of the village bank directors, to establish one of its branches in the very village where he resides; suppose this branch should commence discounting good paper at six months at six per cent., and that not in advance, but having, the interest payable only It has been said that these branches of the United at maturity; and suppose it should be doing all this merely States' Bank, of which we have heard so much, were es- for the purpose of obtaining popularity, and electing tablished for the purpose of obtaining power and influ- Congressmen; do you not believe that that village attorney ence, and ought therefore to be opposed: what was this would spring in wrath, that he would not swell with ininfluence and what was this power, for speaking of which dignation (that is too lofty a term) at the officiousness of I am charged with having degraded the character of my the United States' Bank, in presuming to establish a branch State? Sir, the Bank of the United States made no com- in his village on purpose to elect Congressmen? Why, plaint against the local banks, yet there is a hue and cry sir, no wonder. Perhaps that branch has already obtained to pull down that bank, and every other that stands in the some influence. I have actually heard many farmers say way, till all the banks in the State shall be collected under that they considered it better to get a credit of six months

H. OF R.]

at six per cent., than a credit of ninety days at seven and a Mr. WAYNE endeavored repeatedly to obtain the floor, half. Yes, sir, they have had the bold effrontery to make with a view to offer an amendment to the resolution of this assertion. People in the very neighborhood of my Mr. CLAYTON; but

I am of the

colleague have been bold enough to avow such doctrines! Mr. BELL, of Tennessee, succeeded in obtaining it, Sir, I have been accused of arraigning my State, when and proceeded to address the House. He did not rise, I ought to have spoken concerning her nothing but he said, for the purpose of replying to the gentleman praises. It has, indeed, been my fond occupation to speak from New York, [Mr. RooT,] nor did he propose to enter with willing and heartfelt commendation of the State of into an elaborate discussion of the questions presented by New York, and of the people of that State, more espe- the resolution of the gentleman from Georgia. He said cially of the people of those counties among whom it is he did not propose to notice the main question, any furmy happiness to reside. Yes, sir, and of the people of ther than might be necessary to the explanations he desired counties even where this national bank has had the to give in relation to his own course upon the subject beeffrontery to establish its branches. But if I see conclusive fore the House, and to the notice which he proposed to evidence that the banks of that State have combined to take of some remarks which had fallen from other gentlebear down the people by their oppressions, must I con- men in the course of the debate, and which, he thought, ceal the fact? And may I not express my hope that the might with propriety have been omitted. people of my own State will find some relief in a national I intended, said Mr. B., to have voted for the resolubank and its branches, that may compete with this com- tion submitted by the gentleman from Georgia, before bination of their oppressors, and compel it to forego its the friends of the bank generally manifested their acquiextortions? The danger of that State is, that her politi- escence in the propriety of yielding to the inquiry. I cians will proceed in triumph on the strength of this vast considered such an investigation of the affairs of the bank political machine, while the people are left too late to dis-as was proposed, not only proper and desirable for the cover that they have been betrayed. Sir, it is not to these purpose of satisfying the country in regard to its true men that I am bound to heave aspirations of praise. Sir, condition, but it appeared to me to be peculiarly proper the people of that State desire a national bank. I know that the inquiry should be instituted, as, under the cir them, and I know it to be their wish, not only that there cumstances of the demand of a committee, suspicions of should be a Bank of the United States, but that it should abuses in the management of the bank, injurious to its scatter its branches through the different parts of that character and usefulness, must have been the consequence State, as the only antidote against the dreadful effects of of a refusai of the investigation. If the proposition for 18,000,000 of capital, wielded by a political combination. inquiry had been submitted without any allegation of But we are now told, in their name, that a national actual abuses, upon reflection, I am disposed to think the bank is a formidable monster, capable of doing mischief precedent that would be established by acceding to it, as on a gigantic scale, while the State banks are so many highly useful and proper in such a case. lambs, and can hurt nobody. This power, that is, incor- opinion expressed by the gentleman from New York, porating new banks every year, (there have been sixty [Mr. BEARDSLEY,] that such an inquiry as is now proapplications this year, all in the hope that the United posed should precede every renewal of such an instituStates' Bank will come down,) while those who kneel tion. In an affair of such general and diverse interests, and clap their hands, and shout hosannas to the men who nothing should be taken upon the representations of those have the management of the system, can get their banks who have, or may be supposed to have, an interest either chartered, while those who refuse it must stand without-in withholding any material information, or of giving a sir, it is a frightful and alarming monopoly, and calls false coloring to such as they might think proper to afford. aloud for redress. The evil is increasing; the fund is ac- Besides, under all the circumstances, to assure the pubcumulating; several banks, whose charters are near ex- lic confidence, and to vindicate this House itself, should it pring, will presently be added to it. Then the United proceed to vote a renewal of the charter of the bank at States' Bank being down, and all the revenues collected the present session, from any imputation of undue inin New York, and on our Northern and Western frontier, fluences, it appears to me that the most unreserved opwill all have to be paid into the State banks, though they portunity should be given to the enemies of the bank of have already 18,000,000 of capital, 12,000,000 of bills in exploring its most secret affairs, should they require such circulation, and probably more than 12,000,000 more in a privilege. The lightest shade of suspicion which may bank credits, amounting to more than 24,000,000 in debts, rest upon it, from whatever cause produced, should be with only $1,600,000 in specie to redeem the whole. All removed, by yielding a ready acquiescence to the most these banks in one association, having one common interest, rigid scrutiny in the power of the opponents of the bank so that one of them will not make a run upon the other, to devise. I would have supported the proposition of the for, if one breaks, the rest must pay its debts, let them get gentleman from Georgia upon another ground, without the revenue of the nation in their vaults, and you give any design to prejudice the interests of the bank. If them an invitation to incur a great universal bankruptcy, and there are any concealed transactions of the bank of a reshare our spoils. The whole structure will come down prehensible character, or any abuses of the privileges conin one mighty ruin, and then your revenues are lost. But ferred upon it, not known to the public, it is of importance my colleague says that my opposition to this system is op- that they should be brought to light, in order that they position to my State. Sir, it is opposition to speculators; may be guarded against or prevented in future, by the it is opposition to scheming politicians; it is opposition to terms of any new charter of the same, or of a similar instituovergrown capitalists who are grinding the face of the tion, which may be granted; for I consider that if all the poor; and it is pleading the cause of the farmer, of the charges brought against the bank by the gentleman from mechanic, of the great mass of the people. If this com- Georgia should be established, they would still not be conbination of banking power shall obtain the ascendency clusive against the recharter of the same bank, or of a over the neighboring States, it will have it in its power to new one. They would only go to demonstrate the proplay the tyrant, while our farmers, artisans, and laborers priety and necessity of exercising the greatest circummust suffer. spection and vigilance in settling the terms and conditions Never did a nation enslave those who are abroad, but of a new charter. They would, at most, amount to noits own subjects were ultimately enslaved at home. Sir, I have purposely refrained from answering all the personalities of my colleague. It would be an offence to this House to dwell on the disgusting theme.

thing more than arguments addressed to the consideration of the House, and of the public, and their probable recurrence would remain to be weighed against the public convenience and utility of any such institution.

I

[H. OF R.

I would not have voted for the resolution of the gen- portant, if not essential, to the safe and economical adtleman from Georgia, for the purpose of defeating the ministration of the public revenue that this Government final action of Congress upon the bank question at the should possess such a power; and I am not prepared to present session, as has been alleged to be the probable admit that, under the constitution, this Government may motive of some who were inclined to favor the proposi- not, upon some safe principle, employ its own citizens as tion for inquiry. I would have considered such a course its agents and auxiliaries in the management of its fiscal as wholly indefensible. But, sir, when the question shall concerns, and, at the same time, co-operate with it in exarise upon the bill reported by the Committee of Ways ercising a salutary control over the general currency, and Means, I desire it may now be distinctly understood upon a sound state of which all must admit the financial that I shall be in favor of the postponement of the sub-resources of the country must always greatly depend. I ject to a period beyond the term of the present Con- will go further, and say that I think the public convenigress; and as a motive has already been ascribed to those ence and interest would be greatly consulted in continuwho favored a postponement of the main question, I ing the employment of the capital now vested and in feel it due to myself to reply to such suggestions as have circulation, upon an organized plan for the purpose of been thus thrown out with the apparent intention of de-effecting those objects. But still entertaining these opinouncing in advance any movement for that purpose. nions and views, as I do, I cannot admit the doctrine that a I hold that any motive which is fit to be acted upon by bank is the chief end of the Government, or that every any member of this House, is fit also to be avowed, and sound maxim or principle which should govern the legisI, for one, will not omit to avow the motives which go-lation of Congress, should give way, in order to secure vern me upon this question. I am willing that it shall the benefits of the present one. I beg to be understood, be decided by those to whom I am directly responsible in what I have said of the principles which should govern for my course here, and by all honorable men, whose Congress, as not alluding to any bearing which this quesgood opinion I hope I shall always seek to desire, whether, tion may have upon the Presidential election. 1 will exin the course I shall pursue, there is any shrinking from plain, before I have done, to what I allude. public duty, or any surrender of that independence of But before I proceed to state the grounds upon which personal and legislative action, which becomes a repre- think the question of the rechartering of the bank should sentative of a portion of the people upon this floor. be postponed, I will make some remarks, as I intended, More has already been said, and still more may have in rising to address the House, upon what has been thrown been felt, than I consider necessary or even proper, re- out in the course of this debate in relation to the opinions specting the connexion which is supposed or alleged to of the President upon this subject. I am not responsible exist between the decision of this question at the present for the introduction of this topic into this debate. It has session of Congress, and the pending Presidential elec- been brought into the discussion by others; and what I tion. I admit the truth of the proposition to the fullest shall say, I consider proper only in the way of reply. extent, that questions of great public interest should not Gentlemen on both sides of this question have thought proyield or be postponed on the ground of any probable per to give their own versions of the views of the Presieffect their decision may have upon the elevation of one dent, communicated to Congress in his public messages. man or another to mere place or power. I trust that I On one side, gentlemen infer from the written communido, and I confidently hope I ever shall, feel an unmixed cations of the President to this House, that he has expressindifference, and even contempt, for that sort of partisan ed an opinion decided and unalterable against the bank, zeal and anxiety which is sometimes exhibited in elections or, in other words, that he stands committed against it, in of the high officers of the Government, and which whatever shape or form a proposition for rechartering it have no higher or more patriotic objects in view, than to may come; while, on the other hand, other gentlemen secure the possession and control of the subordinate offi- contend that he has referred the whole matter to Conces of the Government, with their attendant emoluments; gress, in such terms as to leave no ground to doubt but yet, sir, I do not fear to avow, in the present case, what that he will sanction any bill which Congress may present ever might be the importance to the public interests, that for his approval. Now, sir, no doubt gentlemen are sinthis question should be settled now; that if, in my judg- cere in the expression of their opinions upon this subject, ment, there were questions and interests of still greater although both sides deal in extremes, and the position magnitude-questions and interests connected with the taken by neither is true. I deny that there is any fair or permanent wellbeing of this numerous and free people, reasonable pretext discoverable either in the language or which would be endangered by the action of Congress sentiment of the messages of the President for this great upon the question of the bank at the present session of diversity of opinion as to what he has communicated to Congress, I would not hesitate to make that the ground Congress upon this subject. The candid and impartial of opposition to it. In all such cases of conflicting in- inquirer must admit that the language employed is not terests and objects, I would feel it my duty to adhere to equivocal or oracular. That two opinions, so directly opthose which I regarded as the paramount ones. I would posed to each other, should exist, as to the true import of so regulate my conduct in the present case, if I considered the several passages in the messages of the President upon it of such a nature. I feel the difficulty of taking the the subject of the bank, can only be accounted for by the course I shall take, without subjecting myself to the im- diversity of the feelings and interests of those who differ putation of acting upon this principle, in the present in-so widely. I have the messages before me; I have consistance; but I will leave it to be inferred from the ground I dered them carefully, and I find no warrant for either of shall presently state, whether there are not sufficient and the opposite conclusions which gentlemen have drawn cogent reasons for the postponement of this question, of from them. That the President has openly, and fearless a different kind; and whether, if any interest is to suffer of consequences, braved the opposition of all those who by acting upon this subject now, it is the bank interest, are so proscriptive in their feelings upon this subject-or any one of equal or greater importance. As to the who are so exclusively devoted to the interests connected propriety of rechartering the bank, I will say that I am with the bank, that they cannot sustain or countenance friendly to the policy of giving to, or of maintaining the any public man who ventures to differ with them as to the exercise of the power of this Government, of administer- amount of the benefits the bank has conferred upon the ing a corrective to a vitiated, excessive, or fluctuating country, or who can see any constitutional objection to the currency; and I hope that the proposition to recharter bank as at present organized, is not, and cannot be conthe present bank will assume such a shape, that I can troverted. That, admitting the expediency of some instigive my vote in favor of it. I am of opinion that it is im-tution of the kind, the President, for himself, would pre

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Bank of the United States.

[MARCH 8, 1832.

fer one organized upon a very different plan from the cise of power by the General Government not clearly or present one, is equally clear; but that he has on one side expressly warranted by the constitution. Sir, that the or the other intended to commit himself, or that he has, President feels, as he ought, upon a question of such diffiin fact, committed himself upon the question of recharter-culty, of such importance, and upon which there is so ing the present bank, with such modifications of its pre- great a diversity of opinion, not only among his friends, sent charter as may be proposed, I deny. I maintain that but also among opponents, whose interests must still be a in all his communications to this House upon this subject, proper subject of solicitude with a Chief Magistrate of this he has manifested a due and respectful deference for the great country, there can be no question. Sir, this quesopinion of the people, formed upon sufficient considera- tion ought not and cannot be decided upon party grounds. tion, and deliberately expressed through their constituted The President will be bound to look to the whole country organs; and that he has clearly reserved to himself, as he and all its interests, in the decision to which he shall finally ought, the privilege of determining his final action upon come in relation to the bank. the subject, under all the circumstances of the case and Although it seems to be generally understood that poof the country, when a bill shall be presented to him for litical or party considerations ought not to have any influhis approval or rejection. This is my judgment upon the ence upon questions connected with the bank, it is very several passages to be found in the President's messages remarkable that those who are most earnest in protesting upon this subject, and I do not believe that any gentleman against the propriety of acting upon such considerations, is authorized to speak of the views of the President fur- are still the most absolute and positive in the opinion that ther than he has thought proper to disclose them in his this is the only proper time to urge the decision of the messages. Sir, when the President shall be called to act question. I must be permitted to say that, in my judg finally upon this question, that he will do so under a full ment at least, this course does not appear to possess the and solemn sense of his responsibility to the country-merit of consistency. What, sir, in the midst of a most upon a deliberate consideration of all the great interests excited contest, in the very thickest of the fight, when the connected with the question, and in perfect consistency great chiefs of the several political parties of the country with his own character, I do not doubt. are putting forth all their might in the struggle for ascen

Some allusion has been made, in the course of this de-dency, to thrust in the question of the continuance, for a bate, to the opinion and views of the President upon the long term of years, of a great moneyed institution, and to subject of banks generally, expressed in his private inter-contend that this is the chosen and accepted time for the course with society, and while in a private station. If it decision of it, when out of this House, it is notoriously be proper to inquire into or notice, in this place, the opi- avowed, whenever the avowal may be supposed to have nions expressed by the President without any reference any effect by the very party which, in this House, calls to official responsibility, I have no doubt it will be found most urgently for the question now, that the existence of that he has, throughout his whole life, been opposed to the bank depends upon the overthrow of the present adthe whole paper system and the excessive credits which ministration! And is it expected the country will receive grow out of it, and that all his prepossessions are, and this as evidence of a desire to strip this question of all party have ever been, in favor of what has been significantly call- influence, and let it stand or be decided upon its own meed a hard money Government; but that under the actual rits? Does this look as if those who urge the decision of circumstances of the country, or rather of the whole com- the question now, were willing to refer it to the considemercial world, in relation to its currency, the President rate expression of public sentiment, uninfluenced by the has, upon any occasion, so far committed himself that he agitations of party? Allow me to say, sir, that, if those can consistently give his sanction to no proposition to re- who have the direction of the affairs of the bank have charter the Bank of the United States, whatever modifi- given their sanction to this procedure, under such circumcations of its present charter may be contained in it, I do stances, the bank should be made responsible for it. not believe. It is the very worst feature in the whole history of its conduct-none else could do it so material, so fatal an injury.

While I am upon what may be thought the political division of this subject, I will not leave it until I shall have It has been said, in the course of this debate, that it noticed some other remarks of gentlemen, made in the would be unfortunate for the administration, if an idea course of this debate, which have the same aspect. I re- should go abroad that its friends desired the benefit of two gret that this subject should have been considered by any opinions as to the course the President will pursue in regentleman as partaking so much of a party nature, that lation to the bank, and that, to prevent the bad effect of the friends of the bank in any section of the country such a suspicion, it would be better that the President should be alleged to be opposed to the present adminis- should disclose his opinion without delay. It will be pertration, and its friends to be the enemies of the bank,ceived that this argument is based on the assumption that according to any divisional party feeling or interest. Be- the President has already come to a determination upon sides the manifest impropriety there would be in attempt-this question which will be finally acted upon. This, I ing to cause this question to partake more of a party cha-have shown, cannot be fairly assumed; and if there are any racter than all great questions are but too likely to do in who still believe that the President conceals his real opiany free Government, I object to the statement, because I nion for selfish purposes, they will have a pretext for dedo not think that in any section of the country the friends claring against him what will, at all events, be satisfactory to and the opponents of the administration are distinguished themselves. The idea is also deprecated that it should be by any such boundary. The friends of the administration thought that the President shuns responsibility in this incannot shut their eyes to the delicacy and difficulty of the stance. As to the question whether the bank charter shall position which the President occupies, in relation to the be acted upon now or hereafter by this House, the Presidifference which rests between the views and wishes of dent has nothing to do. We must determine that queshis own friends upon this subject. That as honest and tion. When he shall be called upon to act upon this subdisinterested a support as honest and enlightened freemen ject, it will be seen whether he shuns responsibility or not. can give, is given to him by large sections favorable to the bank, cannot be denied, and the value of that support is, no doubt, fully appreciated by the friends of the administration in every quarter. It must also be admitted, on the other hand, that he is supported, with equal honesty and zeal, by people of other sections of the Union who are hostile to the bank, and jealous, to an extreme, of all exer

Again, it is said that it would better become the character of the President to speak out at once-to come up to the mark, in the language of one gentleman--to announce his opinion on a formal rejection or approval. Sir, if I may be permitted to state what would become a President of the United States in such a case, I would say that it becomes him to do nothing rashly which may prejudice the

MARCH 8, 1832.]

Bank of the United States.

[H. OF R.

public interests, either to gratify the wishes of one class will always be the interest of a bank to have the question of politicians, or to disappoint another class, both of which of the continuation of its charter determined as far in admay have their own particular objects in view in pressing vance of the true time for the decision of such a question a decision now, and neither of them wishing or intending as possible. The directors of the old United States' Bank the country any better than he does himself. It will be pressed the question of its renewal, I believe, for years come him not to be driven from his own convictions of before the termination of its charter; but the question was what is proper, by threats of the loss of popularity--by not decided until the last year of its term. The English having the defection of large sections on one side or the East India Company, the most stupendous monopoly in other held up to him as the probable consequence of the the history of the world, and involving, perhaps, greater course his own judgment approves. He could only be call- private and public interests than all the banks that ever ed upon to yield up his own impressions or opinions as to existed, although the tables of the two Houses of Parlia the expediency or inexpediency of a measure of this im- ment groaned during several years under the weight of portance, in deference to the deliberate expression of the memorials and remonstrances for and against the renewal public will, after such a term of investigation as will admit of its charter, yet the subject was not acted upon until no further delay consistently with the public interest. This within a few months before the expiration of its former term is not yet complete. He has a right to the benefit charter. It was to expire in March, 1814, I believe, and of this full term; he has a right to the benefit of all the ex- the act for its renewal was passed in July, 1813. These perience he can acquire in the station he now occupies, are but two cases, out of the great number which exist, in correcting the errors, or in giving strength to the just-to show the extreme jealousy and caution with which free ness of his first impressions or conclusions upon this sub- Governments act upon such questions as the present. ject. If this is not allowed him, the responsibility of his If we recharter the bank now, we shall be wilfully error, if he should err, will rest upon those who urge a rejecting the proffered lights of experience. We are premature decision. upon the eve of a great event-an event most extraordiHaving said so much as to what, in my opinion, would nary in the history of nations, at least within the last cenbecome the President, or any Chief Magistrate of this tury or two; an event, which, besides the effect it may republic, who may be placed in like circumstances, I will have upon other people and nations in encouraging them state what, in my opinion, would be unworthy of him. It to approximate the model of our Government, in the fuwould be unworthy of his station, and of his own charac- ture mutations of their own, must have a great influence ter, to shun the immediate and prompt expression of the upon every branch of our own domestic interests. The settled and unalterable convictions of his judgment, if any House must perceive that I allude to the payment of the such exist, as to the course which he would feel himself public debt. This event will take place within a period finally constrained to pursue upon such a question as the sufficiently in advance of the expiration of the charter of present, for the purpose of securing an easy triumph in the bank, to afford us some experience of its effects be. an election. Permit me to say that the present Chief fore we shall be compelled to decide this question. The Magistrate will act upon higher and more honorable mo- great amount of capital which has always been accumutives and principles. I will take this occasion to express lated, and must continue to accumulate, in the hands of my sincere and deliberate opinion that the President has individuals by the rapid discharge of the public debt, and no inducement to act upon such an unworthy motive. Sir, which must find some new modes of investment, cannot be whatever may be the ultimate decision of the people of without its effects upon the general interests of the country. this country upon this question, and though that decision The precise nature and character of the effect this state may be adverse to that of the President, whatever it may of things must soon exhibit, upon the general currency of be, they will still sustain him, upon the ground of their the country, upon the local banks, foreign and domestic confidence in his integrity, and in the wisdom of his course exchange, and upon the trade and commerce of the counin relation to other great interests of the country. I speak try, internal and external, none can now foresee. We this not by way of bravado. It is not my purpose to pro- know they will probably be very great and striking, and voke or control party feeling. The calculation is a vain it is of no little importance that we should know someand delusive one, if it is made by any that are opposed to him, that any course he may take upon this subject will materially affect his prospect of a re-election by the people.

thing more from experience upon this subject than we do now, before we determine upon the provisions of an institution which is intended to regulate the effects of this new state of things, so far as they may be discovered to I will now request the attention of the House to the be injurious. At all events, none will deny but that it is question, whether there are not sufficient reasons for the our duty, on the establishment of such an institution as the postponement of this whole subject, besides any which Bank of the United States, to fashion and adapt it to the may be thought to involve party considerations, and which probable condition and tendency of these matters, or are therefore less proper to be relied upon. The first branches of political economy, during the period of its general reflection suggested to my mind by the report of intended operation, which it is designed to regulate and the bill now before the House for the immediate renewal control. How can we so well determine what will be the of the bank charter, was, that it was one of the most ex-state and condition of the country in those very important traordinary proceedings which had ever taken place in an particulars which the bank is intended to influence now, American Congress, whether we consider the interests as we may three or four years hence? The period just of the bank, or the public interests connected with it, or setting in must be pregnant with the most important dethe principles involved in the proceeding itself. Nothing velopments in relation to the commerce and currency of short of infatuation itself, among the real friends of the the country, which we may have the benefit of if we do bank, it seemed to me, could have dictated the course not create a necessity for immediate action upon this subwhich has been taken upon this subject. Surely, gentle-ject, when none exists, in fact, Shall we recklessly fling

men have not taken time to consider whether there might away, or disregard the lights which the next three years not be some important principles involved in any final ac- must shed upon this subject? Shall we show, by this hasty tion of Congress upon this subject now, besides such as and premature proceeding, that we despise the lessons of are inseparably connected with a bank charter, whenso- experience? If we do, we ought, and we will be brought ever enacted. In the first place, the proceeding is most to a severe account for our conduct.

unprecedented, and on that account requires an explana- But there are principles of a higher grade involved in tion which it will be very difficult to give. It would be this early action of the Government upon this subject, regarded as an extraordinary measure in any country. It besides the mere consideration of prudence and caution, VOL. VIII.-131