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I never intended to fulfil ?” Did he sign it with, entertaining these opinions. It has resorted to a good faith or with bad? That he has executed it chrtailment of its debts, and has never touched in bad faith, there is no doubt; but I ask of honor. The discounts on pledged stock. From eight to able gentlemen to say, if they really do think tha ten millions of its debts have thus escaped reduc. this stipulation was made out of mere sport, and to tion, and, of course, an increased pressure hss fallen afford to the stockholder in opportunity of evincing on our cities. I dont esteem it necessary to press his cunning and ingenuity? I have the authority any further this opinion. It must be obvious to of the charter to contradict such a conclusion. ll. Whai does this stalement suill further prove? Bu, give the argument all the force you please, Does it not prove the influence of the large stock. what will it avoi! True, other banks may have holders over the institution, in consequence of 'he suffered such violations of their charter, (I am, division of votes' Let not gentlemen deceive however, not cognizant of the fact,) and have been themselves in anotber point of view. The perition siill suffered to exist. But, is the bare circuma i presented you the other day, Mr. Chairman, stance of their having escaped with impunity, any brings to the bar of this house, with dejected evidence of the legality of their conduct? His countenance, and eyes swimming with tears, the the question ever been presented to a court of widow and the orphan, whose funds have been justice? In order that it should be urged as a vested in this institutio:). They are made to ulier justification of this violation, it must be shewn to curses agains: as if we take any step to put down have received legal sanction. You cannot justify this corporarion. The picture is improperly filled illegal ac:s by illegal ac's, or the violation of a con. up. It is the speculator, the stockjobber, who tract by the violation of a previous contract. But should have been presented, kneeling before us. the charter was not sufficiently guarded.
He alone is now to be affected. The clirses of Can this position be relied on?" W..at reply shall the widow and the orphan will be uttered against I make to it? Sir, I present the contract to your them, not against us, for we are doing the innocent view. The stockholder has expressly stipulated stockholder an act of justice, by relieving him to observe its provisions, and a faithful compliance from the company into which he has fallen, and on his part is guaranteed by the last clause, which returning him his money. I shall presently shew declares, that, unless he fulfils his undertaking, that it is to his interest to have this bank pui down. the compact shall be forfeited and null.
I has:en to a prominent instance of violation of this (Here, Mr. Tucker, of Virginia, it being at a charter, and the last which I shall consider. I late hour, and Mr. Tyler having given way, moved mean a failure to ay the instalments in specie and that the cominittee should rise, which it accord. in funded debt, which, although a consequence of ingly did.)
the preceding vivlation, deserves to be distinctly On Monday morning Mr. Tyler resumed his argu- considered. ment of Saturday. He recapitulated the grounds Will it be urged that the stockholders were au. he had taken, and begged leave to explain a remark thorised to pay in the notes of the bank! Upon which he then made in reply to Mr, Lowndes, as what principle will this be justified? Will the to the expression that most of the large and exces course pursued by other banks furnish any justi. sive loans were niade to speculators. I feel myself fication? Why was this bank created? Was it to authorised, he said, to repeat the assertion upon imitate the example of other banks, or to avoid more mature reflection, aided by reference to a their errors? The country was flooded with pa. document in my possession. Let me not be mis. per money, Our statesmen had sketched out understood-when I speak of large loans, I do not blessings without number in the creation of a mean loans of ten, tweniy, or even forty thousand multiplicity of institutions. When the scheme first dollars. For, although these elsewhere would be came up, wealth was promised to all. This land considered large and excessive, yet, at Philadel. was to be converted into a garden. On paper wings phia, in looking over the books, the eye being we were to have soared to the heighth of our attracted by greater objects, would scarcely rest wishes. One dollar was to be manufactured into on them for a moment. Sir, I will give you the thrte. The manufactory of paper went on. The amount of such loans as I allude to. One loan of beggar's rags were even coveted, and the alleys of $97,000 to one individual; two o $123,000 each; our streets ransacked for materials to convert into one of $140,000; another of $160,000; others of money. For a time all went on swimmingly. The $277 000-$365,000-$400,000, and another of dreams of wealth visited our pillows. The vision $1,800,000. Each of these is an individual loan, was brilliant-was enchanting. We fancied we or, what amounts to the same thing, a loan to in held in our einbraces youth, and beauty, and un. dividuals and mercantile firms. I am not permitted spotted purity. But the sun rose, and the cup of to disclose the names of these discounters unless our joy was dashed from our lips. Instead of huld. , the house should demand the disclosure, which Iling in our arms the form of loveliness and virtue, should hope it would not do, as it would only have we found ourselves in the embraces of an old and the effect of injuring private credit, and lead to baggard wilch, deformed in the features, corrupt. no practical result. I have given you instances of ing by her example, and breathing around her ruin the loans made to ten discounters, forining the add inisery. I was in truth, the real image of enormous aggregate of 3,692.150 dollars. Can any bankruptcy. We had forgoitan the fable of the ope pretend to justify such a state of things? Is dog and his shadow; for we had let go the substance it to be countenanced by any correct banking prin- and grasped nothing but empry air. We discover. ciple? The bank bas, isi fact, committed an acted, when it was too late, that we had exchanged of suicide against itself. Can it controul the funds gold and silver for worthless traslı. The banks thus disposed of? If it adopts a system of curtail could not redeem their notes--they had to stop ment, must not cases such as Chave mentioned payment. At this moment the national bank was torm exceptions to that systein? ifit imposes an | thought of. The great object was to secure to it equal share of curtailment on such persons with a specie payment--for which purpuse, 7,000,000 the other debtors of the bank, bankruptcy would dollars was directed to be paid in the gold or silver be the inevitable conseq'ience. Sir, the mother coin of Spain or of the United States," las it been bank itself has, by ils conduct, justified me in paid? it is admitted that it bas not has not the
charter then, if it means any thing, been violated ?, bound by every principle of honesty to effectuate I reason on the principles of common sense. Can your undertaking. When you have done so, and you manufacture gold and silver coin into paper- not before, can you expect any benefit from the and, if this process cannot be performed at your institution. mint, has the bank, the possession of the secret?! As to the third instalment, I am ready to admit Yes, sir, it possesses the secret. Ask if the gold that the directors are not culpable for the manner and silver has been paid; you are answered in the of the payment. I do not require impossibilities affirmative, Ask an explanation as to the manner, to be performed. It was perhaps impracticable, and you are told by the wise herds--"why our pa. by any regulation of the board, to have prevented per is equivalent to specie, and the payment has an invasion of the charter. But yet the stockbeen made in that." "By tbe same process, too, holder violated the covenant. He had no impossiis government stock manufactured at the bank. bility to perform; he was bound to pay in specie But, it is urged that the bank was bound to redeem and in funded debt. Is it an excuse for kim to its notes in specie, and that, therefore, its notes say, it was easy for me to evade my contract, and I were as good as specie. This presents another did evade it? 'Are we to submit to such a mockery enigma. I should like to know how it was to be of justice? Do we sit here to countenance such called on to redeem its notes before it had any in evasions ? What a farce, then, is your legislatiou ! circularion. This secret was not discovered before The gentleman from South Carolina contends that the 18th December, 1816, and the second instal. the bank had entered into a contract with the state ment fell due directly thereafter. And, if the bank banks, and that the proceedings, as to the second had not gone into operation before the first Fe-instalment, arose out of a desire, on the part of the broary, I should like to know where its notes were bank, to fulfil that engagement. It is only neces. to be obtained? As to the second instalment, the sary to say, that this, instead of diminisbing, inposition must fail. It is, however, said, that the creases the error of the bank. It had no right to ebarter did not contain provisions strong enough enter into a contract wbich should force upon it a to compel a compliance. The forfeiture of the violation of the charter; and, to carry into execu. dividends was not sufficient. And yet, at the very tion such contract, was doubly to violate the char. moment that the inefficiency of this provision is ter. But, if am wrong bere, I would enquire of complained of, the directors render it still more the gentleman, what is the date of the contract Peeble and inefficient by throwing open the doors with the state banks? Sir, it is dated the last of of the bank. The resolution confines the discounts January, 1817. When was the resolution to dise to stockholders, thus enabling those who would count to stockholders, adopted? One month beotherwise have been delinquent to pay up the instal.fore. So that it is perfectly obvious, that the bank ment, not in specie and funded debt, but by a bank was untrammelled by any engagement at the time accommodation. But, Mr. Chairman, I contend of its having adopted the resolution to which I that the directors had full power to cempel a com- have alluded. But, sir, there was gross injustice, pliance with the stipulations contained in the char. I will not say fraud, practised on the governmeat, ier. They might have instituted suits in the courts and on those who had paid up the second instalof justice against those who might have been ment, by admitting those, who had availed them. delinquent-by which means, I venture nothing selves of the resolution, to come in for a share of when I say, they could have recovered the amount the dividends. The first had paid up, according of the instalment in specie and in government to contract; the other only cancelled one obligastock, with interest from the time it should have tion, by entering into another. They discharged been paid. But, if this course was doubtful, they one bond by giving another. They added not one inight have resorted to a more efficient exercise of cent, to the ability of the bank to discount; they power. Suppose that the resolution of December, contributed nothing to its capital, and added not a 1816, had been a resolution announcing to all, that, dollar to the specie in its vaults. If, then, the until the second instalment was paid, no delinquent profits of the bank had been divided among those stockholder should receive an accommodation at only who had paid up in specie and public stock, the bank. I verily believe that such a course would the dividend would have been greater to each. have produced the most beneficial effects. It would The bank traded on the specie and stock which have either produced a payment of the instalment my constituents and others paid in on the first and or a more equal distribution of the stock-the one second instalments and divided the profits of trade subserving the objects of the charter, the other with those who had not advanced a cent. on the grappling with the spirit of speculation and over. second instalment. It may be said that it was the throwing it in its infancy. It would have made it loan to the stockholders, that caused the dividend the decided interest of the large stockholder to to be as great. The position is not tenable. The have paid up. The men holding the largest quantity bank obtained on the loan no more than 6 per cent, of stock are merchants. They, most of all others, and this, without the loan, each delinquent would require bank accommodation. The pressure of have been bound to pay; for the amount due for the times would have forced them to look to the the instalment would have borne interest from the bank for aid, I think, therefore, that the effect time it fell due Shall we not only, then, suffer described would have flowed from the measure the charter to be violated, but submit to be do And, if they could not have paid up on all their prived of our rightful gains ? For one, I protest shares, they would only have retained so many as against it. they could hare paid for. No, sir, nothing of this We have been told by the gentleman from South sort could be done. The directors dare not have Carolina, (Mr. Lowndes,) that the subject of this encountered the dislike of the large stockholders violation has once heretofore been before us, and with their innumerable votes. I think it would that, not having acted then, we should not act have been manly, honorable in the:n to have pursu. now. What was the fact? The house, soon after ed such a course. They might bave met com. the adoption of the resolution of December, 1816, plaints with the charter in their hand. They might had it intimated to it that such a resolution had have said to the stockholder, you have made a been adopted. The subject was referred to a com aolemn compact with the government. You are mittee, who made a report, founded on a lettes from a director casually in this city, (Mr. Lloyd,), vernment balances on account of deposites; and and which report was neither adopted or rejected, this bank gives them until the 1st July, 1817, a but ordered to lie on the table. We had then only a period of upwards of five months, to pay up those partial view of the measure; we knew not in what balances: They are, however, in the mean time, spirit it had originated; we kr.ew nothing of the liquidated, and made to carry an interest of 6 per violation of the first fundanental article of the cent. Is this the distinguislied and natriotic act charter; we saw not that it was but the bolt which which is to restrain further proceedings against opened the door to speculation and individual this body corporate? It adds to its profits by the aggrandizement. These things were then con contract-liquidates debt-receives an interest cealed from our view. But, I ask the honorable not on its own funds, but on those of the govern. gentleman to say, what measure we should then ment-specifies a day for the payment, and this is have adopted ? Should we have taken upon our. to cover all its sins and follies.' it could not better selves the management of the bank? Did it belong have subserved i's own interests. It swelled its to us to say to the directors, your resolution is a profits, withoui advancing a cent. True, it agreed bad one, and in violation of the charter, therefore to throw into circulation a given quantity of notes rescind it? Or, if we were not to pursue that by the 1st of July; but, I ask, if the amount of the course, does it make any difference whether we discounts contracted to be made are greater than, had then rescinded the charter, or do it now? ab without the contract, it would have made? I canyes, sir, there would have been some difference; a not then discover any cause of gratitude, growing great difference in tbe cases. We should have out of this proceeding? Mr. Chairman, look to been saved the pain arising from our present a more efficient cause for the resumption of specie degraded situation; we should have been saved the payments. I look to the resolutions of the state pain of beholding the picture presented by the legislatures; to the resolution of congress, requir. report and testimony; we should have been saved ing the payment of all dues to the government to the sight of this cold and unfeeling speculation be made in specie, or the notes of banks paying which has grown up among us. Nay, our reliance specie, after the 20th February, 1817, as the great on the virtue and integrity of men standing high cause of this resumption. Is disposed to ascribe in our confidence, would have remained unsliaken. more energy to the arm of this government than to And shall we now be referred to our former any moneyed institution. omissions, to justify still further onissions ? Shall Under every view, then, which I have been able we now be told that, because we did not punish to take, I ihink that the bank has forfeited its char. impropriety in its birth, we must not approach it ter; or at leasi that it becomes us to direct the when it has gained full size? Shall it be said that, scire facias. If we differ on the subject of viola. because we did not punish the infant, we shall noi tion and forfeiture, submit it to the court to settle extend retributive justice to the adult? No, sir, the question. It is the mode pointed out in the now is the time for us to interpose. Will not that charter, and against it the stockholders can have overwhelming influence which heretofore has ruled, no good oljaction. still rule? Will a change of directors be followed There remains now but one branch of enquiry by a change of measures ? Where is the security with those who do not think the creation of this which you have against a continuance of the pre- corporation an unconstitutional act, viz. Is it ex. sent course? Will the bill reported by the com. pedient to direct a scire facias, or, in other words, mittee produce a change? I question your right to put down this corporation ? i contend that it to pass it. You can annex ne new penalties. The is. For one, I enter my protest against the bank. contract has been accepted, on certain conditions, ing system, as conducted in this country; a system and I know not where your power is to be found to not to be supported by any correct principle of alter or enlarge them.
political economy. A gross delusion-the dream Mr. Chairman, it seems that we owe something of a visionary-a system which has done more to like gratitude to this bank for having brought corrupt the morals of society than any thing else about specie payments. It is with difficulty I which has introduced a struggle for wealth, instead bring myself to differ with the gentleman froin of that honorable struggle wliich governs the acSouth Carolina, upon any question connected with tions of a patriot, and makes ambition virtue mercantile or banking operations, but I cannot which has made the husbandman spurn his cottage, admit the correctness of this position to the extent and introduced a spirit of luxury at variance with that he would carry it. I tlsink that the incorpora. the simplicity of our institutions. I call upon the tion of the United States' bank, was calculated warm advocates of banking now to surrender their to delay the resumption of specie payments on the errors. Shall I take them by the hand, and lead part of the state banks. If I am not mistaken, the them through our cities? Bankruptcy meets us state banks had made preparatory arrangements at every step-ruin stares us every where in the towards the resumption of specie payments; they face. Shall I be told of the benefits arising to com. had curtailed their discounts; but the creation of merce from the concentration of capital? Away this bank forced upon them, as a measure of self with the delusion; experience has exposed its preservation, a continuance of the course they had fallacy. True, for a moment it has operated as a adopted. Specie being required on the part of the stimulus; but, like ardent spirit, it has produced stockholders of this institution, they would, if the activity and energy but for a moment; relaxation state banks h&d opened their vaults, have collected bas followed, and the torpor of death has ensued. their notes, and drained their specie, to the amount When you first open your bank, much bustle of said instalments. I think, tberefore, that the ensues-a fictitiou goddess, pretending to be state institutions were left but one course, and wealth, stands at the door, inviting all to enter, and that was the very course they did persist in until receive accommodation. Splendid palaces arise the 20th of February, 1817. But, sir, what is the the ocean is covered with sails—but some altera. nature of the contract entered into between the tion in the state of the country takes place; and, United States' bank and state banks ? What great when the thoughtless adventurer, seated in the sacrifice did this corporation make on the altar of midst of his family, in the imaginary enjoyment of public good? The state banks owed to the go-l permanent sccurity, sketches out to himself long
and halcyon days, his prospects are overshadowed,, still be true; others are in no better a situation and misery, ruin and bankruptcy make their ap- while some few are solvent and able to pay. This, pearance, in the form of bank curtailments. If this 100, is a litter of congressional creation. Loot ta be true, an! I appeal to the knowledge of all men Pennsylvania-a report of the condition of its banks for is truth, I demand to know if you can put down has been made, if I am not misinformed, by order the system too soon? Can we 100 soon escape the of the legislature. They have immense sums in dangers by which we are surrounded? I klour Icirculation, and scarcely paper enough to carry on shall be told that, even if we put down this bank, their daily operations. Nay, sir, one barik, if I am the state banks will still exist. Even if true, he not deceived, with a large amount of notrs out, position is not a justifiable o:e. If the state legislabas not one cent. of gold or silver in its vaults. A tures do not follow the example wbich we set them, bank in Philadelphia, its title I forges, and some we shall have acquitied ourselves of our duty. It other of the banks, appear to have been judiciously is all that can be asked of 11s. But, sir, we actually conducted. From the other states I have seen to possess the lever of Archimedes, and have a foot return which can positively be relied on. Byi I of ground on which torest it. Our revenue amounts think the two references I have made go far to to upwards of $2,000,000 annually. Require but show that the United States' bank cannot rely for 1 41h, or even a 6th, to be paid in gold or silver; a supply of specie, on the balances due from state wbat would be the effect? The merchan s would banks. 'If it looks to the stock subscribed by go collect the notes of banks, and demand specie for (vernment, the commissioners of the sinking fund them; and thus a test would be adopted, by means will be bound in duty to redeem it, if it should be of which to ascertain the solvency of each institu. brought into market, and sold either at or under tion. The demand for specie, thus produced, par. And the payment would be made by a transwould have the beneficial effect of introducing fer of government deposites, by which operation more of it into the country; for inoney is like every not a cent. of specie might be added to the bank. other article, and will find its way to the market But say that it is sold for gold and silver; a diminuwhere it is most wanting. The system might be tion of the dividend will still take place. The enlarged gradually, until your wishes should be stock is an active capital, and yields five per. cent. consummated. I know the ground which I occupy, annually; convert it into money, and the bank will when I urge these considerations upon you. A man, have made an exchange of an active for an inactive regardful alone of the fleeting and ephemeral and unproductive capital. The same thing takes popularity of the hour, would hesitate in pressing place if it curtails its discounts. And at this mo. them upon you. But I should not hold myself ment that is the course which it is driven to pursue. entitled to your countenance, Mr. Chairman, to 1 venture nothing, then, when I predict that, for the countenance of honest men, or, what is still several years to come, if ever, it will not divide a more important, the approbation of my conscience, greater profit than one and an balf or two per cent. if I could be operated on by such motives or fears. semi-annually. Return, then, to the stockbolder Pardon me for still further extending this enquiry. his money-suffer him to use it in his own raya There are three parties interested in the question be will, whatever he may do in the first moment which we are called on to decide: the stockholder of disappointment, in the end bave cause to thank
the debtor and the government. I contend that you. At this moment the institution is solvent; and it is to the interest of the honest stockholder to although I would not expressly say that it would put down this bank.
be able to relurn 100 dollars on each sbare, for I The interest of the stockholder consists in the have not the data on which to make up an cpinion, amount of dividends which he receives. At this yet I am certain its ability would not fall far short time he receives but two and a balf per cent. semi of that point. Let not gentlemen then deceire annually. Will the dividend increase or diminish? themselves. The widow will not curse, but bless Sir, it has constantly been diminishing, and must you-the orphan will not meet us with tears, but continue to diminish. The bank has now but with smiles-the land will no longer labor under 3 $2,700,000 of specie in its vaults, and that sum is Aattering delusion--and the speculator alone, who daily and hourly diminishing. Experince is the has reduced us to our present condition, will be best guide, and that of the last three years proves, punished for his misdeeds. beyond doubt, the rapid and incessant drain of What effect will it produce on the debtor of the specie from the vaulis. Let the direction be bank? Let us not conjure up fancies to alarm us. changed-let an entire new system be adopted - It is the part of children to tremble at the appear the East India trade will stil continue, and the ance of danger, however unreal; it is the part of demand for gold and silver will remain unchanged. men, by facing, to overcome difficulties. My friend From what quarter, then, will the bank supply from South Carolina has presented you a gloomy deficiencies ?' It originally had $15,000,000 of picture of distress. I regard it as the production Uni ed States' stock paid in by individuals; all of of a vivid imagination. Let us test it by reference which has been redeemed or sold, with the excep. to facts. The old United States bank had a large tion of between 3 and 400,000 dollars. This, then, sum due it; I believe 18 or 20,000,000 dollars. AL would constitute but slender reliance. To what the time of its dissolution, the same terrible fancies other source will it look? It has a balance due it possessed men's minds. Yet the result proved them from state banks. Can it rely on that? A great to be visionary; and the impression made by its proportion thereof is due from the western banks; dissolution has long disappeared. What is the and the very instant that the bank of the United amount due to this bank? Only 27,000,000 dollars, States made a demand for specie, they have closed from which is properly to be deducted 3,000,000 their doors, or stopped specie payments. Are the dollars, for individual deposites, leaving 24,000,000, other banks of the Union in a better situation ? | a sum scarcely equal to the revenue annually paid Many no doubt are; but look to the report of the to the government, without difficulty or embarrasse condition of the banks of this district. One has a ment. But the payment would be gradual. Issue large amount of notes in circulation, and $30,000 & scire facias, and, presuming that it would require in its vaults and on the road. W:ether it has more two years to bring it to a trial, the bank might thus iban a dollar in its vaults or not, the amount mos i draw in its debts imperceptibly and without any
greater pressure than aririses from an ordinary, place. We shall find ourselves surrounded by as curtailment. This is one reason wbich operates on great embarrassments then, as 'we have lately ex. me to prefer a scire facias to any other remedy. perienced. I know the enlarged and comprehen. But, after the charter should be pronounced null sive views of may friend from South Carolina. He and void, this house would not hesitate to extend surely will not consent to legislate alone for the to it a protracted existence, to enatle it to wind passing bour. He would not cherish and foster a up its affairs. The gentleman from South Carolina system which can alone exist under the smile of thinks that it would press forthwith for payment. peace, and would wither and perish under tbe frown It would pursue its true interest, and that would of war. And yet, sir, I feel that the present system induce it to prefer the mode I suggest, to the one is one of that description. . be supposes would take place. It would not hazırd Would it be a task of any great difficulty to the loss of its debt by an imprudent baste in col. substitute another system for this? I snbmit it to lecting it. In stating the amount due to the bank, honorable gentlemen to say whether, in the event I have omitted the amount on pledged stock; on a of the government's selecting a bank in each state. final settlement, it would balance itself
notoriously solvent, in lieu of the present, we There remains then to be considered but one should not be precisely situated as we now are ? oiher point: How would the government be af You take a ba k in Baltimore, New York, Piladel. fected by a dissolution of this charter? I protest phia, Boston, Richmond, &c. known to be solvent. against the idea, that the government cannot get and bestow upon it the same countenance you on without this bank. We are not dependent on bestow on the branches of this bank, limiting the this corporation. Wretched indeed would be our reception of the revenue entirely to their notes, or situa'ion if such was the case. Sir, I have every specie, and giving them the public deposites, Will confidence in the ability and talent of the secretary gentlemen assign any good reasons for supposing of the treasury to devise somescheme as a substitute that the notes of such banks would not circuiate for the present. We shall pay too much for the as currently and as uniformly as those of this in. facilities which are afforded the treasury by this stitution? The note of the Richmond bank, for institution. If my previous reasoning be correct, example, being received every where in payment a reduction of dividend will tak place. How then of government dues, would be as readily caught does the government stand affected ? It pays up by the merchant as a note of this bank, payable annually on the 7,000.000 dollars which it sub.alone & Richmond. When you estimate the amount scribed, in interest of 5 per cent. amouniing to of specie in the vaults of such state banks as I bave 350,000 dollars. Wnai will it receive ? Es:imai. alluded to, it will be found greatly to exceed the ing the dividend at two per cent. semi-annually, ita mount in the vaults of this bank and its branches. receives but 280.000 dollars, and thereby it will There is no difficulty in devising a substitute; and lose 70.000 dollars annually. Will not this be to I repeat, that if the gentleman from South Carolina pay too dearly for our whistle? Your old loin had united with me in devising a perfect scheme, offire system cost you not so much. Bu', sir, the the country would lieve hid cause to have thanked gentleman from South Carolina tells us of the him for his exertions. Nor is there any necessity losses we sustained during the war, in the absence for alarm for the safety of government deposites. of this his favorite system. We did sustain losses, The state banks, thus selected, would most readily but what was the cause? They arose entirely from consent to exhibit to the secretary of the treasury the indiscriminate reception of bank notes. If the monthly and quarterly accounts of their actual treasury had discriminated properly among the condition. There existed no difEculty on that head banks, refusing to receive the notes of any but such when the old charter expired. Thus then the go. as were known to be solvent, the loss would not vernment would render as secure its funds under have been felt. But even under the reprehensible such a system as under the present. procedure which then existed, we are told that the Mr. Chairman, all the reasons now urged were government only sustained a loss of 500.000 dol- urged in favor of a renewal of a charter of the old lars. Are we blind to the inconveniences of the bank, and yet they did not prepail. The members present system? What is the fact in regard to of the then congress went fearlessly and boldly to the west? Sir, the western people owe you many work. Difficulties did not appal them; fears did millions for the purchases of our public lands, and not unnerve them. Shall we be less resolute! Sir, are unable to pay you. It is the very quarter, too, when this bank was created, then the secretary of from which you expect to be able to extinguish the the treasury represented it as an indispensable public debt. Those people cannot pay. A large measure to support our credit. He represented stream of revenue, then, is bere dammed up; and the purses of our citizens to have been emptied by can no longer flow into the treasury. Whatever the excessive loans they had made to the governinconveniences may result from it, you cannot pressment. He could go no further: a loan was conthe collection without ruining thousands.
templated to be obtained from this bank. I con. . I do no: mean to censure the bank for this state fess I regard it with fear and trembling in this re. of things; but, when gentlemen take this institu spect. It would be an act of political suicide to tion to their areas, and represent it as a garment borrow a large sti'm from this bank; and yet, fancy covering our errors, and an angel ministering to yourselves surrounded with difficulties and em. our wanis, I demand that they shall retract their barrassments similar to those we have lately escap. opinions. Will the country be in a betier situa. e! fior; the expedient of the moment would be tion, should we be involved in another war, han adopted; a loan would be resorted to, a large issue we'were during t::e laie war? I think not. Each of paper would thus take place, and an irredeem. branch is forced to redeem its own notes. In this ahle character be stamped upon it. Then, indeed, respect they are placed on the footing of 8.21 might we bid adieu to all our happiness and all our baliks. Our internal commerce being cut off, the wealth. Public confidence would wither like the ordin..ry channels of intercou se bei g blocked up blighted plantain; that noble spirit of enterprize, between the states, the current of trade will pour which has characterized our ci izens would perish again from the south to the north, and a similar and decay; the merchant would bid adieu to his depreciation of the southern branch notes will take counting house; the farmer would sigh over the