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June 17, 1836.)

Public Deposites.

(SENATE.

can be collected, and conveniently and safely applied to of Representatives of the Congress of the United States; all the purposes of the public expenditure. It is also and the Secretary of the Treasury shall deliver the game ascertained that, instead of being necessarily made to to such persons as the several States may authorize to repromote the evils of an unchecked paper system, the ceive it, on receiving certificates of deposite, signed by inanagement of the revenue can be made auxiliary to the the competent authorities of such State, each for such reform which the Legislatures of several of the States amount and in such form as the Secretary of the Treasuhave already commenced in regard to the suppression of ry may prescribe, wbich shall set forth and express the small bills, and which has only to be fustered by proper obligation of the State to pay the amount thereof to the regulations on the part of Congress to secure a practical United States, or their assigns; and which said certifireturn, to the extent required for the security of the cates it shall be competent for the Secretary of the currency, to the constitutional medium.” * * * * Treasury, in the name and behalf of the United * The collection and custody being a source of credit to States, to sell and assign whenever it shall be nethem, will increase the security which the States pro cessary for want of other money in the Treasury vide for a faithful execution of their trusts, by multiply. to meet appropriations made by Congress; all sales ing the scrutinies to which their operations and accounts and assignments, however, to be ratable, and in just will be subjected. Thus disposed, as well from interest and equal proportions, among all the States, accordas the obligation of their charters, it cannot be doubteding to the amounts received by them, respectively; and that such conditions as Congress may see fit to adopt all such certificates of deposite shall be subject to and respecting the deposites in these institutions, with a

shall bear an interest of five per cent. per annum, payaview to the gradual disuse of the small bills, will be ble half yearly, from the time of such sale and assignment, cheerfully complied with; and that we shall soon gain, and shall be redeemable at the pleasure of the States isin place of the Bank of the United States, a practical suing the same.” reform of the whole paper system of the country. If, Stripping this enactment of statutory verbiage, and by this policy, we can ultimately witness the suppres

collecting the provisions of the section into a single view, sion of all bank bills below twenty dollars, it is apparent

and they seem to be these: 1. The public moneys, above that gold and silver will take their place, and become

a specified sum, are to be deposited with the States in a the principal circulating medium in the common busi

specified ratio; 2. The States are to give certificates of ness of the country. The attainment of such a result

deposite, payable to the United States; but no time, or will form an era in the history of our country, which contingency, is fixed for the payment; 3. The Secretary will be dwelt upon with delight by every true friend

of the Treasury is to sell and assign the certificates, of its liberty and independence. It will lighten the

limited to a ratable proportion of each, when necesgreat tax which our paper system has so long collected

sary to meet appropriations made by Congress; 4. The from the earnings of labor, and do more to revive

certificates so assigned are to bear an interest of 5 per and perpetuate those habits of economy and simplicity

cent., payable half yearly; 5. To bear no interest before which are so congenial to the character of republicans,

assignment; 6. The principal to be payable at the pleasthan all the legislation which has yet been attempted."

ure of the State. The rejection of the clause referred to, continued Mr.

Tbis, Mr. President, is the enactment; and what is B., has lost the advantages so confidently looked to by

such an enactment? Sir, I will tell you what it is. It the President in this wise and patriotic message. Noth

is, in dame, a deposite; in form, a loan; in essence and ing is done in this deposite bill to fulfil his enlightened design, a distribution. Names cannot alter things; and and noble views; nothing to enlarge and extend the spe

it is as idle to call a gift a deposite, as it would be to call cie basis; nothing to promote the diffusion of gold; noth

a stab of the dagger a kiss of the lips. It is a distribuing to effect the suppression of notes under twenty dol.

tion of the revenues, under the name of a deposite, and lars; nothing to check the paper system; nothing to reg.

under the form of a loan. It is known to be so, and is ulate the currency; on the contrary, we have a virtual

intended to be so; and all this verbiage about a deposite abandonment of all control over the moneyed system,

is nothing but the device and contrivance of those who and a virtual surrender of the constitution, and the

have been for years endeavoring to distribute the reve. constitutional duty of Congress over the currency, to

nues, sometimes by the land bill, sometimes by direct the discretion of the Secretary of the Treasury and the

propositions, and sometimes by proposed amendments private and interested arrangements of the deposite

to the constitution. Finding all these modes of accombanks.

plishing the object met and frustrated by the constituI now come, Mr. President, (continued Mr. B.,) to

tion, they fall upon this invention of a deposite, and exthe second subject in the bill--the distribution fea

ult in the success of an old scheme under a new name. ture--and to which the objections are, not of detail, but

That it is no deposite, but a free gift, and a regular distri. of principle; but which objections are so strong in the

bution, is clear and demonstrable, not only from the mind of myself and some friends, that, far from shrinking

ayowed principles, declared intentions, and systematic from the contest, and sneaking away in our little minor.

purposes, of those who conduct the bill, but also from ity of six, where we were left last evening, we come for

the means devised to effect their object. Names are ward with unabated resolution to renew our opposition,

nothing. The thing done gives character to the transand to signalize our dissent, and anxious to have it known

action; and the imposition of an erroneous name cannot that we contended to the last against the seductions of a

change that character. This is no deposite. It has no measure, specious to the view, and tempting to the taste,

feature, no attribute, no characteristic, no quality, of a but fraught with mischief and fearful consequences to

deposite. A deposite is a trust, requiring the consent the character of this Government, and to the stability

of two parties, leaving to one the rights of ownership, and harmony of this confederacy. These objections

and imposing on the other the duties of trustee. The lie to the 13th section of the bill, which are in these

depositor retains the right of property, and reserves the words:

privilege of resumption; the depositary is bound to re"SEC. 13. And be it further enacted, That the mo

store. But here right of property is parted with; the ney which shall be in the Treasury of the United States,

privilege of resumption is surrendered; the obligation on the 1st day of January, eighteen hundred and thirty

to render back is not imposed. On the contrary, our seven, reserving the sum of five millions of dollars, shall money is put where we cannot reach it. Our Treasury be deposited with the several States, in proportion to

warrant cannot pursue it. The States are to keep the their respective representation in the Senate and House | money, free of interest, until it is needed to meet appro

Vol. XII.--114

SENATE.)

Public Deposites.

(JUNE 17, 1836.

priations; and then the Secretary of the Treasury isto Senators and Representatives to which it is at the time do what? call upon the State! No! but to sell and as- entitled in Congress, and to the Territories, including sign the certificate; and the State is to pay the assignee the District of Columbia, two shares each.* an interest half yearly, and the principal when it pleases. Having shown this pretended deposite to be a distriNow, these appropriations will never be made. The bution in disguise, and to be a mere evasion of the conmembers of Congress are not yet born-the race of rep-stitution, Mr. B. proceeded to examine its effects, and resentatives is not yet known-who will vote appropri. to trace its ruinous consequences upon the Federal Gov. ations for national objects, to be paid out of their own ernment and the States. It is brought forward as a tem. State treasuries. Sooner will the tariff be revived, or porary measure, as a single operation, as a thing to be the price of public land be raised. Sooner will the as. I done but once; but what career, either for good or for signability of the certificate be repealed by law. The evil, ever stopped with the first step! It is the first step contingency will never arrive on which the Secretary is which costs the difficulty; that taken, the second becomes to assign; so the deposite will stand as a loan forever, easy, and repetition babitual. Let this distribution, in without interest. At the end of some years the nominal this disguise, take effect, and future distributions will be transaction will be rescinded; the certificates will all be common and regular. Every presidential election will cancelled by one general, unanimous, harmonious, vole bring them, and larger, each time, as the consular elecin Congress. The disguise of a deposite, like the mask tions in Rome, commencing with distributions of grain after a play, will be thrown aside; and the delivery of from the public granaries, went on to the exhibitions of the money will turn out to be, what it is now intended to

will turn out to be, what it is now intended to ) games and shows, the remission of debts, largesses in be, a gift from the beginning, This will be the end of money, lands, and provisions, until the rival candidates the first chapter. And now, how unbecoming in the openly bid against each other, and the diadem of empire Senate to practise this indirection, and to do by a false was put up at auction, and knocked down to the last name what cannot be done by its true one. The consti- and highest bidder. The purity of elections may not tution, by the acknowledgment of many who conduct yet be affected in our young and vigorous country; but this bill, will not admit of a distribution of the revenues. how long will it be before voters will look to the candi. Not further back than the last session, and again at the dates for the magnitude of their distributions, instead of commencement of the present session, a proposition was looking to them for the qualifications which the presi. made to amend the constitution to permit this identical dential office requires? distribution to be made. That proposition is now upon The bad consequences of this distribution of money our calendar, for the action of Congress. All at once it to the States are palpable and frightful. It is complicais discovered that a change of names will do as well as a ting the federal and State systems, and multiplying their change of the constitution. Strike out the word “dis- points of contact and bazards of collision. Take it as tribute," and insert the word “deposite;" and, inconti ostensibly presented, that of a deposite, or loan, to be nently, the impediment is removed; the constitutional repaid at some future time; then it is establishing the redifficulty is surmounted, the division of the money can lation of debtor and creditor between them; a relation be made. This, at least, is quick work. It looks magic critical between friends, embarrassing between a State al, though not the exploit of the magician. It commits and its citizens, and eminently dangerous between connobody, though not the invention of the non-committal federate States and their common bead. It is a relation school. After all, it must be admitted to be a very com always deprecated in our federal system. The land pendious mode of amending the constitution, and such credit system was abolished by Congress fifteen years a one as the framers of that instrument never happened ago, to get rid of the relation of debtor and creditor beto think of. Is this fancy, or is it fact? Are we legis. tween the Federal Government and the citizens of the lating, or amusing ourselves with phantasmagoria? Can

States, and seven or eight millions of debt, principal and we forget that we now have upon the calendar a propo interest, was then surrendered. The collection of a sition to amend the constitution, to effect this very dis large debt from numerous individual debtors, was found tribution, and that the only difference between that res to be almost impossible. How much worse if the State olution and this 13tb section, is in substituting the word itself becomes the debtor! and more, if all the States be. " deposite" for the word “distribute?" Here it is: come indebted together! Any attempt to collect the

debt would be attended, first, with ill blood, then with RESOLUTION proposing an amendment to the consti

cancellation. It must be the representatives of the States tution of the United States, providing for a distribu

who are to enforce the collection of the debt. This they tion of the surplus revenues among the several States would not do. They would stand together against the and Territories, until the year eighteen hundred and creditor. No member of Congress could vote to tax his forty-three.

State to raise money for the general purposes of the Resolved by the Senate and House of Representatives of confederacy. No one couid vote an appropriation which the United States of America in Congress assembled, two was to become a charge on his own Stale treasury. Taxthirds of both Houses concurring, l'hat the following ation would first be resorted to, and the tariff and the amendment to the constitution of the United States be public lands would become the fountain of supply to the proposed to the Legislatures of the several States, Federal Government. Taken as a real transaction--as which, when ratified by three fourths of said Legisla a deposite with the States, or a loan to the States--as tures, shall be valid, to all intents and purposes, as part this measure professes to be, and it is fraught with conof the constitution, that the money remaining in the sequences adverse to the harmony of the federal system, Treasury at the end of each year till the first of Janu- and fraught with new burdens upon the customs and ary, eighteen hundred and forty-three, after deducting upon the lands; taken as a fiction to avoid the constitutherefrom the sum of

dollars, shall be annually tion, as a John Doe and Richard Roe invention to convey distributed among the several States and Territories, in a gift under the name of a deposite, and to effect a discluding the District of Columbia; and that, for this pur. tribution under the disguise of a loan, and it is an artifice pose, the sum to be annually distributed shall be divided which makes derision of the constitution, lets down the into a number of shares, equal to the number of Sena Senate from its lofty station, and provides a facile way tors and Representatives in Congress for the time being, for doing any thing that any Congress may choose to do with the addition of two for each Territory, and two for in all time to come. It is only to depose one word and the District of Columbia; and there shall be allotted to each State a number of shares equal to the number of Submitted by Mr. Calhoux.-Note by Mr. B.

June 17, 1836.)

Public Deposites.

(SENATE.

instal another --it is merely to change a name--and the ing money at usury to support their families, while we, frowning constitution immediately smiles on the late for-wholly absorbed with dividing surpluses, were with bidden attempt.

holding from them their stipulated wages. Laborers at To the Federal Government the consequences of Harper's Ferry armory have been without money to go these distributions must be deplorable and destructive. to market for their families, and some have lived three It must be remitted to the helpless condition of the old weeks without meat, because we must attend to the confederacy, depending for its supplies upon the volun distribution bills before we can attend to the pay tary contributions of the States. Worse than depend- bills. Disbursing officers have raised money on their ing upon the voluntary contributions, it will be left to own account, to supply the want of appropriations. the gratuitous leavings, to the elemosynary crumbs, Even the annual Indian annuity bill has but just got which remain upon the table after the feast of the States through;' the Indians even-the poor Indians, as they is over. God grant they may not prove to be the feasts were wont to be called-even they have had to wait, in of the Lapitbæ and Centaurs! But the States will be want and misery, for the annual stipends solemnly served first; and what remains may go to the objects of guarantied by treaties. All this has already taken place common defence and national concern for which the under the deplorable influence of the distribution spirit; confederacy was framed, and for which the power of but this is not all that has taken place. Something raising money was confided to Congress. The distribu- more ominous yet has occurred; something which antion bills will be passed first, and the appropriation bills nounces a fundamental change in the policy of the afterwards; and every appropriation will be cut down Senate, and the approaching abandonment of the great to the lowest point, and kept off to the last moment. objects for which the confederacy was framed. We all To stave off as long as possible, to reduce as low as pos- recollect, and the country also will recollect, the two sible, to defeat whenever possible, will be the tactics of months in the fore part of this session spent in criminafederal legislation; and when at last some object of tion and recrimination for the loss of the fortification bill national expenditure has miraculously run the gauntlet of the last year. We all recollect, and if we did not, of all these assaults, and escaped the perils of these the published speeches would remind us, bow emulousmultiplied dangers, behold the enemy still ahead, and ly we vied with each other in patriotic protestations, in the recaptare which awaits the devoted appropriation, repudiating blame for the loss of that bill, and in favor in the shape of an unexpended balance, on the first day of national defence. We all remember, and if we did of January then next ensuing. Thus it is already: dis- not, the journal will testify for us, how unanimously we tribution has occupied us all the session. A proposition adopted a resolution to devote the revenue and the to amend the constitution, to enable us to make the stock from the Bank of the United States, and all that division, was brought in in the first month of the session. the object required, to the sacred task of preparing, in The land bill foilowed, and engrossed months, to the time of peace, for a state of war; and how we called exclusion of national defence. Then came the deposite upon the President to order reports to be made to us scheme, which absorbs the remainder of the session. from the War and Navy Departments, to apprize us of For nearly seven months we have been occupied with all that was wanting. This was in February; the answers distribution, and the Senate has actually passed two bills came in March, and showed us that more would be to effect the same object, and to divide the same identical wanting than all the surpluses would ever supply. Inmoney. Two bills to divide money, wbile one bill can continently, upon the view of these reports, the tone of not be got through for the great objects of national de the Senate changed: and these objects of national defence named in the constitution. We are now near the fence, which had so late received the homage of their end of the seventh month of the session. The day named applause, and the pledge of their support, became useby the Senate for the termination of the session is long less, ridiculous, extravagant, visionary projects! They passed by; the day fixed by the two Houses is close at | were no longer worth attention, and to attack and decry hand. The year is half gone, and the season for labor them has now become the fashion. Not a cent is yet largely lost; yet what is the state of the general, national, appropriated; and by this new-fangled conception of a and most essential appropriations? Not a shilling is yet distribution bill--this lease, entry, and ouster concernvoted for fortifications; not a shilling for the ordnance; whatever is appropriated is to be recaptured on the first nothing for filling the empty ranks of the skeleton army; day of January next. Here is the resolution which we nothing for the new Indian treaties; nothing for the con- adopted in February, which will show how the question tinuation of the Cumberland road; nothing for rebuilding of national defence stood then; the yotes and speeches the burnt down Treasury; nothing for the custom-house for a month past will show how it stands now: in New Orleans; nothing for extinguishing the rights of Resolved, That so much of the revenue of the Uniprivate corporators in the Louisville canal, and making ted States and the dividends of stock receivable from that great thoroughfare free to the commerce of the the Bank of the United States, as may be necessary for West; nothing for the western armory, and arsenals in the the purpose, ought to be set apart and applied to the States which have none; nothing for the extension of general defence and permanent security of the country. the circuit court system to the new States of the West I “ Resolved, That the President be requested to cause and Southwest; nothing for improving the mint machin- | the Senate to be informedery; nothing for keeping the mints regularly supplied "1. The probable amount that would be necessary with metals for coining; nothing for the new marine for fortifyingihe lake, maritime, and gulf frontiers of the hospitals; nothing for the expenses of the visiters now United States, and such points of the land frontier as gone to the Military Academy; nothing for the chain of may require permanent fortifications. posts and the military road along the western and north- 2. The probable amount that would be necessary Western frontier. All these, and a long list of other to construct an adequate number of armories and arsenals objects, remain without a cent to this day; and those who in the United States, and to supply the States with field have kept them off now coolly turn upon us, and say artillery (especially brass field-pieces) for their militia, the money cannot be expended if appropriated, and and with side-arms and pistols for their cavalry. that, on the first of January, it must fall into the surplus “3. The probable amount that would be necessary to fund to be divided. Of the bills passed, many of the supply the United States with the ordnance, arms, and most essential character have been delayed for months, munitions of war, which a proper regard to self-defence to the gre

eat injury of individuals and of the public would require to be always on hand. service. Clerks and salaried officers have been borrow- «4. The probable amount that would be necessary

SENATE.]

Public Deposites.

(June 17, 1836.

to place the naval defences of the United States (in- unexpended, upon any appropriation other than for the cluding the increase of the navy, navy yards, dock yards, public debt, &c., or for a purpose in respect to which a and steam or floating batteries) upon the footing of longer daration is specially assigned by law, for more strength and respectability which is due to the security than two years after the expiration of the calendar year and to the welfare of the Union."

in which the act of appropriation shall have been passed, The progress which the distribution spirit has made in such appropriation shall be deemed to have ceased and advancing beyond its own pretensions, is a striking fea been determined; and the sum so unexpended shall be ture in the history of the case, and ominous of what may carried to an account on the books of the Treasury, to be expected from its future exactions. Originally the be denominated the surplus fund. But no appropriation proposition was to divide the surplus. It was the sur- shall be deemed to bave so ceased and determined until plus, and nothing but the surplus, which was to be after the year 1795, unless it shall appear to the Secretaken; that bonafide and inevitable surplus which re- tary of the Treasury that the object thereof bath mained after all the defences were provided for, and all been fully satisfied, in which case it shall be lawful for needed appropriations fully made. Now the defences him to cause to be carried the unexpended residue are postponed and decried; the needful appropriations thereof to the said account of the surplus fund." are rejected, stinted, and deferred, till they cannot be This is the law, made by wise men, founded in reason, used; and, instead of the surplus, it is the integral reve-justice, and propriety. This is the law by virtue of nue, it is the money in the Treasury, it is the money ap- which the appropriations made at this session would con. propriated by law, which is to be seized upon and divi tinue for two calendar years after the 1st day of January ded out. It is the unexpended balances which are now next; yet this wise and ancient law is to be subverted, the object of all desire and the prize of meditated distri overthrown, nullified. Instead of two years from the bution. The word surplus is not in the bill! that word, first of Jangary next, it is at midnight on the 31st of Dewhich has figured in so many speeches, which has been cember next that the unexpended balances, without the subject of so much speculation, which has been the regard to the objects to which they are applicable, are cause of so much delusion in the public mind, and to be seized, sequestered, confiscated, plundered from of so much excited hope; that word is not in the bill! It the Federal Government, and given to the States. The is carefully, studiously, systematically excluded, and a leaving of five millions is nothing; the unexpended balform of expression is adopted to cover all the money in ances will be double or treble that amount. The taking the Treasury, a small sum excepted, although appro- any part is asserting the right, and making the prece. priated by law to the most sacred and necessary objects. dent for taking the whole. Even these five millions, A recapture of the appropriated money is intended; and they are left from policy, and because it is not discreet thus the very identical money which we appropriate at to go the whole at once. Even on this remnant the this session is to be seized upon on the first day of Jan- friends of distribution divide in opinion on this floor, uary, torn away from the objects to which it was some saying two millions, (Mr. WEBSTER,) some saying dedicated, and absorbed in the fund for general distribu-five, (Mr. CALHOUN;] and this last sum is evidently left tion. And why? because the cormorant appetite of dis- from policy. tribution grows as it feeds, and becomes more ravenous Such, then, is the progress of the distribution spirit; as it gorges. It set out for the surplus; now it takes the a cormorant appetite, growing as it feeds, ravening as it unexpended balances, save five millions; next year it gorges; seizing the appropriated moneys, and leaving will take all. But it is sufficient to contemplate the the Federal Government to starve upon crumbs, and to thing as it is; it is sufficient to contemplate this bill as die of inanition. But this appetite is not the sole cause seizing upon the unexpended balances on the first day for this seizure. There is another reason for it, conof January, regardless of the objects to which they are nected with the movements in this chamber, and foundappropriated; and to witness its effect upon the laws, the ed in the deep-seated law of self-preservation. For six policy, and the existence of the Federal Government. months the public mind has been stimulated with the

In the first place, the appropriation laws are nullified, story of sixty millions of surplus money in the Treasury; to the extent of one half at least; for we all know that and two months ago, we, the grave Senate of the Unithe appropriations of a session, and especially the long ted States, carried the rash joke of that illusory assevesession, and above all the present session, when appro ration so far as to pass a bill to commence the distribu. priations are systematically staved off to prevent them tion of that vast sum. It was the land bill which was to from being used-we all know that, under these circum do it, commencing its swelling dividends on the 1st day stances, about one half the money appropriated by law of July, dealing them out every ninety days, and comremains unexpended at the end of the year, and is in- pleting the splendid distribution of prizes, in the sixtytended to be used during the ensuing year. We all four million lottery, in eighteen months from the comknow that the fiscal year of the United States does not mencement of the drawing. It was two months ago end in December, but in September; we know that the that we passed this bill; and all attempts then made to work and the service is to go on, and the money to be convince the people that they were deluded, were vain paid as it becomes due, without regard to the change of and useless. Sixty-four millions they were promised, the calendar years. Two years is the limitation for an sixty-four millions they were to have, sixty-four millions appropriation to run; and this principle, reasonable in they began to want; and slates and pencils were just as itself, is consecrated by law for forty years. Sir, we busy then in figuring out the dividends of the sixty-four have law upon this subject; law founded in reason, millions, to begin on the 1st of July, as they now are in adapted to the usages of work and service, made by our figuring out the dividends under the forty, fifty, and ancestors, and now standing in full force upon our statute sixty millions, which are to begin on the 1st of January book. I allude to the law of March 3d, 1795, approved next. And now behold the end of the first chapter. by President Washington; and by which the appropria- | The 1st of July is come, but the sixty-four millions are tions which were not exhausted upon their object within not in the Treasury! It is not there; and any attempt two calendar years, after the year in which they are to commence the distribution of that sum, according to made, should then be considered as a surplus, and be car- the terms of the land bill, would bankrupt the Treasury, ried to a fund denominated the surplus fund, and thence stop the Government, and cause Congress to be called become applicable to new and national objects. Here are together, to levy taxes or make loans. So much for the the provisions of the act:

land bill, which two months ago received all the praises “That in regard to any sum which shall have remained which are now bestowed upon the deposite bill. So June 17, 1836.]

Public Deposites.

[SENATE.

the drawing had to be postponed, the performance had the assignability of these certificates is one of these to be adjourned, and the 1st of January was substituted objections. They are to be assigned, when necessary, for the 1st of July. This gives six months to go upon, to meet appropriations made by Congress, and then to and defers the catastrophe of the mountain in labor until bear five per cent. interest, payable half yearly. As a

ntial election is over. Still the 1st of Janu- / reality, it is injurious, and may be offensive to the States. ary must come; and the ridicule would be too great, if No one likes to have his note assigned, especially when there was nothing, or next to nothing, to divide. And the assignment raises an interest where there was none nothing, or next to nothing, there would be, if the ap- before, and which interest is higher than others would propriations were fairly made, and made in time, and if require. The States of this Union can borrow money nothing but a surplus was left to divide. There would for less than five per cent. They can borrow it for four, be no more in the deposite banks, in that event, than | payable yearly, in England and Holland certainly, and has usually been in the Bank of the United States-say probably in France. They can borrow the gold, bring ten, or twelve, or fourteen, or sixteen millions; and it home, clear two per cent. upon the importation in from which, in the hands of a single bank, none of those the present state of the exchanges, and keep it as long dangers to the country were then seen which are now as they please-twenty, thirty, forty years. Surely, if discovered in like sums in three dozen unconnected and States wish to borrow money, England and Holland are independent banks. Even after all the delays and re- the places to obtain it; and a direct movement is the ductions in the appropriations, the surplus will now be! way to get it. As a reality, then, this deposite loan is a but a trifle-such a trifle as must expose to ridicule, burden and a hardship; but it is no reality; it is no real or something worse, all those who have tantalized the transaction; but a fiction, a contrivance, a subterfuge, public with the expectation of forty, fifty, or sixty mil. an evasion to elude the constitution. The certificates lions to divide. To avoid this fate, and to make up are never to be assigned. The contingency on which the something for distribution, then, the unexpended bal. assignment is to be made will never arrive. No approances have been fallen upon; the law of 1795 is nullifi. priation requiring it to be done will ever be made. ed; the fiscal year is changed; the policy of the Govern That appropriation would have to be made by Congress; ment subverted; reason, justice, propriety outraged; the members of Congress represent the States, not the all contracts, labor, service, salaries cut off, interrupted, Federal Government; and their first care will be to deor reduced; appropriations recaptured, and the Govern. fend their own constituents. They will not vote money ment paralyzed. Sir, the people are deceived. They to become a charge upon their own State treasuries, to are made to believe that a surplas only, an unavoidable be raised by a tax on the lands, houses, slaves, horses, surplus, is to be divided, when the fact is that appropri. / and cattle, of their own constituents. Either they will ated moneys are to be seized.

not make the appropriation at all, or they will first cauSir, I am opposed to the whole policy of this meas- cel the assignabiltiy of the certificate, and have recourse ure. I am opposed to it as going to sap the foundations to an increased tariff, and to higher prices on the public of the Federal Government, and to undo the constitu- lands. tion, and that by evasion, in the very point for which [object to the time at which this distribution is to be the constitution was made. What is that point? A Treas-made. It is not the time at wbich such a thing should ury! a Treasury! a Treasury of its own, unconnected be done, if done at all. There is no necessity for acting with, and independent of, the States. It was for this now, if ever, and we are on the eve of a presidential that wise and patriotic men wrote, and spoke, and pray- election. It is an evil example, which may be approved ed, for the fourteen years that intervened from the de- to dreadful effect at future elections. In times less pure, claration of independence, in 1776, to the formation of less virtuous, less patriotic than the present, the presithe constitution in 1789. It was for this that so many dential chair, like consular robes, may be sought through appeals were made, so many efforts exerted, so many the instrumentality of largesses poured from the public fruitless attempts so long repeated, to obtain from the Treasury, in emulous profusion, by the rival hands of States the power of raising revenue from imports. It desperate competitors. Let it never be forgotten that was for this that the convention of 1787 met, and but the contests for office, which ended in auctioneering the for this they never would have met. The formation of diadem of empire in Rome, commenced with the appa. a federal Treasury, unconnected with the States, and in- rently innocent custom of dividing out corn from the dependent of the States, was the cause of the meeting | public granaries. of that convention; it was the great object of its labors; I object to the time for another reason. There is no it was the point to which all its exertions tended, and it necessity to act at all upon this subject, at this session of was the point at which failure would have been ihe fail. Congress. The distribution is not to take effect until ure of the whole object of the meeting, of the whole after we are in session again, and when the true state of frame of the General Government, and of the whole de. the Treasury shall be known. Its true state cannot be sign of the constitution. With infinite labor, pains, and known now; but enough is known to make it questiondifficulty, they succeeded in erecting the edifice of the able whether there will be any surplus, requiring a spe. federal Treasury; we, not builders, but destroyers, "ar cific disposition, over and beyond the wants of the counchitects of ruin," undo in a night what they accomplish try. Many appropriations are yet behind; two Indian ed in many years. We expunge the federal Treasury; wars are yet to be finished; when the wars are over, the we throw the Federal Government back upon the States vanquished Indians are to be removed to the West; and for supplies; we unhinge and undo the constitution; and when there, either the Federal Government or the we effect our purpose by an artifice which derides, States must raise a force to protect the people from mocks, ridicules that sacred instrument, and opens the them. Twenty-five thousand Creeks, seven thousand way to its perpetual evasion by every paltry performer Seminoles, eighteen thousand Cherokees, and others, that is able to dethrone one word, and exalt another in making a totality of seventy-two thousand, are to be reits place. With such objections to the thing itself, and moved; and the expenses of removal, and the year's to the manner of doing it, it would seem to be superer. subsistence afterwards, is close upon seventy dollars per ogatory to go into other objections; but there are other head. It is a problem whether there will be any surobjections to the measure worthy of being mentioned in plus worth disposing of. The surplus party themselves themselves, and still more as showing the true character admit there will be a disappointment unless they go beof this measure, that of a distribution under the name of yond the surplus, and seize the appropriated moneys. a deposite.

| The Senator from New York (Mr. WRIGHT) has made

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