H. of R.]

some way.

the Executive.

in the relations of Government to the bank, demanded some would agree, and every fair mind here will agree with corresponding change in the administration of the bank. them, that the removal of the deposites has severed the It compelled it to hoard its specie, withdraw its credits, connexion between Government and the bank, disencumcontract its business of loans and exchanges, to some bered it of its political character and duties, transformed extent. The Secretary of the Treasury will not say, the it into a mere expiring commercial institution, and made Committee of Ways and Means will not say, that this it the first duty of the directors to take care of the effect, to some extent, was not expected and intended. stockholders. They would agree, too, that while the The only doubt is, whether the bank has not gone too far directors are bound, undoubtedly, so to perform this in that direction in which you admit it ought to have gone duty as not unnecessarily to embarrass the community, The question is this, Has the bank gone so yet that they ought to be allowed, on every principle of far beyond any opinion, which it could have honestly and agency, the most liberal and freest discretion in their reasonably entertained of the necessity of the case, as attempt to reconcile these conflicting obligations, and to convict itself before the country of palpable bad that in all cases of conflict and in all cases of doubt, they faith? Unless you show this you show nothing. You are bound to take the safe side, the side of the stocktook your risk of every thing else; of the sensitiveness of holders. Yes, sir, I think they would tell this "Admiral credit, the timidity of capital, the possible mistakes, the Biddle," as he has been called in another place, that, exaggerated apprehensions, the embarrassed, hesitating, instead of endangering his own safety, by sending off fluctuating purpose and action of persons, in the situation boats to the relief of the small craft or the large, who are in which you designedly placed the bank. Unless you foundering under his lee, that it was his business to take show this, every thing that has happened may literally his own ship through the gale of wind, without the loss be said to flow directly and necessarily from the act of of a spar or an inch of rope, "though the strained mast should quiver as the reed;" but then how he should do Now, I cannot speak for others, but I have never seen this; whether he should shake out a reef more or less the proofs of such bad conduct on the part of the bank, here or there; whether he should lay his ship's head to as should bar the public of the relief it seeks. I have no the storm, or scud before it, or bring her up with best practical knowledge of banking; in that particular no bower, and small bower; why, sir, these are points of doubt every gentleman here has an advantage over me; seamanship about which every master of a vessel will but it is my decided opinion, sir, that if you could bring hold his own opinion. together one hundred bankers, the first of that profession I had almost forgotten that the Committee of Ways and for skill in the world, and put this great problem to them; Means, by their fourth resolution, recommend an inquiry explain to them the precise condition of the bank, all its into the conduct of the bank. Let me say, sir, that I shall strength and all its weakness, its resources, its debts and go, in the first instance, against that resolution, because I credits, its circulation, its amount of specie, its distribu- think it the duty of Congress now, as the case stands before tion into branches, widely scattered over a vast country, us, without such inquiry, without reference to any results well enough posted for a peace establishment, but not reasonably to be anticipated from such inquiry to order the very well posted to receive a charge of the bayonet, its immediate restoration of the deposites to the bank. I customary business, its relations to the trade, credit, and dare not refuse to give relief to the people while your capital of the country generally; and then make them committee of investigation were executing such a resolucomprehend the belligerant attitude of Government tion as this. I expect no new revelations of bad conduct towards it; let them see and hear the pelting of the piti- on the part of the bank. At all events, I will not conless storm that beats on it; fathom and unveil that execu- sent to postpone immediate remedial action, upon the tive will; show them what a party is organized to break it suspicion of the Committee of Ways and Means, or of any down; how it is wielded, and who are its leaders, and body. If the reasons of the Secretary, as reported to us, what its aims; read to them the daily denunciation of a on which alone he did this thing; if the whole conduct of portion of the public press; put into their hands Mr. the bank, as known then, and known now to you and to Duane's letters, and the reports of the committees of all the world, do not make out a justification, shall we Baltimore, New York, and Philadelphia; and then ask suffer the consequences of the act to be poured out in them how they would perform this great trust; in what this unsparing storm upon the country, while we seek to way, how fast, on what points they would so contract the justify him ex post facto, by hunting after matter on which business of this bank as to carry it safely through this he never acted, which he never suspected to exist, of unheard-of crisis, you would have as many different which neither he then, nor you now, nor any body any answers as there were bankers consulted; varying with where knows any thing? No, sir; if this measure, on the the more or less sanguine temper, and the intellectual whole broad ground, as we see it, is indefensible, let us and business habits of the men themselves. Some would make haste to replace every thing "in statu quo ante belgo farther than the bank; some not so far; and there lum," restore possession to the party who held it by an would be as many one side of the line as the other. The apparently good title; vindicate the law, the constitution, truth is, it is a matter of science, of skill, of professional and the supremacy of the Legislature; and then as many judgment; a matter full of intrinsic, and, in this instance, inquiries as you please, in reference to future original of extrinsic difficulties, on which different minds would action; to forfeiture of the charter, to renewal of it, to the judge and act very differently. I feel, most sensibly, issuing of scire facias, to impeachment, or what you will. that I have no right, upon the information before me, to As to the suggestion in that resolution, that it is proper denounce, as selfish and tyrannical, that policy, of the to examine, by a committee of investigation and a search bank which, for aught I can see, for aught you can see, of books and papers, into the agency of this bank in promay be the result of the purest good faith and the sound-ducing the distress of the country, I hold that such an inest discretion, acting in circumstances of exampled em- quiry, in that mode, is wholly needless and wholly usebarrassment. I know, at all events, that I have no right less. We have all the facts before us on which to judge to refuse relief to my suffering countrymen, on any such of the conduct of the bank in this respect. We know imagination. how fast and far it has contracted its business; and we

I have supposed, sir, that you should take the opinion know that now and then, and here and there, it has occaof one hundred bankers on this point. To pursue that sionally expanded itself, and given local and temthought a little further, I suspect that, while they might porary relief. We know perfectly the severity and differ about the details of this business, there is a general peculiarity of the crisis it is struggling through. Its acts principle or two in which they would all concur. They are before you. The intention is matter of inference, on

MARCH 28, 1834]

The Public Deposites."

[H. OF R.

which a committee of investigation can throw no light. that he should act or judge, cognizable from their nature What would gentlemen have of the books of the direct- by the legislative department alone. They see him reors? To inspect the records of the votes under which fusing to submit a judicial question to the Judiciary, bethese alternate contractions and expansions of loans have cause he distrusted that department. They see him forebeen made? But to what purpose? You see the act, stalling the action of Congress, because he feared that judge of it for yourself. Does any body expect to find Congress might be corrupted by the bank. They see confessions there? You suppose the bank contracted its him asserting the right to determine the will, and to conbusiness at Pittsburg, for instance, to create a panic. Do trol the discretion of every executive agent in our whole you expect to find that purpose spread upon the record? constitutional and legal system. They see executive powI approach with reluctance the great practical difficulty er forerunning, anticipating, superseding the free, healthy, in the way of the restoration of the deposites. Their and ordinary course of legislation. They see him susremoval was an executive measure. Yes, it was the tained throughout on this floor. They see an attempt acavowed and favorite measure of the Executive, and his tually now making here to place the whole accruing treasthe original and tremendous responsibility under which ure of the country, for two years to come, in the hands, it was ventured upon. I know how much is compre- and under the control of the Executive, to be kept by hended in this. I know how much we ask for trade, for him, in the interval between its collection and disbursecredit, and for labor, of the friends of the Executive, ment, just where he pleases, removable when and for what when we invoke their aid on this occasion. Yet we do reason he pleases, uncontrolled by law, uncontrolled by any invoke it. I wish I could add that I see the slightest thing but his own discretion, seeking to promote the public chance of obtaining it. good according to his own view of the public good and of Sir, if I were a political adherent (as I am not) of the the best modes of effecting it. Sir, do I state this too strongChief Magistrate, I would have hastened to say for him, ly? Is it not perfectly clear, that unless we put back the three months ago, on this floor, that the consequences of public money into the Bank of the United States under the this act have utterly surprised and disappointed him. law, we shall not, by law, place that money any where? Surely his friends will not admit that he did the act fore- We put it, at once, into the keeping of the President. seeing the consequences? They will not admit that, We shall not designate the State banks or the individuals when he ordered the removal of these deposites, he who are to hold and use this money. We do not intend intended their entire practical annihilation to the uses of to do it. We cannot do it. How can we? Are you prebusiness? He did not intend to say, did he, sir, that the prepared to distribute it among the whole number, perpeople should no longer trade on their own funds? He haps five hundred, of State banks, with no more than your did not intend to destroy confidence and credit, depress present knowledge of their several conditions in point of property, embarrass business, or break the heart of the solvency? Can you infer anything about their condition humblest in the vast society he presides over? Then the from the amount of their capital paid in, some how or event has disappointed him. That which, in the lights other, years ago, according to the suggestion of a gentleby which he did it, promised some good, turns out un-man [Mr. JONES] from Georgia? If you are not prepared mixed and tremendous evil. It is dreadful, sir, it is to distribute the public treasure among them all, in any prodreadful, that he or his friends here, should prefer, I do portions, are you prepared to select from among them all? not say an obstinate, but an inflexible, adherence to what we all see and feel to be error; "holding fast the pride of an ignominious consistency," to a rational adaptation of policy to the new lights, cast by a bitter experience on the often difficult path of public duty.

Which are your depositories; and how, upon what evidence, upon what rule of choice, did you select them? No, sir, you propose to refer this whole vast agency directly to the President. Every thing proves it. A gentleman from Alabama [Mr. MARDIS] some time since inLet me say, in a somewhat different tone, that they troduced a resolution which employs an hour's debate who, with the lights now shining around us, shall still sus- every morning. As he first presented it, it ran thus: tain this measure upon these reasons, assume, by so doing, "Resolved, That the Committee of Ways and Means be a vast and indiscreet responsibility to public opinion, instructed to inquire into the expediency of designating which surely will not sleep forever. Sir, the sufferings by law the future depository of the public moneys of the which we bring upon the community will at least have United States, and also the expediency of defining by law this ultimate salutary effect: they will arouse them to an all contracts hereafter to be made with the Secretary of unusually severe scrutiny of the courses of public men. the Treasury in relation to the safe-keeping, management, Those now more painfully and exclusively engrossed by and disbursement of the same." This, you see, contemthe bearing of our measures upon their business and credit, plates a legislative selection of the particular banks to be will begin to reflect with terror upon their political and employed. We were to do it all ourselves. This looked constitutional character and tendencies. Certainly, there well and sounded well; but a night's reflection or consultais wherewithal to alarm all thinking men in that reflection. tion satisfied the honorable mover that, by great bad luck, They see here, I do not say the beginning, or middle, or it was totally impracticable. He accordingly modified his end of a revolution; but they see a sharp and eventful resolution, and here it is, as you now have it under disstruggle between executive and legislative power, or cussion: rather between executive power and all other power un- "Resolved, That the Committee of Ways and Means be der the constitution. They see the President of the instructed to inquire into the expediency of reporting a United States asserting a right of control over a subject, bill requiring the Secretary of the Treasury to deposite the public money in the national bank, which the letter the public money's of the United States in the State banks; and spirit of the law had committed exclusively to another and also as to the expediency of defining by law all confunctionary of the Government, the agent of the Legisla- tracts hereafter to be made under the Secretary for the ture. They see him, for the purpose of actually grasping safe-keeping, management, and disbursement of the same." that control, exercise the odious power of removal against So the Secretary of the Treasury is to select the banks a high officer, for daring to think for himself; guilty of no after all. And who is the Secretary of the Treasury in fraud, or negligence, or incompetence to the general du- the creed of those who support this resolution? The serties of his station. They see him, through the successor vant of the President-bound to execute his individual of the dismissed Secretary, of congenial opinions with will in the selection or change of a depository-rightfully himself, and raised to office because he was so, bear away removable from office if he refuse to do so. What say the public treasure from the place where the law had de- the Committee of Ways and Means in their third resoluposited it, for reasons on which the law never intended tion? "That the State banks ought to be continued as

H. or R.]

The Public Deposites.

[MARCH 28, 1834.

the places of deposite." What State banks? All of them? from its doubtful lawfulness. The purchase of Louisiana No. Those actually selected? No. Such as Congress shall has been mentioned as an illustration. But here, sir, select? No. They mean to say such banks as the Execu- what do we do? We violate the constitution to oppress tive shall select. They recommend legislation, indeed; the people. We buy suffering by breach of charters! but they intend, all intend, so far as I can see, I repeat, We bring our tradesmen to bankruptcy, and take bread to cast this whole vast trust directly upon the present from the mouth of labor; and we do so by a rare and President of the United States. happy boldness, in dishonor of the legislative department of Government, and in violation of the heretofore unstained, never but once stained, faith of America!

So.

Now, sir, I do not say that this will make the President what James the Second aspired to be, independent of Parliament and the people. I do not say that it unites the We presume greatly, indeed we do, on the American purse and the sword in the same hands, in the proper people. We presume on the effect of party discipline, sense of that expression, if it had any very definite sense and the popularity, high and well earned, of distinguished originally. I am sure I should lose more than I should public servants. Sir, all may fail us. The deliberate gain by exaggerating any thing, if I were disposed to do judgment, the settled prevailing temper of the people of But I do say that it confers a real, great, and dan- this country, in their sober senses, are against these undue gerous power on the President. It is against the spirit of developments of executive power. They may love, and the constitution; it is against the general principles of lib- honor, and bear with a particular executive Chief Magiserty, according to our system of liberty; it is against the trate; but that is not their favorite department of Governjudgment and temper of the American people; and the ment. In a conflict of the departments, in the long run politicians who advise it act, I think, under a severe re-"their flag is here-their flag is here!" This sentiment sponsibility to that people. Yes, sir, there is no doubt that of distrust of the executive, of attachment to the legislathe constitution, which authorizes the Legislature alone tive preponderance in the political system, is wrought to collect and expend revenue, and regulate commerce deep into the national character. The colonists brought and currency, gives to it alone the power to determine it from the native land of representative freedom at first. who shall hold that revenue, and to what uses it shall be The whole splendid history of Enligh liberty before they applied, after it accrues, and before it is laid out. In the came, and after they came, deepened it more and more. performance of that duty, we, the Legislature, must do It gained strength through the whole ante-revolutionary the greater part. We may call in the aid of the President period. It is recorded forever and ever in the declaraministerially, a little way here and there. But if, passing tion of independence. In the convention that framed the beyond that, we clothe him with the substance of the constitution, in all the conventions that adopted it, through power; if we clothe him with so much of it as thereby to all the written and all the spoken discussions of the time, make a real and considerable addition to his effective pa- you see breaking out in a thousand directions the jealousy tronage and prerogative, we abandon our constitutional of a free people of this branch and portion of the Governduties, and degrade ourselves from our constitutional rank. ment, restrained and guarded as it was supposed to be. Now, that the manner in which we propose to confer this The sentiment was carried to a passion. The very "likeagency on him does add directly and palpably to his offi-ness of a kingly crown" terrified and roused them. It cial means of strengthening his hold on the people, for was almost the foible of the popular character. Whatgood or evil, is too plain to be argued in this House. Vast ever the examples of other free states, ancient or modinterests will become competitors in the Executive pres-ern; whatever the history of liberty any where; whatever ence, for the privilege of holding and trading on this the reasonings or the dreams of philosophical and repubmoney. Five hundred State banks, with their circles, lican statesmen taught them could be taken from the widening one without the other, of directors, stockhold- executive department without striking it, for all useful ers, and customers, will become competitors in that pres- purpose, as a distinct department, out of the system, they ence for that privilege. Whole masses of people will desired to take from it and bestow on their departmentlearn to scorn the weaker, and worship the stronger de- their more express, nearer, trusted, actual representative, partment of Government. "Where the treasure is, there the Legislature. This sentiment is still the groundwork of will the heart be also." The Executive will distribute the American popular character. Sir, I cannot but think the deposites as a recognised, and not unimportant part we act under a severe responsibility to it, in thus plucking of his official patronage. He may, I do not say he will, off one of our prerogatives after another, and casting but you authorize him to bestow them here to purchase, them at the feet of what I may call, without offence, the and there to reward subserviency; he may give or with- personified monarchical element of the constitution. Surehold them, to depress or favor a particular branch of in-ly this people, when they come to recollect themselves, dustry or section of country; to affect a pending election; will demand the restoration of more than the deposites! to bring the successor he likes best to the presidential They will demand the restoration of the rightful constichair. Nay, sir, I see nothing to prevent him from taking tutional supremacy of their department of Government. into his head (my respected friend from Georgia [Mr.I know not how long you might sooth and hush them by GILMER] would be sure to regret this) that the public prosperity, by plenty, by glory. We are doing all we money ought not to be employed as the basis of loans, can to break up that illusion. We are doing all we can, and exchanges, credit, and currency; and thereupon ordering we can do a great deal, to bind together in their memory, it locked up on special deposite in the vault of a State by an imperishable and terrible association, the ruin of bank, changing the policy of the country of almost half a their private fortunes, and the breach of the great charter century. of their federal liberty.

My friend from Connecticut [Mr. ELLSWORTH] last It would give me great pain, sir, to be thought to use evening animadverted on the boldness of the Executive. language of disrespect or intimidation to any gentleman It struck me, painfully and forcibly, as he went along, here. But I entreat the friends of the Executive, a little that there was quite as much boldness on our part in thus for their own sakes, very much for ours; for these interconsenting, in conniving at these successive transfers of ests, among the most precious and sensitive ever instrustpower from the legislative to the executive department; ed to the wisdom of human councils; for the people, sir, morbidly enlarging the one, degrading and depreciating for the people, I entreat them, to give us their aid on this the other. I remembered, indeed, that public men in this occasion.

country have sometimes overleaped the letter of the con- When Mr. CHOATE had concluded, Mr. DICKERSON, stitution, and the people have forgiven it. The transcen- of New Jersey, rose and said:

dent utility of the act diverted the national mind, perhaps, | Mr. Speaker: I have listened with much pleasure to

Means.

[H. OF R.

the remarks of the gentleman from Massachusetts [Mr. in the last resolution of the Committee of Ways and CHOATE] who last addressed the House. His views were new and interesting, and delivered in a tone and spirit becoming the representative of a free people.

The second and third of those resolutions appear to me to depend very much upon the decision of the first; and But, sir, I was not prepared to hear the positions taken the question involved in the first resolution, whether the by the honorable gentleman, nor can I yield to the cor- Bank of the United States shall be rechartered, I conrectness of his views, although so eloquently expressed. sider as the real and important question now under disI had thought that the idea of restoring the deposites, as cussion before Congress and the people-no matter how a means of relief from present distress, had not been this question may be connected with other consideraseriously entertained, except with a view to the recharter tions-no matter how ingenuity may strive to conceal it of the bank. It appears to me that it is the worst of all from public view-no matter how political aspirants may expedients, and its necessary consequence must be to pro- use the occasion for their ambitious purposes. It must long the distress which now prevails, instead of relieving result in the important inquiry, whether it be consistent it. Nor can I perceive of what possible benefit the pos- with the great interest of this republic, that the United session of the public deposites could be to the bank, if it States Bank shall be continued. Before I proceed to is to cease its operations in 1836. With that view, it is explain my views upon this point, permit me, sir, to discertainly now time that they should in good faith com-pose of some subjects which have been pressed into this mence curtailing their business. They now have on hand, discussion, as I consider improperly, and for political and, in the process of drawing in their capital, they must effect. necessarily have on hand at all times, surplus funds lying useless in their vaults, and of consequence, the possession of the public deposites, with their attendant duties and liabilities, would be worse than useless to them.

The question of the power and authority of the President of the United States to remove his Secretary in the manner he has done, I consider has no necessary connexion with, and ought to have no bearing upon, the decision I do not propose, sir, to attempt to answer the argu-of the question of the renewal of the charter of the Bank ments of the gentleman in detail upon this point. But I of the United States, nor of the present disposition of the would remark, that the foundation of his whole argument public deposites. As I am unwilling that the real point rests upon the idea, that if the deposites be restored, the in issue should be involved in any extraneous matter, or bank, at the termination of its present charter, will calm- obscured from view by any other subjects not necessarily ly cease to exist, and (as he remarked) "die something connected with it, I shall not at present remark upon that like a Christian." If I believed this, sir, I should indeed point, except to observe that if the President has been think it worth while to inquire seriously into the expe- guilty of a corrupt, or arbitrary, or unconstitutional exerdiency of restoring the deposites. But in this respect the cise of power, in removing his Secretary, or in appointing gentleman begs the question. He asks more than will be another, or in recommending the removal of the public conceded. I believe with him, that the bank will cease deposites in the manner he has done, he is responsible to to exist at the termination of its present charter, but it his country for his conduct. Let him be called to account, will die hard. It will struggle, as long as it can hope to and put upon his defence. And permit me to say, that perpetuate its existence, and I am not disposed to add to if he does not answer promptly, and defend himself triit any further power to protract its dying struggles. umphantly, it will be a new era in his history.

I intended, sir, to give a silent vote upon the question now under discussion. But I consider it the privilege of the people to know the sentiments of their representatives upon all subjects involving their interests; and as I have been restricted by my constituents upon this subject, a silent vote might not be considered as expressive of my own sentiments, but only as a response to theirs. Under these circumstances, I must ask the indulgence of the House whilst I briefly state my views of the matter now under discussion.

But it has been said that he shields himself behind a majority in this House, and, therefore, that such an effort would be useless. The allegation proves too much for those who use it, unless they can show, as they sometimes appear to believe, that the minority should govern the majority. It is true, I have no doubt, that this House would shield him from oppression, but never from a fair and impartial investigation.

As to the claim of the bank to retain the public deposites until the termination of the charter, it appears to me By the report of the Committee of Ways and Means, to be without foundation. The right of the Secretary of the following propositions are submitted for the consider-the Treasury to withhold those deposites from the bank ation of Congress:

First. That the Bank of the United States should not be rechartered.

Second. That the deposites should not be restored. Third. That the State banks should be continued as the places of public deposite, and that they should be regulated by law; and

is reserved in the charter by express and unequivocal words. The assignment of his reasons is an act necessarily subsequent to the act of removal, and consequently presupposes the existence of the right to remove.

The object of the provision contained in the sixteenth section of their charter, requiring the Secretary to assign his reasons, was to enable Congress to judge whether the Fourth. That a committee should be appointed to in-Secretary had consulted the public interest in making the vestigate the concerns of the bank, &c. removal, and not to inquire how far the interest of the In place of these resolutions, the gentleman from Geor-bank had been consulted. And if it had been the intengia [Mr. WILDE] has proposed an amendment, declaring tion of Congress to limit the discretion of the Secretary, that the reasons assigned by the Secretary of the Treas. in this respect, to the single question of the safety of the ury are insufficient. And the present discussion turns deposites in the United States Bank, I cannot understand upon that proposed amendment.

I do not intend to trespass upon the time of the House by recapitulating the many arguments and reasons which have been urged upon the different topics involved in this discussion, and which must be familiar to this House, but propose to state briefly my conclusions drawn from those arguments, and to show that the proposed amendment should not be adopted.

I understand that very little difference of opinion exists as to the propriety of adopting the proposition contained VOL. X.--207

why they should require him to assign his reasons, when but one reason could exist, and that reason ascertained by law. For these, and many other reasons which have been urged before this House, and which I do not intend to repeat, I conclude that the claim of the bank, by their charter, to retain the public deposites, is not well founded, and that it was the right and duty of the Secretary of the Treasury to remove those deposites, whenever the exigencies of the country required their removal.

But, sir, it has been seriously urged that the deposites

H. OF R.]

The Public Deposites.

[MARCH 28, 1834.

should be restored to the United States Bank, for the I have said that the decision of the question of the sufpurpose of rebuking the President of the United States ficiency of the reasons assigned by the Secretary of the for his arbitrary and corrupt exercise of power in the re- Treasury for the removal of the deposites, would be moval of his Secretary. I am well aware, sir, that there unimportant, and that it would have no necessary bearmay be many gentlemen whose chief and favorite object ing or influence upon the real question under discusit is to rebuke the President rather than relieve the peo-sion.

ple; but I was not prepared to hear this reason for the In order to test the correctness of this assertion, let us restoration of the deposites publicly urged, and I cannot suppose, for the sake of the argument, that we shall deconsider that its tendency has been well considered. termine those reasons to be insufficient, what is the

In this country, no man can be tried for the most tri-result? I beg gentlemen to recollect the real question; fling charge, without having an opportunity to be heard and I ask again, what would be the effect of the deciin his own defence. It is the great security of the peoplesion? against oppression. And shall we, here, now undertake It might show that we were of opinion that the Secreto try the Chief Magistrate of our country, upon a charge, tary had acted without sufficient reasons, or it might show which, if true, should hurl him from the high place which that, in our opinion, he had acted corruptly or illegally. he now fills with so much honor to himself and his coun- But it would not necessarily show either of those results. try, without giving him the privilege common to every For it might show only that, in our opinion, he had American citizen-the privilege of being heard in his offered insufficient reasons for an act which was right and own defence? Sir, the very act would render us guilty, proper in itself, and for which, good and sufficient reain the highest degree, of the offence charged against him.sons existed; and, I presume, it will not be contended If gentlemen wish to rebuke the President, let them meet that the deposites should be restored to the United States him, as he has always met his opponents, in fair, open, bank, merely because the Secretary of the Treasury may and manly conflict; and not strive to rebuke him by in-not have assigned sufficient reasons for their removal, direct means, by the union of the influence of the nulli-when, in point of fact, sufficient reasons did exist. fiers, bank men, and aspiring politicians. Let them re- But the decision of the question against the sufficiency sort to impeachment, or to the ballot-boxes, and not to a of the reasons assigned by the Secretary of the Treasury, method heretofore unknown to our laws and constitu- would furnish us with no guide to direct us in the true course now to be pursued. It would lay the basis of no legislative action. For surely it does not follow, as a necessary consequence, that, because it may have been inexpedient then to remove the deposites, that it must now be expedient to restore them. The two propositions are distinct, and depend upon entirely different reasons.

tion.

But, Mr. Speaker, let us suppose, on the other hand, that, by the vote of this House we shall decide that the reasons assigned by the Secretary are sufficient, and that he was fully justified by them in making the removalwhat then? Would that decision furnish a true guide for

It is true, sir, that the several questions growing out of this subject, which, for the reasons stated, I have not undertaken to discuss, are of great moment, and deserving of most serious consideration, and will, without doubt, receive that consideration when properly presented to this House. And I certainly have no wish to screen the President of the United States from an investigation of any act of his political life, nor do I wish that the conduct of the Secretary of the Treasury, nor any other of ficer of Government, should escape the strictest scrutiny. But I do protest against this indirect mode of trial. our conduct, or form the basis of any legislative action at contend that every measure should rest on its own merits; that the several questions are of sufficient importance to require separate discussion, and that the combination of those important questions only tends to obscure the truth and mislead the public mind.

this time? Certainly not, to my mind. For although his reasons may have been sufficient at that time, and although the situation of the country may then have demanded the immediate removal of the deposites from the United States Bank, yet circumstances may have rendered But, sir, it is said that the great and important question it expedient that those deposites should now be restored. now to be discussed and settled is, whether the reasons By way of illustration I would remark, that if I were assigned by the Secretary of the Treasury for the remo- now convinced that the United States Bank would be reval of the deposites are sufficient; and to ascertain the chartered in 1836, or at any prior period, I would, withopinion of Congress upon this point, is the ostensible ob-out hesitation, now vote for the restoration of the deposject of the proposed amendment of the gentleman from ites, although I am entirely satisfied with the reasons for Georgia, [Mr. WILDE,] and also of the proposed amend-their removal.

ment of the gentleman from Rhode Island, [Mr. BURGES;] I make these remarks, Mr. Speaker, to show that, by and early in this session it was the ostensible object of the expressing our opinion, and deciding upon the sufficiency gentleman from South Carolina, [Mr. McDUFFIE,] in an of the reasons of the Secretary of the Treasury for the amendment then proposed by him. removal of the deposites, we really do not advance one

With due deference for the opinions of other gentle-step, and no important conclusion can fairly be drawn men on this floor, and notwithstanding the factitious im-from the decision.

portance which has been thrown about this view of the Although it may not be considered strictly in order, subject, I must be permitted to say, that, in my opinion, upon the discussion of the proposed amendment, to inthe decision of that question would be unimportant, ex-quire into the causes of the distress which now prevails; cept for its political effect; and it would have no ne- yet as that subject has been made the topic of debate upon cessary influence upon the real question now under dis-this occasion, I must ask the indulgence of the House for a few minutes to explain my views upon this point.

cussion.

The Secretary of the Treasury is not upon his trial; it is not a question between Congress and the Secretary; nor should it be a question between Congress and the bank.

It is certainly true that the Bank of the United States, during the period between the month of May, 1830, and the month of May, 1832, increased their loans more than twenty-seven millions of dollars. I will not inquire into It is, in fact, a question between Congress and the peo-the motives of the bank in thus extending their business. ple. We find the country and the public treasure in a But one or two conclusions must evidently flow from the certain condition, and we are bound to make such dis-fact: either that the bank, before that time, had not position of them as shall appear to us most conducive to issued as much paper as the country required for its healththe public welfare, and best calculated to promote their ful use, or, upon that occasion, that they issued more. present and future happiness and prosperity. The first of these conclusions cannot be adopted, without