CH. I.]

liam H. Crawford, of Georgia, and Simon Snyder, of Pennsylvania, as candidates, in place of Monroe and Tompkins, and the caucus balloted on their respective claims, in spite of a motion to declare such nomination of members of Congress inexpedient. Sixty-five voted for Monroe, and for Crawford only fifty-four; Tompkins received eighty-five votes, Snyder only thirty; Monroe and Tompkins were, therefore, the accredited candidates of the party. The federalists, although there was no hope of their being able to elect their candidate, named Rufus King again, for president, and left the electors to fix upon whom they pleased for vice-president.

The election was held in the autumn, and resulted as follows:-for Monroe and Tompkins, New Hampshire, Vermont, Rhode Island, New York, New Jersey, Pennsylvania, Maryland, Virginia, the Carolinas, Georgia, Louisiana, Tennessee, Kentucky, Ohio, and Indiana, voted entire; and each received a hundred and eighty-three votes. Rufus King received all the votes of Massachusetts, Connecticut, and Delaware -thirty-four. Massachusetts bestowed its twenty-two votes on John E. Howard for the vice-presidency; Connecticut, five of its votes on James Ross, and four on John Marshall; and Delaware, its three upon R. G. Harper. And there were three vacancies in the electoral college of Maryland, and one in that of Delaware.

One of the principal objects of those who favored the establishment of a national bank was, to compel the state banks to resume specie payments,

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1816.

which, it will be remembered, all south of New York had suspended; and a resolution was passed by Congress, directing the secretary of the treasury to adopt such measures as, in his judgment, were necessary to secure the important end had in view. He was to cause all payments to the United States to be made in specie, in treasury notes, or in notes of specie paying banks; and it was declared, that, after the 20th of February, 1817, no payments to the United States ought to be made in any other currency. In July, the secretary of the treasury gave notice, that, after the first day of October, no bills of any bank which did not pay specie for all notes of five dollars and under, would be received in discharge of government dues; and that, after the 20th of February next, no bills of any bank would be received, which did not pay all its notes in specie on demand. The banks resisted this regulation, and endeavored to put off the resumption of specie payments for another year; but the secretary of the treasury urged forward as rapidly as possible, the putting the United States Bank into operation, so as to furnish a sound circulating medium, and a safe place of deposit for the national treasure.

The books of subscription to the capital stock had been opened early in the spring, and it was found, by the returns received in August, that shares amounting to more than $3,000,000 had not been taken. Stephen Girard, of Philadelphia, immediately filled up the deficient subscription, and it was determined to commence operations, if possible, on the 1st of January, 1817. For

immediate use, an agent was sent to England to obtain $5,000,000 in specie, on account of the bank.

The second session of the fourteenth Congress was commenced on the 2d of December, and the next day the president sent in his eighth and last annual message. It is a long and interesting document, and abounds in evidences of the earnest patriotism of the man who, for eight years past, had been called upon to administer the government of our beloved country. He adverts, in the opening of his message, to some unfavorable circumstances, as the partial failure of the crops, the depression of the manufactures of the country, the languishing of navigation, etc. Foreign affairs were generally in a 1816. quiet condition, and the Indian tribes were gradually improving in progress towards civilization. The organization of the militia, the establishment of a uniform system of weights and measures, the erection of a national university, an amendment of the law in relation to criminal trials, the prevention of the African slave trade, and a proposal to remodify the federal judiciary, and to add another department to the executive branch of government, were all touched upon in succession.

In respect to the finances, the president expressed his gratification to find, that even within the short period which had elapsed since the return of peace, the revenue had far exceeded all the current demands upon the treasury; so that an ample fund for the extinction of the debt was afforded, even though, through the vicissitudes of commerce, any diminution should occur in its fu

Exclusive of

ture annual product. loans and treasury notes, it was calcu lated that the actual receipts, including the balance in hand at the commencement of the year, amounted to about $47,000,000. The total of actual payments was about $38,000,000; so that there was a surplus of some $9,000,000. The condition of the national currency was pointed out as the main source of the difficulties which obstructed the operations of the treasury. Yet there was hope in that quarter; for the Bank of the United States had been organized under most favorable auspices, and could scarcely fail to be a most important auxiliary. The floating debt, it was expected, would soon be entire ly discharged. The funded debt had been estimated at a sum not exceed ing $110,000,000. The ordinary annual expenses were reckoned at under $20,000,000; and the permanent revenue, from all sources, at about $25,000,000. For other favorable circumstances connected with the financial position of affairs, reference was made to the statement of the secretary of the treasury.

Conscious that his term of office was now nearly closed, the president alludes, in grateful language, to the confidence reposed in him by his country; eulogizes the Constitution by which our liberties are secured; and, reading in the character of the American people 1816. their devotion to true liberty, and their determination to support "a government whose conduct, within and without, shall bespeak the most noble of all ambitions-that of promoting peace on earth and good will to man,

1817.

bill to Congress, with his objections to its becoming a law, principally on the ground that there was no express power granted by the Constitution to make roads and canals. An attempt was made to pass the bill by the constitutional two-thirds vote, but it failed, and the bill was consequently lost.

The navigation laws were revised during this short session, and made more conformable to the protective policy which was now in favor in the United States. Acts were passed regulating the territories of the United States, confirming to them the privilege of sending each a delegate to Congress, to take part in the debates of the House, but not to vote; fixing the peace establishment of the marine corps at eight hundred men, including officers; providing for the relief of persons imprisoned for debt; determining the erection of the territory of Alabama; for punishing crimes committed in the Indian lands; and for other important national objects. On the 11th of December, 1816, Indiana, having formed a constitution in conformity to the act of Congress, was admitted into the Union. An act was also passed at this session, authorizing the inhabitants of the western part of Mississippi to form a constitution, preparatory to admission into the Union as a state.

On the 3d of March, the fourteenth Congress reached its termination. On the same day also, James Madison, not unwillingly, laid down the office with

which he had been entrusted for the preceding eight eventful years. 1817. Of his ability and character, the reader has had abundant opportunity of judging from what we have narrated respecting his administration. That he was a man of undoubted patriotism, and sincerely devoted to the best interests of his country, cannot be questioned; but it is not to be denied, on the other hand, that he was not a man of genius or commanding talent, and was hardly at all adapted to the taking the helm of state in the stormy period of war and its attendant trials and commotions. Though censured with being deficient in energy; though no hero; though disposed to yield too much to others on various occasions; though far better fitted for the duties of peace than of war; yet his administration was, to a great extent, successful, and clearly met the approbation of the majority of the people. He enjoyed a large share of the confidence of Americans in the day when he presided over the destinies of our country, and that confidence in his wisdom, integrity, and patriotism has not been diminished by the lapse of time, or the searching investigation to which his life and career have been subjected.*

* The reader who wishes to see what eloquent words have been uttered by an appreciative mind, respecting the fourth president of the United States, may consult to advantage the Eulogy delivered by John Quincy Adams, before the two Houses of Congress, in 1836, soon after Mr. Madison's death.