Mr. HUBBARD, observing that the House had now heard gentlemen on both sides of this question, inquired of the Chair what would be the effect of the previous question.

[APRIL 30, 1832.

tion of them. The chairman having had them in his be a difference of opinion. As one of the members of possession to make out his report from, he [Mr. A.] had the committee acting under the resolution, he had felt it not had access to them. He should, therefore, have been to be his duty to investigate them thoroughly, and to rein no respect responsible for the report of the committee, port these proceedings of the bank to the House. even if he had not disapproved almost every sentence in On a proper occasion he would vindicate some of the it. Under these circumstances, he said, he would not more important matters contained in the report. He trouble the House further at the present time, but to say could not, however, permit what had been said by the that he intended to submit his observations on the merits gentleman from South Carolina [Mr. MCDUFFIE] to go of this subject in the form of a report, which he should abroad without expressing his dissent to the view taken of himself present to the House at a future day. the relief extended by the Bank of the United States to trade generally, and particularly to the city of New York during the late active demand for money. That gentleman had referred to the aid extended to New York, and the president of the bank had repeatedly, in the docuBefore the SPEAKER had responded to the inquiry, ments submitted by the committee, spoken of sustaining Mr. LAMAR entreated for one moment's attention that city, of aiding Government debtors, and of moderatwhile he did an act of justice to an individual connected ing the pressure upon the country generally. The genwith the bank, and whose conduct had been misrepre- tleman from South Carolina must pardon him for calling sented. One of his colleagues [Mr. CLAYTON] had stated, this a pretension of the bank; and for saying that an exwhen the bank question was last before the House, that amination of the documents would satisfy the House that he was authorized to say that the cashier of the United the Bank of the United States had not increased its disStates' branch bank at Savannah had said to the cashier counts during the late pressure at New York, or at any of the State bank, that "if the United States' Bank should one of its branches. It will be seen by the correspondbe rechartered, it would grind the State institutions to the ence furnished by the president of the bank, that when dust." Another of his colleagues had contradicted that it began last fall to prepare for the payment of the public statement, and Mr. L. himself had vouched for the re-debt, a circular was addressed to all the branches, inspectability of the gentleman thus charged, and for the structing them to curtail their discounts, and that every verity of any thing he should say. He had now learned branch in the Union was laid under contribution to sustain that the cashier of the State bank had expressly contra- the offices at New York and Philadelphia; that these indicted that report, and he considered it his duty to state structions were continued through October, November, that fact to the House. He then, in conformity with the December, January, and February, until the pressure becondition on which the gentleman from New Hampshire came so great at Louisville and Cincinnati, that the presi[Mr. HUBBARD] had yielded to him the floor, moved for dent was compelled to instruct the cashiers at these places, the previous question, but the House refused to sustain "under circumstances so distressing," not to reduce their the call. loans further, but to accomplish their object in as gentle a Mr. CAMBRELENG said there had been the differ-manner as possible. All the energies of the Bank of the ence of opinion referred to by the gentleman from Massa- United States and its branches have been exercised for chusetts, [Mr. ADAMS,] as to the powers of the committee. six months past, not to relieve the merchants of New He must pardon him for not concurring in his construc-York, but to sustain the branch at that place, which was tion of the resolution of the House, under which they had called upon to receive in the five last months of last year acted. Had the original resolution, as proposed by the seven millions in notes and drafts of other branches which gentleman from Georgia, [Mr. CLAYTON,] been adopted, the other banks would not and dared not receive. instructing them to inquire into the affairs of the Bank of The statement furnished by the bank proves that the the United States, the committee might have exercised its total amount of discounts at the branch in New York have discretion as to the mode in which the inquiry should be been actually diminished since the first week in October made, and might have merely called upon the president last, four hundred and sixty-eight thousand dollars, while of the bank for information, and statements. The House the amount of revenue collected at that port within the did, however, adopt the amendment of the gentleman same term amounted to between nine and ten millions of from Massachusetts, [Mr. ADAMS,] and instructed their dollars. I do not, said Mr. C., blame the Bank of the committee to proceed to Philadelphia, to "inspect the United States for not enlarging its discounts, under a rebooks, and examine into the proceedings of the Bank of action in trade; pressed as the branch in New York must the United States, and to report thereon." The commit-ever be with the notes of all the Southern and Western tee were not only to inquire into the affairs of the bank, branches, it requires all the surplus resources of the bank but the mode in which that duty was to be discharged was to sustain itself, and must be sometimes driven to the neactually prescribed; they had no discretion; the resolu- cessity, as it has now been, of curtailing its discounts. tion of the House was not only plain and positive, but im- I must also dissent, sir, to the reasons given by the preperative; the committee were expressly instructed to inspect the books, and examine into the proceedings of the bank. The president of the Bank of the United States had himself given that construction to the resolution, by soliciting the attention of the committee to various matters relating to charges which had been made against the bank; even to one of the most insignificant cases-that of employing a printer in Philadelphia to print reports. Mr. C. said that he had hoped there would have been nothing in the investigation of an unpleasant character, and he had, when the resolution was under discussion, expressed his conviction that in the inquiry nothing would be discovered to render the conduct of the officers of the bank at all questionable. He regretted that that expectation had not been entirely realized; that the books of the bank had exhibited some transactions which he certainly had not anticipated finding there, and about which there would

sident of the bank why the payment of half the three per cents. should be deferred from July to October. If the bank had not extended its concerns too rapidly, and if its circulation was based upon a sound principle, it could never find any difficulty in performing the simple office of receiving the public revenue, and paying the public debt, whether it was one or twenty millions. No bank based upon sound principles, and properly administered, can ever be driven to the necessity of suddenly curtailing its loans and distressing trade to provide funds to meet any its engagements. The bank has overtraded; it has suddenly increased its Southern and Western circulations. The branch at New York is compelled to receive these notes and drafts to an amount more than equal to the public debt to be paid. They are compelled to receive our revenue in a currency which the other banks dare not receive when there is a pressure upon the money market,

of

APRIL 30, 1832.]

Bank of the United States.

[H. OF R.

actual discounts to the same amount. The accommodations granted by the bank to Government debtors were very different matters from commercial accommodations, and a great amount of the former had been granted in New York to those who were unable to pay their customhouse bonds. Mr. McD. observed, in conclusion, that various topics had been introduced by the gentleman from Georgia, [Mr. CLAYTON,] to which he should at this time abstain from making any reply.

and to pay the public debt in another currency, a curren- York; and it had further instructed them to give to the cy receivable at every other bank. If the bank received merchants of the Western States checks in anticipation, the public revenue and paid the Government debt in the on the basis of their produce, the result of which operasame currency, it never could be compelled to distress tion went to relieve the New York merchant as much as trade by suddenly diminishing its discounts. But the funds received not being applicable to the payment of the public debt, nor promptly convertible, the bank, when it pays the creditors of Government, is compelled to resort to its other resources-its specie, its foreign exchanges; its public debt, when it had such a resource; and, lastly, its discounts. It was rapidly losing all these resources in October last, and found itself compelled suddenly to commence curtailing its business in every part of the Union. Had it began to make preparation to pay half of the three per cents. in July, it would have been obliged to issue another circular similar to that of October, calling upon all the branches for funds, not to loan Government debtors, but to pay the Government creditors at New York and Philadelphia.

Mr. WAYNE said that his position in relation to the bank was well known. He was not its advocate, nor could he be, so long as its powers continued to be what they were at present; but his belief was this, that unless they proceeded on some principle which could stand the test of the arguments of those who were best acquainted with I was satisfied, from an investigation of the affairs of the the subject, the House never would be able to make those bank, that it could not promptly redeem the three per alterations in the terms of the bank charter which were cents., and stated that opinion three months ago. Had desirable, if it should be rechartered. He therefore proanother circular been issued at this time, after an active posed to the House to postpone the further consideration demand for money for six months, and in the present con- of the subject until Monday next, to allow time for the dition of the bank, it would have produced a pressure preparation of all the reports, which, from the remarks upon the offices at Philadelphia and New York, which of the gentlemen composing the committee, the House would have extended to every part of the Union. This might expect to receive. While such very contrary

could never have happened, if the bank had not injudi- opinions were held and expressed by members of the inciously enlarged its concerns, or if the plan of its circula-vestigating committee, its report must go to the world with tion was sound. So long as the branch at New York is but little weight. If an opportunity was allowed to all compelled to receive millions of the notes of distant the gentlemen to express their views, it would, by putting branches, there must be, periodically, a pressure upon the House in possession of both sides of the question, that branch, and the trade of that city, which must be prevent the loss of much time in subsequent debate. Mr. sensibly felt throughout the Union.

W. had made inquiry at the Treasury Department as to the proposal which had been there made by the bank in reference to the payment of the three per cent. stock. When the statement on that subject should be laid before the House, it would be in possession of the fullest means to understand the subject, and would be prepared to act in reference to the bill for rechartering the bank.

The motion to postpone the subject to Monday was negatived.

Mr. McDUFFIE rose in reply. He said that this was a subject with regard to which political economists held very different opinions, and he knew that the gentleman from New York [Mr. CAMBRELENG] had a peculiar theory of his own on the subject of banking; and he was further aware that when gentlemen were governed by any particular theory, they were very apt to be dissatisfied, when, upon examination, facts were found not to correspond with it. The gentleman, it seems, had predicted, three Mr. WICKLIFFE said that he thought it might be a months before, that the Bank of the United States would better course to refer the report back again to the select not be able to pay off the three per cents., and the gen- committee, until the House should see what the report of tleman seemed to feel gratified as a theorist in the persua- that committee really was. As to the payment of the three sion that his prophecy had been fulfilled. But Mr. McD. per cents. he was greatly mistaken, if the facts, when would very briefly explain what had been the operation they came out, would show that the bank was in the least accomplished by the bank in the city of New York, and degree blameable in that affair. It was a well known fact by which it had prevented incalculable distress. The that two-thirds of the three per cent. stock of the United president of the bank, in a very lucid paper, which Mr. States was at this moment owned in London, and the SecreMcD. had never seen until that morning, had presented a tary of the Treasury had himself entertained great doubts view of the character of that operation. The member as to the propriety of making the payment. At the time from New York was greatly mistaken, if he thought that he had been taken sick, he had, however, probably given he was showing to the House the true state of things, orders to his subordinate to take the previous steps towhen he got up his tabular statement to show that the wards that measure. In the mean time he had been apdiscounts did not amount to quite so large a sum as they plied to by the commercial community, who remonstrated had done at a previous period; and the mistake of the against the plan; and he desired the gentleman from New gentleman lay in this, that he blended together the dis- York [Mr. CAMBRELENG] to say whether he had not himcounts of the bank with its operations in exchange. Mr. self written to the Secretary, not in behalf of the bank, McD. regarded them as very different from each other; but in behalf of the commercial community, dissuading and when that distinction was justly made, it would ap- the Secretary from the measure. In the meanwhile, the pear that, between the 31st October and the present time, president of the bank had come to the treasury, and dethe accommodations granted by the bank to the commer-clared to the Secretary that the bank was ready to make cial community in New York, instead of being curtailed, the payment, but if they did, they must, to a certain dehad been increased. The salutary inaction of the bank, gree, curtail their discounts; by the result of which opein abstaining from the curtailing of its discounts under a ration the Government would lose far more in the failure crisis of such extreme pressure, constituted in itself one of many of its debtors, than it would gain by paying off of the greatest benefits it could confer on the commercial the stock in July. The question then arose, if the paycommunity. The accommodations it afforded were equal ment should be deferred, who should sustain the loss of in importance to the same amount of bank discounts. The the interest, the Government or the bank? The Secretary mother bank had issued orders to all its branches in the had inquired of the president of the bank-if you do not West, to assist the branch which was established in New pay off this stock, what will you do with the money? The

H. or R.]

Bank of the United States.

[APRIL 30, 1832.

answer was, we shall employ it in discounts. The Secre- committee to the inquiry whether its charter had been viotary then inquired, will you not receive interest on your lated or not. In this construction of the resolution, the loans? The president replied in the affirmative. The House then appeared to concur. It was then, and is now, Secretary had then insisted that the bank should pay the in- thought to be the true construction by Mr. T. Neverterest; to which reasonable proposal the bank had acceded. theless, he preferred the original resolution submitted by In answer to Mr. WICKLIFFE's question, Mr. CAMBRE- the gentleman from Georgia, because it did not require LENG said he would answer the question of the gentle- the committee to report within a time he foresaw it would man from Kentucky, [Mr. WICKLIFFE.] He had written be utterly impossible to complete the investigation. It to the Secretary of the Treasury concerning the post- was extravagant to suppose that a committee could inspect ponement of the redemption of the three per cents. the books, and inquire into the proceedings of the bank, That gentleman is, however, said Mr. C., entirely mistak (which has been in operation sixteen years,) and its five en, in supposing that I had been appealed to by the com- and twenty branches, in the short period of thirty-seven mercial interest, and that I consequently appealed to the days. The bank had been arraigned before this House Secretary. As I have been thus called upon, I hope the and the nation, and charged not only with violations of its gentleman from South Carolina [Mr. McDUFFIE] will par- charter, but with using its funds to subsidize the public don me for adverting to the circumstances. The object press, to corrupt the fountains of political intelligence. It of the visit of the president of the bank was communicat- was due to the bank, to Congress, and to the people, that ed to that gentleman and myself. I believe to no other the committee, if appointed, should have full time and member of the committee. He was writing to the Secre- ample powers to inquire into the truth of such pregnant and tary on the subject favorable to the application about to grave allegations. be made, and requested that I would do the same if I Mr. T. was, moreover, apprehensive that a committee concurred with him in the necessity for such a postpone might be appointed which would misconstrue the lanment. I wrote accordingly to the Secretary, stating my guage of the resolution of the gentleman from Massachuopinion that the bank could not pay the three per cents. setts, and make such a report as the honorable gentleman in July without curtailing its discounts, and producing appeared to wish. They might content themselves with general distress, and that I did not think it was just to the inquiry whether the charter had or had not been viomake the commercial world suffer because the bank had lated. Such an investigation would have been, in his humextended its business beyond reasonable limits. If the ble opinion, worse than useless. Such a report could not payment of the three per cents. had not been postponed, but fail to satisfy public expectation. For these reasons, the community which the gentleman from Kentucky re- he, and perhaps he could rightly say, a majority of the presents would have realized a scene infinitely more dis- committee, had voted against the resolution under which tressing than that which was exhibited during the last they have acted. We were all, however, in favor of the winter. Not, sir, to enable the bank to relieve the cides investigation, and could, in strict conformity with parlia on the Atlantic, or to loan to the debtors of Government, mentary practice, be selected to conduct it. He, therefore, but to sustain its own branches, and to pay the public debt. considered the presiding officer of the House as having There would have been a general pressure throughout done that which was right. the country.

Mr. WHITTLESEY now demanded the previous question; but the House refused to sustain the call--yeas 61, nays not counted.

Mr. T. protested against this extraordinary discussion. It gave undue advantage to the opponents of the report. They were permitted by the House to discuss the report before it had been read. Under such circumstances, it Mr. THOMAS, of Maryland, said that, but for a single would be no difficult task for them to avoid, ingeniously, remark which had fallen from the gentleman from Massa- such portions of the report as it would be most difficult to chusetts, [Mr. ADAMS,] he should not have troubled the answer. He was about to say the present course was House; but he considered it as due to the Speaker, who, without precedent. That could not strictly be said, as a overlooking the circumstance of his being now called, for course somewhat similar had been permitted once during the first time, to a seat upon that floor, had honored him the present session. He alluded to the fact, that, the miwith a place upon the committee of investigation, to vin-nority on the Committee of Ways and Means had been dicate the course pursued by that officer. The House are permitted to make an oral, instead of a written report. reminded that a majority of the bank committee had been This, however, he would say, that the majority of the taken from the members who voted against the resolution committee had no reason to fear the decision which would under which they had been appointed. He inferred that be made by this House and the nation on the issue made the gentleman from Massachusetts, who made this state-up by the honorable gentleman from Massachusetts. Let ment, intended to intimate that the Speaker, by whom the that august tribunal decide whether we ought or ought committee had been chosen, had violated a known parlia- not to have inquired into the malpractices (not amountmentary rule by selecting the opposers of a resolution to ing to breach of charter) of the Bank of the United States. carry it into effect. To show that, in selecting Mr. T., For what had the committee been sent to Philadelphia? the Speaker had not subjected himself to this censure, if Certainly not to receive such statements only as the officers it was intended, he thought it right to recapitulate some facts which the House had probably forgotten.

of the bank might voluntarily inake. They were directed to "inspect the books," to "examine into the proWhen the resolution offered by the gentleman from ceedings of the bank," and ought not to have contented Georgia [Mr. CLAYTON] was under consideration, the ho- themselves with the representations of the parties, the norable gentleman from Massachusetts moved, as an amend- correctness of whose official conduct had been questioned. ment thereto, the resolution under which the committee Neither did the committee visit Philadelphia to learn the was appointed. The latter resolution a gentleman from amount of specie in the vaults of the bank, its deposites or Virginia [Mr. ALEXANDER] proposed to amend, by requir- circulation. All this information was to be had in the reing, expressly, the committee about to be appointed, to quired monthly reports. A majority of the committee inquire not only whether the charter of the Bank of the believed they were authorized and required to look for United States had been violated, but whether it had been that information which the House did not possess, yet "abused." This amendment was withdrawn at the instance greatly needed, to aid its deliberations on the proposed of several gentlemen, who maintained that it was not re-recharter of the bank. They believed that "to inspect quired, as the resolution submitted by the gentleman from the books," rendered legitimate, indeed unavoidable, an Massachusetts authorized a full investigation of the proceed-examination of the private accounts of individuals. They ings of the bank and its branches, and did not restrict the felt impelled to examine the transactions of the bank with

APRIL 30, 1832.]

Bank of the United States.

[H. OF R.

members of Congress, officers of Government, conductors them. If erroneous, the information will correct them, of newspapers, and all other persons, who exercise a for, in every case, from the first day to the last day of the wide-spread influence over popular opinion. Reports investigation, I have uniformly, and without a single exwere prevalent that the bank was employing its vast re-ception, voted in favor of every inquiry, and on any and sources-had loaned millions--to operate on public opi- every subject, without stopping to see whether the resolu nion, to corrupt the fountains of political intelligence, so tion of the House embraced it or not. 1 gave the most as to ensure an extension of its present charter. These latitudinous construction to our powers, for I did believe rumors imposed on the committee a most unpleasant duty. that it was better that we should exceed the power grantHe hoped it had been discharged in a manner satisfactory ed, than that it should be said that the committee supto the public. He felt conscious his humble part had been pressed or limited the investigation on any point, material performed with entire independence and impartiality. It or immaterial. My paramount duty to the country, in my did not become him to anticipate the judgment of this opinion, was to open every door, and every window, and House and of the public. Let them decide whether the give free scope to inquiry, and bring all for the disposition committee have wantonly wounded the feelings of the cus- of Congress. This we have done, and this, I think all tomers of the bank by unnecessary disclosures of their must be satisfied that it was the course of policy and of private transactions; or whether such disclosures were im- justice to the community. For myself, I never asked a periously required to enable the public to judge of the question, or looked into a book, during the investigation; truth or falsehood of the high misdemeanors which had for the very great industry of others elicited every thing been alleged against that powerful institution. He knew desirable. But I should wrong myself as the representathe great weight which was attached to the characters of tive of forty thousand freemen here, if I did not express the gentlemen composing the minority. If the gentleman my convictions and state facts truly, whatever may be from Massachusetts did but raise his finger, or the gentle- their bearing. man from South Carolina did but utter a sentence, it pro- The nature of the investigation (I mean the confidenduced an influence in the House which it would take him tial manner in which we had to conduct the inquiry, for hours of exertion in any degree to counteract. The ma- fear of doing injury by involving innocent individuals, and jority of the committee had no reason to dread this influ- exposing private accounts where there was nothing of a* ence. They were willing, after these proceedings were public or political consideration to induce us to expose made public, to meet the question whether the brief time them) has set the imagination to work, and rumors have allowed for this extensive and arduous investigation had induced many to expect the proof of transactions which been wasted in inquiries of an unprofitable and unimportant have not been seen, and which, I believe, never existed. nature. Truth is omnipotent, and public justice certain. It is a great misfortune that policy or duty should ever The gentleman from Massachusetts says the committee make such investigations, or any other, relating to public had made a report, which he has not perused. It will affairs, for a moment, private. It is my opinion that those not be so treated by the public. It discloses the fact that opposed and those who support the bank will be equally the government of the Bank of the United States is devolv- disappointed; and I believed before, and I believe since ed, in a great degree, on a few individuals. It has not been the investigation, that he who is opposed to the bank will the desire of the committee to implicate the motives of be opposed still; and he who is in favor of the bank these persons; but they wish this House to determine whe-will be in favor of it still. Nor do I believe that any perther it is wise to empower a few individuals neither elected son, any where, will change his opinion relative to the by, nor immediately responsible to the people, to exer- bank, from any thing which I have seen; and all will be cise or diminish at pleasure the circulating medium of the left to oppose or approve, upon the great political princiwhole country. The power is admitted to be immense. ples of our Government, and from a knowledge of the naThe gentleman from South Carolina has just told the ture and character and power of such institutions. House that, in 1825, it was in the power of this bank to I did not expect to see, in the affairs of the bank, perhave ruined the commercial community. At this time, it fection on the one hand, nor did I expect to find swindis well known that, if the bank should consult its own in-ling and peculation on the other. I expected to see an terest, look exclusively to its own profit and preservation, institution, with great power to do good and to do evil, it could involve the whole country in distress and ruin. and under the guidance of honorable, and upright, and Ought such power to be confided to human agents? Is wise men, subject to error in the management of its conthere no reason to fear that they will one day yield to the cerns. What I expected to see, I have seen, and no more. suggestions of avarice? But this is not the time to discuss the question of rechartering the bank; it properly belongs to another occasion. In conclusion, he asked the House to have the patience to hear the report of the committee now read.

As to the report, it might be supposed, from this premature discussion, that we had placed before Congress a perfect firebrand. To the credit and honor of the chairman, I think the report will be found able, temperate, prudent; evincing much labor, patient examination, and Mr. R. M. JOHNSON, having asked if it would be in an impartial statement of facts, with general inferences, order for him to make his speech also, as his colleagues and with some financial and commercial views, the result had made theirs, and being answered, from different of the experience of those who sanctioned them. I do quarters of the House, in the affirmative, said he ought not pretend, myself, to a very accurate knowledge of first to return thanks for the courtesy which was always those views, and the conclusions drawn; but, where I manifested to him by the members of the House. But doubted, I felt it my duty to sustain the chairman in his if all his worthy colleagues of the committee had made views, that he might make his report to the House very speeches on the subject, perhaps silence on his part might much in his own way, upon those particular subjects: and be deemed to be a breach of etiquette. My duty on the if those views should not accord with those of the chaircommittee, said Mr. J., was not as unpleasant as my col-man of the Committee of Ways and Means, I feel confident leagues found theirs. I have not felt any great anxiety as that my worthy friend, the chairman of the committee, and to the discoveries which might be made during the inves- his other very worthy associates, (excluding myself,) will be tigation. In my course I have nothing extenuated, nor set fully able to vindicate themselves and that part of the report. down aught in malice. I am happy to inform you, sir, In the investigation of the concerns of the bank, we (because I believe you have a personal regard for me,) were involved in the difficulty of looking into some charges that I felt no difficulty in the course which lay before me; or imputations which came to the committee respecting and whatever my opinions may be in relation to this mat-the conduct of the president of the bank. He was accuster, I have neither hesitation or delicacy in expressing ed of partiality to a firm of Thomas Biddle & Co. &c., and

H. OF R.]

Revolutionary Pensions.

[MAY 1, 18

If

of making loans to them without consulting the directors Mr. WATMOUGH said he had not considered hims or committee, and allowing money to be taken upon depo- called upon to trouble the House to-day with any remar site of stock for short periods without interest, the whole on the subject which had been under debate. All th of which turned out to be without even the shadow of was necessary in the present state of the question, h foundation. As this inquiry was personal, and affected been fully and ably performed by the honorable gent the reputation of the president, I have thought it my duty, men from South Carolina and Massachusetts, who, w as one of the committee, to make here this public decla himself, constituted the minority of the committee. ration of my opinion. myself, however, said Mr. W. called upon to state, in co The result of the investigation has induced me to be- sequence of the remarks just submitted by the honorab lieve that both the opposers and the supporters of the gentleman from Massachusetts, and the reply so frank bank will be furnished with more materials to make able, and honorably made by the Speaker to the House, that, interesting, and long speeches, on both sides of the ques-the course which my duty and my principles prescribe tion, and perhaps to increase the excitement upon this me, I am governed by no motives of a personal characte excitable subject; but it is not my opinion that it will re-nor have I any the most remote intention to impugn t sult in any great number of converts to either party. As conduct of the honorable Speaker in the appointment respects the integrity and honor of the president and di- the committee of investigation. On the contrary, I a rectors of the bank, if I were to say that any thing had bound to say, that, in my own opinion, and I believe ger transpired to shake my favorable opinion of them, I should rally in the opinion of the House and the nation, a just a do injustice to myself. In one respect, the information impartial spirit was manifested by him on that occasio will be useful and interesting, to guide future legislation At present, sir, I have nothing more to say. on certain important points of policy, and the administration of the bank, if rechartered.

The committee are divided in opinion relative to the view taken of the present pressure in the money market. A majority of the committee seem to think that one great cause is the overtrading of the bank; that is, the too great extent of its loans and accommodations. The bank has been very liberal in its accommodations, and the inevitable consequence is, that it has been compelled to curtail its loans. When the bank has money to lend, it is difficult to refuse pressing applications, and perhaps justice to the stockholders may require it. It is very evident, if the bank extends her loans very much, by a portion of our fellowcitizens it is censured and blamed, and improper motives attributed; and if loans are refused, it is censured by another portion. It is difficult to say how much censure the bank deserves in such a case. I have no doubt, myself, that the present pecuniary embarrassment of the community has been in a considerable degree owing to overtrading, arising from the facilities granted by the Bank of the United States and local banks.

As to accommodations to editors and members of Congress, we found enough of that also; yet it seemed to me that it has been granted so indiscriminately to friends and foes, and to all parties which divide the country, that for myself my mind was not prepared to draw any definite conclusion or inference. The data will not justify it. Yet, I do not doubt--I have never doubted, but that banks, and the United States' Bank, like all others, have their partialities, and that, where they cannot accommodate all, they will accommodate those whom they love best. It is enough at present, however, to say that the committee have thought proper to present to Congress, in their report, one case only as to editors, with all the papers and documents, and statement of facts, in the case; and if the House should desire more, all the documents, in all the cases of editors, members of Congress, and officers of Government, are in the hands of the chairman. The object of these remarks is to keep the public mind in a calm, temperate, and deliberate state for inquiry and thorough investigation.

The question was then put on committing and printi the report, and agreed to.

Mr. CLAY, of Alabama, asked leave of the House move for the printing of 10,000 copies of the report.

The request being objected to, he moved to susper the rule to allow him to make the motion, but the Hou rejected the motion, (which requires a vote of two-thirds yeas 86, nays 84.

The House then adjourned.

TUESDAY, MAY 1.

On motion of Mr. CLAYTON, the documents accomp nying the report on the administration of the Bank of th United States were ordered to be printed.

The SPEAKER informed the House that he had recei ed another letter from Mr. Key, stating his continue indisposition, and inability to attend on behalf of Governo Houston.

Mr. GRENNELL moved that the proceedings be pos poned until to-morrow.

Mr. COULTER objected, as there did not appear to b any certainty when the counsel could attend; he though it better that the proceedings should be postponed to day certain, when the accused might have ample justic done him, and be enabled to supply the place of Mr. Key if he should still remain unable to attend for him. Th House must, from a due regard to its own dignity, give t this case some termination. He moved to postpone th proceedings until Monday next.

Mr. MITCHELL, of South Carolina, said the accuse being in custody, he, not the House, was the sufferer b the delay.

The SPEAKER here remarked that it was due to Mr Key to state that his physician had called on him to sa that the counsel had been anxious to attend this day, bu that he forbade him.

Mr. COULTER thereupon withdrew his motion, upo the understanding that he would, at a future time, ac upon it, if the continued indisposition of Mr. Key render ed it necessary.

On motion of Mr. CLAY, the proceedings were post poned until cleven A. M. on Thursday.

Mr. ADAMS wished to say a word or two in explanation. He entirely disclaimed all imputation of blame, either to the Speaker of the House, or to any member of Mr. PLUMMER continued his remarks on the case o the committee. He had simply stated the fact, that the the collector of Wiscasset, until the hour expired; whe report had been founded on a series of proceedings, such the House proceeded to the orders of the day. as he could not approve. Toward all the members of the committee he cherished no other feelings than those of respect and kindness. While they had been together they had lived like so many brothers. They had all sat down to the same table, and all lived in the same house; nor had there occurred a single moment, marked by any but the most friendly intercourse.

REVOLUTIONARY PENSIONS.

The House then resumed the consideration of the revo lutionary pension bill. The question being on the amend ment of Mr. WICKLIFFE, which proposed to extend the benefits of the bill to all who were engaged in the India wars of the West, down to the year 1795.