a bank in one of the States, with branches in the rest, it would be mere evasion to say that it might establish a bank here, with branches in the several States.

Congress, it is alleged, has not the Constitutional power to create a bank! Sir, on what does this power rest, in the opinion of those of us who maintain it? Simply on this; that it is a power which is necessary and proper for the purpose of carrying other powers into effect. A fiscal agent an auxiliary to the Treasury-a machine-a something, is necessary for the purposes of the Government; and Congress, under the general authority conferred upon it, can create that fiscal agent-that machinethat something--and call it a bank. This is what I contend for; but this the gentleman denies, and says that it is not competent to Congress to create a fiscal agent for itself, but that it may employ, as such agents, institutions not created by itself, but by others, and which are beyond the control of Congress. It is admitted that the agent is necessary, and that Congress has the power to employ it; but it is insisted, nevertheless, that Congress cannot create it, but must take such as is or may be already created. I do not agree to the soundness of this reasoning. Suppose there were no State banks: in that case, as the gentleman admits the necessity of a bank, how can he hold such discordant opinions as to assert that Congress could not, in that case, create one? The agency of a bank is necessary; and, because it is necessary, we may use it, provided others will make a bank for us; but, if they will not, we cannot make one for ourselves, however necessary! This is the proposition.

For myself, I must confess that I am too obtuse to see the distinction between the power of creating a bank for the use of the Government, and the power of taking into its use banks already created. To make and to use, or to make and to hire, must require the same power, in this case, and be either both Constitutional or both equally Unconstitutional; except that every consideration of propriety, and expediency, and convenience, requires that Congress should make a bank which will suit its own purposes, answer its own ends, and be subject to its own control, rather than use other banks, which were not created for any such purpose, are not suited to it, and over which Congress can exercise no supervision.

On one or two other points, Sir, I wish to say a word. The gentleman differs from me as to the degree of pressure on the country. He admits that, in some parts, there is some degree of pressure; in large cities, he supposes there may be distress; but asserts that every where else the pressure is limited; that every where it is greatly exaggerated; and that it will soon be over. This is mere matter of opinion. It is capable of no precise

and absolute proof or disproof. The avenues of knowledge are equally open to all. But I can truly say that I differ from the gentleman on this point most materially and most widely. From the information I have received during the last few weeks, I have every reason to believe that the pressure is very severe, has become very general, and is fast increasing; and I see no chance of its diminution, unless measures of relief shall be adopted by the Government.

But the gentleman has discovered, or thinks he has discovered, motives for the complaints which arise on all sides. It is all but an attempt to bring the Administration into disfavor. This alone is the cause that the removal of the deposits is so strongly censured! Sir, the gentleman is mistaken. He does not at least I think he does not-rightly interpret the signs of the times. The cause of complaint is much deeper and stronger than any mere desire to produce political effect. The gentleman must be aware that, notwithstanding the great vote by which the New York resolutions were carried, and the support given by other proceedings to the removal of the deposits, there are many as ardent friends of the President as are to be found any where, who exceedingly regret and deplore the measure. Sir, on this floor there has been going on, for many weeks, as interesting a debate as has been witnessed for twenty years; and yet I have not heard, among all who have supported the Administration, a single Senator say that he approved the removal of the deposits, or was glad it had taken place, until the gentleman from New York spoke. I saw the gentleman from Georgia approach that point; but he shunned direct contact. He complained much of the Bank; he insisted, too, on the power of removal; but I did not hear him say he thought it a wise act. The gentleman from Virginia [Mr. RIVES], not now in his seat, also defended the power, and has arraigned the Bank; but has he said that he approved the measure of removal? I have not met with twenty individuals, in or out of Congress, who have expressed an approval of it, among the many hundreds whose opinions I have heard-not twenty who have maintained that it was a wise proceeding; but I have heard individuals of ample fortune declare, nevertheless, that, since it was done, they would sacrifice all they possessed rather than not support it, although they wholly disapproved of it. Such is the warmth of party zeal.

Sir, it is a mistake to suppose that the present agitation of the country springs from mere party motives. It is a great mistake. Every body is not a politician. The mind of every man in the country is not occupied with the project of subverting one administration, and setting up another. The gentleman has done great injustice to the people. I know, Sir, that great injustice has

rechartering the existing National Bank, or of chartering a new one in lieu of it; that few of them have any pecuniary interest involved in the fate of that institution; that they have met together, on this occasion, as citizens, having one common end in view, and with no other purpose or desire than to aid in the reestablishment of that credit and confidence, among all classes, so essential to our present safety and our future prosperity.

15. Resolved, That a copy of the foregoing resolutions be transmitted, by the Chairman of this meeting, to each of the Senators and Representatives of this State in Congress, as expressive of the opinions and feeling of a portion of their constituents upon the important matters therein referred to, and earnestly requesting them to use their best exertions to effect the objects which this meeting has in view; and that they also be requested to lay a copy of the same before both branches of our National Legislature.

16. Resolved, That a committee, consisting of Henry Lee, George Bond, Jonas B. Brown, Henry F. Baker, James T. Austin, George Darracott, and Charles Wells, be appointed to take such other measures, in furtherance of the object of this meeting, as they shall deem proper and expedient.

The resolutions having been read by the Secretary of the Senate,—

MR. WEBSTER said, he wished to bear unequivocal and decided testimony to the respectability, intelligence, and 'disinterestedness, of the long list of gentlemen at whose instance this meeting was assembled. The meeting, Sir, was connected with no party purpose whatever. It had an object more sober, more cogent, more interesting to the whole community, than mere party questions. The Senate will perceive, in the tone of these resolutions, no intent to exaggerate or inflame; no disposition to get up excitement or to spread alarm. I hope the restrained and serious manner, the moderation of temper, and the exemplary candor of these resolutions, in connection with the plain truths which they contain, will give them just weight with the Senate. I assure you, Sir, the members composing this meeting were neither capitalists, nor speculators, nor alarmists. They are merchants, traders, mechanics, artisans, and others engaged in the active business of life. They are of the muscular portion of society; and they desire to lay before Congress an evil, which they feel to press sorely on their occupations, their earnings, their labor, and their property; and to express their conscientious conviction of the causes of that evil. If intelligence; if pure intention; if deep and wide-spread connection with business in its various branches; if thorough practical knowledge and experience; if inseparable union between their own prosperity and the prosperity of the whole country,-authorize men to speak, and give them a right to be heard, the sentiments of

this meeting ought to make an impression. For one, Sir, I entirely concur in all their opinions. I adopt their first fourteen resolutions, without alteration or qualification, as setting forth truly the present state of things, stating truly its causes, and pointing to the true remedy.

Mr. President, now that I am speaking, I will use the opportu nity to say a few words, which I intended to say in the course of the morning, on the coming up of the resolution which now lies on the table; but which are as applicable to this occasion as to that.

An opportunity may, perhaps, be hereafter afforded me of discussing the reasons given by the Secretary for the very important measure adopted by him in removing the deposits. But as I know not how near that time may be, I desire, in the mean while, to make my opinions known, without reserve, on the present state of the country. Without intending to discuss any thing at present, I feel it my duty, nevertheless, to let my sentiments and my convictions be understood. In the first place, then, Sir, I agree with those who think that there is a severe pressure in the money market, and very serious embarrassment felt in all branches of the national industry. I think this is not local, but general-general, at least, over every part of the country where the cause has yet begun to operate, and sure to become not only general, but universal, as the operation of the cause shall spread. If evidence be wanted, in addition to all that is told us by those who know, the high rate of interest,—now at twelve per cent. or higher, where it was hardly six last September, the depression of all stocks, some ten, some twenty, some thirty per cent., and the low prices of commodities, are proofs abundantly sufficient to show the existence of the pressure. But, Sir, labor, that most extensive of all interests,-American manual labor,-feels, or will feel, the shock more sensibly, far more sensibly, than capital, or property of any kind. Public works have stopped, or must stop; great private undertakings, employing many hands, have ceased, and others must cease. A great lowering of the rates of wages, as well as a depreciation of property, is the inevitable consequence of causes now in full operation. Serious embarrassments in all branches of business do certainly exist.

I am of opinion, therefore, that there is, undoubtedly, a very severe pressure on the community, which Congress ought to relieve, if it can; and that this pressure is not an instance of the ordinary reaction, or the ebbing and flowing of commercial affairs, but is an extraordinary case, produced by an extraordinary cause. In the next place, Sir, I agree entirely with the 11th Boston resolution, as to the causes of this embarrassment. We were in a state of high prosperity, commercial and agricultural. Every branch of business was pushed far, and the credit as well as the capital of the country employed to near its utmost limits. In this state of

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things, some degree of overtrading doubtless took place, which, however, if nothing else had occurred, would have been seasonably corrected by the ordinary and necessary operation of things. But on this palmy state of things the late measure of the Secretary fell, and has acted on it with powerful and lamentable effect.

And I think, Sir, that such a cause is entirely adequate to produce the effect, that it is wholly natural, and that it ought to have been foreseen that it would produce exactly such consequences. Those must have looked at the surface of things only, as it seems to me, who thought otherwise, and who expected that such an operation could be gone through with without producing a very serious shock.

The Treasury, in a very short time, has withdrawn from the Bank 8,000,000 dollars, within a fraction. This call, of course, the Bank has been obliged to provide for, and could not provide for without more or less inconvenience to the public. The mere withdrawing of so large a sum from hands actually holding and using it, and the transferring of it, through the Bank collecting, and through another bank loaning it, if it can loan it, into other hands, is itself an operation which, if conducted suddenly, must produce considerable inconvenience. And this is all that the Secretary seems to have anticipated. But this is not the one hundredth part of the whole evil. The great evil arises from the new attitude in which the Government places itself towards the Bank. Every thing is now in a false position. The Government, the Bank of the United States, the State banks, are all out of place. They are deranged and separated, and jostling against each other. Instead of amity, reliance, and mutual succor, relations of jealousy, of distrust, of hostility even, are springing up between these parties. All act on the defensive: each looks out for itself; and the public interest is crushed between the upper and the nether millstone. All this should have been foreseen. It is idle to say that these evils might have been prevented by the Bank, if it had exerted itself to prevent them. That is a mere matter of opinion: it may be true, or it may not; but it was the business of those who proposed the removal of the deposits to ask themselves how it was probable the Bank would act, when they should attack it, assail its credit, and allege the violation by it of its charter; and thus compel it to take an attitude, at least, of stern defence. The community have certainly a right to hold those answerable who have unnecessarily got into this quarrel with the Bank, and thereby occasioned the evil, let the conduct of the Bank, in the course of the controversy, be what it may.

In my opinion, Sir, the great source of the evil is the shock which the measure has given to confidence in the commercial world. The credit of the whole system of the currency of the country