SENATE.]

Bank of the United States.

[MAY 26, 1832

precedes the tariff question, and must be settled before some, may decide it--which is pressed on for decisio we know how much revenue should be raised from im- four years before it is necessary to decide it, and six years ports? before it ought to be decided. Why this sudden pres An unfinished investigation presented another reason sure? Is it to throw the bank bill into the hands of th for delaying the final action of Congress on this subject. President, to solve, by a practical reference, the dispute The House of Representatives had appointed a commit- problem of the Executive veto, and to place the Pres tee to investigate the affairs of the bank; they had pro- dent under a cross fire from the opposite banks of the P ceeded to the limit of the time allotted them; had report- tomac river? He [Mr. B.] knew nothing about that veto ed adversely to the bank, and especially against the re- but he knew something of human nature, and something newing of the charter at this session; and had urged the of the rights of the people under our representative form necessity of further examinations. Would the Senate of Government; and he would be free to say that a vet proceed while this unfinished investigation was depend- which would stop the encroachment of a minority of Con ing in the House? Would they act so as to limit the in-gress upon the rights of its successors--which would ar vestigation to the few weeks which were allowed the rest a frightful act of legislative usurpation--which woul committee, when we have from four to six years on hand retrieve for the people the right of deliberation, and o in which to make it? The reports of this committee, to action--which would arrest the overwhelming progres the amount of some 15,000 copies, had been ordered by of a gigantic moneyed institution--which would preve the two Houses of Congress, to be distributed among the Ohio from being deprived of five votes, Indiana from losing people. For what purpose? Certainly that the people four, Tennessee four, Illinois two, Alabama two, Ken may read them, make up their minds upon their contents, tucky, Mississippi and Missouri one each—which would and communicate their sentiments to their representa- save six votes to New York and two to Pennsylvania: tives. But these reports are not yet distributed; they are veto, in short, which would protect the rights of two mil not yet read by the people; and why order this distribu-lions of people, now unrepresented in Congress, would be tion without waiting for its effects, when there is so much an act of constitutional justice to the people, which ought time on hand? Why treat the people with this mockery to raise the President, and certainly would raise him, to s of a pretended consultation, while proceeding to act be fore they can read what we have ordered to be sent to them? Nay, more, the very documents upon which the reports are founded are yet unprinted! The Senate is actually pushed into this discussion, without having seen the evidence which was collected by the investigating committee, and which the Senate itself has ordered to be printed for the use of its members!

higher degree of favor in the estimation of every republ can citizen of the community than he now enjoyed. By passing on the charter now, Congress would lose all check and control over the institution for the four years it had yet to run. The pendency of the question was a rod over its head for these four years; to decide the ques tion now, is to free it from all restraint, and turn it loose to play what part it pleased in all our affairs--elections, State, federal, and Presidential--that it pleased.

The decision of this question, continued Mr. B., does not belong to this Congress, but to the Congress which Mr. B. turned to the example of England, and begged will be elected under the new census of 1830. It looked the republican Senate of the United States to take a h to him like usurpation for this Congress to seize upon a son from the monarchial Parliament of Great Britain question of this magnitude, which need not be decided We copied their evil ways; why not their good ones until the new and full representation of the people comes We copied our bank charter from theirs; why not imitate in, and, if decided, the decision of which is irrevocable, their improved example on the question of renewing the though it cannot take effect until 1836, that is to say, un-charter? Formerly it was the custom to renew the char til three years after the new and full representation would ter half a dozen years before it was out; but in 1826 this be in power. What Congress is this? It is the appor- practice was denounced by the whig members, and has tionment of 1820, formed on a population of ten millions been totally discontinued. The charter of the Bank of of people. It is just going out of existence. A new England expires in 1833--it is now within nine months of Congress, apportioned upon a representation of thirteen its expiration, and is not yet renewed, and will not be remillions, is already provided for by law, and after the 4th newed without leaving open the question for the fullest of March next-within nine months from this day--will inquiry and latest deliberation. The question has been be in power, and entitled to their seats where we now sit. annually debated in Parliament for five or six years; the That Congress will contain thirty members more than the freest range is allowed to the discussion; the danger of present. Millions of people are now unrepresented, who such an institution, even in a monarchy, is loudly prowill be then represented. The West alone loses twenty claimed; and all parties agree--tories as well as whigs-votes!--in the West alone, a million of people lose their in leaving open the question for ultimate decision to the voice in the decision of this question! And why? What last moment. In the House of Commons, in January, 1831, .excuse? What necessity? What plea for this sudden Sir Henry Parnell expressed his hope that the House haste which interrupts an unfinished investigation, sets would be called upon to institute a strict examination into aside the immediate business of the people, and usurps all the circumstances connected with the banking system the rights of our successors? No plea in the world, ex- in England before the question of the recharter was de cept that a gigantic moneyed institution refuses to wait, cided; and the Chancellor of the Exchequer, Lord Aland must have her imperial wishes immediately gratified thorp, fully concurred in his sentiments, and pledged If charters were to be granted, it should be with as little himself that his Majesty's ministers were in favor of ininvasion of the rights of posterity--with as little encroach-quiry, and would make no private arrangement with the inent upon the privileges of our successors, as possible. bank to forestall the free action of Parliament. Here, Once in ten years, and that at the commencement of each then, is a British ministry and a British Parliament keepfull representation under a new census, would be the most ing open the question of renewing the English charter to proper time.

Mr. B. had nothing to do with motives. He neither preferred accusations, nor pronounced absolutions; but it was impossible to shut his eyes upon facts, and to close up his reason against the deduction of inevitable inferences. The Presidential election was at hand--it would come on in four months--and here was a question which, in the opinion of all, must affect that election-in the opinion of

the last month, and all concurring in favor of strict ex amination and full inquiry, while we must be hurried into decision four years too soon, and without finishing the ex amination we have begun, or seeing the papers which we have ordered to be printed! An immense proportion of the stockholders in the present miscalled Bank of the United States are Englishmen. These Englishmen have to wait for the expiration of their charter in England, and

MAY 26, 1832.]

Bank of the United States.

[SENATE.

have to submit there to the strictest examination into their their natural capacities. They laid aside their artificial banking operations; but here they will not wait, and will not submit!

creations and legal appellations; and, instead of electing directors and cashiers, they elected trustees and clerks; The impropriety of proceeding to decision at the pre- and these trustees and clerks, who, by the bye, were the sent time was too obvious and egregious to be overlooked same old officers of the bank, went on to settle up its afby the advocates of the bank. They have found it ne- fairs as a private concern. They executed their trust cessary to anticipate the objection, and to offer reasons to quietly and leisurely; they were many years about it; and rebut it. What are those reasons? Why, first, that conducted things so gently, and finished off so gradually, the President has brought this question to the notice of that no man can tell, without a reference to history, when Congress. Certainly he has, and that not once, but three they finished. Surely this bank, if not renewed, can times, and always for the same purpose--for the purpose wind up in the same way; and if it will not, the sooner of exciting inquiry and discussion--to carry the question the unfortunate debtors can get out of its clutches, the to the people, as well as to Congress; and in his last mes- better for themselves. If they have a disposition to press sage he declares expressly that he leaves the question, for their debtors, and distress the community, they can do it the present, to the enlightened consideration of Congress without the pretext of an unrenewed charter. and the people! Here is an invitation to consider before But it is said the debts to this bank are so great! Thirty we decide; an invitation for the people to consider as well as millions of dollars due from the West; half as much from Congress; and it is a total perversion of his recommenda- the South; nearly seventy millions in all! It is indeed a tion for Congress to decide, without considering, and es- frightful debt; and infinitely more burdensome than a pecially without leaving the people any opportunity to public debt of the same amount, for the interest is payable consider! He [Mr. B.] had attempted, on a former occa- every sixty days in advance, with accumulations from exsion, to excite discussion in conformity to the President's change and compound operations, which make it equal recommendation, but it was kept out by a vote of the to nine or ten per cent. We are rejoicing at emancipaSenate; and now he was called upon to decide without time tion from a national debt, at the moment that we have for discussion. Another reason given for deciding at this fallen into a bank debt, far greater than that of the revosession, is, that next session will be too short for so import- lutionary war, and infinitely more devouring upon our ant a subject! as if the present session was yet to last resources, from its multiplied and compound exactions longer than the next one will be! The next session will for interest, and its absorption of specie, and infinitely certainly be three months long, and may be four or five more galling to our spirits, from its direct bearing upon months long. If Congress chooses to meet, as it has the the property and persons of our citizens. It is said that right to do, and as many believe it ought to do, in October the bank must begin to diminish this debt if it has not an or November, the present session cannot last but three or immediate assurance of a renewed charter. Good! Nofour weeks, and we have our hands full of pressing and thing better could happen! The sooner it is diminished, immediate business--the public lands--the tariff--and the better for the freedom, the prosperity, and the happimany minor subjects. This answer will not do. The ness of the country. It has been created in a sudden and next session will be four times as long as the remainder of extraordinary manner. An immense proportion of it has this session; it will consist of the same members who are grown up since the President's demonstration against the now here; it must be precisely the same thing to the bank, bank in 1829, and for the undeniable purpose of creating as a moneyed institution, to have its application passed an interest in favor of a renewal by multiplying the numupon then as now; but, as a political institution, it may be ber of persons interested in the renewal. In the mean quite different; the Presidential election will then be over! time, the country is worse off than for many years past. the political effect of the veto may then be lost! and, there- The cry of pecuniary distress resounds from all quarters. fore, a decision just after the election can answer no pur- The pressure upon the money market is the theme of pose! a decision just before the election is the only thing every tongue. The bank itself is crippled and disabled which can accomplish the views of the combined forces from fulfilling the object of its creation. In a time of which have now taken the field! profound peace, it can give no aid to the merchants who A third reason given for present decision is, that the are in debt to the treasury! A payment of six millions of bank may begin to draw in its debts and wind up its af-public debt is deferred three months, because the revenue fairs, if the charter is not renewed. This is no reason at bonds could not be paid! And this is the condition of a all. It is less than none. Such a reason can only impose bank which is to aid the nation in time of war and peril! upon the most ignorant and uninformed. The bank has Every interest, public and private, requires this great two years, by its charter, to wind up its affairs after the debt to be diminished. The president of the bank, in a expiration of the charter, and may take as many years letter printed and laid upon the tables of the Senators, more as it pleases, by following the example of the old says there are no standing accommodations at bank; then, Bank of the United States, and converting its directors surely, indefinite time is not wanted to pay them. A large into trustees, to collect the debts and sell the effects of part of the Western debt is in domestic bills of exchange. the corporation. The application for the renewed char- These cannot be permanent debts, unless they are dister of the old bank was refused in the very last year of guised loans, to draw interest as a debt, and premium as its existence. Then, as now, an affected cry was raised bills of exchange. If real bills of exchange, they will be of pressure upon the debtors, and distress of the commu- paid at maturity, or be returned dishonored, and delivered nity, if the question was not decided a long time before- up to the pursuit of the law; if not real bills of exchange, hand; but the republican Congress of that period, like but disguised loans, they are usurious and void, a violation the whig Parliament of the present day in England, kept of the charter, an oppression upon the country, and open the question to the last moment; and when decided, ought to be detected and exposed. So far as the West none of the evils took place which had been predicted; is concerned, the sooner it can get rid of its thirty milnone of the dreadful pictures were realized which had lions of bank debt, the better. It would stop the exbeen conjured up by interested stockholders and terrified hausting drain of near three millions of bank interest; it debtors, to alarm and divert from their duty the Congress would relieve its flourishing towns from the grasp of a of 1811. The corporation was dissolved instanter; it power which can crush them at any moment. had not the two years to go upon, which this bank has Mr. B. said he had given reasons enough to show the after the expiration of its charter; it came to a sudden inexpediency of final action upon this question at preand final end, but without shock to the community, or in-sent; but he had another reason to give, of a nature enjury to itself. The stockholders resolved themselves into [tirely different from those he had urged, and one which

SENATE.]

Bank of the United States.

[MAY 26, 1832.

was entitled to the consideration, not only of the people's Majesty's ministers, nor Parliament, would ever agree to representatives here, but of the people themselves at renew the charter of the Bank of England with their exhome. It was a reason which would address itself to that clusive privileges! Exclusive privileges, they said, were portion of the people, and their representatives, who out of fashion! Nor is it renewed to this day, though the were in favor of national banking, but not wedded to the charter is within nine months of its expiration! present British monarchial bank, miscalled Bank of the In the peculiar excellence of the Scottish plan, lies a United States. He alluded to the establishment of seve- few plain and obvious principles, closely related to repubral American banks, with moderate capitals, and without lican ideas. First. No exclusive privileges. Secondly. exclusive privileges, to be located in the different sections Three independent banks to check and control each other, of this Union, and to supersede and succeed the present and diffuse their benefits, instead of one to do as it pleas gigantic institution. This was the plan of Mr. Madison. ed, and monopolize the moneyed power. Thirdly. The He suggested it in his speech in the House of Represen- liability of each stockholder for the amount of his stock, tatives, in the year 1791, against the establishment of the on the failure of the bank to redeem its notes in specie. first United States' Bank, and recommended it to the con- Fourthly. The payment of a moderate interest to desideration of those who were determined to embark the posites. Upon these few plain principles, all of them United States in the banking career, he himself being op. founded in republican notions, equal rights, and equal posed to any banks; but if there was one, he insisted justice, the Scottish banks have advanced themselves to there ought to be several. The genius of our republican the first rank in Europe, have eclipsed the Bank of EngGovernment, the equal privileges of the people, the ex-land, and caused it to be condemned in its own country, tent of our country, the diversity of our pursuits, and our and have made themselves the model of all future bank. abhorrence of monopolies, would all require the multi-ing institutions in Great Britain. And now, it would be plication and diffusion of banks, if there was a single one. a curious political phenomenon, and might give rise to Mr. Madison complained of the proneness of our states some interesting speculations on the advance of free prin men to copy English examples, without considering the ciples in England, and their decline in America, if the difference between the genius of the English Government Scottish republican plan of banking should be rejected and our own. Theirs was a monarchy; ours a republic: here, while preferred there, and the British monarchial theirs preferred a single bank, with enormous power and plan, which is condemned there, should be perpetuated extensive privileges, because it favored the concentration here! and this double incongruity committed without ne of wealth and power in the hands of a few; ours (if it cessity, without excuse, without giving the people time admitted of any bank) would require several, because it to consider, and to communicate their sentiments to their abhorred exclusive privileges, and required the diffusion constituents, when there is four, if not six years, for them of wealth and power, and the equal distribution of benefits, to consider the subject before final decision is required! as well as burdens, to all parts of the Union. The sug gestion of Mr. Madison had appeared to him [Mr. B.] to be eminently just and proper from the time that he first read it; and he had been entirely confirmed in that opinion, and convinced of the advantage of several banks over one, (if there are to be any,) even in a monarchy, by tracing and comparing the history of the three Scottish banks with the single British bank. In reading this history, he had seen the advantage of checking powers in banking Governments as well as in political Governments. The three Scottish banks had held each other in check, had proceeded moderately in all their operations, conducted their business regularly and prudently, and always kept themselves in a condition to face their creditors; while the single English bank, having no check from rival in stitutions, ran riot in the wantonness of its own unbridled may permit. power, deluging the country, when it pleased, with paper, and filling it with speculation and extravagance; drawing each. in again when it pleased, and filling it with bankruptcy and pauperism; often transcending its limits, and twice 4. Each stockholder to be liable to the amount of his stopping payment, and once for a period of twenty years. stock on the failure of the bank to redeem its notes in There can be no question of the incomparable superiority specie.

Following out the suggestion of Mr. Madison, and tak ing the Scottish plan for his basis, Mr. B. said he had sketched a skeleton plan for three moderate republican banks, in place of the present gigantic monarchial one; and would submit his plan for the consideration and im provement of those who advocated the establishment of a national bank, without being wedded to the one which we copied from England, and the original of which is now condemned in England.

Mr. B. then read his plan as follows:

Plan for three Banks.

1. Locations: One north of the Potomac; one south of that river; one at New Orleans; all with leave to es tablish branches, subject to taxation, where the States

2. Capital: Not to exceed five or six millions of dollars 3. No exclusive privileges.

of the Scottish banking system over the English banking 5. No bonus to be paid to the United States for their system, even in a monarchy; and this has been officially charters. In lieu of bonus, the interest which the bank announced to the Bank of England by the British minis-may take on its loans and discounts, to be reduced to five try, as far back as the year 1826, with the authentic de- per centum.

7. Foreigners to own none.

8. To make compensation to the United States for the use of public deposites.

9. To allow a moderate interest to other deposites. 10. To hold no real estate except for their necessary accommodation.

claration that the English system of banking must be assimi- 6. United States to own no stock. lated to the Scottish system, and that her exclusive privilege could never be renewed. This was done in a correspondence between the Earl of Liverpool, first Lord of the Treasury, and Mr. Robinson, Chancellor of the Exchequer, on one side, and the Governor and Deputy Governor of the Bank of England on the other. In their letter of the 18th January, 1826, the two ministers, adverting to the fact of the stoppage of payment, and repeated convulsions of the Bank of England, while the Scottish banks had been wholly free from such calamities, declared their conviction that there existed an unscund 13. To issue no note for a less amount than $20; nor to and delusive system of banking in England, and a sound receive or pay out a State bank note of less amount. and solid system in Scotland! And they gave the official 14. Each to be on an equal footing with respect to the assurance of the British Government, that neither his

11. No member of Congress, or officer of the Federal Government, to be a stockholder or director. 12. No person to be a stockholder or director in any two of these banks at the same time.

favors of the Federal Government.

OF DEBATES IN CONGRESS.

974

MAY 26, 1832.]

Bank of the United States.

[SENATE.

Mr. B. did not present this sketch as a perfect plan. Looking at their respective resources, and the comparaHe only threw it out for consideration, especially for the tive exportations of domestic productions, and the South consideration of the people who he hoped would be al- and West should be infinitely richer than the Northeast; lowed time to consider it. from Mr. Madison-principles which had the approbation for a series of federal legislative acts, of which the estaA suggestion which emanated and so they undoubtedly would have been, had it not been of Europe-certainly deserved consideration; and if the blishment of the United States' Bank is the most disastrous plan which he submitted should have the fortune to be and oppressive. As the sources of national wealth in the perfected and recommended by a committee of Congress, production of the great staple exports--cotton, tobacco, or other respectable portions of the community, and su- rice, provisions-they should abound with gold and silver; persede the present bank, it might tend to lessen the exchange should be in their favor; their local bank paper evils, and to diffuse the benefits of the banking system in should be in demand every where; they should be the America. The details of the plan were particularly open largest importing quarters of the Union. But not being to improvement; but the great principles on which it was masters of their own moneyed system, they retain none of founded, he held to be incontrovertibly and immeasura- these advantages which nature so bountifully bestowed bly preferable to the principles on which the present Bank upon them. of the United States rested. can, for it avoids monopoly and exclusive privileges, and because they are debtors, instead of being creditors, to It is certainly more republi- seat of the moneyed powers; exchange is against them, Their gold and silver is drained off to the diffuses itself over the great sections of the Union, instead the Northeastern section of the Union; their bank notes of being confined to a single city. It is better for the are at a discount every where, because it is the interest people; for the people are always better served by rival of the moneyed power to disparage them; imports they institutions than by a single one. vernment: for then the Government will not lie at the say, money, to establish importing houses, and pay the It is better for the Go-hardly possess at all, because it requires capital, that is to mercy of any one bank; nor be forced to trust all its mo- duties on imported goods. Without money, without the ney to the keeping of one; nor be confined to the recep- control of their own moneyed system, the Southern and tion of notes issued by one; nor be compelled to suspend Western cities cannot have the benefit of their own comimportant payments, for example, a public debt, because merce. any one of these banks may have become so crippled and chants; the imports and the profits go to distant and rival Their produce is bought by non-resident merdisabled as not to be able to help the merchants to pay cities; and thus it is that New Orleans, with an exportatheir revenue bonds. It will be better for our free insti- tion of thirteen millions of domestic produce, imports but tutions: for if there is but one bank, it must quickly fall seven millions of foreign goods; Mobile, with as large a into the hands of one political party, to be used for the domestic export as Philadelphia, imports but 150,000 dolexaltation of themselves, and the depression of their ad- lars; Charleston, with an exportation of seven millions, versaries; but if there are several, each party may find a imports one million; Virginia, with an exportation of five refuge in some one from the persecutions of the other. millions, imports but half a million; while Philadelphia, The moderate capitals which are proposed would prevent with a domestic exportation of three millions, imports nine them from being too powerful; and the tendency of our millions; New York, with the same exportation with New political parties to degenerate into sectional parties, would Orleans, imports thirty to forty millions; and so of all the leave the bank of each section in the hands of the domi- other cities in the section of the moneyed power. nant party of that section; while the branches of the unnatural state of the moneyed system, chiefly induced by other banks would present a resource to the minorities. the Bank of the United States, is the principal cause o As for the story that the present Bank of the United these unnatural results. Abolish that bank; let each secStates is not a political engine, it is a story for nurses to tion of the Union become the master of its own money tell, and for children to believe. It is a political engine! markets, and imports and exports would quickly balance and a tremendous one, too! resistible, having the secret, ramified, and despotic organi- and gigantic starts. Its power is terrific, and ir- each other. New Orleans and Charleston would take new zation of the Jesuits, with the revenues of an empire. would immediately feel the advantage of their moneyed No individual can stand before it. Every Southern and Western town rica can now stand before it, and him it now defies to the But one man in Ame-independence. encounter! If victorious now, it is conqueror forever. suggested was not only to be republican, but American; Mr. B. concluded with saying that the plan which he It will go on to take possession of all power, through the it was to admit of no stockholders but those who were medium of all elections. Senators, Representatives, Pre- citizens. The present Bank of the United States was full sidents, Judges, must all be bank men! and even the of foreigners. It was monarchial in its organization, and State Legislatures must be bank Legislatures, in order foreign in its character. The former Bank of the United to secure the election of bank Senators! Mr. B. wished, States was justly odious, and truly condemned, on account in the first place, to destroy this tremendous power-to of its foreign composition; and the present bank was more extirpate it, root and branch, from the country. could not be done, he was for weakening the monster was. If that largely imbued with foreign capital than the former one which he could not kill; he was for republicanizing, as far shares of $400 each, making $7,200,000 of stock; in the Foreigners, in the former bank, held but 18,000 as it could be done, the odious and dangerous monarchial present bank, they own 84,055 shares of $100 each, makfeatures which it contained; he was for superseding the ing $8,405,500 of stock. It is to no purpose to say the mammoth institution by smaller ones, which would be less foreigners have no votes: those who have the money will formidable to the liberties of the country, and more man-rule in all moneyed institutions. They had no votes in the ageable by the representatives of the people.

Next to the political advantages which would result from diffusing the banking power, would be the pecuniary advantage to the South and West, in emancipating them from subjection to a remote and rival section of the Union, and rendering them masters of their own moneyed system. At present, the moneyed system of every Southern and Western city is under the domination of the Northeast. The consequence of this domination is a reversal of every natural relation between these sections of the Union, and the impoverishment and exhaustion of the dependent parts.

The

rate an institution of which they were members. The best former bank; but the republicans of 1811 would not tolefeature in the Scottish plan of banking--the best which he proposed in the plan he had sketched-was the liabili ty of stockholders for the amount of their stock. This, of course, would require American stockholders; as a privilege to sue British lords and ladies in England, Scotland, and Ireland, would be a nugatory and ridiculous provision.

colleague, [Mr. BENTON.] That gentleman had opposed Mr. BUCKNER made a few remarks, in reply to his the consideration of the bank question at the present time,

and one of the reasons given by him was, that, by a postponement until after the next Presidential election, the President would be relieved from a cross fire from the friends and opponents of the bank, with regard to his approval or veto of the bill.

[Mr. BENTON explained that such was not his meaning. The idea intended to be conveyed by him was, that the bill, if acted on now, would necessarily be connected with the Presidential election, not that the President himself would be embarrassed by it.]

[MAY 26, 1832.

[Mr. CLAYTON here read the paragraph in the last message in reference to the subject.]

As he [Mr. C.] understood the sentence, the President had conceived it his duty to press the early decision of this important question on the people, nor could he see nor appreciate, the principle laid down by the gentleman, [Mr. B.,] how it could influence the election, or be put aside on that account, when they were told it had been brought before them by the President himself.

But again, he [Mr. C.] would inquire of the Senator Mr. BUCKNER said he was glad to hear the gentle- from Missouri, if his argument were now good, as to its man's disclaimer, for he had apprehended differently the postponement till the time of the expiration of the charter tenor of the gentleman's remarks. But, lest others might why he had so strenuously pressed a decision on the ques entertain similar views, he would say a word or two on tion even last session. If the gentleman's memory will only the subject. If the President had placed himself, or his serve him, or if he will turn to what is recorded on their friends had placed him, in such a position as to be em- journals, he will find that, on the 2d of February, 1851, a barrassed by the decision of this great question, it was resolution was introduced by himself, that "the sense of not the fault of the friends of the bank, nor was it their Congress should be expressed against renewing the char duty to relieve him from the cross fire that might, in con- ter." In that year the gentleman had thought it right for sequence, be directed against him. Who was it, asked Congress to pass on its constitutionality-why not now, in Mr. B., that first brought up the bank question, continual- 1832? He [Mr. C.] could not see the force of the gentlely teasing both Congress and the public with their oppo- man's reasoning respecting the new ratio. The Presidurt sition to the institution? It was not the friends of the had not referred to it, nor was it probable it had ever oc bank, but rather those who now thought to entrench curred to him; and it appeared to him [Mr. C.] that the themselves behind the new census. A postponement on President had placed it before the present Congress. He such grounds would never be sanctioned by the people of trusted, he was confident, that, in deciding the question the United States; and he entertained a different opinion of the President, to whom he had always given his support, to believe that any action on the question could place him in a situation of embarrassment. But why postpone this question, more than any other, until the Congress under the new census? If we wait until then before we act on this important national question, that a decision may be made on it by a fuller representation of the people of the United States, does not the same reason apply with equal force to other great national questions--to the tariff, in which all the people of the United States are interested; and to the public lands, more peculiarly interesting to the people of the West, both of which the gentleman is so anxious to bring forward? Why should we now press the land question, of such all-absorbing interest to the people of the West, on the very heels of a Congress in which, as the gentleman says, their representation will be increased of the Potomac. by twenty-one members. I ask, why should we postpone This scheme of revolutionizing the banking system was the bank question for the consideration of a Congress fraught with more evil; it would necessarily create a rivalunder the new census, rather than the question of the pub-ry between the different interests; give rise to more sec lic lands? Sir, if the principle of the gentleman pre- tional feelings; would tend to dissever the Union; and vails, every great national question must be laid aside, for the like reasons; and it will, in future times, be looked to as a precedent, and the last Congress under an apportionment will postpone every important national question for the consideration of their successors. Mr. B. would have been willing to have postponed the bank bill altogether until the next Congress, had not the subject been forced upon their attention by the opponents of the bank, and compelled its friends to act. As it was, he was ready to decide on it now, holding himself, as he did on all public questions, responsible to his country and to his constituents.

Mr. BENTON said that, as the amendment was of great importance, and as a number of Senators were absent, he would move an adjournment--negatived, 19 to 23.

party feelings would have no place. He perfectly agreed with the honorable chairman of the committee, [Mr. DALLAS,] that it should be solely a legislative business, and that they should act on it as such, and not suffer themselves to be carried away by any bias or prejudice what ever, or other feelings. It was a measure in which the interests of the whole American people were involved, and if aught of party feelings would have place, they would not be introduced by himself, or the friends with whom he generally coincided in sentiment. There was no occa sion for him to dwell on the general features of the measure, after the eloquent remarks of the gentleman from Massachusetts [Mr. WEBSTER] yesterday; he would merely refer to the plan proposed by the gentleman from Mis souri, of establishing three separate banks--one at New Orleans, one at Richmond or Charleston, and one north

there would be an end to all uniformity of currency. He considered that the South and the West were more benc fited by a United States' Bank than the other parts of the Union. Its benefits were a sound currency, and a unifor mity in the value of the circulating medium; so that, in all places, the value of a representative by paper was equal ized and ascertained.

The great evils that were felt on the refusal to rechar ter the old bank, must be remembered. They arose from the immense quantity of paper that was then put into cir culation throughout all parts of the country. This paper was so abundant, that any man could obtain what he wis ed, by simply putting down his name. Property, in consequence, rose above its real value; and the effect was before the opening of the new bank could take place, and Mr. CLAYTON had a few observations to make in an- the depreciation of things to their intrinsic standard, that, swer to the gentleman from Missouri, [Mr. BENTON,] on for every dollar that had been borrowed, two had to be the postponement of the bill to a more advanced period. paid. But he had not intended to enter on the general He had suggested that party feelings would be engender-question; his object had merely been, in rising, to reply ed with it, and that, in consequence of the Presidential to the proposition for postponing the measure; and be election, it would become a party question with the peo- could not see how it could be effected by the new repre ple, and therefore ought to be postponed. He would sentation. This body, next year, would be the same, with reply to the gentleman, that the question has been press-probably a single exception that might arise in consequence ed on Congress this very session by the President himself, of death or resignation; and, as regarded the election, it and their acting on it is in perfect accordance with the would be known that we were acting in conformity with sentiments he has expressed. the President's wish, to go on with it in the present session.