SPEECH

HON. J. B. ANTHONY, OF PENNSYLVANIA,

ON THE

MEMORIAL OF THE CITIZENS OF LYCOMING COUNTY, PA.

AGAINST THE

RESTORATION OF THE PUBLIC DEPOSITES AND RECHARTER OF THE BANK OF THE UNITED STATES.

In the House of Representatives, May 19, 1834 — on the following memorial previously presented by him to the House: " To the Honorable the Senate and House of Repre- sentatives of the United States of America in Con gress assembled, "The memorial of the subscribers, citizens of the county of Lycoming", and State of Pennsylva- nia, respectfully represents: " That your memorialists cannot but view with alarm and disapprobation, the conduct of the United States Bank in its attempts to abridge the liberties of the People, by endeavoring- to control our elections, by subsidizing the press, and by managing to acquire an influence, which almost puts itself beyond the control of the Government and the People — and also, for its unjustifiable at- tempt to extort from the Government an exten- sion of those privileges which were granted to it, for the mere purposes of government for a limi- ted time — by creating distress in the trading com- munity—in destroying confidence and creating panics — and producing ruin to hundreds of our fellow citizens.

" We, therefore, respecfully remonstrate, and pro- test against the restoration of the public deposites to the Bank of the United States, or its branches, and against the recharter of the said Bank, or the establishment by Congress of any moneyed mo- nopoly during the present session; believing 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. And we pray that Congress will sustain the administration of General Jackson in its efforts to restore tranquil- lity to the country, by settling the question now before them, and putting an end at once to the hopes of the friends of the Bank to obtain their object."

Mr. ANTHONY said, Mr. Speaker: Last Mon- day I presented to the House sundry memorials

of citizens of the lower end of Lycoming county, Pennsylvania, in relation to the exciting subject which has occupied our attention, as well as that of our constituents, for these five months past.

The restoration of the deposites, and ihe re- newal of the charter of the Bank of the United States, having become a subject of general con- versation, and I may say of controversy, in the district which I have the honor to represent, 1 for the first time since I have taken my seat, asked leave of the House to submit such remarks as might suggest themselves to my mind on the pre- sentation of those memorials. Although I do not expect gentlemen to listen to what I shall say, as that is altogether unfashionable, I hope to obtain the indulgence of the House while I make a few observations.

The memorials are signed by 623 voters of the county in which I have resided for nearly sixteen years, — that county which is endeared to me by those strong and heartfelt ties which bind every man to his family, his friends and his home.

These gentlemen whose names are subscribed to the memorial are my neighbors and acquain- tances, and many of them my warmest personal friends — they are the freemen of the county — the tillers of the soil — the mechanics — the tradesmen — the laborers — the bone and sinew of the coun- try. I observe among them the soldiers of the revolution, men who nobly aided to achieve the independence we now enjoy. They are the old fashioned Whigs of Lycoming county, not the new-fangled Whigs of the present day, who change their name as often as the Cameleon does its color.

That portion of the county in which the me- morialists reside, embraces a most interesting and fertile country. The staple commodities are grain and lumber. The beautiful valleys of White Deer Hole, Black-hole, and Muncy Creek, as well as the rich bottom land along the west branch of the Susquehanna, produce abundance

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of the finest wheat and other grain, while the sur- rounding hills are covered with the m^st valuable timber, of nearly every description. The Penn- sylvania canal extends at this tiurtie as high up the river as the borough of Muncy, and affords the farmer, the merchant, and the dealer in lumber, every facility for a market. If there were pres- sure and distress in the county, those enterpris- ing, industrious, intelligent men, would be the first to discover them. They are men who are not likely to be influenced by passion or preju- dice. Panic and excitement have little control over those who live retired from the noise and clamor and excitement so prevalent in cities, and they are thus better enabled to form a correct judgment without fear, favor, or affection, hatred, malice, or ill-will. My constituents, thus situat- ed, " view with alarm and disapprobation the conduct of the United States Bank in its attempt to abridge* the liberties of the People, by endea- voring to control our elections? by subsidizing the press; and thus acquiring an influence which al- most puts it beyond the control of the Govern- ment and the People; by an unjustifiable attempt to extort from the Government an extension of its privileges; by creating distress in the trading community; by destroying confidence and creat- ing panics, and producing ruin to hundreds of our fellow citizens."

This is\the light in which these respectable citi- zens view the course pursued by the Bank. In presenting their memorials, I am not able to say that they are signed by men of all parties. In the county where I reside, we have but two parties, the one in favor of, the other opposed to, the ad- ministration.

An honorable Senator, in presenting two me- morials, some time since, from Muncy and Muncy Creek, Lycoming county, stated that "they were signed, as he was informed, by men of all parlies, and that the one from the borough had the name of almost every voter in the place attached to it." Ifl am not mistaken, the votes polled in the bo- rough, at the contested election in 1832, were about 110, which were nearly equally divided. And to show that the Senator was misinformed, I have to state that 40 of the names now presented against the Bank, are signed by citizens of the borough of Muncy.

I will mention another fact to show the panic- makers how little influence all their exertions for these five months have had on the memorialists: how those gentlemen calculate without their host, when they imagine that they will cause a revolu- tion in public sentiment by their reiterated cries of distress, and ruin, and usurpation, and tyranny; and that, like the "war, pestilence, and famine" outcry that was raised some time since by a dis- tinguished Senator, they are full of sound and fury, signifying nothing.

In 1832, the whole vote given in the townships from which these memorials are sent, for the de- mocratic candidate for Governor, was 845, and already 623 names are forwarded, and I am told that a number more will be transmitted. This has been done without any effort on the part of the friends of the administration. I have been credi- bly informed by a very[intelligent man, who is

well acquainted with the lower end of Lycoming county, that 1,000 names could easily be obtain- ed against the United States Bank, below Loyal' sock Creek, and that without hiring men to obtain signatures, and charging the expense to the Com- mittee of Vigilance, as was done in Oneida county, New York, by the friends of the Bank.

It has been repeatedly alleged, in memorials sent by the friends of the United States Bank from my district, that the price of produce has fallen from one-fourth to one-half, and that hun- dreds of citizens are thrown out of employment. Knowing the respectability and integrity of those gentlemen who have given these assertions credit, by attaching their names to memorials containing them, I can only say, that they must not have ad- verted to the facts set forth, or they were mista- ken respecting* them. In the memorial from Northumberland county, they say, produce has declined 50 per cent, or more; and in that presented from Muncy, that the price had fallen one-fourth/ that the times are going from bad to worse.

I hold in my hand an extract of a letter written by a gentleman from Pennsylvania, who has been a dealer in flour, grain, &c. for a number of years past in Baltimore and Philadelphia. In it he gives- a statement of the actual sales made by him for four years past. In 1830, flour was from $4, 75 to $5 00 ner bbl.

1831, " " 5 12| to 6 12£ "

1832, " " 5 00 to 6 50

1833, " " 5 12§ to 5 75 " Making an average, during these four years, of

from $5 to $5 84 cents per barrel.

I have not the price of grain, but it was, of course, in proportion to the price of flour.

Let us examine the present prices of flour, the staple commodity of Pennsylvania, and particu- larly of the counties where those statements of the great reduction of price were made. In the State's Advocate of the 8th instant, flour is quot- ed thus —

"May, 8, 1834. — Wheat sales have been made at Baltimore, within the last week, at $1 11 — at Philadelphia, from $1 05 to $1 10— flour, $5 25 to $5 37$."

The Miltonian, of May 3, says —

"The Makkkt. — Superfine flour has advanced a little in Philadelphia since our last. Small par- cels were sold this week at $5 25 and $5 37$. BicknelPs Reporter says, the receipts are small, and the demand limited. A small lot of wheat sold at 105 cents per bushel. Rye 60 cents per bushel; cern 58 cents; whiskey 23 and 24 cents.

"In Baltimore, sales of Susquehanna flour, for export, were made at $5 and $5 06 per barrel. Sales of Susquehanna wheat were made at 108, 110, and 111 cents per bushel, varying according to quantity. Whiskey, from 21 to 24 cents per gallon."

After adverting to those facts which clearly show that produce brings about the average price that it has done for the past five years, what be- comes of the allegation that it has fallen from 25 to 50 per cent. , or to use the language of one of the memorials from Northumberland county, " The farmer and mechanic have not only been threa- tened by the aspect of distress in which the com-

mercial class of our citizens has been involved, but a diminution in the value of their products of 50 per cent, or more, has taken place," &c.

When this sentence was penned, there may have been a temporary depression in the market; for those honorable, intelligent, high,- minded men who signed that memorial, and with whom I have been intimately acquainted for twenty years, . would not place their names to a paper which they did not believe to be correct; but I am hap- py to find that tlieir forebodings of ruin have not been realized, and that the prospects promised to the farmers, at the housing of an abundant harvest, have not been blighted, but that they can and do obtain a fair and adequate price as the reward of their industry.

With regard to the assertion made by the friends of the Bank in Lycoming county, that " hundreds of citizens are thrown out of employment," I beg leave to read an extract of a letter received a few days since from a highly respectable business man in that county. It reads thus:

"Mr. Webster stated that the memorials from Muncy set forth 'that great distress and scarcity of money prevailed in this part of the country; that the price of produce, of all kinds, had fallen one-fourth; that hundreds of our citizens were thrown out of employ! and that times, instead of becoming better, appeared to be going from bad to worse. These statements , were so gross and palpably false, that every person cried out, shame; and even the Bank-men almost blushed when they were pointed out to them. The facts are the very contrary. The price of produce was, at that time, as good as they were a year ago. Wheat was selling at near $1 00; rye, 56 and 62£ cents; oats, 31 and 33; corn, 50, 8cc.; and some of those men who signed these memorials, were selling flour at $5 50 per barrel; and as for our citizens being thrown out of employment, there is not the semblance of truth in it, as the whole neighborhood can testify. I do assure you that it is false, and I ought to know, having had hands employed all winter; and I know that any person who wished to be employed during the winter, was not at a loss amongst the farmers. Such gross exaggerations have done the Bank party more in- jury than all the efforts of their opponents."

As great pains have been taken by the advo- cates of the mammoth Bank, to induce the farmers, the merchants, the manufacturers, and in fact, ev- ery class of the community, to believe that they were ruined and undone beyond redemption, and that nothing short of the downfall of Jackson and his administration could save the country from bankruptcy, and the People from utter destruction. I will read an extract from a paper, which the men of all parties, alt the opposition, will admit to be good authority, as it never has been suspected of any particular friendship for the administration. I allude to BicknelFs Reporter, printed in Philadelphia. On the 6th instant, it uses the following language:

"THE TIMES.— While the excitement contin- ues in relation to the Bank of the United States, the public deposites, and the currency of the coun- try, we must be expected from week to week — to say a word as to the times with regard to the mo-

ney market, and the condition of the business gen- erally. It cannot be questioned that the money market is easier at this moment than it was sixty days ago. We may mention some facts in proof, "he Pennsylvania loan of $726,554 44, which, from a pressure in the money market, Messrs. S. & M. Allen were unable to pay, has since that period been taken by another house in this city. — A Baltimore loan for a large amount has also been taken on favorable terms. . We have heard of no failure for any considerable amount either in Phil- adelphia, Boston, or New York, for the last thirty days. The notes of our best houses are more readily discounted in bank, and paper that sixty days ago flooded the market, and was offered at two per cent, a month had disappeared from the Broker's change. In short, the shock has in a great measure gone by — -the storm has spent its fury, and there is comparatively a calm in the money market. We do not mean t© say that money is more abundant, or that good paper is readily dis- counted at the usual and legal rate. Far from it. We believe there is as great a scarcity as ever, but most of those who were in delicate circumstances — Who were not prepared to stand a sudden and unexpected crisis, have gone by the board — while others have contracted their business, gathered up their strength, and paused until the panic has sub- sided, and the sunshine of prosperity and enter- prise bursts forth again.

"The Western business too — that is, the business with the West — has been unusually brisk the pre- sent season. A great number of merchants have visited the Atlantic cities— have bought largely and paid liberally. We conversed no longer than yesterday with one of the most extensive whole- sale dealers of Market street — a first rate business man, and one too who has made an immense fortune in the trade with the West. 'Well,' said we, 'Col. P. how is business with you?' 'Never better,' he replied. — 'Since I have been in Mar- ket street, more than sixteen years, I have never been so occupied as during the present season. For the last ten days I have been unable to eat a dinner with my family, and have frequently been compelled to remain at my store, packing up, un- til 12 o'clock at night.' 'Indeed,' we exclaimed. ' It is true,' he added. ' But for all this money is scarce — very scarce, and it will continue so until the panic passes away, and confidence is restored.'

'And when will it pass away, and how will it be restored?' we asked.

"He took off his hat, drew his chair by our side, and said — 'Not until the newspapers and politi- cians cease fomenting excitement — cease throwing into circulation, suspicions and speculations as to the credit of this Bank and that Bank — not, in short, until confidence is restored between the Government and the capitalists of the country. The war between the Bank and ihe administra- tion has been a sad one for the People. I do not take sides with either. I believe both have acted unwisely, foolishly; but both are human beings, and influenced by the weakness and prejudices of human nature."

In this article we have the truth without dis- guise, that the panic is caused by the newspapers and politicians, by circulating suspicions and spe-

dilations among the People — that business was never better in Market street, and the Western trade unusually brisk— and in fine, that the shock has gone by, and the storm spent its fury.

The course pursued by certain politicians here, reminds me of an anecdote I have heard,in relation to the effect of panic on the imagination.

To ascertain whether conceit would kill, cer- tain Physicians (not Senators,) entered into an acrcernent, to try what effect they could produce on the mind of a sound, athletic man. In passing him every morning, one would commence with t; e exclamation, "Sir, you appear ill to-day." The next would accost him with grave looks, and declare that "he was sorry to observe his health was on the decline." A third would assert " that he had strong symptoms of disease of a malignant character. " And thus, "going from bad to worse," the man actually took to his bed, lost his health, and finally his life. Thus it is with some of our M. C.'s (not M. D.'s) They "cry aloud, and spare not," panic, distress, bankruptcy, and ruin; and thus endeavor to persuade the People that the whole body politic is on the brink of destruc- tion.

There is another subject to which I beg leave to call the attention of the House for a few mo- ments, and to express my kindest and most heart- felt 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 informa- tion to them. The mail is loaded almost every day, with pamphlets and papers, sent on by them,

and all to Jackson men too, franked by Mr.

and Mr. of Pennsylvania." 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 McDnfhVs and Cal- houn's speeches; and from appearance, the mails are loaded through all parts, and sent to the true friends of our worthy Chief, Old Hickory.

"I enclose you the envelope — Let me know who has 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, frank- ed by — , and ' (my colleagues. ) Kind

souls! Good Jacksonmen, I'll warrant."

On the 8th, another letter says, "The mail was loaded this evening; sixly-five packets stopped at one office, addressed principally to Jacksonmen,

and franked by Messrs. and " my

kind colleagues. "A great number went up the river. It is a most outrageous imposition on the mail contractors and postmasters."

On the 9th: "When! wrote to you last even- ing, I mentioned 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 appaling and tremendous shower of Bank and Nullification speeches, forwarded to the good folks of this neighborhood. For the town of

alone, there was 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 ffar as fl can learn, consisted

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, an 1 stacks, and bags full of those speeches and Senatorial Jeremiads, the natural inquiry is, who in the woild pays for printing all thes.2 things? And this question can be answered by asking another. Who, or whut is intended to be benefited by scattering these speeches a- mongst the people? The Bank of the U. S. 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 un outrageous impo- sition on the mail contractors and the country post masters. And yet those very men who are the perpetrators of the act, are amongst the loudest in crying out against the abuses in the P. O. De- partment, and the mismanagement of it. I won- der where such men keep their consciences?"

I know not, Mr. Speaker, how to pay the debt of gratitude I owe my colleagues for their kind and generous interference in my behalf. I have not the least doubt that it is all done by them, merely to give correct information 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 can- not conceive how those gentlemen can bear the expense of sending such loads of speeches) whe- ther they pay, as the friends of the administration do, from 2 to 5 dollars per hundred for them. I observe by the envelope sent me, that clerks are employed to endorse the packets and write frees 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 contractors and postmasters do their part of the duties required gratis. But still, the question recurs, at whose expense are those speeches printed? For, although I am pleased to observe the solicitude of my friends for the dis* semination 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 acceptable to my constitu- ents, spending both time and money in their bene- volent 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 observed honorable members asking to have the memorials presented to the House printed, togeth' er 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 term- ed "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 col- leagues, as well as other friends of the Bank, to direct speeches and documents throughout 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 devoted to her interests, in every town, hamlet, and neighborhood, and for the very express purpose of putting down, de- stroying, and annihilating, if possible, the present 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 asser- tions do so; but the sober-minded, ^thinking por- tion 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 purchase 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 unac- quainted with my constituents, had sent a number of speeches to some persons whose names were at- tached 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 usu- ally took them — but one refused, and said " he did not want any pay for., his signature." I merely mention this to show my colleagues, 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 abus- ing 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 Mil- ton and vicinity, they take occasion to censure the patriotic Governor of Pennsylvania for his mes- sage to the Legislature of the 26th February last, *' believing it to be a document calculated to carry out of the State an influence neither 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 Gov. Wolf, in the fall of 1832, that he came near losing his election. In 1829, his majority in the city • and county of Philadelphia was nearly 11,000 votes, and in 1832 the majority of his opponent, who was the same candidate that ran in 1829, was about 1200, making the difference of about 12000 votes against Gov. Wolf in Philadelphia city and county.

Every intelligent citizen of Pennsylvania can- not fail to remember that in 1832 Gov. Wolf's

friendship for education, for the establishment of common schools throughout the commonwealth; his zeal and anxiety for the promotion of our in- ternal improvement system, had gained him many warm, and, apparently, unchangeable friends in Philadelphia. But the Bank, the honest, non-po- litical Bank, could not suffer any person to be elected who would, directly or indirectly, be in- strumental in the re-election of that tyrant, that usurper, that Cromwell, that Caesar, that Napo- leon, to the Presidency, in November. And thus we find Gov. Wolf denounced by the Bank party. We see Clay masons, Grand Masters of Lodges, casting off their jewels — throwing to the wind the square and compass — meeting in convention, and abandoning 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 internal improve- ment; not because he was the choice of the Na- tional Republicans; not because he was better qualified than Gov. Wolf. But simply because llitner had said, that "he who was hostile to the Bank of the United States, had neither a sound head nor a good heart," and our worthy Governor would not denounce those of his friends who diffe- red 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 influ- ence of that chrrupt moneyed aristocracy, we should not have seen a change of twelve thousand votes against him in Philadelphia. He was a fa- vorite in that city; the liberal and enlightened policy adopted by him, had met with universal approbation from ail political parties in that com- mercial emporium.

But how true it is, that " God made the country and maw made the town." Ninety-nine good turns were of no avail when he was required to forsake his friends and throw himself into the arms of Nicholas Biddle. It was in vain, he said, I have always been the friend and advocate of the United States Bank. My message shows my attachment to that institution: I consider the Bank of im- mense importance to regulate the fiscal concerns of the country. The partisans of the Bank say, this is not sufficient. You must "go ahead" still far- ther: denounce the President and the Veto Mes- sage; use your exertions to hurl him from his. seat; come out from among the friends of Jack- son, or you shall feel the force of our power, the weight of our influence.. To this cause, and this alone, may be attributed such a tremendous and unexampled change of the vote in Philadel- phia from 1829 to 1832.

Notwithstanding Gov. Wolf was thus most shamefully abandoned by the Bank party, at his election in October, 1832, and would have been perfectly justifiable in denouncing the political exertions of that institution to defeat his election, we find hirn, in the honesty and sincerity of his heart, in his Message to the Legislature on the 6th of December following, regardless of personal considerations, devoid of vindictive feelings, speaking favorably of the Bank. He says, " It has certainly done the country some service. I has established a circulating medium in which the

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People have confidence. It has greatly facilitat- ed the operations of Government. It has 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 Go- vernor 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 could 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 capa- ble, 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 rela- tion to it — If the State of Pennsylvania is indebted in a great measure for its disappointments hereto fore, 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 im- provements, by the depressing policy of the Bank" all of which is alleged by Gov. Wolf, in his Mes- sage of the 26th February, he merits the highest meed of praise for exposing" to the world the course of conduct pursued by this moneyed mo nopoly, and his determination no longer to advo- cate and support an institution so capable, and apparently so ready, in order to subserve its own purposes, "to bring indiscriminate ruin and dis- tress upon an unoffending community."

Governor Wolf, like many other friends of the United States Bank, among whom, I may be per- mitted 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 im- provement, 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 denun- ciations 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 im- provements 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 t@ what has been termed by gentlemen " the time-serving course" of our patriotic Gover- nor. 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 im- pugned, and as an excuse for my remarks respect ing him, permit me to say —

" Absentem qui rodit amicum, Aut non defendit, alio culpante, Illeest niger, hunc tu'Romane caveto."

It is alleged in the memorial from North- umberland "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 or- der to satisfy those who believe that the Bank question was not agitated before the last Presiden- tial election in Pennsylvania, I will ask permis- sion to read an extract from the Lycoming Ga- zette, 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 re-assembled at Harris- burg on the 15th inst., and after a secret session of nearly two days, determined on withdrawing their electoral ticket, and adopting that of the anti-masonic party, pledged to support William Wirt and Amos Ellmaker. There is, consequent- ly, now no ticket in Pennsylvania favorable to the election of Hefiry Clay; the contest will be be- tween 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 mil- lions at its control, and a host of unprincipled de- pendents in its wake, has taken the field, side by side with anti-masonry; and to accomplish its de- signing purposes, 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 des- perate effort must be made; friends and foes, who nd in the way, must be crushed, to put him down; and if all is 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 communi- ty of feeling, actuated by different motives, pro- fessing 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 republican1 institu- tions, turn out to the polls on the 2d of November, and vote for the electoral ticket pledged to sup- port 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 purpose by the denunciations of his enemies, nor corrupted by the countless mil- lions of an overgrown Bank. His purity of soul, and honesty of purpose, have been tested again and again, and in every situation he has proved himself the same uncorrupted and incorruptible patriot. Like sterling gold, the more he is rubbed, the brighter he appears; 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 Gov-

ernor, 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-ma- sons, declined 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 elec- tion, 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-masons, satisfied of the corrupt practi- ces of the Bank, avowing their hostility to it, and among them the name of Richard Rush stands pre-eminent.

The memorialists " respectfully remonstrate and protest against the restoration of the deposites, and against the recharter of the United States Bank, or the establishment by Congress of any moneyed monopoly during the present session."

" They believe the experiment in operation of substituting the State Banks for the purpose of aiding Government in its fiscal operations, and reg-

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 ten millions of dollars, and if it be no more, one moiety is in the vaults of this Bank. May not the time arrive when the concen- tration of such a vast portion of the circulating medium of the country in the hands of any corpo- ration, will be dangerous to our liberties? By whom is this immense power wielded? By a body, who, in derogation of the great principle of all our in- stitutions, responsibility to the People, is amena- ble 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 are in the hands of foreigners, and these foreigners chiefly English subjects. "VVe are possibly on the eve of a rupture with that na- tion.— Should such an event occur, do you appre- hend that the English Premier would experience any difficulty in obtaining the entire control of this institution? Republics, above all other gov- ernments, ought to guard against foreign influence. All history proves that the internal dissensions ex- cited by foreign intrigue, have produced the down- fall of almost every free government that has hith- erto existed; and yet, gentlemen contend that we

ulating the currency, to be feasible and practica- , are benefited by the possession of this foreign

ble." And they "pray Congress 10 susVm the administration in its efforts to restore tranquility to the country, by settling the question now 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 be- lieve 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 Ken- tucky, (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 mil- lions.

" What is a corporation, such as the bill con- templates? It is a SPLENDID ASSOCIATION OF FA-

tored individuals, taken from the mass of socie- ty,, 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 w hose capital shall consist of land, slaves, personal estates, and thus the whole pro- perty 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 found- ed, it is in the power of Congress, by chartering

capital. Ifwehadits use, without its attending abuse, I should be gratified also. But it is in vain to expect the one withoutthe 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 capi* tal gives us a great influence over the British Go- vernment. If this reasoning be sound, we had better revoke the interdiction as to aliens holding land, and to invite foreigners to engross the whole property, real and personal, of the country. We had better at cnce exchange the condition of inds- pendent proprietors for that of stewards."

So clearly has this talented legislator depicted the dangerous tendency of such an overgrown moneyed monopoly, in the hands and under the ex- clusive 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 objections in my mind, to the present Bank. The acquisition of power appears to be its primary object, and it is not squeamish as to the means of obtaining it. " Bern sipossis recte, si non, quocunque modo rem."

It has expanded and contracted its loans, mak- ing money plenty and scarce, in turn, to advance its own interest. It has made extraordinary loans without the usual securities, 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 docu- ments of various kinds, "paid for out of the contin- gent fund, placed at the discretion of the President of the Bank, under resolutions of the board of di»

8

rectors, for no other purpose than to control pub- lic opinion and to influence the elections. Instead of confining itself to defence, many of its publica- tions are of a violent political partisan character, calculated to destroy the confidence of the people 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 itself against injuri- ous 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 inqui- ry is appointed by Congress, to examine its books and investigate its proceedings, the directors re- fuse 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 Congress appointed for that purpose, to inspect the books and to examine into the proceedings of the corpora- tion, hereby created, and to report whether the provisions of the charter have been violated or not." From such a corporation, thus setting at defiance the power that created it, and the right to examine into its conduct, we cannot too speedi- ly be delivered — and I consider it a duty, which I owe to the country, to my constituents, to my- self, to oppose the recharter of so dangerous an in- stitution.

My constituents say in their memorial, "they believe the f experiment* in operation, of substitu- ting 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 Ken- tucky formerly coincided. He said in 1811, " upon the point of responsibility," (yes, responsi- bility,') "I 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 independent and unconnected establish- ments, I shall not deny; but 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 depo- sites 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 Na- tional Bank, properly regulated and restricted, for the purpose of assisting the Government 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 gentle- men 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 subject to the control of the Representatives of the People, is highly necessary, expedient, and useful to the Government, 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 12 millions of freemen, friendship and enmity should have no influence. I should feel myself unworthy of the confidence and support of my constituents were I to hesitate in my course,

"Nullius addictusjurare in verba magistri, Quo me cunque rapit Veritas, deferor hospes." " Bound- to no party's arbitrary sway I'll follow Truth where'r 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 inves- tigate the subject with cool deliberation and a sin- gle eye to the best interests of the country, I shall have no hesitation to go into the question of creat- ing a new Bank, with limited capital, guarded with such restrictions as will effectually prevent its using its corporate power against the Govern- ment. But while the "Delphic priests collect with holy care the frantic expressions of the agitated Pythia, and pompously detail them as the unbi- assed opinions of a free people," I almost despair of seeing any thing effected.

I fondly hope, however, that on a subject of so much magnitude and importance, we may ulti- mately be able to adopt such measures as will re- store 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 in- dulgence 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.

SPEECH

MR. OSGOOD, OF MASSACHUSETTS:

DELIVERED IN THE

HOUSE OF REPRESENTATIVES.

MAY 5, 1834,

On the Memorial of a Convention held in the Third Congressional District of

Massachusetts, in favor of the Restoration of the Deposites of the

Public Moneys to the Bank of the United States.

CITY OF WASHINGTON: PRINTED BY FRANCIS PRESTON BLAIR.

1834.

Digitized by the Internet Archive

in 2012 with funding from

The Institute of Museum and Library Services through an Indiana State Library LSTA Grant

http://archive.org/detajls/speechofhonjbantOOanth

SPEECH

OF

MR. OSGOOD, OF MASSACHUSETTS.

HOUSE OF REPRESENTATIVES, Monday, Mat 5, 1834. The Memorial of a Convention held in the third Congressional District of Massachu setts, in favor of the restoration of the deposites of the public moneys to the Bank of the Uuited States, being' taken up —

Mr. Osgood said, it was always an unpleasant task for a Represen- tative to oppose the wishes of any portion of his constituents. Con- sidering himself as the organ of their will, he cannot, without many painful sensations of regret, find his own sentiments in opposition to theirs. But the diversity of human opinion, while mankind remain constituted as they are, must often render it necessary for him to gra- tify the wishes of one part of his constituents, at the risk of displeas- ing the rest. Nor will he always be able to find out what the wishes of a majority of his constituents really are. As to the general course of his official duties; if he has openly avowed his adherence to a political party, if he has been chosen with a knowledge, on the part of his constituents, of his political predilections, he may safely con- clude, that a concurrence with the measures of his party, will not be obnoxious to those who elected him. But a new state of things may arise, unexpected events may happen, unforeseen measures may be pro- posed, a different course of policy may be instituteojjjuul the vote that sanctioned his adherence to his party at the time ortis election, may fail to sustain him in this new juncture of events, and he will be com- pelled to resort to some other criterion to determine the wishes of his constituents. If, under these circumstances, the measure proposed be one which excites little interest in the public mind; if, although it may involve consequences of great magnitude to the republic, it immedi- ately affects neither the persons nor the property of his constituents, he may be left almost without any manifestation of public sentiment to guide him in his conduct. And if, on the other hand, the measure be one which excites an interest equal to, or perhaps even beyond its im- portance, if it touch the feelings of any particular class in the com- munity, or rouse into opposition the adherents of a political party, he will be liable to be led astray by the overheated exertions of its oppo- nents, and to mistake the noisy clamor of a few zealous partisans, for the real, sober, and permanent sense of the community. And when the excitement has passed away, and the momentary passions which cre- ated it have subsided, he will find, to his mortification and regret, that in obeying the instructions of self-constituted conventions, and in listen- ing to the dictations of interested memorialists, he has overlooked the opi- nions of the less obtrusive, but not the less enlightened portion of his constituents — that be has gone contrary to the wishes, and what is more, to the welfare of his district.

To come, then, to my own case, sir — for however unpleasant it may be, we are almost all of us compelled, at one time or another, to speak of ourselves on this Door — I was chosen with a knowledge, on the part of my constituents, that I should vote against a recharterof the Bank. At any rate, if they did not know it, it was not my fault, as I openly every where declared it. The recharter of the Bank had been vetoed by the President long before my election. I was nominated by the friends of the administration; I was supported by the friends of the ad- ministration; and I was finally chosen as an open and avowed friend of the administration. The recharter of the Bank was a question that could not have escaped the attention of those who were at that time about to choose a representative to Congress. My own party, so far as I knew any thing of their opinions, were unanimously opposed to a recharter. Those of the opposite party with whom I happened to converse, and who afterwards, from some local difficulties in my district, threw their votes for me, expressed much indifference as to the fate of the Bank. They said it was a mere scramble for money, and they cared nothing about it. They elected me, knowing that I should vote against a recharter of the Bank, and therefore virtually gave me liberty to vote against it.

If, under these circumstances, a part of my constituents, or a majori- ty if you please, had undertaken to instruct me to vote for a recharter of the Bank, would any man say that I was bound to obey such in- structions? Might I not have turned round upon them and said, a year has not yet elapsed since you elected me with a knowledge that I should vote against the Bank, and now you instruct me to vote for it. How long must I suppose that these, your new instructions, will re- main valid? Have I any assurance that you will not change your minds again before the vote is taken? And if you do, must I change with you ? Must I veer about with every current of wind that happens to strike the political weathercock in my district?

The gentlemempir, who composed the convention that adopted these resolutions, and this memorial, and letter of instructions, saw this thing in its true light. They would not undertake to instruct me upon a point upon which my opinions had already been sanctioned by a vote of my district. They knew that this would be carrying the doctrine of instructions be- yond the bounds of reason; that it would go to the destruction of all con- sistency, I might almost say, of all decency of conduct on the part of the Representative. Well, sir, tacitly acknowledging the truth of these sen- timents, they would not undertake to instruct me to vote forarecharter of the Bank. But they have instructed me to vote for a restoration of the de- posites. The restoration of the deposites, I suppose they would say, is a new question. The deposites were not removed at the time of your elec- tion. The sentiments of your district have never before been declared upon the subject; this memorial, these resolutions, and this letter of in- structions, form the only means by which you can come at a knowledge of the sentiments of your constituents upon this point; and now, through these, they speak to you in a language that can neither be disregarded nor disobeyed.

Well, sir, the question of a restoration of the deposites is undoubt- edly, in some respects, a distinct question from a recharter of the Bank. In the nature of things, there is no sort of connexion or si- milarity between them. But it may often happen, that questions to-

tally dissimilar in their nature, may, by the force of circumstances, be made dependent, the one upon the other. And such I took to be the case with these two questions of a recharter of the Bank, and a resto- ration of the deposites. It is not that a man might not very consis- tently, upon abstract principles, vote for the one, and against the other; nor that many members here may not have done it with the pur- est intentions. But I will leave it to the candor of any man to say, whetlier, if a resolution for a restoration of the deposites had been carried through this House by a triumphant majority, it would not have tended to bring about a recharter of the Bank.

But, sir, according to this very memorial and letter of instructions, I am at liberty to vote against a recharter of the Bank. For either my constituents don't want the Bank rechartered, and so have not in- structed me to vote for it; or if they do want the Bank rechartered, they thought that, under all the circumstances of the case, it would be neither liberal nor manly, nor honorable, to instruct me to vote for a recharter. But what they have not done directly, they have done indirectly. What they have virtually acknowledged they had no right to do in one way, they have done in another. If they don't want the Bank rechartered, they ought not to have instructed me to vote for a measure which would tend to bring about a recharter, and de- feat their own wishes; and so to have given me instructions against in- structions, in the very same letter. Or, if they do want the Bank rechar- tered, but thought I was so delicately situated that they ought not to instruct me to vote for a recharter, then they ought not to have in- structed me to vote for a restoration of the deposites. Having given me the liberty of accomplishing a certain end, they ought not to at- tempt to embarrass me in the means necessary to accomplish that end. And am I to understand that my constituents are unwilling that I should judge of the effect of measures upon this floor? Do tliey rate their re- presentative so low that they are unwilling he should judge of the means necessary to accomplish the ends they have sanctioned? Is he to exhibit to this House and to the nation the mortifying spectacle of a man who is obliged to defeat his own purposes by his own votes? Is he to adopt a crooked, vacillating, inconsistent, contradictory course; to go blundering on from one vote to another, without any regard to their ultimate efFect upon the object he intends to accomplish? It is as much the interest of my constituents to preserve my influence and my dignity unimpaired upon this floor, as it is my interest and my duty, and I will add, my pride and my pleasure too, to preserve theirs. Whatever they may do to affect my influence here, must affect their own in an equal degree. I shall endeavor to preserve botii theirs and my own, as well as I can.

If I had believed that a removal of the deposites had been effected by a violation of the constitution, if I had supposed that the President had assumed any unconstitutional powers in this transaction, I would have willingly waived any right I may have reserved to myself at the time of my election, upon this great question of the Bank. I would have said with the friends of the Bank, let us vindicate the violated constitution, let us avenge the insulted laws, let us show to the country and the world, that we will do justice, be the consequences what they may. But such was not my opinion. After all the exertions of the friends of the Bank, they utterly failed to prove, in my apprehension, any as-

sumption of unconstitutional powers on the part of the President. When the heat of this controversy has passed away, gentlemen will wonder that they could ever have carried their views to such an ex- tent upon this point. They will wonder they ever could have denied that the Treasury Department is an Executive Department, or the head of that Department an Executive officer. They will see that the constitution has placed the Executive power in the hands of the President, and that if Congress were to undertake to exercise any part of that power, it would he in violation of the Constitution. Now, sir, the raising and appropriating of money, is clearly a legislative act, and as such, has been wisely intrusted by the Constitution to Con- gress; but the^ paying over this money to the several objects to which it is appropriated, is as clearly an executive act. It is simply carry- ing into execution a law of Congress, and as such belongs to the Ex- ecutive branch of this Government. Now, in order to be able to pay over this money, to the several objects to which it is appropriated, the officer who is to pay it over, must have it in his possession; he must be the keeper of the public money, and the keeper of the public mo- ney must be an Executive officer. He must, indeed, keep it and pay it over according to the laws of Congress. But that does not alter the nature of his duty. It does not make it different from any other executive duty. The Executive is bound to execute all laws, in obe- dience to the will of Congress, if he execute them at all. We need not go to Montesquieu, nor Sidney, nor Locke, nor any body else, to prove this , as we have been sometimes taunted by our opponents. It results from the nature of our government, and the different branches into which it is divided.

But the Secretary of the Treasury, it was said, is bound to report to Congress. Well, sir, if we were to make a law to-morrow, compel- ling the Secretary of State, the Secretary of the Navy, or the Secre- tary of War, to report to Congress., would that alter the nature of their respective offices? If Congress had done professedly and by name, what gentlemen say has been done in reality: if it had baptized this Department by the name of Legislative: if it had called it the Legislative Department of the Treasury — Ihe absurdity would have appeared upon the very face of it.

It seemed to me, sir, during this discussion, that the great error of gentlemen lay in supposing that because the Treasury Department might not have been constituted in just the same terms, upon just the same principles, or with just the same powers of the other executive departments, that therefore it was not an Executive Department. Why, sir, begging gentlemen's pardon, I thought that had nothing to do with the question. The true question was, as I thought, what is the nature of the duties the Secretary is bound to perform. It makes no difference whether they are few or many; whether they they are limit- ed or enlarged; whether the Secretary is bound to report to the Presi- dent or to Congress. What is the nature of his duties, was, as I thought, the only question to be answered. Now it was well said, that they must be one of these three kinds. They must be either Le- gislative, Judicial, or Executive. Well, sir, what are Legislative duties? They must clearly relate to the power of making laws. No- body will pretend that the Secretary of the Treasury has any thing to do with that power. Is he a Judicial officer? No man will

believe it. He must then be ail Executive officer. Why, sir, this De- partment was established for the very purpose of carrying into effect the laws of Congress in relation to the public money, and as such, is an Executive Department.

Now as to the degree of control which Congress may have reserved to itself over this Department, that does not alter the nature of the case. These Departments are all the creatures of Congress. It call- ed them into existence, and it can extinguish them in a breath. It can make and unmake these things, called Departments, at plea- sure. But having been established for the purpose of carrying into execution the laws of Congress, their respective officers become Exe- cutive officers, and the constitution having intrusted the superintend- ence of the Executive branch of the Government to the President, they become responsible to him, and he becomes responsible for them, to the People, for the faithful discharge of their duties. We were told, sir, that the Secretary of the Treasury is the agent of Congress. To be sure he is, sir; and so is the Secretary of State, the Secretary of the Navy, and the Secretary of War. But what are the duties this agent I is bound to perform? To carry into effect the laws of Con- gress And in so doing, he is performing those very duties which the constitution has intrusted to the superintendence of the President. He is an executive officer, and Congress cannot make him any thing else. This requires no illustration. Gentlemen may talk till doomsday, but they never can argue us out of reason and common sense. But I must do them the justice to say, that this has been the most desperate con- test between the subtilties of lawyers and common sense, that ever I had|the good or bad fortune to witness.

Now, sir, as to this union of the purse atnd sword, of which we have heard so much. What is a union of the purse and the sword? When the same branch of the Government has the right of raising armies and of raising money to support those armies. Has the Pre- sident claimed the right of enlisting a single soldier, or of raising a single dollar of money by way of taxation, but under the sanction of the laws of Congress?

Mr. Speaker, the gentlemen on the other side, will^ in their cooler mo- ments, be ready to acknowledge another thing — that the Secretary of the Treasury had aright to remove the public deposites from the Bank of the United States,for good and sufficient reasons, and that he has a right to judge, in the first instance, of the sufficiency of those reasons. Well, sir, if this be true, it was all I wanted to direct me in the vote I was about to give. For if the President has assumed no unconstitutional powers in this transaction — if the Secretary of the Treasury had a legal right to remove the deposites, then I thought the question of their restoration was merely a question of expediency on the part of Con- gress. For, granting, by way of argument, that the removal was inexpedient, it did not follow that the restoration ought to take place. If the President or the Secretary had committed a foolish act, it did not, therefore, follow, that Congress ought to commit another folly. Let us suppose for a moment that the deposites had been removed for a notoriously insufficient reason; but that after the removal, and before the restoration, a sudden calamity had befallen the Bank, by which it had become an unsafe place of deposite for the public money. Would Congress be bound to restore the deposites under such circumstances?

8

Certainly not. It might censure the Secretary; it might give the Bank damages for the injury done it; hut it would not throw away the public money by placing it in an insolvent institution. The question of a restoration was then, as I thought, a distinct one from that of the removal. And if the Bank was not to he rechartered, I thought the deposites ought not to be restored. For, under such circumstances, a restoration could be of no benefit to the Bank; and would tend to increase rather than relieve the distresses of the country. Why, sir, I was willing to take the story of the Bank itself upon this question. What did the Bank and the advocates of the Bank tell us? That, unless the Bank was to be rechartered, it must go on from day to day, from week to week, and from month to month, curtailing its business, and contracting its discounts, in order to be able to wind up its affairs at the end of its charter. Well, sir, what, under such circumstances, would have been the effect of a restoration of the deposites? Would it have enabled the bank to enlarge its business by extending its dis- counts? Certainly not, sir, if what the Bank told us was true, that it must continue to contract its discounts, if it was not to be rechartered. Unless, indeed, it has the very singular faculty of enlarging and con- tracting its discounts at the same time. What, then, would have been the effect of a restoration ? It would have been simply taking the deposites away from Banks where they can be discounted upon, and where they are, to a certain extent at least discounted upon, and put- ting them back into an institution where they could not be discounted upon, but where they would be locked up in its vaults, and withdrawn from the use of the commercial community.

How, then, could a restoration of the deposites, if the Bank was not to be rechartered, have tended to relieve the distress of the country? Shall we be told that it would have effected this object by restoring public confidence? Public confidence is a plant of a very delicate nature, and sometimes of a very slow growth. Gentlemen have been very successful in destroying it: whether they can make it revive and germinate again at pleasure, remains to be proved. A restoration of tbe deposites could only tend to restore public confidence, in so far as it would be a measure of relief to the community, and that it could produce no such relief I have already shown.

Again, if the deposites were to be restored without a recliarter of the Bank, they would have to be removed again at the end of the charter, and thus the country would suffer under the pressure of a double removal.

It seemed to me, sir, that the discussion upon this question was one of a very extraordinary character. We were told that the whole coun- try was upon the verge of bankruptcy and ruin — that darkness and gloom had settled down upon our present prospects, and that a still heavier cloud of disaster and dismay was hanging over the horizon of our future hopes. We were told that the country had been plunged at once from the heights of prosperity into the lowest depths of woe; that our merchants are broken; that our commerce is ruined; that our man- ufactures are abandoned; that the arts are paralyzed; that labor is without its reward; that industry has become no better than idleness; and that all about us is one, wide-spreading scene of desolation and ruin. Nay, more, sir, we were told that the worst of the evils have not yet happened. That the portentous signs of a revolution are

9

shaking their horrid tresses in the sky; that the elements are becoming convulsed; that the earth is quaking under our feet; and that ere long the fires of the volcano will hurst forth, carrying in their awful train destruction and death. And what, sir, have we been told, is the cause of all these calamities? Is it that Heaven, provoked at our ingrati- tude, and wearied out with our obstinacy and crimes, is withholding its blessed influences from us? Are the fountains of the waters dried up, and have the fruits of the earth been blasted and shriveled under the burning influence of the sun? Has pestilence walked abroad through our land, and changed the countenance of health into pale- ness? No, sir. No disease is -destroying the health, no famine is consuming the lives of our citizens. The spring again returns to us in its loveliness, and the earth is reviving in beauty. Has, then, a foreign foe invaded our soil? Have the minions of despotism come from beyond the Atlantic to ravage our fields, to burn our cities, to slaughter our countrymen, and to trample our liberties and constitu- tion in the dust? No, sir. No foreign foe has invaded our soil, and the sound of the trumpet is not heard in our land. Is it, then, civil dissensions and internal commotions that have produced all these evils? Sir, the very fear of them had long since passed away. What is it, then, what is it, that thus, as it were in a moment, in the twinkling of an eye, has plunged us at once in its gulf of woe? It is, say the advo- cates of the Bank, it is the act of one bold, bad man. It is he, who, with more than the cruelty of a despot, and the power of a monarch, has changed this scene of happiness into one of misery. And what remedy has been proposed for all this evil? How is the violated constitution to be vindicated? How are the insulted laws to be avenged? How are our liberties to be rescued from the grasp of this remorseless usurper? By restoring the public deposites to the Bank of the United States. Good Heavens ! Mr. Speaker, is this high-sounding prologue to a tragedy, thus to be followed by the contemptible scenes of a farce? Is it thus that the violated constitution is to be vindicated? When the barriers of the law are broken down, and the usurper is riding in triumph over the field, are we to sit here deliberating and coolly resolving that these things ought not so to be? When the foundations of the republic are shaking and the constitution trembling under our feet, shall we cling hold of the Doric pillars of the Bank and hide ourselves in its vaults for safety? If gentlemen really believed what they said, why did they not propose some measure worthy of them- selves and the country? Was there not one among them all, sir, who dared devote himself to his country, and like the Roman of old, jump into this yawning chasm, to propitiate her angry deities? Shall I be told that the President has a devoted majority in this House, who will sanction all his measures? Has then the patriotism of the gentlemen come to this, that* they will not propose a measure, which, according to their own principles, ought to be proposed and carried through this House, simply because they doubt its success? I will give the gentle- men more credit for their patriotism. If they really believed the con- stitution had been violated, and that our liberties had been taken from us, they would not have stopped to calculate the consequences, to reckon the probabilities of success; they would have rallied round the standard of our liberties and the constitution, with a determination to

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rescue them from from the grasp of the usurper, or perish in the attempt.

It seems to me, sir, that the course pursued by the opposition, on this momentous question, has been a very disastrous one to the coun- try; and I do not believe it will turn out to be a very fortunate one for themselves. If one-half of what we have been told, both in and out of Congress, be true, no measure has been proposed at all adequate to the occasion. If the constitution has been violated, and our liberties invaded, then the first measure ought to have been, the punishment of the usurper. But gentlemen have not chosen to occupy that ground. They have abandoned the high and honorable course, which, accord- ing to their own principles, was open to tliem, and have descended to fight the battles of the Bank, instead of the constitution. Well, sir, if the removal of the deposites has been effected by a violation of the constitution, their restoration, by a vote of two-thirds of both houses, would show the disapprobation of Congress of the act of the Execu- tive, and repair, in some measure, the injury done the Bank. But would that be sufficient? If the constitution has been violated; if our liberties have been taken from us by the high-handed measures of a usurper, is it enough merely to show our disapprobation of his acts, but to leave him in possession of an office which he has abused, and which if he be as bad as they represent him, he will abuse again? Well, sir, having abandoned that ground, the gentlemen have proposed a restoration of the deposites. The restoration of the deposites lias been the great end, and they have urged the argument of the violation of the constitution as thefmeans to accomplish that end. The Bank has been the first consideration with gentlemen, to which the constitution is but secon- dary and subservient. They have not attempted to impeach the Presi- dent, and why? Because, I suppose, they will tell us there is a majority in this House, who will- support him in his measures. What then have they done? jWhy, they have tried to get a restoration of the Deposites, and to relieve the distresses of the community. And how have they attempted to effect these two objects? They have tried to effect a res- toration of deposites, by irritating that very majority upon which the restoration must depend, and they have attempted to relieve the dis- tresses of the country by telling the nation that it is utterly ruined. They have abused the President, to conciliate his party; they have manufactured panics, to restore public confidence. Do they suppose the nation to be so blind as not to see through all this? Do they think to hide their designs by so thin a disguise? It is nothing but the old story of the ins and the outs. They have dragged forth the old fashioned, lumbering State coach of the opposition, newly gilded and varnished up; they have painted the Bank arms upon its pannels; they have mount- ed the Bank coachman upon the box; and they have placed the Bank footmen, in livery, behind. And they are driving on, sir, at a very merry rate, amid the huzzas of the* town. All this will do admira- bly well, as long as they are going over smooth pavements and Mac- adamized streets. But when they have once got out of sight of the exchange, when they have passed the bounds of the city, and left the suburbs behind; when they have come out into the rough, uneven roads of the country, give me leave to tell the gentlemen passengers, that their good for nothing, crazy, old vehicle, will break down, and

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leave them floundering in the mud, Nothing but the People's line will run there.

The memorial which I have the honor to present to the House is signed by about 4,600 inhabitants, principally legal voters in my Dis- trict. They state that the commercial and manufacturing portions of the district are suffering under great pecuniary embarrassments, which they attribute to the hostility of the Executive to the Bank of the Unit- ed States. Well, sir, I will not deny that such embarrassments exist. When my constituents come here to memoralize Congress through me, their representative, that they are suffering under pecuniary difficul- ties, I will not stand up here to deny the fact. I will not pretend to know their own business better than they know it themselves. No. sir, I rather sympathize with them in their distress, and will co-op- erate in every measure which Lmay deem expedient for their relief. But when this distress is not of a local, but a general nature, when it pervades not one district of the country only, but the whole country, I must entertain my own opinion as to its causes. It is not, sir, that I have any want of respect for the opinions of the gentlemen who have instructed me. Some of them I know personally — many of them I know by reputation — and I will not pretend to put my judgment in comparison with theirs. But our opinions do not always depend upon ourselves, nor can we change them as we will.

I know, sir, that in having refused to obey these instructions, I have exposed myself to the attacks of those who will be ready to assail my motives, and to denounce me as the hireling instrument of a party. I shall endeavor to bear up against all such attacks, with that equani- mity which it becomes every public man to exercise in the discharge of those duties which must always, more or less, subject him to re- proach. But if the [gentlemen who have condesended to mark my course upon this floor for reproof, and to instruct me in my duty here, shall suppose that I am insensible to their wishes, or that I have light- ly and inconsiderately disregarded them, give me leave to say, they will do me a manifest injury. If motives of self-interest had dictated my conduct, I should have pursued a very different course. No man, sir, can envy me the position in which I have placed myself, by disre- garding these instructions. I have been obliged to go counter to the wishes of many valued personal friends. Alone, without legislative experience, I have been obliged to oppose myself to my colleagues in office — to a delegation, which, in point of abilities, of eloquence, of learning, of every liberal and manly accomplishment, will not suffer in comparison with that of any other State upon this floor; and with whom, whatever difference of political sentiment there may be between us, I shall always esteem it an honor to have been connected in the discharge of my duties here. But there are considerations above all feelings of personal affection, and personal respect. And if, after having deliber- ately formed my opinion upon a great question of public policy, after having maintained it for a long time through evil report and through good report — having refused to give it up in prospect of office, or rather having made the liberty of acting freely upon it, the condition of ac- cepting office; if, after all this, I could basely yield it up in apprehe- sion of loss of office, I should sink myself in the estimation of those very men, who have now, as I think, somewhat unwarily, I will not say unkindly, urged mc to do it.

I believe the House will do me the justice to say, that I have not

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very early intruded myself upon their notice. And now I am up, I will detain them with only one or two remarks more. I should be the last man to infringe upon the freedom, or even the latitude of debate on this floor. It is due to the Representatives of the People, as well as those who sent them here, that they should have the right of dis- cussing all questions of public policy, and the conduct of public men, with perfect freedom and plainness. As a friend to the institutions and the rulers of my country, I would not shrink from any attack that might be made upon the principles of the one, or the conduct of the other. If they cannot stand attacks, if they cannot bear discus- sion, let them go down together, and be consigned over to the igno- miny and contempt of mankind. But while every thing must be yield- ed to the right of discussion on this floor, something may be expected of gentlemen, if not on the ground of courtesy, at least upon the score of decency and self-respect. And if they will undertake to brand the rulers of their country with all the epithets which the frenzy of a mad ambition may suggest, they must be content if they only render them- selves ridiculous, instead of injuring the object of their attack.

Especially would it become those wiio have themselves been de- nounced as maintaining doctrines subversive of the fundamental prin- ciples of this Government; doctrines tending to anarchy, sedition, and civil war, to exercise a little charity towards those who differ from them in the construction of constitutional questions; to learn a little moderation at least, if not humility, from their own sad experience. It was a rule with the ancient critics, that in his fictitious representa- tions, the poet should make the language used by his characters cor- respond with their situation.

Telephus et Peleus, cum pauper et exsul, uterque

Projicit ampiillas et sesquipedalia verba,

Si curat cor spectantis, tetegisse querela.

But in the theatrical declamations upon this floor, this ancient rule seems to have been wholly forgotten. If the gentlemen who have maintained those doctrines would condescend to bring down their lan- guage to correspond with the position they occupy in the eyes of the American People, we should be much more likely to be affected by their arguments.

But, sir, if it were true, as has been often asserted here, that a Ti- berius, a Caligula, or a Nero^ did in reality preside over the destinies of this nation, instead of the Chief Magistrate who now sways its councils with so much vigor, he would not be thus denounced and held up to public reprobation. Before such an event could happen, the spirit of liberty would have departed from this House and from tbis nation. The suppliant accents of slaves would have been substi- tuted for the bold language of freemen, and we should no longer deserve our liberty, for we should not have the courage to assert it. Such was the case in Rome, under the Csesars; in England, under Cromwell; and in France, under Bonaparte.

But, if gentlemen will still have it, that they are suffering under the evils of despotism; if, in spite of all the ribaldry and party abuse which is daily suffered to be poured forth against the rulers of their country, they will still insist upon it that they are subjected to the sway of an arbitrary monarch, I have one thing more to say. From my soul I abhor despotisnuin all its forms. By feeling, by education, by habit?

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in common, I trust, with every citizen of this republic, I loathe the very name of despotism, in whatever alluring garb or in whatever specious shape it may be presented to my view. But, bad as it is, and deeply as I should deprecate its remotest approaches to the institutions of my country, there is one thing in my opinion still worse and still more deeply to be deprecated — that is, a subjection to a proud moneyed aris- tocracy. If it should ever be my misfortune to be obliged to choose be- tween them, I should not be long in making up my mind. After having tried every expedient that patriotism could suggest, or prudence dic- tate, to avoid the evil, if, after all, the calamity could not be averted, I would say, give me the man who has raised himself to power, although it be upon the ruins of the liberties of his country, but who at the same time, has encircled that country with the glories of an illustrious name, who has stamped the impress of his own genius upon her arts, her arms, and her laws, and who has raised her up to be the admiration and terror of the world; give me him, tyrant, usurper, despot, though he be, rather than a subjection to a proud moneyed aristocracy, who have no ambition above the level of their own sordid trade, who make their power the pander of their avarice, who oppress their country when living, and who, when dead, leave no other memorials of their inglorious existence, than the sighs, the tears, and the groans, of their fellow-citizens.

Mr. Speaker: I have finished all I intended to say in presenting this memorial. It has been a very painful duty to me, sir, for the first time I ever had the honor of addressing any legislative, and, I may add, any public assembly, to be obliged to stand up here in defence of my own conduct. But circumstances have compelled me to do it, and if I have trespassed too far upon the indulgence of the House, my peculiar situation must form my apology. But if, in the sentiments I have uttered, or in the language I have used, I have been betrayed by too much warmth of feeling into expressions which may seem to some to bear too hardly upon my political opponents, I can only say, I trust the House knows how to distinguish between personal and political hostility. For the former, I shall offer no excuse; for I feel that I need none. Erom the latter, I do not wish to be considered exempt. But we may all of us have something to forget and forgive. The angry clouds which have been so long gathering in the national sky, have flashed their terrific lightnings athwart this Hall, and involved us in the horrors of the tempest. But these temporary convulsions of the elements may, perhaps, be but the salutary purifications of our political atmosphere; and though now the fears of the timid may be excited — though clouds upon clouds may close in the prospect, and settle down upon us in the gloom of an impenetrable night; yet, ere long, the light will break forth — the thunders will die away in the distant horizon, and the mild evening star of peace and conciliation rise over these troubled waters of strife. And when we go forth to behold the wrecks of the storm, though we may, perhaps, find some old oak torn up by the roots, or even a whole forest laid prostrate by the blast; though the labors and habitations of men may have been swept away by the violence of the tempest — we shall find, if I mistake not, all nature reviving in fresh vigor and beauty; we shall find our liberties safe, the constitution unimpaired, and the great principles of freedom springing up, in luxuriant abundance, over the whole land.

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