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H. Or R.]

Sub-Treasury Bill

[Oct. 10, 1837.

at length at this late period of the session. I too well too much, if it proves any thing; because it is clear that if know, sir, that a reference to the strict letter of the federal this evil has arisen since ihe forination of the constitution, constitution is 100 apt to excile the laughter and mirth the framers of that instrument never c uld have intended to of a majority on this floor; and the gentleman from Penn counteract it. The evil is admitted to be a new one, and sylvania, (Mr. BIDDLE,] the other day, with truth, alluded has arisen since the formation of that instrument, and they to an observation of a late distinguished citizen from Vir. never could have intended to confer a power to counteract ginia, (John Randulph,) that “the time was not far off that which they never understood or knew would exist. when a man would be called to order on the floor of Con Sir, I say the argument proves too much; but I am not gress for speaking of the constitution of the United States.” disposed to press this matter. I will only say that, as far I am not, therefore, disposed to press that argument, but as experience goes, (and it may seem strange to some genstill I take occasion here to say, that the framers of the tlemen, but I am disposed to lay down and maintain the coristitution never intended to confer such a power. What proposition, strange as it may appear to some,) the bank changes might have taken place, could they have foreseen of 1816 never did restore the currency of the country, what has since taken place, is a question not for me to decide. and could not; that it was not the bank which restored the I lay down this position, from the history of the federal deranged currency at that time, but it was the power and convention, that the framers of that instrurnent never in credit of this Government, under the constitution, by entended to confer this power. And why? Because the forcing the collection of its dues in specie. If ihis power proposal was distinctly made, first to create corporations had been simply enforced, it would have compelled an ungenerally, and then to incorporate where the general good sound currency to be withdrawn, or lo fall to ao ascertainrequired. These propositions were referred to a committee, ed value. The United States Bank was the agent to carry and that committee never reported. Afterwards a propo on the fiscal operations of the Government, and whal gave sition was made to confer the power to make canals, and it power was the creilit given to it by this Goverment, dea motion to amend it, by conferring the power to create claring that its bills should be received as gold and silver. corporations, was made, and it was expressly rejected. It was the credit of this Government endorsed upon its bills, One argument used in debate was, that, if this power were without reference to their convertibility at all, but simply conferred, the Government would incorporate a bank, and and absolutely receiving them as gold and silver. The that, therefore, the large cities would then be opposed to Government, being the great and universal money dealer, the adoption of the constitution. As far, then, as history had practically surren lered up its power to coin money, is concerned, it is clear the frainers of the constitution never and to receive nothing else, into the hands of a corporation, intended to conter that power.

and made its noies the same as coined money, so far as the I know, sir, there is an argument upon this point which Government demands were concerned. But even then, in appears very specious. It is this: that in looking into 1817,-'18, and '19, that bank was brought to the brink of that instrument, we cannot look dehors the preamble and insolvency, and all the other banks were made to feel its the specific provisions for its sound construction, but are power, while many fell prostrate before it. And what bound to contine ourselves to the instrument itself. Sir, alone sustained that bank then? The power of this Gov. if this were a court of justice, I would yield to the general- ernment, declaring that its bills should le received in paysoundness of that rule; but we are a political tribunal, not ment of its ducs as gold and silver. While other banks silting in judgment upon the law already made, but to make had to sustain themselves upon their capacity to convert the law itself, according to the instrument under which we their bills into coined money, this bank sustained itself by hold authoriiy. I know that, in a judicial tribunal, in a the Government converting its credit to the use and benefit case arising between meum and tuum, where vested rights of the bank, and that credit serving as a specie basis. The are concerned, a judge can only look io the preainble and great confusion that has occurred on this subject arises the act; he cannot look beyond the law itself. This is a from the fact that many have confounded the power and sound and wise rule, as applied to a judicial tribunal, but credit of the Government with that of the bank. will not hold in its application to a political tribunal, where The power to “coin money and regulate the value there. we are bound to look at the circumstances under which the of,” and the prohibition of this power to the States, and constitution was formed, and we are to decide on the pow- also the prohibition that prevents any thing but gold and ers contained in that instrument by the circumstances un silver bing made a legal tender, is all the power conferred der which it was itself adopted. llere we have no casc by the constitution over the currency.

Whether it be dearising under the law, no vested interests.' That which is réctive or nut, it is all the power given. But if it be rigida wise rule when applied to a judicial tribunal, has no ap- ly adhered to, without temporizing, it must, of necessity, plication to a political tribunal. The creation of a corpo create a general standard by which the local or paper curration is the exercisc of a substantive independent power, rency can be compared. It is inmaterial what a bank bill and to atiach it by construction as a vagrant power to this purports to be on ils lace; if it have an ascertained value, or to that clause in the constitution, is establishing a loose by comparison with specie, it is all that can be required. generality of reasoning which must end in the total over And the Government, collecting its dues in this standard, throw of that noble instrument. I am not unaware of the and habitually disbursing its equivalent, would create cenar2ument, that, in fact, the constitution of the United States tres at different points, around which the local currency intended to confer the power in this Government over the would revolve, and receive a fixed and known value. currency of the country, and that the State banks have Sir, to all intents and purposes, this would be a measure been created since the formation of that instrument, which of currency. I am aware that it is not as exact a measure have substantially created a new currency, and thereby as weights and measures are applied to other things, but it usurped that power from the General Government. It is a is the best ever invented by man, and comes nearer to it questio vexatur whether the States have not committed a than any other standard yet created by Government, or fraud upon that clause in the constitution which forbids which, I believe, can be created. As to exchanges, this is thein "to emit bills of credit, directly or indirectly." They not a suivject within the legitimate object of this Goverit have created local insti!utions, which, to a great extent, mient, except as it may be incidentally affected. They have set afloat a new currency that the framers of the con must be left, as they are in other countries, to be regulated stitution never contemplated ; and now it is contended that i by the interests of the commercial community, and conit is constitutional to counteract and control this currency Jucled by banks or bankers, who have acquired credit by by the creation of a corporation under the style and title of long economy and prudence, based upon real capital, and a bank of the United States. Now this argument proves' resting upon the productions of different sections.

Oct. 10, 1837.)

Sub-Treasury Bill.

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Sir, the difficulty in 1814 and 1815 was, that the Gov. the interests of the institution. Sir, in creating such an ernment became embarrasseil and involved. Individuals institution as this, you create a greater evil than that which could not advance to it. The local banks did advance ; you intend to counteract. and upon the faith of the debts, in the shape of stocks, What would have been the result in 1813 and 1814 if a they held against the Governinent, there banks went on bank of the United States had been in operation ? Why, discounting as if they had that amount in specie instead of the Government being in difficulty, instead of borrowing Government slock : and what was the result? Why, when from the local institutions, as it did, it would have borrowthose delits became due, the Governinent itself was unable ed, in all probability, from that bank; that bank would to make payments, and the inevitable consequence was, have discounted upon the credit of the Government, as the that these local bank notes fell below par, as they could others did, and the Government being unable to meet its not be converteil, and the Government then, in turn, sus debt, the notes of the institution would have fallen below tained those institutions it had borrowed from. And, al par, as those of the local banks did, and you would have though it never was, I believe, sanctioned by law, yet the had precisely the same state of things as did take place. Gurernment received their notes in public dues on a par And then nothing could have sustained the bank but the with gold and silver. This produced a demand for depre- power of the Government to receive its notes as gold and ciated paper; and that which was most depreciated was silver, although not convertible; and this Government sought after to pay into the custom-houses, as it could be creclit would have given it power and control over other purchased with the least coined money. The result of this banks without the slightest merit. It is absurd to talk was that the Government would have bud finally all the about the bank sustaining the Government. The Governdepreciated paper of the country forreal upon its collectors. ment can sustain the bank, but not the reverse. The It was the policy the Government adopt d of receiving ad- credit of restoring the currency is due to the Government, vances from the local banks, and then pursuing the tein under that noble instrument, the constitution, and not unporizing expediency of receiving their depreciated paper, der the bank. after they had discounted upon what they had no right to But, sir, will you part with your power—the power to discount upon, (lecause they were, at the saine time, re- coin money and regulate its value-a power that is one of ceiving interest upon the Government stocks,) that involv- the greatest and highest attributes of sovereignty? And ed us in the depreciated paper of that day. It was the if you make paper money the currency of the Gorernment, foliy of this Goverument, noi its impotency under the spe. then the power that regulates it is as bigh and sovereign cilic powers of the con-citurion. It was this state of things as the power that now makes coin and fixes ils value. which the Government felt bound 10 stop the progress of, | And let gentlemen recollert that, if they once part with it and they therefore adopted the joint resolution of 1816, i on the policy of creating a bank institution, it is not to last declaring that they would receive in payment of the public for this year or the next, but forener; for that which is dues nothing but gold and silver or the notes of specie- / sound policy in regulating the currency nuw, will be so paying banks. This, of course, threw depreciated paper fifty years hence; and it must become a branch of Goverout of circulation, and stopped the issues of spurious banks. ment, permanently engrafted upon the institutions of the The Government was enabled to enforce this resolution, country. And are we prepared to say that those who are because peace had been restored, and the resources of the 10 manage it are forever to be pure and enlightened men ? country became expanded ; and if they had adhered to that Recollect that the power that holds the sway over the curTesolation, und never adopted the policy of receiring other rency, holds a sway over the fortunes of every man in this notes, you could have had, for all practical purposes, a republic. Sir, if we once part with this power, my delihsound currency, according to the intent of the constitution. erate and firm conviction is that we shall centralize a mo.

It is the only control over the currency which the con neyed action in this country, which will, in the end, make stiluliun contemplates; whether enough or not, has been the labor of the confederary virtually and forever tributary questioned. I contend that it is enough for all sale pur to those who will bave but little interest in it. I believe poses. You receive nothing but gold and silver or its that nothing tended so much to this as the establishment equivalent, and the result is, that the local banks are com of the last institution. It is its natural and inevitable pelled to have that which is as good as gold and silver, or their paper will be run back upon them. I admit that if Now, sir, what would be the results upon the exporting you receive by law, as the permanent policy of this coun: sections of the country? Where would you locate your try, the paper of local institutions, the result will he that institution? Why, you must place it where nine-tenths of you are compelled to resort to a bank of the United States. the banking capital of this country already exists. And 1 maintain that if you receive paper, you cannot control it what can be a greater or more tremendous engine of power and make it a suund and equal currency under the consti- than this, located in a particular section, organizing with lution, except hy and through a national bank. There are system, and creating dependence in all the banking and but two feasible' modes by which you can regulate the cur- stock interests of the country? You do nothing more or rency. The one is the mode provided for under the con less than give away the power to regulate the money and stitution, in the clauses to which I have referred, and which exchanges of the whole country to an institution located is the mode intended and pointed out by our ancestors. in the non-exporting section, and thus deprive forever the And if you altempt to throw this Government upon that possibility of the exporting region of the country doing its sin pendous system of currency which has grown up in own importing trade. Identify it with Government, by modern times, by receiving the paper of banks in Govern receiving in public dues its notes as gold and silver, and ment ducs, then there is no other possible regulation of it you in effect loan the credit of this Government, which is but by a bank of the United States.

equal annually to its revenue and disbursements, to capiBut, sir, what a monstrous proposition is contained in talists in stocks for their benefit; thus creating an artificial the second mode! You declare that you will receive the credit, instead of letting all interests

, resting upon their paper of banks, and you charter a bank of the United natural resources and credit, rely finally upon the producStates, and give it power to control all other banks; and, live industry and bona fide capital of each individual or by subjugating the State institutions thrvugh the creation section. of this check, you at the same time part with the power Is it not an extraordinary fact that nearly all the exports given to you by the constitution, and confer it upon a set and imports of the exporting region of this confederacy of men wholly irresponsible, except to the stockholders of touch, both going and coming, at Northern ports? Why their bank, and reckless and regardless of every thing, save is this? st bas arisen from the fiscal action of this Govern


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Sub-Treasury Bill.

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ment, which has heretofore sustained, and been identified Texas ? No. It is opposition to that vital interest in this with, the banking capital of this country. We have raised confederacy with which we are identified a deep, perthe articles demanded in foreign countries, and they com vading opposition, grown up from education and infancy, pel us to tuch, both going and couping, at their ports. and partaking now even of the religious sympathies of the This does not arise from their holding the lonnage, or their community; and I call upon gentlemen to pause before bottoms, but they hold the credit or banking system, and, they are willing to throw the power and the credit of this by their connexion with the Government, create exchanges Government into the hands of capitalists who are at war against us, and force us to touch for tribute. Suppose, for with us, not only in interest, but in feeling and in sympaa moment, we were separate States, would it not be alısurd thy. Organize again the banking interests of this confedfor us then to touch at foreign ports ? Let there be no eracy, and connect them with Government, and you cancentral moneyed power with which the fiscal action of the not escape from the grasp. I cannot look upon the future Government shall become identified, and the export region without feeling the deepest (unless we are true to ourselves will do its own imports through its own ports. With our at this juncture) and most solemn apprehensions that that local currency, resting, as it does, on those articles which persecuted and slandered country, wbich now stretches itgo into the markets of the world, filteen per cent. discount self from the banks of this noble river to the mouths of the in New York, we can never afford to sustain the state of Mississippi, rich in character, rich in intelect, rich in the things that has existed heretutore. Without a bank, iden-glory of the past, rich in all those qualities which make a tified with Government, the exports of the country must, great and a gallant people, will, in progress of time, be laid to a great extent, become a substitute for all foreign and low in ruin and desolation, with only here and there a sila even domestic bills.

itary inhabitant to trace out, upon deserted lomb-stones, Mr. Chairman, in looking over the statistics of the past, those obliterated letters which transmit to posterity the I find that, in 1769, Virginia and Mary land imported, in names of our nighty dead, and then to shed over them a amount, 851,140 pounds sterling; the New England States, burning tear. 661,(1334 ; New York, 198,976; Pennsylvania, 399,820 ; Sir, it is the fiscal action of this Government, connected South Carolina, including part of North Carolina, 535,714 with the banking power, that has tended to draw from 19 pounds sterling, &c. In 1774, the exports from Virginia our substance for forty years. It is the vampire that has and Maryland to England were 738,356 pounds sterling ; ted upon our life-blood and our vitals, and I, for one, am South Carolina, 579,549; Pennsylvania, 175,962 ;- New not prepared to perpetuate it, ur sanction its renewal. York, 187,018; New England, 116,5-8, &c.

But, Mr. Chairman, gentlemen say, in opposition to this ral proportion is sustained, with no great variation, when bill, that is impracticable, and that the Government will ever things were not deranged by war, up to 1788 and find great difficulty in getting along with it. Sir, that fur1789. The export region did its imports; and, although nishes no olijection in my mind. I love a Government the it was, of course, generally in foreign or British bottoms, better that moses with difficulty. Despotisms only move yet it never touched at iwo ports, but went and came di- in untramelled power. Free Governments live and move Tecily through our own puris. But things have now in difficulty. Collect your taxes with difficulty, and the changed, and we have lost our relative proportion. Trade consequence is that you never will find people willing to was then suttered to take its natural channel. Since then, pay laxes for distribution upon lawless and unconstitutionhowever, the political power, together with the moneyed al objects. No, sir, the difficulty presents no obstacle to puwer, has been worked against us, and our trade is now the passage of this measure to me. When Mr. Fox visitcompelled to touch where nature never intended. I con ed Paris, at the time Napoleon was in the height and pride tend that, as far as the fiscal action of the Governnient is of his glory, the First Consul desired to know sumething now concerned, we are where we were under the articles of the operation of the trial by jury, with a view to introof the confederation; and I, for one, desire for the present duce it into France. But when Fox told him that its fun. to keep there. And, sir, it is under these convictions, and damental principle was that no man could be deprived of believing this to be the operation of things, that I feel his rights but hiy the judgment of his peers, and those bound to make the true issue now presented by the bill peers twelve of his fellow-citizens, the F'irst Consul immeunder consideration. I contend that this organization of diately replied it would not do for him, “his Government the banking power of the country connected with the Gov would find too much difficulty to get along with it." ernment lends directly to the result which I have attempt. Mr. Chairman, inany may suppose that I am unnecesed to show; that is, to make the labor of the exporting re sarily apprehensive in my fears as to the connexion of the gion of the country tributary to those wbo hol nine tenths banking system with the power and credit of this Governof the banking capital in their hands I call upon gentle- ment; but, sir, I have seen enough to fear and dread it. men to consider well before they make this plunge. We In 1832, when the contest, as we supposed, was alıout to have some deeply interesting questions before us, intimate-arise for the very existence of our peculiar rights and libly connected with the power and ascendency of sections, erties, we felt its power. And, though I shall forbear to and the destiny of this republic. Sir, I have been here for dwell upon particulars now, yet I will take occasion to say three years, and watched the progress of this abolition feel to those gentlemen who are deeply identified with that ining, which is now spreading itself over half of this confed-stitution-those gentlemen who were the bitter political operacy. When it was first brought into this hall, it was ponents of the then President of the United States, what viewed with indifference, as the excitement of a few bigots was the spectacle they exhibited ? When he a-ked for the and fanatics.

But now, in the short progress of a few sword of this Government, to be buried in the vitals of our years, we find that it has pervaded all society with intense people, they came forward and gave it to him freely. And anxiety. That speck, which was at first scarcely visible why? Because they dreaded a revulsion which would to the naked eye, has now grown blacker and deeper, until shake the credit system, and that institution, with those over one half of our horizon hangs a dark and gloomy who depended upon it, to the deepest foundation. Sir, no cloud, through which the thunder rolls and the lightning part of this country, under the influence of a bank of the flashes, and this temple, under which we all have hereto United States, will ever resist the encroachments of this fore gathered for common protection, is destined to rock Government, or the Government itself, however despotic and totter amid the desolating whirlwind and rushing tor it may be. Such an institution, then, connected with this nado. It bas assumed of late somewhat a different shape. Government to control the moneyed power of this country,

But gentlemen need not be deceived by the color given I confess I dread. I confess I do look with dread and ler. to the Texas question. Do you suppose it is opposition to ror upon its influences. Sir, if you want to make the

Oct. 10, 1837.)

Sub-Treasury Bill.

(H. OF R.

Government of this Union despotic, create a bank of the cial combinations created by the Government, to give you United States, and connect it with the destinies of this that control which will enable you to sustain yourselves, Government, and, my life upon it, you can never escape. and make your capital profitable, by the management of

You can never resist this Government in the hands of labor which your political professions forbid you to own. the moneyed power of the country, and the result will be Now, sir, when gentlemen preach up, as they have done that the fairest portions of this Union will become tribu. for the last three years, insurrection to the slaves of our tary to other and more powerful sections.

community, I warn them that their own institutions are Mr. Chairman, while making these observations, I con not so pure as they might at first suppose ; and that I will fess that I will go as far as any gentleman to sustain those preach up insurrection to the laborers of the North, when peculiar local institutions organized by the States for their the tendency of things is such as to swindle them out of benefit, and to carry on their commerce with the different their power, by the fraud, duplicity, and cunning of modern sections of this country. If they be properly organized, times. and limited within proper bounds, I will go as far as any As far as mere pecuniary interest is involved, the rela· min to sustain them, and give them vigor, as long as they tion of capital and labor is the same as that which exists act upon bona fide capital, for the good of the cominunity, there, in Great Britain, and every where else; that is, just as well as for their own individual interest : such institu to allow labor as much as is necessary for subsistence, and tions are essential to the present state of commerce. But, to take the balance to divide among themselves, by all the while I say this, I am compelled to say that I believe the inventions wbich the fraud of Government can create. banking system of modern times, as organized in different This will be finally the interest of our Northern capitalists. sections of this country, has any thing but a tendency to They have no standing arınies to perpetuae this state of elevate or give liberty to man. Even this very session we things, as in other countries; and the consequence is, that bave heard gentlemen upon this floor, from the State of though they cannot keep the laborers in physical subjecNew York, denounce the manner in which things have tion, they are coinpelled to resort to banking corporations been conducted there as disgraceful and outrageous : char- and chartered institutions. While they preach to us uniters granted, stocks distributed to political partisans for versal equality and universal emancipation, they thempolitical power and ascendency.

selves are destined, if unreformed, to hold in tribute not The minority there, as in many other sections of the only the labor of their own section, but also of this concountry, have been practically reduced to political vassal- federacy. age; and it is idle to discuss or question the fact that stuck The two systems of subjugation which now divide the operations have been organized with a sole view to suis world seem to be a resort either to fraud or force, by which taio political power, and make the labor of the country one-half of mankind may rule the other half. tributary to themselves.

Mr. Jefferson proclaimed, thirty years ago, that the deNow, sir, a gentleman from Massachusetts, (Mr. Cusu-mocracy of the North were our natural allies, and there was ING,) not many days ago, warned Southern gentlemen, profound philosophy in that declaration. When we conand declared that the “progress of radicalism at the North tend for the undivided profits and proceeds of our labor, do was nothing more than the progress of abolitionism.” Sir, you not see that we stand precisely in the same situation I have thought of this matter. I have considered it with as the laborer of the North ? We are, to all intents and painful anxiety, and I feel bound to present what I con purposes, in the place of laborers. We are the only class ceive to be the true interests of this country.

of capitalists, as far as pecuniary interest is concerned, peculiar people, I admit. We own nearly one-half of our which, as a class, are identified with the laborers of the population. We hold them by physical force, and the law country, while, at the same time, we shall ever form a barof necessity. I make this frank and candid avowal. And rier against breaking up the laws and foundations of soI will here take the occasion to say, that the connexion ciety. I know this is a proposition which will strike some which exists between the slave laborers and capitalists of mnen with astonishment, and I know, too, that I utter the South is one of the deepest interest to the Northern words which burn. But I know, sir, it is the truth; and, and Middle sections of this Union, We are interested in when these gentlemen expect to preach up insurrection and the bona fide profits of daily labor, for we own not only rebellion to the slaves of our country, I will preach back to the proceeds of labor, but labor itself; and that Government them the same doctrine, by proclaiming universal equality, wbich interferes as little as possible, liy any artificial ar- universal privileges, a universal right to Northern laborers rangements, with the management or proceeds of labor, is to be redeemned from the fraud, duplicity, and cunning by the Government for us, because it leaves us in undisputed which they are destined to be made tributary to those who and undivided control over all profits of labor.

wield capital, connected with political power. The whole We are, then, in fact, capitalists standing in the place of banking system there a political substitute for the standlaborers, and are, to all intents and purposes, laborers. ing armies of Europe, without which the capitalists of the There is little or no separation with us of capitalists and North would compelled to submit to a loss of power. laborers. They are, in fact, one and the same. The la Sir, these are my sentiments, and I believe that, as far borers of the non-slaveholding States are interested also in as our people are concerned, we are not compelled to resort the bona fide (not spurious or doubtsul) profits of daily la to those artificial institutions of society by which non-slavebor. The struggle of their capitalists (I speak of pecuni-holding regions seek to delude and deceive their victims. ary interest, and it is nature) is to divide those profits with No, sir, we avow to the world that we own our black popthem. Hence they resort to all the artificial mudes known ulation, and will maintain that ownership, if needs be, to to Government, by which they are brought to act with sys the last extremity. tem and energy as one man, through corporations of all Mr. Chairman, in maintaining these peculiar sentiments, sorts, and the most important of which is the banking sys- and in proclaiming the peculiar identity of interest existing tm. You pretend to give universal equality and equal between the capitalists of the slaveholding region and the power to ail; and, if this were practically carried into effect, democracy of the North, I am aware that I come under deafter society has gone through an era long enough to be nunciation, and am liable to the charge, from certain quarpressed down into its natural classifications, the inevitable ters, of being a "locofoco.”. For maintaining my own iesult would be in a conflict that labor, would make capital rights and interests, and the rights and interests of thuse I tributary, uncil it would, in the operation, change hands. represent, I may be called a “Jocofoco;" but this name To prevent this, where you profess to make all equal in shall never terrify or deter me, when the question arises, political power, you are compelled to resort to those artifi. 'from maintaining the interests of those with whom I ex

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pect to live and hope to die. And, sir, when gentlemen istics of modern times, instead of that lofty heroism, that
iell ine these things, I tell them I proclaim the doctrines of devoted valor, that burning patriotism, which characterized
Jefferson, that the democracy of the North are the natural | former and better days. True, sir, we develop more phy-
allies of the South ; and this arises from peculiar interests, sical resources; but is there more sentiment, more virtue,
which I, for one, am not disposed to sacrifice on this floor. more honesty ? What is it that constitutes a great peo-
“ Locofoco !” Gentlemen seem to raise up that rame as ple? Is it power—is wealth-is it numbers! No, sir.
a ghost to create terror and alarm. The jorogress and ten It is virtue-valor--devoted patriotism--arms-eloquence,
dency of things to be carried away liy prejudices and party and letters. These are qualities that have covered others
feelings are monstrous. Why, sir, it was but the other with immortality, and kindle in the heart of man all that
night, that, while holding a portrait of John Milton in my' is noble and spirit-stirring.
hand, a very estiinable friend of mine looked at it, sneer. All society seems nuw to receive its hue and cast from
ingly, and denounced him as a “locofoco!” John Mil- those who hold the moneyed power of the world. Even
ton a locofoco! And pray, sir, who was he but a man, our interior villages, painted as they are, and dressed up
the grandeur of whose soul, and the splendor of whose ge in all their show, receive in submission their fashions from
pius, breathed not only inspiration into poetry, but threw the dandies of Broadway, and kneel in reverence before
a halo of glory over those burning pages which he devoted the molten images that idolaters raise up for worship in
to English liberty ? Sir, it is nature for those small birds Wall street and London. The tendency of all these things
that hop froin branch to branch in the shrubs of the forest is to constitute society into one living mass ; and I war
to gaze with envy and hatred upon the noble eagle as he against it because, if it succeed, my peculiar section, and
boars aloft in the sunbeams of beaven, whose brow defies the peculiar institutions existing in it, will be overwhelined.
even the concentrated fury of the elements, and whose eye In reference, Mr. Chairman, to the details of the bill
scuns in scorn the earth beneath him. If John Milton was under consideration, I will only say that upon that point I
a "locofoco," then I, loo, glory in catching, if I can, one have my own peculiar notions. But the bill asserts a great
live coal from off that altar which he hallowed and conse- principle for which I contend- the principle wbich I be-
crated to the everlasting rights of man.

lieve io be identified with the liberties of this country. I Bir, if I maintain the universal freedom of the white race, will go for it, and hold the administration responsible for and the Inalienable rights of man, shall I be deterred from its details. I do not choose to propose any amendment in my position by the contemptible name of “locofuco ?” those details, for if it be bunglingly or injudiciously ar'The scribbling writers of the day may call me what they ranged I will not be held responsible. I go for it, sir, beplease ; their denunciations have no terrors. I scorn and cause it asserts those principles which belong to the constidespise them.

tution of my country ; but I leave the details to the adininPerhaps, Mr. Chairman, in the sentiments I am about istration to execute, and I shall hold them responsible for to utter, I may be considered as behind the age, and they it. I go for that great leading feature which separates this will be regarded as very singular, if not unpalatable, by Government from all connexion whatever with State banks, gentlemen ra sed from their infancy in large cities, or un or any great money institution here. I am for it, because der the controlling influence of newspaper essays. But I have seen the fatal consequences upon the Government my excuse for entertaining them is, that the people among and banks themselves. whom I was educated and trained up are also peculiar in Sir, we have had these institutions, as I said before, entheir habits and their institutions, and partake more of the tering directly and indirectly into the political canvass of impress of antiquity than of modern improvements. And the day, dispensing power, and controlling, as I believe, to I confess to you, sir, that I feel for them a lingering affec a great extent, the elective franchise ; and we have seen tion and attachment, because they were the customs and the results, and have heard the shouts of triumpb raised the habits of those ancestors who have given to us all that around the funeral pile here upon which the constitution we inherit in virtue and freedom. I do not believe much was placed, and a fiendish joy seemed to light the countein tho great blessings of your modern forms of society, and nances of bundreds, even while the smoke thereof rose as the great "improvements of the age." I do not believe a sweet incense to that popular idol, which we were all the intellectual and moral endowments of man have been called upon to kneel down and worship before, as the only advanced or clevatel of recent years. Sir, I admire the true and living image of democracy. And am I now to people who have gone before us, and bequeathed and trans- put this Government in the same position again? Let initted examples worthy of our admiration. It is true we gentlemen beware how they unite the political with the have more wealth, more enterprise, more speculation, and banking power again. Have we not seen enough to give more of the gaudy show and pomp, and temptations of us lessons of wisdom in the dreadful consequences that commerce and luxury ; but, as far as the heart is concern have resulted from warring upon the institutions of the ed, as far as jutelleclual and moral qualities are concerneal, country? And, sir, in this conflict, who have been the I do not believe man bas advanced for the last ten years. greatest sufferers? The industry of the country-men No, sir. It may be from my peculiar situation tbat I en who have vested their all in the enterprise of the day, and tertain these sentiinents. You have drawn together the who have been left to the mercy of contending foes. It is world ; you have made your splendid works of improve to separate these, and to avoid this result in future, that I ment, by which contented and remoter parts of society have am for this bill; for who can look at the future, and not been drawn under the temptations and vicissitudes of spec see how sume bold and designing demagogue may desire to ulation ; you have your credil and banking system, by rise into power, and contend for political influence, by which all christendom has been concentrated into one con. calling up the hasest passions and prejudices against any solidated living mass, and we have been brought by that institution which you may deem to be stable and fixed ? system to bow in subjection before the banks and bankers He may wage a war of extermination, and may ride over of London and Wall streel; and we look with more inter the laws of his country. I desire no such conflict, in which ost and admiration upon the movements of Shylocks, ga the honesty, the industry, and the enterprise of all will be Thered together in the exchanges of commercial cities, than Jest to the mercy of factions contending for power over an we do to those poble pages of history which transmit to us instilution in which the destinies of this country, through the glory of arms or oratory.

its currency, are to be placed. And if such a contest shouli Our people are con:umed with avarice, deep, absorbing, come, I could not wiib any heart sustain an institution unfeeling, mean avaricc.

Yes, sir, seltishwers, hypocrisy, which I believe to be against the constitution and the libfraud, and cunning, seem to me to be the great character ertics of the country. .

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