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Oct. 13, 1837.)

Sub-Treasury Bill.

(H. of R.

democratic Legislature of my own State, Pennsylvania, sentatives of the country? But have our expectations unanimously recommended it. It was vetoed by the Presi- been realized ? What have we been about? What have dent. And what did Congress do? Why, sir, changed we done? Let us see whether we have not again been their opinion-echoed that veto! Yes, we saw the very subserviently echoing the will of the Executive ? man who draughted and advocated the bill for rechartering Our first act was to pass a bill for the postponement of the bank, (Mr. Dallas,) presiding at a town meeting a few the payment of the fourth instalment to the States, to weeks afterwards, and there opposing the very measure of withiold from them the sum of upwards of nine millions which he was the author and father; ay, turning at the of dollars, which, by the act of 230 June, 1836, we had beck of the President, like Saturn of old, to destroy his contracted tv put in their possession. By that law it is own offspring. This, perhaps, may have been all very provided “ that all the money in the Treasury of the Uniwell; but is it not a remarkable proof that members of ted States, on the first of January, 1837, reserving the Congress found it inconvenient to have opinions which did sum of five millions of dollars, should be deposited with not exactly conform to those of the Executive ?

the States in proportion to their respective representation But again : Congress investigated the situation of the in the Senate and House of Representatives of the United Bank of the United States, for the purpose of ascertaining States." Under this law it became the duty of the Secwhether it still continued to be a safe depository of the pub- retary of the Treasury, on the first of January, 1837, to lie moneys. They found its situation to be sound and

reserve five millions out of it for the use of the Governwholesome, and declared, by a large majority, that the de- ment, appropriate the balance, whatever it might be, posites should be continued in it, according to law. The to the States as already mentioned. The Secretary of the President, however, a short time afterwards determined Treasury performed this duty, and found that there were otherwise, ordered the Secretary of the Treasury to lay vi- upwards of forty-twa millions of dollars in the Treasury. olent hands upon the treasures of the nation, to take them He reserved the five millions, and then announced to the from the place where Congress and the law declared they different States of the Union, that there was in the Treasshould be, and scatter them abroad over the land, by de- ury, specifically set apart for them, the sum of thirty-seven positing them with the pet banks; there to be used for the millions of dollars, to be paid to them in four instalments. purpose of swelling the deluge of paper money, and of The States agreed to receive the money. Three instalfeeding and pampering and bloating the demoralizing spirit ments of the money they did receive. The fourth and of speculation.

last instalment of between nine and ten millions of dollars In sixty days afterwards Congress met. Well, and was to have been paid to them on the first of this month. what did members of Congress do? Did they adhere to This is a plain unvarnished statement of the case. Thus their former resolution ? No, sir, they again surrendered we see that on the first day of January last, there was in up their independence; again changed their opinion, and the Treasury thirty-seven millions of money specifically again echoed the will of the Executive.

set apart by the law for the States. There it was. The Then it was, that the President formed his league of pet Secretary of the Treasury counted it and declared it to be banks. He conceived and planned, and put in operation, there. Now, why has not this money been all paid to a project which, according to his promise, was to banish the States ? Was it because this House passed a bill for bank rags from the comaunity, give us the best of curren the post poncnicnt of the last payment ? No, sir, but becies, and fill up the channels of circulation with gold. This cause this administration had previously used this money was the sole work of the Executive and his agents. Con- for their own purposes. They, Martin Van Buren and gress had nothing to do with it. He submitted his plan, his administration, betrayed the trust reposed in them, however, to Congress, in the form of a law, for their ap- squandered this money—and when the representatives of proval. They hesitated for a while, and grumbled a little; the people assemble here in special session, we are informbut, not daring to disobey, they at length again complied ed by the President and his Secretary of the Treasury that with his requisitions, went through all the unmeaning forms the money that was in the Treasury for the States is gone, and idle ceremonies necessary to give it a legal shape, for- has evaporated, and that we will have to postpone the paygot the people and the country, and again echoed the will ment of one fourth of it. Thus we sce that the money of the Executive !

was used by the administration. The President and his But, sir, it is in vain to give further examples of the en policy have postponed the payment of the fourth instaltire dependence of this House on the Executive. The ment. Congress has had nothing to do with it. The President has been passing our laws! Congress, in truth money was there for the States on the first of January last. and in fact, bas had nothing to do with them! His will When we met here in eight months afterwards it was not has been supreme. This House, instead of being the free there. Suppose the bill for postponing its payment had representative body of the people, has been the representa. not been passed, could the States have got the money ? tive of the President!

No. Why? Because the administration had previously But the bubble has at length burst. The gilded project used the money that was specifically set apart for them. of which so much was promised and so inuch expected by Thus you perceive that the Executive postponed the payan injured and confiding people, is at an end. While the ment of it. And, after doing this, he very modestly calls people stood anxiously awaiting the realization of its prom upon Congress to pass a law to do what he had previously ised advantages, it suddenly exploded, and involved them done! Well, and what did Congress do? Why again and their business, the country, its exchanges, currency, they echo the will of the President, pass a law postponing and prosperity, in a scene of confusion and distress unpar what had already been postponed, and declaring a solemn alleled in the annals of our civil history. The Govern-falsehood to the whole country, that we, yes, that we had ment, from a hollow and bloated appearance of sanity, be withheld from the people of the States nine millions and a came suddenly bankrupt. The people were overwhelmed half of mor.ey, when it had been done months before by with distress, and from every quarter of the country asked the executive rulers of our country! relief from the evils that had come upon them.

This is the first exhibition of the independence of this Meeting, then, under these circumstance, I ask had we body! If we continue thus to comply with the behests not a right to expect that Congress once more would re of power and to delude and betray the people, I ask, in sume its independence, and attend faithfully and fearless the name of Heaven, what is to become of our country ly to the business of their constituents, and that the ad- and its free institutions ? ministration would now abandon its projects and give over [Here the House took its usual recess. After the reits attempts to sway and subjugate and enslave the repre cess Mr. Naylon resumed.]

H. OF R.]

Sub-Treasury Bill.

[Oct. 13, 1837.

, that reasonable men

Mr., Chairman, the embarrassment incident to my no-l ple have with those in power ? Sir, the account must be vel situation, and the excitement which hurried me on to made up sooner or later, between them and those rulers vindicate Northern people, sustain Northern institutions, who have been promising only to deceive them, sporting and to show their effect upon the community, caused me with their hopes, trampling down their interests, marring to forget this morning some of the topics that I had intend their enterprises, and bruising their tenderest sympathies. ed to introduce, and to enlarge on others that I expected The day of reckoning must come, will come! As certainonly to have glanced at. It is too late, however, to take ly as truth must prevail over error, as certainly as rights them up now. I will go on, therefore, where I left off. must be vindicated and injuries redressed, so certainly will

The second great measure which the administration the people have justice, ay, and vengeance too, for the commanded you to pass, and which you did pass, was the many wrongs with which a long course of misrule has visi. bill for the manufaciure of ten millions of Treasury notes. ted them. We have already heard the rumbling at a disYes, ten millions of paper money-len millions, not of tance. The volcano will burst forth. I warn gentlebank rags, but Government ragsmien millions of old con men-I warn the administration, to "flee from the wrath 10 tinental paper-ten millions of shin plasters! And is it

come !" possible that these are the fruits of those long years of ex But, sir, I have again been hurried beyond my subject. citing, convulsing, distracting experiments, which our I intended to have alluded to the Treasury note bill only rulers promised us should produce such a safe and conve to show that this measure, like all others, had been passed nient currency, and flood the whole land with gold ? Ay, in conformity with the President's will. vengeance ! The banner of our rulers has had for its could do to prevent its passage. One submitted a plan motto, not our country, nor liberty, nor patriotism, nor for the collection of the debts owing by the deposite banks, union, nor any other ennobling or inspiring sentiment; and showing conclusively that, by this means, the Governno, sir, but that miserable and mercenary promise" for ment could get their money from the banks and be saved gold, gold, gold." For years have our people been mock- | the mortifying expedient of issuing ten millions of rag ed and deluded with the empty promise of gold. And money. But no, it would not do. His proposition was now, at the very moment when they reach forth their ex not listened to. Another gentleman submitted a plan for pecting hands lo possess it, like the gold which is said to the sale of the bonds which were given by the Bank of reward a bargain with the Prince of Darkness, it turns in the United States, and not yet due to the Government; their grasp into dust and ashes! 'The Government has proving satisfactorily that this would entirely disconnect the been raking it together from all quarters of the earth. Government from the bank, and raise money amply suffiThey have wrung it with an iron and unrelenting grasp cient to dispense with the issuing of the Treasury notes. from the possession of the people. They have forced it No, they would have Treasury nutes. The President had out of circulation. It is money no longer; it is now recommended them, and of course his recommendation merchandise. It is bought and sold, as you would buy must become a law. So accustomed are the President and your bread or any other necessary or convenience of life. heads of Departments to consider their recomiendations as The people are forced to buy it in order to pay their debts having the force of law, and so certain was the Secretary to the Government. And what does the Government do of the Treasury that the Treasury notes would be issued, with it? pay it back to the people? No, sir, no, but that a month before the bill was passed for that purpose, magnanimously gives it to the officeholders! The office we find him writing circulars to many of the banks, and a holders then sell it to the people at a profit of from seven great number of the large capitalists in the country, huckto twelve per cent. The people again pay it to the Gov- stering these very notes about for sale! What a humiliaerriment from which, as before, it immediately passes to ting commentary upon the independence of the people's the officeholders, who again sell it to the people at a large representatives in Congress ! profit. Thus it moves round and round in one continued But, sir, the Secretary of the Treasury knew that this and contracted circle, cursing the people, and taking at House would not disregard the will of the Executive. You every turn from their hard earnings the amount of pre did again echo that will. The law is passed. The admium paid for it, and enriching the pampered officeholder, ministration designed to establish a great Treasury bank. just in proportion as it robs them. In the meantime the The design is as evident as the sun in a cloudless heaven officeholders have got the Government exclusively to them at noonday. They knew that they could deceive the peoselves. They have all the gold to themselves. They ple no longer with the golden humbug. They have now tell us that the Governinent and the people must be sep established their bank. You have ordered the jssue of ten arate and distinct, that it was never intended that the millions of its notes to begin with. These are all, and the Government should sympathize with their sufferings, or only gold which the suffering people of this country will extend relief to their distresses. And how, sir, does this ever get from this false and deceitlul administration! These, golden Government, with its immense professions, pay its sir, are sulemn truths, and why should I fear to ulter own debts ?

What do they give to the hard toiling me them ? chanic—the aged,"feeble and toitering war-worn soldier of What next? The next great measure that we have rethe Revolution ? And what has the country for a curren. commended to us is the last great experiment of those in

Why, rags, rag-; not “ bank rågs” alone; no, (for power, the “Sub-Treasury System." This project has they grow more scarce every day,) but all kinds of rags not yet received the sanction of this House, and I pray a complete piece of patch work, an undistinguished gath- | Heaven that it never may. It is now before us for considering together of rottenness and confusion. And, to crown eration. I purpose, in conclusion, to make a few basty rethe whole, the President and his gilded partisans, have inarks upon it. I am opposed to this measure. Although passed the bill for the manufacture of ten millions inore of not yet approved by Congress, it is now in operation. We rags, with which still further to curse the country-the see its workings. We have eaten of its fruits, and, for bill creating ten millions of paper money for the people!. myself, they are distasieful to me. I loathe thein. I am

In the namo of Heaven, I ask, when will this evil end? for cutting down the tree that produced them. When will members of Congress be members of Congress, Sir, this scheme proposes to place in the hands of indi. break the shackles that bind them to the blind and dark and viduals who are dependent alone on the will of the Presiferocious spirit of power, and stand forth the free represent. dent for their continuance in office, all, yes all the countatives of the country?

less millions of the money of this Government for disburse. Mr. Chairman, what an awful reckoning must the peo ment and safe-keeping. These men are to receive it, hold


Oct. 13, 1837.]

Sub-Treasury Bill.

[H. OF R.

it, use it, when and as they please, with no earthly barrier My heart shudders, my blood curdles at their recombetween it and the temptation to appropriate it to their own mendations. In every country under heaven where such a uses, which the personal custody of such immense treasures system prevails, the people are trampled on and plundered must offer, than the feeble restraints of poor, weak, fallible of their rights; ground down to the very dust by the awful human nature, and the fear of the cor.sequences which despotism of their rulers ; bought and sold like cattle with might result from an ultimate detection,

the earth, persecuted by power, plundered by these very How many receivers and holders of the public money, or, sub-treasurers, "chained to the brutes and fettered to the in other words, how many “sub-treasurers" there will soil." And yet, sir, this administration and its advocates be scattered throughout the whole extent of this wide urge the example of these odious tyrannies, as almost the spread country, no man can at present determine. In only argument in favor of the adoption of their hateful France, where a similar system prevails, there are one scheme. They tell us that their plan works very well in hundred thousand! Here, I have no doubt, in a short those countries. But they do not tell us that it is there tho time, the number would even exceed that. These men are grand engine of despotisin, without which the people could to hold and absolutely possess the whole treasures of the not be kept in slavery! Yes, the plan does work well in nation. Some of them, particularly in our large cities, will despotisins. It does the work effectually. It works adhave millions of dollars in their hands at a time. One un mirably well. It answers the very purpose for which it interrupted golden current will be continually pouring in was designed—that of plundering and enslaving the peoupon them. What a temptation, (even aside from party ple, whilst it deprives them of the power of resistance ! political influences) is thus offered to use a portion of this Where am I? Is it possible that here, in this mighty money occasionally or continually, as need or circumstan- capital of the only free republic on earth, with the deeds ces may require! Sir, the temptation will be irresistible. of our gallant fathers still green in our memories, with here Surrounded by needy or pressing friends in distress, whose and there one of their lingering associates now gazing upon families and fortunes they may think will be comforted or our deliberations, and the thunders of Yorktown yet ringrepaired by a timely loan; in the very midst of the exciting ing in our ears—is it possible, I say, under these circumwhirl of speculation, with Fortune's dazzling visions urging stances, that we can calmly listen to a proposition to abanthem on to use the treasures confided to their keeping, and don the settled policy of our Government from its beginembark in schemes promising to result in the enjoyment of ning to this day, despise and denounce the wisdom of its innnense possessions, and with the full certainty that a tem immortal founder, reject a course which has secured an unporary use of even large amounts, cannot be discovered; exampled prosperity to our country, and the utmost stretch taking into consideration with these circumstances the fact of erty to ourselves--and turn back and atlectionately that there will be one hundred thousand of these men-I embrace--hug to our bosoms, as jewels above all price, say they will, in some cases, inevitably misappropriate the the barbarous institutions of the dark and benighted despotmoney. Large amounts of it must be lost. The treasures

isms of the old word? Are we to turn a deaf ear to the of the country will be plundered. Under such a system, counsels of our revolutionary sages and receive for our there is no safety for the public funds.

guide the arbitrary decrees of autocrats and tyrants ? Sir, But, sir, this is not the only evil that I see in this meas is the republican seed, scattered far and wide by our im

The loss of the public moneys will be nothing com- mortal sires, to be eradicated with our own hands--and are pared to the moral and political evils that must flow from we to transplant into our fertile coil the sickly shoots of it. “Lead us not into temptation,” was the sublime prayer despotism, and nurse and water and cherish them into of our God. Our rulers, disregarding this divine lesson, health and vigor and fructification? Heaven forbid. Let scem determined to surround their public officers with a every man who wishes well to our republican institutions consuming fire of temptation, from which there is to be no put the seal of his reprobation on this scheme. hope of escape.

Their consciences are to be seared, and I have said that this very “sub-Treasury system” is one they are to go abroad corrupted and corrupting until the of the great means used by the autocrats of Europe for perwhole body politic becomes one offensive mass of putridity, petuating their tyrannies. In the hands of a monarch it is smelling to heaven and tainting the very atmosphere of an engine of tremendous power. He appoints every offifreedom. This may be strong language. But I see the They are all absolutely dependent upon him, and evil strongly. I feel it strongly.

are appointed to do his bidding. They are responsible to I have heard of the danger of uniting the purse and the him alone. They are scattered all over the empire. Every sword. All the unions of this kind, heretofore deprecated petty district has its officer to receive and hold the revenues as existing in this country, are as ropes of sand or bonds of the Government. They have immediate communicaof gossamer compared to what will be the case if you pass tion with the people. Of course, as the interest of the this bill! You will not only unite one purse and one officer binds him to serve his sovereign, and as there is no sword-no, sir, you will unite one hundred thousand purses one to interfere between them, the money he receives can and one hundred thousand swords-all ready to yield up be used in influencing the people (or subjects as they are their treasures and leap from their scabbards at the nod or there called in any way desirable. Thus thousands and stamping of the foot of one man !

tens of thousands of these little treasurers are using the A“sub-'Treasury bill," it is gently termed in this money in their respective districts, so as to produce the deHouse. Before the country, for the purpose of deluding sired influence on ihe people. And yet, in a moment, the the people and exciting popular feelings in its favor, you whole treasure can be collected in one concentrated mass at name it a “bill to divorce the Government from the the nod of the monarch. This is all done silently and sebanks.” But what is it? Trampling the mere name cretly. The evil is felt and no one can tell whence it covies. under our feet, and looking at it as it is, stripped and | Despotism is upon them, and they have no means to break it. naked in all its odious deformity-I ask what is it? Why, This system of monarchy, this engine of despotism, is sir, it is a bill for arresting the flow of our prosperity-for the very one which the bill under consideration proposes subverting the fundamental principles of our republic--a to introduce into this country. It will make the power of bill for laying the corner stone of despotism. How do the President as supreme as that of any autocrat of Euthose in power recommend it to us? What arguments do rope. You will have a hundred thousand officeholders they urge in favor of its adoption? “Oh," they say, “it appointed by the President, holding their office at his is no new scheme. It exists in France; it flourishes in pleasure, dependent upon his will for the very broad they Prussia and Austria-it has grown into full and vigorous eat, and commissioned to do his bidding. Every neighborperfection in Russia. It prevails in Turkey and in every 'hood will hare within its nurow confines one of these despotism of the new and old world."

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H, OF R.]

Sub-Treasury Bill.

(Oct. 13, 1837.

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"sub-treasurers,' “to harass the people and eat out lions and tens of millions of public money in their hands?
their substance." The land will be filled with spies and My heart shudders at the contemplation.
informers. All the public money, millions on millions, Mr. Chairman, I have shown that this system is the
will be in their hands! It will be scaltered about among engine of tyranny wherever it exists, and that the example
their partisans, become the source of countless demoralizing of other nations, urged upon us by its advocates, are all
speculations upon the industry and property of the people, derived from despotism.
and must inevitably end in concentrating all power in the They urge another argument in favor of this measure,
breast of the Executive. Adopt this scheme, carry out its which consorts in all things with the one just mentioned.
provisions in all their ramifications, and there will be no They say that the effects of this scheme will be to destroy
salvation for this republic; republican forms may exist, but the whole system of credit. It is true that wherever this
despotism will be its very life-blood, its pervading spirit. “ sub-Treasury scheme" exists there is no credit except

This scheme will not only increase the number of your upon the most narrow and limited scale. Nor is this sinofficers four-fold, and thus quadruple the taxes of the peo gular. Recollect that this system prevails only in tyranple, but it will furnish Government with an irresistible nies. The absence of credit is one of the grand charactermeans of controlling the popular will. These officers must istics of despotism all over the world. Every body must use the money to promote the views of their masters. They know, or can know if he will, that a well-regulated credit are appointed for that purpose. He who would dare refuse system and despotism never have existed, do not, and to do their bidding would not only be instantly dismissed, cannot exist together. It matters not what the forms of a but hunted beyond the pale of national consideration ; yes, Government may be; if a system of general credit prevails be denationalized and proscribed by the bireling hacks of throughout its whole extent, the heart and spirit of despotparty power.

ism must be crushed and broken. Will any gentleman dare say that these evils are all im There is no credit system in Russia, Prussia, Austria, aginary? What takes place in one country will, under the Denmark, Sweden, Spain, Turkey, nor in any other counsame circumstances, take place in another. This system try under heaven, where the people are in chains and is the one by which despotism perpetuates itself all over the wretchedness, misery and degradation. Nor is this all. world. Why can it not, why will it not, be used for the The converse of the proposition is true. There is no same purpose here? Is it for the want of a disposition in our country in which a well-regulated credit system prevails rulers? What takes place among us now? Do not those where the people are in bondage. It is a fact, which no in power attempt to force the minds of the people to think man having any respect for truth can deny, that just in with them? Do they follow the popular will, or do they proportion as a sound credit prevails in any country, in the make the popular will bend to their decrees? Sir, my same proportion are the people in the enjoyment of happibonorable colleague [Mr. SENGEANT] told a grave truth ness and civil and political liberty. the other day, when he said that Government carried every The reason for all this is very obvious. What is credit? thing by a war. It singles out its object, selects its plan, It is trust, confidence, belief and faith in the honor and inadopts its measures, and then opens its campaign, and, tegrity of man. It was the first kind of money, upon with its countless officeholders, vast treasures, and im- which all other money is founded. Il existed before paper mense power and patronage, enters the field, marshals all or letters were dreamed of, and long before the metals, either the “ faithful" to its standard, shoots as deserters all who precious or base, were extract:d from the gloomy bowels of Ay,

the earth. "There was a time in the days of Jefferson--in the good thin the early stages of society, men obtained from each old days of real democracy-when an officer of the Govern- other the product of their labors by barter or exchange. ment interfering with the freedom of elections, or attempt. The artizan would exchange his wares for the gain of the ing to influence the popular will, was instantly disinissed husbandman. If he wanted bread and had nothing at the from office. It was the cardinal maxim of the administra- | time to give in exchange, the farmer, giving credit to his tion of this illustrious man “that an officer who would at. integrity, would furnish him with bread stuff on his protempt to use his power and influence to control public mise to give him his wares in return when convenient. opinion should at once lose his office." This was the This credit was, therefore, the only money then. It was fundamental law of Jeffersonian democracy. Now, sir, nothing but confidence of one man in another ! In order those who claim to be the exclusive democrats of the land to get this confidence or credit it was necessary that a man have reversed this law. The maxim at present is, “that should be honest. Thus it improved the morals of manthe officer of the General Government who does not use kind. The more it was used the closer did it unite men all his power and influence to control the people shall be in society ; because it made men, in a degree, dependent forth with dismissed.” Hence, sir, we find that it is the upon one another, and made each individual interested in officeholders all over the Union who fight the political bat- the welfare of the whole. Thus it encouraged the kindlier tles for the adminstration. They must do it; they are sympathies and humanized the human family. When it bound to do it; and they do do it.

passed from hand to hand, or in other words, when the In the election which resulted in sending me as a repre. farmer passed the promise of the artizan to his neighbor for sentative of the people into this hall, the officeholders of something that he wanted of him, it became circulating the General Government of my own and the neighboring credit or confidence ; and as that became widely extended districts were the persons who bore all the heat and labor from man to man, it associated together into one family of the canıpaign, and did all the speech-making against and in one interest the most distant inhabitants of a

Not only that, sir ; but at least one person residing | whole empire. here, in the city of Washington, in this grand seat of Ex Thus, sir, it becomes the bond of society. It introduces ecutive power, holding a lucrative situation under the Gove man to his fellow, and gives mutual confidence. It ernment, having his sons employed here in Government motes travel, improves the country, facilitates civilization, departments, left his family, travelled one hundred and develops industry, quickens the mental faculties, expands fifty miles to get into my district, and there mounted the moral and charitable feelings, unites men together by the stump, became an open-mouthed brawling advocate of gentlest, but strongest of all ties, and teaches them their party power, called upon the people to reject me, and come power. This is the reason why credit and despotism are to the support of his master in Washington. Sir, if such never found together. It makes men too strong for scenes are familiar to us now, what will take place when tyrants! Were it possible to diffuse, at once, throughout you make four times the number of officers, and place mil-'all Russia the credit that prevails in this country, the iron

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Oct. 13, 1837.)

Sub-Treasury Bill.

[H. OF R.

bonds of Russian despotism would be burst asunder as by doing, more for her own people, more for the cause of magic, and the Russian serf, springing at once into the human rights, more for civilization, more for the elevation full

dignity of freedom, would stand erect and unshackled ! of morals and of mind, and more for the whole human It is the policy of tyrants to keep their subjects apart. family, than any other nation that has, or ever had exThey are for weakening the ties that bind them together. istence. They are for disconnecting every man from his neighbor Now, sir, I appeal to every patriot in this House--I care forcing him to stand isolated and alone; sowing the seeds not by whut party name he may be called—I solemnly appeal of jealousy, distrust, and individual disunion, destroying to every man in the country ; I ask you all, are you preall combinations, and making every one depend alone upon pared to abandon the means which have placed yourselves the sovereign power.

and your country on such high grounds, and adopt in their This state of things cannot exist with a credit system. stead the miserable, unnatural, and wretched policy of the Credit gives men one interest, makes them depend upon foul, rank, brutal despotisms of the earth? Will you follow one another, and combines them into one irresistible whole. in the paths which your fathers have made holy, and which Therefore it is that despols are at war with credit. They have led to glory, peace, liberty, prosperity, and unbounded must keep men apart in savage, barbarous, desolate isola- comfort-or will you obliterate every trace that they left tion. The moment a common interest, given by a com behind them, shut your eyes against the brightness of the mon understanding and mutual confidence, combines them past, destroy every germ of hope as to the future, and follow together, they become irresistible in power; and despotism ihat rugged and that crooked way which has always termiflies before them. This, sir, is the reason why liberty and nated in tyranny, degradation, wretchedness, and wo? As credit are found side by side together wherever either of 1 for myself, my mind is made up; I am for abiding hy what them have an existence. They are never found apart. has been tried. I must vote against this bill.

Look at all the non-credit countries of Europe. They One word more as to credit, and I am done. I know, are all despotisms, every one of them! And what are sir, the evils of credit. I know how it may be, how it is they doing for man, for civilization, for the spread of free abused. I have ever been a bold and open opponent of its principles? Why nothing, absolutely nothing! There abuses. I have, for years, taken an active stand against they are in chains and wretchedness, without liberty, with the inordinate increase of banks. I have spoken against it. out domestic comfort, enveloped in ignorance and barbar- | I have written against it. I have petitioned and remonstraism, without even the hope of rational freedom to cheer ted against it. I have done all that a reasonable man could and brighten up the future.

do to limit iheir number, and check their abuses. Yes, and Now turn your eyes to old England—the credit country | I have seen the very men who now so bitterly oppose all of the world, our father land,"—the land from which credit, within six years, double the number of those banks, most of us derived our blood and our name. Look at her and more than double the banking capital of the country! manufactures, her arts, her literature, learning, science, Credit has been abused. But it is no reason why it should and her civilization, that carries a portion of comfort and be destroyed. The abuse of any thing, is no argument liberty into every cottage throughout her island domain ; against it. The best of institutions are always those that with her fleels on every ocean, her commerce embracing the are abused most. In the name of our holy religion the whole world, diffusing her language, institutions, and free earth has been deluged with blood, and countless millions principles to the remotest corners of the earth ; overrun. have been consumed in the flames of martyrdom. But this ning India, filling up New Holland, peopling all the South is no argument against either the truth, necessity, or value sea islands, and everywhere planting the standard of civil- of our religion. Let us, therefore, labor to purge our credit ization, christianity, and civil and political liberty! system of its abuses. To destroy it, would be to break Whilst other European nations are stationary, England, by down all confidence between man and man, and restore her moral power, derived, in a great degree, from her credit once more the savage, desolating reign of barbarism. system, is producing a moral and political revolution Mr. Chairman, let me beg gentlemen to pause-pause throughout the globe.

before they pass this bill. It is now nearly six weeks since Sir, let us recross the Atlantic and turn our attention to the commencement of this session ; during which time, we America, and see what the people are doing there. Look to have been in this hall night and day. We come at early Mexico and the South American Governments. That part morning, the day passes away, and the darkness of midof the country was first discovered and first peopled. The night still finds us here. We have had no time for reading, inhabitants are in possession of inexhaustible mines of the for thought, reflection, research, or calm and dispassionate precious inetals; hard money is no sčarcity there. But examination. Wearied and jaded and worn out with fatigue, they have no credit system, and therefore no confidence in the President and his partisans have been hurrying and one another. They have no liberty, not even proper no- lashing us into their measures. We have been forced tions of liberty. They have no commerce, no agriculture to sit here night and day on purpose to prevent discussion, deserving of the name, no navy, no manufactures, no arts, and to compel us, right or wrong, to sanction the plans of no internal improvements, no literature, no science; but the Executive. We have been openly called upon by the with an abundance of gold, they are benighted, ignorant, leader of the adıninistration party in the House (Mr. CAMmiserable, wretched, enslaved, and oppressed, but one de- BRELENG] not to deliberate, discuss, and honestly mako up gree removed from the brutes around them! Their whole our minds—No, sir, no; but to “toe the mark !” We have history is but one unmitigated narrative of savage discord, invoked gentlemen to rush to the rescue of liberty suffering, murder, rapine, and bloodshed; mad infuriate revolution, of our country bleeding, and our people overwhelmed with and sanguinary insurrection! These are the people, and distress! Our appeals have been met with but one answer these are the institutions that are held up to us for our " toe the mark !" "toe the mark!" example!

But a few days since I picked up from the floor of this After this view of the degradation, wretchedness, and House, a petition of nearly one thousand inhabitants of slavery of the southern part of America, with what feelings Mobile, setting forth in eloquent language the accumulated of pride and patriotic exultation can we return to our own evils and distresses which had borne them down to the proud and happy United States. I will not pretend to earth, and praying as a remedy the establishinent of a naspeak of her glory, prosperity, and advancement, nor portional specie paying institution by Congress. There was tray the virtue, intelligence, genius, skill, and hardy and the petition on the floor-trampled upon---spitten upon adventurous enterprise of her people. Under the influence blurred and blotted and stained! And at that very moof her present institutions, she has done, ond is now mentyes, at that very moment, an honorable gentleman

VOL. XIV.-99

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