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greater pressure than aririses from an ordinary, place. We shall find ourselves surrounded by as curtailment. This is one reason which 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 charler should be pronounced null sive views of my 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 ena le it to wind passing hour. 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 the 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. he supposes would take place it would not hazard Would it be a task of any great difficulty to the loss of its debt by an imprudent haste in col- substitute another system for this? I submit it to lectiog 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, Anal 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? other point: How would the government be af You take a bank in Baltimore, New-York, Philadel. 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 situation 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 circulate for the present. We shall pay too much for the as currently and as uniformly as those of this in. facilities wbicb 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 divideod will take 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 at Richmond. When you estimate the amount scribed, in interest of 5 per cent. amounting to of specie in the vaults of such state banks as I bave 350,000 dollars. What will it receive ? Estimar, ailuded to, it will be found greatly to exceed the ing the dividend at two per cent. semi-annually, it amount in the vaults of Ibis 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 loan had united with me in devising a perfect scheme, offire system cost you not so much. Bu, sir, the the country would liave had 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 siistain losses, The state banks, thus selected, would most readily but what was the cause? They arose entirely from consent to exiribit 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 difficulty on that head banks, refusing to receive the notes of any but such when the old charter expired. Thus then the go. is were known to be solvent, tbe loss would not vernment would render as secure its funds under bave 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 prevail. 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 ot 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 puy. 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 emp!ied by can no longer flow into the treasury. Wbatever the excessive loans they had made to the governinconveniences may result from it, you cannot press ment. He could go no further: a loan was conthe collection without ruining thousands.
remplated to be obtained from this bank. I con. I do not 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 lo tion to their arms, and represent it as a garment borrow a large sum from this banik; and yet, fancy covering our errors, and an angel ministering to yourselves surrounded with difficulties and emour wants, I demand that they shall retract their barrassments similar to those we have lately escap. opinions. Will the country be in a better situa e! fom; the expedient of the moment would be tion, should we be involved in another war, than adapted; a loan would be resorted to, a large issue We were during the late war? I think noi. Each of paper would thus take pluce, and an irredeem. branch is forced to redeem its own noies. In this ale character be stamped upon it. Then, indeed, respect they are placed on the footing of sale might we bid adieu to all our happiness and all our ba ks. Our internal commerce being cut off, the wealth. Public confidence would wither like the ordinary channels of intercou se bei g blocked up blighted plantain; that noble spirit of enterprize, Setween the states, the current of tracie 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 io his depreciation of the southern branch notes will take counting honse; the farmer would sigh over the
waste of his felds. Why should the one encounter, tion were practicable, would be to place ourselves the storm of the deep, or the other witness the in the situation of those, upon whose conduct we sweat of his brow, when, for their hardships and are called to pass, in the midst of the difficulties labor, they would be paid in a worthless currency, by which they were surrounded, and with no bet. of no intrinsic value in itself, and constantly un- ter view of the future than what their own judgdergoing a depreciation in value? I entreat gen. ment could afford them. tlemen to arrest the evil now that they can. Sir, It is in the nature, too, of this enquiry, conduct. I was astonished at the argument of the honorable ed as it has been, to group and connect together gentleman from South Carolina. He contended all the exceptionable acts that have been done by that the great object of the charter had been those to whom the management of the institution answered; that every facility had been afforded to bas been confider; while, to use a bank plırase, it the operations of the treasury, and, therefore, that gives no credi' for those things which were right, no forfeiture had ensued. What is this but to say and even entitled to some com nendation. I wish, to the bank, take care only to be the glove to the sir, to be distinctly understood: I am not using the hand of the treasury; obey its wishes; facilitate its language either of complaint or censure. I only schemes and operations; and do whatever else you say, that, as the enquiry, from its nature, was in a please-you shall not be arrested: swindle, and great measure confined to the exceptionable acts, cheat; aud deceive the unthinking penple of this it must necessarily present them in a body, with country, without mercy and without end; only take out relief from their association with the mass of care to secure the smiles of the treasury, and all good deeds with which, in their order, they stood shall be smooth and well: Is it not ac!ually grant. connected. This is a sort of judgment which none ing to the bank a patent to offend? It is only of us would be willing to submit to, or could es. necessary that it should apply at the patent office, spect to endure. Let the life of any man, the most and receive its license under the sign-manuel of honest and honorable, be exposed to the same kind Doctor Thornton. I cannot listen to such a position of examination. Begin with bis infancy, (to use I call upon the warmest advocates of this system, the language of the gentleman from Virginia,) and, although I am satisfied that that call is in vain, to following him through the different periods of his unite with me in this measure. You have been progress, put together, as constituting his history, disappointed in your wishes, in your expectations. whatever, from the severest scrutiny, you can find, Instead of a system abounding in blessings, it has that has deserved reproach or censure. What a been converted into an instrument of corruption. dark exhibition would it be! Cold unfeeling speculation has usurped the place Besides, sir, what is at least the test we apply? of honest dealing. Are we not too young to We set opinion against opinion, upon a suhject of encourage such a state of things? Our republic a very comprehensive and of a very complicated can only be preserved by a strict adherence to nature, involving much detail, and every detail invirtue. It is our duty, if we consult our eternal volving more or less of speculative enquiry. good, to put down this first instance of detected There are extrinsic difficulties, of no less magni. corruption, and thereby to preserve ourselves from tude. It cannot be denied that there has been i its contamination. This bank is already interwoven vast deal of prejudice in the public mind, against with the affections of many; its influence will be this institution, which, whatever may be our reso. come every day more and more extensive, and, if lutions to the contrary, affects us insensibly, and we suffer litis opportunity to escape, we may sigh when we neither know of suspect it. The sources over our unhappy condition, but that will be the of this prejudice are sufficiently apparent. only privilege which will be let Let my fate The state institutions have many of them been be what it may, I have discharged my duty, and I induced to regard the national bank as an enemy, am regardless of the consequences.
and the spirit of hostility wbich they have felt bas Mr. SERGEANT addressed the cbair, as follows: had a most powerful influence throughout the con.
Mr. Chairman-I must beg the permission of munity, with which they are so extensively and inthe committee, to offer to them some observations timately connected. It is in the ordinary course, upon the several propositions that are now submit too, of the operations of the bank, to give frequent ted for their consideration and decision.
offence to individuals. Every man who is refused The enquiry in which we'are engaged is attend. a discount thinks bimself agrieved, and indulges e ed with some intrinsic difficulties, of no inconsi- feeling of resentment, not at all mitigated by any derable magnitude, and calculated very much to consideration of the circumstances that may havc embarrass our deliberations, as they must have rendered it prudent, or even necessary, to reject been to embarrass the deliberations of the select his application. The same remark might be made, committee, to whom the examination of this sub- with equal truth, of every sort of accommodation ject was more particularly confided. In the first which the bank is supposed to have the capacity to place, it is retrospective, and I admit it is necessa- afford, but which events, beyond its power to conrily so. We are called upon to take a review of the trol, do frequently oblige it to withbold. When management and conduct of the bank during all the directors, not very long ago, exercising a right the period of its existence, and we expect to find that no one denies to have belonged to them, and that the best has been done in every instance, exercising it under the compulsion of circumstan. which, with the full light derived from a know ces so imperious, that every one now confesses they ledge of all that has since bappened, appears to us could not bave refrained without a plain violation to have been possible. In this manner it is, that of their duty; when, I say, they determined that battles are fought over again in discussion; and, branch notes should thenceforth be paid only where whether they have been lost, or whether they have upon the face, they were made payable, there was been won, it seldom bappens that those who thus an almost universal clamor. Sir, there is still ano. sit in judgment upon them cannot detect some er-ther source of prejudice. The bank has bad the rors that have been committed-point out advanta. day of its begining. It is now in the day of its lumi. ges that have been lost, and opportunities that have liation. But it has had the day of its prosperity. been suffered to pass unimproved. The just rule too-when success, even beyond the espectations of judgment in such cases, if, indeed, its applica. lof ins most sanguine friends, seemed to crown its
operations. In that day-I appeal to many who their best and safest guardians—their natural are within hearing of what I state, and are able to guardians; and it is the right of the stockholders confirm its truth, as a mere matter of fact; I ap. to delegate the authority to such directors as they peal to every one acquainted with our nature, to may think proper. This right is enforced and say whether it is not what would generally hap secured by the power of election. Their servants pen-those who had themselves refused to sub are accountable to them precisely as we are to our scribe, and discouraged the subscriptien of oihers; constituents. If, upon a review of our conduct those who had thus neglected to avail themselves of here, they are not satisfied with our efforts to what then appeared to bave been the golden op- serve them, they elect us no more, but devolve portunity, suffered all the inortification of seeing the honorable trust of representing them in the their predictions continually falsified, and could councils of the nation, upon others whom they think scarcely avoid the influence of a certain deeply more wortly of their confidence. implanted kindred feeling, which is never more These provisions thus arranged and distributed, sharply exerted than when we see others profit by are of sufficient efficacy for all the purposes that what we have permitted to escape from ourselves. were designed to be accomplished. Thus arranged They did not avoid it.
and distributed, they are in harmony with each There are, besides, many who think that a na. other; and, while every interest is guarded by its tional bank, bowever organized, is impolitic and appropriate sanction, they all cooperate to secure un wise; and there are some who think it not with the common result--a faithful administration of the in the constitutional power of congress to estab. bank. Jish a bank.
If this be a correct exposition of the terms of Under the combined operation of such a mass of the charter, our enquiry ought properly only to be, causes, the committee bad no doubt a difficult what alone it can be effectually, whether the chartask to perform, even if they had taken much more ter has been violated? Any other course will time for its performance than seems to have been inevitably lead us into difficulty. If we undertake allotted. If they have fallen into errors, it is not to examine the general administration of the affairs at all surprising; but it ought to secure from them of the bank, or to investigate the conduct of parsome indulgence for error in others. It will at least ticular directors, we are involved at once in the entitle is to differ from them in opinion and free. danger of an interference with the executive. To ly and fully to canvass the groueds of the report. that department it belongs to decide whether the
Before, however, I proceed to examine the republic duty bas been performed. The officer at port, I beg leave to call the attention of the com. the head of the trcasury must always be well mittee to the authority under which we have been qualified to decide. None but a citizen of disacting, as it is to be found in the law for incorpo- linguished talents will be placed in that high and rating the subscribers to the bank. The provi- responsible stazion; and, when there, his official sions of the charter, designed to secure the faith-occupations, the habitual tenor of bis sturlies and ful administration of the bank, contain in them a reflections-his daily acquaintance with the madisidibution of powers, just in itself, and perfectly nagement of the bank, in all its relations to the well adapted io attain the object. The power fiscal concerns of the nation, as well as his repeated given to this house, (section 23 ) is coufined to a inspection of the statements exhibited, will enable single point of enquiry, namely, whether or not him, better than any other person, to judge how the charter has been violated in order that we may far its concerns are faithfully administered towards be enabled to judge whether or not it is expedient the public. Are we not in danger, too, of involvto institute legal proceedings for its repeal. Theing ourselves in collision with the ju lici.ry? We examination we are authorized to make, is subor. are here entertaining a mixed enquiry, partly of dinale to this object; and, to my mind, it is quive expediency and partly of charter right, mingled in clear that we have no right to pursue it further such a way that, in deciding whether the charter The care of the remaining interests of the govern has been violated, we make no listinction between ment in the institution is confided to the executive. errors, or, if you please, misconduct, in the manageThe president appoints the government directors. ment, and such ofl'ences of the corporation as The secretary of the treasury bas an almost un would work a forfeiture of the charter. Indeed, limited power of examining the proceedings of the the distinction, obvious as it is, seems scarcely to bank. Weekly statements are to be made to him, have been noticed, either in the report of the com(sec. 11, art. 15,) and he has the right to inspect mittee, or in the debate that has taken place. The every thing except the accounts of individuals. great stress of objection has rested, not so much The purpose is manifest: It is, in the first place, upon the specific violations of the charter, alleged to enable him to judge of the conduct of the to have been committed, as upon the more com. directors appointed by the government. It is, in prehensive ground of mismanagement in the exerthe next place, to enable him to decide whethercise of indisputable charter rights. Suppose, then, the public in crest in the bank, consisting of the that, under the impression of considerations like stock belonging to the government and the de.hese, you send this corporation to the judiciary, posites of public money, 'are faithfully guarded. there to receive its trial; you may send it there
The necessary sanction for enforcing the exercise with all the weight of prejudice arising from a vote of the power, is also confided to the executive. fof congress; you may, and you will, in some degree, The president has authority to appoint, and to him. pre occupy the public mind, always deeply affected is given the authority to remove, the directors on by the judgmenis of their representatives, and you the part of the government, (sec. 8.). A much may, and probably will, more or less, impair the more important sanction is the power given to the chance of a fair and impartial trial. But, when secretary of the treasury, by section 16, to with this trial shall come; when the corporation shall draw the public deposites, laying before congress appear at the bar of a judicial tribunal, there will his reasons for so doing. The interests of the be an end to every question except the naked ques. stockholders, which form the remaining branch of tion of forfeiture; ihere will be an end to every tiis great national concern, were intended to be consideration that is foreign to that precise en. left to the care of the stockholders themselves, asl quiry, and then the consequence will be, that, fı!. Sor. To Vol. XVI.
lowing a different rule of judgment, the judicial, and properly termed, an exparte enquiry, where tribunal will probably arrive at a different result. the accused tas not an opportunity either of ex. You are thus in direct collision. Different depart- planation or defence, and where the first no ice he ments of the government are placed in a state of receives is in the heavy condemnation going forth hostility towards each other, the public mind is against him, under the respected authority of a irritated, and that barmony which we all know to committee of this honorable house. be of so much importance, in the structure of our Sir, other objections will readily present them. government, is uselessly endangered.
selves to such an enquiry. We have no rule or Sir, we interfere to a most alarming extent, with principle to direct us, no more than one man would the just power of the stockholders. They are the have in judging whether another managed his exclusive judges of whom they will have for estate to the greatest advan‘age. If the enquiry directors. They are the best judges. That sure were simply whether the charter had been violated, instinct, "that keen, steady, and, as it were, we stould have a comparatively easy duty. There magnetic sense of their own interest,” which every might, and from wliet bus occurred, i think it man feels and obeys, in his own conceras, is the probable there would, be difference of opinion. best security to be relied upon for a careful and still, we should differ only about the application prudent selection. It is the right of the stock. of established rules, and should be relieved from kolders, by the charler, and it is almost the only the most unpleasant part of the present enquiry. right they have reserved. To the government they But I know well, that every public body, bow. have conceded much; for themselves they have ever constituted, listens with reluctance and with retained only the power in question, to be exercis. some displeasure, to any argument or suggestion ed under such modifications and restrictions as that tends to bring in question its own power. ! congress thought fit to prescribe.-Upon the faith do not mean, for it is no longer material, to ques. of an ur.disturbed and freu enjoyment of this re tion the power of this house, in its immediate appublican right, of choosing their own representa plication to the business in hand. It is too late. tives, they have embarked their property in the still less do I mean to avoid the full examination institution; and would you, can you, without doing of all the grounds of complaint and censure tbat unjust violence to the compact you have made with are displayed in the report of the coinmittee. But them, impair or disturb the exercise of the power I have ihought it right to submit, with candor and that belongs to them, of judging for themselves freedom, such observations as occurred to me, whom they will bave for directors ? Sir, I will upon the general nature of the authority possessed put to you what may at this moment, perhaps, be by this house, chirfly with a view to expose the deemed the strongest case. Suppose they choose mischiefs thai might result from transcending it. to elect a broker, or a speculator-can you say Every member will allow to them sucb weight as they shall not? Have you the power to tell them he thinks they deserve, and no more. what shall be the occupation, what the character I will now proceed to consider the subject, under of the men whom they are to employ? You may the two aspects in which it is presented by the com. think their selection unwise or impruden!, but mittee. they will answer you that they know their own in 1. As regards the general management of the terests, and are able to take care of them. That, institution, in the very instances you object to, though the II. As regards the alleged violations of the char. individuals may be obnoxious to the imputation of ter. being speculators or brokers, and you, on that ge. 1. We all of us remember distinctly the state of neral ground, may think them exceptionable, yet things that existed wben the law passed for incor. they, the stockholders, have the means of knowing pora ing the subscribers to the bank of the United their individual characters, from various sources States. We had a currency, or rather, to speak inaccessible to you, and feel the fullest confidence more accurately, we had currencies local in their in their intelligence and fidelity to the institution. circulation, and variously depreciated in different I do not now touch the question of elections; i: be parts of the union; in some quarters of the country longs to a different part of the enquiry.
as much as 20 per cent. We bad no generul cur I will make but one observation more upon this rency; none that would circulate freely every branch of the subject. It is essential to the in. where. The evil effects were already very maní. terests of the stockholders, and it is no more than fest, and threatened to increase. To say notbing just to the directors, that the latter should be free, of the obstructions and difficulties that were while they are performing the duties that are brown in the way of domestic commerce and es. assigned to them; that they should be free, not change, nor of the continual irritation that was oconly from all restraints except those to which the casioned by the changes in value that took place law subjects them, but that they should be free at every step, taken by what was called mone: in from the apprehension of an unlimited and undefin. its progress either with travellers or traders, ed accountability. Many things are exclusively through different parts of the union-to say noth. confided to them, and must be so confided. Theiring of the effect upon the credit of the countryown judgment, fairly applied, their own discretion, bui, passing these by, as evils that were familiarly is what must guide ihem. Who will undertake an known and felt, there stii) remained one great office like this, if he is to act under the terror of source of grievance and public mischief, which it an investigation, that may put the worst construc peculiurly became the duty of the government of tion upon weil meunt efforts; that may even expos the United States to endeavor to remove. The his best acts to censure, and which, governed by revenue of the government was received in the no known rule in its course, and limited by no paper of the state banks; its debts were paid in measure in its resuli, is calculated to confound all the same paper. Wbat was the consequence! Ils distinction bei ween the ofbcer and the individual, funds were not transferable from place to pluce, between error and misconduct, and, by a hasty according to its wants; but confined in their use sentence, to inflict the keenest punishment that an fto the local limits which bounded the circulation honcrabie man can endure ? And this, too, upon of the paper in syhich they happened to be paid. what a member of the select committee has termed, 'There was nothing like uniformity in the paymeots
made to the government. A merchant in Boston,, I will now proceed to shew what the bank has owing precisely the same nominal amount, paid 20 done, considering, first in order, the national objects per cent, more than a merchant in Baltimore. There it was designed to accomplish. was the same inequality in the disbursement as in Among these, the most interesting, and in every the receipt of the revenue. The public creditor, point of view the most important, that which chiefly who had the good fortune to receive his money at induced the passage of the law, was the introduc. Boston, received 20 per cent. more than the tion of an uniform currency, in sufficient quantity creditor who was obliged to receive it at Balii. to answer the purposes of circulation, so far, at more or Washington. In addition to all the inevit. least, as to enable the government to collect and able evils that belong to such a state of things, disburse its revenue. I mean a currency as nearly (sufficient surely, if allowed to continue, to have uniform as the nature of things did admit. It can. endangered the well being of the union,) there was not be supposed to be within the power of any go. one, perhaps, also inseparably incident, that began vernment, or of any bank, to make a dollar at New. to manifest itself. I allude, sir, to the power it Orleans worth as much to a merchant in Boston, gave to those who were entrusted with the collec. as a dollar in Boston; unless, indeed, lie has employtion and disbursement of the public moneys. They ment for his dollar at New Orleans, in which case had the opportunity of benefiting themselves, and it may be worth more or less to him, according 10 of favoring their friends, at the expense of the circumstances. We might as well pretend to make treasury, and at the expense of the public creditor. a bag of cotton worth as much upon the plantation The very possibility of such an abuse was a suffi where it is produced, as in the ware-house at New. cient ground of suspicion. A: the period we are York, or in the manufactory at Philadelphia. But speaking of, an officer of the government found it this part of the subject has already been fully and necessary to ask of this house an investigation of ably bandled by the gentleman from South Carolina his conduct, in order that he might vindicate him. (Mr. Lowndes) who has shown conclusively that self from certain injurious rumors circulaced against the currency afforded by the bank of the United him, upon no better foundation than that I have States approaches nearer to uniformity throughout mentioned. The investigation took place; the result the whole extent of this great couniry, than has was satisfactory; and I refer to it only to bring into been at ained by nations possessing at least equal view one of the many kinds of mischief that grew advantages, and operating within much narrower out of the disordered condition of the currency.slimits. Whether the state institutions would of themselves Neither was it understood or expected that the have corrected the evil, I do not think it necessary bank would be able to place, and to keep in cir. to enquire. The government of the United States culation, every where as much as in each particular had no direct controlling power over them; and, if quarter of the union might be wished or wanted. they had so far sacrificed their own interests, in This is inpracticable in regard to states and dis. deference to the public good, as to restrict their tricts of country, as it is with respect to individuals. business, and, of course, their profits, it must have a parent may give to a child a fortune adequate to been from a voluntary submission to motives of his support, and suited to his circumstances, but higher character than ordinarily govern the con. he cannot prevent him from wasting or parting with duct of individuals or bodies. But this I will say, it unless he imposes restrictions upon its use. The that, if they were to be brought back by any thing vary phrase, a uniform currency, implies a currency deserving ihe name of coercion, it could not have that will pass every where that will flow every been by a gentler coercion than that which has where, without any obstruction, but what arises been employed the bank of the United States. from the expense of conveyance; of equal value Sir, when this subject was before congress at the every where, and for that very reason ia unequal time of passing the act of incorporation, it was quantities. It is the precise distinction between thought by many that the destruction of the state the paper of the bank of the United States, and the institutions would rapidly follow the establishment paper of the state banks; which, liaving no currency of the naiional bank I confess myself to have beyond certain local limits, remains within them been one of those who were influenced by this ap. in greater abundance than is necessary. It is the prehension. I thought the new institution would same distinction which exists belween either kind press heavily upon the old, and through them of paper when not redeemable, and gold and silver. would press severely upon the community. I did we may illustrate it more clearly by an instance: not then see how ihe great public views were to be a merchant in the state of Ohio makes a sale in realised, without departing from that course of Onio, in o!, er that he may be able to buy in Balli. leuity towards the state banks, which the interesis more, or he sells in Baltimore that he may buy in of the community seemed most imperiously to re. New York. lie wishes, in either case, !o receive quire.
what will pay for his purchase in Baltimore or The objects to be atiained were thus immense: New-York, and he carries from the place of sale the interests to be conciliated were of the highest to the place of purchase the amount that he has importance, and at the same time apparently irrecon received. It has happened to most of us to have cileable. The task was a fearful one; and the man. some experience of the nature of this distinction. ner in which it has been executed, when it comes Formerly, there was great complaint by travellers to be fairly developed, will seem little short of in some parts of New England, that the money, or marvellous. If proof were necessary of what was rather the paper, they received in one town would generally thought at the time, of the burden the not pass in ano:her. There, I believe, the grievance bank bad assumed, and of its capacity to bear that has ceased. But in other parts of the country we burden, we might refer to the history of the sub- experience it every day; being obliged continually scription at the opening of the bouks. Great doubts to enquire whether the paper put into our hands were entertained whether it would be filled. In in one place will be taken in payment in anolber, fact, it was not filled during the 20 days prescribed and feeling instanly ibe inconvenience, if, by inis. by the law. There remained unsubscribed above take, we carry it beyond the limited bounds of its three millions of dollars, nearly the whole of which circulation. was taken by one individual at Philadelpaja. Where the currency has the quality I bave men.