Imagens das páginas

Oct. 4, 1837.)

National Bank.

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Nays-Messrs. Adams, Alexander, H. Allen, John W. Mr. ADAMS would further ask if those memorials had
Allen, Aycrigg, Bell, Bond, Borden, Briggs, W. B. Cal- been read in committee ?
houn, John Calhoon, Wm. B. Campbell, Wm. B. Car- Mr. CAMBRELENG replied that there had been thirty
ter, Chambers, Cheatham, Childs, Clowney, Corwin, or forty of those memorials referred to that committee,
Cranston, Crockett, Curtis, Cushing, Darlington, Daw- and ordered to be printed—and it would be strange if
son, Davies, Deberry, Dennis, Dunn, Evans, Everett, some of them had not been read by members of the com
Ewing, R. Fletcher, Fillmore, Rice Garland, Goode, Graves, inittee.
Grennell, Griffin, Hall, Halsted, Harlan, Harper, Hast- Mr. ADAMS said he understood, from the ambiguous
ings, Hawes, Henry, R. M. T. Hunter, Henry Johuson, reply of the gentleman from New York, that the memori-
Lawler, Lincoln, A. W. Loomis, Lyon, Mallory, Marvin, als in question had not been read in the commillee to
Samson Mason, Maury, Maxwell, McKennan, Menefee, which they had been referred.
Mercer, Milligan, Calvary Morris, Noyes, Ogle, Patterson, [After a short pause, and no reply to this suggestion
Patton, Pearce, Peck, Phillips, Pope, Poits, Randolph, following from the chairman of the Committee of Ways
Reed, Rencher, Ridgway, Robertson, Rumsey, Russell, and Means, )
Sawyer, Sergeant, A. H. Shepperd, C. Shepard, Shields, Mr. ADAMS resumed. What state of facts, he would
Sibley, Slade, Southgate, Stanly, Stratton, Taliaferro, ask, is here disclosed ? Numerous petitions come up to
Thompson, Tillinghast, Toland, Towns, Underwood, J. this House, from the people of the United States; by this
White, E. Whittlesey, L. Williams, S. Williams, J. L. House referred to the Committee of Ways and Means, and
Williams, C. H. Williams, Wise, Yorke-101.

they are not even read by that committee! But a resoSo Messrs. Gholson and Claiborne were declared to have lution is returned to us, that it is inexpedient to establish been duly elected members of the twenty-fifth Congress a national bank! Mr. A. would signalize this as another from the State of Mississippi, and, as such, entitled to strong instance of the treatment received by the people of their seats on this floor.

the country, at the hands of this House. What right, he The House then adjourned.

would demand, what pretence, bad the Committee of

Ways and Means, to tell this House, until they had read WEDNYSDAY, OCTOBXR 4.

and carefully considered these petitions, that it was inex

pedient to grant their prayer ? 'Here is a resolution, preNATIONAL BANK.

sented to us, predetermined on, without hearing the peoAfter transacting some preliminary business, the House ple, without condescending to read their petitions, even in proceeded to the consideration of the following resolution, committee. Why is it that the time of the House is to be reported from the Committee of Ways and Means on the wasted at this special session, called for extraordinary and 25th instant, it being the business next in order :

peculiar purposes, to the consideration, exclusively, of Resolved, That it is inexpedient to charter a national bank. which the Tlouse, by solemn vote, have restricted them

The question pending was the motion of Mr. Wise to selves, in the discussion of a question of mere expediency? amend the resolution, by adding thereto, “at this time. Why did not the Committee of Ways and Means as well And be it further resolved, that it will be expedient to es- report against the expediency of continuing the war in tablish a national bank whenever there is a clear manifes- Florida, when already the blood of our countrymen has tation of public sentiment in favor of such a measure." heen poured out like water, in the vain pursuit of a few

Mr. SERGEANT, who was entitled to the floor, pro- wretched savagos, who could not be found? Why did ceeded with his remarks for a few minutes, when he not that committee report that it was inexpedient, at this moved to refer the resolution to a Committee of the Whole time, to make a debt of millions, with a full Treasury ? on the state of the Union.

And there are many other matters, legislation upon which Mr. CAMBRELENG said he was very sorry this mo- may be said to be equally “inexpedient. Why not tion was submitted by the gentleman from Pennsylvania. nake these the subjects of a report ? He must be sensible that if the motion le now made pre- Sir, said Mr. A., whether the establishment of a nationvailed, it would have the effect to make a final dispo- al bank is expedient or inexpedient, is now a very idle sition of the question now before the House. The Coin- question, in the agitation of which to occupy the time of mittee of Ways and Means felt bound to present this ques- this House. Had the report of the Committee of Ways tion before the House, in the form they did, in conse- and Means, upon these memorials, been, simply, that this quence of the memorials referred to them by the House, House, or a majority of it, and that committee, had prepraying for the establishment of a national bank. In pre decided that the granting of their prayer was inexpedient, senting it, however, they did not anticipate a lengthy dis- and that it should not be granted, the report would have cussion. It was supposed by the Committee of Ways and been more consonant with reason and the facts. Why, sir, Means, that the nation desired to know what course this said Mr. A., what reason is given by the committee for House and the other branch of Congress intended pursue their report? Why is the establishment of a national ing on this question; and they had submitted this resolu- bank less expedient now than at any other time? Why tion in order that gentlemen might be brought to a direct did they not bring in a resolution declaring it to be inexvote, and either adopt or reject the resolution. It was in- pedient even to pass a law establishing such an institution troduced because the subject had been referred to the Com- to the end of all time? Why not bring forward such a mittee of Ways and Means, and they considered it proper proposition as well as this, and equally insist on members that the nation should understand what course they in-stoeing the mark," as the chairman of Ways and Means tended to pursue on this all-important question. He hoped took occasion to request me to do ? Sir, this would be as that the motion to commit would not prevail, as there was reasonable a proposition as the other. Does that gentlenot time to discuss it at the present session of Congress. man (Mr. CAMBRELENG] imagine that his power in this

Mr. ADAMS asked the chairman of the Committee of House is to last forever ? Sir, I acknowledge his pouver Ways and Means if there had not been referred to that here is very great, at present--but when he calls upon me committee several petitions and memorials from various to “toe the mark," I may be excused for refusing to do so, sections of the country, praying for the establishment of a as his “mark” is not a straight one; it is too much like national bank?

what we Yankees call a Virginia fence. I do not like his Mr. CAMBRELENG said that there had been many “mark,” sir, it is too crooked; and he cannot expect me such memorials. The resolution now before the House to “ toe" it until he has learned to draw it straight! This had been framed with reference to them.

is not the tiine for those who are friendly to a national VOL. XIV.-76

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National Bank.

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bank, sir, to bring forward a proposition to that effect, and tleman, who doubted whether the President had the courage they will not probably permit such an issue to be prema- to propose it; and if he had the courage to do so, the genturely made up for them on this floor.

tleman left us in some doubt whether he would help him Sir, continued Mr. ADAMS, I complain of the gentleman out of the difficulty. from New York. I complain to the country, sir, that he Now I had hoped the gentleman would have given us is wasting the time of this House (which, when it suits his his aid on that bill—and why? Because I do not think pleasure, he is in the habit of detaining here till after mid the gentleman would vote for a proposition to incorporate night) in the discussion of the most frivolous resolution an association of counterfeitors; because I could not supever presented in any legislative body. If we are here to pose it possible that the gentleman could denounce all tho discuss what is inexpedient, every body here may bring presidents, cashiers, and directors of all the banks, and afforward a resolution of the kind, and, instead of adjourn terwards come here and vote for an association of counter. ing on the 16th instant, we may remain here, discussing feiters. The gentleman told us in that letter that he what we will not do, until tho Christmas of next year. doubted, as well he might, the expediency of employing Now, sir, the people who sent us here want to know, not any bank of discount as an agent of the Government. what we will not, but what we will do ; and this last, I | Now, there is no Government upon earth which employs am afraid, they will know far too soon for their interests. a bank of discount. Even the Bank of England is not a

Mr. Adams then expressed his concurrence in the views | bank of discount, according to its practice or its organizaof his friend from Pennsylvania, (Mr. SERGEANT, ) who had tion; not a bank of commercial discount upon the plan of moved to refer the resolution under consideration to the banks in this country. The public moneys are not perCommittee of the Whole. If it is to be debated, that is mitted to be employed in commercial discounts, to be sudundoubtedly the proper course for it to take. If the gen- denly withdrawn. Sir, I rose merely to remind the gentleman from New York (Mr. CAMBRELENG) would bethink tleman that on these questions I wished him to remove all himself of it, this is not a question on which there is not doubt--to toe the mark on the resolution against chartering something to be said on both sides. Mr. ADAMS conclud- a national bank. ed by saying, however, that he preferred that the discus- Mr. GLASCOCK was somewhat astonished that the sion should not be continued, at this session, by reason of gertleman from Pennsylvania, (Mr. SERGEANT,) after octhe entire absence of all necessity that any legislation of cupying the time of the House on three different mornings - the kind should now be had ; and he moved to lay the during the morning hour, should move to commit the resresolution on the table.

olution to the Committee of the Whole on the state of the Mr. CAMBRELENG hoped the gentleman would not Union. If he could believe for a moment that any good make this motion, which cut off all reply, after making could result from it, he would not interpose the objection such an attack upon him as he had made.

he. now made; but, so far as this question was concerned, Mr. ADAMS. I will withdraw the motion if the gen- it appeared to him that every gentleman bad a full and tleman will renew it when he has done.

fair opportunity offered him of making known his views Mr. CAMBRELENG certainly could not do this. to the House and to his constituents, in relation to the es

Mr. ADAMS. Well, then, I will withdraw the motion tablishment of a national bank, in Committee of the unconditionally, so the gentleman may have the oppor- Whole, on the bills before that committee. This being tunity of replying.

the case, he was surprised that the gentleman should have Mr. CAMBRELENG said the gentleman from Massa- made the motion after he had finished his own remarks. chusetts, (Mr. Adams,] with his accustomed courtesy, It was also, he thought, very extraordinary that the gen. had been kind enough to speak of his (Mr. C's) “ zig-zag" tleman from Massachusetts should have made the motion

He little expected the gentleman to make that to lay the resolution on the table, after a similar molion charge. Mr. C. thought he (Mr. A.) would not have al- had been rejected by a large majority of the House. He luded to a point which was so very tender to some gen- hoped the motion to commit might not prevail, because tlemen, perhaps on both sides. The gentleman, contin- we had but some eight or ten days to determine on all the ued Mr. C., has alluded to my “zig zag" course, and great questions before the House; and the morning hour, said that I did not walk in a straight line. Sir, I have he took it, was as much time as could be set apart specialbeen a member of this House for seventeen years, and be- ly for the discussion of this resolution. Gentlemen could fore I was a member I was an advocate of the broadest discuss this question during the morning hour, and those doctrines of free trade, and of those doctrines set forth at who desired to give their views on the subject of a bank large in the message of the President; doctrines which the at any other timc, could do so on the bills under discusSouth have uniformly sustained and supported. I have sion in the Committee of the Whole. been obliged, sir, from necessity, to make this brief allu- Mr. CLARK, of New York, animadverted with some sion to my own course, in consequence of the extraordi- particularity on the charge adduced by Mr. Adams, that nary attack of the gentleman from Massachusetts.

the numerous petitions referred to the Committee of Ways Sir, it is perfectly well known, at least to some mem- and Means on the subject of the establishment of a United bers, that, upon this bank question-upon the tariff ques- States bank had not been read in committee. There was tion--and upon the interference of this Federal Govern- no reason why they should have been read. Their conment, or State Legislatures, with the affairs of trade and tents were well known. The country was nauseated with money, I have been uniform and consistent, and, after sev- them. The contents of them were familiar to the nation enteen years, I have the pleasure to find myself surround- "as household words." He hoped the Committee of ed by gentlemen from every part of the Union advocating Ways and Means had not wasted their valuable time in the same doctrines I advocated before I was a member of reading them. The people were well enough aware of the this House.

trouble already caused to the country by the United States Sir, in alluding to the gentleman from Massachusetts Bank, and did not intend it should again be established. the other day, I did it in a pleasant manner, and not for General Jackson had had the good fortune to harpoon the the purpose of provoking an attack upon me. The gen. | monster, and tleman had alluded to the proposition now submitted to The SPEAKER here interposed, and observed that the the nation and to Congress-i mean the proposition to sep- question must not now be discussed on its merits. arate the affairs of this Government and our Treasury from Mr. CLARK regretted that he should have transgressed all connexion with banks. In alluding to that proposi- the strict rules of order, and would refrain from doing so. tion, he had reference to the published opinion of the gen-'He hoped that the motion to refer would not prevail, but


Ост. 4, 1837.]

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that the gentleman from Pennsylvania [Mr. SERGEANT) was a conflicting interest, and should be examined like the would be permitted to go on, as he bad commenced, and rest; not an hour a day in the morning exclusively. finish his remarks during the morning hour, and that other What, he would ask, was the object of making such a disgentlemen might have the same opportunity of going on position of the subject? It was, to keep it within the with the discussion.

power of the party there, to be disposed of as they should Mr. ROBERTSON, of Va., said that the chairman of at any moment think fit, and in the most summary mode the Committee of Ways and Means had brought forward of execution. To hold up to the country that there was one of the most important questions that could possibly no hope to the friends of a United States bank. have been submitted to the consideration of Congress. The SPEAKER here reminded the gentleman from Nine days were yet left of the session, and it was proposed Virginia that he was not strictly in order. to confine the debate on that question to a single hour in Mr. WISE suggested that it was perfectly in order to the morning of each of those days. Now, did the gentle discuss the objects for which the chairman of the Commitman (Mr. CAMBREĻENG] intend that it should be debated, tee of Ways and Means wished to keep the question in or that & vole should be taken on it without debate? If the House without a reference to the Committee of the the former, then he hoped that gentleman would comply | Whole. with the motion of Mr. SERGEANT to refer it to the Com. The CHAIR assented to this proposition, and mittee of the Whole, or consent to lay it on the table, or Mr. WISE proceeded. The object of the chairman of to postpone it until the next session of Congress,

the committee is to strangle the issue, to make the pretence Mr. WISE concurred with his colleague, (Mr. Roeert- that the friends of the establishment of a bank of the Unisox.] What, asked he, were we called here to do? To ted States were struggling to attain that object now, and consider and digest some plan for ordering a system of that they had been overpowered in their attempt by a mafinance for the country. There were three conflicting jority here. It was an instance of the manner in which plans before the country and the House for this purpose, the Bank of the United States had always been treated. proceeding from three distinct parties. The first was that Here, in the House, the resolation cannot be discussed ; of the administration, to establish a sub-Treasury system ; in Committee of the Whole it certainly can, in all its and this ineasure is brought forward in positive terms, and bearings. There it could be debated before the country, is referred to the Committee of the Whole for considera- and there it could be shown whether the Bank of the Unition. The other branch of the administration party, (call- ted States could possibly compare, in monstrosity, with the ed the conservatives,) to which, he had been told, on his project now presented by the administration. There is a first coming here, the gentleman from New York, [Mr. large and intelligent interest in this country (whether larger CLARK,) who had just spoken, belonged, had also pre- than its opposers or not, it matters not) in favor of the essented their scheme, by the hands of one of their number, tablishment of a national bank, and they had an equal (Mr. J. GARLAND,] his colleague. This, too, was pre- right to be heard, candidly, and with the same circumsented in a posititive form, and had also been referred to the stances of deliberation as the rest—an equal right to fair Committee of the Whole. And now, Mr. W. would play. If the sub-Treasury plan, and the conservative ask, why, in like manner, the system of the third party scheme, have a free discussion by a Committee of the there, not by any means the most inconsiderable in point Whole, that of this large and respectable interest has cereither of numbers or intelligence, (larger in fact than either tainly an equal right to such discussion, and he trusted it of the others, taken severally,) why their plan alone was would have it. brought forward by its opponents in a negative shape, and Mr. BYNUM rose to address the House, when reported against as "inexpedient ?" Not only now, but Mr. CAMBRELENG moved for the orders of the day, forever "inexpedient ?" Why, he would ask, was that which were taken up, the House resolving itself into Complan alone confined to the morning hour? Why were mittee of the Whole, (Mr. Connor in the chair.) not all the plans taken together, reported together, or dis

TREASURY NOTES. cussed together in the Committee of the Whole, as presenting each a part of the grand question upon finance The House went into Committee of the Whole on the now before the country? The friends of a national bank state of the Union, (Mr. Connor in the chair,) and rewere waiting for “the moving of the waters;" they were sumed the consideration of the bill “to authorize the isnot ready to bring forward their plans in a positive form; suing of Treasury notes.” they had no notion of standing up for the purpose of being The question pending was on the substitute of Mr. knocked down.

RAETT. The House has been entertained with the old story of Mr. BIDDLE rose and said, that he felt his position at harpooning the monster ; and the monster, like Lazarus in this moment to be one requiring a word of explanation. his grave, “not dead, but sleeping,” was again to be When, on Saturday, it was supposed the debate on this brought lo life, for the purpose of once more being killed. bill would be urged forward, gentlemen, whose standing in He had already been so often killed, that the trick the House gave them an undoubted priority of claim to the last too stale for repetition. This Mr. Wise described as floor, felt unwilling to proceed, at the close of an exhaustan attempt to raise a fallen issue.

ing week, and with no opportunity for that arrangement Mr. CAMBRELENG called the gentleman to order. which lends additional force to the strongest arguments. He wished to know if the gentleman from Virginia was He had, therefore, agreed, at the moment, to present the to enjoy the exclusive privilege of speaking upon what sub- remarks he had to offer, not deeming them of sufficient imjects he pleased, under the motion before the House. portance to be held over for a similar purpose. A motion

The SPEAKER remarked that the gentleman from to adjourn had prevailed ; but he now found himself, by Virginia had perhaps been on the verge of transgressing the courtesy of those gentlemen, still in the front rank, to the rules of order: when he should do so in reality, he which he had assuredly no claim, and which, without this should certainly be checked by the Chair.

apology, it might well be deemed presumptuous on his part Mr. WISE resumed the door. The gentleman from to occupy: Pennsylvania, who had opposed this resolution, (Mr. SER- Had he proceeded on Saturday, the impulse of the moGEANT,) would certainly not have brought forward a posi- ment (Mr. B. said) would probably have led him to anitive proposition in favor of the establishment of a United madvert, at considerable length, on the singular circumStates bank at this session of Congress. It had been stancee under which the present bill had been introduced. brought forward in a negative form by the committee. It' The bill first taken up was denounced as a measure of rev.


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enue, originating in the Senate, and, of course, an inva- | and Means tells us that these notes are to find their resting-
sion of the constitutional privileges of this House. In place in London ; in other words, this is a new form of
stead of discussing a question of such deep interest to the loan to the United States from the detested Barings. They
people, it had received the go-by ; and the chairman of the ought, then, to have a clear and indisputable credit amongst
Committee of Ways and Means, on the spur of the those who have been soured and alarmed at being so long
moment, had hastily got up a new bill as a substitute. held up as persons whom it is meritorious to cheat, because
The constitutional objection was treated with levity. Mr. they happen to live on the other side of the Atlantic. Let
John Randolph, of Virginia, had remarked that the time it be remembered, too, that, in discussing the probabilities
was rapidly approaching when members on this floor would of the Supreme Court declaring a certain charter unconsti-
be called to order for quoting the constitution. If that tutional, great reliance was placed on the fact that a large
period had not actually arrived, we seemed near it, when majority of the present judges had been appointed by Gen-
reliance on the constitution was treated as a “ technical" eral Jackson. if those judges should adopt his opinions in
ohjection, and as a teasing obstruction in the way of the the present case, what a fraud is to be practised on the pur-
majority. All the mischief against which the constitution chasers of this paper! These are matters which cannot
intended to guard had already been done by this prema- remain unknown in that great mart of the world, where
ture action of the Senate. To withdraw, then, the bill, rival stocks are perpetually struggling for precedence. Nay,
with a view to cut off discussion, was only to snatch from sir, is it not possible that the agent for the Smithsonian
the immediate representatives of the people an opportunity bequest, in one of those fluctuations of mood to which he
of formally protesting against an encroachment upon their seems subject, may republish, with a preface, the letter of
province. Perhaps, however, as much good would be ef- General Jackson to Mr. Blair, as he did a certain other
fected by the spectacle of that hasty withdrawal as by the letter, with a view to shake public confidence in an Amer-
most extended discussion. The people would not fail to ican stock ?
mark and resent it.

Mr. Chairman, I have other objections to this bill.
In entering (Mr. B. said) on his duties as a member of No one can shut his eyes to the fact, that this is the
this House, he bad done so with a fixed determination to commencement of a new national debt. But it wears a
be drawn into no merely factious opposition to those who mask to conceal its hideous countenance. With what rap-
administered the Government. But it was undeniable, in turous joy did the people hail their escape from the former
the high state of credit which this country enjoyed, at home load! Abundant gratitude was claimed, on that occasion,
and abroad, that any method of pledging that credit in con- for General Jackson ; though it was the result of measures
stitutional form will effect the desired object with equal matured long before, and retarded, rather than advanced,
certainly and promptitude. If, then, the administration by the increased expenditures of his administration. There
has resorted to a method which is most liable to exception; is plainly now a trembling timidity-a morbid lear-after
which, in its example, is most dangerous; which would, so much false boasting, to lay bare the fact that the first
in all probability, be the least productive and the most bur- step of the present administration is to create a national
densome ; which would tend to disguise from the people debt. Is it right, sir, that the representatives of the people
their real condition and liabilities, then he felt not merely should co-operate in an effort to mislead the people ? How
at liberty, but bound to resist it, and to turn the Govern- many of our constituents are aware of the true character
ment round to a method direct, advantageous, and unex- and operation of this bill? Is it not proper that they should

be instantly aroused, so that, at the polls, they may begin He would make a preliminary remark. The late Pres- at once to exercise their right of claiming from candidates ident, General Jackson, had proclaimed to the whole world a pledge of rigid economy? How is this debt to be paid that the bill before us is unconstitutional, and, if passed, off? Does any body suppose that the present emission of will not bind the faith of the nation. In his letter to the paper will render more available the notes of broken banks editor of the Globe, dated Hermitage, 23d of July, 1837, which constitute our present resource ? On the contrary, he says:

it will only cause their still further depreciation. You will “ I hope no Treasury notes will be issued. The Treas- not be able to force them even upon the revolutionary penury drafts upon actual deposites are constitutional, and do sioners and the laborers in your service. They will prove not partake of paper credits as 'Treasury notes, which are a total loss to the holders, as was the case when the paper subject to depreciation by the merchants, and banks, and tickets of irresponsible individuals were superseded by the shavers, and brokers; and will be, if issued; and the Goy- paper tickets of corporations. Sir, this thing must end in ernment cannot avoid it. Different must it be with Treas- direct taxes. The necessity may be shuffled off by new ury drafts drawn upon actual deposites ; and, from the con- emissions, but will come at last with all its accumulation. duct of the banks and the merchants, they deserve no favors Disguise the matter as you may, these ten millions will from the Government, which they have attempted to dis- eventually have to be paid out of the soil. Unless the peograce, and to destroy its credit both at home and abroad." ple are aroused, and take the matter into their own hands,

Now, sir, does this bill profess to authorize drasts on the time will speedily come when every farmer, in preparactual deposites in the Treasury, or notes to be discounted ing for his corp, must run one furrow for himself and by merchants, banks, shavers, and brokers? The title is the next for the tax-gatherer. Viewing the matter even "A bill to authorize the issuing of Treasury notes," and on party grounds, how is it that an administration, pledged the President and Secretary are empowered to make the best to follow in the footsteps of General Jackson, begins its bargain they can with these merchants, banks, shavers, career by creating a debt of ten millions, in a mode which and brokers, provided not more than six per cent. be al. General Jackson has denounced as dangerous and unconJowed. Does any one pretend to deny that they encounter stitutional ? the full denunciation of General Jackson as unconstitution- Mr. Chairman, it has ever been a subject of regret and al? He holds, distinctly, that the power to borrow money astonishment that our mode of raising money is one that does not embrace the issue of this kind of paper.

invites prodigality and extravagance, and tends, most Mr. Chairman, you will readily believe that I am not dily, to exhaust our credit. Our wisest statesinen one of those who push to an extreme my faith in the ac- have warned us, over and over again, of the fatal impolicy curacy of General Jackson's opinions on constitutional of ever incurring a debt, without, at the same time, propoints. That is not the question. Is it not undeniable viding a specific fund for its redemption. that such opinions are held by many, and will exercise a Even during the late war, when there was a disposition wide influence? The chairman of the Committee of Ways' to put every thing at risk, in sustaining the country, with.

Oct. 4, 1837.)

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out looking to consequences, you will find that the voice feel strong enough to do so. Concealment is necessary. of sagacious men was raised in protest against this im- For this very reason, sir, I resist the project. I say to the providence. Thus, in the debate of the 9th of April, 1814, administration, come out fairly and openly, so that the on the subject of Treasury notes, a patriotic member of the people may see what is before them; do this, and I will House of Representatives, Mr. McKim, used this language: cheerfully co-operate with you.

“ Mr. McKim said he should be sorrý to deny to the In continuing his remarks, Mr. B. said it had been the gentleman the courtesy of having his resolution referred, understanding of the House, that each of the measures, were it not for one consideration. If the gentleman would proposed by the administration, brought under review all add to his motion a proposition for such further tax as the topics connected with the present state of the country. should be necessary to redeem the notes when they be- Whilst calling for the previous question on the postponecame due, he should concur in his motion. But he asked ment bill, the chairman of the Committee of Ways and of the House to take a deliberate view of this subject before Means (Mr. CAMBRELENG) had justified that harsh meathey referred the resolution. - If there was any one point sure, by remarking that the discussion thus arrested could on which Government should be cautious, it should be its be renewed upon any other bill. He would take this occacredit; and a regard for the credit of the Government would sion to advert to some remarks which had been made, or not justify the issuing of these notes without providing for rather assertions hazarded, towards the close of that debate, their redemption."

as to the past condition of our currency ; a reply to which Nay, sir, the Secretary of the Treasury himself, in his had, at the time, been ofl. recent report, admits the importance of such a provision : He was desirous, at the outset, (Mr. B. said,) of guard

“In connexion with the issue of any Treasury notes, it ing what he had to say, from a claim to either more or less is believed to be wise to make ample provision for their of consideration than was its due. He had never exchangearly and final redemption."

ed a line, or a syllable, with any one connected with the Why has this been neglected? Why is it that Con- 'administration of the late or present Bank of the United gress shall grant money with reckless precipitation, omit- States, on the subject of either institution, or any financial ting the precautions against abuse which even an executive question. His opinions were drawn from materials comofficer has pointed out ?

mon to all, but to the course and connexion of which he Mr. B. said he could not forbear to press upon the House had naturally been led to give a careful and steady attenthe warning of the first Secretary of the Treasury, as to tion. This explanation was proper, because he had been the emission of paper money by this Government: assailed, in the official paper of the Government, as the

The emitting of paper money by the authority of the representative on this floor of a moneyed corporation. With Government is wisely prohibited to the individual States by regard to that institution, and the method of its administrathe national constitution, and the spirit of that prohibition tion, they were topics within the scope of the debate, on ought not to be disregarded by the Government of the Uni- which each member must judge of the extent of his own ted States. Though paper emissions, under a general au- obligations to decency and truth. But he would suffer thority, might have some advantages not applicable, and no responsible person to insinuate the infamous calumny be free from some disadvantages which are applicable, that he represented here aught but the interests of his conto the like emission by the States separately, yet they are stituents, and what he deemed to be the best interests of of a nature so liable to abuse, and, it may even be affirmed, the country. so certain of being abused, that the wisdom of Government It would be readily believed, by those who personally will be shown in never trusting itself with the use of so se- knew him, that it was not of choice he took part in this ducing and dangerous an expedient.” “ The stamping of discussion. But the station he now held forbade him to paper is an operation so much easier than the laying of indulge a repugnance that in private life was permissible. taxes, that a Government in the practice of paper emissions He was here not to consult his own sensibilities, but to would rarely fail, in any such emergency, io indulge itself struggle for the rights of others. The prosperity-nay the too far in the employment of that resource, to avoid as daily bread-of thousands of his constituents turned, as much as possible one less auspicious to present popularity.” he believed, on a right understanding of this momentous

Here, sir, you find plainly disclosed to us the real motive subject. Whilst, therefore, a sense of what was due to for a resort to Government paper. It is " less auspicious the House, as well as to himself

, would guard against the to present popularity to adopt a course which would compel intrusion of personal feeling, he would not, on the other the people to pause and to reflect upon the folly and impos- hand, be restrained, by misplaced delicacy, from that perture that have brought us to our present condition." fect freedom which befitted the sole representative of a

Are we, sir, prepared to run over again a career of im- community once prosperous and happy, to an almost unprovidence, without the shadow of a pretext, and against exampled extent, but now suffering severely under the all the lessons of wisdom and experience ? Sir, the pre- calamity that had overspread the land. sent times afford little scope for ambition, or reward for the Mr. Chairman, many homilies have been read to us on toils of office. But this administration has put aside, the necessity of conciliation and forbearance. I, sir, am from narrow, temporary, and selfish considerations, an one of those to whom this language is always acceptable. opportunity of earning the lasting gratitude of posterity, We are not here to wage a war of sarcasms. All reminand achieving a great civil triumph, by placing this matter iscences that illustrate nothing, and terminate only in exon its true basis.

asperation, may well be discarded. But, sir, rely upon it, What, I repeat, is now the fund mainly looked to, for that no good can result from shutting our eyes to the past. the redemption of these Treasury notes?' Why, sir, the It is easy to say that "by-gones are by-gones." Tho inclaims which we hold on broken banks, and the vague hope famous Colones Chartres, we are told, so consoled himself that they will grow better during the next year, in which on his death-bed, when reminded by the priest of his enorwe are going to wage a war of extermination against these mities, But seriously, sir, if we are ever to rise above the institutions. No, sir! There is not the least hope or level of the brutes—if man be truly described as a being lookexpectation of aid from that quarter. It is perfectly well ing before and after, if the lessons of experience are not alknown that the only claim to credit wbich these notes ways to be written in water-it is only from a calm and possess, is the fact, ihat they constitute a lien on every resolute survey of the causes which have led to our present inch of real estate in the country, and must be discharged embarrassinents, that we can draw the hope of extrication, out of the hard labor of the country. But the administra- or be secure from a recurrence of the calamity. tion dares not acknowledge this to the people. It does not There is one great topic, however, threatening in former

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