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of the United States as an alternative measure. opens the whole question for discussion.

This written guide, to follow the erring dictates of our own poor fallible judgment. Our Government is the first experiment of a written constitution, and upon its fate depends the fate of republican institutions here and else where, now and for ever. We have, then, the highest motives to impel us to a watchful guardianship of its provisions. Sir, if the power in this Government to make a bank is doubtful, the safe course, the course which patriotism would dictate, would be to forbear to exercise the power.

The subject of a Bank of the United States is likely to continue to be a topic of paramount political interest. I do not object to its discussion, sir; for it involves not only questions of right and expediency, but also, in the opinion of a large portion of our fellow-citizens, the question of the perpetuity of our republican institutions, according to the spirit of their organization. It is consolatory to the friends of written constitutions and chartered rights, that, notwithstanding the authority of names and the weight of Sir, if this bank were constitutional, I would oppose it precedents, the same spirit which influenced Jefferson, still. I would oppose it because it has entirely failed to and other sages and patriots, to resist the first United accomplish the object for which it was designed. In States Bank, as an encroachment upon the constitution, order to ascertain the evil then existing, and the remedy has survived them, and directs their disciples and fol-proposed, let us recur to the history of the times when lowers in their efforts against its continuance at this day. this bank was chartered. I will read a short extract from Sir, there is not in the political history of this country a President Madison's message, advising Congress to charquestion of disputed political power, which time, or ter the present bank; if advice it may be called. "The legislative authority by legislative enactment, has not absence of the precious metals will, it is believed, be a settled, to some considerable extent, except the Bank of temporary evil; but, until they can be again rendered the the United States. The renewal of the charter of the general medium of exchange, it devolves on the wisdom first Bank of the United States was denied by the casting of Congress to provide a substitute which shall equally vote of the Vice President, George Clinton, on the ground engage the confidence and accommodate the wants of that Congress had not the power, by the constitution, to the citizens throughout the Union. If the operation of grant such a charter; and this decision, for a time, re- the State banks cannot produce this result, the probable ceived the sanction of the public approbation. The re-operation of a national bank will merit consideration." newal of the existing charter of the Bank of the United States was denied in 1832, on constitutional grounds, by the veto of the President of the United States; and the people elected that President, and sent immediately thereafter to this House representatives who, by a solemn vote, and by a majority of fifty-three votes, have decided that the charter of the Bank of the United States ought not to be renewed. When, sir, is this conflict to cease? If the power to charter a bank was merely a doubtful power in the legal sense of the word, the weight which precedent always, in such cases, brings to the scale, would, long ere this, have given the determined preponderance on the side of the exercise of this power. But this is not a doubtful power. There is no warrant in the constitution for its exercise; and the repeated attempts to deduce it from other powers, expressly granted, have but served to show that the footholds of usurpation are on slippery places.

The committee on currency, to whom this message was referred, and who reported the bill which afterwards became a law chartering the present bank, reported that they had determined that a national bank is the most certain means of restoring to the nation a specie circula. tion." In these extracts we have it asserted that the evil was the absence of the precious metals, and that the bank was designed to afford a temporary substitute until their return; to regulate the then existing currency, and be the most certain means of restoring to this nation a specie circulation. I put the question, sir, to every friend as well as to every foe of that institution, has it not been most eminently instrumental in defeating the very object it was designed to accomplish? Has it not almost entirely driven specie from the circulation? Has it not brought in, under its influence and management, a paper credit currency, not the representative of but the substitute for specie? In the very nature of things, the more successful the bank has been, as a bank, the more injurious has it been to the currency; for its efficiency in expelling specie has increased in proportion to its ability to supply the substitute.

The power to regulate the Territories and other property, the power to borrow money, the power of exclusive jurisdiction over certain localities, the power to levy and collect taxes, and the power to coin money and regulate the value thereof, have, every one of them, in Sir, I do not pretend that I can give an opinion on these succession, and at different times, been claimed as the matters, squared or rounded by the technical rules of the main or principal power of which the bank was the inci-science of political economy, but there are a few thoughts dental creation. But, sir, its friends have changed its which have suggested themselves to my mind, the expaternity so often, and it has become the child of so many pression of which I will risk, although they may seem to fathers, that it is difficult even for them to determine which come in collision with received opinions. is its putative father, whilst its illegitimacy stands confessed. There is no one who will assert that the power to make a corporation, to confer exclusive privileges on individuals, is not an original substantive power. It is one of the highest prerogatives of sovereign power; and to contend that it can be exercised as an incident to other powers, to which, to say the least, it is coequal, is at once to confound and destroy the distinctions which would affix any limitations to the powers of this Government. Sir, the constitution contains an enumeration of the specific substantive powers conferred upon this Government; and so careful were the framers of that instrument that the true character of this Government should be known, that they annexed a prohibitory clause, restraining it from the exercise of all powers not therein specifically granted. The power to grant a bank is not among the enumerated powers; it cannot be found in the instrument. The assertion that we frequently hear, that a bank is constitutional because it is necessary, involves an abandonment of the

No Bank of the United States can regulate the currency. On the contrary, its inevitable tendency must be to vitiate and destroy the currency. Money is the common standard of value; and its essential quality is, that it possesses intrinsically the same value that it possesses as currency. Gold, silver, and copper coins, are the money of this country, and are the legal currency. The actual currency is bank paper, and a small portion of coin. I do not pretend to say that bank paper, under proper restrictions and limitations, would not afford a safe and convenient currency. But I do say that the fact of its being either safe or convenient depends upon its being, to some considerable extent, the representative of specie. As it has lately been, the vast disproportion between specie and paper currency, (being as one to ten,) negatives the idea of the paper currency being the representative of the metallic currency. Sir, it may be the representative of property; and as such, during times of general prosperity and credit, may answer all the purposes of money. But the very

Such, sir, is the currency we now have, under the boasted regulating influence of the United States Bank. That this statement of its effects is true, no one will deny who has watched the history of events for four months past.

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moment credit fails, that currency fails--for it loses the them his opinions respecting any agent of Government. only quality that gave it currency--credit. Like a false And every citizen has a full and perfect right to canvass, friend, in the hour of prosperity it is ready to meet every to adopt or reject those opinions, and combine his efforts want, and to supply every demand, and to administer to with other citizens of similar opinions, to displace from our pride by its flattering accommodations. But when or continue in power the functionary expressing those the hour of adversity comes, it is gone-it is concealed in opinions. But when it is asked to extend this privilege the banker's counter, and neither persuasion nor entreaty to the bank, we have a right to say that it must first have can draw it forth from its hiding place. the elective franchise extended to it. I deny, sir, and I trust I shall for ever deny, that a mere servant, a creature of the Government, is entitled to participate in the exercise of the high moral and political functions which belong to the citizen, the sovereign citizen alone. When this people want instructions how to discharge their political A bank cannot regulate banks-a universal paper me- duties, I trust they will seek them from some other source dium of exchange cannot regulate or give pecuniary value than the bank, and that, as freemen justly appreciating to local bank paper; this office belongs to money alone, and justly jealous of their rights, they will spurn every and cannot be transferred. The currency afforded by attempt to enlighten their minds from such a quarter, the Bank of the United States is at best representative; even at the expense of $80,000. Gloss this matter over and to assign to it the office of regulating local bank paper as you will, the conduct of the bank is indefensible. would be to make the latter not the representative of Neither palliation nor extenuation can destroy the suffi money, but the representative of a representative. ciency of this evidence against the integrity of the bank. If the Congress which granted the bank charter had been assured that, within the time limited for its existence, it would have expended $80,000 in one year, in illuminating the darkened minds of this benighted community, with a view to its recharter, I ask, sir, every member who has read the debates of that day, whether a single vote would have been given in its favor. Its rejection, sir, would have been unanimous-and yet, sir, the deed having been done, there are honorable members in this House who are willing to excuse--nay, to justify it. Either, sir, the tone of moral feeling in this nation must have undergone a change, or crime is far more odious in the prospective than in the commission.

The agency of the United States Bank in producing the vast disproportion between the paper and specie portions of the currency, is admitted by its friends. The bill introduced into the other branch of the Legislature by a distinguished friend of the bank, [Mr. WEBSTER,] Contains amendments involving this admission. The project of another distinguished Senator, the author of the present bank charter, [Mr. CALHOUN,] I understand to be to continue the present bank, as an admitted evil, to cure the evils of currency of its own creation, the same way that fire is employed to extract a burn, and ice to extract frost. I propose a different remedy. It is to restore money to its proper office. Let the United States Bank cease; let gold and silver take the place now attempted to The assertion has been made that prejudice prevails, be held by the bank in regulating the currency; and let and opposition is easily excited among the people against the States restrain their banks from issuing notes of a less the bank. I rejoice, sir, for one, that it is so. When denomination than five dollars, and we shall soon have a this people can see an institution like the bank expending safe and sound currency, in place of the present base and its thousands of dollars in the purchase of opinions, of ignoble currency. presses, and of men, and not be aroused to a proper sense Sir, had this bank been useful for the purposes for of the danger that surrounds them, the lethargy of death which it was created, I would still oppose its recharter. I is upon them. When I hear that the people of the would oppose it for its bribery, for its corruptions, and United States listen with indifference to the recital of the for its general immoral tendencies. The bank has been corruptions of the bank, of its arrogant pretensions, of its convicted of expending large sums of money for political contempt of the authority of this House, and its contumelipurposes. The large amounts expended in printing and ous treatment of the President and other officers of Govern distributing speeches of a political character, its friends ment; when I hear this, sir, then shall I also be prepared to admit and justify. Other large sums proved to be ex- hear the clanking of chains worn by those who once were pended in changing the political opinions of editors of freemen.

newspapers in New York, Philadelphia, and other places, Sir, my regret is, not that the people have shown themand turning them from being enemies, loud and bitter in selves too sensitive at this bold attack upon their liberties, their denunciations of its overwhelming corruptions, to but it is that we are not unanimous in its condemnation. friends, clamorous in its praise, are passed over in silence. The sins of this institution have grown up before us The expenditure of $80,000, avowedly for the purpose of mountain high, and instead of being united as one man to putting those in power who were friendly to a renewal of drive the monster from its abiding place in this fair heritage its charter, by expelling those who doubted its utility or of liberty, we are divided into parties respecting it. Yes, its purity, has been attempted to be justified on this floor; sir, and it is with no pleasure that I repeat it, it has its disyea, sir, on the floor of the American Congress. The ciples, its retainers, its partisans and followers, who are bank, sir, has no right to be a party to this controversy. not only ready to proclaim its infallibility, but also to sing A large portion, perhaps a majority, of the people of the hosannas in its praise. The chosen people of this age, United States, believe it to be of unconstitutional creation. like the chosen people of antiquity, seem to have a fatal The remaining portion believe that the power to create predisposition to idolatry. But, sir, there is consolation it is not among the original powers granted to Congress; in the truth that there is a multitude of free citizens who but that Congress, believing it to be necessary as an in- have not bowed the knee to Baal, and are willing and strument to carry into effect other powers expressly waiting to destroy the temple of his habitation. And I granted, have constructively, from the necessity of the rejoice, sir, that there are those in this House who have thing, the power to charter the bank as such govern-voted favorably to the bank the present session who are mental instrument, and not otherwise. Admitting, then, sufficiently alive to their rights as citizens and members that the bank has a legal existence, it is exclusively as of this House, to denounce it now for its late contempt of the agent of the Government that it has such existence. the authority of this House.

The President of the United States, as the organ of the I have no disposition, at this stage of the debate, to Government and the constitutional organ of the whole enumerate, much less to discuss, the many powerful obpeople, has the right, and it is his duty, to declare to jections that have been urged against the expediency of

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[JUNE 24, 1834.

rechartering the United States Bank. Most of those ob- powerful, but the chief engineer who turns those screws jections have been already argued before the proper tribu- understands thoroughly the time and place for their most nal, at the last presidential election, and decided upon. effective application. To this real existing cause, and But, sir, there is a topic of subsequent and recent origin, that of cash duties paid under the new revenue laws, add which, in my humble opinion, has an important bearing the unfounded alarm that has been created, and we have on the question of the renewal of the charter. I allude, the true causes of the hardness of the times. This unsir, to the late embarrassed state of the currency. It is of founded alarm was also chiefly the work of the bank. the last importance that the cause of the late deranged In proof of this assertion, I have only to point to the instate of the currency, and consequent prostration of credit, dividuals who are most industriously engaged in sounding should be known. In the midst of profound peace, and the trumpet of alarm in the Atlantic cities. Who are the most extended general prosperity; at a time when the they, sir? The detected purchased instruments of 1832. three great departments of social industry, agriculture, The bribed agents of the bank. I have no disposition, in commerce and manufactures, were flourishing almost be an argument, to call hard names; neither do I feel a disyond a parallel; when the balances of trade and exchange position to call things by any other than their right names; were in our country's favor; when we had met with no and I do, therefore, repeat, they are the bribed agents of accident by field or flood," creating a diminution of that the bank who have raised the cry of distress. Look to capital which is the basis of our currency; at such a New York, and who are they that decried the State banks, time, and under such circumstances, we found credit and labored assiduously and insidiously to destroy their broken down and destroyed, and distress and ruin follow-credit, the local, the general credit? They are those, sir, ing. I repeat, sir, the important inquiry is, what was the who have been proved to have "the facility" of convercause of this calamity? I believe, sir, that none of the sion from one faith to another in the twinkling of an eye, friends of the bank in this House have so far risked their under the influence of the "facilities" furnished from the reputation for common sense as to assert that it was a breeches pocket of Nicholas Biddle. consequence legitimately or directly flowing from the act This House has contributed, in some degree, in increasof the removal of the deposites; on the contrary, with can- ing and extending the alarm; and it may not be uninterestdor that is creditable to them, they have repeatedly admit-ing to take a short review of our proceedings, in their ted, on this floor, that the removal of eight millions of dol- connexion with this subject. At the commencement of Jars from their deposite one side of Chesnut street to the the present session of Congress, we were told, from a other, could not affect the currency or produce any sensible certain quarter of this House, that action, immediate change in the money system of the country. The allegation action, was indispensably necessary to the welfare of our is, that the removal of the deposites was indicative of the country. So urgent was the necessity for action, that this determination of the administration to destroy the bank; and matter could not even brook the ordinary delay of being that the public credit was shaken, not from any immediate sent to one of the standing committtees of this House. consequence of the removal, or from any anticipated ultimate effect of that measure; but, sir, from the fact that it was evidence of the disposition of Government not to permit the charter to be renewed.

I came here, sir, at the commencement of this session, a novice in legislation; and, I must say that I have increased in the knowledge of legislation, if not in legislative wisdom. I have seen gentlemen, when this question I rejoice, sir, that all the arguments that have been in- was first broached, more than six months ago, rise up in troduced against the removal and in favor of the restora- their places and portray, in living colors, the ruin and tion of the deposites, in the connexion of these measures distress that would follow a delay of the settlement of this with the prevailing distress, have had reference to the question. They even deprecated discussion, and urged question of the renewal of the charter solely, and thus the necessity of settling the question in some way, and it presenting the true question of bank or no bank. I am, was not very material in which, to avoid the panic that its nevertheless, constrained to say, from all the lights shed agitation was calculated to produce. I have, sir, seen upon this subject, that those arguments are more pertinent to the true issue than weighty to establish the issue on the part of those advancing them.

those very gentlemen who cried the longest and loudest, as "the harbingers of ill and the prophets of wo," the most conspicious instruments in the verification of their It is a fair argument that no real cause existed, inde- own predictions. The cry was "peace! peace! when pendent of the bank, for this failure of credit, when it is there was no peace." In the simplicity of our hearts, we asserted that this failure has been caused by the prospec- listened to their admonitions, and took counsel from their tive destruction of the bank, to which the removal of the warnings; and many of us gave an earnest of our belief in deposites is supposed to be the prelude. The argument their sincerity, by twice voting to sustain the proceeding is, that, although the removal of the deposites did not provided by the rules of this House to bring discussions lessen the amount of the capital, which is the basis of the to a close-the previous question. We failed in sustain. issues forming the currency of the country, and therefore ing that measure, and we failed through the votes of those was not, in itself, the necessary cause of the curtailment who told us that our country's salvation depended upon of those issues-yet, in the midst of the most extended our doing as we did. They, sir, pointed out the way for commercial prosperity, there is a general disruption of us to rescue our country; and then, from patriotic motives, currency and of credit, arising from an event which no doubt, took the opposite direction. That is not all-strongly proves that the charter of the bank will not be we were denounced for following the course indicated by renewed. I deny, sir, that it is possible, in the midst of themselves; and a gentleman before me lectured us in such prosperity, in the absence of real causes, to create a good round set phrase for so doing; and thanked his God, panic, that is to be at once the cause and the effect of its in a vein of piety which I trust is usual to him, that that own existence. Our people are too wise to believe that which he was pleased to denominate a gag-law was not sustheir fate is indissolubly interwoven with that of the bank, tained by this House! The result has been, that "agitation, and too prudent to borrow trouble in advance. I repeat, agitation," has been the standing and special order of the sir, that when the friends of the bank assign as cause for day in both Houses of Congress, since the commencement the prevailing distress that which is wholly insufficient, it of the session; and the bank has had ample room to give is strong presumptive proof that the fault is with the bank. this people the practical demonstration of its power. But we have also other proof; the bank has lessened its Blind, indeed, sir, must be the eyes that do not now see discounts-its millions here, and its million at this branch a power among us, which, although it may be of legisla and at that, and where it was most necessary to have its power felt. The screws of that institution are not only

tive creation, has become a foreigner, an alien enemy, in our midst; which has placed itself in hostile attitude

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against this Government, exercising belligerent rights aflate period of the session, to consider any plan for the ter the manner of a nation, against the sources of the permanent regulation of the currency. wealth of this country; issuing its Berlin and Milan, its He inferred this from the impatience evinced, and the Chesnut and Wall street decrees, and imposing its embargo inattention to the several speeches just made, and the upon the commerce of the country-in retaliation; no, fact that several gentlemen who were in favor of, and insir, that is not the word-in stern self-defence, against tended originally to support, his amendment, had shown the assualts and the insults of Government! Where, sir, a disposition to-day in their speeches to support or to perare the champions of freedom, whose voices were wont mit the passage of the bill reported by the Committee of to fill this hall, and make it resound with the inspirations Ways and Means, and to sustain the policy, or experiof their eloquence, when the least encroachment was at- ment, as it was called, of employing the State banks as tempted or made against those inestimable rights upon the fiscal agents of the Government. which our glorious Revolution was predicated? Who, here- He knew that there were, after to-day, but three tofore, could snuff the vicious principle in the tainted days more on which bills of this House could be acted breeze, and denounce, eloquently denounce, its least ap- on, and that it was almost impossible to mature a plan for proach? Where are they, sir, when this political monster the settlement of this great question; but he felt bound has boldly walked forth, and proclaimed itself the aven- to submit, and give an explanation, which, he said, should ger of its own wrongs; warring against and prostrating the be very brief, of his plan of a national bank, which, alindustry of the country; drying up the sources of its though it was a renewal of the old charter, contained wealth, and insolently demanding its renewed existence such modifications, limitations, and changes in the stockas the price of its forbearance? Where are those voices, holders, that it might almost be considered a new corposir? They are silent; or what is infinitely worse, lifted ration. loud in exultation that the President has, at length, found an enemy, whose "towering adamantine strength" is sufficient to grapple with him; an enemy which holds in defiance "the principalities and powers" ordained by this people for their preservation.

He had retained all the features of the present institution which had attained character for usefulness and credit, and placed such guards around it as would, according to his view, effectually prevent all the mischief and evils which its opponents appear to dread from it, Sir, when I came here to discharge the duties of a and about which so much clamor had been made; but member of this House, about two months after the remo- whether justly or not, he would not pretend to say, nor val of the deposites, I passed through the three principal did he care. He had seen conduct on the part of the Atlantic cities, New York, Philadelphia, and Baltimore, bank directors, although it might have been, and probaand every thing indicated prosperity. There was no bly was, without any improper design upon their part, distress, no panic, no forebodings of evil, to cast its gloom which had met his disapprobation, and he had never failed over the fair face of commercial industry; all was bright to express it. He was governed by no feelings either faand happy. I came here and I heard in these halls that, vorable or unfavorable to the present bank or its directin those cities, all was gloom and despondency, and from ors, in bringing forward this bill; he had no personal acthat time forth groans of distress were daily issued from quaintance with any of them; he did not owe the bank; this place. Editors of newspapers in New York advised he had not a cent of interest in it; nor was any one of his every man who had a bill on a local bank to present it friends, so far as he knew, in the slightest degree interfor payment. The grand preconcerted scheme of panic ested in it. He could not be charged with having any at length succeeded. Sir, as evidence of the truth of political object in view in introducing his amendment; he what I have now stated, I will mention that I carried with believed every member of the House would acquit him of me to this place bills of the Montgomery County Bank, such a charge; he was governed by no such motives; his (the county which I represent,) in the interior of the object was now, as it had been on all occasions, when State of New York, and for more than a month after my called upon to act in that House, to do the best for his arrival here I passed them without any question being constituents and country, according to his judgment, withasked; but, sir, so soon as the, scheme of panic and dis-out reference to party. He had taken part, it was true, tress began to operate, the bills of the best banks in the in some of the political struggles in the country, and city of New York were discredited and could not be would probably do so again, but his conduct, as a Repre passed. Sir, if all this had been occasioned by the removal of the deposites, the effect would have followed the cause. The effect, sir, in this instance, as in all others, did follow the proper cause, and what that is have already stated.

I

sentative, never had been, and never should be, governed by any such considerations. He cared less for who was in power than for the manner in which it was used by those in whose hands it was placed; he had never asked or received a favor of the Government, and never would while he was honored with a seat in Congress.

I shall pursue this subject no further. The day of passion will soon have passed away, and the madness of party He was opposed to any plan making the State or local will soon have subsided. The veil of deception, which banks the treasury of the nation; it could answer no good aspiring men have thrown around this matter, will then purpose. The million and a half of dollars of broken lohave been removed. Sir, how can they then hold up cal bank notes now lying useless in the treasury, with the their faces in the presence of an insulted community? numerous banks which are daily breaking or stopping Will it be any apology that these men were in the pursuit payment, had taught him that they were unsafe, and exof objects of personal ambition? Will their miserable perience convinced him they were wholly incompetent scramblings for office constitute an atonement for the to answer the purposes of Government as fiscal agents; distress they brought upon their fellow-citizens? No, sir, but, admitting them to be safe, who does not know that it will be the just cause of their condemnation. The they cannot furnish a sound and uniform currency? He country is again prospering, but this prosperity is to them was alarmed at the array of local banks springing into exas the light, they cannot bear it, for they prefer darkness istence in several of the States last winter, after the rerather than light. moval of the deposites, and when the downfall of the United States Bank was considered probable. It remindMr. DUNCAN rose to support his amendment with ed him of the host of spurious banks which rose up, like great reluctance, at a moment when members were pre-mushrooms, in a night, after the winding up of the old paring for their journeys home, and was more embar- Bank of the United States. From 1812 to 1818, he said, rassed, as it was apparent to him, from many circumstan- the country was literally inundated with their paper, until ces, that a majority of Congress was not disposed, at this the best judges of that day could not tell a good note from a

When Mr. McVEAN had finished,

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[JUNE 24, 1834.

bad one, or whether the bank had a location in fact or unrivalled credit all over the world; and the difference only in the imagination, as very many of them were the between the four per cent. stock to be subscribed by each production of speculators on the public credulity. Hun- State and the seven per cent. of dividend, would add to dreds, nay, thousands of poor men were swindled, and the funds of his own and all the other States, in place of suffered much then from the dreadful derangement of the filling the coffers of the individual capitalist. Mr. D. currency, and he was greatly surprised, after so much ex- said it was urged as an objection that it had interfered in perience, and with such an example before us, to see so elections; if so, such conduct met his most decided dis, large a party in this country, and in that House, disposed approbation, and he had endeavored, by a provision in to place the currency in the same fearful situation." He his amendment, to guard effectually against the exercise knew the evils too well to give such a measure any sup- of such a power in future. Another objection which had port. been urged was, that this bank was a dangerous monopoBut, sir, said Mr. D., if the United States Bank is put ly, tending to create distinctions in the country by con down, the embarrassment to the West will be twofold. centrating wealth in the hands of a few men. In this ob. Their sales of produce are made in the South, at New jection he fully concurred, and had effectually guarded Orleans, where specie, which is too cumbersome to carry, against it in his bill by giving most of the stock to the or the local currency, must be taken in payment, and States, so that every citizen, however poor, would par. their purchases are made in the North. Thus subjected ticipate in its benefits. Another objection, he said, which to a double discount upon their money, it must fall heav- had been urged against the recharter of the present in ily upon the products of the country. But this is not all. stitution, was the charge made by the committee appoint The large cities contain all or nearly all the capital em-ed by the House of Representatives to investigate their ployed in carrying on commerce, and they will receive no affairs, that the bank directors had disregarded the authori note of the West except at a very heavy discount. This ty of Congress, and had refused to permit the committee was the case in the days of unsound currency previously to have the use of their books, or to make such an inves mentioned, and would certainly be the case again. But, tigation as they wished. He felt no disposition to enter sir, said Mr. D., the evil does not stop here. While there into an investigation of the dispute or contest about the is no uniformity or confidence in the currency, people technical distinctions between the committee of Congress can neither travel nor emigrate to the West. No man and the bank directors. He was of opinion that Conwill venture to sell his property in one of the old States gress should have the most unlimited power to investigate for local bank notes, and start to the West, uncertain how all the books, accounts, and official acts of the bank and soon the bank would break, or being certain, as he would its offcers, and had endeavored, by a provision in his be, that he must change his money with a broker at the amendment, to secure that right in the fullest extent, and line of each State through which he was to pass. Such a punish any officer or director of the bank who should op. condition of affairs must retard the settlement and im- pose such an investigation. But, sir, said Mr. D., sup. provement of all the new States again, as it did from 1819 pose all the dangers to exist, and the abuses, as alleged, to to 1826, a period of the greatest embarrassment he ever be true, was this an argument against the value and imknew, and which was occasioned by the previous de- portance of the bank? What created being or institution, ranged state of the currency. The general confusion he asked, had ever existed, that was capable of doing which, in his opinion, would certainly grow out of the much good, that was not also capable of doing great proposed destruction of the United States Bank, present- harm? Was it not the persons selected for the manage. ed to his mind a fearful picture of the future condition of ment of the bank, and not the bank itself, that had given the country. such offence? If its officers had acted improperly, they

Mr. D. regretted that the chairman of the Committee could be displaced; it was to his mind no argument against of Ways and Means had not called up his bill at an earlier any institution, and especially to one that had performed day, so that more time might have been given to consider so many important services for the Government-an inhis amendment, or to mature some plan for a national stitution which was in fact the treasury, and the best pos bank; for he believed this to be the most favorable time sible treasury that could be established--an institution that ever would occur for the settlement of such a ques- which kept the public money safely, paid it out on the tion. order of the Treasurer, without risk or charge, at any He said some such measure as his was necessary to give point required; which had paid a bonus to the United relief to the country from the pressure now felt, and States of one million five hundred thousand dollars, and which must, in his opinion, inevitably increase, if the by his bill was to pay two millions more for the use of the present bank should be compelled to wind up and col- public deposites and the benefits of the charter. He lect in its fifty-four millions of dollars of outstanding debts. asked, has it not done more than all this for the country, No new bank, he said, can be created until after March, in furnishing the best currency in the world, better than 1836, and, of course, more than two years must elapse be- gold or silver, for all commercial purposes, its notes fore a substitute can be put into operation. This was one being preferred in most cases, and especially in large of the reasons why he preferred to recharter, under prop- sums, to either? Had it not extended the commerce of er restrictions, the present bank; but this was far from the country beyond all conception, by furnishing the means being the only one: his bill proposed to distribute nearly of carrying on and enlarging trade? Built our steamboats, two-thirds of the stock among the States, and he knew, which, in proportion as they gave facility and cheapness of by observation, that the high credit of this bank would se- transportation, had increased the value of the products in cure to the stockholders a larger dividend and more cer- the West? He would not say that all of the prosperity tain profit upon their capital, than any new bank, with a which had recently spread over and blessed every portion prudent charter, could possibly do; and, by making the of the great valley of the West was owing to the means States interested, additional stability and character would furnished by this bank for the improvement of the counbe given to this institution. try and carrying on commerce, or to the uniform and This bank was in full and successful operation, and sound currency it had supplied; but much, very much, of generally under the direction of able and experienced it was.

financiers, and was managed by well-tried, efficient, and But, sir, said Mr. D., if the alleged misconduct of some faithful officers. It had gone through the trial which few of the officers be a sound argument against the bank most banks experience in commencing business; it had itself, why not apply the same to the other departments regained its losses, which were very great at first, for of Government? Does any one seriously think of abol want of experience in the officers, and had established an ishing the Post Office Department, in consequence of the