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H. or R.]
(May 19, 1834. JUL 21 1965 aloud, and spare not,” panic, distress, bankruptcy, and tion to the people, and to aid and assist, to the utmost of ruin; and thus endeavor to persuade the people that the their power, in making me popular at home. whole body politic is on the brink of destruction.
Permit me to ask for information (because I cannot conThere is another subject to which I beg leave to call ceive how those gentlemen can bear the expense of sendthe attention of the House for a few moments, and to ex. ing such loads of speeches) whether they pay, as the press my kindest and most heartfelt acknowledgments friends of the administration do, from two to five dollars to some of my colleagues for their fatherly care and per hundred for them? I observe by the envelope sent Watchful protection of my constituents. One of my friends me that clerks are employed to endorse the packets and says, May 3, “ I almost forgot to mention how much you write free, and the member has nothing to do but put his are indebted to the bank men in Congress for the care sign manual. This relieves my friends fro:n some trouble; they take of your constituents in sending information to but still, do they pay these clerks? The Government them. The mwil is loaded almost every day with pam- finds wrapping paper, folders, &c., and the mail conphlets and papers, sent on by them, and all to Jackson tractors and postmasters do their part of the duties remen, too, franked by Mr. and Mr. of Pennsyl- quired gratis. But still, the question recurs, at whose exvania.” I omit the names of my particular friends, and do pense are those speeches printed? For although I am pleasnot wish to fatter them to their faces, for their benevolented to observe the solicitude of my friends for the dissemand kind intentions.
ination of what they deem correct principles, yet I fear Another friend writes me, that “this morning most of I shall never be able to repay those kind gentlemen a tithe my friends received McDuffie’s and Calhoun's speeches; of the expense they incur in rendering my conduct acand, from appearance, the mails are loaded through ali ceptable to my constituents, spending both time and money parts, and sent to the true friends of our worthy chief, in their benevolent work of circulating speeches through Old Hickory:
my district, and all this, too, to benefit those stubborn “I enclose you the envelope. Let me know who has friends of the administration who will not give any thanks. been so kind without any thanks."
Altogether inexperienced in legislation, when I observa Again: May 7. “The deluge of bank pamphlets stilled honorable members asking to have the memorials continues in this quarter. The mail contained scarcely presented to the House printed, together with the names any thing else last evening, and was full. The greatest attached thereto, being in soine cases several thousands, number were for Jackson men, franked by and I could not, for soine time, conceive what object those
, (iny colleagues.) Kind souls! Good Jackson gentlemen had in view except to supply a large quantity meni, l'll warrant."
of what is termed " fat” for the public printer. But the On the 8th, another letter says: “The mail was loaded mystery is now solved, as those names, when printed and this evening; sixty-five packets stopped at one office, ad- laid on our desks, afford great facilities to my colleagues, dressed principally to Jackson men, and franked by as well as other friends of the bank, to direct speeches Messrs.
and -," my kind colleagues, A and documents to every village and neighborhood. great number went up the river. It is a most outrageous To be serious, does any man doubt that these self-same inposition on the mail contractors and postmasters. speeches are printed at ihe expense of the Bank of the
On the 9th. When I wrote to you last evening, I men- United States, are circulated by members of Congress detioned to you how outrageously Messrs.
voted to her interests, in every town, hamlet, and weigh-, and were abusing the franking privilege, borhood, and for the very express purpose of putting and I hoped they would have some compassion on the down, destroying, and annihilating, if possible, the presmail contractors and postmasters, and cease for a while to ent administration and all its friends and supporters? And load the mail with bank pamphlets. But this evening we yet we are told that the bank, the pure, immaculate bank, were visited with a most appalling and tremendous shower does not interfere with politics, does not exercise any of bank and nullification speeches, forwarded to the goodl power or influence in our elections--that it pursues the folks of this neighborhood. For the town of even tenor of its way, regardless of any thing further alone, there were 270. The mail bag, of course, could than its own rectitude. Let those who can believe such not hold them, and I got a two bushel bag and put them assertions do so; but the sober-minded, thinking portion in, which they filled full! I suppose the same game is of the cominunily are not thus to be gulled.
Send on playing all over the United States. The last load was your pamphlets--deluge the country with bank speeches--under the frank of and, as far as I can learn, con- load the mails till the next election, and you cannot pur. sisted of speeches of McDuffie, Calhoun, Webster, &c. chase the votes of the freemen of Pennsylvania or of any The bank advocates in this quarter are, or appear to be, other State. ashamed of the affair, and some of them exclaim, “it is One of my friends informed me, a sliort time since, that too bad!” When people are shown the piles, and stacks, a colleague of mine who was unacquainted with my conand bags full of those speeches and Senatorial Jeremiads, stituents had sent a number of speeches to some persons the natural inquiry is, who in the world pays for printing whose names were attached to a call for a bank meeting; all these things? And this question can be answered by and as they had never been so ligbly honored before, asking another: Who or what is intended to be benefited the postmaster would call some young men in who were by scattering these speeches amongst the people? The passing by to get their packels. They usually took them; Bank of the United States, and those who are scrambling but one refused, and said “he did not want any pay for to get into power under its wing.
bis signature." I merely mention this to show my col“I wouki like to know if there is no remedy for such leagues that men's votes are not to be bouglit with speeches gross and Aagrant abuses. Can there be no limit to them? paid for by the bank and franked by them. Why, it is an outrageous imposition on the mail contractors How far these gentlemen, who thus load the public and the country postmasters. And yet those very men mail with documents, are justified in abusing the Post who are the perpetrators of the act are amongst the Office Department, I pretend not to decide: they ought, loudest in crying out against the abuses in the Post Office however, not to complain while the mail contains scarcely Department, and the mismanagement of it. I wonder any thing else than their franked speeches. where such men keep their consciences?”
In the memorial sent me by the citizens of Milton and I know not, Mr. Speaker, how to pay the debt of grat. vicinity, they take occasion to censure the patriotic gover: itude I owe my colleagues for their kind and generous nor of Pennsylvania for his message to the Legislature of interference in my behalf
. I have not the least doubt the 26th February last, " believing it to be a document that it is all done by them merely to give correct informa- calculated to carry out of the State an influence neither
Mar 19, 1834.)
Lycoming county (Pa.) Memorials.
(H. OF R.
derived from the popular will, nor the state of the case | aided individuals in their pecuniary arrangements witli at issue,"
each other, and especially in the transmission of money to What Pennsylvanian does not know that it was owing distant parts of the Union.” to the decidediy hostile exertions of the friends of the Such were the sentiments of the present governor of United States Bank against Governor Wolf, in the fall of Pennsylvania respecting the Bank of the United States 1832, that he came near losing his election? In 1829, his after his second election; and to those who are acquainted majority in the city ad county of Philadelphia was nearly with that amiable, high-minded, honorable man, any thing 11,000 votes, and in 1832 the majority of his opponent, which I can say in his behalf is altogether unnecessary. who was the same candidate that ran in 1829, was about If he has changed his opinion, and now believes that “this 1,290--making the difference of about 12,000 votes powerful moneyed institution is at this time seeking, by against Governor Wolf in Philadelphia city and county. all the means of which it is capable, to accomplish cer
Every intelligent citizen of Pennsylvania cannot fail to tain objects indispensable to its existence; if “all its enerremember that, in 1832, Governor Wolf's friendship for gies and all its powers have been put in motion to defeat education, for the establishment of common schools the measures of the national administration in relation to throughout the Commonwealth, bis zeal and anxiety for it; if the State of Pennsylvania is indebted, in a great the promotion of our internal improvement system, had measure, for its disappointments heretofore, and for the gained him many warm, and, apparently, unchangeable failure to obtain its late loan; if the State was crippled friends in Philadelphia. But the bank, the honest, non- and embarrassed in her pecuniary arrangements, and parpolitical bank, could not suffer any person to be elected alyzed for a time in her efforts to complete her great chain who would, directly or indirectly, be instrumental in the of improvements by the depressing policy of the bank, ' re-election of that tyrant, that usurper, that Cromwell
, all of which is alleged by Governor Wolf
, in his message that Cæsar, that Napoleon, to the Presidency, in Novem- of the 26th February, he merits the highest meed of praise ber; and thus we find Governor Wolf denounced by the for exposing to the world tlie course of conduct pursued bank party. We see Clay masons, grand masters of lodges, by this moneyed monopoly, and his determination no longcasting off their jewels--throwing to the wind the squiare er to advocate and support an institution so capable, and and compass-meeting in convention, and abandoning apparently so ready, in order to subserve its own purthe leader of the “ American system"--coming out al- poses, " to bring indiscriminato ruin and distress upon an most en masse for the anti-masonic candidate for governor; unoftending community." not because he was the decided friend of education and Governor Wolf, like many other friends of the United internal improvement, not because he was the choice of States Bank, among whom I may be permitted to say ! the national republicans, not because he was better quali- was one, was unwilling to believe that it had lent its aid fied than Governor Wolf, but simply because Ritner had to political purposes.
But he has seen and felt its insaid that "ne who was hostile to the Bank of the United Auence in preventing our State loan from being taken. States had neither a sound head nor a good heart," and He has seen and felt the blow which that aristocratic m)our worthy governor would not denounce those of his nopoly has attempted to inflict on our system of internal friends who differed with him as to the propriety and add-improvements, and which has been so ably exposed by one vantages of a national bank, when asked to do so by those of the Senators of Pennsylvania; but, thank God, the who were its advocates and supporters. Had he cringet "Key Stone” is too firinly fixed to be driven from its purand fawned for the friendship and influence of that cor- pose by the threats and denunciations of the Bank of the rupt moneyed aristocracy, we should not have seen a United States, and, in spite of her efforts to depress our change of twelve thousand votes against him in Phila- stocks, we see them rising in the market every day--our delphia
. He was a favorite in that city; the liberal and improvements rapidly progressing to completion, and enlightened policy adopted by him had met with universal bidding fair to yield a rich Harvest to the Commonwealth approbation from all political parties in that commercial for the immense sums expended in their construction. emporium.
This much I have deemed it my duty to say in relation But how true it is that "God made the country, and to what has been termed by gentlemen " the time-serving man made the town.” Ninety-vine good turns were of course” of our patriotic governor. As an honest, incor10.avail when he was required to forsake his friends and ruptible, and intelligent chief magistrate, devoted to the throw himself into the arms of Nicholas Biddle. It was best interests of bis country, I could not see my friend in vain, he said, I have always been the friend and advocate (and I am proud to call bin such)wantonly assailed without of the United States Bank. My message shows my attach-raising my feeble voice in his defence. His name and his ment to that institution: I consider the bank of immense conduct have been needlessly brought before this House importance to regulate the fiscal concerns of the country. in debate, and his motives impugned, and, as an excuse The partisans of the bank say this is not sufficient. You for my remarks respecting him, permit me to say-must "go ahead” still further: denounce the President
"Absentem qui rodit amicum, and the veto message; use your cxertions to hurt bim
Aut non defendit, alio culpanie, frum bis seat; come out from among the friends of Jack
Ille est niger, hunc tu, Romane, careto.' son, or you shall feel the force of our power, the weight It is alleged in the memorial from Northumberland of our influence. To this cause, and this alone, may be that the disbelief that the President was opposed to a attributed such a tremendous and unexampled change of United States Bank secured his re-election in Pennsylvania, the vote in Philadelphia from 1829 to 1832.
is a fair deduction from the interests the people of the Notwithstanding Governor Wolf was thus most shame-State have in the continuation of the bank."' I cannot Sully abandoned by the bank party at his election in Octo- permit this assertion to pass without a few remarks; and, denouncing the political exertions of that institution to tion was not agitated before the last Presidential election defeat his election, we find him, in the honesty and sin- in Pennsylvania, I will ask permission to read an extract Cerity of his heart, in his message to the Legislature on from the Lycoming Gazette, a democratic paper printed considerations, devoid of vindictive feelings, speaking fa- just nine days before the electoral election, and reads thus: the country some service; it has established a circulating the 15th instant, afier a secret session of nearly two days, mediun in which the people have conficience; it has determined on withdrawing their electoral ticket, and greatly facilitated the operations of Government; it has adopting that of the anti-masonic party, pledged to sup
H. OF R.]
Lycoming county (Pa.) Memorials.
(MAY 19, 1834.
port William Wirt and Amos Ellmaker. There is, con- before them, and putting an end at once to the hopes of sequently, now no ticket in Pennsylvania favorable to the the friends of the bank to obtain their objeci." election of Henry Clay; the contest will be between the The question of the recharter of the present bank has Jackson democratic party, upon one side, and proscriptive already been decided by this House, and I have, by my anti-masonry on the other, 'aided by a corrupt moneyed vote on that important question, supported the views of aristocracy. The Bank of the United States, with its the memorialists. I believe that the capital of the bank seventy millions at its control, and a host of unprincipled is too large; that its privileges are so exiensive as to give dependants in its wake, has taken the field, side by side it a power and influence over the moneyed concerns of with anti-masonry, and, to accomplish its designing pur- the country, which are dangerous to the liberties of the poses, is willing to sacrifice all who will not join in the people. A distinguished Senator from Kentucky, (Mr. unholy crusade. Jackson, the patriot Jackson, must be Clay,) in 1811, used the following language respecting put down; his Roman firmness and unbending integrity the recharter of the old Bank of the United States, with will not suit the views of the heartless aristocrats who a capital of only ten millions: manage the Bank of the United States, and who wish to "What is a corporation, such as the bill contemplates? control the destinies of the nation itself. A desperate ef. It is a splendid association of favored individuals, taken fort must be made; friends and foes, who stand in the way, from the mass of society, and vested with exemptions, must be crushed, to put him down; and if all is likely to fail, and surrounded by immunities and privileges. the public press must be bribed, and corruption become the " Where is the limitation upon this power to set up order of the day. We say it is time for the people to be corporations? You establish one in the heart of a State, alarmed, when they see a coalition of parties, between whom the basis of whose capital is money. You may erect others there is, and can be no community of feeling, actuated by whose capital shall consist of land, slaves, personal estates, different motives, professing different principles, fighting and thus the whole property within the jurisdiction of a under the same banner, and the whole led on by a powerful State might be absorbed by these political bodies. The moneyed institution. Then let all who love their country, existing bank contends that it is beyond the powers of the and value her republican institutions, turn out to the polls State to tax it, and if this pretension be well founded, it on the 2d of November, and vote for the electoral ticket is in the power of Congress, by chartering companies, to pledged to support the distinguished hero and statesman dry up all the sources of the state revenue. who now administers the affairs of this nation. His re “ The power of a nation is said to consist in the sword publican principles cannot be questioned; every act of and purse. Perhaps, at last, all power is resolvable into his life has borne testimony to his zeal for the welfare of that of the purse, for with that you may command almost his beloved country: He cannot be swayed from his pur- every thing else. The specie circulation of the United pose by the denunciations of his enemies, nor corrupted States is estimated by some calculators at $10,000,000, by the countless millions of the overgrown bank. His and, if it be no more, one moiety is in the vaults of this purity of soul and honesty of purpose have been tested bank. May not the time arrive when the concentration again and again, and in every situation he has proved him. of such a vast portion of the circulating medium of the self the same uncorrupted and incorruptible patriot. Like country iu the hands of any corporation will be danger. sterling gold, the more he is rubbed, the brighter he ap- ous to our liberties? By whom is this immense power pears; and, notwithstanding all the combined efforts to wielded? By a body who, in derogation of the great put bim down, he will triumph over all opposition by an principle of all our institutions, (responsibility to the peooverwhelming majority.”
ple,) is amenable only to a few stockholders, and they Thus, after the defeat of the coalition for governor, we chiefly foreigners. Suppose an attempt to subvert this find the friends of the bank assembling at Harrisburg, Government, would not ihe traitor first aim, by force or resolving to abandon their first love, and go for the anti-corruption, to acquire the treasury of this company? Look masonic ticket for electors, in order to throw the election at it in another aspect. Seven-tenths of its capital is in of President into the House of Representatives. But the hands of foreigners, and these foreigners chiefly Engagain they were defeated, by such a majority as astounded lish subjects. We are possibly on the eve of a rupthem. Many patriotic, liberal-minded anti-masons de- ture with that nation; should such an event occur, do clined acting in concert with the Clay party any longer. you apprehend that the English premier would experi. They knew that the national republicans had not votedence any difficulty in obtaining the entire control of this for Ritner on account of any loving-kindness for him, but institution? Republics, above all other Governments, because they supposed his election would defeat Jackson, ought to guard against foreign influence. All history and the bank flag would wave triumphant. Hence, we proves that the internal dissensions excited by foreign in. find that many of the leading, talented, and respectable irigue have produced the downfall of almost every free anti-masons utterly refused to act with the opponents of Government that has hitherto existed; and yet gentlemen the national administration on the presidential question. contend that we are benefited by the possession of this Knowing that Mr. Wirl stood not the least possible chance foreign capital. If we had its use, without its attending of election, and not wishing to thwart the voice of the abuse, I should be gratified also. But it is in vain to ex. people, as had been done in 1824, a number of them did pect the one without the other. Wealth is power, and not vote at all. Since that time, we find many anti-ma- under whatever form it exists, its proprietor, whether he 80ns, satisfied of the corrupt practices of the bank, avow- lives on this side or the other side of the Atlantic, will ing their hostility to it, and among them the name of have a proportionate influence. It is argued that our Richard Rush stands pre-eminent.
possession of this English capital gives us a great influence The memorialists "respectfully remonstrate and pro- over the British Government. If this reasoning be sound, test against the restoration of the deposites, and against we had better revoke the interdiction as to aliens holding the recharter of the United States Bank, or ihe establish- land, and invite foreigners to engross the whole propment by Congress of any moneyed monopoly during the erty, real and personal, of the country. We had better present session."
at once exchange the condition of independent proprietors " They believe the experiment in operation, of substi- for that of stewards." tuting the State banks, for the purpose of aiding Govern So clearly has this talented legislator depicted the danment in its fiscal operations, and regulating the currency, gerous tendency of such an overgrown moneyed monoto be feasible and practicable.” And they “ pray Con- poly, in the lands and under the exclusive control of a gress to sustain the administration in its efforts to restore few individuals, that it would be a waste of time for me to tranquillity to the country, by settling the question now enlarge on this point. But there are other insuperable
Mar 19, 1834.)
[H. OF R. objections in my mind to the present bank. The acqui- | subject to the control of the representatives of the peosition of power appears to be iis primary object, and it is ple, is highly necessary, expedient, and useful to the Gov. not squeamish as to the means of obtaining it.
ernment, and would be advantageous to the nation. Rem si possis recte; si pon, quocunque modo rem." In this opinion 1 am aware that I differ with many of my It has expanded and contracted its loans, making mo- most intelligent political as well as personal friends; but ney plenty and scarce, in turn, to advance its own interest. on a question of such vital importance to the welfare and It has made extraordinary loans, without the usual secu- prosperity of twelve millions of freemen, friendship and rities, to editors of public journals. It has printed, and enmity should have no influence. I should feel myself still continues to print and cause to be circulated amongst unworthy of the confidence and support of my constituthe people, reports, speeches, pamphlets, essays, and ents were I to hesitate in my course. documents of various kinds, paid for out of the contingent Nullius addictus juraro in verba magistri, fund, placed at the discretion of the president of the Quo me cunque rapit veritas, deseror hospies." bank, under resolutions of the board of directors, for no “ Bound to no party's arbitrary sway, other purpose than to control public opinion and to infiu I'll follow truth where'er it leads the way.” ence the elections. Instead of confining itself to defence, When the panic and excitement that have been got up many of its publications are of a violent political partisan and industriously circulated from Maine to Louisiana shall character, calculated to destroy the confidence of the peo- have subsided, and we can investigate the subject with ple in their Chief Magistrate-denouncing him “who has cool deliberation and a single eye to the best interests of filled the measure of his country's glory" as a tyrant- the country, I shall have no hesitation to go into the ques. unblushingly admitting “that within four years past it tion of creating a new bank, with limited capital, guarded has been obliged to incur an expense of $58,000 to defend with such restrictions as will effectually prevent its using itself against injurious misrepresentations”-or, in other its corporate power against the Government. But while words, to abuse the national administration-placing those the “Delphic priests collect with holy care the frantic who do not believe in its purity and infallibility on a level expressions of the agitated Pythia, and pompously detail with those who “circulate false notes;" and, to cap the them as the unbiased opinions of a free people," I almost climax, when a committee of inquiry is appointed by Con- despair of seeing any thing effected. gress, to examine its books and investigate its proceed
I fondly hope, however, that, on a subject of so much ings, the directors refuse them the right guarantied by magnitude and importance, we may ultimately be able the charter, which says, sec. 23, “That it shall at all to adopt such measures as will restore tranquillity and times be lawful for a committee of either House of Con- happiness to the country, and promote the cause of “virgres, appointed for that purpose, to inspect the books tue, liberty, and independence," and to examine into the proceedings of the corporation, Without trespassing further on the patience of the hereby created, and to report whether the provisions of House, I have to express my thanks for the indulgence the charter have been violated or not.” From such a cor, given me; and the only excuse I have to offer for the ocporation, thus setting at defiance the power that created cupation of so much time is, that it is the first time I have it, and the right to examine into its conduct, we cannot troubled the House during the session, except for a few too speedily be delivered; and I consider it a duty, which moments, and it was with extreme reluctance I did so on I owe to the country, to my constituents, to myself, to op- the present.occasion. pose the recharter of so dangerous an institution. My constituents say, in their memorial, “ they believe
GLOUCESTER (VA) MEMORIAL. the 'experiment' in operation, of substituting the State Mr. WISE, who had on the last petition day presented banks, for the purpose of aiding Government in its fiscal a memorial from Gloucester county on the subject of the operations, and regulating the currency, to be feasible currency, and had accompanied it with two resolutions on and practicable." In this opinion, the honorable Senator that subject, disapproving the reasons of the Secretary, from Kentucky formerly coincided. He said, in 1811, and the course of the President, now moved that the con"upon the point of responsibility, (yes, responsibility,) sideration of the memorial and the resolutions be postI cannot subscribe to the opinion of the Secretary of the poned to this day week; which was agreed to. Treasury, if it is meant that the ability to pay the amount of any deposites which the Government may make under
YORK COUNTY (PA.) MEMORIAL. any exigency is greater than that of the State banks. Mr. BARNITZ, of Pennsylvania, presented a memorial That the accountability of a ramified institution, whose af. from citizens of York county, Pennsylvania, praying a fairs are managed by a single head, responsible for all its restoration of the deposites, and a recharter of the United members, is more simple than that of a number of inde- States Bank with modifications, and offered to the conpendent and unconnected establishments, I shall not deny; sideration of the House the following resolations: but with regard to safety, I am strongly inclined to think Resolved, That the removal of the public deposites it is on the side of the local banks. The corruption or made in the United States Bank before the 1st of Octo. misconduct of the parent, or any of its branches, may ber last, was not authorized by law. bankrupt or destroy the whole system; and the loss of the Resolved, that the reasons of the Secretary of the Government, in that event, will be of the deposites made Treasury, for removing and withdrawing the public dewith each. Whereas, in the failure of one State bank, posites, are insufficient. the loss will be confined to the deposites in the vaults of Resolved, that the Committee of Ways and Means be that bank.”
instructed to bring in a bill to recharter the United States I must, howerer, judging from the past, be permitted Bank for a limited period, with such limitations and proto express my doubls of the propriety of substituting the visions, as to the capital stock and the powers and duties State banks in place of a national bank, properly regulat. of the directors, as may be deemed expedient. ed and restricted, for the purpose of assisting the Gov In support of the measures and principles embraced in ernment in its financial concerns. This is a subject which the resolutions, Mr. B. addressed the House as follows: I have examined with some care and attention. I have Mr. SPEAKER: In obtaining the floor on this important listened to those interesting debates which gentlemen and exciting subject, I shall endeavor to deserve the inhave favored us with on this floor, the present session, and dulgence awarded to me, by presenting my views in a Juave satisfied my mind that a United States Bank, with form as much condensed as possible. I cannot offer to limited capital, proper checks and restrictions, its powers the consideration of the House any thing new; the ut. and privileges duly restrained within definite bounds, and most I can aspire to will be some illustrations of the great
H. OF R.]
York county (Pa.) Memorial.
(Mar 19, 1834.
principles and topics involved in this debate, which may of each year will affect its prices; but if the rates of lanot be considered wholly uninteresting.
bor or of produce are at all tolerable now, how much The subject, as now presented, involves an examina- more so would they be under a bigh and prosperous tion of the policy of the Government in relation to the state of our commercial and manufacturing interests, inpublic revenue, its custody and disposition; it also em- stead of the ruinous condition in which we now find braces a discussion of the powers of Congress, and the them under the operation of this political experiment, rights, duties, and obligations of the United States Bank, which cramps and shackles our best exertions? under its charter.
The county of York, which I represent, and the inteIt is now no longer doubted, or denied, that a state of rior of Pennsylvania, generally, is a great workshop of serious embarrassment affects the business concerns of operative industry; there are few men of capital there the community in every section of our extensive country; who can subsist without some regular employment; our every mail that reaches the capital, whether from the people depend on some constant and daily engagements far West or the distant East, comes laden with the com- of business for their subsistence and prosperity. In a plaints of our suffering fellow-citizens, and their prayers community like this, is the very place for the beneficial for relief; they come, too, with this aggravation: We use of credit to a reasonable extent, and of a sound cursuffer not, say they, under our owa misfortune or mis- rency. It is thus that enterprise and industry receive conduct; wc suffer not under any dispensation of Provi- their reward at the proper and convenient time, and in dence: no, we are prostrate under the measures of our the appropriate value. The tradesman collects his bills own Government; the very arm is uplifted against iis, quarterly, half-yearly, or at certain periods only; the and strikes the blow, to which we would look for succor manufacturer or 'mechanic on a larger scale, when his and protection.
job is completed; the farmer, when bis crops are sold; I was one of those who, in the early stage of these and thus it is, in a great measure, throughout all the va. measures of the administration, believed they would rious occupations and engagements of our citizens. In chiefly affect our commercial cities, having immediate the mean time, all must live and obtain the necessaries, connexions with the bank. I was in error; their baleful the comforts, and conveniences of life, which their situainfuence pervades every section of the interior, and, tion requires. These, according to a course which has like the blast of the sirocco, corrupts and destroys the long been established, are obtained, to a great extent, life-blood of social intercourse, credit and confidence, be from the various merchants in the interior, upon a credit tween man and man; paralyzing the exertions, the ener, founded, and safely founded in prosperous times, upon gies, the hopes of the community throughout the whole the expected returns of industry, to be repaid out of the land.
profits of business. The merchant in the country ube It is now about six montlis since I first left my home; tains his credit to the usual amount from the merchant at that time, although the storm lowered in the distance, in the city, and he in turn has his accommodations from it bad not yet reached us. I left my fellow-citizens in the United States Bank, the great centre and source of the enjoyment of plenty, and reposing in security; the active capital of the country. Thus the accommothrough our fertile valleys, and even to the summits of dation and credit originally obtained from the bank is our green hills, the cheering voice of thriving labor was extended from the one to the other, in a beneficial course, every where heard, and the exertions of well-directed until it reaches, in some useful degree, to every workindustry every where witnessed; while the farmer, the shop and every cottage; and those acquainted with the great source of our prosperity, dispensed his abundance operations of business know that these benefits have is all around, in his varied intercourse with society. been extensively enjoyed, although, in a manner, silent But this scene is greatly changed, and changing every and imperceptible, until a derangement of the course Jay; I do not mean to say that there is actual suffering made us to feel and to perceive the injurious cause. In for want of the common necessaries of life; in a country a community where the means are furnished, by which so blessed as ours, that could not be. It is in the inter- our citizens can be supplied with the necessaries and course of business and the concerns of trade that our cit. comforts of life out of the returns or profits of their izens are overtaken by this calamitous state of things; business, that must necessarily be a prosperous and imeinbarrassing their plans of improvement, and deranging proving condition. On the other hand, where these their hopes of prosperity and advancement, so that the must be procured by encroaching on other means, or on utmost that industry and enterprise can attain is to con- the stock in trade, this is a situation which cannot be adtinue stationary, waiting better days; while others, less vancing or successful, and, if continued, must end in emfortunate or persevering, are sinking under a pressure barrassment and ruin. Every one can understand this, they cannot withistand or avert. Sir, this is not " a mere and, understanding it, can distinctly trace the cause of skeich of fancy;" our commercial and manufacturing the present alarming state of things. interests, from the bighest state of prosperity, are sud. The United States Bank, under the measures of the denly sunk to a disastrous and ruinous condition, and our administration, is pressed and required to wind up its agricultural prospects must necessarily be deeply affect- concerns, to call in its loans and accommodations, more ed. My respectable colleague, who addressed the House than two years before its charter ends. The public a few days since, (Mr. ANTHONY,) denied that our agri- moneys, a fund on which vast accommodations were cultural interests had suffered, and, as a reason, exhibit- extended to the community, are withdrawn and given to ed statements of produce-prices for the last few years, those who, through their own embarrassments and vashowing that they now are not much depressed below the rious engagements, can make no beneficial use of them. measure of foriner times. Sir, this argument is falla. The consequence is, that the merchant in the city is cious; it must be recollected that in the country from pressed; he presses the merchant in the country; and which he derives his information, extensive State im- he, in his turn, must press lis various customers; and, provements are in progress, which furnish a present whilst he thus drains them prematurely of their means, Inarket for produce to a great extent; and we may re- he must inform them that, in future, his business must be mark that, before the pressure had commenced, the a cash business, or that a very limited and uncertain farmers of the interior of Pennsylvania bad disposed of credit only can be afforded. I conclude this part of the the largest portion of their surplus products; so that subject by adopting the strong but plain positions which little is left beyond what may be required for home con- the gentleman from Massachusetts (Mr. CHOATE) so ably sumption. A comparison with prices of former years and eloquently, sustained--that our true policy is, to cannot be satisfactory, as the circumstances and demands allow the people the use of their own money; and that