The resolution leaves the law as it was. By that law every citizen had a right to pay in the same kind of money, either in specie or in notes convertible into specie on demand. All were on an equality in this respect, in every part of the Union. This was just in itself, and suited to the fundamental principle of our institutionsequality of rights and privileges. The resolution rests on the assumption that this state of things ought not to be changed, or, if it ought, that the Executive has no legal right to change it without the direction of Congress; that the Secretary, with or without the orders of the President, has no power of legislation in regard to the currency and the public lands; nor any authority to discriminate in favor of one citizen over another, or of the inhabitants of one State over another. These principles receive my concurrence; and I am, therefore, in favor of the resolution. I propose to inquire What the order of 11th July prescribes! What were the reasons and objects which induced its promulgation? What the effects which it has produced? And what authority the Secretary had to issue it? The order relates solely to the receipts on the sales of the public lands, and does not affect the receipts for the customs or any other dues to the Government, and thus makes a distinction between them and all other sources of revenue. It prohibits the receivers and deposite banks from receiving, after the 15th of August last, any thing but gold and silver, and, in certain cases, the Virginia scrip, for the lands, and forbids their taking any note of any bank anywhere, or any certificate of actual deposite, even of specie, in the deposite or other banks, unless it be a certificate of deposite of specie given by the Treasurer of the United States. It makes an exception in favor of the citizens of the State in which the land sold may happen to lie, and in favor of those who are called "actual settlers," and authorizes them, until the 15th of December, to pay in the ordinary currency-in specie or in bank notes. Such are its plain and obvious provisions; and they are intended to be permanent, so far, at least, as the Executive has authority and power to enforce them. The Senator from Virginia, in offering his amendment, seemed to regard the order as a temporary arrange ment-as having worked its intended effects; and that it was now proper to legislate on the subject without reference to it. Other Senators have taken the same view. I fear that they will not be able to escape a direct expression of opinion, by this suggestion. We cannot avoid seeing that it is, in its phraseology, its avowed ob jects, and the grounds on which it is defended here, a permanent measure, although it may have bad some temporary objects. There is nothing on its face which looks like a temporary act. The favor extended to particular classes of buyers was to last only to the 15th of December. That day is passed, and now it is the universal rule-operating on all the sales of public lands-with no allusion to any time when that rule shall be changed. The objects avowed as those which are to be attained by it also show that it is not temporary. They are "To repress frauds, speculations, and monopolies." And will not attempts at these continue to exist, to a greater or less extent, while the public lands shall continue to be sold? To strengthen the deposite banks, and prevent too great an amount of bank notes from coming into them. And will not buyers continue to buy and pay in bank notes as long as things are left to take their natu ral course? "To discourage the ruinous extension of bank issues"-"the general evil influence likely to result to the public interests, and, especially, the safety of the great amount of money in the Treasury and the sound condition of the currency of the country." And are these ob [SENATE jects which may be accomplished by a five months' operation of a Treasury order? Certainly there is nothing in this detail of reasons which can induce the belief that the President and Secretary intended only a transient effect from their action. Nor is it defended on this floor as a temporary arrangement. The Senator from Missouri [Mr. BENTON] and others do not so defend it. They attempt to show that it ought to be the settled and permanent policy of the country. And, in this respect, they concur with the President and Secretary; while the Senator from Vir ginia, unwilling to disapprove their act, seems to desire to correct their error, by expressing a legislative opinion in favor of a different course for the future. "Of the mint The Secretary, under his seventh head, and the currency," (page 21,) says: The other objects of that circular "were gradually to bring back the practice, in those payments, to what was deemed to be the true spirit as well as letter of our existing laws, and to what the safety of the public money in the deposite banks, and the desirable improvement of our currency, seemed at that time to unite in rendering judicious." He regards it as a matter of currency and safety of the public money; a matter, in its very nature, of permanent regulation. The President, in his annual message, after an examination of the deposite or distribution law, calls our attention to "the currency of the country"-a "subject intimately associated with" that law, and he treats of this order as a part of the regulation of the currency of the country; and, to show that he does not intend any repeal or alteration of it, he adds: "It remains for Congress, if they approve the policy which dictated this order, to follow it up in its various bearings." He looks to no repeal of it. "It remains for Congress." Ile kindly permits us to follow it up, and to do what he has left for us-not to repeal and rescind it, but to strengthen and invigorate it. And, unless he has an opinion for Congress and another for his friends-an opinion official and an opinion private he cannot willingly see any effort, such as the amendment proposed, to evade, weaken, or destroy it; although he may, as in the case of the deposite bill, give it his reluctant approval," when he cannot avoid it. Left to his own choice, he would most proba. bly extend it to the customs, and to all the revenues of the country; and if no conflicting opinion shall be pronounced by Congress, I shall not be surprised if this extension take place. Mr. President, I ask how this order has, as yet, produced all its intended effect, and why we should regard it as temporary? The reasons and objects avowed in the public documents have not been accomplished. Were there others which have not been avowed? Is it true, as has been sometimes charged, but of which I know nothing, that a prevailing motive was to favor personal friends, and to defeat, as far as practicable, the full effect of the deposite law? It has been said that there had been immense speculations in lands by those near the Executive; and that the temporary obstruction to public sales was useful, in enabling them to make profitable dispositions of what they had acquired, and extricate themselves from embarrassment. This effect may have been produced. A much more important public object has also been charged-the reduction of the amount which was to be distributed among the States under the deposite law; and this has certainly been effected. A Senator has told us that the order prevented "myriads of paper money from flowing into the deposite banks in the West." Then, sir, it prevented "myriads of money" from being added to the amount which was to be distributed. I can readily believe that this was one of the motives which influenced the Executive in issuing that order. We all SENATE.] Treasury Circular. [DEC. 29, 1836. lands, and give our votes accordingly on the resolution and the amendment. know how strenuously that law was opposed by those who are said to court and to enjoy an acquaintance with the most intimate sentiments and feelings, both of the re- In deciding upon the policy and the lawfulness of this tiring and the approaching Executive. It was denounc-order, the reasons as-igned for it demand our consideraed in terms the force of which they did not stop to tion. I have already alluded to them, so far as to show measure, and we were warned, in various modes, up to that they are not temporary in their nature; and if they the time when the amendment was offered in the House are the true reasons, the order, in its full force, is as neof Representatives, that the power of the veto would be cessary now as it was at the moment when it was issued. applied to it. The President declares to us that he gave But some of them call for further remark. it his “reluctant approval,” and an official organ has announced that it would have been refused, if the veto would have prevented its passage. I leave it to his advocates to defend that political morality and independence which fails to discharge a high official duty, upon the ground that he may be found in a constitutional minority. It comports little with the boasted energy and firmness of which the nation has heard so much, and by which many have been deluded. And may I not suggest to his defenders on this floor, whether it does become the dignity and respect for the laws which appertain to the first office of the country, by such a device, to defeat the full operation of a statute which has been passed by the votes of so large a majority of the Legislature, and to which the approval of the Executive, even though reluctantly, has been affixed? It was perfectly well known that the effect of the order would be to diminish the sums which would be received by the several States; less lands would be sold, less money would come into the Treasury, a less amount would be divided. And, sir, notwithstanding the report of the Secretary, I cannot but suspect that the failure to receive a part, at least, of the money from the Bank of the United States, while it has still further diminished the amount to be divided, may have been induced by similar views. The Executive had no desire that that money also should come into distribution. But, be this as it may, the effect upon this bill was foreseen by the President and Secretary. Was it also desired by them? And was this a controlling motive for issuing the order? The law was passed on the 23d June, Congress adjourned on the 4th July, and on the 11th, while some of the members were yet on their way to their homes, an act is performed which is calculated to defeat, at least to weaken, the operation of the most important measure which had resulted from their joint deliberations. Is it the appropriate business of the Executive thus to counteract the decision of the Legislature, to deprive the people of the States of the large sums of money which would have been received from the sales of the public lands, and put at defiance not only the will of Congress, but of a large majority of the Union? How far the people may be disposed to bear it, without murmuring, I know not; but as a representative from one of the States which approves the law, and has been de prived of her full measure of benefit under it by this act of the Executive, it is my duty to express my disapprobation and her disapprobation; and no servility to power, no devotion to a name or a party, shall keep me from it. One of them is, in substance, to repress frauds, speculations, and monopolies, in the purchase of the public lands, to preserve them for the "actual settler," at a moderate price, and insure the more rapid settlement of the territory. It is doubtful whether the more rapid settlement of the country can promote its essential and permanent interests, and whether the speculations complained of do injuriously, if at all, impede its substantial progress in population and prosperity. But, I ask, what is meant by these frauds? And who have the legitimate power to apply the remedy for them? Who is a specu lator, and what authority, under our system of Government, can limit his acquisition? Can the Executive determine what number of acres makes a man a speculator, and who shall be prohibited therefore from buying? He might as well decide how much grain a citizen should raise, buy, sell, or transfer in the market, or the number of yards of broadcloth that he should manufacture or import and dispose of. If there be any authority to con trol such matters, it is not executive, but legislative, and the Executive wanders from his proper sphere when he attempts to interfere with them. It is true, as the Senator from Missouri tells us, that the word "speculator" is not to be found in the constitution; and is any other description or denomination of acts to be found there? Is his favorite actual settler" there? But, sir, there is a more important inquiry? Does the Senator mean to infer, because the speculator is not named, therefore his rights are not protected by the constitution, and the President may make any regu lation in regard to him which he may please? If the argument does not mean this, I can perceive neither its force nor application. If it do mean this, it is a bold claim for the extension of executive power. It proclaims that whoever and whatever is not named in and protected by the constitution, may be dealt with, regulated, trampled upon, at executive pleasure. The Senator instructed us about the divine right of Kings; he had better turn his attention to the divine right of Presidents, who, by such a principle, may do, not what they are authorized by the constitution to do, but every thing that is not forbidden. Another reason assigned for the order is, to check bank issues, which had been made to a ruinous extent. That there has been a large extension of bank capital and paper currency since the financial notions of the present administration have had operation, is not to be doubted. That extension was the natural result of the course adopted by those who have bad control on this subject, and has been principally effected by them. While they have talked about specie, and denounced the United States Bank and paper money, they have, in several of the States, occupied themselves in greatly increasing their bank capital and paper currency. causes and effects of this circulation have been clearly exhibited by the Senator from Massachusetts, [Mr. WEB The Mr. President, this order may have bad temporary objects, which may have been accomplished, but it had also permanent objects, which are yet to be accomplished. It may have relieved favorites, and it may have weakened an obnoxious measure, and lessened the amount which will be in the Treasury on the 1st of January, and which the States are to receive; but the Ex-STER,] and I will not detain the Senate by repetitions less ecutive cannot, at this moment, repeal it. It would be an open avowal of motives which there is too much cunning and too little courage openly and on the public records to proclaim. The order must be continued, unless the power of Congress is brought to bear on its repeal. We must consider it as permanently operating upon the currency of the country and the disposition of the public satisfactory than the original exposition. I beg, however, to say that, in forming my opinions, I do not rely on the calculations and estimates of the Secretary of the amount of actual currency, and especially of gold and silver; nor do I credit the estimate which he has given of the amount necessary for the convenience and interest of the country. The quantity of gold and silver manu. factured in the nation, for articles of use and luxury, is immense. Our own mines do not furnish more than enough of gold to meet this demand for annual consumption, and much of the silver which comes from abroad shares the same fate. They are converted, not by pounds, but by hundreds of pounds; and it is doubtful whether all of both metals, taken from the mines of the world, increase, to any great extent, the specie in actual circulation among civilized nations. I feel quite sure that the actual circulation of specie here is below 25 instead of 28 millions of dollars. But if we rely on the estimate of the Secretary of the paper and specie, and place it at 148 millions, it is not much greater, in proportion to the demand, than it was in 1833 at 84 millions. The actual population and property of the country have grown in a ratio never before known in the history of nations. Its enterprise has been without parallel; its great staples alone have required 50 per cent. addition. Take an example. The cotton of about one million one hundred thousand bales, at the price in 1833, was worth about 52 millions of dollars; in 1836, the one million six hundred thousand bales, at 17 cents, are worth about 86 millions. The five or six transfers which are made of them, from the grower to the consumer, were to be met by some kind of circulation-specie, notes, or bills of exchange. And the derangement of the exchanges threw the demand with additional violence upon the paper currency. The same facts are true as to bread-stuffs, beef, pork, &c. Your bread-stuffs in 1833, at about $4 per barrel, required not more than 50 millions. In 1836, at $8 or $9, they called for about 110 millions. Your beef and pork, at $6 50 in 1833, wanted less than 80 millions; in 1836, at from $12 to $14, demanded nearly 200 millions; and all these, in the two or three transfers from the produ cer to the consumer, swelled enormously the circulation which was required. Pursue the calculation through all the elements which constitute the materials for an estimate, and it will be found that the currency at $6.50 for each individual in 1833, would have afforded accommodation to the business and wants of the people of the Union equal to the $10 at which the Secretary states it in 1836; and when to this we add the obstructions to exchange, it is not to be doubted that some inconvenience would have been felt. Yet it is in such a condition of our interests that the Secretary sets himself to work to shut up as much specie as he can, in about one tenth of the banks; to curtail the power of accommodation in all the rest; and we are called upon to wonder at the pressure. But, Mr. President, it is not necessary, on this quest'on, to settle the amount of circulation which the interests of the country require. The pretence is, that we are to have that circulation confined chiefly to gold and silver. Is it practicable? and are those who talk of it sincere and well advised? To accomplish it, you must abstract from the circulation of other countries from fif. ty to seventy millions of specie. You could not coin it at your mints with sufficient rapidity to keep pace with the demand. You cannot buy and retain it in the country, unless your commerce will enable you to do it. Commerce will bring, and commerce will take it away. Why do not those who are the advocates of an exclusive specie currency tell us how we may accomplish the object? Let them give us a scheme; inform us where we shall procure it; how retain it; and how the business and employments of the country can be reduced to the point which such a currency would require. Until they do this, the intelligence of the people will be apt to suspect that there is more of pretence than sincerity on this point. It is by visionary and impracticable schemes like these that the real obstacles are thrown in the way of wise and prudent regulations; and we can never hope for sound legislation until they shall be removed from the countenance and support of those who are in power. VOL. XIII.-12 [SENATE. But, Mr. President, while I dissent from the views of the Executive on these points, I do not wish to be misunder. stood as the advocate of an extension of our paper currency, nor as maintaining that it is in a sound and safe condition. Our whole currency is in imminent danger. There are no salutary checks and control. Banks are created often without reference to the necessities of the country, and sometimes made the rewards of partisan and party exertions. Issues, too, have not unfrequently been regulated by the wants and wishes of favorites. The constitutional control has been thrown aside, and ignorance and empiricism are meddling with matters which they do not understand. There is danger ahead of us, and we shall be fortunate if we escape without a convulsion in the currency which will agonize the country. It is time that this subject was under wiser management. But even this will be insufficient. Admit that our circulation is too great-that there is danger of over-issues by the banks that gold and silver ought to be our only cur rency--and that it is the duty of the Governmnnt to look well to all these; yet the question seems, who has the authority to direct, regulate, and control them? The interference of the Executive, without the sanction and command of Congress, is usurpation of power. His right to legislate is not to be found in the constitution. I pass to the effects which have been produced by this Treasury order. The President believes" that the country will find in the motives which induced that order, and the happy consequences which will have ensued, much to commend, and nothing to condemn." Let us examine these consequences, award all the praise which they merit. The President says: "It checked the career of the Western banks, and gave them additional strength in anticipation of the pressure which has since pervaded our Eastern as well as the European commercial cities." The Senator from North Carolina also admits that there is a severe and grinding pressure. The Senator from Mississippi does not seem to credit it; he regards it as another panic cry. I shall not attempt to settle the controversy between them, nor waste time in proving by facts and arguments that a pressure has prevailed. The man who doubts must labor under strange ignorance of the condition of the country-an ignorance very similar to that which could assert that our exchanges are in a better state than for several years past. His opinions will not be likely to mislead. But this order was given "in anticipation of the pressure." It certainly could have anticipated it but a very few hours, for the pressure commenced at the very moment that the existence of the order was known in the cities and in the country. They were as contemporaneous as cause and effect could be. In proof of the assertion that the order checked the career of the Western banks, and gave them strength, the Senator from Missouri [Mr. BENTON] attempts to prove that it has greatly increased the specie in the banks and the accommodation to the public. He seems to think that he has quite overwhelmed all opposition, and destroyed all resistance to his conclusions, by "the logic of figures," and his "appeal to the exact sciences." is not the first time that this logic has satisfied that Senator without convincing others. It proved very conclusively to his mind during the last session that there would be and could be no surplus to be divided among the States. The Secretary, however, has found about thirtyseven millions for this purpose, and that is far below what it ought to have been. The Senator, however, has a reason for the error of his conclusion from "the logic of figures." It is in substance this: If Congress would have made all the appropriations asked for, and made them in an early day in the session, the logic would have come out right. I do not doubt it, sir. If, in the early part of the session, we could have permitted It ourselves to be charged, both by the President and Senator, with utter disregard of our duty, and wilfully, for party purposes, permitting the country to be uncovered while the clouds of war were gathering over her, and remained silent, the long and excited debate upon the three million appropriation would have been avoided, and the time spared, and the appropriations reached at an earlier day. If we will suffer the imputations against our patriotism and fidelity to the public, from all quarters, to go unanswered and unnoticed, and simply become the registers of the thousand efforts for squandering money which has been so profusely made, time will be saved, and there will be no surplus. The Senator is correct in his defence of the accuracy of his logic, if you leave him and an extravagant administration in uninterrupted possession of the means of verifying it. The appropriations last year amounted to about thirty-four millions of dollars, and we were urged to add many millions more. This would have swept the surplus pretty effectually, and left little, if any thing, to divide. But I thought that thirty-four millions was quite enough to be expended in one year by an economical and reforming administration; and the more so as it was but eight years since that the administration, of which I was an unimportant member, was denounced and discarded from public confidence, because it had expended about thirteen millions. There is some difference between thirteen and thirty-four millions in a single year. But times, sir, have changed; a new logic is in vogue: what was guilt then is virtue now. [DEC. 29, 1836. But if forty-six and a half millions gave ten and a half, pressure? The increase being Their circulation has been alluded to. $108,498,037 74 163,972,830 24 55,474,792, 50 $27,967,152 40 41,482,897 82 But if the capital of forty-six and a half millions gave about one hundred and eight and a half, the capital of sevBut, Mr. President, let us see how the Senator ap- enty-seven and a half ought to have given one hundred plies this logic of figures. He takes the deposite banks and eighty millions of accommodation, being sixteen milalone, reads the amount of specie, and the accommoda- lions more than they did give. Why should there have tions before the Treasury order and after it-I believe he been this reduction? And if it were produced by this took the months of June and November last as his guides-order, have we not found one cause of the acknowleged and finding more specie in the latter than the former period, in these banks, and more accommodations also, he not only attributes it to the order, but infers that the currency is more sound because there is more specie in the country. Non sequiturs do not belong to figures. The premises and the conclusion do not hold together. If there be more specie in the country, upon what principle shall we assign it to the Treasury order, in preference to the state of our foreign commerce and foreign The Senator considers this a strong argument in their exchanges? These may, and necessarily would, for the favor; but does he not perceive, that while they were curtime, bring and keep specie here. But how the order tailing their circulation and discounts, they were pres could have had the slightest effect, it is difficult for oth-sing the community severely? Nor am I satisfied that it ers to see, and ought to be explained. Again: there is manifest error in looking only to the deposite banks. The operation of the order would seem to be to bring specie into them, and take it away from the others; strengthen them, in this respect, while it weakened all the rest. To prove that they have more specie and more power to accommodate, is only to establish the charge against the order for its unequal operation, unless it be also proved that more specie has been brought by it into the country and into the other banks also, so that the whole amount of the currency has been strengthened. These deposite banks are, I think, eighty-one in number, with some branches. There are in the nation more than nine hundred banks. You do little for our paper currency, if you strengthen eightyone to the injury of eight hundred-benefit a few to the destruction of the rest. But I do not understand the matter as the Senator does, even as to the deposite banks themselves. In June last there were thirty-three of them. After the passage of the deposite act, they were increased to eighty-one. In June the thirty-three had a capital of $33,418,092 83. In November the eighty-one had a capital of $77,576,449 67. To judge of their condition as to specie and accommodations, we must take their capital at the two periods, and compare the one with the other; and if the capital in November did not afford more of specie and accommo In November But in proportion to their capital, it ought, in Novem| ber, to have been about forty-six and a half millions, and was therefore about five millions less than it should have been. was not their duty to the public, at least to continue, if not to enlarge, their accommodations. Their deposites had in the mean time increased nearly nineteen millions, from about fifty-seven to about seventy-six millions, almost two thirds of the capital which had been added to them, and not far from one fourth of their whole united capital. They had been placed in a condition of eminent control-they had it in their power to relieve the business of the country--their deposites were greatly increased-why did they not do it? The answer is, the Treasury order prevented. Take every species of accommodation which they afforded, and the result will make a strange exhibit. In June, loans, discounts, exchanges, and circulations, In November to amounted to Increase $136,465,190 14 205,455,728 06 68,990,537 92 But if the capital in June gave one hundred and thirty-six millions, that of November ought to have given two hundred and twenty-seven; twenty-two millions more than it did afford, and this with the increase of deposites. We have often been amused, if we have not been edified, by lengthy lectures (I hope the Senate will excuse the word) about the curtailments of the Bank of the United States, and most patriotic indignation was exhibited against it, for this cause. It is to be regretted that some of the denunciations could not now be directed to anoth. er quarter-to banks disciplined into worse conduct by illegal orders of the Secretary. But, Mr. President, while this operation was going on, and these banks withholding the aid which they ought to have given, they were acquiring relations with other banks, which threw obstacles in their way, and were calculated to make them do the same thing. I have not all the means necessary to exhibit the actual conduct of the other banks; but if they did not curtail, it was no fault of the Treasury order or of the deposite banks. A severe check was held over them. In June there was due to the deposite banks from other banks $17,867,869 49 And they held their notes for 10,982,790 42 $28,850,659 91 In all In November, due Notes In all $26,662,669 70 $43,074,994 27 A difference of $14,224,334 36 in the hands of the deposite banks, which they might demand at a moment, and for which their debtors were obliged to prepare, by withholding their accommodations. Nor, while these effects were produced, does it ap. pear, so far as specie alone, the panacea of the Senator, is concerned, that the circulation of these banks was any more safe. They had in June ten and a half millions of specie, to less than twenty-eight millions of circulation. In November, fifteen and a half to forty-one and a half of circulation--very nearly the same proportion. But, should it be objected that it is not a fair test to apply such calculations to all the deposite banks, scattered so widely, and so various in their conditions, I answer that this is a question of currency; that which affects a part, affects all, in a greater or less degree; and the merit or the demerit of the Treasury movement must always be tested by its results upon the whole, and not on a part. Could it be proved that it had benefited the Western banks, which received the proceeds of the sales of the land, while it had injured the rest of the Union, it would be a conclusive argument against it. But let us inquire what its effects have been there, and take the banks in Indiana, Illinois, and Michigan, which will test the value of this experiment as well as any others. These in June last had a capital of Increase $1,928,121 88 $720,153 12 An addition of about $77,445, more than one third of its amount. In June they had of specie $1,028,581 39 [SENATE. perceive that the receipts of the four months, including August and November, were only about $1,800,000. Can it be true, sir, that this was the whole amount received in those four most productive months? Were the sales diminished to such an extent, and by a mere executive order? If it be so, the device to diminish the sums to be received by the States under the deposite law has been eminently successful. How far its fairness and justice will be approved by the people of the Union, remains for them to decide. By that report it appears that there was received for the sales of public lands in these four months, $1,802,939 In August, during one half of which payments were made in bank notes as well as specie $307,456 In September In October - 584,693 691,915 318,875 Thus it appears that in all our land offices $11,419 were received under the operation of the order in November more than in August, during half of which it was not in operation. Was it worth while to derange the currency and produce distress and confusion for such a result? It is apparent, I think, from this amount, that there has not been fair dealing in relation to these payments; and whenever we shall receive an account of the sales, I do not believe it will appear that less than two millions worth of the land was sold within that period. The deposite banks in those three States gave accommodation, by loans, discounts, exchanges, and circulation, - $7,519,037 91 9,212,679 78 In June, to - Thus it appears that while their capital was increased $77,445 82, more than one third, their accommodation was increased $186,117 60, less than one fourth. How does the Senator propose to answer and explain this fact? Will be not see in it another cause for the pressure? At the same time their relations with other banks stood in this condition: In June they held debts and notes amounting to $3,356,149 30; in November, to $4,045,755 52; a sufficient increase to be wielded with great power. In the meanwhile, also, their deposites had increased nearly $700,000. In the review of these statements, it seems to me that the logic of figures" proves little that the Senator from Missouri [Mr. BENTON] attempts to establish. It shows, on the contrary, that neither the specie in the deposite banks, nor their accommodations, have increased in proportion to their capital, and, instead of benefiting the operation of the Treasury, has injured the business and facilities of the country. But, Mr. President, this is not the worst aspect of the Being an increase of $508,255 35 order. When it was issued, the community and all the Now, this increase is only about $114,000 more than banks in the Union perceived that the desire to purchase they ought to have had, without the forcing process public lands would create a strong effort to obtain specie, which was resorted to. It is a small sum, and at ordina- to be used for that purpose; and that whatever could be ry times might have been acquired in four months by a procured would be sent in that direction, and deposited, capital of two and a half millions, without alarm or dis- and shut up in a few banks in the new States. Individutress. It was manifestly rather the means adopted than als who possessed it retained it, in the confident hope the result, which agitated the currency. It is to be re- that its value would appreciate. The banks retained it, gretted that we have not before been favored with the because they could not tell what drafts would be made actual receipts of specie in the land offices, that we might upon them for it, and whether a large amount of their compare them with former years, and learn two things: ordinary circulation would not be thrown back upon 1. What increase of specie there has been in the rethem; and they feared to extend, but rather felt it necesceipts over former years, in proportion to the whole sary to contract their accommodations. All classes felt amounts received on the sales. And, 2. What was the that it must derange the ordinary course of business and diminution in the sales created by this order. These commerce, and, as a matter of necessity, not choice, they points would furnish salutary guides in forming our judg-withheld the means from the use of others. ments on this topic. By the report of the Secretary, reThe Senator from Connecticut [Mr. NILES] seems ceived a few moments before I rose to address you, I quite indignant that the terms "tampering with the cur |