« PreviousContinue »
Oct. 9, 1837.)
United States, Mexico, and Texas.
[H. of R.
This House had made two calls on the President for in to the present day. I wish them to see, by the instructions formation upon subjects connected with Texas. The first given our ministers in every administration since 1824, was for the correspondence between the authorities of Texas that it has always been considered essential to the safety and and the United States, concerning the annexation of Texas. interests of these States, and that the sound wisdom and The second was for the correspondence with the authorities prudence of the reasons assigned in these alle papers may of Mexico, concerning the boundary line between the tw be submitted to their solemn deliberation, before they recountries, and the propositions for the purchase of any por turn their answer to the issue tendered by the gentleinan tion of the Mexican territory by the United States. Both from Massachusetts. calls had been responded to; and, in answer to the first, a It may be, sir, as the gentleman from Massachusetts says, communication from the Texian minister to this Govern- | that these documents are “garbled," and only such extracts ment proposing the annexation of Texas; a reply from the furnished the House as suit one side of the question. If Secretary of State ; and a rejoinder from the Texian minis- garbled, it has been done by the President or his Secretary ter, had been laid before this House, and ten thousand copies of State. I propose to publish them exactly as they have were ordered to be printed. In reply to the second call, a been furnished to the House. If these documents, and esvoluminous correspondence between the proper agents of pecially the opinions of the distinguished statesman who the Governments of the United States and Mexico had been was President in 1825, shall place any gentleman on this communicated, and ten thousand copies of it ordered to be foor in the position of having entertained opinions on this printed. Upon looking into the last documents, (said Mr. subject not exactly consistent, of having favored and urged E.,) I find they are divided into two classes, the first class the acquisition of Texas at one time, as an important naconsisting of those named in the resolution now under con tional object, and of having opposed and denounced it at sideration, and consisting mainly of instructions given by another, it is a matter he must settle as best he can with the different Presidents wielding the executive power of the the country. I have no further concern in the affair than United States, from 1824 to 1837, to our ministers resident that I want the benefit of the arguments of the then Presiin Mexico, directing them to propose for the purchase of dent, contained in these instructions, to aid the people in Texas, and giving the reasons why such a purchase was forming a correct estimate of the importance of Texas to desirable and important for the United States. These con the United States. I do not now propose to argue the merstituted but a small portion of the documents communicated its of this great question, but I desire to spread before the under the second call; the rest, comprising nine-tenths, or people the information contained in the arguments of far probably nineteen-twentieths, of those sent by the Presi- abler men, which I here find prepared to my hand. dent, relating almost entirely to a treaty of boundary which But, sir, I apprehend the gentleman from Massachusetts waz negotiated at an early period of the negotiations be- is mistaken in the course he has proposed, if his object is tween the two countries, and which recognised the boun- to have all the correspondence relating to the annexation or dary fixed for Mexico in 1819, in the treaty of Washing- purchase of Texas, printed on this occasion. He complains ton, between Spain and the United States; and in which ihat the correspondence is garbled. Let him then call, by the latter yielded Texas, and consented to make the Sabine a resolution, on the President for that which he says is supand Red rivers the boundary. This treaty, recognising pressed. He cannot, by his motion, if he succeed in carthis line as the true one between Mexico and the United rying it, have that printed which is not furnished the House. States, was three times negotiated and signed in almost the Mr. ADAMS observed that that would best appear by same terms, having twice failed in consequence of not being showing the House these documents. He wanted all or ratified by Mexico in the time prescribed by one of its arti. He was opposed to sending forth garbled extracts cles. The various forms and shapes which these negotia as the basis of opinions on a subject so momentous. The tions assumed, the several propositions to vary them, the gentleman from South Carolina had proposed to print excauses which produced the failure to ratify-from frequent tracts from the documents favorable to his own pecular revolutions, changes in the executive departments charged views on the great question at issue, and not the entire with this subject, propositions to change the place of nego- documents. The President of the United States, in obetiation from Mexico to Washington-the formation of a dience to the call of the House, sends certain papers. The commercial treaty between the countries, and tedious de gentleman from South Carolina proposes to print a part of tails of all its beginnings, interruptions, and progress; and them. Mr. A. said his proposition was to print the whole. the urcat requisitions of this Government for the appoint. He had a right to argue that the gentlenian proposed to ment of commissioners to run the line of boundary as fixed print such extracts as favored one side of the question rather in 1819, constitute a mass of diplomatic notes, corres than the other. No conclusion could possibly be drawn pondence, and instructions on these points, which have no from what had already been communicated, and the peobearing on the great subject, the annexation of Texas, ple had a right to all the light that could be shed upon the which now engrosses the public attention. Ten thousand subject. copies of these are already ordered to be printed; enough Sir, (said Mr. A.,) I say on my authority that, if such to diffuse all the information required. But, sir, it is not a proposition was ever made on the part of the United 80 as regards those mentioned in the resolution. They re States to the Government of Mexico, it was received in late especially to the acquisition of Texas; they consist of such a manner as to show that it was offensive in the highinstructions from the various Presidents who have been in est degree to that Government. If, as the gentleman from power since 1824, showing, in the arguments and views South Carolina intimates, some parts of those documents they suggest to our ministers charged with these important prove one thing, there may be other parts of them which negotiations, the reasons why it has always been deem go to prove directly the contrary. If any inference is to be ed important to the welfare of the United States that they drawn from the instructions referred to against the interests should possess Texas.
of my constituents, or against those of that gentleman's Sir, the House will remember that, some days ago, the constituents, we ought to have also the answers to the gentleman from Massachusetts made the pregnant and start- propositions referred to, and not draw inferences from that ling Jeclaration, that this was a question of union or dis- which is communicated to us, which might be entirely refuted union. He presented this issue to the people of the Uni- by that which has not been communicated. I repeat that, ted States. Now, sir, I wish my constituents and the peo- if there ever was such a proposition made to Mexico, it was ple of the South to have all the information on this subject received in such a manner that it never was repeated, and concentrated in this document, which will show them the never ought to be repeated, I have very strong reason to official action and opinions of this Government, from 1824 ' believe, further, (said Mr. A.,) that at one time the late
H. OF R.]
[Oct. 9, 1837.
Executive of the United States was deluded into an expec Including $16,000,000 appropriated last year, the whole tation that the Mexican Government were ready to make a charge on the Treasury amounts to
$48,000,000 cession of territory to the United States; and, indeed, in of this there has been paid $24,000,000 one of the documents lately communicated to this House, of this there has been suspended 15,000,000 the minister from Texas affirms to the Secretary of State,
39,009,000 that the late Executive of the United States was so confi. dent of the acquisition of Texas, that he offered to Mr. Which leaves the difference at
$9,000,000 Hutchins G. Burton, of North Carolina, the commission if there is any truth in figures. And now, what means, of governor of that territory. [Mr. ADAMS was here re Mr. U. would ask, was there to meet this $9,000,000? The minded by the Speaker that he was transcending the prop- proceeds of the public lands, and the cash duties accruing, er limit of debate upon a mere question of printing papers. ] would not fall short of $6,000,000, which, with the three Well, (Mr. A. said,) he must then fall back upon the millions proposed by this amendment, would suffice for the ground of natural justice, which he said would sufficiently balance of the year. These statements were too plain to sustain his argument that all the papers, if any, ought to be controverted. go together to the American people.
Mr. U. also wanted the question taken speedily, and Mr. A. having demanded ihe yeas and nays on the mo- modified bis amendment by striking out “exclusive of tion to amend the resolution, and they having been ordered interest." to be taken
Mr. LEGARE proposed to insert an interest of two per Mr. CAMBRELENG moved for the orders of the day. centum. This proposition, he thought, would be a comTREASURY-NOTE BILL.
promise which would obtain very generally,
Mr. SERGEANT also remarked, that the Secretary of The House then resumed the consideration of the " bill the Treasury had taken a view of this bill not warranted to authorize the issuing of Treasury notes.
either by the language of the bill or by the views of memThe question pending being the amendment of Mr. Ur. bers of that House, so far as those views had been disclosed. DERWOOD, to authorize the Secretary of the Treasury to That gentleman had written to brokers and others, all over issue only three millions and a half of Treasury notes, un the country, to inquire of them at what rate they would purtil the bonds of the Bank of the United States had been of chase those notes; whereas there was no authority in the fered for sale for three months, exclusive of interest bill to sell the notes at all.
Mr. CAMBRELENG appealed to the memlers on all The authority or power of the Secretary of the Treasury sides of the House to bring this measure to a conclusion. was confined to two points. In the first place, he could He did not suppose the gentleman from Kentucky [Mr. only issu them to creditors of the Government, in satisfacUNDERWOOD) really meant to embarrass the Treasury of tion of debts, on their nominal amount, with the interest the United States; but his amendment, if adopted, would that may then have accrued. The next power was the powbe the most extraordinary proposition ever adopted by Con. er to borrow upon the hypothecation of the notes. gress. His proposition was to authorize the sale of three On these points Mr. S. dwelt at some length. As to the bonds, amounting each to about two millions of interest.constitutional power of the Government to issue these bilis Now there was not a capitalist on the face of the earth who he had no doubt in the world. It had as much constituwould bid for them. Even the Bank of the United States, tional power to do that as to charter a national bank. With with all its capital, could not raise the means to do it, with reference to the wants of the Treasury, he preferred that out the aid of the Bank of England, for the simple reason they should borrow money of that description, which would that the bonds could not be divided.
answer the purposes of the Treasury. Now, what would be the effect of this proposition ? Here Mr. CAMBRELENG said a few words in reply to Mr. was a bill before the House taking from the Secretary of S., and gave notice of his intention to enter more at large the Treasury the power to draw drafts, which destroyed, in on the subject of the gentleman's present and late speech one single instant, the power to draw for one single dollar in support of a national bank, when the divorce bill came to pay the public creditors, who were now waiting for these up. The gentleman's argument about the people's money Treasury notes. By the amendment, he had the right to and the Government's money, was a merely ad captandum issue only three inillions and a half of notes in the last one, designed to produce an effect upon the elections in quarter of the year, thus tying up his hands for three Pennsylvania. months, except so far as his reliance upon there three mil Mr. C. agreed with the gentleman that the Secretary of lions and a half only for the expenses of the Government the Treasury had not properly construed the act now under during that time, when, according to the estinates, at least consideration ; for, if he had construed it properly, there ten millions will be required for the same period. This never could be any depreciation whatever of these notes. would, in effect, bankrupt the Treasury.
There was no power given in the bill to sell the notes, but Mr. C. said he wished, too, to reach another bill of pri- to borrow money upon them. mary importance, the divorce bill, before they adjourned, Mr. PICKENS made an urgent appeal to the House, for he was anxious not to leave the Treasury and the finan- that, considering the lateness of the session, and the inces in their present unregulated condition. In a New portant measures behind, they would vote on all the propYork paper he was made to say that he never intended to ositions now before it on this bill. He declared his intenbring that bill up. He must have been mistaken in what tion of voting against the bill himself if it embraced interest. he said, since he argued quite the reverse.
Mr. MERCER opposed the bill. Mr. UNDERWOOD, in support of his amendment, and Mr. UNDERWOOD again modified his annendment, in reply to the gentleman from New York, [Mr. CAMBREL 50 as to authorize the Secretary of the Treasury to exENG,] said that that gentleman har! done him but justice change the bonds with the Bank of the United States for in saying that he (Mr. U.) did not wish to embarrass the smaller honds. operations of the 'Treasury. He begged leave to make one or Mr. GHOLSON replied principally to the remarks of two remarks, however, in defence of his amendment. That Mr. Bell on Saturday last, and spoke in opposition to gentleman had said that the whole ten millions demanded the establishment of a national bank, and in support of the would be wanted during the balance of the current year. bill, without the amendment under consideration. He This certainly did not appear to be the opinion of the Sec- insisted that the bill was opposed, and was intended, if posretary of the Treasury himself, if there was any truth in sible, to be defeated, for the express purpose of promoting
the object to charter a national bank.
Oct. 9, 1837.)
[H. or R.
Mr. BELL spoke briefly in reply.
tions we have got one little bill through the House! The Mr. REED animadverted upon what he termed the mis- suffering people have a right to know to whom this delay, erably erroneous estimates of the Secretary, and argued this waste of time, of money, this trifling with their rights against the necessity of passing the original bill without the and interests, is to be ascribed. Sir, this remissness, this amendment, viz: to sell the bank bonds.
flagrant injustice, and wanton dereliction of duty, cannot, Mr. GHOLSON rejoined to Mr. Bell, but his remarks and must not, be charged to the administration party ; for were cut off by the hour having arrived for taking a recess, if the whigs, as they avow, have no projects or plans of when the House adjourned till 4 o'clock.
relief of their own, why have they not permitted us to carry EVENING SEssiox.
out those plans of the administration which we stand ready
to execute ? Is it because they scar the country will be The House met after recess.
relieved ? Mr. GHOLSON resumed and concluded his remarks What, sir, said the gentleman from Tennessee, (Mr. in reply to Mr. Beli, the whole of which are given entire, Bell,] when ho came forward, on Saturday, with his as follows:
time-killing project? He said he bad told the people, Mr. Speaker : If, by remaining in my seat, I believed “the dear people," just before the election—at a time the vote on the amendment proposed by the gentleman when he undoubtedly cherished a very warnı and tender from Kentucky, (Mr. Underwood,] or on the bill itself, feeling of regard for the people—that it would be in the would be taken at an earlier period, I surely would content power of the administration to relieve the country in sixty pyself with giving a silent vote, however anxious I may days at furthest! Well, sir, why does not the gentleman be, or may have been, to express my views. I am in bad bring forward the plan that he suggested to his constituents ? health, worn down with previous labor, and find myself Is he not bound to do so, if he believes what he has saiel but illy calculated for the effort of debate. The course of in relation to the plans set forth in the President's mesthe whigs on this floor, ever since the commencement of sage? Surely he is. When he undertakes to say that the session, has assured me that their object is, and has the schemes suggested in the President's message are wild been, that this House shall not act on any bill likely to and visionary, and impracticable, have we not a right to relieve the embarrassments of the country.
expect from him some plan that will, according to his own Sir, I am justified in saying that the object of the whigs views, afford relief, practical relief-a plan that is in iiis, and has been, to keep up excilement in the country, self practicable and reasonable ? What was the vast and and adu embarrassment to the already embarrassed condi- wonderful scheme that the honorable gentleman suggested tion of the Government and the people. When this ses to the people of his district ? He says that it was a scheme sion first commenced, we were told by the gentleman from to force the Government to take up the $100,000,000 of Tennessee (Mr. BELL) and the gentleman from Virginia, irredeemable bank paper now afloat in the country! In(Mr. WISE, ) who are regarded by me and by the country deed, sir ! as the oracles of the whig party, that they had no meas Mr. Speaker, common sense, the commonest reasoning, ures of their own to bring forward to relieve the Union. and the teachings of every day's experience and observaThe gentleman from Virginia went further. He requested tion, all go to prove the utter impracticability of the propor directed his whig allies to bring forward no measure to osition. I have too high a regard for the gentleman's relieve the country. He said that, for one, he would let intelligence, to believe, for a single moment, that he bethe country groan on; that it was not the intention of the lieves in the practicability of any such project. Those adıninistration party here to carry out the recommendations banks which have flouded the country with a redundant of the President; and oven went so far as to warn my paper circulation, have failed, and their paper beconie friend from South Carolina [Mr. PICKENS] to be on his worthless in the hands of the people, at the very time when guard, lest he were arrested and shot down as a deserter. they were sustained by all the resources of this mighty and Being now hard pressed in this quarter, and this bill (which munificent Government daily poured into their vaults. has been so bitterly denounced) being likely to be finally They failed, sir, when they were sustained, not only by voted on before the cluse of the session, he calls in the aid the Government, but by the confidence of the whole Ameriof his ally from Tennessee, (Mr. BELL,) and solicits that can people, and by that still stronger power, public opingentleman to aid him in occupying the time of the House ion. "If ihcy failed under the existence of such props and with fruitless dicussion and vapid denunciation until the such patronage-if they could not exist as organic bodies, close of this extraordinary session, and thus prevent, what and perform the functions required of them by law and by is so much dreaded by both gentlemen, that relief which their charters, under the existence of circumstances so fathe country so imperiously demands, and which, if we vorable--and if their paper, as we all know to be the fact, possess the poiver, we are bound to afford to it.
has depreciated fifteen per cent. how much more signal Well, sir, the gentleman from Tennessee has not been and complete must be their failure, when they do not and unmindful of the appeal of the gentleman from Virginia. cannot obtain the confidence of the people? He has promptly obeyed the mandate, and has gone to his Sir, I defy the Government to give the people confidence aid; and, with the skill and management of a political in these banking institutions. They have already failed, grimalkin, he consumed the whole of Saturday in discuss- and without the confidence of the people they cannot bc ing a motion that he never intended should be voted on ; resuscitated ; they cannot sustain themselves. and after a day and a part of the night had been consumed Mr. Speaker, who, let me inquire, ever heard of a Govby Jescanting on that time-killing motion, the gentleman emment like ours, in a time of profound peace, dealing in from Ohio (Mr. WuITTLESEY] came forward, and asked paper known to be depreciated, and attempting to make the gentleman from Tennessee to withdraw his motion. ibat paper the circulating medium of the country? Do we The request was instantly complied with, thus conclusively not all know that this plan is wild, visionary, impracticable proving, to my mind, that the whole design and object of and unheard of? I know, sir, the gentleman fron Tenthe gentleman was, and is, confusion, excitement, embar nessee does not believe it practicable; if he did, he would rassment, not action or relief to the Government or the bring it forward in a tangible shape. I have too much conpeople.
fidenco in his ability as a statesman, too much confidence Sir, we have now progressed on this legislative journey in his intelligence as a financier, to do hirm the injustico till we bave reached the last week of the session.. And of believing him at all in favor of the plan of which he has what, Mr. Speaker, let ine ask, have wo, the administra- spoken. tion party, been permitted to do? By our untiring exer The causes that have moved the gentleman from Ten
H. or R.]
(Oct. 9, 1837.
nessee in this matter, are easily divined ; nay, they can of every thing else, will receive fictitious valuations, and
this House, and to attain his ends, he came out with favor of pointing out the resemblance that this bill bears
any other institution, is bound to redeem. This paper, in But why, let mo ask, have we this constant cry of bank, these times of distrust and oppression, commands a prebank, fron the known bank party on this floor? It has mium over the local bank paper of the country. It first been said that this bill was intended to defeat a national passes into the hands of our southern merchants, they pay. bank. I am willing to place it on that issue before the ing a premiun for it of about 15 per cent. above local bank American people; I will, and do, hereby declare iny assent paper. The merchants pay it over to the agents of the to this measure, bumble as gentlemen say it is, and at northern merchants, who are literally swarming like hunthe same time I avow my decided opposition to any nation- gry locusts through the country; who, knowing its utter al bank. And, sir, if convulsions, anarchy, and confu- worthlessness, and that no one is bound to redeem it, imfion are to be the consequences of our refusal to charter a mediately sell it for. local bank paper at a premium. With national bank, let them come, and I shall be prepared to this paper they buy cotton. In this way, one set of these mect them. Sir, I have stated that names have no terror irredeemable notes buys the cotton of the whole neighborfor me. I am in favor of this bill. I wish these Treas. hood at a discount of at least 15 per cent.
Thus is the ury notes to enter into the circulation of the country, and ghost of iliis institution enabled to plunder my constituents if ihcy do get into circulation, depend upon it, sir, the out of 15 per cent. of their labor. one-half of your embarrassments will be removed at the in This system of plundering the South, so long practised stant they find their way from the hands of the Secretary, by the Northern capitalists, has enabled that section of the This bill has no similtude to a bank, Mr. Speaker, and if country, through the agency of the institution of which I genilemen attempt to distort it into any thing of the kind, speak, to play a game that must be suspended, and it is to they will get their labor for the pains. The 'Treasurer, an evil so moustrous that I am anxious to apply a remedy. under it, has no power to issue bills, except as the creditors This can be done effectually by the rej”ction of the aniendof the Goverminent may require them. The passage of ment and the passage of thic bill. Hi this way, this instithe bill will not enable the Secretary of the Treasury to tution will be driven out of the market; for when the notes throw thousands and millions of paper into circulation in proposed to be issued log this bill enter, as they will, into a day, by which the price of property, and of labor, and 'ihe circulation of the country, the worthless paper of this
Oct. 9, 1837.]
[H. OF R.
insolvent institution referred to, will be banished from cir this bill shall have passed, the Government will be relievculation.
ed. Ten millions will be liable to be gradually thrown Mr. Speaker, the gentleman from Tennessee [Mr. BELL) into circulation. You can then give our banks reasonable complains that I have no right to place the construction on time; and thus the whole will be accommodatcil. his acts that I have so freely and fully expressed; and, sir, he Sir, the gentleman from Tennessee [Mr. Bell) said has added that I have expressed opinions in reference to him something about forcing the Government into terms. that are not justifiable by facts. Sir, I must be allowed to What terms does he mean? The terms of these irrespontell that gentleman that the actions and conduct of public sible banks? If these are his terms; if a submission on men in this hall are, and of right should be, public prop- the part of this administration to the dictations of these erty. As such, I have a right to come to my own conclu- banks are the terms upon which we are to buy the peace sions in relation to them. Having formed my opinions as of the country, it is such a peace as I do not want. If to the moving cause for the conduct of that gentleman in this is the way that quiet in this land is to be kept, let us the present instance, I have taken the liberty to express have the confusion of which we have heard so much since those opinions, and I claim the right of doing so. Sir, I the commencement of the session. I think the sooner it should be sorry to do any gentleman an act of injustice. I comes the better, bare misstated no matter of fact; and, if I have otherwise Sir, has it come to this, in this land of liberty and of done the gentleman injustice, I shall be found at all times law, that these banks can, and will, dictate to an American ready to render him the most prompt and adequate satis. Congress ? Are we to be no longer independent ? Are wa faction.
to be forced 10 ask these most soulless corporations what Mr. Speaker, the gentleman has taken occasion to say we shall do, and what we shall not do ? Surely not yet. something in relation to the interest of my constituents. This is the direct policy of the bank party on this foor. I Now, sir, I will tell the gentleman that I am their repre am prepared to record my vote; I am prepared to meet the sentative, and that if I misrepresent them I am account crisis, and share my fute. I have no fears of the result. able to them for the act.. Therefore, neither they nor we Mr. Speaker, I had intended to have proceeded further require any aid or advice from the gentleman from Ten- in discussing these topics, but I find myself unable, from nessee.
exhaustion and debility, to go on any further. I know, sir, that I represent a suffering people, a peo Mr. CURTIS addressed the House in a short speech, ple who are immensely in debt; but, thank God! we have expressive of his regret that his colleague [Mr. CAMBRELa climate, a soil, and a production, that, when added to ENO) had laid aside the bill originally reported by him the never-ceasing vigilance of our people, will enable us to from the Committee of Ways and Means, and had engraftpay, in a short time, a larger debt ihan can be extinguish ed the Senate's bill upon its enacting clause as an amended by any other people of the globe.
He was in favor of the bill in its original shape, Much, sir, has been said about the immense debt our but opposed to an issue of Treasury notes bearing interest, banks owe the Government, and not a little has been said and would prefer the aniendment of the gentleman from and insinuated about the alleged insolvency of those insti Kentucky now under consideration, especially as recently tations. Sir, I ask gentlemen, before they make any more modified. He explained how the bonds of the United assertions on this subject, to examine into the true situa- States Bank might be rendered available, and sold in Eution of our banks. I make the asscrtion, without fear of con- rope. tradiction, that our banks, the banks of the State of Missis Mr. UNDERWOOD having altered his motion lo sippi, have as large an amount of assets in their possession as amend the bill so as to make it read as follows: any banks in this Union which have not a greater circula But no I'reasury notes shall be issued under the provition afloat. I have no doubt they are as solvent, and will sions of this act, except for the sum of three million five resume specie payments as soon as any banks in the Union hundred thousand dollars, until after the Secretary of the baring at the time of the suspension as large a circulation Treasury shall have offered for sale the bonds executed by as they had.
the president, directors, and company of the United States But it is said the banks have asked for indulgence. I Bank of Pennsylvania, in consideration of the stock held by say it is untrue. If they have asked indulgence, I am not Government in the late Bank of the United States; and informed of it. I, on my own responsibility, asked in the Secretary of the Treasury is hereby authorized and didulgence for them in order that I might favor their debtors. rected to sell and transfer said bonds, or any one or more Now, sir, if the gentleman from 'Tennessee, (Mr. BELL,] of them, to the purchaser or purchasers, and to apply the with his proclaimed charity for my constituents, will aid money arising from such sale and transfer in payment of me in keeping the hands of this Government off of our any demands upon the Treasury: Provided, however, That banks for a short time, he will render us good service. no sale and transfer of said bonds shall be made for less than Any attempt to force these banks to pay their debts un the nominal amount of said bonds respectively, with the naturally oppresses the debtor's interest. Whenever the interest which shall have accrued thereon up to the day of Government presses the banks, it presses its own debtors, sale. But if said bonds cannot be sold as is herein provided, and thus the Government directly oppresses the people. in three months fron, the passage of this act, then it shall
If the Government continues, according to the sugges be lawful to issue Treasury notes to the amount not exceedtions of the gentleman from Tennessee, who is so charit- ing in the whole ten millions of dollars. able, to draw on our banks, these drafts must, for some " It shall, moreover, be lawful for the Secretary of the time to come, come back protested. This will keep down Treasury to surrender any one or more of said bonds to the our money, and force us to pay the highest premium that bank, and to take in exchange smaller bonds for the amount, we have heard so much talked of.
to facilitate the sales and transfers herein provided for.” Sir, I care but little for those banks as mere corpora The question being put on the amendment of Mr. U'ntions, but I have a great good feeling for the people who derwood, in this shape, it was decided as follows: are in their power. You have relieved the balance of your YEAS-Messrs. Adams, Alexander, H. Allen, J. W.Allen, Government debtors, and why not relieve them also ? I Aycrigg, Bell, Biddle, Bond, Briggs, W. B. Calhoun, J. am sure they are as meritorious as your Northern mer Callioon, J. Campbell, W. B. Carter, Chambers, Cheatchants. Now, sir, the passage of this bill, without the ham, Childs, Clowney, Cranston, Crockett, Curtis, Cushamendment, appears to me to be the only means by which ing, Darlington, Davies, Deberry, Dennis, Dunn, Elmore, the country can be relieved. It is the only hope I have Everett, Ewing, R. Fletcher, Goode, J. Graham, Grennell, for our banks soon resuming specie payments; for when ' Griffin, Halsted, Harlan, Harper, Hastings, Hawes,