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Bank of the United States.

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a joint attack upon the honor and dignity of our State, they of the bank, it is proper that we should have the result of will feel mortified, and humbled, and disappointed too.

I have been at a loss in satisfying my own mind as to the motives which have actuated my colleague in his efforts to degrade and humble his State before those who would triumph in her humiliation. Nor can I perceive, sir, what should have led him into the support of the United States' Bank, an institution holding the tenure of its existence in the violation of those salutary constitutional checks for which the gentleman, through his long life, has loudly professed to be the strenuous and zealous advocate. I will not undertake to arraign and try his motives; it would be invidious in me to call him to account for them. They are not for my arraignment, and I will not attempt to usurp dominion over them. He knows what his objects and motives are, and I will leave it to himself to reconcile his course of conduct on this occasion with all they wished to be informed of the facts in relation to the the former professions of his life. I will leave him to settle his account with his own immediate constituents, with the State he has calumniated, the Legislature he has traduced, and the people he has abused, with his conscience and with his God.

that investigation. Mr. J. therefore intended to move an amendment to the resolution under consideration, specifying a day by which the committee should make their report, so as to afford ample time for the action of Congress upon the renewal of the charter at the present session. He could not but admire the very ingenious arguments of the gentleman from Tennessee, [Mr. BELL,] who, although in favor of a bank, had urged a postponement of a decision upon the present application to a future session, and with great candor avows his determination to use all fair and honorable means to accomplish that object, as being paramount to all other considerations. This, in connexion with other opinions expressed, should induce the House to reflect well upon the course they intend to pursue. Some gentlemen had advocated the inquiry, because charges preferred against the bank; others had expressed their determination to vote against its renewal, whether the allegations were true or false, thereby justifying the inference (although it had been asked whether the bank was to be supported, "right or wrong,") that it was to be Mr. JENIFER, of Maryland, next rose, not, he said, prostrated, right or wrong." The friends of the bank for the purpose of embarking in the discussion of the me- are said to have thrusted this question of renewing the rits of the various political parties existing in the State of charter upon us at the present, as the only proper time. New York. The House had been sufficiently amused, if Not so, sir. This is the first time that the memorial has not instructed, upon that subject, by some of the repre- come before us; and although the President of the United sentatives from that State; and from all he had heard and States has thrice called the attention of Congress and the seen, however much he admired their political manage- nation to its consideration, we are told by his friends that ment, he did not feel disposed to go there to learn politi-"now is not the proper time:" it is premature; it should cal morality. The amendment of the gentleman from New be delayed, because the people have not expressed their York [Mr. RooT] to the resolution of the gentleman opinion; and it would be disrespectful to the President to from Georgia, [Mr. CLAYTON,] is to elect the committee act thus hastily upon it. Sir, the interests of the country by ballot, instead of the usual mode of appointment by the at large are too much concerned in the Bank of the United Chair. Mr. J. considered the manner of electing or ap- States, to be left dependent upon political speculation: pointing the committee of much less importance than the such is the case at present, and such will continue to be limitation of the period of their report. If the committee the case until the question is decided. But a few days were appointed by the Chair, it seemed to be admitted since, and an honorable gentleman from New York [Mr. that a majority of them would be favorable to the inquiry CAMBRELENG] informed us that there could be no doubt into the affairs of the bank; if by the House, that the ma- but that the President of the United States would veto a jority would be favorable to the bank. A question has bill rechartering the bank; and yet the gentleman from arisen as to the parliamentary usage. But it appeared to Tennessee [Mr. BELL] tells us that "the President is not comhim that in either event, no matter by whom appointed, mitted to any course, but is left entirely at liberty to act a majority of the committee should be favorable to the in- either way.' Now, sir, in this state of things, with differquiry. It had been conceded, when the memorial for renew-ent opinions expressed by the personal and political friends ing the bank charter was presented, that a majority should of the President as to the course he intends to pursue, be favorable to the application. So, when charges are pre- to what conclusion are we to come? ferred against the bank, it was perfectly proper that the committee should be in favor of an investigation. In the construction given to the parliamentary rule, he regretted to be compelled to differ with the gentleman from Massa- Then, continued Mr. J., we are still more in the dark; chusetts, Mr. EVERETT.] [Mr. EVERETT explained. and in the language of a skilful diplomatist upon a recent Mr. J. said he had misunderstood the gentleman, and celebrated occasion, this matter has bearings and relastood corrected.] Whether a majority of the committee tions that reach beyond the immediate question under diswere in favor of rechartering, or opposed to the bank, was cussion." But, Mr. J. said, he would quote the language not very material, provided it were, as he presumed it would be, composed of members both for and against it. The custom, of late, on all important questions, had been, to have a report both from the committee and the minority. Thus, in either event, we may expect the facts in relation to the true state of the bank to be elicited; and whether by a majority or a minority of the committee, is matter of no moment. But the time when that report should be in possession of the House was of great consideration. After what had been said upon this floor and elsewhere, it was important to the interests of all concerned, that a decision should be had as speedily as could be, con sistent with a due consideration of the subject: it was desirable to the stockholders; it was to the interest of the widows and orphans, whose situation had been so pathetically referred to here; it was demanded by the best interests of the community. If it is the will of this House that a committee should be appointed to inquire into the affairs VOL. VIII.-133

وو

Mr. CAMBRELENG explained. He did not speak imperatively, but only expressed his own opinion that the President would veto the bill.

of the honorable gentleman from New York, [Mr. CAMBRELENG,] and the House would decide whether any other construction could be placed upon it, than that the gen. tleman was authorized to express that opinion, when he said, "Were I to consult only the policy of a mere politi cian, there is nothing that I should so much desire as that Congress would send the bill to the President of the United States, that he might send it back to us with his vetoan enduring monument to his fame." This declaration, soon after the transmission to this House of resolutions passed by the Legislature of New York against a renewal of the United States' Bank charter, coming from a gentle. man who is supposed to be possessed of the President's views, expressed too in so confident a manner, taken in connexion with the President's equivocal messages in relation to the bank, could leave no doubt whatever in the minds of those not in the cabinet secrets, but that the President would veto the bill; such, at least, must have been

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Bank of the United States.

[MARCH 12, 1832.

the impression in the "powerful" State of New York; and which should have been suppressed, Mr. J. had not inI ask, is there a member of this House, who did not con- tended to call them to recollection, but he attributed them sider the gentleman from New York [Mr. CAMBRELENG] to the excitement of the moment, induced by the great authorized to express that opinion? But, sir, we are now interest the gentleman evinced in relation to a question in told that the President is uncommitted; that he is left en- which the State of Georgia was immediately concerned. tirely at liberty to sign or reject the bank bill as he deems But when those opinions have since been re-echoed through expedient. Mr. J. concurred in opinion with the honora- this Hall, and frequent allusion made to the "federal party" ble gentleman from Tennessee, [Mr. BELL,] that the Pre- in terms of opprobrium, it would not be amiss to examine sident was not committed, and it appears to be the deter- a little into the merits of those who claim to be of "the mination of his more judicious friends that he shall remain great republican party of the country." so, at least until other "paramount" objects shall be ac- Mr. J. said it was not his design to enter into a defence complished. The State of New York being opposed to of all the doctrines called federal, much less to advocate the United States' Bank, will have the testimony of their all their acts; yet he felt justified in saying that, if the representative, [Mr. CAMBRELENG,] that the bill would opinion expressed by the gentleman from Georgia [Mr. have been vetoed, Thus New York is to be satisfied; CLAYTON] as to the course his constituents and State inPennsylvania, Maryland, and other supposed doubtful tended to pursue in relation to a recent decision of the States, would be referred to the opinions of the gentleman Supreme Court of the United States be correct, no act from Tennessee, [Mr. BELL,] a personal and political of the "federal party," not even the Hartford convenfriend, coming from his own State, equally possessed of tion itself, ought more to be deprecated. The gentleman his views, that "the President was left entirely at liberty from Georgia, standing here in his representative characto act either way, and no doubt would act for the best in- ter, having held high and responsible stations in his own terests of the country." State, lately from among his immediate constituents, proTo guard against all doubts, and to settle the question claims to this House and the nation that, before his State whether the bank charter should be renewed or not, Mr. will submit to the constituted authorities of the country, J. said he was for limiting and specifying the time when “Georgia will become a howling wilderness." And he is the committee should report, so that the bill might be act- a distinguished member of "the great republican party!!!” ed on during the present session, and thus affording the The same gentleman who presses the charges against the President an opportunity of deciding for himself. There United States' Bank, and alleges "that the bank is broken, was another opinion of the gentleman from Tennessee, not able to pay its debts: its object is to cheat the people, [Mr. BELL,] which deserved some notice; it was one which, and without the Government deposites could not exist." if admitted to be correct, might have some influence, al- And yet this exclusive republican administration permits though at first advanced with diffidence, was afterwards this institution to have the use of those deposites, "to pressed with great confidence. It is, "that if Congress cheat the people." Mr. J. said he hoped and believed passed a bill at the present session, granting a charter, the that the gentleman from Georgia did not upon this occanext may revoke it. The present charter does not expire sion properly represent the wishes and intentions of his until 1836, and a law passed now cannot vest a legal title." State, and therefore he called upon him to disabuse himMr. J. said he was no lawyer, he did not belong to the self and his constituents from the imputations which he profession, but he was satisfied that if the gentleman from had, no doubt inadvertently, cast upon them. But if the Tennessee, whose professional reputation stood high, gentleman from Georgia still adhered to those opinions, would examine the bill as reported, he would be convinced Mr. J. said he should not expect hereafter to hear any that, upon compliance with the terms of the charter, a con- thing more in relation to the "federalists," "the Harttract was completed, a legal interest vested, and could not be ford convention,” or “blue lights," from that quarter. annulled except by agreement or violation of the charter. Mr. J. said he should not have adverted to this subject, The honorable gentleman from Tennessee has, through- had he not felt constrained, by the remarks of the gentleout his argument, evinced much ingenuity and some po- man from the city of New York, [Mr. CAMBRELENG,] who litical tact: (Mr. J. did not intend the expression in an had just taken his seat, to repel the insinuation so illibeoffensive sense.) He urges no charges against the bank; rally cast upon those whom he has thought proper to dehe has no constitutional scruples as other gentlemen; he nounce as "anti-war men,' ""coalitionists," now "monavows himself in favor of a bank, but argues that now is not grel federalists," as contradistinguished from the "great the proper time to act upon the subject, and says that "no republican party of the country." Where, asked Mr. J., enlightened friend of the President of the United States is the magnanimity of the gentleman? The federal party could advise him to put his signature to a bill, if passed at is extinct-no efforts made to revive it; and yet the gen the present session." Can any gentleman, after these de-tleman attempts to excite prejudices against all those who velopments, for a moment doubt but that this matter has do not bow down and worship the idol of his adoration, "bearings and relations that reach beyond the immediate by denouncing them as "mongrel federalists," "antiquestion under discussion?" war men," &c. Let us see, said Mr. J., of what mate

Mr. Speaker, various topics have been introduced into rials this "great republican party" is composed. Are there this debate, some of which ought not to have been coun- no "federalists," no "anti-war men" among them? To tenanced on this floor. But, sir, since gentlemen have what political party did your Secretary of the Treasury been permitted to indulge in reflections which neither the belong? Your present and ex-Attorney Generals? Your occasion called for, or any provocation justified, and have, present and ex-ministers to Russia? To say nothing of the in the course of their remarks, had frequent reference to numerous other appointments to inferior offices; all of the old distinction of parties, calculated to create preju- whom, however, to use the very appropriate language of dices here, and accomplish objects elsewhere, Mr. J. a distinguished Senator, have "been dyed in the wool," hoped he would be pardoned in making a brief reply to and purified by an admission into the ranks of "the great the illiberal and ungenerous attacks which some gentlemen republican party." But, sir, does the gentleman want no had thought proper to make against a party to which he more? or have all been converted, persuaded, or bought formerly belonged. Formerly, he said, because at pre- over, that could be obtained, and are the others too hosent, there was no such party, and could now only be at- nest to be purchased, or too incorrigible to be convinced? tempted to be revived to effect ulterior objects. When Mr. J. said he meant no disrespect to the gentlemen to the gentleman from Georgia, [Mr. CLAYTON,] a few days whom he had referred, for most of whom he entertained since, in the warmth of the debate, permitted his feelings a high opinion, and to the Secretary of the Treasury he to carry him beyond his usual courtesy, and make remarks felt particularly indebted, who had, in one of the inost

MARCH 12, 1832.]

Another

able, eloquent, and animated speeches ever delivered by the present "great republican party." upon that floor, defended the federal party and their prin- honorable member from New York [Mr. BEARDSLEY] ciples from similar attacks as now made, even after that is much incensed against the Bank of the United States party had ceased to exist, for which he acquired for him- for daring to have printed certain documents, reportself additional laurels and the unbounded gratitude of ed by a committee of this House at a former session; the federal party. His late report, however, is a little too and says, "that an inquiry should be made, if for nothing federal for his then political friends. The charge of else, but to ascertain the truth or falsehood of the charge "coalition,' or intrigue, or management, or "mongrel he had seen made in the public papers, that the United federalism,' comes with an ill grace from the gentleman States' Bank had paid 1,750 dollars for printing the refrom New York, [Mr. CAMBRELENG.] Mr. J. said, if he port of the Committee of Ways and Means." were not much mistaken in the history of the times, a The honorable member takes no exception to that redistinguished federalist, one who was justly at the head port, or of the one made to the Senate by the Committee of his party, (the lamented Rufus King,) was indebted on Finance, but considers it a heinous offence for the bank for his seat in the Senate of the United States, to a cele- to publish them, and asks, "what right have the corpobrated individual, (I will not say the patron of the gen-ration to spend the money of the United States, of the tleman from New York, [Mr. CAMBRELENG,] but one widows and orphans, to circulate any documents?" Sir, whom he delights to honor,) our minister to England, if to ascertain that fact is all the inquiry is asked for, the much to the mortification and discomfiture of the then time, the trouble, and the expense of that inquiry may be democratic party, and who now is not only received into, saved. Mr. J. said he for one had no hesitation in avowbut constitutes the head of the "great republican party ing (although he knew nothing of the designs or objects of the country;" while those persevering and patriotic of the conductors of that institution) that if they had exstatesmen, among the first of whom stood the present pended twenty times 1,750 dollars in the dissemination presiding officer of a co-ordinate branch of the Legisla- of truth and facts, to correct error and misrepresentation, ture, who projected, carried on, and honorably concluded it was not only within the legitimate powers of the charthe late war, and who, by their unrivalled talents and en- ter, but their indispensable duty to do it. A statement ergies, laid the foundation of the present financial prospe- had been sent to Congress, emanating from the Chief Marity of the country, are denounced as “anti-republicans," gistrate of the Union, embraced within his annual message, "coalitionists," and "mongrel federalists." Mr. J. said alleging that the bank had "failed in the end of establishhe knew not to which of the old political parties the gen- ing a uniform and sound currency;" five thousand copies tleman from New York [Mr. CAMBRELENG] belonged. of which had been printed by order of this House, perBut of all descriptions of politicians most to be detested, haps as many more by the Senate, distributed in every were those who, having obtained pardon for their former section of the country, calculated to weaken the confitransgressions, by being baptized in the true political dence of the community in the conduction of the affairs church, turn upon their old friends, and unite with the of the bank; and because the President of the United mob to proscribe them. Such, however, are welcome States had made the charge, the directors of the instituproselytes to the " great republican party." tion had no right to adopt means to correct the error or Mr. J. said he would call the attention of the gentleman misrepresentation. What means could they adopt so profrom Georgia [Mr. CLAYTON] to the opinions expressed per as the circulation of the report of the Committee of by his State Legislature, in relation to another distinguish-Ways and Means of this House, and of Finance of the ed member of this "great republican party." When an Senate, who, after mature investigation, with the message interesting subject was some years since under considera- of the President before them, declared that "there seems tion in this House, the late ex-minister to Russia having nothing wanting to complete the evidence of the soundadvocated with much zeal what was considered the Geor-ness and uniformity of the currency," and that the "curgia side of the question, the Legislature of that State, rency of no country was as sound and uniform as that anxious to testify their gratitude for so able a defence of created by the Bank of the United States, and that none their rights relative to the Yazoo claims, designated a better was desired?"

county by the name of "Randolph, to perpetuate the With a knowledge of these facts, if the directors of the name of John Randolph, a member of Congress from bank had not availed themselves of the means thus affordVirginia." Some time after, the war coming on, and ed them, by those reports, of refuting those charges, no their favorite advocate taking an active part against it matter from what quarter they came, they would have [Here Mr. FOSTER, of Georgia, rose to a point of or- failed in the performance of their duty to the stockholdder. The Speaker was understood to say that the re-ers, to the widows and orphans, and to the community. marks of the gentleman from Mary land were not in order. The same honorable gentleman also asks, "for what obMr. J. said he always felt disposed to yield to the de- ject have branches within a few years past been thrown cision of the Chair; but he should have been gratified at within the interior of the country?" and it has been intihaving an opportunity of contrasting the subsequent opi-mated that loans to "lawyers and printers" have been nions of Georgia with those of the present "great repub- made for the purpose of bribing them into a support of lican party," in relation to that individual. This gen- the institution. Mr. J. said it might be asked, but perhaps tleman is the most honored of any citizen of Virginia, it would be a little more difficult to answer, for what purpose were so many "printers" initiated into the departments of the Government of the United States? Some Whereas it was obviously the intention of the Legislature of Geo of whom were receiving a much larger amount than 1,750 gia, in designating a county in their State by the name of Randolph, to perpetuate the name of John Randolph, a member of Congress dollars, and that annually, from the public treasury! Surefrom Virginia, whose early exertions in the cause of democracy, and ly the honorable gentleman would not insinuate that they entire devotion to the republican system, claimed the approbation and applause of every good citizen of these United States. But, whereas had been introduced there for the purpose of propagatthe conduct of the said John Randolph, in his official capacity as a ing "unsound" charges against the bank! Yet the premember of Congress, has evinced such a manifest desertion of cor-mises in the latter case would justify such conclusions, at reet principles, and such a decided attachment to the enemies of the United States, as to render his name odious to every republican citi-least as well as in the former.

An Act to change the name of the county of Randolph.

zen in this State and in the United States:

Be it therefore enacted by the Senate and House of Representa

Mr. J. said he regretted the debate had taken so wide

tives of the State of Georgia in General Assembly met, and by au- a range; and had the remarks of those gentlemen who thority of the same, That, from and after the passage of this act, the preceded him been confined to the state of political parcounty of Randolph shall be called and known by the name of the ties in New York, he should not have said one word on county of Jasper, any law to the contrary notwithstanding. Passed the subject. His principal object in rising was to give

ist January, 1813.

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notice that he should move an amendment to the resolu-larly proud. My honorable colleagues must take the tion under consideration, limiting the time when the com- credit or discredit of raising the curtain, and giving to the mittee should make their report; and whether the amend- House a peep behind the scenes; and if something of the ment of the gentleman from New York [Mr. Roor] should principles and machinery of "the party" is exhibited be adopted or not, whether the committee were appoint- here, it is no fault of mine. ed by the Chair or by ballot, he now gave notice that, when in order, he should move the following amendment: "That said committee report to this House by the third Monday of April next."

Mr. COLLIER, of New York, next obtained the floor, and moved an adjournment; and The House adjourned.

TUESDAY, MARCH 13.

BANK OF THE UNITED STATES. The House resumed Mr. CLAYTON's resolution, the question being on Mr. Roor's proposition to appoint the committee by ballot.

Standing, sir, as between these belligerent parties, upon neutral ground, I flatter myself that I am in a situation to judge between them at least with impartiality. I find something to condemn on both sides. For, while I dissent from some of the opinions expressed by my honorable colleague who first addressed the House, [Mr. ROOT,] I must be permitted to say that I do not justify or approve of the warmth and violence of the personal attack made upon him by our other honorable colleagues. It may not be improper, under the circumstances, to show to the House the political attitude in which my honorable colleague [Mr. Roor] stands to "the party," and more particularly to certain managers and leaders at Albany, whom the House has heard designated as the "Albany regenMr. COLLIER, of New York, said that the House stood cy;" a matter perfectly understood by all who have any in rather a singular attitude in relation to the resolution knowledge of the present aspect of affairs in New York. under discussion. From all quarters of the House, an It is well known that this honorable gentleman has maniopinion had been expressed in favor of the proposed in-fested some restlessness and impatience under the party quiry; and one, inexperienced in legislation, would be discipline which is there rigidly enforced against all, and apt to suppose, that when all serious opposition had ceas- which it is attempted to apply to him. He stands erect, ed, the resolution, in some shape, might pass, without like a stubborn oak, and will not bend with willowy supfurther discussion or delay. However, said Mr. C., we pleness to every wind of doctrine which it happens to be live and learn; and we have seen that, notwithstanding the particular interest of the party" to advance. The the call for the proposed inquiry is so generally acquiesc- position of that honorable gentleman reminds me, sir, of the ed in, the resolution has, as yet, made no progress. The anecdote of an old soldier of the revolution, who, being busihonorable mover of the resolution [Mr. CLAYTON] reserv-ly engaged in loading and firing at the enemy without waiting ed the burden of his argument until after the friends of for orders, was asked to what regiment or company he bethe bank had assented to the inquiry. He has, with great longed. "To none," answered the soldier; "Iam fighting frankness, avowed his motives, and has expressly inform- on my own hook." So my honorable colleague, unwilling to ed us that one object he had in view in extending the submit to the drilling of the regency leaders, has taken discussion was to " enlighten and instruct the people." the field "upon his own hook;" and this will serve to exSince that time, sir, the circle of debate has been constant- plain the combined attack made upon him by his able and ly widening; and it would be difficult to divine, from the better disciplined colleagues. And, sir, without intending course of the discussion, what is the subject before the to impugn the motives of either of the honorable gentleHouse. Among other topics, sir, the House has been men, I will ask them to examine their own hearts, and entertained, by several of my colleagues, with the subject see whether in this assault upon that old veteran republiof New York politics. I consider the honorable gentle- can, with the professed object of protecting the character man from Georgia [Mr. CLAYTON] as chiefly responsible of our Legislature, and the State, some other motive may for this part of the debate. The House will recollect that not be found lurking there; and whether they are not flatthe honorable gentleman alluded in his speech to the re-tering themselves, that, by attacking and attempting to unsolutions recently passed by the Legislature of New York, dermine the character and standing of their colleague, directing our Senators and requesting our Representa- they are rendering an acceptable service to their regency tives in Congress' to vote against renewing the charter of friends at Albany. I know that the gentleman has made the United States' Bank; and that honorable member has himself obnoxious to the party, and that the Philistines are given us some gentle advice and admonition upon this upon him; but the result may prove that he is not yet subject. It was in answer to his suggestions that my shorn of his strength, for he may yet rise in his might, honorable colleague [Mr. Roor] deemed it proper to and break asunder the green withes by which "the party" allude to the politics of New York, and to the moneyed now seek to bind him.

bank influence, which he supposed might have operated Two of my colleagues, sir, have spoken of the safety directly or indirectly upon the legislative body by whom fund system in New York, and it has been made a promithese resolutions were passed. The free remarks that nent cause of complaint against the honorable gentle man were made by that gentleman have brought down upon who first addressed the Chair, [Mr. Roor,] that he should his devoted head a combined attack from three other of have assailed this system. I will briefly explain the prinmy honorable colleagues, [Messrs. BEARDSLEY, ANGEL, ciples of our safety fund law, and show what influence and CAMBRELENG,] an attack of great, I may add, of unnecessary violence.

Sir, it is not my purpose to become a party to this civil war. I consider it a family quarrel between "brethren of the same principle," and all experience admonishes me not to intermeddle in these family feuds, either in the character of a party, or a peace-maker. It is always but a thankless office, and almost uniformly brings upon the intermeddler reproaches, and sometimes kicks and cuffs, from both the belligerent parties.

the moneyed system of the State may fairly be supposed to have. By that law, every bank incorporation which shall be thereafter chartered, or whose charter shall be renewed, is required to pay into this fund the half of one per cent. upon its capital for six years, amounting in the whole to three per cent. This fund, thus created, is invested by the comptroller, and from the avails the salaries of the three bank commissioners is paid, and the remainder of the annual proceeds belongs to the banks, in proportion as they shall have contributed to the fund. In case Sir, I wish it to be distinctly understood and remem- of the failure or insolvency of a bank coming within the bered by the House, that I do not hold myself responsible provisions of the act, this fund is liable for the redemption for the introduction of the subject of the party politics of its notes; and this is all the advantage which the public of New York. Is it not a subject of which I am particu- derive from the law. Upon the expiration of the charter

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of any bank, they are entitled to receive back from this personal and political friends about them, in the city and fund the amount they have contributed, unless it shall country, who are presidents, and cashiers, and directors, have been exhausted by the intermediate failure of a bank. and attorneys, and stockholders, in our own local banks, All the banks within the provisions of this law are entitled who have a common interest in excluding the competition to charge seven per cent. interest upon all loans for a pe- of an institution restricted to six per cent., and legislating, riod exceeding sixty-three days. It will be seen, there- as they do, in the very centre of this moneyed power at fore, that it is a good bargain for the banks to advance Albany, it must have some influence in their action upon three per cent. in the whole, for the privilege of charg- this particular subject. But, sir, there is superadded to ing seven per cent. for the entire term of their charter, this, the force and influence of party discipline, which has and this three per cent. to be refunded upon the expira- been brought to bear upon the Legislature--a power, tion of their term; and it will be also seen that the banks rigid, absolute, despotic, and controlling, and which reall have a common interest in excluding the competition quires of all that they should go with their party, "right of an institution which is restricted to six per cent. It is or wrong"-a complete system of passive obedience and the duty of these bank commissioners, one of whom is ap-non-resistance. There is still another influence, equally pointed by the Governor and Senate, and two by the banks potent, which was dexterously applied in this case, and themselves, at least once in four months, and oftener if that is the force of "public opinion." I do not mean, required, to visit every banking institution, to inspect sir, the opinions of citizens examining the subject, and in their books, ascertain the amount of their bills in circula-honest sincerity forming unbiassed opinions for themtion, the extent of their discounts, and to look into all selves. No, sir, I mean the "public opinion" manufac their concerns; and, in case of apprehended insolvency, tured by interested political managers, and constituting a it is made their further duty to apply to the chancellor, part, and no inconsiderable part, of their machinery, who may issue an injunction, appoint receivers, and wind which, perhaps, the House may be curious to understand. up the affairs of the insolvent bank. These bank com- We have, sir, only one real, genuine, orthodox, “repubmissioners, who have this general superintendence and lican" paper in the State, and that is the State paper at power over the banks, are, from the avowed principles of Albany. We look to the columns of the Argus to know the dominant party in New York, party men, for their from day to day what is republican. Whatever opinion political axiom has been promulgated by an honorable is to be found there, upon men or measures, pro or con, Senator at the other end of this Hall, [Mr. MARCY,] that is, for the day, republicanism--pure, genuine, unadulte"to the victor belong the spoils." Upon the same prin- rated republicanism. "The party" have neither the ciple, too, when an application is made to the Legislature trouble or responsibility of forming opinions for themfor the incorporation of a new bank, it is made a sine qua selves. The "public opinion" head is supplied after this non that the commissioners named in the bill for the dis- wise: An article, expressing the desired opinion, is sent tribution of the new stock are politically orthodox. The by the manufacturers to a branch republican paper, say question of mere competency is not so material, but they at Lockport, another to Utica, another to Cooperstown, must be good, sound, thorough-going, orthodox "repub-another to "Old Chenango," and so of other places; and licans," whatsoever the test or standard of republicanism these appearing without apparent concert, are carefully may chance to be for the time being. They must be transferred and collected in the Albany Argus, under the stamped "genuine" in a particular quarter, which I will imposing title of "Public Opinion;" and thus, while the not stop now to designate. These "republican" commis- adroit managers seem to follow, they are, in truth, consioners take good care, of course, that the stock of the trolling, and are the manufacturers of "public opinion." new banks does not get into bad hands, and the Farmers Now, sir, I respect the opinions of a party majority in the and Mechanics' Bank of Albany, which my honorable col- Legislature of the State of New York just so much as it is league [Mr. RooT] has, not inappropriately, denominated proper, or possible, to respect the opinions of just so many the mother bank," comes in for a goodly share, as a respectable men, acting under the combined influence of brood of country banks, and particularly the Broome this local bank power, the discipline of party, and this decounty bank, can testify. There is now about twenty mil-lusion about the " 'public opinion." At the same time, I lions of banking capital under this safety fund system, wish it to be understood that in this, and in all other siwith the power of issuing forty millions of paper curren-milar cases, I must act according to the dictates of my cy, and discounting to the amount of fifty millions. own judgment. I do not derive my power from that ho

Now, sir, I approve of the fundamental principles of norable body, nor am I responsible to them. I am only the safety fund system. I should like it much better if responsible to my own immediate constituents, and I am the people, the borrowers, did not have to pay the whole willing to abide by their judgment in this, and upon other expense of maintaining it, and this high premium for in-matters, where I shall be called upon to act. surance, by being compelled to pay seven instead of six Sir, it is not, perhaps, to be wondered at that my hoper cent. upon all loans, and better still, if it were not norable colleagues feel a little sensitive upon the subject made, as it is easy to perceive it may be, a most powerful of New York politics. We all do; and while some compolitical machine in the hands of a party. The present bank plain of unfounded calumnies, and slanders of all sorts, commissioners are men of intelligence and integrity, but I confess, for one, that I think nothing is more provoking they are party men, governed by party principles, and or unpalatable than the truth, upon points where one feels mingling in party warfare. And, by the way, sir, my col- a little vulnerable. I very much admired, therefore, the league near me [Mr. CAMBRELENG] has inquired what has become of the old federal party. The leaders are principally provided for. He will recognise at least one of them among these very bank commissioners; for "the party" pay very promptly with us, and the new converts, laboring with proverbial zeal in the great republican vineyard, although coming in at the eleventh hour, receive "every man his penny."

It will be manifest, sir, that, under such a system, this combined moneyed influence will necessarily diffuse itself, more or less, into every department of the Government; and, without intending any possible disrespect to the Legislature, no man can shut his eyes to the fact that, with

tact of my honorable colleague over the way [Mr. ANGEL] upon this point. Like a skilful and practised advocate, he touched lightly, very lightly, upon the subject of our politics and our party machinery, and dwelt, where he could dwell, with much more pride and pleasure upon our commercial enterprise--our agriculture--our manufac tories, and, above all, upon our grand and unparalleled system of canals and internal improvements, which are bringing her rich revenues, both of wealth and glory.

My honorable colleague [Mr. BEARDSLEY] has taken the trouble, sir, to look back to the journals of 1816, for the purpose of informing the House that his colleague [Mr. Roor] voted originally against the charter of the bank. I