and independently of those views, that we have power to establish a national bank. Constitutional scruples, therefore, do not stand in my way. [MARCH 7, 1832. swer, or of the clearest and easiest explanation. In the conduct of the institution, and in its officers, I have entire confidence. I could, therefore, with perfect good faith On the ground of expediency, I have no doubt whatever. and good conscience vote against all inquiry; but I ask The experience of the last twenty-one years proved abun- those whose opinions in favor of the bank concur with my dantly to my mind that a banking institution,acting under own, to reflect upon the consequences of such a vote; and authorities conferred by the General Government, whose I put the request, and desire to be distinctly understood operations shall be coextensive with the country, is indis- to do so, upon the ground of expediency and policy alone. pensable to the prosperity of the nation. In the existing What has been said on this subject on this floor, and I do bank I have no earthly interest, and prefer rechartering not doubt conscientiously said, will be repeated and reiteit to putting up a new one, because it is, and has been, in rated until every hill and valley in the land shall ring with operation with immense advantage, in my judgment, to it. Every the most secluded man in the nation will be the fiscal concerns of the Government, and to all the lead-made to hear that grave charges were preferred against ing interests, and to the currency of the United States, and the Bank of the United States by an honorable member because I believe ruin, far and wide, will follow in the of the Congress of the United States, in his place; and wake of a refusal to continue it. My opinion further is what? That that Congress readily granted the means of that this momentous question should be decided at the investigation, which hadresulted inthe triumphant acquitpresent session of Congress. It is an all-absorbing sub-tal of the bank, as I am quite confident any investigation ject, in regard of which intense anxiety is felt. It is con- would do? No, sir; but that the House of Representatives nected with every occupation of life. The multifarious refused the inquiry; and why? Will it not be said, has it concerns of commerce, in all their complexity and involu- not been said in your own hearing in debate, that a rejec tion, are deeply and vitally interested in the issue of our tion of this resolution could only proceed from the convicdeliberations; the manufacturingestablishments,inalltheir tion that the issue of the inquiry would be discreditable to importance and variety, look with anxious expectation to the bank? this capitol; the mechanic arts feel that their prosperous or adverse fate is in our hands, and the agricultural industry of the country will be benefited or injured as our decision may be the one way or the other. Will it be wise or just to hold the hopes and the fears of those various branches, embracing almost the entire circle of our national interests, in suspense? Will or can such a course conduce in any way or degree to the public welfare? If you mean to recharter the bank, let the public know it, and calm the agitation which has been excited. If unhappily your deliberations shall lead to a different result, the time which yet remains of the original charter will not be too long is already too short-for closing, with the least possible injury, the concerns of this most beneficial establishment. I call upon the friends of the renewal of the charter to reflect seriously on this matter, and entreat them not to place in the hands of its opponents a weapon so sharpedged and so powerful. I believe most solemnly that the vital interests of this great community are extensivelyconnected with our legislation on this important question; that if we shut the doors and the vaults of the Bank of the United States, not only will our advance to the highest point of social prosperity be checked, but we shall be thrown back at least twenty years, and be compelled again to emerge from a universal deluge of distress and ruin. On my soul, sir, I believe that if we do not pass this reso lution the bank will not be rechartered; that the country will be covered by one wide waste of public and private embarrassment. and that nothing which the wit of man can devise, will be so likely to effect this disastrous result as the rejection of the proposed measure. It is true that the allegations of the honorable gentleman have been sustained by no proof, and that some of them he has himself characterized by the very humble appellation of suspicions. But they have been seriously made by one of the representatives of this nation, under all the obligations which attach to his station and his trust, and under the fearful responsibility resulting from the broad operation of his acts, and from the fact, in the particular case, that the influence of his movement must run out into all the ramifications of society; made, however, I have no doubt, with all good faith, but under, nevertheless, mistaken views. I am unwilling that the honorable and respectable gentlemen who conduct the affairs of the Bank of the United States, (some of whom I have the happiness to know and esteem, and whose reciprocal regard I hope I enjoy,) should rest under the censure not only implied, but directly asserted by the specifications of the honorable gentleman from Georgia, [Mr. CLAYTON.] It is due to them that an impression should not be made on the public mind unfriendly to their official and private characters by the imputation of conduct of which I am confident they And now, sir, what is the resolution under considera- are incapable. Again, Mr. Speaker, the capacity of the tion, and what does it propose? The appointment of a bank to be useful to the greatest extent in which it can select committee to inquire into the administration of the serve the country, will depend upon the confidence of the Bank of the United States, with power to send for persons public in the integrity of its administration, and the power and papers; and with this resolution were submitted cer- which it shall possess to redeem all its pledges. It has been tain charges against the institution. I have already said assailed in both these vital points, and, in my judgment, that I consider the allegations made bythe honorable gen- remains untouched and unscathed-sound and healthy tleman from Georgia, [Mr. CLAYTON,] as having their ori-in heart, limb, and member, would it not be advisable to gin in erroneous impressions inrelationto the management of the affairs of the bank, and regard many of his inferences from admitted facts as susceptible of the readiest an With the greatest deference for the opinions of others, it seems to me that the charges which have been gravely made here must have originated in mistake, or misinformation of the honorable gentleman who has preferred them. It was with the greatest regret, Mr. Speaker, that I heard, not only allusion, but direct reference made to the opinions of the Chief Magistrate on this important subject--not intended, I am sure, but not less likely on that account to excite party feeling here. Sir, I am myself a party man, and disposed on party questions to go with those with whom I have pride and pleasure in acting, but this question is too large for the admixture of such an ingredient, and I trust gentlemen on all sides of the House will discard it. The President of the United States will, I am perfectly confident, perform his high duties according to the dictates of the enlightened understanding, with the singleness of purpose and purity that so eminently distinguish him. To us, and to us alone, belong the power and the duty of deciding upon our course in this Hall. I have deemed it proper and necessary to be thus full and explicit, that I might prevent any possible misconception, misconstruction, or misrepresentation of motive for the vote I feel bound to give. expose it naked, so far as decency, morals, and a proper regard to the feelings and interests of others will allow, that all may be convinced of its freedom from corruption Mr. BATES, of Maine, now moved for the orders of the day, but the motion was promptly negatived. [H. OF R. and disease? I will not lend my agency to strengthen-duced against the bank, I am prepared, sir, to vote the what does not exist to any great extent in the United inquiry entirely useless and unnecessary; and the only States a party against the bank, which I am persuaded hesitation I have to do so, arises from the considerations will be the effect of a rejection of the resolution. Let us presented by the honorable member who has just resumed then grant this inquiry, and grant it at once-let the com- his seat, [Mr. CRAWFORD.] A refusal to institute the mittee to be chosen under the resolution, proceed forth- proposed investigation will subject the bank to unjust suswith in discharge of its duty, and let it be required to re-picion: the public mind, upon which so many efforts have port in a given period, say by the 1st of April next, after been made to prejudice this institution, will be apt to be which sufficient time will remain to pass a law recharter- misled from the true grounds of the refusal, and to coning the bank. For one, I will consent to remain here un- strue it into a design to favor it unjustly. Under such cir til it is ascertained and determined what is to be the fate cumstances, the proper course to be pursued is not easily of this great institution, though it should prolong the ses- discerned; and I should not have risen, but as the honorsion until December; but desiring ardently to see it con-able gentleman has said that "it is highlyimportant to entinued, believing that it is a powerful instrument in pro-lighten the community on this subject, and the present is moting our aggregate and individual prosperity, and being a fit occasion for this object," and as some of the opinions firmly persuaded that those who shall refuse the inquiry which he advances for the purpose of "enlightening the will most endanger it, I cannot join them in resisting the community' are to me extremely novel, to say the least. resolution. I favor the idea suggested by the honorable I propose to give them a brief examination, not, however, gentleman from New York, [Mr. Roor.]that the commit- with the vain hope or purpose of enlightening the comtee be chosen by the House. It will relieve the presiding munity." But, before proceeding further, permit me to officer of an unpleasant duty, and a committee, so select advert, sir, to the peculiar condition in which the honored, will inspire great public confidence. I feel myself able mover and the friends of this resolution desire the obliged by the honorable gentleman's courtesy, in with- bank to be placed-the fiery ordeal to which they insist drawing this proposed amendment at the moment I rose, it shall be subjected. They tell us, in the first place, reject and, according to my undertaking to him, now move you the inquiry, and if they were the deadliest foes of the bank to amend the resolution, by striking out the word "ap- they couldwish it no greater evil. It must certainly fail of pointed," and inserting, in lieu thereof, the words being rechartered. If Congress should be bold enough chosen by ballot." to pass the bill for that purpose, it would be negatived by the Executive; and the people would sustain him in this course. Well, sir, what is the other alternative offered to Mr. EVANS, of Maine, said it was hardly to have been us? Adopt the resolution, and of whom shall the commitexpected, when the honorable member from Georgia, tee consist? Of those who are decidedly hostile to the some days ago, requested, as a matter of courtesy and in- bank in any and every form. Of those who assure us, that dulgence, that he might be permitted, by unanimous con- let the inquiry result as it may, be it ever so honorable to sent, to offer a resolution which, by the rules of the the bank, still they shall oppose it. Gentlemen are unHouse, could not then have been received, that a subject willing to trust this inquiry to the Committee of Ways and was about to be introduced which would have given rise Means, because, indeed, a majority of that committee are to a discussion so extended; and especially it could not favorable to the renewal of the charter. Is it the less have been supposed, as I think, said Mr. E., that we were probable that a fair, impartial report would come from to be precipitated into a debate upon that great question, that quarter, than from a source avowedly hostile? Does soon to come before us, of rechartering the Bank of the partiality warp the judgment or pervert the powers, more United States. Such, however, has been the result of than prejudice? What are the opinions of the gentlemen the courtesy extended to the honorable gentleman. I do who may probablycompose the committee-of the mover, not know, sir, that it would have been proper or expedi- who, by usage, should be a member of it? He informs ent to have refused the introduction of this resolution, the House that he has studied this subject for years, and even if the purpose and the consequences of it had been had published a pamphlet in relation to it, and has arriv distinctly foreseen. Inquiries are generally to be favored, ed at the conclusion that "one of the faculties of a bank and it is ungracious to interpose any obstacle to a full de- was to cheat the people"-one of its objects and purvelopment by any member of every fact and circumstance poses. He denominates the ordinary operations of a bank which, in his judgment, may render an inquiry expedient, dirty tricks ;"' exchange between distant places is ruinas well in this as in all other matters that may be connect- ous and wasteful to the people, draining one section to ened with our legislative duties. The honorable mover of rich another, and the whole sytem is, in his judgment, this resolution has been indulgedwithsuch an opportunity, dangerous in the highest degree. As the honorable genand he has availed himself of the occasion, not merely to tleman has studied this subject, as he has filled a judicial prefer and explain his charges against the bank, which he station, and of course has accustomed himself to weigh and deems worthy an inquiry, but also to discuss at great deliberate before pronouncing a decision, and as he aslength the general principles of banking, exchange, and sures us these charges "are fully made out," what sort or currency, and has argued with much zeal the inexpe- degree of evidence, I ask, is it probable, nay, possible, diency of renewing the charter of the existing Bank of the can be furnished by the books, papers, or persons, conUnited States. These last topics are no way involved in nected with the bank, or from any other earthly source, the matter immediately before us. And indeed it seems to remove these impressions from his mind? The honorto me, sir, if the gentleman has succeeded in showing the able member is committed on these topics; he has the impolicy of extending the present charter, he has at the pride of authorship to bind him to his opinions. Sir, I do same time succeeded in showing the inutility of adopting not complain that the honorable gentleman is not sincere his resolution, if its results, as is agreed on all sides, are and honest in these convictions; the more sincere and the desirable only for the effect they may have on that ques- more honest, so much the more unfortunate for the bank, tion. The honorable member, and they who think with should he be deputed to conduct this inquiry. Other genhim, certainly want no further information; for they as- tlemen have favored us with their views of the operations sure us that it is "fully proved" that the bank has vio- of the bank, all concurring in the "clear proof" which lated its charter, and has been guilty of numerous offen- exists, as they say, of its violations of the charter, and its ces; and they argue most elaborately to show its mischiev- injurious effects on the commerce and business of the ous tendencies and effects in various quarters of the Union. country, and the welfare and happiness of the people, Having listened attentively to the several charges pro-Such are some of the opinions of those by whom it is claim 66 ed as a matter of right that this inquiry should be made. As to the constitution of the committee, I protest utterly against the rule which has been laid down. It is neither a parliamentary rule nor one of common justice. Undoubt edly the true rule is, that the committee should be composed of those who are friendly to the inquiry. Every subject is understood to be confided to a committee favorable to it. The subject here is an investigation into the concerns of the bank; and the committee should therefore be one favorable to the investigation. If it should so happen that none were friendly to the inquiry but the enemies of the bank, then, as a matter of necessity to adhere to the rule, it might be necessary to constitute the committee from that portion of the House. [MARCII 7, 1832 honorable gentleman asks the House to make the inquiry, Sir, I understood the gentleman to use language something like this: That the same gallant spirit which he exhibited at Talladega, Emuckfaw, and elsewhere, would sustain him against the popguns of the bank; and that the people would also sustain him in interposing his veto to avert it [Mr. CLAYTON explained that be said if any person should suspect him of having political motives, and a view to shield the President from responsibility, or to postpone the question, then he should reply to it in the language which had been alluded to.] Such, sir, are the alternatives offered the bank-either to have its application for a renewal at once rejected, or to submit all its concerns to the scrutiny of a committee which has already prejudged it, which believes it a dangerous institution that has already done much mischief, and, whatever be the fruits of the search, which will resist its continuance by every proper means in their power. Sir, if the bank is to be tried on this indictment, I claim for it an impartial trial. An assumption has been made by gentlemen who have spoken on this resolution, entirely without foundation, as I apprehend, but which is calculated to do essential injury to the bank elsewhere, and which therefore deserves to be noticed. It is, that the bank is opposed to this inquiry-is unwilling that the investigation shall be made. Is this so, sir? Where is the evidence of it? Has any thing been heard from the bank, or any of its officers or agents? No, sir. Has any gentle- Mr. E. continued. It would have been quite as well, man on this floor undertaken to speak in behalf of the sir, I think, for the honorable gentleman to have postpou bank in this matter? No, sir. Is there the slightest grounded his reply, until the occasion for which he designed it for belief or presumption that the bank is otherwise than should have arisen. No one, to my knowledge, bad ques perfectly willing to undergo the most rigid scrutiny? No, tioned the motives of the gentleman; but, sir, I have no sir. Why then does the gentleman from South Carolina desire to interrupt at all the commendation or the homage [Mr. MrTCHELL] say that the bank does not lift the cur- which any one may choose to pay to the Executive, howtain?" Why does the gentleman from Tennessee [Mr. POLK] ever inappropriate I may deem it. We bave enough of it say "there is something rotten in the state of Denmark?" every day not to have become quite indifferent to such All these attempts to make it appear that the bank opposes scenes. Military courage or achievement does not, in the this inquiry are wholly unauthorized by any thing which judgment of some, constitute the best qualification for the exists. If there was the slightest foundation for the belief performance of civil duties. There is a love of victory. that the bank sought to evade investigation, I would agree of success, and of dominion, in that possession, which with the gentleman that it would be a circumstance so sus- not very inconvenient in a despotic Government, but if picious as ought to induce us to pursue it rigorously. carried into the administration of civil affairs, in a Govern The honorable mover of the resolution was somewhat ment like ours, proves very embarrassing to other departexuberant in his investigation on this topic, and quite ments. Military rulers have not always contented themgraphic in his descriptions. He arranged the House in selves with aunulling the acts of the legislative body; they front of the Clerk's desk, looking towards the door-the have sometimes annulled the Legislature itself. In the president and directors of the bank enter "bowing" present instance, however, doubtless every department of very proper, certainly. The honorable gentleman intro- the Government will act upon its own responsibility and duces them very courteously-" bowing with their books its own sense of right. If the House see fit to pass the under their arms," and asking the renewal of their char- bill for extending the term of the bank without instituting ter. Some member of the House, doubtless the honora- this inquiry, is the President or any other branch to sit in ble gentleman himself, requests permission to look into judgment on our right to do so? Are we to be told that the books; upon which the president confers with the di- the information which we possessed was not such as to rectors in a whisper," and replies. "I had rather you authorize our proceeding, without the scrutiny which is would not, sir.' The member then informs him that proposed? Sir, I trust we are the judges of what should certain charges have been made against the bank, and or should not be satisfactory to ourselves. Let others aci wishes to investigate the truth. The president whispers upon their own knowledge, and not on our reputed remiss again, and again refuses. Whereupon, the charter is re- ness or ignorance. newed, and the Speaker leaves the chair, and proclaims to the people of the United States from the window behind his seat, all of whom are to be assembled in the enclosures of the capitol, these proceedings-and then a shout is to be sent forth so loud and so long as to raise us from these chairs, to fall-I do not remember that the honorable gentleman told us where. Now, sir, this scene is sufficiently fanciful to be interesting, and attests the genius and descriptive powers of the honorable gentleman quite well. It is quite poetical. In order to be true to nature, however, it wants some few alterations in the figures. Has the bank indeed been called upon, and refused? No, sir. The The honorable gentlemen [Messrs. FOSTER and CLAYTON] have taken much exception at the remark of the chairman of the Committee of Ways and Means, that this proposition "comes too late;" and they remind us that two years ago they endeavored to have the subject of the bank referred to a select committee-that the same thing occurred at the last session, and again at the present session; and they ask, when would have been the accepted time? Sir. it is most true that the effort has constantly been to refer the question of rechartering the bank to a select committee. That is one thing-the present subject is quite another thing. No proposition has hitherto MARCH 7, 1832.] Bank of the United States. 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.] Mr. EVANS. Undoubtedly the honorable gentleman is correct, and yet no proposition of the kind has ever been submitted to the action of the House. If the object was so desirable, why was it not then brought forward? Why has it been postponed from session to session, and lelayed until we are just on the eve of being called upon to act upon the petition of the bank? Sir, it may be that it is not too late to pursue it with a view to prevent the recharter at the present session; but it is too late to claim t as a matter of right, from the courtesy of those who wish to act definitively upon the subject at this time, and who do not believe the inquiry necessary, constituting, I trust, a majority of the House. 2050 [H. OF R. have examined and made a full and elaborate report, in inquiries were necessarily prosecuted by the Committee which all these topics are abundantly discussed. These of Ways and Means, in considering the expediency of renewing the charter of the bank; and the present motion, no other light than an appeal from that committee. Sir, so far as it rests on these considerations, can be viewed in this is uncourteous-unprecedented. If it be designed, under pretence of investigating specific facts, to seize the opportunity of spreading before the House and the nation a labored argument on the general merits of the bank in all its various relations to the business and prosperity of the country, to bring in theories and speculations, by gentlemen whose opinions and views are such as I have already adverted to, sir, for one, I protest against it. Gentlemen will have abundant opportunity, when the subject is under consideration, to give their individual opinions to the world. I have no desire to invest them with greater Now, sir, let us inquire what are the objects to be at-report, emanating from this House, and which may be authority, by embodying them in the formal shape of a 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 a spire to possess. the purpose of enabling Congress, whenever they see fit, to take measures for annulling its powers. No such pur- charges which have been brought forward against the I proceed now, sir, to a consideration of the specific pose is avowed now. ted to continue until its term expires. The investigation amine whether there be any sufficient reasons for the The present bank is to be permit- bank by the gentleman from Georgia; and I beg to exis sought only for its influence upon the question of re- inquiry which he proposes, founded on these allegations. newing its charter, not for adopting any measures touching It is not my purpose to go into a full examination of its present duration. I shall not stop to question that this them all, for this is now quite superfluous, after the able is a fair exercise of the power. Why should it be exer- refutation which has been given to them by the honoraised? The reasons which have been urged in favor of it ble chairman of the Committee of Ways and Means. are of two classes: one founded on the general character They have indeed, in his own language, of the banking system, and the general operations of this thin air.' institution; and the other upon the necessity of investigatvanished into ing 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. Every thing useful to be known for this purpose, which the bank can furnish, already appears in its monthly returns now before us. The honorable member from Virginia [Mr. PATTON] wishes the inquiry to proceed, in order to determine whether the bank have really accomplished all the good that has been attributed to it; whether it has restored a sound currency; whether it has restrained the local banks from excessive issues; reduced the rate of exchange, and other similar benefits. Does the honorable gentleman expect to find information on these topics in the books and papers of the bank? Can The there ascertain the amount of issues by the local banks scattered all over this Union? Can he determine by any thing there existing, the degree of prudence or imprudence which these issues indicate? For all these purposes, he must examine the local banks themselves. As to the soundness of the currency, and the rate of exchange, do we not already know all that the bank has it in its power to communicate? But, sir, aside from these considerations, I object to the appointment of a committee to procute these general inquiries, for the reason that the House has already referred the subjects which are involved in them to one of its standing committees, who VOL. VIII.--129 the gentleman was the issuing of the branch bank orders; The first ground of complaint put forth by 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 commenced; 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 [Mr. PATTON] concurs with him, and says that it is "fully of the charter. The honorable member from Virginia proved;" granted, sir, for the purpose of this argument. The honorable member from New York [Mr. CAMBRELENG] says that they are not binding upon the bank; that they are emphatically payable nowhere." So be it, sir. And now I beg to be informed whence the necessity of resorting to this extraordinary proceeding, in a matter so entirely clear. Surely these learned gentlemen are prepared to maintain their positions. Surely they need no further evidence to satisfy themselves, nor to enlighten the House. Have we not every possible fact which the most rigid scrutiny could elicit? The gentleman from Virginia is so perfectly convinced, that he declares he would not yield his opinion to the judgment of the judicial tribunals, which has already been cited. He seemed to suppose that the judgment in question did not necessarily turn upon the point which appeared to have been decided, viz. that the bank was bound to pay these drafts; but that it could, he maintained, upon the ground that the individuals by whom they were drawn, the presidents and cashiers of the branches, were responsible for the payment personally. This is a new doctrine to me, sir. I thougt the law of principal and agent differently H. OF R.] Bank of the United States. [MARCH 7, 1832 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 inseparable barriers between the tion is entirely unnecessary. Why inquire into that which South and West, and the rest of the Union, he may con we 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. An 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 this 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 that, 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 then, or to make purchases, or for other commercial operato 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 accommoda tion, has remitted large amounts, and given drafts to mer chants, 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 receive an equivalent, how is it injurious to them? What is the explanation of this whole matter, which the honorable gentleman characterizes as one of "the dirty tricks of the bank?" Why, simply this: the South and West are indebted to Philadelphia and the Northern cities, in the regular course of business. Remittances are to be made; this must be done in specie, or some other sound currency. Individuals make their remittances in bills of exchange, or United States' Bank checks or bills, for which they must pay the branch. or other source, whence they procure them, in specie, or its equivalent. The bank transports the specie at its own risk and expense, instead of the individual's. The funds of the Government are remitted in the same way. Bank or no bank, debts must be paid; funds must be transported from one section to another, according as the course of business requires. The bank now performs this service easier, safer, and cheaper than individuals could do it; and this is one of the benefits it has conferred upon the country. Does the gentleman suppose that if the bank were not in existence, the course of trade would be changed? That there would be no occasion to remit money from place to place? Undoubtedly, sir, intercourse would be much restrained How, then, does the country lose? And if neither the bank, nor the country, nor individuals, sustain any injury, I pray to know for what is the bank to be responsi ble. Change the business of the country, import less, and manufacture more, and specie will have less occasion to go abroad; but annihilate the bank in the present course of business, and the demand for specie abroad will still remain the same. But, sir, a considerable amount of stock in the bank is owned by foreigners, and this is a ground of complaint against that institution. Is the bank responsible for this? Individuals sell and transfer their shares when and where, and to whom they see fit. The corporation has no control over it. The charter contemplated that foreigners might be stockholders, and I am not at all satisfied that any great injury can result from this fact. How did they become owners? Surely they purchased, and have paid for it at a great advance-at a higher price than could be obtained in this country. The premium which they have paid is so much added to the capital and the wealth of this country. I know, sir, it may be easy to excite a popular prejudice on this subject, but surely there is no necessity for inquiry; we knowthe amount held by foreign ers already, and the names of the individuals. The gen |