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been made in this House to appoint any committee for this purpose.

[Mr. WAYNE said, in advocating a select committee at the commencement of the session, he had stated it as one of the reasons why it should be granted, that this inquiry should be made.]

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have examined and made a full and elaborate report, in which all these topics are abundantly discussed. These inquiries were necessarily prosecuted by the Committee of Ways and Means, in considering the expediency of renewing the charter of the bank; and the present motion, so far as it rests on these considerations, can be viewed in Mr. EVANS. Undoubtedly the honorable gentleman no other light than an appeal from that committee. Sir, is correct, and yet no proposition of the kind has ever this is uncourteous-unprecedented. If it be designed, been submitted to the action of the House. If the object under pretence of investigating specific facts, to seize the was so desirable, why was it not then brought forward? opportunity of spreading before the House and the naWhy has it been postponed from session to session, and tion a labored argument on the general merits of the delayed until we are just on the eve of being called upon bank in all its various relations to the business and prospeto act upon the petition of the bank? Sir, it may be that rity of the country, to bring in theories and speculations, it is not too late to pursue it with a view to prevent the by gentlemen whose opinions and views are such as I have recharter at the present session; but it is too late to claim already adverted to, sir, for one, I protest against it. Genit as a matter of right, from the courtesy of those tlemen will have abundant opportunity, when the subject who wish to act definitively upon the subject at this time, is under consideration, to give their individual opinions to and who do not believe the inquiry necessary, constitut-the world. I have no desire to invest them with greater ing, I trust, a majority of the House. authority, by embodying them in the formal shape of a Now, sir, let us inquire what are the objects to be at-report, emanating from this House, and which may be tained by the proposed inquiry. The power to institute supposed to carry with it a higher sanction than the opiit undoubtedly exists. It is reserved in the charter, for nion of any individual member could aspire to possess. the purpose of enabling Congress, whenever they see fit, I proceed now, sir, to a consideration of the specific to take measures for annulling its powers. No such pur-charges which have been brought forward against the pose is avowed now. The present bank is to be permitted to continue until its term expires. The investigation is sought only for its influence upon the question of renewing its charter, not for adopting any measures touching its present duration. I shall not stop to question that this is a fair exercise of the power. Why should it be exercised? The reasons which have been urged in favor of it are of two classes: one founded on the general character of the banking system, and the general operations of this institution; and the other upon the necessity of investigating the particular and specific charges which have here been adduced against it. In reference to the former, it is wholly unnecessary and improper, in my judgment, to entertain the resolution for such reasons. The honorable gentleman from New York, [Mr. CAMBRELENG,] who has taken in charge the whole commerce of the country in all its connexions, says that this inquiry should be made, in order to show the ruinous effects of this institution, and of the banking system generally "upon the commerce and business of the nation." Why, sir, no knowledge of this character is to be obtained by inspecting the books and papers of the bank at Philadelphia. This is a matter of argument, upon a great variety of facts existing elsewhere --upon a careful observation of the course of business in various places, and about which opinions of enlightened men would probably differ very much.

bank by the gentleman from Georgia; and I beg to examine whether there be any sufficient reasons for the inquiry which he proposes, founded on these allegations. It is not my purpose to go into a full examination of them all, for this is now quite superfluous, after the able refutation which has been given to them by the honorable chairman of the Committee of Ways and Means. They have indeed, in his own language, "vanished into thin air." The first ground of complaint put forth by the gentleman was the issuing of the branch bank orders; and upon this charge we have been very fully informed by gentlemen who urge the investigation, of every thing relating to them; of the period when this process com. menced; of the amount which has been issued; of the branches by which they were drawn; of the authority, or pretence of authority, by which it was attempted to be justified; of the nature and obligatory character of these drafts, and the injurious effects which they have produced in different sections. Now, sir, I ask, is it necessary to institute any investigation upon this subject? We have already full information from authentic sources. What more do gentlemen wish? The honorable mover assures us he has carefully examined the charter of the bank; he has investigated the subject thoroughly, and he pronounces the issuing of this currency a clear violation of the charter. The honorable member from Virginia Every thing useful to be known for this purpose, which [Mr. PATTON] concurs with him, and says that it is "fully the bank can furnish, already appears in its monthly re- proved;" granted, sir, for the purposes of this argument. turns now before us. The honorable member from Vir- The honorable member from New York [Mr. CAMBREginia [Mr. PATTON] wishes the inquiry to proceed, in | LENG] says that they are not binding upon the bank; order to determine whether the bank have really accom-that they are "emphatically payable nowhere." So be it, plished all the good that has been attributed to it; whe- sir. And now I beg to be informed whence the necessity ther it has restored a sound currency; whether it has re- of resorting to this extraordinary proceeding, in a matter strained the local banks from excessive issues; reduced so entirely clear. Surely these learned gentlemen are the rate of exchange, and other similar benefits. Does prepared to maintain their positions. Surely they need the honorable gentleman expect to find information on no further evidence to satisfy themselves, nor to enlighten these topics in the books and papers of the bank? Can the House. Have we not every possible fact which the he there ascertain the amount of issues by the local banks most rigid scrutiny could elicit? The gentleman from scattered all over this Union? Can he determine by any Virginia is so perfectly convinced, that he declares he thing there existing, the degree of prudence or impru- would not yield his opinion to the judgment of the judidence which these issues indicate? For all these purposes, cial tribunals, which has already been cited. He seemed he must examine the local banks themselves. As to the to suppose that the judgment in question did not necessoundness of the currency, and the rate of exchange, do sarily turn upon the point which appeared to have been we not already know all that the bank has it in its power decided, viz. that the bank was bound to pay these to communicate? But, sir, aside from these considera- drafts; but that it could, he maintained, upon the ground tions, I object to the appointment of a committee to pro- that the individuals by whom they were drawn, the presisecute these general inquiries, for the reason that the dents and cashiers of the branches, were responsible for House has already referred the subjects which are in the payment personally. This is a new doctrine to me, volved in them to one of its standing committees, who sir. I thought the law of principal and agent differently

VOL. VIII.--129

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Bank of the United States.

[MARCH 7, 1832.

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settled. I supposed that a signature purporting on the and checked, and this would be an evil, instead of a beneface of it to be made in the capacity of agent, or public fit. Merchants and others having occasion to transmit officer, or in behalf of another, whether an individual or funds to distant places, could not so easily do it; and a corporation, by authority of such principal, could in no specie might for a while be kept back, idle and unused, way be obligatory upon the agent or officer. But I will because of the difficulty of putting capital into profitable not stop to discuss the point. Sir, after all, unfortunately operation. The bank is simply the means by which for our pride of opinion, our personal independence, our moneyed transactions between place and place are carried lofty pretensions, we must bow to the judicial tribunals. on; and the more safe, cheap, and expeditious this can be The minute knowledge displayed by all the gentlemen, done, certainly the more advantageous to the community. drawn from correct and authentic sources, must certainly If the gentleman can stop intercourse between different satisfy the House that upon this topic, at least, investiga- sections; if he can erect insuperable barriers between the tion is entirely unnecessary. Why inquire into that which South and West, and the rest of the Union, he may conwe know with certainty now? The honorable member trive to keep his specie at home. I leave him to judge from Virginia, [Mr. PATTON,] satisfied, as he is, that this is how beneficial this would be to those sections. They will a clear violation of the charter, wishes the inquiry to pro- determine whether "free trade" with other States of the ceed, that we may know "why it has done this thing." Union be an object of importance to them, or not. What excuse or explanation the bank has to render! And other operation of the bank, which the honorable member he says, "if it was impelled to it by any urgent necessity, regards as highly detrimental to the country, and which he would look with an indulgent eye, and would not he has preferred as a complaint worthy to be investigated, hold it to the full measure of the legal penalty." The is, that the bank has transmitted considerable sums in "full measure,” I suppose, would be the revocation of specie to Europe. The fact is undoubtedly so. The genthe present charter. This, nobody contemplates. The tleman seems to think that, but for the existence of the gentleman gives no assurance tlrat, in the event of a clear bank, this specie would never have been sent abroad. and satisfactory explanation, he would consent to the Let us examine this matter. Does the bank transmit renewal. No, sir, in any result, probably, he will op- these sums to England without receiving a full and fair pose that. Have we not already the "explanation" equivalent? Is it a donation-a gratuity, for which no which the member seems to want? Has not the presi- return is made? Certainly not. The bank then loses dent of the bank fully informed us of the occasion, ob- nothing by the operation. Does the country lose? Why ject, authority, and consequences of these issues? Cer-is specie sent abroad at all? Undoubtedly to pay debts, tainly, sir, he has. Why pursue the investigation or to make purchases, or for other commercial operathen, to ascertain what excuse or palliation the bank can tions. Merchants are constantly making remittances, as render?

well in specie, as in bills of exchange and in merchandise. Now, instead of merchants and individuals sending specie and funds themselves, the bank, for their accommodation, has remitted large amounts, and given drafts to merchants, which are sent in the regular course of their business, and paid out of the fund thus accumulated there by the bank. The bank is indemnified by the merchant who purchases the bill from them. The operation is mutually beneficial, or it could not be carried on. The bank would not pursue it, unless it was advantageous to itself; nor would merchants purchase its drafts, instead of transmitting the specie, unless it was for their interest to do so. The bank is only the medium of transmission. Why not arrest the ships, which are the means by which merchants transport so much specie abroad, lay an embargo on vessels containing gold and silver, for they are quite as obnoxious to the heinous offence of sending specie abroad, as the bank itself?

As to the effects which the honorable mover of this resolution seems to think have resulted from the issuing of this currency, some of his doctrines are to me very new and extraordinary. He says that, in consequence thereof, the Southern and Western country has been drained of specie, which is gathered up by the different branches, and forwarded to Philadelphia and the Northern cities, to meet the payment of the drafts drawn by the branches, and payable at the mother bank; and he insists that, but for these drafts, the specie of those sections would remain at home. How is this, sir? If this description of currency is put in circulation at the South and West, and is thence forwarded to Philadelphia for payment in specie, surely the holders of it, receiving the specie, return it to the South and West again, unless they have occasion for its use elsewhere. The South and West, it will not be contended, are annually furnishing large sums to the North, for which they receive no equivalent. If they re- How, then, does the country lose? And if neither the ceive an equivalent, how is it injurious to them? What bank, nor the country, nor individuals, sustain any inis the explanation of this whole matter, which the honora- jury, I pray to know for what is the bank to be responsi ble gentleman characterizes as one of "the dirty tricks of ble. Change the business of the country, import less, and the bank?" Why, simply this: the South and West are manufacture more, and specie will have less occasion to go indebted to Philadelphia and the Northern cities, in the abroad; but annihilate the bank in the present course of regular course of business. Remittances are to be made; business, and the demand for specie abroad will still rethis must be done in specie, cr some other sound cur- main the same. rency. Individuals make their remittances in bills of But, sir, a considerable amount of stock in the bank exchange, or United States' Bank checks or bills, for is owned by foreigners, and this is a ground of comwhich they must pay the branch, or other source, whence plaint against that institution. Is the bank responsible for they procure them, in specie, or its equivalent. The bank this? Individuals sell and transfer their shares when and transports the specie at its own risk and expense, instead where, and to whom they see fit. The corporation has no of the individual's. The funds of the Government are control over it. The charter contemplated that foreigners remitted in the same way. Bank or no bank, debts must might be stockholders, and I am not at all satisfied that be paid; funds must be transported from one section to any great injury can result from this fact. How did they another, according as the course of business requires. become owners? Surely they purchased, and have paid The bank now performs this service easier, safer, and for it at a great advance-at a higher price than could be cheaper than individuals could do it; and this is one of the obtained in this country. The premium which they have benefits it has conferred upon the country. Does the paid is so much added to the capital and the wealth of gentleman suppose that if the bank were not in existence, this country. I know, sir, it may be easy to excite a pothe course of trade would be changed? That there pular prejudice on this subject; but surely there is no would be no occasion to remit money from place to place? necessity for inquiry; we know the amount held by foreignUndoubtedly, sir, intercourse would be much restrained ers already, and the names of the individuals. The gen

MARCH 7, 1832.]

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tleman read the catalogue yesterday, much to his own hibited from commencing business until a given amount, If this be a sufficient reason for refusing to about eight millions, was actually paid in, and that, by a renew the charter, refuse it; but why institute this com- fair construction, the bank is at all times to have that mittee? The opinion of Mr. Jefferson has been cited in amount on hand, and a neglect in this particular is a viothis debate, especially by the honorable gentleman from lation or abuse of the charter. If so, sir, the bank might South Carolina, [Mr. MITCHELL.] He forgot, however, have violated its charter the very first day of its operato inform us that Mr. Jefferson, when President, sold to tions. If its first emissions had been immediately returnforeigners all the stock which the United States held in ed upon it for specie, the sum on hand must inevitably the then existing bank, giving a practical illustration of have been reduced below the amount required to have his opinion of the dangers to be apprehended from fo- been paid in. Sir, it is wholly impossible for this or any reigners holding stock in that institution. other bank, at all times, to have any given amount of speNon-user of the charter" is another ground of com- cie on hand-all that can be required is, that it shall have plaint by the honorable member against the bank, and in abundant means to meet its bills whenever they are prewhat does it consist? Why, sir, it seems that some of the sented. The gentleman says this is not the case now, and branches omitted to issue any bills or currency of any the apparent prosperity of the bank is illusory-that it is kind for several years; and this, the gentleman asserts, in a desperate condition, and could be broken in twentywas impoverishing and injurious to the country and the four hours. How is this to be done? He says it has but local banks, in the highest degree. It is an offence, he seven millions in specie, and two millions of local bank contends, for which it should be held answerable. notes on hand, making nine millions. Now let the banks

I confess, sir, I was not quite prepared for the conse-in Philadelphia and New York come in suddenly with ten quences which the honorable gentleman attributes to this millions of their bills, and how, he asks, can they meet circumstance, after having listened to his moving account the run? Perhaps, sir, in such a case, it could not well of the ruin and distress brought upon that section of the be done. But where are these local banks to get ten country by the issuing of currency from the several millions? It is a thing not very speedily to be accomplishbranches. If the former was so serious an evil, the latter ed. While these banks are accumulating this large would generally be considered a benefit. The process amount, is the United States' Bank idle or stationary? Are by which this evil was inflicted upon the country, the gen- not its funds increasing more rapidly still? Why is it that tleman has described. And it seems that several of the they have no more than nine millions in specie and other branches were for a long period places of "deposite" bills? From this very operation of exchanges and runs merely, not of "discount." They issued no currency of by the local banks. Having come in with their ten miltheir own, but collected the bills of other banks, for which lions, if the gentleman will have it so, the United States' they drew specie, and this was transmitted to the parent Bank had still nine millions left. Ay, but "get ten milbank. They transacted their business upon the bills of lions more"--yes, sir, get it first, and it will be quite time the local banks. Such is the account given by the gen- enough then to see what means the bank has to meet it. tleman. Sir, in what way did they get the bills of other The nonorable member says that the United States' Bank banks? By deposite. Well, sir, if they collected these has forty millions of dollars in circulation, and there are in specie, and sent this specie to Philadelphia, and issued but fourteen millions of specie in the United States; and no bills of their own, how did they pay their depositors' he thinks this a very alarming circumstance. If the bank Were these gratuities to the mother bank? Were the has half of the whole specie in the country, I think it depositors so accommodating as to permit their fund to be must be admitted to be much safer than the local banks, given to that institution? Probably not. They were doubt- which, with the other half, have a circulation, as he inless paid in specie, other equivalent currency, or drafts on forms us, of one hundred and thirty millions. The honorathe bank, which the depositors or others wanted. Then ble gentleman seems to suppose that the bank should have no injury is done to any one. Did the local banks suffer as much specie on hand as it has bills in circulation. Did If their bills had been sent to Philadelphia, would they not any bank under heaven ever exhibit such a condition? have been returned home for specie? If they would not Has it no other means of redeeming its bills but in specie have been received at Philadelphia, would not the specie or bills of other banks? How are the fifty or sixty milhave been drawn and sent instead of them? I am at a lions due to it to be paid? Much of it, doubtless, in its loss to understand how a very large business could have own bills. Instead of redeeming by specie or other curbeen done on deposites, which, in their nature, are tem- rency, much is redeemed by the notes and obligations of porary and fluctuating. If they were deposites of public its debtors, who are constantly paying their debts in the moneys, then the only operation is, that the bank has been bills of the bank. A very small proportion of specie enathe means of collecting the funds of the Government, bles a well conducted bank to transact its business, and converting them into specie, transmitting it at its own risk what it may want in the final settlement of its concerns and expense, and all this it was bound to do by the terms will be furnished in good currency by its debtors. The of its charter. This was originally considered a benefit honorable member need have no apprehension that the to the Government, not an injury. As to their not emit- country is ruined, because there is not a dollar in specie ting bills or currency of their own, I know not how the to redeem every dollar of paper in circulation. But it fact is, but doubtless they refrained from doing so, be- seems to me, sir, that this objection is not very consistent cause the condition of the bank would not warrant it. It with another, made by the honorable member, and which was their interest to do it, if it could have been done safe-here and elsewhere has been urged against the bank with ly; and I trust we are not about to decide as to the pru- great vehemence, and that is, that this is a "mammoth dence or imprudence of particular issues at particular institution"--wielding all the money power of the nation, periods and places. The directors were the best judges capable of breaking down the local banks, and permitting of that, and we all know in what a condition of peril the them only to have a limited and precarious existence. In bank was once placed by excessive issues in the South and West. Restraint was absolutely necessary to the solvency of the bank, and its character was restored by what the gentleman now denominates a "non-user of the charter."

his zeal against the bank, the honorable gentleman has not been careful to make his objections harmonize with each other. If the Bank of the United States can be run upon and broken in twenty-four hours, by the local banks of two cities, it surely cannot be a very dangerous institu"Not cash enough in the vaults." This is another tion to these local banks. If they can break it, surely it charge against the bank, and the honorable gentleman cannot break them. Both charges cannot be true. For contends, by the terms of the charter, the bank was pro-myself, I believe neither of them. Mutual hostilities might

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Bank of the United States.

[MARCH 7, 1832.

injure both in some degree, and so far would injure the incompetent or faithless, and so use the power which they community; but that any danger is to be apprehended possess as to injure the country or the Government, I either on the one ground or the other, I am far from be- would, or would not, hold the bank responsible, accordlieving; certain I am it cannot be on both grounds. The ing as it did or did not sustain, sanction, or authorize such honorable gentleman [Mr. CLAYTON] contends that the proceedings. Now, sir, I had supposed that all the errors bank is not entitled to so much praise as has generally been and mismanagement occurring prior to 1819 had been accorded to it, for restoring a sound currency throughout entirely liquidated and settled between the Government the Union, and he says that any other bank, having the and the bank. The bank has redeemed itself from the peculiar advantages given to it which this enjoys, could previous errors of its officers and agents. If gentlemen have done the same. If the member means to say that are not yet satisfied, let them condemn it now; but they any other institution, with the same capital, the same pri- cannot want further information on this point. vileges of every description, managed with the same pru- The honorable gentleman from Virginia [Mr. PATTON] dence, fidelity, and ability, would have accomplished the contends, and rightfully, that the bank should not be vestsame results, nobody will be disposed to controvert his ed with powers to engage in commerce, manufactures, position. The same might be said of a single individual or become owners of plantations and negroes, or woolperhaps. But, sir, the question is, has it not accomplish-growers. Certainly it should not; and if there is any ed these objects? And, if so, is it not entitled to the cre- danger to be apprehended of such events, we can very dit of the achievement? If other means or institutions easily impose restraints in the renewal of the charter. If had been adopted for this purpose, with success, and the any further limitation of the right to hold land is necessary, question now was upon the continuance of such other we can now make it. All this can be accomplished, withmeans, then it would have been a fair and sound argument out instituting the inquiry proposed. in favor of their continuance. So it is now, in favor of the bank. I take it, however, that it is quite unnecessary to send a select committee to Philadelphia, to settle this point: for that is the matter to which the argument of the honorable member is directed.

I will not exhaust the patience of the House by examining all the specifications against the bank made by the honorable gentleman from Georgia, [Mr. CLAYTON,] nor attempt to follow him in all the remarks and arguments by which he has endeavored to support them. They have The gentleman complains that the bank has made "ex-been fully met and refuted, in my judgment, by the cessive issues" within a short period, increasing the cir- honorable member from South Carolina, [Mr. McDUFFIE.] culation nine millions in about as many months; and he There are some, however, so extraordinary, that I cannot sees in this a deep design to purchase public opinion in its forbear very briefly to advert to them. "Loans to editors favor. So far as the fact, what amount of circulation has and printers," for improper purposes. If the honorable been issued is wanting, we know it already. No inquiry gentleman is disposed to enter into an inquiry as to the is necessary on that score. As to the design, does not policy and propriety of favors and rewards to this class of every body know that the last year was one of uncommon citizens, I am quite ready to go with him. If he is anxious activity and prosperity, in business of every kind and de- to preserve the purity and freedom of the press, and to scription? Does not such a state of affairs require a large visit with his indignation all attempts to corrupt or control circulation? Is it believed that the bank has forced loans it, I am happy to know it; because I had supposed the upon the community? Or has it only yielded to the wants honorable member to belong to a school which did not reof its customers? Is it the purpose of the gentleman to gard it a very criminal offence to bestow "favors" upon investigate the circumstances under which each and all printers and editors. In the process of purification, howof its discounts have been made for the last year? If it ever, the gentleman need not go to Philadelphia. Matis, he will not have concluded his examinations before ters of this sort may be found much nearer to this place, our seats must be made vacant for those who may come if the gentleman chooses to investigate them. But does after us. the honorable member seriously propose to appoint a seThe honorable gentleman from South Carolina [Mr. lect committee to determine to what extent editors and MITCHELL] argues from the general liability of banks to printers" may safely be allowed to have bank accommoabuse; and he puts, by way of illustration, a case which dations?-where honorable dealing ends, and corruption occurred many years ago in the city of New York. It seems that a cashier of one of the banks there, who had sustained a good character, resigned his situation, went to Europe, where he is still living in wealth and splendor, and it has only very recently been discovered that he had robbed the bank of a large amount of money. Doubtless, "False clamor" in favor of the bank is one of the sir, instances of fraud have occurred; doubtless they will charges which the gentleman wishes to have investigated. occur again. All human institutions, "the works of men's He cannot conceive why so numerous and urgent memohands," are imperfect. Government itself is liable to rials are pouring in from all quarters, praying the renewal, abuse. But are we therefore to have no Government, no unless the bank has improperly exerted its power and ininstitutions of civilized society? Does the gentleman in- fluence, and operated upon its debtors and other local stance this as one of the possible abuses which we are to banks by threats of oppression. Has the gentleman any investigate? Is it our duty, or have we the right reserved grounds for his suspicions? How will he investigate? in the charter, to examine into the fidelity of the various Why, sir, he must summon before him all the petitioners subordinate officers of the bank? The worthy member from every quarter of the Union, and interrogate them as [Mr. MITCHELL] complains also of "fraud in the original to the motives by which they were influenced. Will he distribution of the stock." Sir, that was fully investigated do this? As to "false clamor," is there none against the by a select committee of the House in 1819, and we have bank? Will the honorable gentleman inquire into this' their report. Nothing more, certainly, can be wanted, or Will he ascertain whether instructions have not gone from can be procured. If that furnishes a sufficient reason this place to the chiefs of "the party," "to get up reso against the recharter, so be it; but no further inquiry is lutions against the bank" for political effect, and to susnecessary. I do not say, Mr. Speaker, if the bank, as a tain the President in his determination? Whether a high corporation, should wilfully violate its charter, that I officer of this Government did or did not send such direc would, under any circumstances, consent to renew it; but tions to one of the Western States, which, I believe, were I would distinguish between the acts of the corporation implicitly followed? Will he look into the force of party and the proceedings of some of its officers. If they prove discipline which has been brought to bear upon the bank

begins? Does he propose to arraign before him every individual of this class who has dealings with the bank, and to investigate their private concerns, their motives and objects, and how far their judgment has been swayed and controlled by bank influence?

= MARCH 7, 1832.]

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in various. States? Sir, as to "false clamor," if investi- tion of the House. Nevertheless, sir, as an act of justice Agated on both sides, there is no doubt where the prepon- to that institution, and to enable it to refute the charges ederance will be found. I hope, however, the great which gentlemen seem to think are serious and weighty, question is to be settled, not by "clamor" on either side, and to disabuse the public mind of the calumnies which but that we shall act upon higher considerations. have been propagated elsewhere, and to prevent an im"Interference in elections." Does the gentleman wish pression being made abroad that the bank or its friends an inquiry, a broad inquiry, into the improper official in- evaded or suppressed inquiry, if the course indicated by fluences which have been exerted upon the freedom of the gentleman from Pennsylvania [Mr. CRAWFORD] should telections? Does he wish it? I abstain from pursuing the be adopted, if the committee be chosen by ballot, and ininquiry, and from saying what the occasion might well structed to report facts, and not theories and speculajustify. But what is the foundation of the charge thus tions, and to report by a given day, early enough to admit brought forward? Why, sir, simply this. One of the offi- the action of the House this session upon the bill to recers of the branch at Norfolk had the audacity, on some charter the bank, I shall give to the resolution my assent. occasion, to attend at the polls-to vote himself-to scru- Whatever form it may take, however, the honorable gentinize the votes of others--and to declare that he was op- tleman is destined, I apprehend, to gather no enviable posed to Andrew Jackson. The honorable gentleman, laurels in this crusade. with his usual minuteness as to facts, has informed us that "a fight ensued." This was very proper, undoubtedly, for the investigation of some justice of the peace, or police officer, in that vicinity. But are we to become the guardians of the public peace? Is the Bank of the United States to be held responsible for the passions, the political contentions, the votes of all its officers, clerks, and agents, scattered widely over this Union? Is it not to be rechartered, because some persons in its employment have the presumption not to approve the course of the President, and are opposed to his re-election? Above all, sir, what does the honorable gentleman expect to find at the bank in Philadelphia, touching this or any similar instance?

Mr. BEARDSLEY, of New York, said this debate had taken a very wide range, and had embraced almost every subject and consideration at all connected with the general topic of the renewal of the bank charter. The constitutional question, said Mr. B., has been discussed with zeal and ability; and every view which may be supposed to bear upon the policy of sustaining this institution, or of suffering it to expire, has been presented to the House. It is not my purpose, sir, to discuss either the constitutional question, or the policy of that measure. These, indeed, in my estimation, have no relation to, or bearing upon, the present question. If we concede both the constitutionality and the expediency of a national bank, still the inquiry now asked for may be equally proper and necessary.

Mr. Speaker, the first time the honorable member from Georgia [Mr. CLAYTON] addressed the House, having but recently taken his seat here, he deemed it suitable and It may be well, sir, to recur for a moment to the origidecorous to admonish those of us who were then endea-nal posture of the resolution now under consideration, and voring to prosecute an inquiry, and to search out what we to trace its progress to this time. To understand that, a believed to be a gross fraud, to abstain from the object brief notice of the bank will be proper. we had in view; for though he would not impugn our mo- The Bank of the United States was incorporated in tives, yet it would be done elsewhere. The people, he 1816, with a capital of thirty-five millions of dollars, and said, entertained the opinion that much of our proceed- has been in operation from that period to the present time. ings here was dictated for party and political objects; Its charter will expire in 1836. Of its stock, seven milthat abuses were pretended to exist which had no founda-lions of dollars are owned by the United States, a greater tion. And he read us a grave lecture to attend to our amount by foreigners, and the residue by individual citiappropriate business, for fear the people would attribute zens. It has planted branches in many of the States, and our conduct to unworthy motives. Sir, let me commend in some States several branches. Its dividends have been the gentleman's advice to himself. Will not the people liberal, and it is now prosecuting a very advantageous be apt to suspect that the object of this resolution is not business in the art, trade, and mystery of banking. The what it purports to be?-that the real purpose is to delay bank has presented a petition for a renewal of its charter the rechartering of the bank until after the Presidential for another period of twenty years; and the Committee of election--to screen the President from the necessity of Ways and Means of this House has reported a bill in acdeciding upon it until he is beyond the reach of the popu- cordance with that prayer. At this stage of that applicalar will Will they not say that it is to prepare the public tion, an honorable member from Georgia [Mr. CLAYTON] mind, by impressing it with a belief of the misdemeanors presents charges of a very grave character, involving not of the bank, for the Presidential negative? The honora-only the pecuniary responsibility, but the integrity of the ble member from Virginia [Mr. PATTON] told us these institution. He moves the appointment of a select comthings had been said already; and he thought it necessary to devote some fifteen minutes of his speech to a disclaimer of any such motives on his part. The honorable mover himself commenced by a very solemn denial of any such intentions on his part. If the matter be so suspicious on the face of it, I beg the honorable member to consider whether the advice he was so kind as to proffer to us should not have the sanction of his own example.

mittee to investigate these charges, and asks that the committee shall be armed with the necessary power to effect the desired object. And how, sir, was this proposition met in the House? It was opposed. The charges were declared to be groundless, and altogether unworthy of the serious notice of the House. Such, sir, was the course originally taken by gentlemen who avowed themselves favorable to this institution, and to an immediate renewal I have refrained, sir, from discussing the merits of the of its charter. Nor was this ground changed or abandonquestion which will soon come before the House. When- ed, until an honorable gentleman from Pennsylvania, [Mr. ever it shall be presented, I shall be prepared to act upon WATMOUGH,] and a frank and zealous friend to the instiit, and I trust to give the reasons, if necessary, which will tution, announced his willingness that an inquiry should influence my vote. At present the question is, the expe- be gone into, but moved to amend the resolution by subdiency of instituting the proposed investigation. I do not stituting the Committee of Ways and Means for a select deem it necessary, because the matters brought in charge committee. I need hardly remark, sir, that this step of against the bank are already fully known and understood the honorable gentleman produced a very sudden and --or such as, if true, the bank are in no way responsible striking effect upon the House. It conceded the profor; or such as no scrutiny at the bank can elicit any infor- priety of an inquiry. It broke the apparently compact mation upon-or, I say it without intending offence or dis- front of the opposition to that measure; and it merely prorespect, are frivolous, and unworthy the grave considera-posed that a standing committee of the House, instead of

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