The advice given to the Charleston branch to purchase the notes of the state banks at a depreciation,-it had also been thought proper to pass by unnoticed.

to save a penny to offset against the small wastage [hibit some singular facts on that subject, where faof transmitting moneys from place to place, within voritism was manifest. its own limits. Gentlemen treat this important subject as an affair merely between the stockholders and the treasury, and as if the public were not to complain whilst these other two parties were content. It should, however, be remembered that congress, baving acknowledged its own right to grant bank charters for the public good, granted this charter to a few individuals, with many exclusive privileges, and tied its own hands from granting, or shut the people's mouths from asking, any other charter, for 20 years, on the ground that this exclusive charter would enable its possessors to afford the country, as well as the treasury, facilities and comforts to which they had before been stran. gers. And now, when the people find themselves disappointed, and enquire of their representatives for the recompence they were to receive for the grant of these exclusive privileges, at the expense of their common rights, they are to be informed that their importunities are idle; that they have no concern with the subject, and that none are to enquire of it but the treasury department, and the stockholders, bank directors, brokers, &c.

MR. SPENCER, Occupied the floor for nearly five hours in vindication of the report of the committee and in answer to Mr. Sergeant, Mr. McLane, and Mr. Lowndes. It is wholly impossible even to give an outline of Mr.Spencer's speech. He disputed the ground of Mr.Sergeant, inch by inch, and left no part of the various and complicated subject untouched. He declared it to have been his wish to amend the charter, but since the friends and advocates of the bank rejected any attempt to modify it, he could not expect success in such a project, and he was constrained therefore to abandon all attempts of the kind, as he could not consistently with his views of the conduct of the directors of the bank, consent that it should remain in its present condition without correction, he was compelled to vote for the immediate issuing of a scire facias.

The injustice of the resolutions authorising discounts for the 2nd instalment, as they could neces-. sarily operate only in Philadelphia and its vicinity, and give facilities to some stockholders which others could not enjoy,-had also been forgotten. Nor had any allusion been made to the falsehood contained in the recital to the resolution of the 29th August 1817, which stated that the local institutions in New York, had discounted on stock at 120 dollars per share-This had been proved to be incorrect. And as to the pretence urged that it might have been done by the insurance offices, he denied the possibility of the event, for he contended that those offices were restrained by a special statute from any discounts. And all the banks in N. York had explicitly denied their having made the alleged discounts.

The authority to the president and cashier to discount stock notes to the amount of two millions, and to renew them at pleasure, had not been noticed-and the authority at some of the offices to purchase bills of exchange on time, which consented to a discount of such bills-had also been forgot-. ten.

The pretence contained in the resolution of 25th July 1817, that the loans on stock were to be temporary, which had been contradicted by every subsequent act of the offices-had also escaped attention.

And the same indifference had been shewn to the bye-laws prohibiting the public directors from a knowledge of the concerns of the bank and from the exercise of those rights, without which they were useless appendages.

The illegal division of shares, and its ruinous consequences, had escaped animadversion..

Mr. S. observed that the conduct of state banks had been urged; it was the first time he had ever heard one culprit excuse himself by the fact that there were fifty others of the same grade.

He noticed what he learned of a deceptive statement made to the senate by the officers of the bank, under the resolution of the last session.

To justify that proceeding Mr. S. went into an examination of the alleged violations of the charter. The 1st and 3d, regarding the purchase of 2 millions of public debt and the payment of dividends to stockholders who had not completed their instalments, he considered as clear violations; but on grounds of expediency, he could not for those alone wish to vacate the charter. With respect to the The bank was required to furnish a statement of 2nd violation, in substituting the credit of stockhol- its capital "specifying what proportion thereof is of ders for the actual payment of coin and funded debt gold and silver coin and what proportion of the fundin the 2nd and 3d instalments, and with respect to ed debt." A statement had been given, inwhich no the 4th violation in the division of shares, he con-gold or silver coin were included, because as stated tended that they were breaches of the fundamental by the cashier, the capital was in notes and spcconditions of the charter, affecting the vital inte-cie, and the specie was applicable to the payment rests of the country and defeating the objects of the of the notes of the bank. This, Mr. S commented institution itself; and as, he urged, they were mani-on with some severity as an evasion of the resolufestly made out and established, he could not en-tion. He then examined the statement itself; which, tertain a doubt but that they would in any court of justice produce a forfeiture.

Mr. Spencer stated that the following subjects of examination against the bank, had been entirely overlooked and forgotten by the gentlemen who had been its advocates. The bank of the U. States having insisted on drafts being issued by its western offices upon those at the eastward, to prevent the remittance of their notes; by which the western debts were increased, the bank paper was swept off; a vacuum in the circulation was produced, and the state institutions were tempted and almost forced to increase their issues of paper.

after giving the funded debt, stated that the residue of the capital was in endorsed notes or in notes secured by a pledge of public and corporate stocks, which residue amounted to 27,000,000.

Mr. S. referred to the general statement for November 1818, to prove that the amount of discounts at the time of the statement, on personal security was 26,989,000; on bank stock 8,934,000,on funded debt 302,794, making more than 36 millions, instead of the 27 millions reported. Altho' the date of the statement was November 11, 1818, yet in the margin there was another date, 30th Sept. 1818. And to be sure to avoid mistakes he referred to the stateThe fluctuations in the prices of drafts, had not ment for that month; from which he said it apbeen noticed; a reference to the report would ex-peared that the discounts at that time on persona

security were 27,841,000, on bank stock 10,335,000, ample fortunes on the American contest, unhesitat on funded debt 445,000, making an aggregate of 38,621,000, instead of the 27 millions reported, He could not discover how that sum of 27,000,000, had been produced; it was not the amount of discounts on personal security, it was not the sum of those on stock, and it was not the total of both. If he understood it, it appeared to him, a willful deception. Mr.. alluded to the recent election of directors in Philadelphia, when Mr. Jones and Mr. Williams had been chosen. Altho' it was well known that their nominations were then pending in the senate, and he commented on the recent curtailment in the city, as being an act to produce a clamor for the continuance of the bank; or to evince what would be the effects of its destruction. Mr. S. then stated his reasons for voting against the repeal of the charter, and for preferring to proceed in the manner it had stipulated.

MR. WALKER, of Ky. addressed the chair as fol

lows:

ingly reply: If the expenditure of all my fortune will be instrumental to the liberty of my country, thankfully shall it go, and then I shall leave my children an inheritance more truly valuable than all the wealth of Chili, Mexico and Peru; and such were the sentiments of the patriots of that day. Oh, Nelson! (1) never will this poor old soldier forget thy benevolence: that very coat thy patriotic charity bestowed, he had on his knapsack-galled back when the good marquis de la Fayette (2) thus accosted him: My little soldier, had you ever the smali pox? He said, no. The marquis said, you are then unfit for the purpose I wanted you for. The soldier replied, the small pox cannot hurt me when executing the orders of thy general. I will not tell what the marquis said upon that occasion; but I will most positively assert that I would not take, (old as I am, and as many children as I have), 100 shares in the United States' bank for it. I hope this honorable committee will not take my mention Mr. Chairman-Like my friend from Virginia, of this little matter as an evidence of my vanity; for Jast up on this question, I merely want to give brief I really intended it as an apology to the cool, disly my reasons for my vote. I have heard much passionate, calculating gentlemen on the other said about the correct and incorrect management side of the question, for my unwillingness to exof the bank, and of the expediency and inexpedien- change the sentiments of Patrick Henry for the cy of its measures; but, sir, upon all occasions of feeling of old Hook, (3) or even Jamy Cowan. this nature, my enquiries are directed to the constiI never shall forget the feelings I had when a tutionality or unconstitutionality of the institution-poor, unprotected orphan boy; and, therefore, hope of its moral or immoral tendency. And, sir, I do the vote that we may give upon this occasion may think that the president and directors of the United keep the patriot soldier's son from wishing his States' bank deserve my thanks, not for their cor-gallant father had been a tape seller, or stockjobrect management of the public funds; no, sir, but for their prompt and decisive manner of giving to their country, at one view, almost their tether's length of venality and corruption, to which their measures must inevitably tend, and thereby enabling me decisively to determine the side I ought to take upon the question now before us. I can no longer doubt that the United States' bank is an engine of favoritism-of stock-jobbing-of creating and attaching additional consequence to cash, already too powerful-of depressing merit, and giving to money virtue's true reward; and, what I hate, if possible, worse than that of coupling the destiny of this fair republic to a detested monarchy-of binding in adamantine chains the blessed, innocent lambs of America, to accursed, corrupt European tigers. Yes, sir, the president and directors of the bank of the United States, have convinced me that all banking systems have a direct tendency to depress the indigent and necessitous, and to add to wealth affluence-to affluence, power and domination; and this tendency, being in direct hostility to the principles of equality, and in support of those principles we know that the bland bosom of the land of our fathers has been bathed in our fathers' blood. You know, sir, that our fathers-nay, some of us, have fought and bled to make our country free, and permanently establish the principles of impartial equality. With this view of the subject how can I hesitate?

Much, to be sure, has been said about commerce. Is commerce to be seriously affected by a revocation of the charter? If so, I am sorry for it. Fair and honorable commerce is useful to the nation. But, sir, shall we refrain from the curtailment of a comnierce which is well known to press hard upon the sacred plant of liberty? What said our fathers, in eur revolutionary war, of the comparative value of wealth to equality? I remember to have heard the fathers of three honorable Virginia gentlemen, now of this house, when advised by what is called a prudent, cautious, mercantile man, not to lavish their

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ber, instead of a meritorious soldier. We cannot stop this overwhelming influence of money. Capt. Henry, who got $50,000 for betraying his master's secrets, will stand as high in public estimation as Thomas Nelson, or old Benjamin Harrison (4) who spent each of them at least $50,000 in their country's cause, without a hope of remuneration.

I will now say a little to my Virginia friends about state rights. It was but the other day that the whole country, from the extreme south line of Pennsylvania to the Ohio river, down that river to its mouth, up the Mississippi to its head, and all the country south and west of those boundaries, was in a blaze, about the destiny of negroes that may be hereafter born. And why? Because the south and west members thought, and I think right fully too, indeed I know it-that the east and north members were infringing on their state rights, and wished to legislate upon property exclusively be longing to the south and west. Where is now fled our flaming zeal for sacred state rights? It cannot be smothered in bank paper. Here is a proper occasion to bring it forth. What are we about to do

Notes. (1.) General Thomas Nelson, of York town, Virginia, sacrificed a large fortune in furnish. ing soldiers with equipments necessary for their active service.

(2.) The marquis de la Fayette, when following the British army from Richmond, Virginia, to York, encamped some days in Massay's old field, with expectation that the enemy might give him battle. He there requested general Robert Lawson to send him an officer to execute a secret order. Upon that occasion the conversation passed between the young soldier and his general, The small pox was in Richmond.

(3.) See Wirt's life of Patrick Henry. Hook, a tory, brought suit against Venable, for impressing beef. Cowan his attorney. Henry for defendant. (4.) Governor Harrison spent an ample fortune in the cause.

this day? Can we say our state rights are not en- given, and it was equally clear to him that the bankdangered by the United States' bank? Have we noting power is not expressly granted. Was it to be got reasons to believe, from the known complexion found among the implied powers; that is to say, 'miof a majority of the members of the United States' plied powers, necessary and proper to carry express supreme court, that that court will determine that powers into full effect and operation?" He had the U. States' bank have a right to extend her pondered, he said, upon this subject not a little. branches over every individual state in the union, He had attempted again, and again, to locate this and that the states have no right to prune them? | implied banking power upon some one of the express This fact I do know, that, if an unwelcome guest powers; he had put in requisition all the auxiliary was palmed upon me, I should think my individual principles usually employed in expounding the conrights a little trespassed upon if I could not at least stitution, and had passed a strict and rigid inquest charge him for his accommodation. When we upon all its sections, and had been totally unable to were borrowing money from old England, to put find any section, clause, or article, upon which he our mammoth bank in motion, strange to me that could anchor this banking power. He had finally we did not think of the condition of the thousands concluded that it was not to be found in the family of poor miserable British slaves, who, long before of implied powers, and under that conclusion he had this, would have broke their chains had they not just voted to revoke the charter, and would now have been rivetted by the baneful influence of the vote for the resolution to order a scire facias. Labanks. I wished to have said more upon this sub-boring as he did under those convictions, it was imject; but, knowing that in historical and bank know- posible for him to vote in favor of the bank, and ledge I am far beneath those gentlemen who have therefore it was unnecessary for to make up or exgone before me, or may follow after, I shall sub-press any opinion upon the questions of forfeiture. missively decline all further observations. He had no doubt of the power of congress to repeal [After the proposition to repeal the bank char- an unconstitutional law, and he believed this to be ter had passed in the negative, the chair announ- such a law. The object he had in view would be ced the scire facias as the next subject in order be-attained if the supreme court should decree a forfore the committee.] feiture and dissolve the corporation.

Mr.TRIMBLE said, that he had only risen to ask the He did not intend, he said, to delay the committee question to be taken. As he had offered this reso-one moment to hear remarks from him upon the valution directing a scire facias to issue, it was per-rious points which had been debated. The states, haps a duty which he owed to himself, to explain his the union itself, might be considered a corporation; views, and discuss the whole subject at large. He and it is manifest that the great interests of the comwas prepared, he said, to do so; but at this late day munity are paramount to all banking interests. of the session, and late hour of the day, and ex- Banks are a kind of labor-saving machines, that hausted as the committee must be with the debate, should cease to exist the moment they cease to be it would be unpardonable in him to intrude upon useful. How far the United States bank has pertheir patience, more especially too when it is mani-formed the great objects and purposes which have fest that the house is anxious to get forward and been assigned to it, is known to all of us-how far it dispatch business in relation to the public service, will be able to perform them in future, time will which could not be pretermitted. determine. If it shall fail in attaining its objects, This, he said, was the first time it had become his and that failure shall be traced to the mismanageduty to vote upon the banking power; and as the ment of the directors, there will always exist a disconstitutional question is involved in the proposi-position to correct abuses and restore confidence; tions, he ought, in justice to himself, state distinct. but if the bank itself has been incurably crippled ly the opinion which would govern his vote, and for and maimed, the sooner it is voted out of the counthat purpose only he would crave from the com- try the better. It was created to assist the fiscal mittee a momentary indulgence. operations of the treasury, and to restore specie

He had just voted, he said, to repeal the charter,payments; and the gentleman from South Carolina because it was his fixed and settled opinion that says that it has effected these objects: and so it has. there was no power in the constitution under which But, it is under an engagement with the public to congress could create the corporation. The distinc-continue those services to the end of the chartertion between express and implied powers was well un- and a promise had been given that it would equalize derstood, and the principle used as auxiliaries to exchange, and check the issues of local paper. Can assist in expounding the instrument had been it do this? Has it retained the ability to meet the agreed on on all sides. He had searched, he said, in public expectation? If it has not, will its disability vain for an express banking power in the constitu- originate in its waiver of the second instalment! tion-it was not to be found. Many explorers had Will it languish for years as the bank of England preceded him in quest of that power, but no one had did, because it pretermitted the specie payment of returned with the discovery. The express powers the second quota of stock? Is it a salvo for all the are well defind, and yet doubts had arisen as to the evils of excessive banking, or will it only protract extent of some of them. For instance, it is declared the crisis to make the agony more painful? Here in the constitution, that "congress shall have power several questions cast up for discussion, and succeed to establish post offices and post roads," and yet it is each other, embracing a variety of facts and calculacontended that congress has no power to construct tions, and opening a wide field of enquiry. If he a post road. Now, if it was in like manner declared had found a favorable moment to claim the floor, he that congress shall have power to establish banks would have made an effort to present the subject in and banking houses, no one would be hardy enough new aspects and relations. He would have felt some to contest the existence of the banking power, and pleasure in doing so, but he would not forfeit his conversely, if doubts may fairly arise upon the post claims to the indulgence of the committee by surpriroad power, under the clause recited, the same prin- sing them into a renewal of the debate; and, thereciples and course of reasoning which start the doubt, fore, would only indicate his conviction, that, unless will lead to the inevitable conclusion, that t e bank-the directors of the bank shall make a radical change ing power does not exist. In his opinion the power in the adm.nistration of its concerns, we shall meet to construct post reads was clearly and expressly [here next session under a derangement and depres

ciation of the paper currency, heretoforeJunknown 1806. In January, rose and fell considerably, but in this union. He hoped he might be mistaken, rising the last of the month; on the last of February but his prediction was founded on facts, and the re-it was much below the tops of the banks; April 8th, sults of long experience.

1807. Rising and falling frequently, to the middle We feel ourselves greatly indebted (and so should of May, not very high at Natchez, rose to the top of every inhabitant of Western America) to the en- the levee at N. Orleans and made a breach below lightened citizen who has communicated to the the town; December, rising and falling several times; "Republican" the subjoined highly interesting me- on the 20th, it was only 7 feet above low water moranda relative to our great river. No other in-mark, but on the last of the month, fast rising. habitant of the region of the Mississippi, we can say without fear of contradiction, has devoted the same time, with a similar accuracy of observation, as this gentleman has, upon the subject of which he treats. Detail of the rise und fall of the Mississippi river at Natchez landing, for more than twenty years, by a gentleman who arrived there in August of 1798, and has been since resident in its vicinity.

1810. January 1st, falling, 18th, low, for the season, but rising; low all February; rising early in 1800. April 1st, fast rising; July 1s, low and fall- March; not high the middle of the month, and falling; not so high by 6 feet as usual; last of Septem-ing to the last, when it was low, and began to rise; ber, very low, and in Nov. lower than at any former time in fifty years.

1802. January 5th rising; 27th, within ten feet of the top of the banks; last of March, high; 26th of April, falling, having been higher than for a dozen 1811. January, fast rising, and upon the 31st years* and flooded the low grounds opposite Nat-nearly full; falling early in February-to 14th had chez.

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8th-all the low country about Natchez flooded, and rising; April 5th, banks full, and on the 15th, and crops destroyed; at Orleans the levees above, river rising; on the 26th had fallen one inch; on below, and opposite the city broken, and great da- the 30th, eight, and was only six inches lower than mages sustained- —on the 17th, river falling; it had in the last year; on the 25th of May had fallen twenbeen higher than in the last year, twenty-five in-ty feet: Sept 27th very low and rising; Oct. 4th, bað ches, and exceeding the flood of 1811, full fifteen risen fifteen feet; to the 7th, fell five, and on the inches; July first, river had fallen eighteen inches, 31st uncommonly low; Nov. 29, lower than in 1890; and fast falling; replanting the flooded lands; rose 30th, rising; Dec. 6th had risen fitteen feet; slowto October four feet; rising in November, 24th, ly rising to the 25th, when it was stationary, total banks half filled; Dec. 1st, had fallen two feet, but rise about ten feet; fell to 31st fifteen inches, and rising; 31st, near top of the banks, and falling. low for the season.

Presbyterian Church.

1814. From January 1st to 26th, falling; to Feb. 4th, rose; fell to the 10th, four feet; rising and falling frequently to March 7th, when it was within five feet of the heighth of last year; rising slowly to the 26th, when it was falling; on the 31st, had fal- The general assembly of the Presbyterian church, len five inches; to the 9th April, two feet and ri-having taken into consideration the subject of SLAsing; slowly rising to May first; on the 3d had fal- VERY, think proper to make known their sentilen two inches; not so high as last year by two and ments upon it to the churches and people under a half feet: on the 23d, Missouri coming down, and their care.

river slowly rising to 17th June, when it was with. We consider the voluntary enslaving of one part in two feet of the heighth of last year, and at a stand; of the human race by another, as a gross violation falling slowly to October, and on the 12th had ris- of the most precious and moral rights of human naen seven feet; November 20th, twelve feet; De-ture; as utterly inconsistent with the law of God, cember 24th, nearly full, but falling. which requires us to love our neighbor as ourselves; 1815. January 17, river had fallen considera-and as totally irreconcilable with the spirit and bly, and was slowly rising, Feb. 20th, low; on the principles of the gospel of Christ, which enjoins 25th had risen ten feet; rising all March and April, that, "all things whatsoever ye would that men and on the 30th April five inches higher than in the should do to you, do ye even so to them." Slavelast year: May 10th, levees broken and low ground ry creates a paradox in the moral system-it exhi flooded; not so high at this time at Natchez, as in bits rational, accountable, and immortal beings, in 1813, by five inches, but at the Walnut Hills, one such circumstances as scarcely to leave them the inch higher than in 1813; on the 25th, had fallen power of moral action. It exhibits them as detwo inches; June 6th, thirteen inches; 17th, two pendent on the will of others, whether they shall feet, and stationary to July 1st when it fell one receive religious instruction; whether they shall inch; 17th, had fallen four feet; fast falling to the know and worship the true God; whether they S1st, when it rose six inches; August 3d, fast fal- shall enjoy the ordinances of the gospel; whether ling; Sept. 1st, low; 3d had risen two feet, and fast they shall perform the duties and cherish the enfalling; early in Nov. low; rose to the 9th Dec. dearments of husbands and wives, parents and chileight feet; fell to the 18th; rising to the 27th; felldren, neighbors and friends; whether they shall eighteen inches to the 31st, when the banks were preserve their chastity and purity, or regard the one-third filled. dictates of justice and humanity. Such are some 1816. January, rising, and continued rising to of the consequences of slavery-consequences not May 2d, when it only lacked two feet and a half of imaginary-but which connect themselves with its last year's heighth; falling the 8th, and fell 30 feet very existence. The evils to which the slave is alto the 9th June, when it was rising from the Mis-ways exposed often take place in fact, and in their souri; to the 30th had risen six feet, and was again very worst degree and form; and where all of them falling; on 9th of July, had fallen thirty feet; Sept. do not take place, as we rejoice to say that in many 23d, lower than at any time since 1800, and banks at instances, through the influence of the principles Natchez tumbling down; October 6th, had risen of humanity and religion on the minds of masters, ten feet and was falling; 31st, lower than at any they do not-still the slave is deprived of his natu time of the year, but beginning to rise; rose to the ral right, degraded as a human being, and expos6th of Nov.; fell to the 13th; when it was again ri-ed to the danger of passing into the hands of a massing; on the 30th had risen fifteen feet; fell early ter who may inflict upon him all the hardships and in Dec. and rising the last of the month. injuries which inhumanity and avarice may suggest. 1817. January, banks half filled, falling and ri- From this view of the consequences resulting sing alternately during the month; in February from the practice into which christian people have fell much, and upon the last of the month low for most inconsistently fallen, of enslaving a portion of the season; rising rapidly in March, and on the 21st their brethern of mankind-for "God hath made of running out to the lakes; rising moderately to the all nations of men to dwell on all the face of the 1st of May, when it lacked five inches of as being as earth"-it is manifestly the duty of all christians high as in last year; on the 17th had fallen 2 inches; who enjoy the light of the present day, when the 20th, eighteen inches, and fast falling, June 10th, inconsistency of slavery, both with the dictates of Missouri waters coming down, but Mississippi con-humanity and religion, has been demonstrated and tinued falling: on the 22d had fallen twenty feet, is generally seen and acknowledged, to use their and was rising; July 5th, had risen fifteen feet, 13th honest, earnest and unwearied endeavors, to coragain falling: August 6th, low and falling, Sept. rect the errors of former times, and as speedily as 15th, rising; Nov. 10th had risen fifteen feet; 16th, possible to efface this blot on our holy religion, and running out to the lakes; Dec. 5th, as high as in to obtain the complete abolition of slavery through. the spring; from the 18th to the 31st had fallen out christendom, and if possibly throughout the more than two feet, and continued falling. world.

1818. In January the river fell ten feet: on the We rejoice that the church to which we belong 27th Feb. banks about half full, and waters rising; commenced, as early as any other in this country, March 8th, within eight feet of the tops of the banks the good work of endeavoring to put an end to ela. SCP. TO VOL. XVI.

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