SENATE.] Memorials from Pennsylvania and New York. [MAY 21, 1834. of the deposites was to cut off all their money resources, States was rated at $10 by law, and was frequently sold and to disable them to purchase public lands. This was for $10 75, for exportation. The doubloon was valued the assertion and prediction. What has been the fact? at $14 72 by our laws, and usually sold in market for $16 Why, that twice as much public land has been bought, and upwards, sometimes as high as $17. The half joe and paid for, in the first quarter of 1854, as was bought was valued at $8 21, and was worth in market from $8 and paid for in the first quarter of 1833-twice as much, 45 to $8 70. The British guinea was rated at $4 76, and and a fraction over! Such was the fact! What was the would sell for from $4 90 to $5 10. The British sovereign inference? Why, that the new States of the West, being was rated at $4 57, and sold for from $4 72 to $4 90. too far off to be affected by the false alarms got up here, These were a few of the instances in which our laws unin this Senate, and in the bank at Philadelphia, have gone dervalued gold, and drove it from the country. In reon with an accelerated progress to their high and pros-gard to British gold, there was a peculiar solecism in our perous destiny. Another leading fact to which Mr. B. law, which he wished to point out; it was this: by the adverted, to sustain his position, was the great influx of tariff law of 1832, and for the purpose of helping domesspecie, of which he had previously spoken, and merely tic manufactures, the pound sterling of Great Britain was hinted at again, to preserve that striking feature in the fixed at $4 80 of our money, so that twenty shillings general picture of prosperity which the country exhibited, worth of British manufactures would be rated here at in spite of all that was said, or sung, to the contrary. $4 80, and would pay duties at that rate; but twenty And now, Mr. B. said, there was one other circumstance shillings worth of British gold, the sovereign for example, in reserve, which would come forth in due time, and was only valued at $4 57. Thus the two laws fixed difprove that all the distress which had really occurred in ferent values for the pound sterling, and gold was held the country was the work of the Senate itself; it was to be worth 23 cents less in the pound than cotton and this: that, as that distress commenced with the meeting woollen goods! Mr. B. said that gold in the United of Congress, so it would entirely vanish upon the rise of States was undervalued about six per centum; its natural Congress! This was his prediction, and a few months and proper relation to silver was that of 16 to 1, while would doubtless fulfil it. In fact, he said, it was hard our laws fixed it at 15 to 1. The consequence was that work, and a heavy, up-hill business, to keep up the alarm all gold was driven from the country, and workers of the The cry was becoming thin and faint. Those pro- gold mines in the United States lost six per cent. upon longed memorials, which echo the alarm speeches, are their labor. They were now computed to produce two beginning to share the fate of all sublunary things, and to millions of gold per annum; the loss on that amount was drop in slower and slower, announcing and indicating $120,000, itself a handsome profit to be saved to the the near approach and final catastrophe of their mortal miners, but which they must continue to lose until the career. The morning speeches too, so replete with edi- great measure of the present administration, that of raisfying geographical details, and so pathetic over woes ing gold to its true value, should be carried into effect. which were never felt; even these diurnal speeches, which had been served up as a morning dish for four or five months, were evidently dying out; they were becoming short and scarce, and would probably soon cease to instruct the Senate, or to alarm the country. now. Until that was done, no friend to the administration should agree to adjourn. When that is done, gold will again become a common and ordinary currency. It will supersede small bank notes in all quarters, and give the people a currency really sound, really uniform, easily carMr. B. concluded his remarks about these morning ried about, the true regulator of all banks, and the real speeches on distress memorials, by quoting what an an- master of all bank notes. As for the United States Bank cient philosopher was accustomed to say of the sooth- notes, which were now so much praised because they sayers, and who wondered that any two of them could passed every where, that was owing to the law which look in each other's face without laughing. So with made them receivable in payment of all public dues. the orators on these memorials; they must surely laugh when they meet in the evening, and look at each other with a consciousness of what they had been doing during the day. The same law would make the continental bills of the Reyolution pass, as well as the notes of the Bank of the United States. The same law would make the notes of any State bank as good as those of the boasted Bank of Mr. B. touched upon the subject of the gold currency, the United States; but he (Mr. B.) would never vote for and complained that the opponents of the administration such a law, because it was changing the money character could not be brought to the discussion, or even to the of the Government-changing it from a hard-money Govmention of gold. The bank men seem to have an in-ernment to a paper Government-and that was a thing stinctive aversion to that metal. They had been loud that he would never do. and incessant in calling upon the administration for their Mr. B. concluded with saying that he had come to the plan, and when they have received it, immediately shut Senate to-day without the expectation of speaking a word. their eyes upon it. The Secretary of the Treasury had For two or three days past, the Senate had begun to do given in the plan of the administration. The restoration business, and he had hoped they were going on in that of the gold currency formed the leading feature in that laudable course. He had flattered himself that they were plan. Was it fair to affect an ignorance of that plan when done with lugubrious orations over distress memorials; it was officially communicated, and now constituted a but these sorrowful services had re-commenced to-day, part of our records? The restoration of the gold cur- and had consumed the day. It was not until he saw that rency Mr. B. considered to be an easy operation, and a the day was ruined that he rose to speak; and now, he measure of the greatest importance to the country. believed, the Senate had about as well adjourn. He did Gold, as every body now knew, had been undervalued not mean adjourn for the session, but for the night; for and driven out of circulation by the paper-system party, he would never give a vote to leave this place until the because gold was the master of paper, and would super- great measure of the gold currency, and of the circulasede all the small notes in circulation. For this reason, tion of foreign coins, should be passed upon by a direct and to aid the circulation of United States Bank notes, vote of yeas and nays. gold was undervalued, and expelled from the country. Mr. FORSYTH understood that the Senator from MasTo show this undervaluation, and the absurdity of our sachusetts [Mr. WEBSTER] still indulged a hope to revive laws, he read statements from the director of the United the bank. If the honorable Senator wished to relieve States mint, showing the rate at which gold coins were the public distress, he would advise him to try to do so valued by our laws, and what they were actually worth by some other mode, and the sooner he bent his mind to in market. By these statements, the eagle of the United it the better. But the more important subject was, the *1801 MAY 21, 1834.] OF DEBATES IN CONGRESS. Memorials from Pennsylvania and New York. [SENATE. As to Virginia, he was satis- power of the President of the United States in making be submitted to the Senate within a month after the com- One word as to public sentiment in Virginia. How was To say that they were deluded, was only to say that they the fact? Was public opinion against a re-charter, and belonged to the human family. As to the Legislature of against a new institution? The honorable Senator from Virginia, they might be deluded by false reasoning; and Virginia had said, the people of Virginia responded to none were so liable to error as those who deluded themthe decision of the Legislature. Still the question re-selves. The Legislature had been self-deluded. They mained, Could a resolution pass in one branch of the Le- had been talked to about liberty-liberty-that word which gislature of Virginia, and not in the other? Yes. Mr. LEIGH. Mr. LEIGH. Yes!-sir? I think so, sir. Mr. FORSYTH. I think not. And Mr. F. hoped, for the honor of his native State, that the response of the House of Representatives would be so sent. inflamed the mind of every Virginian. They had listened to the denunciations against the President, and had joined in them, believing it was necessary so to do in order to preserve the institutions of their country. The honorable Senator from Virginia had said, that no Virginian He (Mr. F.) was sorry for it, for it was the duty of every would venture to tell his State that she had been deluded. Mr. LEIGH called on the honorable Senator from native of her soil to point out any error which she might Georgia, [Mr. FoRSYTH,] to say if he could remember commit, whether of fact or principle; and the honorable that, in any single instance, the issue of general politics Senator would not do his State justice if he failed in this had turned on an election. There was one remark in respect. He (Mr. F.) felt so much for Virginia-he was which he concurred with the honorable gentleman, with so anxious that her course should be just and properregard to all those persons who were so busily employed that he should always speak of her errors with regret, Mr. LEIGH said he now understood the honorable in fixing the character of the Legislature of Virginia, that but at the same time with all necessary freedom. all their calculations were absurd, and grew out of utter ignorance. Both branches would act with the most per- Senator from Georgia as imputing only human frailty to fect indifference as to the opinion of others. For his own the people of Virginia, and self-delusion to her Legislapart, he had no fear that the State of Virginia would ever ture. He (Mr. L.) begged to say, that all the delusion be found lending its aid to increase the power of the which had been attempted to be practised upon them, had President of the United States, or to establish a monarchy. been attempted by that press which advocated the course The Legislature of Virginia would not be deluded, and he repelled the insinuation that it had been deluded. By whom had it been deluded? Did the gentleman mean to 'say that the opinion of the Legislature was a delusion? or, that the opinion of the Legislature, so far as it differed He [Mr. FORSYTH] was, from his own, was a delusion? indeed, a native of Virginia, but he must have left it in his infancy, if he believed that they were in delusion, because they did not change their principles. of the present administration. The State of Virginia had He (Mr. been deluged with papers from that quarter. Whether, however, the people of Virginia had been deluded, or the Senator from Georgia, remained to be seen. L.) presumed it was not possible for that honorable Senator to be deluded. It seemed that to avoid self-delusion it was only necessary to leave the State of Virginia when Georgia had all the feeling of a Virginian, but none of the one was six months old. The honorable Senator from Mr. WEBSTER said the honorable Senator from self-delusion which attached to that State, because he had old. He (Mr. L.) meant no disrespect to the honorable Georgia had brought forward two precedents for the been carried away from Virginia when he was six months President's conduct with regard to appointments: one, was a long list of military appointments, (which always Senator from Georgia, but he must tell that gentleman came in clusters, because they were appointments of that the sort of delusion of which he had spoken, was not course,) and the other, was the case of a foreign minister. confined within geographical limits; and that the people Now, were either of these cases analagous to the nomina- of Virginia would never consider the circumstance of the tions which had been made by the President? Certainly migration of the honorable Senator as conclusive evidence not. Mr. W. then went on to prove that there was no that he was always right, and they were always laboring analogy between the precedents which had been cited by under a delusion. The honorable Senator might follow the Senator from Georgia, and these nominations, on the his own opinions; he (Mr. L.) should respect him the more for so doing; but he begged him, when he next had part of the President, to which he (Mr. W.) objected. Mr. FORSYTH did not bring forward these precedents occasion to speak of the opinions of the people of Virginas analogous to the late appointments by the President; ia, not to ascribe to them delusion, but to believe that but, merely as an answer to the assertion made by the they were as capable of correctly exercising their judgSenator from Massachusetts, that there was no instance ment, and that they acted as strictly in accordance with on record of any nomination having been neglected to their consciences, as he (the honorable Senator) did. SENATE.] Memorials from Pennsylvania and New York.-Montgomery County (Pa.) Memorial. [MAY 22, 1834. Mr. CLAY said he desired to say a few words in rela- deprived of their usual employment, and the inevitable tion to the nominations of the President, but, as the day consequences need not be stated. Mr. President, of all was now far advanced, he would take another occasion of the parent sources of immorality, vice, and crime, there doing so. He begged, however, now to state, that he is not one which bears any comparison to that of idleness. viewed the conduct of the Executive as wholly without And if there be one female lost to herself and her sexprecedent. one youth lost to his parents and his country, in conse Mr. FORSYTH, in reply to the Senator from Virginia, quence of idleness, the result of the impolitic and ill-adsaid, that if delusion had been attempted to be practised vised measures of one man, it is sufficient to dim the lusby those papers which advocated the course of the admin- tre of the most brilliant victory ever won by the most istration, the same had been done by the journals of the successful military commander. Montgomery is the resiopposite party. Mr. F. disclaimed all pretensions to su-dence of that most excellent and estimable man, Jonathan perior powers of reasoning in consequence of his having Roberts. He (Mr. C.) had the satisfaction to serve in left the State of Virginia early in life. He said he looked the other House with Jonathan Roberts and Abner Lamore to the conduct of Virginia, because he loved her cock, side by side, and to co-operate with them during better than any other State. It was true of himself, Mr. the last war. They were both afterwards members of F. said, as of the honorable gentleman, that he al- the Senate; and, although Pennsylvania has been generways considered that correct which he believed in his ally represented, in both Houses, by able and intelliconscience to be correct. He knew no other standard. gent men, she has never been served by any more worthy, They both believed that others were wrong, and their more patriotic, more devoted to the best interests of their own standards were just. Whenever he spoke of Virgin- country. ia, he should appeal to this standard. Virginia was not in fault. Mr. F. knew not how to speak of her in any other terms; he rejoiced in her good principles; he was glad of her triumph, but he would deprecate her errors. Would she deny him this privilege? Mr. President, it is impossible to disown that one has occasionally melancholy forebodings as to the present condition and future fate of our country. It is undoubtedly destined to deep, pervading, and long-continued distress. There will be unspeakable individual suffer Mr. LEIGH said, she never would deny it, and he ing. But, sir, the country is getting awake, wide awake hoped she would avail herself of the earliest opportunity to exercise it herself. She already rejoiced in her triumph--for, triumph she would, in this contest against arbitrary power. Mr. FORSYTH hoped so, if she was right. The memorial was then referred and ordered to be whose alarming symptoms first displayed themselves in printed, and the Senate adjourned. THURSDAY, MAY 22. to all impending danger. The people are taking their own affairs into their own hands; Pennsylvania is coming, the Campbells are coming, and, as Charles Maurice Talleyrand said of the Russian war, the present period is "the beginning of the end" of that dreadful disease 1827, which broke out on the 4th of March, 1829, and ever since has been raging with pestilential violence. The memorial of the good people of Montgomery is brief, but well drawn; and he moved that it be read, printed, with the names attached to it, and referred to the Committee on Finance. The motion was agreed to. On motion of Mr. WHITE, the Senate proceeded to the consideration of Executive business. MONTGOMERY COUNTY (PA.) MEMORIAL. Mr. CLAY said that a respectable committee from Montgomery county, in Pennsylvania, had placed in his hands a memorial to present to the Senate, on the existing state of the country. He had the pleasure of knowing for some time and corresponding with one member When the doors were re-opened, it was ordered that, of the committee; another was a plain, blunt, honest, and when the Senate adjourn, it adjourn to meet on Monday. sensible Pennsylvanian, who had personally assured him On motion of Mr. KANE, the special order, being the (Mr. C.) that he had been a warm supporter of the pres-report of the Committee on the Judiciary on the pension ent Chief Magistrate, but had become sensible of his books, &c. was postponed, and made the special order error, and was most anxious to repair the mischief which for Monday. After disposing of sundry resolutions lying on the table, and acting as in committee of the whole, and ordering to a third reading some private bills, he had contributed with others to bring upon the coun- On motion of Mr. BIBB, the resolutions submitted by try; and the other member of the committee who had him, on the subject of an amendment of the constitution, called on him he had every reason to believe was an in- were postponed, and made the special order for Monday. telligent and honest man. The memorial is subscribed Several bills were now taken up, read a third time, by some fifteen or sixteen hundred names, about a fifth and passed. of whom were, until recently, friendly to this administration. Montgomery county is situated near Philadelphia, abounds in that most valuable material, limestone, (and he had never known a limestone district of country that Mr. SHEPLEY moved to postpone the orders of the was not fertile and valuable,) and in marble of superior day for the purpose of taking up the bill to repair the qualities. Its industry is chiefly employed in agricul- military road at Mar's Hill, in the State of Maine. ture and manufactures. Until the effects were develop- Mr. CLAY asked whether it was not possible that this ed of the late rash act of the Executive, so madly perse- road would be eventually ceded to Great Britain? He vered in, the products of the labor and of the quarries of had another objection, also: Here was a road, said to have the county of Montgomery found a ready market and re- been made for military purposes, according to the dogmunerating prices. But the demand for them has since mas of the President, a national road, and it was now probecome greatly diminished, and prices much reduced. posed to give it, after it had been put in repair, to the Laborers are thrown out of employment, and compelled State of Maine. He (Mr. C.) would like to know what not unfrequently to appeal to the charity of the farmers sort of a road this really was; whether it was a military of Montgomery county for a precarious subsistence. road, a military-national road, or a military-national State Manyunk was a flourishing manufacturing village, which, of Maine road? though in another county, is near to Montgomery. But Mr. BENTON made a few explanatory remarks, and Manyunk has unfortunately felt most disastrously the pre-offered the following amendment to the bill: vailing blight. Its active and busy scenes are sadly "That the use of the said road shall remain forever changed. Idleness and want have succeeded to industry free to the troops, munitions of war, &c. of the United and comfort. Women and men, boys and girls, have been States, without the payment of any toll whatever." 1805 MAY 26, 1834.] OF DEBATES IN CONGRESS. Coins.-Indiana Memorials. [SENATE. These memorials are numerously signed, Mr. SOUTHARD thought something more than this other House. He wished to know also and it is my duty to state that which has so often been amendment was necessary. whether any active legislation, on the part of the State stated in presenting such-like papers, that they are signed. of Maine, had taken place upon this subject; had they indiscriminately by men of all political parties, and of declared that they would receive the road when repaired. every pursuit and occupation of life. It is a county in Mr. BIBB moved to amend the amendment of Mr. BEN- which the friends of the present Chief Magistrate were, TON, by inserting a provision that the mail shall also be and I presume still are numerous, and their party strong, and this paper is not to be viewed as a party production, carried free. but, as the expression of an honest, intelligent people, truly representing the condition of the county, the causes which have produced it, and the remedy, in their opinion, proper to be adopted. The amendment to the amendment was agreed to; and the amendment as amended was then agreed to. Mr. POINDEXTER made a few remarks in objection to the bill, and, On motion of Mr. SOUTHARD, who wished more time to deliberate on the question, The Senate adjourned to Monday. MONDAY, MAY 26. consideration of the Committee on Finance. existing were two: 1. There was no law requiring the silver coins of some countries to be a legal tender, as they had heretofore been, which circumstance diminished the quantity of specie in the country, capable of being so used, very 2. The want of a just provision established by law, between silver and gold. much. This county is situated on the Ohio river, above the falls, is a county of the second class in size and population, but, in the peaceful industry, the virtue and intelligence of its population, it is inferior to none; and, in these respects, would not lose by comparison with any people who have It is a mixed population, preferred their petitions here. from almost every quarter of the world, chiefly, however, grouped together from every quarter of the Union, and from Kentucky, Ohio, Pennsylvania, New York, and New This people emigrated from England. And it also contains the Swiss settlement from which it takes its name. Mr. WRIGHT presented a memorial signed by the of ficers of eighteen local banks in the city of New York, urging on Congress some legislation in regard to the gold and silver coin of the United States, in reference to foreign silver coin. Mr. WEBSTER considered the subject to which this the cantons of Switzerland during the troubles of the memorial had drawn the attention of the Senate, as one of French revolution, and subsequent to that period, and The evils cessfully introduced the culture of the vine. They obvery urgent importance, and which had not escaped the ultimately settled on the Ohio river, where they have suctained a grant of land, of which I took occasion to speak the other day, when the Polish land bill was before the gress, by which an extended credit was given them, at Senate, on which they first settled, by special act of Conthe minimum price, then two dollars per acre. They names of their own selection, from their own country in called their town Vevay, and their county Switzerland, Mr. W. thought proper to say that the Committee on Europe. They are peaceful, industrious, intelligent, and Finance had not forgotten the subject; but they had wait-Patriotic-warmly attached to their adopted country, as This county, sir, occupies a long reach on the Ohio ed for the passage of a bill in the other House, which had they are to that of their nativity. been introduced under the auspices of a member from river, and its agricultural productions are wheat, corn, If that bill and hay, as well as almost every other article in demand the city from which the memorial came. New Orleans is the great should not arrive in due time, a bill would be originated port trade carried every year. by the Committee on Finance; and Mr. W. hoped the at the New Orleans market, to which there is a heavy exhonorable member presenting this memorial, would use State, and they are instantly and deeply affected by its condition. It is true, that, before long, a great diversion all diligence to forward the measure there and here. market, and almost the only market of the people of that There was little difference of opinion on this subject. Mr. WRIGHT was aware of the fact mentioned by the of their export trade must take place by the Wabash and Senator; and as these memorialists, whom he thought Erie canal and the navigation of the lakes; but, at prescompetent judges, had made distinct propositions, in reference both to gold and silver coin, and had done so be-ent, the Mississippi trade and the market at New Orleans The people of Switzerland county have as little cause they were apprehensive of delay in the action of are the only hopes of the growers and exporters of prodCongress, Mr. W. expressed the hope that the petition direct interest in the Bank of the United States as almost would receive the early attention of the committee. Mr. WEBSTER would only add, for the satisfaction of the gentleman and others, that, unless progress was made by the other House, Mr. W. would move for a bill on the subject, on this day week. INDIANA MEMORIALS. uce. any people of the Union. They seek not accommodations in this or any other bank. They are the exporters concern is very much the proceeds of their own industry. as well as the growers of their produce, and the whole But in the prosperity of the Bank of the United States they have a deep interest-for, having no State banks as yet in operation, the paper of the Bank of the United States has largely shared in the circulating medium of alThe present state of things has withdrawn rapidly most the whole State, and especially was it so on the Ohio of that bank, and its place is but partially suppaper river. Mr. H., in presenting this memorial, said: It has, Mr. plied with the paper of other banks, chiefly those of CinThe diminution President, become my duty to present to the Senate a me- cinnati and Louisville-banks of recent origin, and in morial on the subject of the bank, the deposites, and the which the people have not the same confidence that they currency. I have received, and am requested to present have in the Bank of the United States. Mr. HENDRICKS presented five memorials from Indiana, all remonstrating against the measures of the Executive in regard to the Bank of the United States, and praying for the restoration of the public deposites to that institution, with the re-charter of the bank. the a memorial, or rather five memorials, of the people of Swit-of currency, the distrust of that in existence, the general zerland county, and State of Indiana-all, however, of the want of confidence, and the instability of the whole matsame import and tenor, having been circulated in differ-ter, has, as they say, and as other sources of information ent parts of that county: and, sir, I am advised by a cor-assure me, produced deep and almost universal pecuniary They tell you that the past experience has fully derespondent from whom I have received these, that there embarrassment in the country. are nineteen others in circulation, which may soon be expected for the purpose of being presented to this or the monstrated the convenience and necessity of a circulating SENATE.] Indiana Memorials. [MAY 26, 1834. medium, composed of bank notes, redeemable in specie, as soon as the Chesapeake and Ohio canal, or the Baltito supply the want of a sufficient metallic currency. more and Ohio railroad, shall be completed. Nor need They do not believe that a sufficient quantity of gold and it be considered absolutely necessary, that the location of silver exists to form a circulating medium; and they be- such bank be in the largest commercial city. I would not lieve that a sudden change, or attempt at change, from a charter so large a capital as $35,000,000. Half that sum, paper system to a metallic currency, would prostrate not aided by the deposites of the public money, and by the only commerce, but agriculture; prostrate the value of control which the disbursement of the public expenditure all property; produce entire derangement of our affairs, would give such institution, would enable it to regulate and bring wide-spread ruin upon the country. They tell the currency of the country, and its exchanges, and check you that, after full experiment, it clearly appears that excessive issues of local banks. I would not exceed twenty local banking institutions have not been able to furnish a millions in the capital. The bonus, which all agree might national currency in any way adequate to the wants of be much larger than that of the present bank, I would the community; and that a national bank, with branches distribute among the States in some fair proportion. I in the different States, is alone competent to the task of would permit such bank to locate branches in the States regulating and producing such currency; of keeping it in only by permission of the Legislatures of the States, and a sound and healthy condition; and of equalizing the ex- would, on account of the distribution of the bonus, prochange between different and distant parts of the Union. hibit the States from taxation; nor would I deprive ConThe convenience and necessity of a paper circulating me-gress of the power of amending the charter of such bank, dium, said Mr. II., but few will deny. It is convenient or of chartering another bank, should the public interest on account of transportation and exchange; and it is ne- so require. Such bank, although it could not go into cessary, because the precious metals are not to be found. operation till the expiration of the present bank charter, However much we may wish the condition of the coun- would give prospective stability to the currency. try to be other than what it is, we must all admit that would at once inspire confidence, and that is all that is gold and silver, to supply the paper system, is not in the wanting. country; and that to force, or to attempt to force, a vio- Whatever may have produced the pecuniary embarlent and sudden change from the one system to the other, rassment of the country, so strongly represented by the memust convulse the country. It is much to be desired that morialists, I cannot (said Mr. H.) for one moment doubt a greater quantity of the precious metals were to be found that such embarrassments exist. My letters, from almost in circulation than at present exists; and in providing a every portion of the State, assure me of that fact, and I remedy for the fiscal derangement of the country, this very much fear that this distress is not at its height in the ought to be provided for. But this must be done by country west of the mountains. We are, in the hands of slow and cautious process. A state of things must be the New Orleans market, as the clay is in the hands of the created which will invite specie into the country, rather potter. Accounts from that quarter are discouraging at than send it away. We cannot legislate into the circula-present, and bode worse for the future. Bankruptcies ting medium a greater quantity of the precious metals than is to be found. It has been stated that the chartered capital of the banks, about four hundred and fifty in number, amounts to $145,000,000, and that the paper in circulation is, to the specie in their vaults, more than six to one. How, then, is this circulation to be supplied, and what utter destruction would a sudden change, were it practicable, bring upon the country. It unparalleled in number and extent, are spoken of in New Orleans, and the means of receiving and paying for our produce is believed not to be in existence there. The distress of that portion of the country, and of the whole country, I fully believe; and stand ready to co-operate in any measure which affords prospects of relief. I know it has been said that the distress complained of is occasioned more by excitements, which the removal of the deposites has been seized upon to produce, than by the remoThe people of Switzerland are of opinion, that a na-val itself. To some extent, I admit this to be true. For tional bank is indispensable to the prosperity of the com- instance, if this long session of Congress had not taken munity. In this opinion I fully concur; I believe that a place immediately after the removal, it is probable that national bank, or a national currency of some kind, is in- neither the excitement nor the pressure would have been dispensable, and that all our experience tests this position. so great; but it cannot be denied that the measure of reThis, as a currency regulator, in my opinion, we must moval was the original cause, without which the excitehave. The State banks are wholly insufficient for that ment and distress which pervades the country would not purpose. I am no advocate for the present bank, and have occurred. think it has no paramount claim upon the Government for No one, sir, more deeply regrets than myself the remoa re-charter. But I am prepared to vote for a bank char-val of the deposites. It was a most unfortunate measure ter, with proper modifications. My reason for this course for the country. And while I have never doubted the is well expressed by the petitioners-that it is indispensa- power to remove, nor the correctness of the motive which ble to the prosperity of the community. And, sir, not induced the measure, I have always regretted it, as delehaving heretofore mingled in the five months' debate on terious and injudicious. I have said by my vote, that in this subject, I will take this occasion to state briefly the my opinion the reasons of the Secretary are unsatisfactokind of bank which I would prefer. I would prefer a ry and insufficient; but I have carefully avoided any vote, United States Bank, located in the District of Columbia, or any act, having a tendency to increase excitement, in the city of Washington. This would do away all con-which, in my opinion, was but increasing the distress stitutional difficulties; for all admit the power of Congress complained of. I voted against the resolution which has to charter such institution here. Objections to this place been the occasion of the present controversy between the for the location, I do not think insurmountable. Settling President and the Senate, and I have voted, and will conthe constitutional question is a desideratum so great, that tinue to vote, against every measure having a tendency it will overbalance all objections. to prolong or imbitter that controversy. My object, in Such an institution here need not have any greater con- this, is the tranquillity of the country, which, at this time, nexion with the Government than if located in Philadel- is too much disturbed. My object is the prosperity of phia; and locate it where you may, it ought to have very the country, which cannot be fully restored until the exlittle connexion with the Government. This place, it may citement be allayed. That the liberties of the country be said, is not sufficiently commercial to justify the loca- are in danger, I do not believe. This is an excitement tion of so much capital here. But this place may become, greatly to be lamented; but, like all others which have and will become, a place of much commercial importance preceded it in our history, it is destined to pass away, |