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aloud, and spare not,” panic, distress, bankr.
ruin; and thus endeavor to persuade the people that the
whole body politic is on the brink of destruction.
There is another subject to which I beg leave to call
the attention of the House for a few moments, and to ex-
press my kindest and most heartfelt acknowledgments
to some of my colleagues for their fatherly care, and
watchful protection of my constituents. One of my friends
says, May 3, “I almost forgot to mention how much you
are indebted to the bank men in Congress for the care
they take of your constituents in sending information to
them. The mail is loaded almost every day with pam-
phlets and papers, sent on by them, and all to Jackson
men, too, franked by Mr. and Mr. of Pennsyl-
vania.” I omit the names of my particular friends, and do
not wish to flatter them to their faces, for their benevolent
and kind intentions.
Another friend writes me, that “this morning most of
my friends received McDuffie’s and Calhoun’s speeches;
and, from appearance, the mails are loaded through ali
parts, and sent to the true friends of our worthy chief,
Old Hickory.
“I enclose you the envelope.
been so kind without any thanks.”
Again: May 7. “The deluge of bank pamphlets still
continues in this quarter. The mail contained scarcely
any thing else last evening, and was full. The greatest
number were for Jackson men, franked by and
, (my colleagues.) Kind souls' Good Jackson
men, I’ll warrant.”
On the 8th, another letter says: “The mail was loaded
this evening; sixty-five packets stopped at one office, ad-
dressed principally to Jackson men, and franked by
Messrs. and ,” my kind colleagues. A
great number went up the liver. It is a most outrageous
inposition on the mail contractors and postmasters.”
On the 9th. When I wrote to you last evening, I men-
tioned to you how outrageously Messrs. , –,
, and , were abusing the franking privilege,
and I hoped they would have some compassion on the
mail contractors and postmasters, and cease for a while to
load the mail with bank pamphlets. But this evening we
were visited with a most appalling and tremendous shower
of bank and nullification speeches, forwarded to the good
folks of this neighborhood. For the town of
alone, there were 270. The mail bag, of course, could
not hold them, and I got a two bushel bag and put them
in, which they filled full! I suppose the same game is
playing all over the United States. The last load was
under the frank of , and, as far as I can learn, con-
sisted of speeches of McDuffie, Calhoun, Webster, &c.
The bank advocates in this quarter are, or appear to be,
ashamed of the affair, and some of them exclaim, “it is
too bad!” When people are shown the piles, and stacks,
and bags full of those speeches and Senatorial Jeremiads,
the natural inquiry is, who in the world pays for printing
all these things? And this question can be answered by
asking another: Who or what is intended to be benefited
by scattering these speeches amongst the people? The
Bank of the United States, and those who are scrambling
to get into power under its wing.
“I would like to know if there is no remedy for such
gross and flagrant abuses. Can there be no limit to them?
Why, it is an outrageous imposition on the mail contractors
and the country postmasters. And yet those very men
who are the perpetrators of the act are amongst the
loudest in crying out against the abuses in the Post Office
Department, and the mismanagement of it. I wonder
where such men keep their consciences?”
... I know not, Mr. Speaker, how to pay the debt of grat
itude I owe my colleagues for their kind and generous
interference in my behalf. I have not the least doubt

Let me know who has

Lycoming county (Pa.) Memorials.

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[May 19, 1834.

tion to the people, and to aid and assist, to the utmost of
their power, in making me popular at home.
Permit me to ask for information (because I cannot con-
ceive how those gentlemen can bear the expense of send-
ing such loads of speeches) whether they pay, as the
friends of the administration do, from two to five dollars
per hundred for them? I observe by the envelope sent
me that clerks are employed to endorse the packets and
write free, and the member has nothing to do but put his
sign manual. This relieves my friends from some trouble;
but still, do they pay these clerks? The Government
finds wrapping paper, folders, &c., and the mail con-
tractors and postmasters do their part of the duties re-
quired gratis. But still, the question recurs, at whose ex-
pense are those speeches printed? For although I am pleas-
ed to observe the solicitude of my friends for the dissem-
ination of what they deem correct principles, yet I fear
I shall never be able to repay those kind gentlemen a tithe
of the expense they incur in rendering my conduct ac-
ceptable to my constituents, spending both time and money
in their benevolent work of circulating speeches through
my district, and all this, too, to benefit those stubborn
friends of the administration who will not give any thanks.
Altogether inexperienced in legislation, when I observ-
ed honorable members asking to have the memorials
presented to the House printed, together with the names
attached thereto, being in some cases several thousands,
I could not, for some time, conceive what object those
gentlemen had in view except to supply a large quantity
of what is termed “fat” for the public printer. But the
mystery is now solved, as those names, when printed and
laid on our desks, afford great facilities to my colleagues,
as well as other friends of the bank, to direct speeches
and documents to every village and neighborhood.
To be serious, does any man doubt that these self-same
speeches are printed at the expense of the Bank of the
United States, are circulated by members of Congress de-
voted to her interests, in every town, hamlet, and neigh-
borhood, and for the very express purpose of putting
down, destroying, and annihilating, if possible, the pres:
ent administration and all its friends and supporters? And
yet we are told that the bank, the pure, immaculate bank,
does not interfere with politics, does not exercise any
power or influence in our elections-—that it pursues the
even, tenor of its way, regardless of any thing further
than its own rectitude. Let those who can believe such
assertions do so; but the sober-minded, thinking portion
of the community are not thus to be gulled. Send on
your pamphlets--deluge the country with bank speeches--
load the mails till the next election, and you cannot pur-
chase the votes of the freemen of Pennsylvania or of any
other State.
One of my friends informed me, a short time since, that
a colleague of mine who was unacquainted with my con-
stituents had sent a number of speeches to some persons
whose names were attached to a call for a bank meeting;
and as they had never been so highly honored before,
the postmaster would call some young men in who were
passing by to get their packets. They usually took them;
but one refused, and said “he did not want any pay for
his signature.” I merely mention this to show my col-
leagues that men's votes are not to be bought with speeches
paid for by the bank and franked by them.
How far these gentlemen, who thus load the public
mail with documents, are justified in abusing the Post
Office Department, I pretend not to decide: they ought,
however, not to complain while the mail contains scarcely
any thing else than their franked speeches.
In the memorial sent me by the citizens of Milton and
vicinity, they take occasion to censure the patriotic gover-
nor of Pennsylvania for his message to the Legislature of
the 26th February last, “believing it to be a document

that it is all done by them merely to give correct informa

calculated to carry out of the State an influence neither

May 19, 1834.]

derived from the popular will, nor the state of the case at issue.” What Pennsylvanian does not know that it was owing to the decidedly hostile exertions of the friends of the United States Bank against Governor Wolf, in the fall of 1832, that he came near losing his election? In 1829, his majority in the city sod county of Philadelphia was nearly 1,000 votes, and in 1832 the majority of his opponent, who was the same candidate.that ran in 1829, was about 1,200--making the difference of about 12,000 votes against Governor Wolf in Philadelphia city and county. Every intelligent citizen of Pennsylvania cannot fail to remember that, in 1832, Governor Wolf's friendship for education, for the establishment of common schools throughout the Commonwealth, his zeal and anxiety for the promotion of our internal improvement system, had #. him many warm, and, apparently, unchangeable inds in Philadelphia. But the bank, the honest, nonpolitical bank, could not suffer any person to be elected who would, directly or indirectly, be instrumental in the re-election of that tyrant, that usurper, that Cromwell, that Czsar, that Napoleon, to the Presidency, in Novemher; and thus we find Governor wolf denounced by the bank Party. We see Clay masons, grand masters of lodges, *ing off their jewels—throwing to the wind the square and Poopass-meeting in convention, and abandóning the leader of the “American system”—coming out almost en masse for the anti-masonic candidate for governor; not because he was the decided friend of education and "nal improvement, not because he was the choice of *"ational republicans, not because he was better qualified than Governor Wolf, but simply because Ritner had * that “he who was hostile to the Bank of the United States had neither a sound head nor a good heart,” and * Worthy governor would not denounce those of his friends who iffered with him as to the propriety and advantages of a national bank, when asked to do so by those who were its advocates and supporters. Had he cringed and fawned for the friendship and influence of that corrupt moneyed aristocracy, we should not have seen a change of twelve thousand votes against him in Phila*phia. He was a favorite in that city; the liberal and **śhtened policy adopted by him had met with universal *Posion from all political parties in that commercial emporium. But how true it is that “ God made the country, and * made the town.” Ninety-nine good turns were of * avail when he was required to forsake his friends and * himself into the arms of Nicholas Biddie it was in vain, he said, I have always been the friend and advocate of the United States bank. My message shows my attach** to that institution: I consider the bank of immense "Portance to regulate the fiscal concerns of the country. The partisans of the bank say this is not sufficient. You "*"go ahead” still further: denounce the President ind the veto message; use your czertions to hurl him Fum his seat, come out from among the friends of Jack*" or you shall feel the force of our power, the weight of our influence. To this cause, and this alone, may be *buted such a tremendous ands unexampled change of the vote in Philadelphia from 1829 to 1833. *ithstanding Governor wolf was thus most shame. {lly abandoned by the bank party at his election in Octoof 1832, and would have been perody justifiable in joins the political exertions of that institution to *at his election, we find him, in the honesty and sin*" of his heart, in his message to the Legislature on the 6th of December following, regardless of personal *siderations, devoid of vindictive feelings, speaking fao of the bank. . He says: “it has certainly done " *ntry some service; it has established a circulating Inedium in which the people have confidence; it has greatly facilitated the operations of Government; it has

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aided individuals in their pecuniary arrangements with each other, and especially in the transmission of money to distant parts of the Union.” Such were the sentiments of the present governor of Pennsylvania respecting the Bank of the United States after his second election; and to those who are acquainted with that amiable, high-minded, honorable man, any thing which I can say in his behalf is altogether unnecessary. If he has changed his opinion, and now believes that “this powerful moneyed institution is at this time seeking, by all the means of which it is capable, to accomplish certain objects indispensable to its existence; if “all its energies and all its powers have been put in motion to defeat the measures of the national administration in relation to it; if the State of Pennsylvania is indebted, in a great measure, for its disappointments heretofore, and for the failure to obtain its late loan; if the State was crippled and embarrassed in her pecuniary arrangements, and paralyzed for a time in her efforts to complete her great chain of improvements by the depressing policy of the bank,” all of which is alleged by Governor Wolf, in his message of the 26th February, he merits the highest meed of praise for exposing to the world the course of conduct pursued by this moneyed monopoly, and his determination no longer to advocate and support an institution so capable, and apparently so ready, in order to subserve its own purposes, “to bring indiscriminate ruin and distress upon an unoffending community.” Governor Wolf, like many other friends of the United States Bank, among whom I may be permitted to say I was one, was unwilling to believe that it had lent its aid to political purposes. But he has seen and felt its influence in preventing our State loan from being taken. He has seen and felt the blow which that aristocratic monopoly has attempted to inflict on our system of internal improvements, and which has been so ably exposed by one of the Senators of Pennsylvania; but, thank God, the “Key Stone” is too firmly fixed to be driven from its purpose by the threats and denunciations of the Bank of the United States, and, in spite of her efforts to depress our stocks, we see them rising in the market every day—-our improvements rapidly progressing to completion, and bidding fair to yield a rich harvest to the Commonwealth for the immense sums expended in their construction. This much I have deemed it my duty to say in relation to what has been termed by gentlemen “the time-serving course” of our patriotic governor. As an honest, incorruptible, and intelligent chief magistrate, devoted to the best interests of his country, I could not see my friend (and I am proud to call him such) wantonly assailed without raising my feeble voice in his defence. His name and his conduct have been needlessly brought before this House in debate, and his motives impugned, and, as an excuse for my remarks respecting him, permit me to say-“Absentem qui rodit amicum, Aut non defendit, alio culpante, Ille est niger, hunc tu, Romane, caveto.” It is alleged in the memorial from Northumberland “that the disbelief that the President was opposed to a United States Bank secured his re-election in Pennsylvania. is a fair deduction from the interests the people of the State have in the continuation of the bank.” I cannot permit this assertion to pass without a few remarks; and, in order to satisfy those who believe that the bank question was not agitated before the last Presidential election in Pennsylvania, I will ask permission to read an extract from the Lycoming Gazette, a democratic paper printed in the town where I reside. It is dated October 24, 1832, just nine days before the electoral election, and reads thus: “The Clay convention reassembled at Harrisburg on the 15th instant, after a secret session of nearly two days, determined on withdrawing their electoral ticket, and adopting that of the anti-masonic party, pledged to sup

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port William Wirt and Amos Ellmaker. There is, con-
sequently, now no ticket in Pennsylvania favorable to the
election of Henry Clay; the contest will be between the
Jackson democratic party, upon one side, and proscriptive
anti-masonry on the other,'aided by a corrupt moneyed
aristocracy. The Bank of the United States, with its
seventy millions at its control, and a host of unprincipled
dependants in its wake, has taken the field, side by side
with anti-masonry, and, to accomplish its designing pur-
poses, is willing to sacrifice all who will not join in the
unholy crusade. Jackson, the patriot Jackson, must be
put down; his Roman firmness and unbending integrity
will not suit the views of the heartless aristocrats who
manage the Bank of the United States, and who wish to
control the destinies of the nation itself. A desperate ef.
fort must be made; friends and foes, who stand in the way,
must be crushed, to put him down; and if allis likely to fail,
the public press must be bribed, and corruption become the
order of the day. We say it is time for the people to be
alarmed, when they see a coalition of parties, between whom
there is, and can be no community of feeling, actuated by
different motives, professing different principles, fighting
under the same banner, and the whole led on by a powerful
moneyed institution. Then let all who love their country,
and value her republican institutions, turn out to the polls
on the 2d of November, and vote for the electoral ticket
pledged to support the distinguished hero and statesman
who now administers the affairs of this nation. His re-
publican principles cannot be questioned; every act of
his life has borne testimony to his zeal for the welfare of
his beloved country. He cannot be swayed from his pur-
pose by the denunciations of his enemies, nor corrupted
by the countless millions of the overgrown bank. His
purity of soul and honesty of purpose have been tested
again and again, and in every situation he has proved him.
self the same uncorrupted and incorruptible patriot. Like
sterling gold, the more he is rubbed, the brighter he ap-
pears; and, notwithstanding all the combined efforts to
put him down, he will triumph over all opposition by an
overwhelming majority.”
Thus, after the defeat of the coalition for governor, we
find the friends of the bank assembling at Harrisburg,
resolving to abandon their first love, and go for the anti-
masonic ticket for electors, in order to throw the election
of President into the House of Representatives. But
again they were defeated, by such a majority as astounded
them. Many patriotic, liberal-minded anti-masons de-
clined acting in concert with the Clay party any longer.
They knew that the national republicans had not voted
for Ritner on account of any loving-kindness for him, but
because they supposed his election would defeat Jackson,
and the bank flag would wave triumphant. Hence, we
find that many of the leading, talented, and respectable
anti-masons utterly refused to act with the opponents of
the national administration on the presidential question.
Knowing that Mr. Wirt stood not the least possible chance
of election, and not wishing to thwart the voice of the
people, as had been done in 1824, a number of them did
not vote at all. Since that time, we find many anti-ma-
sons, satisfied of the corrupt practices of the bank, avow-
ing their hostility to it, and among them the name of
Richard Rush stands pre-eminent.
The memorialists “respectfully remonstrate and pro-
test against the restoration of the deposites, and against
the recharter of the United States Bank, or the establish-
ment by Congress of any moneyed monopoly during the
present session.”
“They believe the experiment in operation, of substi-
tuting the State banks, for the purpose of aiding Govern-
ment in its fiscal operations, and regulating the currency,
to be feasible and practicable.” And they “pray Con-
gress to sustain the administration in its efforts to restore
tranquillity to the country, by settling the question now

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before them, and putting an end at once to the hopes of
the friends of the bank to obtain their object.”
The question of the recharter of the present bank has
already been decided by this House, and I have, by my
vote on that important question, supported the views of
the memorialists. I believe that the capital of the bank
is too large; that its privileges are so extensive as to give
it a power and influence over the moneyed concerns of
the country, which are dangerous to the liberties of the
people. A distinguished Senator from Kentucky, (Mr.
Clay,) in 1811, used the following language respecting
the recharter of the old Bank of the United States, with
a capital of only ten millions:
“What is a corporation, such as the bill contemplates?
It is a splendid association of favored individuals, taken
from the mass of society, and vested with exemptions,
and surrounded by immunities and privileges.
“Where is the limitation upon this power to set up
corporations? You establish one in the heart of a State,
the basis of whose capital is money. You may erect others
whose capital shall consist of land, slaves, personal estates,
and thus the whole property within the jurisdiction of a
State might be absorbed by these political bodies. The
existing bank contends that it is beyond the powers of the
State to tax it, and if this pretension be well founded, it
is in the power of Congress, by chartering companies, to
dry up all the sources of the State revenue.
“The power of a nation is said to consist in the sword
and purse. Perhaps, at last, all power is resolvable into
that of the purse, for with that you may command almost
every thing else. The specie circulation of the United
States is estimated by some calculators at $10,000,000,
and, if it be no more, one moiety is in the vaults of this
bank. May not the time arrive when the concentration
of such a vast portion of the circulating medium of the
country in the hands of any corporation will be danger-
ous to our liberties? By whom is this immense power
wielded? By a body who, in derogation of the great
principle of all our institutions, (responsibility to the peo-
ple,) is amenable only to a few stockholders, and they
chiefly foreigners. Suppose an attempt to subvert this
Government, would not the traitor first aim, by force or
corruption, to acquire the treasury of this company? Look
at it in another aspect. Seven-tenths of its capital is in
the hands of foreigners, and these foreigners chiefly Eng-
lish subjects. We are possibly on the eve of a rup-
ture with that nation; should such an event occur, do
you apprehend that the English premier would experi-
ence any difficulty in obtaining the entire control of this
institution? Republics, above all other Governments,
ought to guard against foreign influence. All history
proves that the internal dissensions excited by foreign in.
trigue have produced the downfall of almost every free
Government that has hitherto existed; and yet gentlemen
contend that we are benefited by the possession of this
foreign capital. If we had its use, without its attending
abuse, I should be gratified also. But it is in vain to ex.
pect the one without the other. Wealth is power, and
under whatever form it exists, its proprietor, whether he
lives on this side or the other side of the Atlantic, will
have a proportionate influence. It is argued that our
possession of this English capital gives us a great influence .
over the British Government. If this reasoning be sound,
we had better revoke the interdiction as to aliens holding
land, and invite foreigners to engross the whole prop.
erty, real and personal, of the country. We had better
at once exchange the condition of independent proprietors
for that of stewards.”
So clearly has this talented legislator depicted the dan-
gerous tendency of such an overgrown moneyed mono-
poly, in the hands and under the exclusive control of a
few individuals, that it would be a waste of time for me to
enlarge on this point. But there are other insuperable

Max 19, 1834.] York county (

objections in my mind to the present bank. The acqui-
sition of power appears to be its primary object, and it is
not squeamish as to the means of obtaining it.
“Rem si possis recte; si non, quocunque modo rem.”
It has expanded and contracted its loans, making mo-
ney plenty and scarce, in turn, to advance its own interest.
It has" made extraordinary loans, without the usual secu-
rities, to editors of public journals. It has printed, and
still continues to print and cause to be circulated amongst
the people, reports, speeches, pamphlets, essays, and
documents of various kinds, paid for out of the contingent
fund, placed at the discretion of the president of the
bank, under resolutions of the board of directors, for no
other purpose than to control public opinion and to influ-
ence the elections. Instead of confining itself to defence,a
many of its publications are of a violent political partisan
character, calculated to destroy the confidence of the peo-
ple in their Chief Magistrate—denouncing him “who has
filled the measure of his country's glory” as a tyrant–
unblushingly admitting “that within four years past it
has been obliged to incur an expense of $58,000 to defend

Pa.) Memorial. [H. or R.
subject to the control of the representatives of the peo-
ple, is highly necessary, expedient, and useful to the Gov-
ernment, and would be advantageous to the nation. .
In this opinion I am aware that I differ with many of my
most intelligent political as well as personal friends; but
on a question of such vital importance to the welfare and
prosperity of twelve millions of freemen, friendship and
enmity should have no influence. I should feel myself
unworthy of the confidence and support of my constitu-
ents were I to hesitate in my course.
“Nullius addictus jurare in verba magistri,
Quo me cunque rapit veritas, deseror hospes.”
“Bound to no party's arbitrary sway,
I’ll follow truth where'er it leads the way.”
When the panic and excitement that have been got up
and industriously circulated from Maine to Louisiana shall

have subsided, and we can investigate the subject with

cool deliberation and a single eye to the best interests of the country, I shall have no hesitation to go into the question of creating a new bank, with limited capital, guarded

itself against injurious misrepresentations”—or, in other
words, to abuse the national administration—placing those
who do not believe in its purity and infallibility on a level
with those who “circulate false notes;” and, to cap the
climax, when a committee of inquiry is appointed by Con-
gress, to examine its books and investigate its proceed-
ings, the directors refuse them the right guarantied by
the charter, which says, sec. 23, “That it shall at all
times be lawful for a committee of either House of Con-
gress, appointed for that purpose, to inspect the books
and to examine into the proceedings of the corporation,
hereby created, and to report whether the provisions of
the charter have been violated or not.” From such a cor-
poration, thus setting at defiance the power that created
it, and the right to examine into its conduct, we cannot
too speedily be delivered; and I consider it a duty, which
I owe to the country, to my constituents, to myself, to op-
pose the recharter of so dangerous an institution.
My constituents say, in their memorial, “they believe
the “experiment’ in operation, of substituting the State
banks, for the purpose of aiding Government in its fiscal
operations, and regulating the currency, to be feasible
and practicable.” In this opinion, the honorable Senator
from Kentucky formerly coincided. He said, in 1811,
“upon the point of responsibility, (yes, responsibility,)
1 cannot subscribe to the opinion of the Secretary of the
Treasury, if it is meant that the ability to pay the amount
of any deposites which the Government may make under
any exigency is greater than that of the State banks.
That the accountability of a ramified institution, whose af.
fairs are managed by a single head, responsible for all its
members, is more simple than that of a number of inde-
endent and unconnected establishments, I shall not deny;
t with regard to safety, I am strongly inclined to think
it is on the side of the local banks. The corruption or
misconduct of the parent, or any of its branches, may
bankrupt or destroy the whole system; and the loss of the
Government, in that event, will be of the deposites made
with each. Whereas, in the failure of one State bank,
the loss will be confined to the deposites in the vaults of
that bank.” -
I must, however, judging from the past, be permitted
to express my doubts of the propriety of substituting the
State banks in place of a national bank, properly regulat-
ed and restricted, for the purpose of assisting the Gov-
ernment in its financial concerns. This is a subject which
I have examined with some care, and attention. I have
listened to those interesting debates which gentlemen
have favored us with on this floor, the present session, and
have satisfied my mind that a United States Bank, with
limited capital, proper checks and restrictions, its powers
and privileges duly restrained within definite bounds, and |

with such restrictions as will effectually prevent its using its corporate power against the Government. But while the “Delphic priests collect with holy care the frantic expressions of the agitated Pythia, and pompously detail

them as the unbiased opinions of a free people,” I almost

despair of seeing any thing effected.

1 fondly hope, however, that, on a subject of so much magnitude and importance, we may ultimately be able to adopt such measures as will restore tranquillity and happiness to the country, and promote the cause of “virtue, liberty, and independence,”

Without trespassing further on the patience of the House, I have to express my thanks for the indulgence given me; and the only excuse I have to offer for the occupation of so much time is, that it is the first time I have troubled the House during the session, except for a few moments, and it was with extreme reluctance I did so on the present-occasion.


Mr. WISE, who had on the last petition day presented a memorial from Gloucester county on the subject of the currency, and had accompanied it with two resolutions on that subject, disapproving the reasons of the Secretary, and the course of the President, now moved that the consideration of the memorial and the resolutions be postponed to this day week; which was agreed to.

YORK COUNTY (PA.) MEMORIAL. Mr. BARNITZ, of Pennsylvania, presented a memorial from citizens of York county, Pennsylvania, praying a restoration of the deposites, and a recharter of the United States Bank with modifications, and offered to the consideration of the House the following resolations: Resolved, That the removal of the public deposites made in the United States Bank before the 1st of October last, was not authorized by law. Resolved, That the reasons of the Secretary of the Treasury, for removing and withdrawing the public deposites, are insufficient. Resolved, That the Committee of Ways and Means be instructed to bring in a bill to recharter the United States Bank for a limited period, with such limitations and provisions, as to the capital stock and the powers and duties of the directors, as may be deemed expedient. In support of the measures and principles embraced in the resolutions, Mr. B. addressed the House as follows: Mr. Speaken: In obtaining the floor on this important and exciting subject, I shall endeavor to deserve the indulgence awarded to me, by presenting my views in a form as much condensed as possible. I cannot offer to the consideration of the House any thing new; the utmost I can aspire to will be some illustrations of the great

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principles and topics involved in this debate, which may of each year will affect its prices; but if the rates of lanot be considered wholly uninteresting. bor or of produce are at all tolerable now, how much

The subject, as now presented, involves an examina- more so would they be under a high and prosperous tion of the policy of the Government in relation to the state of our commercial and manufacturing interests, inpublic revenue, its custody and disposition; it also em- stead of the ruinous condition in which we now find braces a discussion of the powers of Congress, and the them under the operation of this political experiment,

rights, duties, and obligations of the United States Bank, under its charter. it is now no longer doubted, or denied, that a state of serious embarrassment affects the business concerns of the community in every section of our extensive country; every mail that reaches the capital, whether from the

far West or the distant East, comes laden with the com- of business for their subsistence and prosperity.

which cramps and shackles our best exertions? The county of York, which I represent, and the inte|rior of Pennsylvania, generally, is a great workshop of |operative industry; there are few men of capital there who can subsist without some regular employment; our people .depend on some constant and daily o: in a

plaints of our suffering fellow-citizens, and their prayers community like this, is the very place for the beneficial

for relief, they come, too, with this aggravation: suffer not, say they, under our own misfortune or misconduct; we suffer not under any dispensation of Providence; no, we are prostrate under the measures of our own Government; the very arm is uplifted against us, and strikes the blow, to which we would look for succor and protection. I was one of those who, in the early stage of these measures of the administration, believed they would chiefly affect our commercial cities, having immediate connexions with the bank. I was in error; their baleful influence pervades every section of the interior, and, like the blast of the sirocco, corrupts and destroys the life-blood of social intercourse, credit and confidence, between man and man; paralyzing the exertions, the energies, the hopes of the community throughout the whole land. it is now about six months since I first left my home; at that time, although the storm lowered in the distance, it had not yet reached us. I left my fellow-citizens in the enjoyment of plenty, and reposing in security; through our fertile valleys, and even to the summits of our green hills, the cheering voice of thriving labor was every where heard, and the exertions of well-directed

Wesuse of credit to a reasonable extent, and of a sound cur

rency. It is thus that enterprise and industry receive their reward at the proper and convenient time, and in the appropriate value. The tradesman collects his bills quarterly, half-yearly, or at certain periods only; the manufacturer or 'mechanic on a larger scale, when his job is completed; the farmer, when his crops are sold; and thus it is, in a great measure, throughout all the various occupations and engagements of our citizens. In the mean time, all must live and obtain the necessaries, the comforts, and conveniences of life, which their situation requires. These, according to a course which has long been established, are obtained, to a great extent, from the various merchants in the interior, upon a credit founded, and safely founded in prosperous times, upon the expected returns of industry, to be repaid out of the profits of business. The merchant in the country obtains his credit to the usual amount from the merchant in the city, and he in turn has his accommodations from the United States Bank, the great centre and source of the active capital of the country. Thus the accommodation and credit originally obtained from the bank is extended from the one to the other, in a beneficial course, until it reaches, in some useful degree, to every work

industry every where witnessed; while the farmer, the shop and every cottage; and those acquainted with the great source of our prosperity, dispensed his abundance operations of business know that these benefits have to all around, in his varied intercourse with society. been extensively enjoyed, although, in a manner, silent But this scene is greatly changed, and changing every and imperceptible, until a derangement of the course

day; I do not mean to say that there is actual suffering for want of the common necessaries of life; in a country so blessed as ours, that could not be. It is in the intercourse of business and the concerns of trade that our cit

made us to feel and to perceive the injurious cause. In a community where the means are furnished, by which our citizens can be supplied with the necessaries and comforts of life out of the returns or profits of their

izens are overtaken by this calamitous state of things; business, that must necessarily be a prosperous and imembarrassing their plans of improvement, and deranging proving condition. On the other hand, where these their hopes of prosperity and advancement, so that the must be procured by encroaching on other means, or on utmost that industry and enterprise can attain is to con- the stock in trade, this is a situation which cannot be ad

tinue stationary, waiting better days; while others, less fortunate or persevering, are sinking under a pressure they cannot withstand or avert. Sir, this is not “a mere sketch of fancy;” our commercial and manufacturing interests, from the highest state of prosperity, are sud. denly sunk to a disastrous and ruinous condition, and our agricultural prospects must necessarily be deeply affected. My respectable colleague, who addressed the House a few days since, [Mr. ANthoxy, J. denied that our agricultural interests had suffered, and, as a reason, exhibited statements of produce-prices for the last few years, showing that they now are not much depressed below the measure of former times. Sir, this argument is fallacious; it must be recollected that in the country from which he derives his information, extensive State inpa ovements are in progress, which furnish a present inarket for produce to a great extent; and we may remark that, before the pressure had commenced, the farmers of the interior of Pennsylvania had disposed of the largest portion of their surplus products; so that little is left beyond what may be required for home consumption. A comparison with prices of former years

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vancing or successful, and, if continued, must end in embarrassment and ruin. Every one can understand this, and, understanding it, can distinctly trace the cause of e present alarming state of things.

The United States Bank, under the measures of the administration, is pressed and required to wind up its concerns, to call in its loans and accommodations, more than two years before its charter ends. The public moneys, a fund on which vast accommodations were extended to the community, are withdrawn and given to those who, through their own embarrassments and various engagements, can make no beneficial use of them. The consequence is, that the merchant in the city is pressed; he presses the merchant in the country; and he, in his turn, must press his various customers; and, whilst he thus drains them prematurely of their means, he must inform them that, in future, his business must be a cash business, or that a very, limited and uncertain credit only can be afforded. I conclude this part of the subject by adopting the strong but plain positions which the gentleman from Massachusetts [Mr. ChoATE] so ably and eloquently sustained—that our true policy is, to

cannot be satisfactory, as the circumstances and demands

allow the people the use of their own money; and that

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