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COHTAIMIIfO 




POLITICAL, HISTORICAL, GEOGRAPHICAL, SCIENTIFICAL, STATISTICAL, 
ECONOMICAL AND BIOGRAPHICAL 



SiTlJn ISV TEE X> rVf 2TFD *f 
SMJ J^j 1 2* e^jwl* 1^^ 



TOGETHER WITH 



NOTICES OF THE ARTS AND MANUFACTURES, 



AND A 



RECORD OF THE EVEJVTS OF THE Tl.JIES. 



II. MILES, EDITOR. 



THE PAST THE PRESENT FOR THE FUTURE. 



FROM MARCH, 1831, TO SEPTEMBER, 1834 VOL. XLVl. 
OR, VOLUME X. FOURTH SERIES. 



PRINTED BY THE EDITOR, 
AT THE FRANKLLV PRESS, WATER-STREET, EAST Of SOUTH-STREET. 



IJVDEX TO VOLUME XL, VI. 



Abolitionists' riots ffiv332, 
Abolition laws of England 
Accidents 



ion* For things happening in Great Britain, France, kc. or the several states, see their own 
proper heads; ihNX'ngre*!, see congress, &c. 
rtin W2; U 



Adams, JohtvCW t^ort >> >K Po 
arioiis S3, 64V"n internal- inl)trhv< 



lk 51; 



380; hi* views of the pressure and t^lief 
121; literary works of 2.">6; reply to ihe%ia 
lem invitation 409; suppressed epeech 448 



Addfngton, II. r. 
-fErolites, fall of 
./Kronaulic expedition 



119 
'177 



Jlfrica sale of Cape Palmas 174; slave 



trade 



317 



Agricultural labor reduced by improved 



implements, Stc. 



345, 393, 426 



march f civilization in 366 
Alabama t>f Ihe controversy 35, 118; 
meetings 87; the Alabama river 255; elec- 
tions 430, 443 
Albany Argus 114,187,242,259,291 
Allan, Mr. of Ky. 122 
Alley, Saul 243 
Allen, Mr. of Ohio 361 
Amendments of the constitution 421 
American Weekly Mercury 334 
American ingenuity, Mr. Bates' on 388 
Americans, foreign opinions of 302, 388 
Ancient opinions 334; copper coin 384; 



jealousy over the purse-Firings 
Andrews, M. A. death of 
Anecdotes 



428 
444 
17,185 



Annual production!* U. S. essay on the 1 
Anti masons, correspondence between 
gov. Davis and the 433 

Appointment* by the president and the 
senate 18, 13-2, 149, 291, 297, 313, 314, Xl-2, 
347,369; appointment of editors 314 

Appropriations by congress 348, 447 
Arbuckle, col. Matthew dinner to 379 
Arkansas Judges' draughts 347, 362; 
cholera 205 

Army, U. 8. 156, 381, 389; promotions, 
lie. 407 

Arson 191 

AuduhonV ornithology 33-2 

Aurora, the 407 

Australia 413, 423 

Austrian frigates arrive 85 

Awful calamity 149 

Baltimore Siisquehannah branch bank 
5, 33; bank of Maryland 65, 66, 67, 94, 108, 
218, 245,255; U. S. Insurance Co. 145,245; 
Saving;' Inst. 171, 245; report of the com- 
mittee sent to Washington, with the cards, 
letter*, kc. and ease of Mr. Mi-Kim 30, 
34, 49, 55, 56, 57, 70, 81, 107, 203; the 
market house memorial 81; pressure at 87, 
133; number of buildings 87, 346; sale of 
properly 118; orphans' fair 118; Mechanics 
bank 133; Savings bank 185; Franklin do. 
190; Union do. 347; congressional orators 
at 129, 146; whig meeting 130, 165; Jack- 
son do. 173, 196; riot 130; politics 190, 203; 
Virginia money in circulntion 133; insol- 
Yent*86, 118,133, 149; honors to Lafayette 
329; produce from Wheeling 430,442; Ta- 
ney, Mr. at 361; the John Giluin 381; emi 



hank ntf Tennessee 
iiks iuc.oj>nrated It, 
81, 86, 188,299; bank ol Suffolk 85; UinVn, 
of Maryland 67, 68, 347; safely fund banks 
*TN.X"fX **! Mechanics' ha'nk of Balti- 
more T35; bank of the Metropolis 17-2; 
Farmers and Mechanics bank ol Albany 
118; Savings bank of Baltimore 185; Me- 
chanics bank ol Patterson, N. J. 245; New 
Hampshire banks Uoll; of the slat': banks 
356; Augusta hanks, Geo. of the combina- 
tion of 411; robberies of certain 172,245, 
301; plan for equalizing the circulation 299; 
bank U. S. statements ol'iis discounts, con- 
dition, kc. 33, 54, 126, 184, 242, 257,330, 

362,411,432; imporlai sol specie by 133, 

value of the notes of the 86, 168; dividend 
332; facilities of the 86; proceedings of the 
hoard 127; nomination of directors, kc. 1, 
35, 50, 145, 169, 180, 182, 188, 203,217, 213, 
332; resolutions of the legislature of Penn- 
sylvania concerning the 85, 428; certain 
paragraphs concerning 86,87,205,364,427; 
Albany memorial for a branch 126; of the 
examining committee 149,171,187; of the 
publishing their report 217; the reports 221 
225; branch at Portsmouth, N. H. 130; in 
consistencies of its enemies 97, 98; vote of 
the Pennsylvania delegation 19; of its dis- 
counts 21 7, 257, 362; Mr.Biddleand the N. 
Y. com. 355; editorial remarks 98, 109; com. 
mittee on finance in the senate, correspon- 
dence with the 370; the Lyile correspon- 
dence 310; N. Hampshire resolutions con- 
cerning the 335; profits by the gold bills 



394; congressional reports 



grant* 398; health of 



399,444 



Balloons 85, 148, 177, 293, 379, 397, 444 



Bancroft, Mr. 



149, 401 



Bank* failures of the bank of N. Binns- 
wick 5; the Port Deposit**, at Baltimore 5, 
33; certain in the Dit. of Col. 97, 113, 117, 
1*2, 33(1; bank of Maryland 65. 66,67,82, 94, 
108, 118, 218, 24."). 251, 362, ::); Mil. Sav 
ings Inn. 171,245; hank of Chaltahooehie, 
Geo. 133; hank of Salisbury 133; bank of 
Millington -215; reports of failure*, kc. 18, 
51,97; hank of Knsland av>; banks of Ca 
nadu 356; Mechanics nnd Trader* of New 
Orlean* 172; of the Valley of Virginia l.T>; 
of Georgia 210; depn.'ile hanks 5, 126,399; 
bank* of Piit.luirgh 17; Planter* bank of 
Natchez 86,67; stale hank of Kentucky 17. 
86; do. of V. Carolina 149; bank of Louis- 
ville 17;Girard hank 50,67, 133, 17-2,430, 
445; Western bnnkof Penn. 17; guarantiee 



38,57 
255,256 



Baring Se. Hi-others 

Barry, W. T. 203, 313, 388, 396 

Barbarism 381 

Bayard, Janrts A. 1; Richard II. 24-2 



Beardsley, Mr. 



87, 149, 214 



lands 9%p; fire 404; Grc-y, lord 5, 431; 444; 
l*-tonn yei. irt>pN-%m lit for debt 415; 
MWnd, statiIW;O>f *18; riols'"t4,209. 351, 
84, 404, 431 ; ol Ihejt^iil of tTTe union 209; 
real funeral 209; famine jn 414, 431; cner- 
:ion bill 404,415,444; Jewish disabilities 
J50, 389; king's speech 54; his drawing 
IMIIII 101; declaration 33-J; address to the 
irelates 351; knowledge, lor the promotion 
if 404; laborers 428; Lander'* expe.d. ifcc. 5, 
209, 260; libel 404; Mma. gen. 383; ministry 
303, 33-2, 350,399, 4-26, 431, 444; militaiy pti- 
it8hmenl444; money 86,218, 351; Morn- 
ig Post 404; Napier, adm. 404; navy 102, 
404; N. Holland 383, 39"; Nova Scona 332; 
O'Connell 209, 351,413; parliaments!, 209, 
351,389,404; Polish exiles 351; poor rates 
365; poor laws 415; population 174, 381; 
:>roxy voting 102; protestants 383; queen 
101, 332, 351,415, 444; railway paii-li ratca 
150; reforms 102, 209,256, 365,382; reve- 
nue 5, 102, 174; Rice, Mr. 383; riots 102, 
174; relation with Russia 5; shipments to 
America 5; specie exportation* 1,21; sta- 
tistics 119, 174, 191,253, 365, 3*1, 382, 384, 
404; stocks 174, 260; storm 5: larnffim 
queen 101: trades' unions 280: treaiy with 
tl:e four powers 351: vestrymen 191: Wel- 
lington, duke 444: wheat, importations, of 5 
Brown, George 56,72,81,133 

Brown, Alexander 81, 87, 95, 102 

Brown, John A. and the president 85 
Brutality, case of 153 

Bryant, Mr. 314: Burden Mr. 398 

Burges, Tristam 396: Buller, B. F. 97,297 

Cabinet at Washington 291, 313, 331,347 
Cachemire shawls 422 

Cage, Mr. 84, 203 

Calhoun, John C. his speech on the pre- 
sident's protest, 213; his reply to an invita- 



Belgiiun affairs with Holland 102,351; 
rebuilding citadel of Antwerp 431; king 
burnt in effigy 102; his visit to Paris 431: 
his difference with the duke of Orleans 119; 
Jerome Bonaparte ordered to quit Brussel: 
383; riot in 209; Orange predilections 351 



Bentick, lord William 
Beriton, Thomas H. 
Bibb, Geo^M. 



316 

148, 173, 259, 361 
416 



Bills, on England 86; of credit 201, 210 
Binney, Mr. 129, 146, 29 

Birds, account of certain 16" 



Black, Mr. 

Black wife wanted 



84 
346,380 



Blair, James, death of 85; Blue book 293 

Bonaparte, Jos. N. protest against the 

proscription 254; Joseph, Liicir.n and Je- 

rome 332, 383, 429; the family claims 444 

Book manufacture in U. S. 87, 44: 

Borrowed capital 87 

Boston wxcliangpK 84; discounts 87; ar 

rangements of dealers 86; pressure in 86 

whig salute 1 16; revenue 99; debt 174; salei 

of wool and woollens 150, 19U; gamblers 

punished 174; Bunker Hill monument lt-9 

Potomac frigate at 256; "figure head" 189 

329, 347; collection for the Poles 348; na 

lionnl ve-seis at 381; cause of fire in 384 

relative to the burning of the convent 413 

43H; school festival 4< 

Botildin, J. W. r, 

Bowen, Thoma* C. elopement of 17 

Breathitt, gov. death of 1 

Breach oftrust 172 

Briliih affair*. 
Agricultural distress *r9; Amer. charge 
383; arrival (valuable) 444; bank 356; hooki 
donations of'3H.V, Hilten, bishop 404; Boyd, 
Mr. rase of hi* murder 404; Brougham, lor< 
404; Cambridge :i^3; cholera 383, 4:tl; Car 
In*, Don. in 383; the church, kc. 10-2, 260 
350, 35 1,382, 383, 403; convict* tranporl 



5; corn laws 5, 109; cro 



; debt 119.382 



384; the drama 205; Durham 404; emigra 
lion 383; equivalents of gold and wheat 382 
expenditures 174; execution* 191 ; Falklan 



tion to a dinner 
Caldwell. Mr. 



405 
384 



Canada dissentions in 35.85,191,244, 
York, called Toronto 148; Mr. Gates 149; 
commerce of 253; emigrations 244, 260, 
368, 381,429, 442; statistics 253; banks 356; 
competition on the St. Lawrence 332; co- 
lored settlement 347; cholera 362, 379, 399, 
412, 429, 442, 444; internal impro. t 410 

Canals Chesapeake and Ohio 101, 119, 
1X1, 149, 326, 442; New York 173; Penn- 
sylvania 173,255,256, 301; Erie 191; Che- 
sapeake and Delaware 260; Delaware and 
Raritan 260; steam navigation in 301; sheet 



Carriage wheel guard 
Cape de Verd Islands 
Cape May, trip to 
Carey, M'. compliments to 
Carrington, Mr. 
Cas, gen. 



iron gig? 382; grand project of a ship 442 
~ ---'- ' 317 

167 
315 

121, 433 
146 
42!) 



Censuses of the U. S. tabular statement 
of the several 424; continuation of do. 425 
Challenge to duel 203 

Chambers, E. F. 33, 146, 298, 409 

Charles X and Don Carlos 383 

Chilton, Mr. 173 

China trade nnd the U. S. hank 86; Chi- 
nese crack eri 315 

Cholera 35, 102, 173, 174,205,21* 255. 
256,260, 292,316, 332, 361, 3fi2, 379,38s! 
399, 412, 429, 431, 442, 443, 444; Dr. Man- 
ley's prescription for Ihe 431 

Christ, Dr. Cox on the complexion of 301 
Christian publications 404 

Church proscription 260 

Churchill, Mr. of Maine 409 

Circulation of values, kc. essay on the 1 
Circumnavigation 315 

Classification of the hnmnn species 301 
Clay, H. 67,204,241,257,2.19, 395; lejlem 
from 166, 417 see ronerc?*; accident to 329 
Clayton, Mr. of Del. 109, 314 see eon- 



Clayton, Mr. of Georgia 
Cloth*, sale of 



231 
190 



Coal, duty 132; trade 315, 397; discovery 
of in India 316; do. in Gieece 384; regions 
in lYnn-j Ivama 386 

Cobbetl's slander of Lafayette 260; his 
jiroianiiy 314; views on education 3U3, 4Ul 



cUliurii, admiral 
Culiin, fir Isaac 
Colhn, captain Joshua 
Coincidence of deaths 



174 

4 -''.) 
444 
360 



Coins value of ccium 252,300; coinage 
in France 315; U. .S. laws regulating 321, 
337, 338 

Golden, Cadwallader D. death of 1 

Colonization society <>l Maryland 174 
Columbus, Christopher 380 

Coinlis ]9l 

Commercial Intelligencer 06 

Commercial terms 397 

Commerce and navigation, U. S. 99, 346, 
361, 371; do. of New Yoik 410 

Conlessional, the 173 

Continuation:; liy the U. S. senate 329 
Congress. 



Adams, Mr. J. Q. 8,25. 38, 51, 53, 107, 
137, 138, 152, 176, 177, 193, 220, 221, 247, 
848, 262,253, 307,321; oa thedeposile banks 
89, 9U, 262, 295; to amend Hie journals 137, 
138; to restrict small notes in Hie District 
152; concerning Hie majority of the bank 
committee 220; paying Honors to general 
Lafayette, 306; adjournment of congress 
107, 151, 194, 195, 207, 220, 246, 262, 305, 
319, 320, 321; agent for tin: deposit*: banks 
103, 104; agent at Havana 194; Albany me- 
morial card concerning 119, Mr. Web- 
ster's explanation 134; Allan, Air. of Ky. 
70, 89, 90, 106, 207, 247, 248; Allen, Mr. of 
Vt. 106, 177; Allen, Mr. ot Va. 193; Alley, 
Saul IsJ; amendments of the constitution 
421; American stale papers 192, 206; An- 
thoiiy, Mr. 69, 106, 120, 5207, 295; appro- 
priations 7. 8, 38, 53, 69, 89, 90, 107, 119, 
120, 137, 138, 150, 151, 152, 176, 177, 192, 
193, 194, 195, 206, 207, 262, 263, 294, 295, 
296,304, 31)5, 3U3, 307, 318, 319,320,321, 
Archer, Mr. 38, 90, 176, 177, 30o, 307; Ar- 
kansas 175, 192, 248, 321; army 38, 53, 69, 
88, 192, 194; ladies of the 107; pay ol sur 
geons25l; fortifications 207, 296, 320,321; 
urmory 53, 2o2, 294: Ashley, Mr. 70, 152 
Baltimore whig meeting 151;certain ve 
sets sunk at 296, 305, 306: marine ho.-pilal 
321; balances 296; banks bank U. S. me 
mortals, resolutions, &c. 5, 6, 7, 8, 22, 23, 
24, 25, 35, 36, 37, 38, 51, 52, 53, 54, 57, 67, 
68, 69, 70, 87, 88, 89, 90, 103, 104, 105, 106, 
107,119,120,133,135, 136, 137, 150, 151, 
152, 175, 176, 177, 192, 194, 206, 207, 21, 
219, 220, 245, 246, 261,262,263,295,296, 
304, 305, 306, 317,319, 320; transfer draughts 
206; monthly returns 23, 295; Mr. Web- 
ster's resolution 7; his bank project 52, 53, 

67, 68, 69; Mr. Adams' resolutions 220; Mr. 
Clay's joint resolutions 219, 245, 246, 295; 
call on the president for a project 120; Mr. 
Duncan's project 151; investigating com- 
mittee's reports 208, 221, 25, 233; printing 
of do. 220; Western hank ol Philadelphia 
7; Hartford bank 7; Phenix bank 7; Con- 
necticut river bank 7; New Bedford banks 
7; Planters' bank at Natchez 7, 22, 23; 
Connecticut banks 8; Mr. Southard's call 
for information 175; his resolution institut- 
ing inquiries 318, 319; Union bank of Md. 

68, 88, 102; agent of the deposits 103, 104, 
119; Disliujt hanks 119, 120, 136, 137, 151, 
152, 206, 248, 295; employment of state 
banks 157; nomination of directors 182, 
183; small notes in the District 248; Mr. 
Adam's call for information from deposile 
banks 89, 90, 262, 263; general abstractor 
the number and situation of state banks 
356; Banks, Mr. 69, 177, 193. 194. 207, 246, 
247,248; Barber, Mr. 321; Barringer, Mr. 
177; Barniiz, Mr. 69, 70, fc9, 106, 194, 207, 
220,2fi3; Bates, Mr. 120, 177, 194; Baylies, 
Mr. 9U; Bayard. Mr. 183; Bayou pigwim 207; 
Beardsley, Mr.' 8, 90, 106, 120, 135, 176, 
194, 2->0, 247, 263; Beale, Mr. of Virginia 
106; Bean, Mr. 120; Beaumont, surgeon, 
38, 207; Bell, Mr of N. H 37. 150, 207,200, 
304; Hell, Mr. of Ohio 230; Bell, Mr. ofTen. 
speaker 24S, 284; Beaty. Mr. 151,248, 263, 
295; Benton, Mr. 67, 68. 88. 104, 133. 134, 
135, 176, 192,206,218, 219, 245, 246, 262, 
304, 318, 319, 403, 421; Biliti, Mr. 52,53,68, 



Mr. 8, 23, 24, 53, 69, 106, 107, 120, 138, 176, 
207, 296; Black, Mr. 22, 52, 175, 31U; Blair, 
Mr. ol S. C. 69, 00; Boon, Mr. 107, 137, 
138, 151, 193, 1K4, 195, 208, 220; BoulUin, 
James VV. 89; hooks lor the u.-i: of mem 
tiers 53; bounty lands 53; lirevel rank ^45; 
Brings, Mr. 'JO, 138, 207, 220, 248; Brown, 
Mr. of N. C. 7,38,52, 103, 15U, 151, 170, 
206,295, 304; Brown, Mr. of N. YOIK 193, 
194; Hinges, Mr. 38, 53, 54, 69 70, 90, 104, 
10S, 120, 170, 177,248, 263, 296, 306, 32J, 
321; Burd, Mr. 207, 220; his resolution to 
connect the Chesapeake and Uluo ami 
Pcnn. canal 220; Bynuni, Mr. 106, 177, 193 
Cage, Mr. 70, 194; Calhoun, Mr. 52, 53, 
67, 68, 89, 103, 104, 134, 135, 136, 154, 161, 
175, 176, 295, 304, 318, 319, his umcnuinenl 
to Mr. Poiiulexiri ' resolutions on the pre 
.-nlent's protest 175; his speech on do. 213; 
Cambreli-ng, Mr. 8, 137, 193, 195,262, 320; 
Campbell, Mr. 8; calls of the house 263; 
Canals Louisville and Portland 25; Che- 
sapeake and Uhio 88, 193, 220, 263; James 
River 207, 208; Appalachicola and St. An 
iliews 246; Alexandria 246; WabaMi and 
line 304; from Michigan to Illinois 306; 
canals and rail roads 321; Carr, Mr. 120; 
census, classification 317; Chambers, Mr. 



in 

177; on the propositions to reduce certain 
salaries 193; on the adjournment of con- 
gress 221; on Mr. Adama' resolution call- 
ing lor inlormaiion conctrning Ihe depm-iuj 
bunks 262,309; on the navy ration bill 320; 
on lh resolution amendatory of the cou- 
sliliiunn relative lo the election (if presi- 
dent and vice president 421; Decatur, Mr*. 
Susan, 8, 23, 137, 151; Delaware remon- 
strating against the prote.-l 193; Denny, 
Mr. 23, 207,248, 296, 320; Dennis, L. P. 
death ol, 119. 120; depo<-ue banks 69, 90, 
119, 137, 262, 263, 296,305,306,319; Mr. 
Webster's report 327; niimlier of depo.-ue 
nienioiiali-ts 119, 150, 262,299; Dicksou, 
Mr. 177,207; Dickeroon, Mr. of N. J. 7U, 
90, 106, 194; digest of stale banks 306; di- 
plomatic services 90; do. correspondence 
192,248,294; do. code 262,319; director* 
U.S. bank 183, 184; Dislricl ol Columbia 
slavery in the 25; Pennsylvania avenue 
70; Potomac bridge 90,263,319,3*1; Alex- 
andria 8, 90, 263, 319; do. canal 246, 321; 
Ihe failure of certain banks 120, 136, 137, 
151; appropriations to the corporations of 
the, 262; do. lo Ihe cily of Washington 
262,263; various 262,263,321; small notes 
152,248,263,321; discriminating duties of 



ol Md. 5, 7, 23, 37, 135, 150, 151, 175, 206, | the islands of Cuba and Pono Rico 53; di- 



219, 245, 2ti2, 294, 295, 304,318,319; Ins 
resolution concerning draughts 150; Cham 
hers, Mr. of Pa. 69, 191,220; chaplain house 
321; chart of foreign coins 246; Chesa- 
peake and Ohio canal 88; Chilton, Mr. 38, 
90, 106, 120, 138, 151, 152, 177, 296; his posl 
oflice expose 151; Chinn, Mr. 70, 246; 
Cnoctaw reservations 88, 104; Choate, Mr. 



70, 89. 90; Clarke, Mr. 90, 177; Clay Ion, 
Mr. of Del. 7, 35, 52, 68, 89, 103, 104, 1 19, 
134, 136, 161, 164, 175,192,193,206,218, nating 
245,246,248,305,318; remarks on the New 
Ceulle mem. 22; do. on the protest 154, 164; 
do. on the Cherokee mem. 264: Clayton, 
Mr. of Gto. 136, 193, 208. 221, 264; hi* res. 
on the salary of oilicers 136, 137; report 
306; his statement of the N. York custom 
house 193; relative to the bank of U. 8.251; 
Clay, Ml. of ICy. his res's. on the deposits 
question 7, 23, 51, 88; his joint do. on do. 
219, 245, 246. 295,296; do. on the president's 
powers 37, 103; do. on the Union bank of 
Maryland 68,88; leply to 102; various 7, 
22, 23, 37, 52, 53, 67, 68, 69, 87, 88, 89, 104, 
119, 134, 135, 136, 150, 151, 152, 175, 176, 
192, 193,206, 218, 245, 246, 262,295,304, 
317, 318, 319, 320; his land bill 175; his 
report on do. 268; his appeal to the vice 
president 36; his allusion to the presence 
of tlie regency 204; his views on Hie force 
act 104; his remarks on the presentation ol 
the Berks county memorial 7; on present- 
ing the Troy and Schenectady niemoiials 
125; do. the Doylestown 204; his amend- 
ment lo Mr. Poindexlcr's protest resolu- 
tions 135; resolutions concerning the re- 
venue 176; Clay, Mi. of Ala. 24. 69, 70, 120, 
194; Clowney, Mr. 8; coins and curren- 
cy 88, 90; committee ;;n finance to sit in 
the recess 318, 319; do. to wait on the pre- 
sident 319; commutation bill 107, 193; Con- 
nor, Mr. 23, 24, 151, 194, 296; speech of 
210; constitution 219, 246, 262; Corwin,Mr. 
106, 107, 119, 120, 152, 207; cotton, loss on, 
by the experiment 151; Coulter, Mr. 8, 176, 
263; counterfeiting of foreign coin 90; Cra- 
mer, Mr. 107; Crane, Mr. 107; Crockett, 
Mr. speeches of, 8, 38, 221, 295, 321; va- 
rious 295,296; Croghan, col. George 206, 
295; Cumberland road 69,89, 107, 176, 192, 
194, 195, 296; Cumberland river 151; cur- 
rency and coins 88, 107, 177, 194, 245, 252, 
294,296,304,318; Cuttis. James 304; cus- 
tom house officers 107, 121, 152, 175, 176, 



tribuiion of the census 264,295; district at- 
torney's, U. S. compensation of 152; docu- 
mentary history U. ti.304; Duncan, Mr. In* 
project to renew the U. 8. bank charter 
151,207; duties on locomotive engines 53, 
319; do. on certain pieces of sculpture 69; 
on sugar 89; on imports 206, 207, 219, 262, 
293,294; on ceitain church bells 206; on 
hardware and manufactures of copper and 
brass 219, 319; on lead 295, 306; dmcrimi- 



296 

Ellsworth, Mr. 25, 70, 137, 220, 247, 296, 
321; Elliott's diplomatic code 262, 319; 
election of speaker 248, set contested elec- 
tions; election of president and vice presi- 
dent 421; Evans, Mr. ot Maine, 53, 90, 120, 
151, 220; his propositions relative to the 
deposited 137; Everett, Mr. E. 38, 90, 306, 
320; his bank report 225: Everett, Mr. H. 
8,53, 151, 176. 193, 207, 248, 307; Ewing, 
Mr. of Ohio, 7, 35, 38, 67, 88, 89, 104, 119, 
134, 155, 161, 175, 192, 206,219,245,261, 
304, 305, 317, 318; his resolutions concern- 
ing post office department 67, 88, 261, 262, 
318; his report on ditto, 273, 318; con- 
cerning district banks 119; Ewing, Mr. of 
Indiana, 24, 89, 107, 151, 177, 192, 193; of 
his plan concerning national currency 107; 
executive business 5, 7, 8, 22. 23, G"9, 88, 
89, 103, 134, 136. 151, 175,176, 192,207,220, 
262, 294, 295, 304, 305, 318, 319; executive 
powers 37, 103; examinations ai.d surveys, 

247 



193, 295; do. revenue 



305 



Darlington, Mr. 106; Davis, Mr. of S. C. 
107, 193.296; on power and patronage 107; 
Davis, Mr. of Ky. 220; debates in the senate 
on the presentation ol deposits memorials 
5,6, 7, 22, 36, 37,38. 51, 68, 151; motion to 
clear Ihe galleries 133; on the president's 
protest 161,213,249; on the Seneca coun- 
ty resolutions 192; on the Indiana me- 
morials 218; on the po-t office dep. 403; do. 
in I hi: house f reps, on the presentation ot 
memorials. &.c. on the deposite question 
23, 24, 25, 3?; on the general appropriation 



103, 119, 135, 136.150, 175, 192, 205, 218, bill 176; on the motion to print Ihe evi- 
219, 646, 261, 262, 294, 319,421; Bimicy, I dence in the case of Letcherand Moore 



Sic. 



Fillehrown, Thomas, jnn. 103; Fillmore, 
Mr. 8, 53, 69, 106, 137, 208, 263, 307; Flo- 
rida 248, 321; Fool, Mr. 138, 176; his re- 
signation 195; force act, repeal of the 89, 

103, 104; foreign coins, 90, 177; see coin*, 
Hold and sitter, &c. foreign ministers, 176; 
Forsyth, Mr. 5, 7,22, 37, 38, 67,68, 88, 103, 

104, 134, 135, 150, 151, 161, 162, 175, 176, 
193,206, 245,246,362, 294, 295, 304,305, 
318; his amendment lo Mr. Poindeiler'* 
resolutions on the president's protest, 134, 
175, 176; his scire facias proposition, 245, 
246; his speech on the president's protesl, 
249; foitifications, 8, 207, 296, 320, 321; 
Foster, Mr. 25, 90,305; Fowler, Mr. 194; 
frnnking privilege 103; Frelinehuysen, Mr. 
7,37,68, 89, 103,134, 135, 176, 192, 206, 
245, 295, 305, 319; remarks on introducing 
memorial from Somerset co. 135; French 
spoliations, 23, 206, 245. 261, 262, 294, 295, 
308; amount of claims, 308; French treaty, 
extens-ion of the commission under the 
150, 177,294; Fuller, Mr. ofN. Y. 177, 194 

Galbrailh, Mr. 69, 70, 106, 153, 207; gal- 
leries, order to clear Ihe 133; Gamble, Mr. 
120, 151, 177, 207; Garland, Mr. 151,177, 
194,207; Georgia militia claims 207, 294, 
296, 32(1; Gholson, Mr. 38, 247; Gi liner, 
Mr. 69, 152,208, 307; Gilpin, Henry D. 183; 
Gillet, Mr. 264; cold and silver coin*, Sec. 
88, 107, 177, 194, 245, 252, 294, 296,304, 
306, 318; Gordon, Mr. 23, 24, 305; Gorhnni, 
Mr. 53, 177.220, 252; Graham, Mr. 120, 1SI; 
Gravson, Mr. 306; Grennell. Mr. 138, 9-20-, 
Griffin, Mr. 208; Grundy, Mr. 32, 23,150, 



v 



131, 306,345, 362, 395, 318,318, 320; 
report uu (lie |>ni uthce 22 

Hall, Mr. of Vcriuuul, 177; Hull, Mr. 
North Carolina, 23, 10<j, 151; In* resolutioi 
to reduce (lie revenue 23; II. ill, Mr. o 
M..I.II:, 24; Hdiner, Mr. 208,247, 246; llun 
liagan, .Mr. 151, UU, 264; haibois, &.C. lU 
2U7,-JUO, 306, 321; ll.uiilii, Mr. 24, 9O, 136 
137, lit, 177, IWj, 207,5*08,247, 248, 2o4 
Haid, Mr 6ti; Harper, Mi. ill Penn. 23, 6U 
VU, US, l; Hau-es, Mr. S, 24, 1U4; Haw 
kin:, Mr. 320; Heath, Mr. J. I'.'-JO, 13*5, 346 
Heisler, Ml. VJJ, 69, 207, 220, 2yti, 321 
Hendricks, Mr. 06, by, 136, 206, 218, 318 
319; his remarks on presenting ceriain me- 
morials in liivnr ol the bank, 218; (lender 
on, Mr. ol Tenn. 106, I 'JO, 1U4; Hill,. Mr. 7 
2J, -H, 304; hospital money, oOO; hour o 
meeting 59, 3Ul>; Hubburd, Mr. 137, 138 
308, 246, 246; Hudson river, 319, 3-20,321 
Huiitiuitlon, Mr. 177, 193; Humuidun, (N 
J.) 245 

Indiana, concerning a grant of land to 
264; Indians, and Indian attains, Choclaw 
reservation^, 22, 88; Wyaiidou, do. 89; ap- 
piopriati..ii lull, Jyo, -JUti, 207, 30(j, 307; 
Mr. Lewis' proposition, 195; annuities ol 
the J95, 293, 305,307; Cherokee*, 206, 304, 
305; organization of tin; Indian department, 
207; trade and intercourse, 207, 307, 319, 
321; establishment ol the western territory, 

207. 30V; report of tlie committee, 29ti; 
Indian department, 307; treaty with the 
Creeks, 307; see laws; insolvent debtors, 
192, 206, 207, 220; institution for the deal 
and dumb. 245; internal improvements, 69, 

89, 107, 151, 177, 306. 319, 321 
Jarvi*, Mr. 53, 120, 136, 137, iol, 193, 
320; Jefferson's statue 70, 320; Johnson, 
U. M. 38, 53, 107, 15-2, 207, 247,263,321; 
Johnson, Cave 194, 321; Junes, ol Ueo. 38, 
177,207, 208, 220, 248, 296; journals of old 
congress 89; judiciary, U.S. 88,177,206,305 
Kane, Mr. 7, 52, 68, 89, 134, 136, 
176, 183, 193, 218; Kavanagli, Mr. 9J; 
Kent, Mr. 7, 67, 84, 119, 133, 150; Kentuc- 
ky contested election 177, 193, 194, 207, 

208, 220, 246, 247, 248, 263, 264; King, Mr. 
of Ala. 22, 53, (Hi, 68, 104, ltd, 134, 135, 
161, 175, 304; King, Mr. of fa. 23, 69, 220; 
King, Mr. of Geo. 37, 52, 69, 119. 246, 318; 
Knight, Mr. 175, 192, 295 

Lalayelte, gen. token of respect to 304, 
305, 36; Lands, the public Mr. Poindex 
ter's resolution 22; of certain Indian rescrv. 
22, 88, 104; frauds by agents 23, 303, 319, 
321: Row's deposition 326; graduation of 
prices of 296, 319; Georgia resolutions 
concerning the 25; Ohio do. 103; bounty 
lands 53, 103, iaJ. 32M, 321; number of pa- 
tents ready for signature 88; school reser- 
vations 119; <to. selections 305; Mr. Clay's 
call (or certain information 150; his bill ap- 
propriating Ihe proceeds, &c. 175; printing 
report on do. 175; Im report 268; various 
17a; Mr. Poindexter's call 219; surveyor 
general 207; grants of townships to certain 
states 319; donations for schools in Ohio 
246, 231: grant to Indiana 264; receipts 
from sales of 294; additional districts lor 
Ibe sale of 294, 305: claims in Alabama 294; 
do. in Florida 321; dn. in Arkansas 321; 
pre-emption rights 296; grants to the Wa- 
bash and Erie canal 304; proceeds from 
ales of the Louisiana purchase 306; Lane, 
Mr. 152, 248; Lansing, Mr. 106, 120; La 
pnrtr, Mr. 207; Lawrence, Mr. 177; laws, 
U. 3. See lawt; Leavitt, Mr. 70, 106, 
152, 177,247; Lee, Mr. 69, 70, 120; Letch 
er, Itohcrl I*. Bee Kentucky, ante; Leigh, 
Mr. 23, 37, 38, 52, 53, 67, 133, 134, 150. 206, 
262, 421; Levy, lieill. 70; Lewis. Mr. of 
Ala. 195; limitation of debate 263; light 
mine* 318, 321; Lincoln, Mr. 21, 53, 136, 
151, 152, 177, 194,320; his res. concerning 
the post office department 152; his speech 
197; locomotive engines 53; longitude .mil 
latitude of certain pUces 264; Loynll Mr. 
69,207,230; Love, Mr. 907; L>on,Mr. 1.V3: 
Lucas, Mr. 207; Lytlc, Mr. 70, 221, 2li3 

Man-uni, Mr. 7, 22, 52, 53,68, 88, 104, 
206,282, :)4, 318, 319; Mann, Mr. of N. Y. 
UO, -J4-, -Jii;t; Murdu, Mr. hi* resolution 
coifi riitiii; the public deposits* 8, 53, 54, 
69.70,89, 90, 107, 119, 120, 138, 1.11. I.YJ, 
207; marine corpi -JfiM; Marshall, Mr. 90, 
208, 247, 248, 263; Maryland legi-lalur*, 
resolutions of the 88; marine hospitals 207, 



INDEX. 



McUuttie, Mr. 8, 23, 24, 38, 90, 104; MiKI- 
dtrry, Hugh 183; M Kean, Mi. 6, 7, 22, 23, 
35,37, 51,62, B8, 103, 104, 119, 135, 136, 
150, 151, 192, 206, 245, 216, 261,262: on 
changes in I'cnn. 150; on pieeiiling Har 
ri.-buigh mem. 246; reasons for a vole 246; 
explanation 295; McKennan, Mr. 8, 106, 
120, 138, 151, 152, 296; McKay, Mr. 8, 151, 
177. J94, 264; McKim, Mr. 23, 24, 120, 137, 
207, 296, 320; Ins financial project 296: Mc- 
Kinley, Mr. 8, 89, 90, 138, 152,247; Me 
Vean, Mr. 70; Meade, Kichard VV. 137 
members of congress, pny, &c. 306; Mer- 
cer, Mr. 8, 90, 137, 138, 207, 247, 263, 306 
messages of the president on the adjust- 
ment of the boundary line between New 
York and New Jersey 89; the protest 138 
supplement to do. 144; renoniinaiing the 
bank directors 180; on the Toulon disaster 
293; Michigan, state government 175, 192, 
248; territorial addition to 306; militia 
clnims 175; survey of roads, &c. 306; Mil- 
ler, Mr. 69, 70, 106, 177, 2l)7, 208, 220,263: 
Milligan, Mr. 23, 24.207; Mi.-sissippi river, 
improvements on the 177, 247; military 
land warrants 53, 103, 263, 320, 321; Mit- 
chell, Mr. 106, 152, 207; Mint, U. S. 88, 
305, 306; Moore, Mr. of Ala. 22, 133, 175; 
Moore, Mr. of Va. 38, 137, 247; Moore, Mr. 
Thomas P. see Kentucky, ante; Morris, Mr. 
of Ohio 23, 119, 184, 192, 304, 317; his 
amendment to Mr. Poindexler's resolu- 
tions on the land frauds 23; Muhlenberg, 
Mr. 8, 106, 247; Murphy, Mr. 152 

Naples, treaty with 152, 294; Naudain, 
Mr. 193, 305; his remarks on presenting the 
proceedings of the Jacksonians of New 
Castle 265; navy and naval hospital at 
Charleston 88; printing rules and rcgula 
lions 193; increase of pay 220, 320; steam 
batteries 263, 320; rations 263, 303, 320; 
changes in the titles ol officers 303; acade- 
my 303; pensions 305; navy yard at Charles- 
ton 306; live oak frames lor certain vessels 
320, 321; rebuilding frigate Congress 320, 
321; transfer of appropriations 303, 321; N. 
Jersey, and N. York 247; New Hampshire 
resolutions 304 

Ohio, resolutions of 103; boundary 245, 
246, 231, 295; donations ol land to 246, 261; 
iltiee, concerning the tenure of 37; officers 
of the late war 103,262; old journals, print 
rig of the 319; Osgood, Mr. 90, 120, 152, 
176, 177; Owen, Hardiman 152 

Page, Mr. 70; Parker, Mr. 70,90, 151, 
194, 263, 320; pale.it office 193, 218; Patton, 
Mr. 24, 70, 320; Patterson, Mr. 89, 207; 
Paul Jones, the frigate 320; Pearce, Mr. of 
a. I. 90, 106, 120, "177, 193, 194, 207,296, 
306; penal law system 306; pension agency 
mil the U. S. bank 7, 70, 89, 192, 193, 206, 
218; Mr. Clayton's report 10; pensions and 
pensioners 7, 8. 25, 90, 151, 195, 219, 220, 
246, 294, 303, 305, 306, 318, 319; Peyton, 
Mr. 70, 248; on executive power 136; his re- 
solutions 137, 263; Pierson, Mr. 106, 320; 
Pinckney, Mr. of S. C. 38, 53, 54,207; Pitts, 
Sell) 261; Plummer, Mr. 70, 90, 136, 194, 
!07, 220; Pnindexter, Mr. concerning the 
.Maulers' bank of Natchez 7. 22, 23; con- 
cerning the public lands, &c. 22, 23, 51, 52, 
*8, 304; concerning the president's protest 
34, 135, 136, 150, 175, 176; Hie resolution* 
76; report in favor of the Polish exiles 219; 
variou* 23, 51, 52, 67, 68, 69, 88, 89, 104, 
19,134,135. 150, 161, 175. 176, 192,245, 
246, 294, 295, 303, 304, 305, 318; his re 
narks on the land frauds 303; his address 
n being elected president pro torn. 318; 
'olish exiles 137, 150, 192.196,220,319, 
J21; Polk, Mr. 8,24,38.53, 89. 90, 107,119, 
36, 137, 138, 151, 152, 177, 194, 207, 220, 
263,295,296, 305, 306, 307, 320, 321; his 
.in. irk- on Mr. Adams' resolution cnn- 
erniiiL' the deposits hanks 309; Pope, Mr. 
15, 151, 152, 220, 247, 248; population U. 
. 88; classification of do. 317; Porter, .Mr. 
, 175, 262. 318; ports of c-nlry, Natchez 
fill; post office depnrtment Mr. Clayton's 
nqniry ns to amount ol postages 7, 23; in- 
quiry as lo removals 35; do. as to returns 
f newspapers, &c. 36; appointment of de- 
my postmasters 37; inquiry n lo the con- 
iiion ot 67, 88; of Hie clerk* 136, 194; af- 
air of 151; Mr. Lincoln'* resolution 152; 



his speech 197; postage on periodlcsli 90*3, 
245; .Mr. Ewing's resolutions 67, 88,26!, 
262, 318; examining committee of the re- 
ports ol 261. 262, 294, the reports 273, 282; 
extra allowances to mail conlruclois 294, 
296; resjliiclioii of contract* and extras 296; 
Mr. Sprague's resolutions lor a committee 
to sit in the recess 304, 305; committee H. 
of R. to sit in the rcess 321; Potts, Mr. 8, 
23, 24, 106; Potomac bridge 8, 90, 263, 319, 
321; Potter, K. R's pay and mileage 246, 
26 294. 304; Premiss, Mr. 37, 51, 89, 1 19; 
Preston, Mr. 23, 38. 51, 52, 68, 69, 88, 89, 
103, 104, 134, 135, 136, 161, 175, 193, 219, 
246, 262, 294, 295, 305, 319; eulogy on Mr. 
Blair 89; his call lor names of pensioners, 
&c. 219, 220, 246, 318,319; president of the 
senates, 23, 51, 52, 53, 67, 68, 88, 104, 133, 
175, 176, 192, 206, 218, 303, 318; piesident 
pro lent, appeals from lhe 134, 135; elec- 
tion of the 318; president U. 8. inquiry as 
to the powers of the 37; Mr. Davis' resolu- 
tion concerning 107; of the protest of the 
119, 121,133,134,135,136,150, 175, 176; the 
prnlest 138; supplement to do. 144; ol Mr. 
I). /nelson's corrections 134; Mr. Wise'* 
resolutions 136, 263; withholding the 
Wabash bill by the 319; the pledges to 
the smith of the 177; Mr. Demon's 
resolution lo expunge the resolution* 
of the senate against the 319; president and 
vice president 219, 246, 262; piinting old 
journals 319; properly destroyed during the 
late war 53, 90, 120,305,321; proUst of the 
president see presitlent, ante; previous 
questions 104, 193, 194, 220, 247, 263, 264, 
321; provident pension fund 88; public mo- 
neys, inquiry concerning the deposile of 
8, 53, 54, 69, 70, 89; public officers, Mr. 
Vance's pioposition to ted'iee the salaries 
of 107, 121; Mr. Clayton's (of Geo.) do. do. 
136; public deposiles, regulation of the 137; 
public schools 246; public buildings 263; 
punishment of certain crimes 192, 220 
Bail rnads, branch of the Baltimore and 
Ohio 103, 206, 208, 263, 321; Winchester 
and Potomac 207, 248; rail rnads and ca- 
nals through the U. 8. lands 54; Ramsay, 
Mr. 207; Reed, Mr. 24, 138, 151, 176, 177, 
194; regulation of the deposites, Mr. Web- 
ster's report on the bill J'or the 327; remon- 
strances against the protest 193, 262; re- 
movals from office 35, 37; removal of 'he 
deposites 5, 6, 7, 8, 22, 23, 24, 25, 5, 36, 

37, 38, 51, 52, 53, 54, 67, 68, 69, 70, 87, 88, 
89. 90, 103, 104, 105, 106, 107, 119, 120, 133, 
134, 135, 136, 137, 138, 150, 151, 152, 175, 
176, 177, 192, 194, 206, 207,218,219,290, 
245,246, 261,262, 263, 205, 296,304,305, 
306.317,319, 320: reports of Mr. Polk' 
report on the removal of the deposites 24, 

38, 53, 54, 70, 89, 90, 104; do. on state 
banks 157; the report 38; of Mr. liinney'* 
report 24, 57; secretary of lhe treasury's 
concerning the Union bank 102; do. on 
stale hanks 157; on lhe receipts of the first 
quarter 293; on lhe affairs of the post of- 
fice 23, 273, 282; of Mr. Webster's or the 
removal of the deposits 88; on the bill re- 
Hulaling the deposites 327; of Mr. Tyler on 
the president's message miominating hanlc 
directors 182; of Mr. Poindex ter in favor 
of the Polish exiles 196; of Mr. Clay on the 
(Hihlic lands 268; of the investigating bank 
committee's re port 208, 220; the reportfi221, 
225,233; restoration nfdepnsiies number 
r)f petitioners, &c. 119, 150.262; retrench- 
ment 107, 121, 152, 177, 193; revenue re- 
duction of lhe 23; inquiry concerning the 
176; evasions of the revenue lawn pnnisli- 
sd 264; revolutionary scrip 262, 295; revo- 
ulinnary land warrants 53, 103, 120; re- 
leii'-hmei:! 306; Rhode Island senatorial 
lection 23, 67, 89, 103, 104, 192, 206, 219; 
iL-lii ..I wav through public lands 207, 248, 
296, 304, 321; Riveo, Mr. opeech on rffiaii- 

n Ins sent 5; roads Mnrs Mill 53, 2<)7, 
394; Memphis 119. 176; Cumberland 69, 
89, 107, 176, 192, 194, 19.5,296; in Arkan- 
xn 248, 306; do. in Florida 248, 306; do. in 
Michican262; Bobbin*. Mr. 23. 67, 89, 103, 

04, 136, 219, 261, 262, 305; Robinson, Mr. 

318; Unman Catholic church of St. Loui* 

206,207, 263,321; rule* of the house 90, 

263, 318,320,321; of the senate 103,104 

Sale of forfeited property 264; salaries of 

imcers 306; ceamen, register of American 

17; Scbley, Mr. 70; schools for mariner* 



INDEX. 



S19; Schenck, Mr. 130; gcire facias again 
Mm bunk 245; Selden, Mr. 69, 100, 152 
177, 194, -Mil, 296; his proposition coi 
cerning a unHorm currency 177, 194; Se 
INM ,i county resolutions 1U-J; senate, hou 
ol' meeting 2i>2, 305; Sevier, Mr. 8.321 
Shepley, Mr. 5, 104, 119, 175, 245,261,304 
tihinn, Mr. 69; Silsbce, Mr. 37, i>2, 103, 104 
119, 175, 192, 263, 3U5, 318; Ins resolution 
concerning the revenue anil cn.-iinn IHMI- 
offieers 30j; silver coins see gold and sit 
tier coins; Slade, Mr. of Vt. Iu6, 120; sla 
very in the District of Columbia 25; Sloane 
Mr. 2U7; Smith, Mr. of Con. 7. 319; South 
ard, Mr. 5, 67,68, 69, 104, 119, 135, 175 
245, 26-2, 303,304,305, 316; hid resolutions 
concerning certain hanks 175; his rcsolu 
tion for the committee ol finance to Kit ii 
the recess 318, 319; Spangler.Mr. 106; Spa 
nish convention 208, 296; speakers of the 
house 24, 53, 70, 89, 90, 106, 120, 137, 138 
177, 194, 195, 207, 247, 262, 263, 296, 3-20 
decisions of 138, 320; Mr. S te veil son '.s an 
n initiation of in ten tion to resign 246; his ad 
tlre<-s247-, thanks to 321; Speighl.Mr. 89,90 
138, 207,321; specie exportation* 319; spies! 
relief of certain 305; Sprague, Mr. 5, 38, 52 
89, 150, 155, 175,206,245,261,305,318; hi* 
resolution concerning the fees, &.<:. 175; 
call for amount of claims against France 
207; concerning the post office depart. 304; 
speech on Hie claims against France 308; 
standard of weights and measures 133; sta- 
tue of Mr. Jeftersen 70, 320; states' claims 
(or interest 261, 294; statistical report ol 
utates, &c. 319, Stewart, Mr. of Pa. 23,69, 
120, 177, 194, 207, 262, 263, 296; steam en- 
gines, improvements in 151; steamboat 
navigation 177, 262; steam- batteries 263; 
Sleele, Mr. 263; Stevenson, Andrew, exe- 
cutive proceedings on his rejection 311, see 
tpeaker; Stoddeit, Mr. 106, 120, 208,248; 
suitar, duties oil 89; Sullivan, John T. 183; 
Sutherland, Mr. 23, 24, 69, 70, 106, 138, 
193, 264, 321; Swift, Mr. 37,262 

Tallmadge, Mr. 7, 37, 51, 53, 319, 326; 
Taney, Mr. rejection of 297, 314; tariff, 53, 
C9, 89, 206, 207, 219,262, 295, 306,319, 321; 
Thomas, Mr. of Lou. 8; Thoma<, Mr. of 
Md. 106, 220; his bank report 221; ot do. 
306; Thomson, Mr. of O. 152, 207; Tiplon, 
Mr. 175,262; Touilinson, Mr. 52, 219, 262, 
304, 317, 319; tonnage duty on Spanish 
vessels, 207; Toulon, afl'air of, 296; pen 
sioiis to the KiiJfi-icrs at 303, 305, 306; trade 
with the VV. Indies 296; transfer draughts 
7, 22, 23, 206; transfer of appropriations 
303, 321; treaty with Naples 53, 88, 152, 
192; with France 152, 192, 207; with Chili 
193, with Spain 207,321; with the Creeks 
307; treasury department, of the repeal of 
a certain act for the collection of revenue 
104, treasury draughts 7, >>, 23, 150; agent 
of the new deposiie banks 119; report on the 
ejiiploymeut of state banks 157; on (he re 
ceipts of *iie revenue for the first quarter 
293; concerning the officers of the cus 
toms 303; joint resolutions on his reasons 
for the removal of the deposites 219, 245, 
246,295,296; rejection of Mr. Taney 314; 
treasury uote project 296; Turner, Mr. 
106; Turret), Mr. 8, 137; Tyler, Mr. 5, 7, 
38, 51, 88, 104, 150, 192, 206, 262, 295, 304, 
422; his report on the president's message, 
renominating bank directors 182 

Unavailable funds in the treasury 25; un- 
expended balance* 294 

Vance, Mr. 24, 152, 177, 193, 207, 295; 
hi!! proposition to reduce salaries 107, 121, 
152, 177, 193; Vanderpool, Mr. 208, 220, 
248; Vandetlyn's portrait of Washington 
320; Vinton, Mr. 8, 120, 151, 152, 193, 207, 
220. 321 ; Virginia resolutions 23, 24, 38, 53, 
69: land warrants of the Virginia liuu 319 

Wal.ash river 319; Wagoner, Mr. 23, 69, 
106; Wrigxamau, Mr. 53, 192,304; Wager, 
Peter, 183; war department 175; Ward, 
Mr. 119; VVardwell, Mr. 151, 177, 194,263, 
296; waidmusing system 150; Washington, 
gen. birth day 8; purchase of his library and 
private papers 38,320,321; statue 262; por- 
trait of 3-20; Watmbuph, Mr. 8, 23.24, 69, 
220, 296, 3-20; Wayne, Mr. 89, 90, 138, 152, 
177, 207. 248, 295, 307,320; Webster, Mr. 
5, 7, 8, 35, 37, 38, 51, 52, 53, 67, 68, 87, 88, 
134, 135, 136, 150, 161, 162, 175, 176, 177, 
193, 206, 219, 220, 245, 246, 862, 294, 295, 



304, 305, 317, 318, 319, 320, 327; his re 
murks on presenting the 1'hilad. mechanics 
mem. 36; do. concerning the Albany do. 13' 
do. on the Doyleslown mem. 204; do. con 
cerning Lalayellc305; hi.- report on the hi 
regulating thedepositef.327; lemarkson th 
post office report 403; his bank project 52 
53,67,68, 69; weights and measures 133 
West Point academy 103, 177, 296, 320 
Whallon, Mr. 194; White, Mr. of Teimes 
see, 22, 68, 104, 207, 304, 305; While. Mr 
of Lou. 90, 151, 152; While, Campbell P 

193, 263; White, Mr.ol Florida 193; Whit 
tler-ey, Mr. of Ohio, 53, 90, 107, 119, 120 

194, 207, 248, 295.296,306,307; Wilkin 
Mr. 5, 51, 69, 88, 89, 134, 136, 150, 155, 192 
206, 262, 304, 318; Wilde, Mr. 8, 24, 53, 90 
137, 138, 176, 194, 220, 264, 305, 306, 320 
his resolution on the removal of llie depo 
sites 53; Williams, Mr. 8, 89, 90, 106, 120 
136, 151, 177,194,247,248,296,307; Wilde 
Mr. 8, 24, 177; Wirt, Mr. 8; Wise, Mr. 69 
70, 106, 136, 137, 193, 194,207,220,263; hi 
resolutions on the power of the execulive 
136. 194,220,263; his reasons for receding 
335; Wright, Mr. 7, 23, 37, 51,52,53,68 
69, 88, 89, 103, 119, 133, 135, 150, 175, 192 

245, 246, 261 , 262, 318, 319 
yeas and nays In Ike senate. On the 
refusal to receive the York county memo- 
rial 52; do. on the postponement of Mr 
Webster's leave to report hU bank projec 
69; do. on llie report of the committee 01 
finance on llie removal of the deposited 88 
138; do. on the Cumberland road bill 89 
176; on the appeal from the chair 135; 
in printing Mr. Clay's report on the land 
bill 175; on Mr. Calhoun's resolutions on 
the president's protest 175; on Mi. For 
sylh's amendment to Mr. Poindexter's re 
solutions on do. 176; on Mr. Poindexltr's 
resolutions on do. 176; on the nominations 
of U. S. bank directors 183, 184; on the bill 
granting a donation of land to the Polish 
:xiles 192; on the Seneca county resulu 
.ions 192; on the Washington and Haiti 
nore rail road bill 206; on the reception of 
he Cherokee memorial 206; on the report 
and resolutions on the pension agency 219; 
in the Rhode Island contested election219; 
Mr. Clay's joint resolutions 219, 245, 
246; on the payment of interest to status for 
idvances 261, 294: on printing the post of 
fice reports 294; on postponing the hill 
conci-ming French spoliations 294; on 
Mr. Mangnm's motion to amend the ge- 
leral appropriation bill 304; on the mm ion 
o lake up the New Hampshire resolutions 
i04; on Mr. Sprague's resolutions concern 
ng llie post office investigations 305; on 
he rejection of Mr. Stevenson 311,312; on 
he rejection of Mr. Taney 314; on tin: mo- 
ion of Mr. Wright to lay the reports on 
he post office on the table 318; on the first 
Rsolution of the committee declaring the 
inrinwing of money by the postmaster ille 
at 318,403; on the bill to regulate the gold 
oins of the United States 318; on la) ing 
he light house bill on the table 318; on 
he resolution directing the committee on 
inance to sit in the recess, Stc. 319; on the 
lotion to lay llie bill lor the improvement 
f the Hudson river on the table 319; on 
he engrossment of do. 319; on Mr. Ben- 
in's motion to withdraw certain land bills 
19; on Mr. Pomdexlcr's amendment to 
iie general appropriation bill 362; tabular 
tatement shewing the votes on several 
uestions by states 

In the house of representatives. On llie 
revious queslion on the report on the rc- 
loval of the deposiles 104; do. on the re- 
ohitions, severally, 104, 105; the yeas and 
ays by states thert-on 106; on Mr. Vance's 
Ktrenchinenl proposition 107, 193; mi tin: 
lotion to su.-pend the rules to consider Mr. 
/Vise's resolution 13(5; do. on Mr. Peyton's 
evolutions 137; on Mr. Selden's res. cnu- 
erning a uniform currency 194; on IheKen- 
icky contested election 247, 307; on the 
lolion to lay Mr. Wise and Mr. Peyton's 
evolutions on llie table 263; on the joint re- 
lutions from the senate concerning the 
posites 307; York county, Pa. deposit,: 
1'innrials 51,68.263; on the deposite bill 
23; on the West Point bill 323; on the light 
ouse bill 324; on the bill for the relief of 
he city of Washington 324; Yorktown mo- 



nument 194,205,220; on the vote of thank* 
to Mr. Stevenson 337; Young, Mr. 220 
Congress, vacancies in 35; prorogation 
of 84; anecdoiet> 146; llie Crawford caucu* 
of 1824 266 

Connecticut elections 101, 117, 132, 150. 
189; accident to a church 191; school fund 
255; gov. message 3*4; resolutions of the 
legislature 324; congr. delegation 34<?; par- 
son mobbed 360; Miss Crandall 393 
Convent at Charlestown 413, 426, 436, 
441, 443 

Conner, Mr. speech of 210 

Cooper, Mr. * 292, 428 

Copper mine 256 

Costs of suits 3-0 

Cotton decreased consumption of 86; 
crops 191; exportation of 259, 352, 397; the 
early Irade in, ttc. 352; shipped down llie 
Yazoo 444 

County museums, &c. 418, 445 

Counterfeiters 35, 301 

Countermanded orders 86 

Cowan, judge, death of 429 

Crawford, W. jr. and other* 55, 70 
Crawford, Win. H. 266 

Credit system, fathers of the 86 

Credit, currency and the banks 345 

Crockett, col. D. 148, 149,173,252,380 
Crops 315, 329, 360, 441 

Crying evils 118 

Cumberland road 314, 430 

Curiosity 85 

Cui rency 1 17, 217, 185, 252, 258 

Dallas, A. J. against stale banks 133 
Dallas, George M. 
Darnsinonl, Mrs. 

Davis, gov. 426, 433 

Death*,!, 384 see names of persons; by 
burning 149; by firing of cannon 348; by 
cold water 379; from spirit lamp* 
Dearborn, gen. H. A. S. 
Decapitated coins 443 

Delaware the committee to Washing- 
ton 50; a whaling ship 191; meeting of 
roung men 242; Mr. Bayard 242; honors to 
Uifayflte 

Deming, Mr. 364 

Democratic- republican-- Jackson Wolf 
citizens 

Denmark emancipation and equality of 
colored persons 

Dennis, Littleton P. death of 116 

Deposites, public 122 see various heads. 
Deposite hanks 126, 149, 399, 430, 445 
Dew, professor, on usury 
Diekerson, Malilnn 201,217 

Discharge of hands 5, 84, 86, 97, 130, 172, 
331 

Discounts on bank notes 4, 17, 18,33, 34, 

85,86, 87,113, 132, 133, 149, 190, 191 

Di-triet of Columbia banking mailers in 

97, 113, 1 17, 132, 330; new paper established 

47; election of mayor 242; Washington 

ity, 3J8; assessment of 389; cholera 429 

Dodse, gen. 

Dollars, value of the patriot 
Donation by the British government 385 
Donelson, A. J. and the prolet 
Donelson, Alexander death of 
Downce, commodore 
Dragoons, U. S. 

Draughls, dishonored 5, 18, 86, 347, 362 
Dry rot 384 

Dunne, W. J. 33, 83, 130, 190, 243, 292, 
l4;Dnane, Win. 243,292,407 

Dubniiue'!) mines, execution at 
Dnlioi.., bishop 
Duels 

Due bills 5; Dunlop, Mr. 109, 3o 

Earthquake 

Earth, new theory of the 
East Indies discovery of conl in 316 
Eaton, major J. H. 101,133 

Editorial essays, notices, fc. 

Abolition of slavery 301,346: annual pro- 

uclions, U. 3. 1, 377: anniversary 3-29; ap- 

recialionof money 99: appropriations 297: 

nrora ^ 3 - 292 

Hank, U. S. currency, credit, Stc. es- 

ns and notices concrrninz the 1,4. 33,49, 

66. 83, 84. 97,98. 99, 113, 117, 118, 145, 

49 171,185, 187,188, 203, 217,843,257, 

i8, 292, 303. 345, 346, 347, 362, 394, 411, 

30: of the old 97: bank making 84: table* 

345 

Cage, Mr. 203: censuses 394, 409, 425: 
laracter of the American people 43fl: eir- 



IXDKX. 



culation and cieallona of values, Sec. 1,84, 
345,377: committees visiting Washington 
1, 49. complimentary toast 114: congres- 
sional notices 33, 81, 145, 185, 201, 217, 257 , 
313, 314, 393: county museums 409: cou- 
rage ami per.-everance 17: cn.-is 10i>: Cum 
bcrJand I D.nl 314 

Deleiied articles 33: democrats and lie. 
mot-racy 265: depo.-ites and the Di.-lrii t 
banks 202: the regulation ol Hit; public -!.>',. 
number of ueiiuouuia 173: dtlliculty ol so 
lection 1 

F.ditor charged with being a foreigner 
131: an exccur-ion 329: hi s past and picsenl 
views of Hie bank L . S. 18: un elections 
34.66, 131, 211,40(5,441: extent of bunk 
depredations 



299 
348 
83, 87 
147 



Fin-wen's zeal 301: French treaty lt>9, 
2U1 

Globe's attack 131: gold and silver, iin 
poruiions, coins, cuire.ncy, new emisMons 
Sec. 1 , 300, 330, 3G4, 394, 427 

Horrors of Sing Snig 14eS 

Jefferson's protest 2u2 

Land bill 241: legislative action on the 
depojiie question 51: letters long deten 
lion ol a 1: certain to the editor 35.84, 117: 
from the editor to the Washington Typ. 
Society 114: do. the Baltimore Gazuile 18 
Meetings of the people 80, 82, 130, 203, 
243: members of congress and pet bank 
notes 170: Mexican currency 217,258: mo 
iiey market, piessure, &c. 1, 4, 17, 33, 34, 
49, 61, 84, 6, 67, 97, 122, 13-J, 133, 145, 149. 
185, 202, 2J4, 315, 345, 34U, 362, 377, 426 
New inventions, steam power and then 
effects 315, 393, 426: notices to subscri- 
bers 17: ot certain speeches 50, 51, 114, llli: 
of the Buffalo Journal 3'.il 

Orders countermanded 86 

Party and Hie liank questions 97, 98: 
payment ol U. 6s. sailors 348,302,414: pen- 
t-ion I'uinl 4,217: political battles 243: post 
office affaiis 257, 329, 378, 393: press ol 
inntter 1, 257: presidential election returns 
410: previous i|iic.-tion 97: protection to l.i- 
lior o'JO, l:ib. |>,-iividential puuishuienl 3U1: 
public feeling 130, 131,242: public officers 
51, 14U: ol Him salaries 64, 99, 145 

Reference* to the Ucgi.ster 393: reform 
148: remarks on Hie conduct of certain di- 
rectors 171: revenue prophecies 98, 202, 
245: n^li l of in MI in: lion 395, 410: do. ol pe- 
iition 81: robbing 190: tumors 145,201.291, 



Foot, 8. A. 173, 189, 905, 324 

Fi.rge.nes 245,301 

Vorsyth, Mr. 65, 86, 129, 146, 161,217, 

249,297.314 

Foreign capital 187; murderers 191,244; 
paupers 2 !4; logues 244; opinions 35, 1"" 

Fortification* 

i'lani.nii. Hi. opinions, &.C. of 

Flanking pnvilege 

French, affairs. 

Agricultural, &c. 3s4; Algiers 3C6, 384; 
American indemnities 5, 179, 195, 206; ar- 
tny 2i,2ul.3t3;arrels 102, 364, 445; cham- 
ber of deputies 351, 415, 431; of Hie liona- 
parles 102; C.ialeaubriaud 404; coinage 315; 
di.-iurbaiiees 102, 201, 208, 261; Mr. Uu- 
long 54; drama 206; duchess d Berri 384; 
duels 35; duke of Orleans 5, 415; elections 
383,384,404; harvests 351; king, Ihe 208; 
Lalayeite, yen. 208; Lyons 208, 2ol, 30-J; 
niini*liy 21, 174, 445, reorganization 174; 
nation, il guard 102; naval preparations 5; 
do. lorce 258; La c?upeibe 21; tin: cuiras- 
sier 243; steam frigate 332; illegitimate 
children 118; Neapolitan princess 4 15; par- 
lies 431; peers 384; prices 209, 351, 3c3; 
lelalions with Russia 5, 22; pressure 261; 
specie currency 315; silk, exports of 350; 
statistics 150, 191, 364; Toulon salule 260 
French claims, concerning ihe 5, 179, 



Indiani Cherokees 174, 255; death of 
Hick:. WJ; ol llle committee'* report 31" 



aiilU|iiinea 334; Chickasaw liealy 



454 



Fridge, Mr. 
Floats, ctiects of 



195. 201,308,:i51 
108 
191,255 



Sloop canal -ill.: South Carolina I 

oath 117, 173, -.259: supplements 169, 233 

Tempeiaiiire ol the weather 349: traders' 

memorial 99: treaty with Clnckasaws 441 

Uncle -Sam's news' satchel 117 

Washington, gen. 393: whig celebrations 

116, 130 dee tin; various proper heads. 

Editorial blunder 300 

K,i-t room 298 

Education, statistics of 256 

Effigy signers to the N. Y. memorial 85 

Egypt antiquities, &c. 332; fresh water 

iu ' 431 

Electioneering bombast 179 

Elections lime when held 395 

Kllieott, Thomas C6, 04, 108, 347 

Ellswnith, Mr. !->:> 

Emigration Irom Europe 1,218,244,260, 

368, 361, 363, 31)8, 429; letuimng of 1, 331; 

to the wetil 398 

Evans, Hugh VV. 347; Evani, O. 397, 427 

Everetl, Mr. II. 3 i5, 3til 

Everett, Mr. Edward 430, 441, 451 

Ettiiitf, Mr. ol Ohio 109, 203, 256, 273, 

314, 304, 396, 442 see congresi. 

Ewmg, Mr. of Indmna 298 

Exchanges 17, bl, 83, 80, 87, 190, 191, 

908,315 

"Experiment" 5, S7, 172, 245, 31 

Expons 35-i, 41 

Factories, (topping of 5, 64, 85, 86,87, 
118, 130, 153, 172; burnt 413 

Failures 86,97,149 

Falkland JiJundi - 

Fed* a new party name 188,248 

Fenwii-k, ln-lni|i 4)3 

Fires 35, 152, 173, 189,5156,301,315. 3IH 
384,404,413 

Fwlierli-x 191,192,385 

Flowd, Thomas aga 

Florida kuyar culture 118; wrecks or 
the reel* of 38- 

rieui markeu 5, 17, 18, 49, 85, 4i!t> 



Gallalin, A. the report of 73; toast to 149 
Gales it Seatori 

Gambling punished 17-1, 397 

Gambling speculators 301 

Georgia cholera 174; the state bank 

210; me. tings 243; elections 430; murder of 

Hicks 303; crops 360; Augusta banks 412; 

Mr. Tronp's Inter 417 

Giant, the Mexican 

% Gibbs, gen. 368 

Gibraltar, cholera 444 

Gill, II. W. 218 

Gilpin, Mr. 1; John, the brig 381 

Girard, Stephen 256 

"Globe." the "official," extracts from, 
&c. 34, 67, 1 13, 132, 133, 146, 205,243,245, 
260, 267, 292, 300, 330, 347, 363, 364, 427, 441 
Gloucester Telegraph 396 

Gold-mines, &.c. 5, 119, 172, 365, 444; 
value of coins 252, 300, 354; the laws 337, 
338; new coinage 394, 432; effects and re- 
maiks 330, 364, 394; counterfeits 427; his- 
tory of gold coins 390, 446; gold mines and 



coal mines 191 

Gordon, Mai tin 217, 291, 347 

Gouging, case of 118 

Grand jury, presentment by a 148, 155 
Grand Gulf u new town 174 

Greece coal in 384; reforms 442 

Green house, a great 444 

Grennell, Mr. 191 

Grundy, Mr. 298,314 

Gnrney, Mr. 314 

Gwynii, Win. 361; Gwin, Samuel 432 
Hailstoim 380,383 

Hanover 350 

II, mlm, Mr. 149; Harper's Ferry 148 
li.iitioiit convention Mr. I'earce's re- 
larks on 404; replies lo 404,405,414 

Hayti condition of 366; letter liom the 
>0|ie to president Boyer 369 



Insolvents 86,118,133,149 

Indiana state bank chartered 86; loan 
taken 412; meetings 243; electioneering in 
39u; Mr. Tipton b l J9, 443; elections 413, 
426, 430, 443; cholera 429 

Internal improvements 380, 410, 430, 442 
Inventions 301,349 

Jackson, gen. former opinions ol 266; the 

Richmond Enquirer's views of 267; orders 
in honor of gen. Lafayette 325; cabinet ap- 
pointments 347; vole against gen. Wash- 
ington 406; his illness '12(j; toast 441; his 
reception liy the Tennessee convention 450 
Jamestown jubilee 307 

Jennings, Jonathan death of 430 

Jews consecration of a synagogue 292; 
debate in the British parliament concern- 
ing Ihe 

Johnson, R. M. nomination of 1; his re- 
ply lo Ihe Philadelphia invitation 416 
Johnson, H. 149 
Johnson, judge 398; Jones, Talbot 
Jones, William Gwynn 
Kemble, Miss Fanny marriage of 260 
Kennedy, John P. 202 
Kentucky R. hi. Johnson 1; gov. Breath- 
ill 17; new bank 17, 66; Louisville bank 
17; currency at 132; Louisville 300, 316; 
dinner lo Mr. Poindexler 415; Lelcher, R. 
P. 257,297,299,364,430,441; Mr. Bibb416; 
Mr. Clay 417; cholera 102, 379; elections 
412,430,441,443 

Kissinger, J. C. 149; Kremer, George 1 
Lacock, Mr. speech of 
Ladies' combs 191 

Lal'ayelte, gen. 195, 208; death of and 
honors to 291, 297, 325, 329. 333, 301, 368, 
379, 380 

Lake navigation 118, 191 

Lane, Mr. of Indiana 202 

Landing of ihe falhers 401 

Lauds, tin: public, report on 268; com- 
mittee continued 297; E. Row's deposition 
326; sales 350 

Lawrence, Mr. of N.Y. 97,173,169 
Law and law cases commonwealth of 
Kentucky vs. Nelson Mayes 210; John H. 
Saichet vs. Samuel Swarlwoul 252, 300; 
law of Massachusetts against gaming 252; 
case of an Indian for horse stealing 255; of 
another arrested for debt 256; of a bequest 
to living grand children 256; certain stock- 
holders U. B. of Maryland vs. Poullney, 
Ellicott & Co. 317; U. B. of Tennessee . 
Ellicott, Morris and Giil 317; steamboat law 
153; graining pensions lo ihe Toulon suf- 
ferers 337; regulating silver coins 321; do. 



Heath, U. S. 
Heath, James P. 



55 
17,25,100,201 

4-20 



Heal, comparative statement of 
Il,'i,trr, William 124 

Hemp culler 393 

Hill, Isaac 34,357,298 

Hits in congress 298 

lloliuook, Josiah 445 

Holland arrangement with Belgium 102; 
Ghent 102; population 174, 350; expendi- 
tures 174, 350; navy 350; army 415; emi 
gralion from 351 

Howard, Dr. William 444 

Hill. hard, Henry 298 

lee, exportation of 174, 191 

Illinois school fund 118; Mem. <'a<ev 
and rilad.! :iii.'.; eleeiioim 430,443 

Importation* 86, 301; of specie 412 

Imprecations of public men 87 

Improvements and steam 345, 393, 426 
Impressment, rase of . 174 

Imprisonment tor debt .103.381 

Inclined plane*, cor for 3-19 



gold coins 253, 337, 338; for the relief of in- 
solvent debtors 337; settling the lerritorial 
dispute between New York and N. Jeisey 
353; summary process at Uubuque's mines 
352; concerning Ihe duty on lead 354; sus- 
pending part of (he tariff law of 1832 354; 
concerning copy rights 354; concerning ex- 
periments on the -team engine 354; regu- 
lating trade with the Indian tribes 373; pro- 
viding for ihe organization of Ihe depart- 
ment of Indian affairs 375; in addition lo 
Ihe acl for the punishment of crimes 376; 
liability of clergymen 380; U. S. courts, 
costs of suits in the 380; granting bounty 
on lost fishing vessels 391; concerning ton- 
nage duty on Spanish vessels 391; making 
appropriations for harbors, rivers, &c. 391; 
lion-citizenship of the blacks in Connecti- 
cut 398; Bullock vs. Mnnice, Phelps &, Co. 
liability of partners and usury 420 

l.eavcnwoiih, gen. 443 

Lederer, baron 167 

Legare, Solomon, death of 314 

Legal tender 369 

Leigh, Benjamin W. 17,35,108,146,203 
l,i onida ami Washington 316 

I., .-lie. James 109 

Leslie, C. R. artist 1 18; Levy, lieut. 117 
Liberia prospccls of 332, 367; ihe Ma- 
ryland colony 333 
Liberty cap and motto 394, 448 
Lincoln, Levi 1, 17, 185, 197,201 
Liveipool trader, the first American '^">fi 
Livingston, Mr. 18,208,312 
Lloyd, Edward 243 
Loc lists 255, 409; exuay on 419 
Longevity, cases of ' 384,404 
Louisville Advertiser 259 



Loultiann riots on the canal* 35, 85; 
meetings 88, 87; fire 152; pressure at 86, 87, 
149; brutality 152; slave value 174; sugar 
refineries 174; gasworks 384; H. Johnson 
149; elections 364, 379, 399; bank robberies 
245,301; forgeries 245, 301; steamboat law 

152 

Lowell, John 405 

LIISIIS natural 191 

Lyceums, on the establishment of 445 
Ly tie, Mr. of Ohio 309 

Lynch's law 352 

Macadam, knighted 191 

Macnevcn, Dr. W. J. 81, 90, 1 15, 122, 1-23 
Madagascar the French king of 2o6 
Madison, James 100, 149, 202, 387, 405 
Magnificent donation 384 

Marl robber and robberies 149, 255 

Mail contractors' extras 101 

Maine elections 1 17,4J9; .meetings 24;t; 
the ancient widows 256; Madawaska 3tO; 
Mr. Sprague 395; Mr. Cliurclull 409 

Malihian, Madam 431 

Manning, Richard J. 230 

Manufactures of books 87; of sugar 1 1H; 
cloths 190; buttons 172; straw 191; combs 
191; iron 315; salt 412; in S. Carolina 384; 
of pnhlic o/iiidon 43-j 

Markets the home 5, 17, 18, 49, 84, 85, 
150, 190, 315, 349, 425; a new one tor bread 
stuffs. 444 

March of improvement 315 

Marine hospital* 369 

Marine corps 3fi9 

Marshall, chief justice 3b8 

Maryland legislature 51, 147; loan ?7; 
elections 116, 24-2; electioneering 430; lac 
lories slopped 130; failures of banks, &c. 
51, 65, 66, 67, 84, 94, 97, 108, 113. 132, 133, 
145, 171,218,245; state colonization sotie 
ty 174; Mr. Chambers 409; Mr. Taney at 



INDEX. 

Haplet revolutionary moreruenm 109 
National Intelligencer 121,2(57,292,314 
National Gazette- 188,201 

Naudain, Mr. 24-2, 265 

Navy and naval, American, U. S. 21 , 35. 
118,260, 293; hospitals 369; Constellation 
35; Lexinglon 414: Brand) wine 102; Con- 
stitution, the docking the' 174; the figure 
head 189,329.347; Grampus 191; Potomac 
218,256; Peacock 218; vessels on foreign 
stations 33-2, 365; at Charlestown and in 
commission 381; Natchez 36G; marine corps 
369: midshipmen 309 

ffeirfonndlanH legislative furniture 31-fl 
Ne>n H>tmp*hirc salute and mob 130; 
the Patriot 204; U. H. senator 29*; the le- 
gi-lativc resolution* 335; brinks 350; Sal- 
mon Falls factory 413 Mr. Waldron 414 
Negro traders kill, d 191 

New inventions, effects of 393, 397 

New Jersey factories in 5; new hanks 
17; meetings of the people 85,243; elec- 
tions 132, 190,411; bank failure 245; cop 
per mine 256; territorial dispute wiih N. 
Y. 333; Newark 360; political excitement 
429; capt. Stockton 441 

JVem South 11'alcs notices of 3S3, 399 
Newspaper publications, perishing ten- 
dency of 29s; an old one ' 298 
New Yolk city the Tammany, &c 27, 
154; Mr. Gallalm 65, 73; elections 34, 100, 
115, 131, 132: public officers 34. 51, 259: 
meetings 82, 147, 396: Polish exiles 85, 101, 
166,256: ami bank mem. 85: bank projec 
86: the exchange 147: failures 86: fires 35, 
173, 189, 315, 348: Dr. Msu neven 90, 123: 
meeting of Irishmen 115, 122: attack on I. 
Lewis 118: riots 100, 115,210.332, 346,357. 



Til 



Frederick 



453 



Masons and masonic charters, surren- 
ders of 118, 189, 336, 447; decrease of cer- 
tain lodges 348 
Massachusetts elections 1, 17,35; Lowell 
riot 5; rail road do. 147; bank charters 86; 
button factories 17-2; straw factory 191; law 
against gaming 252; imprisonment for debt 
303; discharge of hands 331; Harvard uni- 
versity 332; Bunker Hill monument 335; 
old soldiers 384; office holders' convention 
396; dinner at Salem 409, salt manufactures 
412; riots at Charlestown 413, 436,440, 441, 
442, Mr. Everett 430,441; gov. Davis and 
the anti-masons 433; masons of Worcester 

447 

McClure, lieut. G. W. 442 

McDuffie, George 100, 113, 129, M6, 250, 



414: conviction of rioters 



fur 



Parties and party naoiM 

Pauper* 

Pearce, Duiee J. 
Penitentiaries, labor in 
Pensioner* undecided on 
Pew, Mr. the centenarian 
Philadelphia Sentinel 



McElroy, rev. John 
McElderry, Hugh 



29-2, 297, 430 
316 
1, 183, 184,392 



McKim, 1.49,57,82,99,107,114, 173,291 



McLean, John, judge 



153, 417 



McLane, Louis 190, 292. 314, 361, 418 
Meteoric stones 119 

Mexico conspiracies, &e. 102, 218, 365; 
the currency of 217, 258; curse of 365, 430, 
442; population 258; revolution 316, 332, 



Metalic currency 



380 
217, 258 



Michigan territory Detroit 118; a new 

territory 1 18; eov. Porter 349; cholera 429 
Militia, U. 8. 381; Miller, Mr. 146 

Mines, comparative view of certain 191 
Mint, U. S. 354, 394, 427, 432, 448 

Mississippi Messrs. Cage and Black 84; 

Mr. Owin 432; Planter's bank of Natche/. 

86; electioneering 443; meetinss 87, 243; 

delegates to the Van Buren convention 397; 

the pressure 149; murder 150; murderer 



ehot 151; cholera 



174, 205 



Missouri St. Louis 332; Mormon diffi 
cullies 255, 336, 365; Lynch's law 352; gov. 
Dtinklin 3f>8; elections 430,443; cholera 379 



Mitchi-ltrec, L>r. William 280 

Money value of certain produce 49 

Money market in England 118, 218, 245 
Money and currency, Mr. Reid on 370 
Moore, Philip 149; Moore, Thos. P. 291 
Moreno, general 399 

Mormoriites 255, 336, 365, 368 

Morris, John B. 133, 218; Molt, Dr. 25 > 
Mule, a breeding 191: murders 151,191 
Museums, county 419 

Nankeens, American 442 

Napier, admiral 404 



projected 118: counsellor Samp-on 122: 
country notes 255, 299,315: arrest, for hri 
bery 147: mayor's, reception 173, 1S9: Chi- 
nese crackers 316: ship building 189: rais- 
ing brick bouses 315: journeymen bakers 
316: city government 190,259: anti-sl,ivei\ 
meetings 190: Laurens' sireel 302: of Ihe 
nrscnal 132, 20;<: ihe uiimpel contest 44-i: 
ancient Liverpool trader 256: packet ships 
410: emigration 260: the Astor hotel 385: 
the custom house 385: the Jews' synagogue 
292: horrid deaths 339: cholera 399, 412, 
429,444: Dr. Manly's prescription for 431: 
the Standard 147, 173: Evening Post 173, 
187. 4<!0, 441: Annual Register 200: the 
Tillies 259: Mercantile and Advocate 428 
A'cic York slate cov. Marry and the 
loan 66, 81, 87, 95, 99, 101, 109, 112, 114, 118: 
meetings 82, 85: factories 84: the Albany 
mem. 84, 126: the Utica do. 244: safety fund 
banks 86: new banks 188,299: Gi-nnesse. 
district 248: elections 100, 115, 172, 190: 
the penitentiaries 102: Chcnango loan 118: 
Albany, charter officers 132: the "regency" 
201: canal trade 149, 173, 191: the legisla- 
ture 187: whig celebrations 190,243: Sara- 
toga springs 190: Utica 202: Mr. Beardsley 
244: the Argus 114,242,259: public officers 
243,442: Jackson majority 244: great rob 
bery 255: Evening Journal 25'J: masonic 
lodges 348: territorial dispute with N. J. 
353: convention on penitentiary labor 428: 
cholera 412, 429, 444: grand canal project 
ed 442: Buffalo 444 

Niger expedition 209 

Noah and the ark 122: Noah, M. M. 29-2 
North American, the 147 

Korth Carolina gold mines 85: meet 
ings in 87: emigration from 117: the presi- 
dent presented 155: state bank. 149: Mr. 
Brown 409: elections 430, 44:! 

Ohio Cincinnati, markets 5; rrlebra 
lion al 243; cholera 316, 361 . 379, 412, 429 
of hanks 18; gen. Cass 429; resolutions 
against the hank 51; the pressure. Sic. 84 
8fi; elections 430; MiM--rshiirg 256; floo< 



173, 185 
87 
404 

102, 428 
174 
384 
131 

Pennnilcania loans 1, 4, 17, 18,27,85, 
101. 346, 362; meeting*, Ss.e.5, 190, 24:); po- 
litics 187; flour at Pitlsl.iirsh 5;oCihe banks 
17, 84, 5, 97; Columbia rail road 17; on the 
U. S. hank 19,85, 132, 428; sov. Wolf * mes- 
- age 26; his sudden change 34; Lanra-ter 
86; Pottsville 86; Unkxilnwn 315; Carbon- 
lole 87; a ease r>f contempt 109; coal duty 
132; do. trade 315, 3-6; Mr. Dunlop 109, 
42f; fires 149,301; pensioners at Piiisl.urzh 
l.">li; Mr. Lacock'8 speech 153; elections 
172. 173; canal rui-iiie--* 173. 055, 256; 
Pittsburgh in>nranee co. 413; Hamshiirli 
convention 243; r.-liL'ious persecution 260; 
rail road accidents 301, 302; ehl vein* 315; 
hickory pole 316; eherifl 's t ales 331; torna- 
do 348; .Mr. Rapp 349; Valley Forge 381; 
cholera 412, 429; anti-masons 429 

Priiiisy Iviiiiinn, the 83, 131 , 2GO, 364 
Pension agency, Mr. Clayton'- rr|'"'t 10 
P n-ions and pensioners, U. S. 150, 174 
Petition, Die righl of 84 

Petitions a/nin^t despotic power 85 

Pet bank notes 170 

Peyton, Mr. 129 

Phelps, l!ie highwayman 150 

PhUaileljiliii: acridenl 5; public meet- 
ings 29. 66. S2. '.',9. 116, 130; pressure 5, 85; 
delegation to Washington 8, 10; the Wil- 
liam Penn 21; length of a petition from W; 
Girard hank 50,67, 17-7; election- 66, 172; 
prayers against despotic power ^5; punish- 
ment for rescue of slaves 118. 174; stealing 
118; Maihevv Carey 124, 43:); discount on 
notes 133; col. Crockett in 149; correspon- 
dence with the president U. S. 150; Polish 
exiles 190; Mr. Southard 203; unfinished 
buildings in 331; valuation of real estate 
f>5; l.i-hop White 100. :369; mobs 413, 435, 



348; gen. Vance 348; Mr. Ewing 396; Dr 
Drake on the cholera 361; importation o 
cattle 384; Cleveland 396; expenditures 01 
the harbors of 398 

Opinions of public men 266; do. oftlie 
olden time 

Otis, II. G. his letter concerning Mr 
Pearce's accusation 

Palmer's Land 118.16 

Panic makers 66,24 

Patterson, thn ancient widows 25( 



Party madness 



18 



41; revolutions of the Snnthwark "demo- 
rats" 408; post office 442; health 444 
Physicians, of 191 
Pickpockets 148 
Pike, col. Zebulon 

Pilgrim fathers 401: Plnmmer. Mr. 203 

Poindexter, Mr. 113, 129, 196, 362, 415 

Poland exiles in America 85, 101, 166, 

90, 196, 256, 348; in Switzerland 167; t>ar- 

jarities of Constantine 

Polk. Mr. and the Catholic bells 

Political movements 201 

Political hi-tory 404,414 

Polari, the jewel robber 191 

Population U. S. tabular statement of 

he 424; continuation of do. 425 

Portugal Don Miguel V army 5, 102; de- 
eats of do. 209, 351; embarkation of do. 
"583; Don Pedro's army operations of 21, 
02,209,261; his health 431; rejoicings 102; 
_,eira21; Camina 174; Brana 209; Viana 
and Caminha 209; free ports 209; accession 
o the queen 209; excommunication by the 
>ope 261; his concessions 415; Miguel and 
Don Carlos 351; Miguel's declaration 383; 
surrender of the crown jewels 383; am- 
nesty 351, 383; his expulsion 3W5; Lisbon 
383; Hie cones 431; convents 383, 415, 429, 
431; the volunteers 431; the quadripartite 
treaty 431; cholera 

Porter, judge Alexander 149,178 

Porter, gov. G. B. 349; Potter, Mr. 150 
Post office department surplus fund 4; 
loss of mails 21; extra allowance* 85, 101, 
108; Wcirick pardoned 148; postages 154; 
judge Story's views of 185; the Nat. Intel- 
ligencer's view of 267; the Globe's do. 267; 
robberies 255; investigations in the recess 
097; Mr. Barry's memorial 313; his address 
338; the Phil, post office 442 see congrcw- 
Potter, Elisha R. 414 

Poultney, Evan 68, 36-2. 393 

Pound sterling 86, 331,397 

Precious metals, the decreased produc- 
tion of 354 
Press, specimens of the "organized" 203 
Preston, Mr. 113, 120. 12-2, 129, 146, 161 
Presidential caucus nominations I 
President U. S. interviews of commit- 
tees with 1, 8; tefnsal to receive do. ?3; 
opinions of foreign journal! concerning lh 



Till 

35, 299; the protest, fcc. 113, 121, 129, 130, 
138, 144, 154, 156, 169; certam secretaries 
84; of the dwellingof the 148; presented 155, 
the Philadelphia committee 157; renom 
r," tin.' bank directors 180; ofh.s bank veto 
187- o? the Wahash bill 314; Mr. Taney 326; 
hh 'Nashville toast 441; nominations by Uje 
35 50, 145, 169, 188, 203, 217; reforms 250; 
leaves Washlnsloii 328; on his journey J9a; 
reports concern,,,* 329; at Nashville 4l 
Presidents, U. S. terms of service, &c. 

Presidential election, statement of the 
popular votes of the lasl 441, 447 

Prices current 5, 17, 18, 49, I iJ 

Prince, Enoch 

Produce, diminished value of 

Proprieties non reception of deputies^ 

Pnmia-non reception of the Belgian 
minister 

Productive family 

Public mm, sentiments of certain B7 

Public money 

Public lands, Mr. Clay's report on the 
268 see congress, i(c. 

Public opinion, a manufactory of 

n'liUoads Columbia and Philadelphia 
17; Charleston 118, 148,256; Baltimore and 
nhio 148. 425; Camden and Amhoy 1J1, 
from Home to Nap"^ 256; accidents on 
191 301, 302, 315; new projects for 2o 
Danville and Pottsville 301; Liverpool and 
Manchester 150: London and Birmingham 

5 ereat speed on 349: Bright'* improved 
car 349: great facilities of transportiUion^on 

Happ, Frederick, death of 
Rales of discount in England 
"Refractory subordinate' 
Removal of the ^|.sil^-P^ d . 1 "^ 
of meetings, reports ol delegations visii 

Reshipm'eiits'to England 

Retrenchment and reform **= 

Revenue, receipt* of the 202, 245: Gen- 
nessee district 

Revolutionary soldiers 

Rhoie War-d-businesi) in 84, 86: the 
fortifications 86, 348: masonic charters 118: 
ftctories stopped 130, 153: elections 132 
188 430,443: Mr. Tillinghast 148: mason- 
in 189, 336: legislature 173; perpetuatior 
act 188: removal of deposites 188, 19o: M 
Robbins 217: the "Mercury" 298: smal 
pox 348: collector of Newport 318: 'mpri f 
Moment for debt 380: U. a. senator 396, 430 

Rich man and the beggar 

Risht of inslruelion 14i 6, J9, 5, 411 

Rio.s 35, 85, 100, 130, 147, 152, 210, 291 
300, 332, 346, 357, 365, 413, 426, 435, 441 , 44< 

Ritchie, Thomas 131,146, 154,169.202 
204 205,218, 260,266,267,312,347,363 

Rives, Mr. resignation of 25: on the righ 
of instruction 146: on the French claim* 
201- reply to the Philad. "democrats" 

JtobberiW 150,245,255,301 

Rock, great haul of 

Rome letter from the popo 38! 

RoThichild, Mr. 102, 257; 38: 

Row, Edmund 32j> 

Rush, Richard 149, 172, 188 

Russia famine in 5: difference with 
France 5,22: present to Achmet Pacha 174 
of soldiers' children 350: cruelties of th( 
grand duke 
Bailors, U. 8. 348, 362, 414; amusement 

01 

Bait manufactures 

Salutes 

Sampson, William 81, 12 

Sandford, sir Daniel 

Baunders,gen. 

Scarlet fever 

Bchley, Mr. of Georgia 

Bedgwick, Mr. 35 

Selden, Mr. 146 

Senate, U. S. applaudine in, &c. 129; de 
nunciations of 146, 259, 260; toasted 149 
curious incident in the gallery 205; rejec 
tion of Mr. Stevenson 310, confirmation 
and rejections 241, 297, 329 



INDEX. 

Sheen, Uaac in search of a btact^ wJto 
Shetland Islands account of 

iSwrecU* 9 244,060, 35 

Ship Am.-riean burnt J|" 

piL-iier, Mr. and Mrs. death of 
Silver coins the law regulating the va- 
ne of 321; large lump found 

Silks culture 348; ancient cost ofo4S; ex- 
portation, to England 
Skinner, John S. 21; Slade, Mr. 
Slave traders 301; slave trade 
Slighter, Henry singularities of <S4 
Small pox 
Snow 

Social intercourse, D. Webster's views 
of 

South Jlmtrica Buenos Ayres concern 
nthe currency of 113; toleration in Ve- 
rexuela 150. 316; treaty with U. S. 205; re- 
solution, &c. 218; earthquake?, 303; revo- 
ution in Peru 366; correspondence con- 
'erning the independence of 409,41. 

South Carolina test oath 117,173,259; 
emiaration from 117; elections 260; go- 
vernor declines to call the legislature 29i 
his proclamation 325; Solom. Legnre 314; 
Charleston Library 332; manufactories oj 
384; exports 

South exploring expedition 16/; souin 
pole 168, southern discoveries 
Southard, Mr. Samuel 203, 314 

Spain-state of 5, 21, 35,102. 261,351, 
?82, 404, 415, 431; Don Carlos 21, 102, 261, 
351, 431, 445; Donna Maria of PorUmal 174; 
crce of retaliation 191; col. O'Donnel 
2; secular orders 209; great mortality 256; 
Zumalacaraany, een. 382, 404; cholera 383, 
429, 431, 444, 4~45; storms 431; Russian am- 
bassador recalled 383; Rothschild's loan 
383; church property and income 399; re- 
culations of trade 401; rrview by the queen 
415; South American independence 419 
Specie importations of 1, 87, 118, 132, 
133, 172, 217, 412, 442, currency 
Spindles stopped 130, 153, 172 

Spirit laiQ ps 

Spraeue, Mr. 308., 429 

Stanhope, lady Hester 
St. Simonians 

Slate banks non- efficiency of 133; de 

cision on the unconstutionality of 210 

Statistics 118. 119, 150,174,191,253,256, 

350, 352, 356, 365, 381,382. 383, 384, 389, 

396, 399, 404, 424 

Stealing in high life 118 

Steam and boats and wagons on lake 
Erie 118; rapid trip 119; from Charleston to 
Boston 332; passengers 174; the Caroline 
316; a large boat 365; disasters, &C.21, 119, 
150, 174, 398; steamboat law 153; navigation 
of canals 301; boats on the lakes 314; com- 
peilion 332; on the western waters 384, lo- 
comotion by 314; effect on agriculture, &c 
426; boilers to prevent the explosion o 
301, 354: carriaees 316; 332, 349, 422, 426 
power of steam explained 38f 

Steele, John N. 242 

Stevenson, Andrew 102, 146, 201, 217 
251,297,310,311,337 
Stewart, Andrew 101, 32( 

Stocks, sales of 50, 113,172; prices in 
England 245; arrival of American stocks 
from abroad for sale 245; U. S. bank 430 
Stone, operation for 255 

Storms 5, 35, 431 

Story, judge, on the post office dept. 18.' 
Straw factory 191 

Suicides 85, 301 

Sugar, culture in Florida ofllS, refinery 
of 17' 

Sullivan, Mr. 

Survivors of the revolution 

Suspension of works 1' 

Sutherland, Mr. 298 

Sweden ardent spirits consumed in 384 

Striker/and- of the constitution 149,261 

Austria's ultimatum 26! 

Taney, Roger B. 49, 55,83, 145, 204, 297 

314,326, 361, 45C 

Tappnn, Arthur 361 

Tariff, laws concerning the 354; Mr 
Bates before the British parliament 388 
Pennsylvania resolutions 
Taylor, gen. Robert B. 
Temperance ship 



Tennesiee Union bank 84, 150; choters 
02; Mr. Potter 150; cotton crops 191; Alex. 
)onel?on 302; a?ainst gambling 397; Mr. 
{ell's letter 415; reception of gen. Jackson 
50; bonds 
Texas condition 
Tipton, John 

Toasts 114,149,291,409,415 

Tobacco, the price of 
Tornadoes 360, 316, 349 

Toulon disaster 260, 29 - 

Trade, the Spanish regulations of 
Treasury depart. U. S. certain draughts 
18, 149, 362; report on the evenue 293; 
ireasury notes 

Trotting match a great 244, Jl< 

Treaty with France 179, 195; with Chi 

205; between the rail road rioters 300, 316; 

the quadruple 400; with the Chickasaw 

Indians 

Tioup, Georee M. 417, 4.JO 

Turkey of the Russian indemnity 102; 
army 174; revolt 174; conspiracy and exe- 
cutions 261; hopes of improvement 365; 
trade of 366; the Seraskia 
Turner, Mr. J. 
United Slates Gazette 
Usury, Mr. Dew on 395; case of 
Valley Forge 

Van Bnren and the Albany branch 97; 

the memorial 126; correspondence with the 

pope 389; speech on Foot's resolution 43' 

Vance, gen. 99, 133, 348 

Van Ness, J. P. 

Ferment union of parlies in 86; pres- 
sure in 

Veto bespoke 

rirgiiiia deposite meeting.', fce. 55 
Wheeling 5, 315, 379; minority address 495 
legislature 51,97,173,292; Mr. Leigh 17; 
elections 51, 100, 116, 132, 146, 179, 218, 
2.V7, 379; parties 190; gold mines 85, 118, 
119; on bank failures in 97; bank paper of 
113, 133, 149, Monticello 117; gov. installed 
118; Valley bank 132; gov. Floyd 149; con- 
gressional districts 147, 173, 179; excitement 
218; Mr. McDuffie 250; A. Stevenson 251; 
tornadoes 260, 316; inter, impro. 314; James- 
town jubilee 307; flour at Kanawha 315; 
Mr. Swine 364: Mr. Tyler 396: Mr. Ran- 
dolph's will 367: state of the ancient colo- 
ny of 357: "old dominion," 384: university 
379: the springs 444 see Ritchie, Thomas, 
Rives, &c. 
"Vulgar herds" 

Wages, concerning the reduction of 5, 
147: prices in England 
Wager, Mr. 

Wandering piper 350 

Washington and the credit system 86: do. 
on the tenure of office 204: nomination a* 
commander in-chief 253: eulogy on 316: 
preservation of his portrait 346: the votr in 
the U. S. H. R. on the address to him 406: 
the Aurora on his retirement 
Water in the salt mountain' 
Weather, temperature of the 349 

Webster, D. 35, 49, 113, 129, 146, 201, 
204, 205, 257, 381, 403 
Webster, Charles 364 

Weirick, the mail robber 148 

West, expedition to the 442 

West Indies Cuba 54: Porto Rico 54: 
Hayti 54, 389: emancipation 302, 442: cho- 
lera 444 
West Point academy 390, 397 
Whale fishery, account of th* 385 
Wheat, price of 5, 17, 18, 49, 84: in Eu- 
rope 316 
Whigs and lories 101, 331, 434 
White, bishop 100, 369; While, Jos. 243 
Whitllesey.Mr. E. 17, 396 see congreti. 
Whitney, Reuben M. 85 
Whitfield, rev. Mr. 185 
Williams' Annual Register 260 
Wilde, Mr. 84, 100, 398 
Wilkins, William 430 
Wirt, Wm. 202; Wise, Mr. 100, 129, 335 
Wisconsin terrilory 118 
Wood, table of the weight, kc. of 256 
Wood, Mr. and Mr*, the singers 444 
Wool, woollens, &c. 150, 190, 315, 349, 
379, 397, 409, 423 

Wrecks on the Florida reafs 384 

Wricht, Silas 2M 

Wright, Frances 380 

Youne, McClintock 293 

Zollickoffer, Dr. W. 3)7 



NILES' WEEKLY REGISTER. 



FOUHT SERIES. Ne. 1 Vol.. X.] BALTIMORE, MARCH 1, 1834. [VoL. XLVI. WHOLE No. 1,171. 



THE PAST THE PRESENT FOH THE FUTURE. 



EDITED, PRINTED AND PUBLISHED BY H. NILES, AT $5 PER ANNUM, PAYABLE IN ADVANCE. 



We have, as it were, by force, made room for one of 
the many articles of our own manufacture, which have 
been latterly prepared, and then postponed, or destroy- 
ed being cast out of time, by delay. 

If we bad sixty instead of sixteen pages, we could fill 
them all with matter proper to be Registered. The 
reading of the masses of matter, which we must read to 
keep ourselves "posted-up" in a knowledge of what is 
going on, is four or five hours hard work, daily. 

The rather new practice, as we esteem it, which is now 
pursued in both houses of congress on presenting peti- 
tions, causes a great overflow of prompt and able speeches, 
on that subject wbicli swallows up all others. We notice 
some of them as well as we can. 

Under the proper head we have mentioned a few things 
to shew the "pressure" not as alarmists, but in the way 
of record. There is a great excitement in many parts 
of the country, and the people are filled with apprehen- 
sions. We shall not give the many reports which reach 
us relating to these apprehensions; for surely, if they 
have any effect, it must be only to hasten events that 
are so much dreaded. 

Mr. Dunne's fourth letter has appeared. These let- 
ters are exciting a great deal of attention. We know not 
what to say about giving them a place in the REGISTER, 
where they ouglit to be recorded. 

We publish, at length, Mr. Rives' 1 speech in the se- 
nate on resigning his seat in that body, in consequence of 
the receipt of the instructions of the legislature of Virgi- 
nia to which also he has assigned his reasons for retir- 
ing. It is said that he has been offered, but declines to 
accept any place under the administration. This course 
of proceeding must be approved. It would "look bad" 
if otherwise. 

Though we had seen many reports concerning the in- 
terviews of the several committees who have visited 
Washington, and waited on the president, to obtain a re- 
lief of the public distress, through a restoration of the 
public deposites, none of them possessed that formal and 
decided character which we thought a record in this work 
ought to have, and were, therefore, laid aside; but in the 
report of the Philadelphia committee, to a multitude of 
persons,* convened, in the day-time, at the exchange, on 
Saturday last, we have what may well be regarded a do- 
cumentary statement, the verity of which cannot be im- 
peached; and the part which relates to the interview with 
the.presidt.-nt is given at full length for it belongs to the 
history of these momentous times. 

The "National Intelligencer," which is not oftentimes 
forward in such things, "ventures to predict" that the 
house of representatives will show a majority against the 
removal of the deposites, "when the question shall be 
fairly and directly presented." This opinion is also en- 
tertained by many of the best judging members of the 
house; and some think that the movements of the people, 
(and, indeed, the people c<rc inovinp;), may possibly cause 
a considerable majority on the main question, even with- 
out the happening of certain fearful events which are 
every day looked for. 

Messrs. Gilpin, Sullivan, Wager and J\fcElderry, no- 
minated for re-election as directors of the bank, on the 
part of "the government," have been rejected by the se- 



*This meeting consisted of more thnn trn thousand, r.iubrac- 
ing a very Inrge proportion of the productive labor, wenlth nd 
capital of the city nnd probably five-sixths of its business-men. 
Vot. XLVI 810. 1. 



nate. Mr. J. A. Jiayard was approved as the fifth di- 
rector, some time ago. 

By the/s/ mail, we received, on Monday last, an or- 
der for a new subscription, enclosing five dollars, from 
Brooklyn, Ohio, 358 miles from Washington, and about 
the same from Baltimore, dated November 28, 1833 in 
ninety days passage, and which had evidently encoun- 
tered much rough usage on its voyage. We are thankful 
for its arrival at the rate of four miles a day. "Slow 
and sure." The letter was plainly and correctly address- 
ed. The business of the post office is in a horrible state. 
We hear of it, and feel it, almost every day. 

The last year's permanent loan, in Pennsylvania, was 
taken at 13$ per eent. premium. There is not one offer 
to take the present year's. The state requires about 
$2,500,000 to complete certain works, and for repairs, 

KC. 




of it in the other, causes these strange things. 



Richard M. Johnson has been named for the presiden- 
cy, by a caucus of the "Jackson" members of the legis- 
lature of Kentucky subject, however, to the decision of 
a national convention. 

Mr. Lincoln, late governor of Massachusetts, has been 
elected a member of the house of representatives of the 
United States, by a majority of from 6 to 8 for 1, in the 
place of Mr. Davis, present governor of the state. He 
arrived at Washington on Thursday last. 

The much esteemed Cadieallader D. Cohkn, esq. died 
at his seat in Jersey City, opposite New York, on the 7th 
tilt, in the 65th year of his age. 

The tide of emigration is setting back to England 171 
steerage passengers lately arrived at Liverpool from New 
York, in one vessel. This is well; we have a great sur- 
plus of labor just now and do not wish new importa- 
tions to send our own people supperless to bed. 

George Kremer has been named, by a meeting held in 
Union county, as a proper person to supersede Mr. Wolf 
in the gubernatorial chair of Pennsylvania! 

{tCJ-In the absence of statistical facts, we can do but little 
to obtain correct ideas of practical results, though they 
belong to the every-day's business of the people nor do 
we esteem the importance of many things, on account of 
our familiarity with them. 

We propose to make some remarks, (and they must 
necessarily be brief, for it is hardly within the power of 
the human mind to carry them out), on three great sub- 
jects which, not capable of demonstration, may yet be 
so presented, perhaps, as to give to the reflecting reader 
some notion of their extent, as astronomers point out the 
distances of the fixed stars; but when thousands of mil- 
lions are spoken of, we wonder at, rather than compre- 
hend, the amount. 

1. The value of the annual productions of the United 
States; 

2. The divisibility of matter and principle of aggrega- 
tion; 

3. The circulation of values. 

These subjects are not merely speculative. Each re- 
lates to things which reach the heart and home of every 



WILES' REGISTER MARCH 1, 1834 CIRCULATION OF VALUES, &c. 



man. And we hope in the progress of the present writ 
ing, to bring out certain probabilities ami principles whic! 
may instruct, as well as amuse, ourselves and others. 

1. The value of the annual productions of the people o 
the United States. 

What is value' Civilized communities have, at d:f 
ferent limes, adopted different things by which they mea 
sured value generally pieces of gold or silver, or of pa 

Eer, stamped or marked in certain ways; and in Mary 
uid and Virginia, pounds of tobacco were measures o 
value. The student of political economy is continual!; 
presented with new difficulties when the terms value am 
money are placed in adjusted comparisons for they have 
no necessary affinities one to the other, though often ratee 
as the same. The affinity is only conventional or comli 
tional, or rendered absolute by "existing circumstances.' 
At one time and place, a pound of diamonds might 1> 
less valuable than a pound of potatoes at another tirm 
and place, a pound of diamonds will be more nimbl 
than many millions of pounds of potatoes. The qiianti 
ties have the same denominations, though the eompara 
live values are almost immeasurably changed. Mone} 
too, even gold and silver coin, is subject to frequen 
changes of value by contractions or expansions of thi 
circulation, supply and demand. But we shall leavi 
these matters on the simple suggestion of them, and con 
sider value as determined by money which is some 
thing, any thing, metal or paper, but with a certain ge- 
neral relation to pennyweights of gold or ounces of sil- 
ver. Money is, in fact, the circulating medium, atid a 
five dollar note issued by what is called a specie-paying 
bank, is regarded as five dollars. 

After much reflection on the subject, and the use 01 
some data obtained as to the cost of subsistence, clothing 
and shelter, we have, by several calculations, arrived a 
the conclusion, that the annually produced values in the 
United States are certainly not less than fifteen hundrec 
millions of dollars. This is meant to include a supply ol 
all the new wants of twelve millions of persons, extend- 
ing through every class of society, from the making or 
repairs of a fence on a farm to the tear and wear and sup- 
ply of a needle all sorts of necessary labor by which 
value is created, and the obtainment of all sorts of imple- 
ments and tools, animals or buildings, useful in such cre- 
ations houses or ships, wagons or wheelbarrows the 
making or repairs of roads, canals and bridges, with the 
cost of education and in short, all the requirements ol 
civilized life. The sum above slated seems a large one; 
but when we reflect that it allows only 125 dollars for 
each individual, the great amount is narrowed down, and 
the mind can grapple the probability of the fact as sug- 
gested. The average annual cost of paupers in our pool 
houses, without any allowance for the buildings in which 
they live, would be nearly one half of the 1'25 dollars 
above stated if the value of the products of their labor 
was added to the money actually disbursed on account ol 
them. The common laborer who has a family of three 
other persons, and receives only one dollar a day, or 300 
dollars per annum, would not appear to live at the rate 
of 125 per head but his wife also produces value in the 
preparation of his food or the making and washing of his 
clothes; and these being necessary to his subsistence and 
shelter, or comfort, should be admitted into such aggre- 
gates of values in the full sum that it would have cost, in 
money, to have had such services performed by another 
person. The correctness of these principles being ad- 
mitted, and we do not see how it ran be objected to, we 
think it w ill appear manifest, that the money value of all 
the annual products of the United States, (whether natu- 
ral, such as the yearly growth of trees in the forest, or 
by labor expended such as in rendering forest trees useful 
as fire-wood) cautwt\n- less than 1,. MX), 000,000 dollars. 
Such are the annual creations of value which seeming- 
ly must be made, for the preservation and :>commo<la- 
tion of society. A part of the sum suggested may go in. 
to accumulating rallies. Thus if 1UO.OOO dollar* w orth 
of new houses are rrei-ted in a year, in m ritv or town, 
or H mill worth lh:it sun, is built and fitted, the whole of 
this amount, less the tear and wear and natural decay, 
with cost of alterations or repairs, is passed into the ac- 
cumulating \alue; but if such houses or mill he totally 
destroyed by fire, or otherwise, t|, t . ;,,.(] money cost i"s 
wn the attmml production of vuhuti. 



These things seem rery clear to our mind. There doe 
not appear any sort of mystery about them. But to un- 
derstand them, the reader must think a little for himself. 
2. The divisibility of matter and principle of aggrega- 
tion. Here is, indeed, a wide field for observation, and 
we should not affect an ability to comprehend the ideas 
that belong to it, unless in a familiarity with manifest 
facts which bear upon divisibility and aggregation. By 
these facts we are enabled, as it were, to measure immea- 
surable things. Thus we know that the mighty Missis- 
sippi, which discharges her thirty-fathom-deep flood into 
the sea, is made up of particles of moisture, or water, so 
minute as to be incomprehensible. So is the vast ocean 
itself formed of inconceivably small atoms of matter. 
And if we regard animal life, the whale's vast bulk is 
believed to be made up in the consumption of other ani- 
mals so minute, that, possibly, his daily supply of food 
in, iy require a million of millions of them. And with 
regard to ourselves in a spoon full of vinegar, used on 
our cabbage at dinner, perhaps we take in half a mil- 
lion of little snake-like things, whose bitings and scratch- 
ings when they reach our palates produce that sensation, 
or taste, for which vinegar is desired; and if we eat 
single fig after dinner, what is the number of crab-like 
and pugnacious animals that pass into our stomachs ? It 
is so also in the works of man. Instance the divisibility of 
gold. So in the works of insects witness the fineness of 
a spider's web. It is not worth while to dwell on these 
subjects for the divisibility of matter and force of ag- 
gregation are manifest to our senses, though we cannot 
count up the power of either in its minuteness, on the 
one hand, or magnitude on the other. 

The preceding remarks on the two first propositions 
offered appear necessary to a consideration of the third, 
which is 

The circulation of values; more difficult, perhaps, to re- 
duce into an intelligible statement than either of the others, 
however important are its operations on the condition 
of society. But, that the reader may more easily under- 
stand what is intended to be said on this subject, we shall 
premise, that the "circulation of values,' 1 though not in 
all cases synonymous, is here intended to mean nearly 
the same thing as exchanges of values, and the effect of 
the currency on them and on all persons w ho buy or 
sell,x>r make exchanges of values, whether in labor or 
in the products of labor. And, with craving the attention 
of the reader, we shall, at once, proceed to the conside- 
ration of certain subjects that we have never seen referred 
to in a methodical manner, which, however, are so nu- 
merous in their mutations that the mind must be exerted 
to perceive what the pen cannot describe. 

The annual productions of the United States may be 
called the starting point of the exchanges, or circulations 
of value. It is no matter in what shape they appear. 
Ever}' grain of corn that enters into the subsistence of a 
negro employed in the growth of cotton, passes into the 
circulation of values until the cotton becomes cloth; and 
then, reduced into rags, is made into paper, and such 
paper into books, &c. We have shewn w hat is the divisi- 
bility of matter; we have spoken of aggregation; but to 
l>egin at the beginning and end at the ending of the cir- 
culation of values, would be something like an atttempt 
to calculate the boundaries of space, except in believing 
that space, (in the human understanding), cannot have 
any boundary. To makejhe compass, for an example, 
with which the land was surveyed on which the grain of 
corn above alluded to grew, involved many thousands of 
xi-hanges of values, and yet some part of the value of 
hat compass passed into that grain of corn. The survey 
jave value to the land, and many other values were add- 
ed before the grain of corn was produced | but that grain 
-mrtook of them all, and, passing into the subsistence of 
he laborer, entered into the value of the cotton, and 
hat indescribably small portion of cotton ma}- have ex- 
stence, after all its mutations, in the value of a volume 
of the HKGISTEH. The value of the -cear of the knife 
with which an animal is flayed, enters into the value of a 
inir of boots; and all values are continually exchanging. 
There are many other classes of circulations of values. 
Thus, after a house worth $1,000 is built, or a value of 
11,000 so created, every sale of that house puts 2,000 dol- 
HI-R into the r.n-luinges for the operation between the 
nver and seller is a double one. W* once traced the 



NILES' REGISTER MARCH 1, 1834 CIRCULATION OF VALUES, &. 3 



history of a check on a bank for $300, which, having 
changed hands 11 times on the day of its issue arid before 
it reached the bank, of course caused the payment of 
3,300 dollars and the. receipt of the same sum, or 6,600 
in all. So it is with bank notes, or private bills. Every 
change that is made in the possession of them, is a "circu- 
lation of value, "and at every turn must needs yield some 
portion of profit to the community, if the note is finally 
paid, and then its value as a circulating medium makes a 
pause, or altogether ceases, as the case may be. 

From these broad and general views we shall retire 
into a consideration of operations that may be more easily 
understood, being direct and palpable, hi every move. 

In the following pro furii'a statement, exact amounts 
are not even aimed at the whole purpose being to note 
the various chief circulations of values. 

Let us suppose 

1. There is'ona certain plantation in the interior 
of South Carolina, a quantity of cotton in the 
seed, (that will yield 1,000 Ibs. of clean cotton,) 
which is worth, as it came from the field, $ 80 

2. For costs of transportation to the gin, ginning 
and packing, transportation to the factor at 
Charleston, his commissions, charges for store 

rent, &c. 20 

3. The factor sells the 1,000 Ibs. of cotton to the 
agent of a mill at Lowell, for 100 dollars the 
agent's commission on the purchase, and cost 
of transportation by land and water to Lowell, 

&c. is 10 

4. This 110 dollars worth of cotton at Lowell is 
there woven, spun, and printed, and produces 
5,000 yards of calico, worth 10 cents per yard, 

or 500 

5. The goods are sent from Lowell to the agent 
in Boston, and, with various costs and commis- 
sions paid to him, have a value of 515 

6. They are sold to a house in Baltimore, and, 

with charges for transportation, &c. cost that S 1 25 
house 

7. To pay house rent, clerk hire, and subsist 
himself, the Baltimore merchant must have 
not less than 5 per cent, profit on his sale of 

this lot of goods to a country merchant, or say 550 

8. To indemnify the country merchant for his 
expenses variously incurred, charges for trans- 
portation, risk and profits, lie must gain 20 per 

cent, on the $550, and his sales amount to 660 

Forward circulation $2,885 

But with the consumer it ma}' be said that a back cir- 
culation commences, and all the exchanges of values are 
reversed; so that a quantity of cotton which, as it came 
from the field, was worth only 80 dollars, may, and no 
doubt oftentimes does, set into motion a circulating me- 
dium of 5,770 dollars.* It is on the celerity or slowness of 
this circulation that the "pi en ti fulness" or "scarcity" of 
money much depends. If a miser hoards 1,000 silver dol- 
lars, they are no more useful than their weight in brick- 
hats. But if he takes them out of his chest, and builds 
a house with them, an active value is spread among the 
working people, and it goes on to accumulate values, 
perhaps, in the shape of new houses or in some other 
uxchangable commodity, no matter what. 

And in the preceding pro forma statement may be 
seen the effects of the "American System." If the: par- 
ticular lot of cotton, worth 100 dollars at Charleston, was 
exported, in an English ship, and manufactured in Eng- 
land, the circulation of values in the 4lh and 5th ileius, 
(making more than one-third of the whole amount), 
could not happen in the United Stales. This is mani- 
fest, and we shall not dwell upon it. 



*The reader will please to recollect that the consumption of 
cotton in the United Stales may be placed at about 101). 000,000 
Ibs. or so it would have been in the present year had the cur- 
rency not been disturbed. Add up the domestic "CIRCULA- 
TIONS or VAI.DB," then, which are dependent on the home 
manufacture of this huge amount of cotton, regarding only the 
regular imitations which are above described! If 1,000 Ibs. 
S\vt: so much, what will 100 millions of pounds c' v<> - ? Work it 
by the rule of three! The principle will extend to the aggre- 
gate produced. We appeal to all business men to every man 
who understands the first rules of arithmetic. 



But to return to the preceding statement. If money it 
"plenty," the planter, on depositing his cotton, draws on 
the factor, the factor has the note of the agent discount- 
ed, and the agent realizes his draught on the house at 
Lowell, and so it goes on through the whole of the pri- 
mary, or secondary, exchanges, in a week's time for each 
series, and the money derived from each commences 
new operations, and proceeds without any definite end, 
branching out into tens of thousands of divisibilities, and] 
filtering into the business of tens of thousands of per- 
sons. But how must it be when the factor cannot pay 
the draught of the planter until the money-worth of the 
cotton is realized from the consumer the operation will 
require from twelve to eighteen months, and the "scarci- 
ty" of money be felt by all the parties, as well as by all 
w'ho are dependent on them respectively.* The general 
business of the United States is performed on a credit 
system, except that vital and important part which per- 
tains to first labor, and the money need in the payment of 
daily or weekly wages, vivifies the whole; and thus it 
works: the planter draws on his factor, and the latter 
pays the draught, because the note given lo him by the 
agent has been discounted, or the money is paid, for the 
reason that the agent has made a draught on the princi- 
pal at Lowell, for which the bank has given him mt-.ey, 
and so on through all the changes: but if the bank de- 
clines the exchange of its notes, or money, for the notes 
of individuals offered, all the operations must await their 
own time, or a great reduction of prices and profits ensue, 
in every department of this circulation of values. Certain 
Cobbetians talk about the establishment of a specie cur- 
rency that would reduce the circulation of values, and 
reduce wages, perhaps, two-thirds of their present gene- 
ral amount, and what would be gained by ibis? Price, 
we admit, is only a comparative term but a five dollar 
note of the bank of the United States is worth rather 
more than five silver dollars, on account of the conveni- 
ence of its transportation, and why should all the habits 
of society be unhinged by the extinguishment of such a 
currency, and labor be reduced from 100 to 33 cents pel- 
day? There is a great objection to a paper currency 
when it does not truly represent money, by being redu- 
cible into solid cash; but while it may be, it is the agent 
of uncounted blessings, and especially to the laboring 
poor. The only thing 10 be desired is to keep it in due 
bounds, by sale checks and wholesome balances; such as 
we had between the national and state banks, a little 
while ago. 

If we have measurably succeeded in making ourselves 
understood, the reflecting reader, like ourselves, will be 
afraid to mention a sum as the probable amount of the 
circulation of values, for the magnitude of the subject 
seems to place it without the limits of our comprehen- 
sion, though, as it is with reference to space, ice can com- 
p/rehend that it is incomprehensibly and that is a great 
point gained: for in even thus comprehending, we must 
believe in the incomprehensible. So all believe except 
the wretched fools who suppose that all things happened 
"by chance" without reflecting, that there mu>t have 
been a pre-existing cause to give the power ot action evc-n 
to "chance." These things are humbly suggested and 
for the simple and sole purpose of repeating, that a great 
point is gained, when, with the evidence of indisputable 
tacts before us, we are able to comprehend that some 
things are not comprehensible, that ive may believe. 

And now to the application of the preceding remarks. 
The mighty aggregations of values, with the swiftness of 
the circulations, essentially depend on \\iesoitntlnessand 
uniformity of the currency which is, let us say 125 mil- 
lions in bank notes, which bank notes have vahii/ on 25 
millions in specie, and which specie remains, or is made 
useful, on confidence. "Caution is the parent of secu- 
rity" and very wise, and very cool-thinking men, only, 
should raeddle'with the currency of a country ! The nps 
and downs of hurrah party-politic* should no more be 
permitted to approach it, than the Caliban, of Shak- 
speaiv, (in the play of the "Tempest"), have had an in- 
troduction into the nuptial bed of the chaste Miranda, to 
bei^in a new begetting of horrid monstc'rs there. The 
mattiT that belongs to the application is designed to be 
the subject of another essay. In the mean time we clV< r 



Tnlew the money is obtained by shavings, or lest 



NILES' REGISTER MARCH l. 1834 THE PRESSURE. 



the following extract from the speech of Henry Brough- 
am, now belittled by the title of lord Brougham, in 
opening a speech in August last on the bill for a rechar- 
ter of the bank of England: 

He "begged to state that he would be the last man to 
express an approval of any measure, if he thought that 
its results would be to lead, by however long a process, 
to a depreciation of the currency of the kingdom. It 
was absolutely and imperatively necessary for the safety 
of all interests in this country, mercantile or otherwise 
for the stability of trade and agriculture that there 
should be no further tampering with the currency, ( hear, 
hear), and that no attempt or proceeding should be sanc- 
tioned by parliament, or the executive government, 
which could by any remote possibility, cause any change 
in the value of 'the circulating medium." 

It was not easy to decide whether precedence should 
be given to ihe insertion of the report of the judiciary 
committee of the senate, or to the dissent of the minority 
to the report of the committee of ways and means of the 
house of representathes concerning the pension fund. 
We have, however, given a place to the former, for one 
reason, perhaps, that it was the -unanimous act of the 
conr.iittee,* and so stands more fully in opposition to 
the report made to the other house. And, as the same 
general argument prevails in both papers, it does not 
seem necessary to present more than one of them, at a 
time when room is so much needed by us. The reader, 
to form the more correct conclusions on this subject, 
should have before him the report of the committee of 
ways and means, inserted in the last REGISTER. Pet-- 
haps, a better understanding might be obtained if the ar- 
gument of the attorney general was also given but we 
cannot ;jet space for it. The ground taken by him, how- 
ever, sufficiently appears in the reports alluded to. It 
seems clearly admitted that pensions must be paid at the 
bank of the United States, and its offices, or under charge 
of the bank, in certain other cases prescribed by law; but 
the right in the secretary of war to remove the deposite 
of what the bank considers pension money, is in the sup- 
position that certain laws are not pension laws, though so 
officially called over and over again, as shewn in the re- 
port made to the senate; and it is further said, that the 
taw gives to the secretary of tear no power over the pub- 
lic deposites though the secretary of tho treasury may 
exert such power on certain occasions, &c. two instance's 
being given in which the war secretary retraced his steps 
in this very matter, on the remonstrance of the bank. 
And it is manifest that the present order must be with- 
drawn, or that the pensioners will not he paid, unless 
congress shall pass an act to relieve the bank of its re- 
sponsibilities in this case, when the hank will gladly re 
Jinquish the agency, for it is a very burthensome one, as 
is shewn in the letter of the president of one the new de- 
posite banks, at N. York, published in the last RKGISTKB. 

Some years ago, a person permitted (for his own pur- 
poses), a small sum of money to accumulate and remain 
in our hands. He suddenly became a bankrupt, and pe- 
titioned for relief under the insolvent laws of the state. 
Whereupon five processes were served upon us about 
the money due each individually claiming it. The 
debt was freely acknowledged to all the parties and yet 
we were damned in atlendances nt court, time after 
time, as a witness. Thus worried, it was respectfully 
asked, and leave obtained of the court, to say, that s-> 
many dollars and cents stood on our hooks to the credit 
of the bankrupt, which would be paid into court in five 
minutes, or placed in the hands of either of the parties, 
as the court should be pleased to decide. The court 
then released us from further attendance; and when the 
claim was established by the proper authoritv, it was in- 
stantly satisfied. So stands the bank the'extra clerk 
hire and labor expended in paying the pensions far ex- 
oeeds the profits derivable from the use of the pension 
money but the law, as the bank believes, has required 
this duty of them, as one of the onermu conditions of it> 
charter, und simply asks that the lav> will relieve them 
of all responsibility on the subject, as is proposed in the 
bill reported by Mr. Polk, from the committee of wavs 
and means. If it is right that the secretary of war should 

*Me*ira. Clayton, Bibb, Pretton, Smith and Bell. 



have the disposition or charge of the money, let Mr. 
folk's bill pass, and all the difficulty is over. If it is 
not right that such disposition or charge should be made 
what remedy would remain to the bank, if the court 
decided, that it had -wrongfully parted -with money, ex- 
pressly appropriated, and placed in its possession, for the 
payment of certain meritorious individuals, for services 
rendered? In such a case, every one of these might sus- 
tain an action against the bank, if, (from any cause), not 
paid the money respectively due them. 

We must confess our surprise, after what has happen- 
ed, that the secretary of war should have again attempt- 
ed such a proceeding. We rather expected that he would 
have followed the course pursued by Mr. Duane; and, 
as it is morally certain that the bill reported by Mr. 
Polk will not be passed into a law perhaps not pass 
either house of congress, it is certain that the bank will 
hold on to the money, as it ought, until lawfully relieved 
of the responsibility of a just distribution of it, by the 
expiration of the period of its charter, March, 1836. 
Future deposites for the payment of pensions, may not 
be made in it the new deposite banks may be arranged 
for that duly, in the power assumed; but as this money 
went into the bank according to law, there is no power to 
lake it out unless in concord with the law; as the fact of 
the bill reported by Mr. Polk conclusively shews. Why 
such a hnv, if laivful pywer already existed to remove the 
pension money? And all that can be done in this new 
war against the bank, is to suffer the money, at present 
deposited, to be paid, by it, to those to whom it belongs, 
and refuse to send other moneys to the bank, on ac- 
count of pensions. Thus "the government" may take the 
"responsibility," and relieve the hank of it, hereafter 
without the enactment of a new law, though existing laws 
declare that pensions shall be paid by the bank of the 
United States; presuming, however that the pension mo- 
ney must first be deposited therein. 

A great effort is making in Pennsylvania, by petitioning 
the legislature, pr.i)ing for its action that the public de- 
posites may be restored to the bank of the United States. 
Saturday last, being the time fixed for opening proposals 
for a permanent loan of $729,354, at Harrisburgh, it was 
trmnd that not a single offer had been made. Under pre- 
sent prospects, the public works of Pennsylvania must be 
discontinued, and great public loss, as well as much pri- 
vate distress thereby ensue. 

We have been promised a currency, and by high au- 
thority too, better than that which the'baiik of the United 
States furnished. 

On Tuesday last we paid 5 per cent, discount on a note 
of one of tlie banks at Hartford, Con. and 3 per cent, dis- 
count on one of those issued by a bank at Pittsburgh, Pa. 
in exchange for Baltimore bank notes. We do not know 
the present shaving tariff* at Hartford and Pittsburgh, but 
venture nothing in saying that the notes of the banks al- 
luded to, at home, are, together, 3 or 4 per cent, more 
valuable than any Baltimore bank notes there. And on the 
same day, a gentleman of Kentucky, paving us a small 
bill, was careful to select Baltimore paper, which he had 
bought at 3 per cent, discount. The "safely fund" 
hank notes are at 2 per cent, discount in the city* of New 
York, and, for one or two days, were at 5! Some ar- 
rangements are said to have been made for the relief 
of these hanks, by which the discount receded as stated 
above. The shaving of bank notes is now a mighty bu- 
siness, and employs hundreds of thousands of dollars. 
Exchange on England remains below "par." That is, 
say 9 per cent, below the real par. 

The committee on post offices and post roads of the 
house of representatives, have made a report that it is 
inexpedient to restore to the post office department the 
sum of 1,103,927 dollars, which, at different periods, 
since the establishment of that department, have been 
paid into the treasury of the United States. But no part 
of this sum has been paid into the treasury for several 
years last past. 

THE PHKSSCRE, fcc. 

Groat meetings of tlic people are holding in many of the Mates 
al which memorials to ongre ait adopted, praying ri-lwf from 



NILES' REGISTER MARCH 1, 1834-CONGUESS. 



the pressure on tilt- money market, liy a resloralion of the |>nb- 
lic deposits to the bank ol the United Status. The citizen* of 
Virginia are all alive on this subject, bill rather more, perlni|is, 
on what they regard a violent t-eizure of the public piir.e, tlmn 
on account of the deranged state ol the currency that has ful 
lowed it. A lew meetings ol' a different character have been 
"gotten" up in Pennsylvania, and by person* who, before the 
veto of the bank bill, would have pronounced it treason again*! 
the '-democracy" of Pennsylvania to suppose that the events 
which have happened could take place. 

We have fresh accounts of the proceeding* of, perhaps, one 
hundred meetings lor a restoration of the deposiies, in the cur- 
rent week. At some of those held ia Virginia, lately, very strong 
language wan used. 

We noticed in our last the pro?pect of things at Lowel. Since 
then a large number of girls have "turned out" to prevent a re- 
duction of wages, and they committed gome things which fe- 
males ought not have done, such as processions through Hie 
streets, "marching ankle-deep in the mud" and "waving their 
handkerchiefs and scarfs," &.c. and one or two ol them deliver 
ed public speeches. They also made an attempt to break Hie 
banks, by demands for specie, in large numbers but it ended 
only in their own shame. The chiefs have been dismissed, and 
new supplies from the country rushed in to take their places; 
but they generally submitted to the reduction proposed, nnd 
which had been proposed in kindness to them; for, if not sub 
milled to, the mills, in the present slate of business, would have 
bten, of sheer necessity, closed. 

The melancholy ti'uth is that a large reduction of wages 
must be submitted to by the working people, generally, or dis- 
missions from employment ensue. The reduced money-value 
of all sorts of products, and the difficulty of obtaining money, 
ure such, that one or the other n.ust take place. High wages 
cannot much longer be paid in any branch of business, unless 
there is a change in the state of the money market. In many 
branches, mechanic* would now gladly obtain even 50 cents 
per day ''finding themselves." 

Many of the eastern faciories have stopped and 1,100 per- 
sons were discharged from 4 of them only. It is said that most 
of the iron furnaces in New Jersey are, or soon will be, out of 
blast. In Philadelphia official permits must be obtained to oc- 
cupy a part of the street for builiiing purposes at this time last 
year, such permits issued were more than six hundred, and at a 
corresponding date in the present year amounted only to eight. 
Here is a matter about which there cannot be a mistake. The 
same operation is going on every where. Many additional 
failures have happened in the chief cities. The general rat-: of 
money is 21 per cent, a month, and a vast business is doing at 
that pi ice. 

Let the working people look at the following 

The Leeds Intelligencer states that the cotton loom weavers 
at Oldham have full work, but their wages are most misernble, 
as the best workmen cannot get more, on an average, than iw. 
6<f. per week that is, at the real par 132 cents. [Will they 
agree to be reduced to this English pauper state?] 

The b.\nk of New Brunswick, New Jersey, has suspended 
payment. The branch ofthe Susi|uehaniKih bank, at Baltimore, 
ha ben withdrawn but it i.< published that its notes issued 
will be paid as usual, and all he. retired. A draft of the 4lh 
auditor has been dishonored at Cincinnati, by the new depositu 
bank. The contractors for carrying tile mails are very clamoi- 
ou for the money which they have earned. The working peo- 
ple, at several places, are protesting against the "due hills" is- 
sued by their employer*, as they ought, if the latter could satisfy 
them in money. The alternative \*, to receive "due bills" 
or he discharged, anil the choice is a sad onti. 

Wheal, at New York 90 cents. Flour, at Pittsburgh 2 87J 
bbl. at Wheeling -2 50 at Cincinnati 3 a 3 12. Whiskey at 
same place, 20 a 24 pent*, gal. Nothing doing in bacon, pork or 
Inrd, as the prices offered will not pay the cost of the packer. 
Cincinnati is the greatest pork market in the United States. 

FOREIGN NEWS. 

From London papers to the 1th and Paris to the 8th January, both 

inclusive. 

SREAT BRITAIN. 

Bart Fitzwilliam was determined to persevere with his mo 
tlon to repeal the corn law*. The misunderstanding existing 
between the governments of England and Russia, through the 
Intervention of prince E?terhazy,the Austrian ambassador, was 
in a fair way to he adjusted. Considerable importations of wheat 
had been made into England from Van Deiman's land; to which 
latter place 6,000 convict* had been transported during the last 
year. A dieadfnl storm had swept over England nnd the north 
of Europe, causing great destruclion both on land and at sea 
many live* wore lost and several houses burnt by lightning 
There had been a decrease in the revenue for the quarter made 
up to the 5th of January of 91.547, as compared with the same 
quarter last year. The Columbine, one of tin* vessel* of Lan 
der's expedition up the Niger, had arrived in England. Mr 
Lander and lient. Allan, had proceeded in the Alburka steame 
up that river, and were sanguine of ultimately establishing i 
successful system of commercial intercourse between England 
and Africa. 

FRANCE. 

Thq papers contain various speculations touching an nntici 
pated rupture between England and France, on the one side 
and Russia on the other< but these are ot boras out by the 



riemlly tenor of the congratulatory address of the ambassador 
if tile laller power In ihe king orrranrr, on new year'* day. 
;oiiider.ihle uavul prrpaiiitii.ns \\rr- tit-ing niiulr, which we 
ire-iime gave birth to the rumors in i|u-m,n. 'J'he chambers 
would, it U thought* VOU tin- necc.sai;, appropriation* to pay 
be instalment due to the U. Sum's, and thus nctilc that difiei- 
ce. The departure of the duk o[ Orleans, for Amc-nca was 

lake piuce the present month. 

SPAIN. 

The affairs of the queen were rather more promising; but still 
vithoiil material change. The contest between the contending 
larties I, ud assumed the character of a guerilla wai fare. Mo- 
ilto's troops had again entered Portugal und eaptun d 40 Car- 
isis; and the insurgents of Navarre, after a severe conflict, had 
ecu beaten by general Lorenzo. 

STILL LATER. 

From London papers to tlic 1B/A Jan. inclusive. 
It was calculated in England that the present situation of this 
country would seriously interfere with the manufacturing in- 
lustry of that country, as ull the advices from here admonished 
he manufacturing and shipping houses not to send out goods us 
here was no money lo pay foi them, and the manufacturer* 
were, in many instances, acting upon them. 
The afi'uirs of Spain have ast.umed a new and moie important 
nn. A captain general, Llander, who appears to act in con- 
cert with the municipality of Barcelona, and to have, among 
other distinguished adherents, generals Qiiesado and Morillo, 
>ad sent an embassy to the queen intimating lo her as the nishe* 
of the province, 1st, thai Ihe Spaniards receive a representative 
ivernmeot, with the liberlies connected with it 3d, the sup- 
iression of abbeys and monks 3d, the liberty of the press 4th, 
he reform of Ihe clergy 5ih, ihe distribution of ils property 
among Ihe people, and 6th, that the tithes and other imposts, 
njurious to farmers, be suppressed. Liander has 45,000 men 
at his command; his address to the queen was hacked by 50,000 
signatures, and Ihe people of Catalonia had risen en mnsic in 
suppoil of his demand. The queen is said to have returned 
.. lander's address, without giving any satisfaction as to the 
course she would pursue. The queen, Imwtver, \ icldiim to the 
iressure of circumstance.", it is said, has changed lu-r ministers, 
ind consented lo the tonvt ration of the com s. The president 

01 the new cabinet is said lo be the marquis de las Armarilla. 
Mitnj liisiiiiuiiislied conslitutionalisu have returned to Spain. 

Advices from Lisbon stale thai Don Miguel's army had suf- 
fered greatly from sickness, and was reduced to 6,000; his for- 
tifications were strong and would require- much greater force 
than Don Pedro's to dislodge him. 

The rush-in pails of Russia are suffering dreadfully from the 
effects of famine. 

There is a report that earl Grey was about to resign. 

TWENTY-THIRD CONGRESS FIRST SESSION. 

SENATE. 

February 21. Mr. Southard presented three petitions from 
New Jersey, praying fora restoration of the deposites, one of 
them signed by 2,7&o voters of Burlington county. He spoke 
highly of i lie character of the memorialists, and, out of these pe- 
titions and others, attempted to shew thai the legislature of the 
stale did not express the voice of the people on this matter. 
And these petitions, he aUo said, were signed by many friends 
of the administration. 

Mr. Wilkins presented resolutions adopted by two of the lo- 
cal bank j at Pittsburgh, staling the general distress and praying 
for relief. He also presented a set of resolutions passed at a 
large meeting of the people, with the same character and bear- 
ing; and be spoke highly of the respectability of the actors in 
these proceedings. 

Mr. Sprague presented a memorial of 606 citizens of Portland, 
Me. in relation lo the distresses of the country, and praying for 
relief, lie spoke of the respectability and business of the sign- 
ers, and among other things stated that ihe branch bank in that 
cily had actually sustained the local banks. He spoke at con- 
siderable length', and was followed by Mr. Shepley, who read an 
anonymout communication from the "National Intelligencer," 
to shew the intention of the bank. A long and very lively de- 
bate ensued; in which Messrs. Sprague Fortyth and Chamber* 
took part. The lattor explained the late "run" on the branch 
at Savannah, nnd placed that affair in n very ridiculous, but 
censurable, light. [We must recur to this debate, if we can, 
for parts of it are uncommonly interesting.] Mr. Jfebiter rose 
to deliver his sentiments, but on the suggestion that impoitnnt 
executive business required atlention, gavo way, and the senate 
went into secret session, and so remained until the hour of ad- 
journment. 

February 22. [For the first time this session, the senate sat 
on Saturday.] 

Mr. Toiler said he rose to present the resolution* recently 
adopted 'by the two houses of assembly of the state of Virginia, 
expressive of their opinions and views relative to the conduct 
of the executive with regard to the bank of the United Slatee 
and the deposited of the public revenue. He proposed to ab- 
stain, at this time, from making any remarks on tho subjects 
embraced in the resolutions, other than to say, that, concurring 
as he did most fully in Ihe views expressed by ihe legislature of 
his state, ho should use all the means in his power to carry them 
into effect. He should nt another time, more convenient to the 
senate, make such remarks as the importance of the subject re- 
quired. He should, lor the present, merely move for the prut- 



NILES' REGISTER MARCH i, 1834 CONGRESS. 



ing of the resolutions, and their reference to the coinniittee on 

finance. 

The resolutions having been read 

Mr. Rivet rose and said: 

Mr. President: The senate, will indulge me, I hope, standing 
in the position 1 do, with a low remarks on the subject of the 
resolutions just read. It is very fur from my intention to at- 
tempt to impugn, in any manner, the force of those resolutions, 
or to derogate, in the slightest degree, from the high respect to 
which tin y are entitled Mere ami claewuerB. On the contrary, 
I recognise them as the legitimate expression of the opinion of 
my Plate, conveyed through the only authentic organ known to 
her constitution and laws. 

The senate will have perceived, from tire reading of the reso- 
lutions, that it is my misfortune to entertain, and to have ex- 
pres:-cd, on the grave questions now occupying the public mind, 
opinions very different from those asserted liy the resolutions. 
Notwithstanding this difference of opinion, I should IVel it my 
duty, as one of the representatives of Virginia on this floor, to 
cori'lorm to the views exposed by her legislature, if, in the cir- 
cumstances in which I am placed, I could do so without dis- 
honor. I hold it, sir, to be a vital principle of our political sys- 
tem, one indispensable to the preservation of our institutions, 
that the representative, whether a member of tins or the other 
house, is bound to conform to the opinions and u i-h-s of his 
constituent* authentically expressed; or if he be unable to do 
BO, from over ruling and imperious considerations operating 
Upon his conscience or honor, to surrender his trust into the 
hands of those from whom he derived it, that they may select 
an agent who can better carry therr views into eflVct. 

On all occasions involving questions of expediency only, it is. 
I conceive, the bounden duty of the representative to conform 
implicitly to the instructions of the constituent body, where tho.-e 
instructions are to be carried into execution by a legislative act, 
which, as a mandate of the public will, prescribes and directs 
what shall be dune for the public good. But where the instruc- 
tions contemplate a declaration of ptiticiples or opinions, which 
are contrary to the sincere and honest convictions of the repre- 
sentative, as there is no means of forcing the assent of the un- 
derstanding to abstract propositions, the only course left to him 
is by the surrender of his commission, to put it in the power of 
bis constituents to confer it on another whose opinions corres- 
pond with their own. 

To apply these principles to my own case, I do not hesitate 
to say, that if the instructions of the legislature of my state had 
required me specifically to vote for a law or other legislative 
act, providing for the restoration of the public deposites to the 
bank of the United States, however highly inexpedient I deem 
such a measure to be, I should nevertheless have felt it my duty 
to give the vole required. 

Soch it will be recollected, was the precise demand of the 
memorial of the citizens of Richmond presented a few days ago 
by my honorable colleague, and which concluded by asking, that 
congress "would provide bylaw for the immediate restoration 
of the public moneys to the bank of the U. States." But, sir, 
this is not the shape in which the question is presented to me, 
by the resolutions of the general assembly of nry stale, or by the 
proceedings pending in this body. Those resolutions instruct 
the senators of Virginia, in general terms, "to use their best ex- 
ertions to procure the adoption by congress of proper measures 
for restoring the public moneys to the bank of the U. States." 
Now, sir, I am bound to inquire what are those proper mea- 
sures, in the contemplation of the legislature of Virginia. 

We all know that the only measures proposed, or contem- 
plated in this body, are the Iwo declaratory resolutions offered 
by the senator from Kentucky; the first affirming that the conduct 
of the president with reference to the removal of the public de- 
posite, was a dangerous and unconstitutional assumption of 
power; the second, declaring the reasons assigned by the secre- 
tary of the treasury for that removal, to be unsatisfactory and 
insufficient. When the latter of these resolutions, together 
Will) the report of Ihe secretary of the treasury, was referred 
some days airo to the committee of finance, that committee did 
not report a bill, or joint resolution for the restoration of the 
deposites, but simply a recommendation, thai the senate adopt 
the declaratory resolution of the senator from Kentucky. In 
short, it in now avowed and understood on all hands, that all 
that is deemed necessary, or will be proposed here, to effect a 
restoration of the public money to the bank of the U. Stales, is 
a mere der.lnralion by congress, of the insufficiency of the rea- 
sons assigned for their removal. 

The only measures, then, on which I shall he called to carry 
into effect the instructions of the legislature of my stale urn, the 
declaratory resolutions moved by the senator from Krniucky, 
and now depending before the senate. That these resolutions 
are, in the, estimation of the general assembly of Virginia, j/ro- 
j>r nifumrcs that the opinions and principles declared by 
them, are believed by the general assembly to be correct anil 
well founded it would be unpardonable blindness to the lan- 
guage and tenor of their instructions not. to see. At the same 
lime, it it well known to the senate, that on each of the propo- 
sitions declared in these resolutions, I had (and I will take 
leave to add. aft< r the most careful and anxious invotiL'iition), 
com* to opposite conclusions, which I had earnestly asserted 
and maintained on this floor. I am, therefore, placed hv the 
tiii>lru<-lioiiR of the legitlaiurn of my state, in tins dil.rnma ei- 
ther to vote for the declaratory resolutions of rhe senator from 
Kentucky, and thereby express opinions whieh I not only do 



not entertain, bill the reverse of which I have sincerely nnd 
earnestly maintained on this floor; or. by voting ngainsi thi-in, 
to oppose Hie only measures which* are likely to come before 
this body, having in view the restoration of the public deposites 
to the bank of the United States, and thus appear in the attitude 
of disregarding and thwarting the declared wishes of the gene- 
ral assembly of Virginia. I am sure I but respond to the honor- 
aide leclings of all who hear me, in saying, that the first branch 
of the alternative is impossible, while tile latter is no less forbid- 
den by my principles, and a proper sense of my duty to the con- 
stituted authorities of my state. The only course left to me 
then, is one which the senate can be at no loss to anticipate. 

Before I close the few remarks with which I have felt myself 
called on to trouble the senate, I beg leave to say, that while I 
recognise implicitly the resolutions just read as the legitimate 
and constitutional expressions of the opinion of my slate, I wish 
not to be understood as saying that they express the real public 
opinion of the state that of the PEOPL$. On the contrary, my 
firm and clear conviction is, that Ihe sentiments of the people 
in the present instance are not in unison with the proceedings 
of the legislative authority. The manifestations of popular sen- 
timent already commencing in various quarters of the state 
the principles and opinions heretofore steadily cherished by Vir- 
ginia multiplied communications received from the most re- 
spectable sources; and my own knowledge, I may be permitted 
to add, of a people with whom I have been connected, in rela- 
tions of public service, for now near twenty years, assure me 
that they are not; and the revolution of a lew months, will, I 
confidently believe, render the fact manifest to all the world. 
But in the regulation of my official conduct here, I am not per- 
mitted lo look beyond the constitutional expression of the opi- 
nion of the state, by its regular and proper organ. If a senator 
were allowed to set tip against the public opinion of his state as 
otficially and solemnly declared by her legislature, a hypotheti- 
cal public opinion, which may or may not he that of the people 
of the state, it is obvious that a door would be opened for the 
total evasion of all effective responsibility of this body to public 
opinion. It is on the legislatures of the states that the consti- 
tution has devolved the choice of members of this body, and Ihe 
same legislatures must be the interpreters of the public opinion 
of their respective states to the senators chosen by them, when- 
ever an occasion shall arise which may call for a solemn mani- 
festation of that opinion. 

This is indeed the only prarticnlle mode of bringing the opi- 
nion of the sovereign communities represented in this body to 
act, with authoritative influence, on iis proceedings: and when 
it is considered that the senate is, by the greater permanency of 
its official tenure, farther removed from the salutary controls of 
the representative system than any other branch of the govern- 
ment, all will see the necessity of keeping open a clear and de- 
signated channel by which public opinion may promptly reach 
it in an authoritative form, and be made effectual on its deli- 
berations. It is thus, essential to the practical supremacy of 
the popular will itself, that the state legislatures should bn re- 
cognised as the authentic and constitutional exponents of the 
popular opinion of the respective states, in all relations with 
this body. If, in any instance, the legislatures of the stales 
shall mistake the opinions of the people, it is, as I conceive, for 
Ihe people themselves, and not for us. to correct the mistake. 

These, Mr. President, are very briefly the opinions I enter- 
tain on the delicate questions presented for my consideration 
by the instructions of the legislature of my state just read; and 
the only alternative they leave me, in the circumstances in 
which I am placed, is to surrender the trust with which I have 
been honored as a member of this body into the hands of those 
from whom I received it. I know well, Mr. President, and I 
feel how much of honor and of satisfaction I give up in aban- 
doning my seat on this floor. I abandon what I have ever re- 
garded the highest honor of my public life an honor than which 
none higher, in my opinion, can be presented to the ambition of 
an American citizen. I sacrifice social and kindly relations 
with many members of this body I would fain hope'with all 
which have been the source of the highest satisfaction to me 
here, and the remembrance of which I shall cherish with sin- 
cere pleasure in the retirement whither I go. I know and feel 
the weight of these sacrifices, but great as they are. I make them 
without a sigh, as the most emphatic homage I can render lo a 
principle I believe vital to the republican system, and indispen- 
sable to Ihe safe and salutary action of our political institution*. 

The resolutions were then referred to the committee on 
finance and ordered to be printed. 

Mr. McKcan rose and said, that he had on hand numerous 
petition* and memorials, from large numbers of citizens of 
Pennsylvania, all complaining of deep distress, and protesting 
against the removal of the public deposites from the. United 
Slates Lank, and praying for their restoration. He said he had, 
for several days, anxiously sought an opportunity to present 
them, but could not obtain the floor. True, he said, in accord- 
ance with thr humor of the times, some of them were express- 
ed in pretty strong terrn. He believed, however, they would 
all come within the narlmmrntftry nnderstnndinc of resprctftil 
languo&e} and to save time, as he "now had Ihe floor, he would 
a-k permission to send them to Ihe chair collcctivelv, and sk 
Ibal they be rend, referred to the committee on finance, and be 
printed; which was nureed lo. 

The papers sent to the chair by Mr. McfCrnn. consisted of the 
proceedings of a meeting of hoot and shoe makers and hoe 
dealers of the city of Philadelphia; a memorial of nearly 700 ci- 



NILES' K KG ISTER MARCH ), 1834 CONGRESS. 



tizens of Poltsville and vicinity; the memorial of citizens of 
Schuylkill county, and the memorial of the president and direc- 
tors ol the Western hank of Philadelphia. 

The chair also communicated the petition of a number of the 
inhabitants of the township of Moyamensing, in the state of 
Pennsylvania, praying for the restoration of the public deposites 
to the bank of the United States, which was read, referred lo 
the committee on finance, and ordered to be printed. 

The senate then proceeded to the consideration of the unfi- 
nished business of yesterday, being the motion to refer the me- 
morials of the citizens of Portland and of Bangor, Maine, on 
the subject of the deranged currency and distress of the coun- 
try, consequent upon the removal of the public deposites from 
the bank of the United Slales; and, after a debate, in which 
Messrs. Webster, Forsyth, Chambers and Kane severally took 
part, the question was taken, and the motion for a reference 
carried. 

The other business attended to will sufficiently appear in its 
progress. 

February 24. After other business 

Mr. Smith rose and presented several memorials and resolu- 
tions from New Haven and Hartford, embracing the proceed- 
ings of the Harlford bank, Ihe Phoenix bank, the Connecticut 
River bank and the Hartford fire insurance company, all pray- 
ing for the restoration of the deposites. 

In presenting these documents. Mr. Smith made some re- 
marks on the character and extenl of the existing pressure, its 
cause, and the remedy which was demanded by public opinion. 

The petitions and resolutions were laid on the table, Mr. 
Smith postponing his motion to read them, in consequence of 
the arrival of the hour for the special order. 

The senate then proceeded to the consideration of the special 
order, &c. when 

Mr. Tyler rose and addressed the senate in opposition to the 
removal of the deposites, and in favor of their restoration, until 
half past 3 o'clock, when, having concluded, 

On motion of Mr. Hill, the senate adjourned. 

February 25. Mr. Clayton submitted resolutions calling for 
information concerning the pension agents and also as lo the 
amount of money that had been received for postages, in a cer- 
tain period. 

Mr. Frclinghuysen presented the petition of 810 of the citizens 
of Cumberland county, N. J. praying for a restoration of the de 
posites, and made some remarks on the general subject, as well 
as with reference to his own position. He was followed by Mr. 
Clayton, in a very animated speech. 

Mr. Wriht presented a petition from Troy,N. Y. praying for a 
restoration of the deposites, and bore a testimony of the respec 
lability of the signers. Mr. Clay said that the vote of Troy was 
2,200, and that the petition was signed by 1.730 persons. 

These memorials being read were referred and ordered to be 
printed. 

The further consideration of the memorials from North Caro- 
lina on the subject of the finances and the distressed state of the 
country, was called for by Mr. H(tnuin. and a lively debate fol- 
lowed, in which Messrs. Brown, Forsyth, Chambers and Porter, 
(the new senator from Louisiana for the first time), took part. 

Mr. Webster moved that the senate postpone the previous or- 
ders, for the purpose of taking up the bill from the house making 
an appropriation for the payment of the revolutionary and other 
pensions for the year 1834, and in the course of his remarks no- 
ticed an article in the "(Jlobe" which rudely charged him, and 
the committee of finance, with u-ithholding the bill, and imput- 
ing bad motives; but Mr. Webster shewed, from the journal of 
the senate, and even the "Globe" itself, that this hill, received 
from the house on the 6th February, was reported by the com- 
mittee to the senate on the 10th (and so the committee was 
relieved of any particular care over the subject). The bill was 
read a second and third time, and passed, without opposition, 
as such bills usually are. 

February 26. Mr. Chambers, at the request of the committee 
deputed for the purpose, presented a memorial from Baltimore 
against the restoration of the deposites, &c. the signer? to which 
were said lo amount to 3,558. The memorial was read and or- 
dered to be printed, with the names of the signers appended. 

After some other proceedings, Mr. Webster moved that the 
senate should proceed to the consideration of executive busi- 
ness which Mr. Chambers opposed, an account of the illness 
of his colleague, Mr. Kent. Mr. W. then waived his motion, 
but would call it up again to morrow. 

Mr. McKean presented a petition from Berks county, Pa. 
signed by 1,858 persons praying a restoration of the deposites, 
and referred to a letter addressed lo him saying that about one- 
half of the signers had never been opposed lo gen. Jackson; and 
added he himself knew some of them to he among his warmest 
friends. Mr. M<-K. also presentr-d the proceedings of the me- 
chanics, &.C. of the Northern Liberties (Phila.} in favor of the 
bank, and one from 51 persons of Schuylkill county, against the 
bank. 

Mr. Clay made some poitited remark* on the petition from 
Beiks, ami, after referring to certain facts shewn at Ihe last pre- 
sidential election, proceeded to Ray- 
He hoped he might be allowed to state a single fact, which 
would show the impressions upon the public mind in regard to 
the present distress. In the town of Reading, in the county of 
Berks, he understood that five hundred vote* were given for the 
present chief magistrate, at a late election, and only one hun- 
dred against him; yet five hundred of the inhabitants of the 



same town had Kiib-crihrd tint petition Ketting forth the existin? 
dUtrt*, and praying the aid ol congress to afloid them torn* 
effectual relief. 

J-'rom nil quarters from whence memorials had issued, Mr. C. 
said, we learn a similar state of facts. Ueiitlcineri may b as- 
sured that this is no party struggle that now agitates the coun- 
try. It H a question between the will of one man and that of 

twelve million* of people. It is a question between power 

ruthless, relentless, inexorable power on the one hand, and 
the strong, deep-fell sufferings of a vast community, on the 
other. He trusted that these memorials would be the meruiKof 
softening his heart, and presenting to him the true condition of 
our afflicted country, and induce him, to the utmost of his abili- 
ty, to afford that relief to it which he and his secretary could 
instantly supply. 

Mr. Clayton made a few observations, to show how very far 
the petitioners for restoring the deposites, &c. in these conflict- 
ing petitions, exceeded the number of those who approved of 
their removal. 

Mr. Clay presented a memorial from a large number of citi- 
zens of Louisville, Kentucky, on the subject of the pecuniary 
distresses of the country, ascribing them to the removal of the 
deposites, and praying lor their restoration; and moved to refer 
them to the committee of finance, and print them. 

A debate then ensued, which lasted until a late hour, in which 
Messrs. Clay, Clayton, Tallmadge, Wright, Ewing, Webster, 
Chambers and Forsyth took part, when the senate adjourned. 

February^. Mr. Webster presented several petitions for a 
restoration of the deposites, &c. viz. from the presidents and 
directors of all the banks in New Bedford; from Warren coun- 
ty, New York, signed by 303 persons; the major part of whom 
say they have been friendly to the present administration; and 
from 866 citizens. of NorthamptoH county, Pennsylvania. Mr. 
W. added that the two last petitions had been sent to him, be- 
cause that his views were supposed lo be more in accordance 
with those of the petitions than were those of the senators from 
the states named. 

Mr. Clay made some remarks on certain observations of Mr. 
Wright, in relation to the Troy petition recently presented, lo 
which Mr. W. replied. [Mr. C. stated some highly interesting 
facts, but we cannot get room for them.] 

Mr. Webster presented the- following resolution: 

Resolved, That the secretary of the treasury lay before the 
senate the monthly returns of the bank of the I'nitfd States, 
from August, 1833, "to February, 1834, inclusive. 

Mr. Poindcxtcr presented the following resolution: 

Resolved, That the secretary of the treasury be directed to 
'ommunicate to the senate, copies of any order or treasury 



liich it is go transferred, or intended to be 



ted that Mr. P. should call for the conside- 



resentcd a petition from Schuylkill county, 




country, &c. 

Mr. Tyler rose; to present two memorial? on the subject of ih* 
pecuniary embairassments and deranged currency of the coun- 
try, praying for relief one signed by 500 citizens of th town f 



8 WILES' REGISTERMARCH l, 1834 PHILADELPHIA COMMITTEE, &.c. 



Wheeling, Virginia, anil thcotiier from 500 citizens ot'the town 
ofNorfolk, in the same stale. These memorials came, he said, 
t'r> m the extremes of tlw state from the Ohio river to tlie At- 
lantic seaboard. 

On mmion of Mr. Webster, the senate proceeded to the con- 
sideration of executive hu>iin'<?, and alter remaining in secret 
session some hours, adjourned. 

BOUSE OF REPRESENTATIVE*. 

Friday, Feb. 21. .Mr. J. Q. Mams, on a proposition to amend 
th>; jtiurnal, look an opportunity lo pronounce a beautiful eulo- 
giuin on the character of Mr. WIRT, which we arc compelled 
lu postpone, but, Mjr.lv, will insert. 

Alter which the bill to compensate Susan Decaiur was taken 
up and discussed, and supponed and opposed ul some len^lli 
without coming to any decision in the committee of the whole, 
which had leave to sit again. 

.Mr. Thomas, of Louisiana, observed, thai to morrow was the 
22d, [WASHINGTON'S birthday] a day when it was not nsiinl 
for public bodies 10 sit. He therefore wished to move thai the 
hou-c, when it did adjourn, would adjourn to Monday next. 

Objection being made, he: moved (.,, n.c suspension of the 
rule. It was suspended accordingly, :iyrs 114, noes 7; and 
ttitieupon the house adjourned over to Monday. 

Monday, Feb. 24. The house was occupied the whole of this 
day with receiving petitions, and hearing the discussions that 
grew out of them, though proceeding no further Ulan i'l-nn.-;. I- 
vania in the cull lor petition*. 

J'-etitions in favor of a rustoralion of the depositcs were pre- 
sented as follows 

From Bangor, Miiine, signed hy 238 persons from six hr\nks 
in Connecticut from the people of New Haven; from Troy, 
signed by 1,730 persons; from Burlington county, N. J. signed 
by 2,785 persons; two from the interior of Pennsylvania, by Mr. 
Poll*; from Berks county, Pennsylvania, signed by 1,850 per- 
eons. And here the presentation of petitions lor the day was 
arrested by the debate that ensued, of which we cannot make 
ruoin for a sketch. 

Mr. Ifuhlcnbcrg, on presenting the last mentioned petition, 
made some remarks to shew that this petition did not represent 
the wishes of a majority of his constituents, and used some ex- 
pressions that were deemed offensivw, which produced an inquiry 
from Mr. McKennan, and a desultory debate followed, in which 
Messrs. Binney, Watmough, and others took part. The petition 
had been drawn up both in English and German, and Mr. Muh- 
tenberg had detached the latter before its presentation but it 
was restored on the suggestion of several members. Then a 
discussion on printing the names took place, and most of them 
being in German, it was proposed that they should be printed 
in that language, and so it was finally agreed by yeas and nays, 
112 to 90. In the course of the debate 

Mr. Tutrctl would oppose, if he stood alone, the printinj of 
all such petitions. It was surprising to him, to hear such an 
unnecessary expense advocated. There was among others, a 
petition already printed on this subject with sixty-two pages of 
names, at a considerable expuiisv. Those petitions, he believ- 
ed, were got up originally by the bank, and those who procured 
the signatures were paid for their trouble out of Mr. Biddle's 
fcreecbes' pocket. He felt that it was time for the house to take 
a stand, and save the treasury this expense which was sought 
to be llirowu upon it. It was possible that many of those who 
signed the petitions from I he large cities, were stimulated by 
the atturance that their names would appear in a printed bool:. 

Mr. Crockett said: Sir, as I am the only person from Tennes- 
see in this house Tvho am opposed to the administration, I hope 
I may get a few words in; that I may say what are my own 
notions on these matters sir, I think the member from N. Vork, 
(.Mr. Turrcll), who has just spoke, has been a little testy ... 
his objections; he talks much about this, as if it was a great mat- 
ter. Sir, are we to stick at such trifles as a few dollars in the 
printing a mailer so important. It seems, sir, to me to be sonic 
thing like loading a twenty four pounder to shoot a flea. Sir, 
is il not so. We are spending 3 or 4,000 dollars in discussing 
the printing of a matter that perhaps after all will not be 20 cost! 
But, sir, this is retrenchment; but it is the old rule for retrench- 
ing. I love, sir, to see the petitioners come here, and my life 
on it, sir, they will conn-; aye, and from Indiana, for all that we 
hear to the contrary; and yet from my own stale, every day my 
letter* It'll m they wish this question settled. 

Tliey know very well in my district the character of tho man; 
who when he takep any thing into his head, will carry it into ef- 
ect. They knew how I should act in this bank business, for I told 
them, belorc I wan el.-etcd, how I should vote that I would 
recharler Hie bank, and restore the deposites. Sir, I get letters 
every day from all parts, which tell me these acts are disap- 
probaUd. The question is now whether we shall be under the 
old ami happy st.ito of things, or have a despot. Sir, the peo- 
ple Uavn a risht to tell their grievances, and sir, I tell you they 
must not be refused I can't stand it longer I won't. 

Tuetday, Feb. 25. After the morning business- 
Till! hpu*e resumed the consideration of the bill making np 
propriations for certain fortifications, the question tiring ii tin- 
motion of Mr. McDuffie to commit the bill, that its provisions 
-nii s lt be more fully investigated. Thin was opposed by Mr. 
folk, and a debate ensued. At last the bill was recommitted 
a* il were by content. 

The Indian appropriation bill next camo up the iiii'sr 
being on a motion of Mr. H. Everett to recommit it, which he 



withdrew, because certain information desired had since been 
obtained. The bill was read a ihird time, and the <jtit.-8tion be- 
in;; 0:1 it." passage a debate arose which lasted until the aiijonrn- 
irrit. of ihe house. 

Wednesday, Feb. 26. The resolution offered by Mr. Mardit 
was taken up, and discussed by Mr. Clowney, in opposition to 
its passage, until the arrival ol the hour for the orders of the 
day. 

The house then resumed the consideration of the bill making 
approprialiou&ybrtAe Indian department for the year 1831. The 
question bring on the third reading of the bill, 

Mr. McKay moved to recommit the bill to the committee of 
the whole on the state of the union. 

[The reasons assigned for the motion were the necessity of a 
more deliberate examination of the items, particularly lliose 
which related to the expenditures for agents and transportation 
of presents, for blacksmiths and gunsmiths, which last item, it 
was contended, was reported in the Indian annuity bill, as well 
as the present. 

It was replied, that this was a regular appropriation bill; that 
ihe funds were required to pay expenses incurred and indivi- 
duals employed in the Indian country; that the agents were ap- 
pointed by treaty; and that the items in the bill were precisely 
tin) same, except that they were diminished in amount, as iu 
former bills.] 

The motion was supported by Mr. McKay, Mr. Coulter. Mr. 
Hawep, Mr. II. Everett, Mr. Fillmore, Mr. Mercer. Mr. L. Wil- 
linms, Mr. Vinton, Mr. Wilde, and opposed by Mr. Polk, Mr. 
Sevier, Mr. McKinley, Mr. Cambrelcii" and Mr. Beardslcy. 

The yeas and nays were finally taken on the motion to re- 
commit, and stood as follows: yeas 106, nays 101. 

So the motion to recommit the bill was agreed to, and then 
the house adjourned. 

TAursdai/, Feb. -27. The resolution offered by Mr. Martlis was 
further discussed, and Mr. Clowney having spoken to the expi- 
ration of il; hour, the house proceeded to the orders of the day. 

liobert B. Campbell, a member elect from South Carolina in 
the place of Mr. Singleton, deceased, appeared, was sworn, and 
took his seat. 

The remainder of the sitting was spent in considerins the bill 
lo authorise Ihe construction of a bridge across the Potomac, 
and a bill to provide for the settlement of certain revolutionary 
claims. 



REPORT OF THE PHILADELPHIA COMMIT- 
TEE, &c. 

The very respectable committee appointed to carry to 
Washington the memorial of 10,259 citizens of Phila- 
delphia, (to whose names were attached their various 
professions, business, trades, &c. ) made a report of their 
proceedings to a very numerous meeting, convened at 
the exchange on the 22d ult. for the purpose of receiv- 
ing it. 

The facts stated by the committee are highly import- 
ant, especially as they occurred in their interview with 
the president of the United Stales, and we shall extract 
that part entire. Much moderation is observed, as it 
should be, in this statement, and that it is substantially 
correct, certified as it is by twenty-one gentlemen of ex- 
alted character, cannot admit of a doubt. Hence it as- 
sumes the shape of an official paper, in relation to a most 
interesting subject. And it is worthy of remark, that 
the private statements made by the members, of like 
committees from the citizens of JVew York and Balti- 
more, astonishingly conform with the facts more pre- 
cisely and publicly stated by the Philadelphia commit- 
tee, even in the very -words and terms used by the presi- 
dent, in particular cases. As an evidence of this, we heard 
the intelligent and worthy chairman of the Baltimore 
committee give a full narrative of what passed in the in- 
terview with the president, and, the next day, received 
New York papers with such an account of what happen- 
ed to the New York committee, that, on meeting with the 
chairman alluded to, we laughingly charged him with 
some sort of second-sight knowledge by which he had 
made his account so nearly correspond with that of the 
New York gentlemen, before a publication had reached 
us on the part of the latter, in the "Commercial Adver- 
tiser" of Feb. 15. 

After giving a narrative of the incipient proceedings 
at Washington, as to the presentation of the Philadel- 
phia memorial Ihe report proceeds: 

The memorial having been satisfacioiily disposed of in bolh 
bouses ofcongrw*, tin- delegates thought it respectful to call 
on the president of tin; United States, and rnako known to him 
tlm condition, the sufferings and opinions of their constituent*. 
Tin -i interview took pine.: In appointment at two o'clock On 
the 11 th of lYhrii.iry. The rich-gates having been severally in- 
troduced lo the president, WITH Vfc-rived with such puliii-negsj 
and courtesy of manner, as to justify the expectation of a pa- 
tient and candid hearing, tn this, however, they were disap- 



NILES' REGISTER MARCH 1, 1834 PHILADELPHIA COMMITTEE, &e. t 



pointed. The chainmii had hardly announced in one or two 
sentences the general nature of our mission, when tin- pre>i- 
dent interrupted hi::i, amt proceeded iu a Vehement ducourse 
of more than twenty minutes duration, to announce to us, anil 
through us to our constituents, A is opinions and his determina- 
tions iu reference to the restoration ol tin: deposites, the rechar- 
ter of the bank, and the Hit lire deposition of the public reve- 
nue. In the course of those remarks (which as they were long, 
and somewhat desultory, it is deemed unnecessary to present 
in detail), tin: following positions were distinctly assumed by 
the president: 

1. That application for relief must be made to the bank of 
the United States and not to him; that whatever distress exist 
ed in the community (and lie believed there was some distress) 
had been caused by the bank, which was hoarding its specie 
and curtailing its discounts in order to crush the state banks 
and compel the government to abandon its policy. That the 
executive had no power to relieve the distresses of the com- 
munity, but that (he stockholders of the bank might effect that 
object by electing directors who would conduct its affairs ho- 
nestly and on principles of Christian benevolence. 

2. That the present directors of the bank had violated its 
charter, by giving to the president the whole power of the bank; 
a power to use its funds without voucher or receipt. That 
t-ucli a power in the hands of one man, was dangerous to the 
liberties of the country, and had been used to destroy the elec- 
tive franchise. That the president of the bank, if an honest 
man, would not have accepted a trust so unlawful. That for 
these reasons he regarded the bank as a monster of corruption, 
which he was determined to put down. That, a bank so using 
its powers ought (as he repeatedly expressed it) to be robbed of 
those powers. 

3. That the law creating the bunk of the United States, was 
in his opinion unconstitutional. That no power to create a 
national bank was conferred, or intended to be conferred by 
the constitution that the provision by which congress was au- 
thorised to regulate the currency, had reference only to domes- 
tic and foreign coin, and not to paper of any description. 

- 4. That, having made up l.'is mind irrevocably upon all these 
points Jlndreu' Jackson never would restore the deposites to 
the bank Andrew Jackson would never reeharter that monster 
of corruption that neither persuasion nor coercion, nor the 
opinions of the people, nor the voice of the legislature, could 
shake his fixed detciinination that sooner than consent to re- 
store the deposites, or reeharter the bank, he would undergo 
the tortures of ten Spanish inquisitions; that sooner than live 
ji) a country where sneh a power prevailed., he would seek an 
asylum in the wilds of Aiahia. 

5. It was announced by the president that he meant to conti- 
nue the present system of collecting the revenue by the state 
tanks, until the experiment had been fully tried, and at all events 
tmtil the expiration of the charter of the United States bank. 
That he had no doubt of the success of the experiment, nor that 
the state banks would answer all the purposes of the country. 
That Ac would furnish the country with as good, nay, a better 
and more solvent currency than that of the national hank that 
he had early foreseen and provided against the inclination of the 
bank of the United States to crush the state banks, and that his 
interposition.alone had saved them from ruin that he would 
continue to protect the stale banks by all the means in his 
power. 

6. The president admitted that considerable distress had fol- 
lowed the action of the government in relation to the deposites. 
He had never doubted lhalirofrers and stock speculators, and all 
iclio were doing business upon borrowed capital, would suffer se- 
verely under the effects of the measure, and that all such peo- 
ple ought to break. 

The foregoing paragraphs are believed to contain all the im- 
portant ideas expressed by the president, in the first part of his 
discourse to the delegates. In some emphatic expressions his 
language is accurately preserved, while his numerous repeti 
lions of the same idea in different words, which served unne- 
cessarily to prolong the interview, have been avoided. Once 
or twice the chairman took occasion to explain that he seemed 
to misapprehend the position of the delegates; that they had not 
come to represent the bank or promote its interests, but to lay 
before him the condition and wishes of citizensof Philadelphia, 
unconnected with that institution and engaged in the various 
departments of commerce and industry. Such explanations, 
however, produced no visible effect on" the tenor of the presi- 
dent's discourse, nor did he allow an opportunity to make those 
statements as to the condition of this community, with which 
the delegates were especially charged. 

In reference to his declaration, that he would continue the 
present system of collecting the revenue through the state 
banks, until the experiment had been fairly tried, one of the de- 
legates inquired, whether he had determined upon any plan by 
which the' country might be relieved in case the experiment 
failed. His answer was, that he was disposed to be candid, 
and would explain his views on that point. That in order to 
restore the currency to the-condition intended by she constitu- 
tion, and place the moneyed concerns of the country where the 
sngea of the constitution found and left them, he proposed to 
put out of circulation all notes of five th. liars and under by plac- 
ing the public money in such str.tr hanks, as would issue no 
notes below ten dollars nn<1 by forbidding the. receipt in pay- 
ment of the revrmip. of ihn notes of nil banks, which should 
ieciio Bolus under ton dollar*. 



That the ame process would next be pursued in reference to 
all notes under twenty dollars, and thus a metallic currency be 
ensured for all the common purpose* of liie, while the use of 
bank notes would be confined to those eniruL-ed in commerce. 

The same delegate having inquired when "he proposed to put 
this plan into execution, the answer was,-u<.t immediately not 
until the expiration of the charter of the bank of the United 
Suite:-. Go home, gentlemen, (said he) and tell the bank of the 
United States to relieve: the country by increasing IU business 
Let the United States bank make no ruti upon the stale banks 
and I will take care that the state bunks make no run upon her. 
Let the war between the banks cease, and all will be well in 
forty-eight hours. The bank of the United States is trying to 
crush the state hanks. Tell the state banks that I will protect 
them, and that the power of tin; United Slates bunk is nearly 
gone, and that it will be compelled to cease its present course. 
Here one of the delegates observed to the president we are 
many of us, sir, connected with state banks, and yet we know 
of no such warfare between them and the bank of the United 
States, as you speak of. It does not exist in the city of Phila- 
delphia. There i?, on the contrary, the utmost goodwill and 
harmony between the United State* bank and the other banks 
of our city, and nearly all the latter are in favor of a reeharter. 
To which the president quickly replied I know all about it, sir; 
I know that some of your hanks have combined in favor of the 
bank of the United Stales; I have examined the whole subject, 
and understand it better than any of you. I have looked im- 
partially at both sides of the-queslion, and have Ihe best infor- 
mation on the subject, from Maine lo New Orleans, from the 
most undoubted sources. I learn this morning, (Feb. 11), from 
New York, that stocks are rising, and that money is becoming 
abundant. Let the directors of the bank pursue their business 
on principles of Christian benevolence, and all will be well. 
Let them wind up the business of the bank, without attempting 
10 break down the government, and force a reeharter, and it 
will die with the blessings of thousands; otherwise, it will hava 
the curses of millions. I have read the scriptures, gentlemea, 
and I find that when Moses ascended the mountain, the children 
of Israel rebelled, and made a golden calf and worshipped it, 
and it brought a curse upon them. This bank will be a greater 
curse. I have no hostility to the bank; I am willing it should 
expire in peace; but if it does persist in its war will) the govern- 
ment, I have a measure in contemplation which will destroy it 
at once, and which I am resolved to apply, be the consequences 
to individuals what they may. The bank has in circulation ten 
millions of checks, which I have no doubt are illegal, and which 
I will direct the state banks to refuse in payment'of the public 
revenue. These checks must then be returned upon the bank, 
and will drain her of the specie she is hoarding. This measure 
I will apply, unless the bank desists from its course. 

Here the chairman remarked, that the batik was perfectly 
aware of the design of the executive in reference to the checks, 
and gave it as a reason for not extending its discounts, and for 
retaining so large an amount of specie on hand. That daily and 
hourly applications for relief were made by our cilizens lo the 
bank, without effect. That the directors of that institution felt 
bound to husband their resources and stand on the defensive, 
while so serious a weapon is in (he hands of the executive. 
Well sir, replied the president, let them do right and I will not 
injure them, hut if they persist in measures which I deem op- 
pressive and unjust, they must expect lo feel my power. In the 
course of these remarks, of which a plain and certainly not an 
exaggerated sketch has been attempted by your delegates, the 
president very frequently used the expression that HE was de- 
termined to place and to leave HIS government, where the sa- 
ges who framed the constitution found and left it, and also to 
place the currency and revenue of the country where the sages 
found and left it. 

It occurred to several of the delegates to ask for an explana- 
tion of phrases which conveyed no distincl or tangible meaning 
to thrir minds. Their historical reading had taugbl Ihcm, that 
the framers of the constitution found the government in anar- 
chy and left it in order; that they found the currency and reve- 
nue in ruins, and left both in a state of exalted prosperity; and 
that one of the instruments by which this change had been ef- 
fected, was a national hank, hearing almost equal date with the 
constitution itself a bank of Ihe same kind which Ihe presi- 
dent had stigmatized as a monstrous contrivance above and 
against both the constitution and the law. Fearing, however, 
that it might lead lo a controversy aboul facts and history, and 
unwilling to contend with one whose opportunities at least 
have been better than their own, they abstained from inquiries 
which their curiosity strongly urged, but which promised to 
lead to no useful result. 

The interview had now lasted about an hour, and during that 
period it had been impossible for the delegates, without unpar- 
donable rudeness towards the chief magistrate of the nation, to 
explain to him their business and their wishes. It had become 
obvious, moreover, that his mind was pre-occupied by a view 
of the subject, which would neutralize the effects of facts or 
reasoning, that he regarded the whole question as a contest be- 
tween the bank on the one hand, and him and HIS government 
on the other; a contest in which the people had no concern, 
except as they might array themselves as partisans of either, 
that he considered hi* own power, and the stability of HIS go- 
vernment naked upon the issue; and consequently that the ar- 
guments of thooe who disclaimed connection with either party, 
and owed no allegiance bat to truth and Juiliee, nod ttt os- 



10 



N1LES' REGISTER MARCH 1, 1834 DEPOSITES FOR PENSIONS. 



mon weal, would either be rejected without a hearing, or i 
heard, would be utterly disregarded. 

The delegates, therefore, as soon as this painful and (as free 
citizens they must add) humiliating conviction was forced upoi 
their minds, rose to take leave. One of their number seizec 
the opportunity of a parting word to say, with emphasi?, that to 
the president, and to his conduct in removing the public depo 
sites, the citizens of Philadelphia attributed the distress uude 
which they labor. His reply to this remark was but a repetitioi 
of assertions previously made, and the delegates retired witl 
no cause of complaint as to their personal treatment, but indig 
nant that the voice of more than ten thousand citizens, couU 
be deemed by the president unworthy his attention, and with a 
sad conviction that the high places of power, in a land boasting 
of its freedom, were closed and barred against unpalatable truth 
The committee tlien proceeded to give an account ol 
the further proceedings, holding out encouraging pros- 
pects as to the result, iti changes of opinion effected, 01 
expected to be made, in the minds of members of con- 
gress; and they exhort the people to perseverance, in a 
hope that their representatives will finally act to relieve 
the awful and extensive public distress that prevails. 
This part is very interesting, but we cannot get room for 
it, at length. They refer to the fiscal concerns of the 
state of Pennsylvania, and call upon the people to redeem 
themselves and their country, &c. 
The report concludes as follows: 
One word of exhortation to their fellow citizens and the de- 
legates have done. It is no common occasion which has callec 
for this unprecedented assemblage. The evils to be averted are o 
no common character, and call for the exertion of extraordinary 
energy. A contest has commenced the parties to which are 
the people on the one hand, and the executive on the other a 
contest full of difficulty and involving our dearest interests 
as citizens and as freemen. Let all so regard it, and let 
all so conduct themselves as to show they understand its 
nature and its consequences. Let him that bath property, 
spare of his abundance to secure the remainder; let him thai 
hath talents or affluence expend them freely in the cause ol 
social happiness and of chartered rights and he that hath nei- 
ther of these, let him bring a patriot's heart and a patriot's voice 
as his most acceptable sacrifice on the altar of his country. 

Let old and young, rich and poor, the learned and the un- 
learned join hand in hand, and with one voice and spirit, as 
they have one interest in the event, unite their efforts to hind 
up the wounds of their afflicted coutitry and restore her once 
more to health and prosperity. If the prevalence of such a 
feeling shall date from this day, the hallowed anniversary of the 
birth of the father of his country, each succeeding return of the 
same auspicious day, will carry with it an additional claim to 
the respect and veneration of the American people. 
Signed by the committee as follows: 



JO LI H i) CHAUNCEY, 
THOMAS FASSITT, 
JAMES MARTIN, 
WILLIAM GILL, 
JOHN STRUTHERS, 
SAMUEL COMLY, 
CALEB COPE, 
JOSEPH H. DDLLES, 
THOMAS FLETCHER, 
GIDEON SCULL, 
JOHN WATERS, 



ROBERT T. POTTS, 
BENJAMIM NAGLEE, 
HENRY TROTH, 
MORDECAI D. LEWIS, 
JOSEPH SMITH, 
MERRIT CANBY, 
JOHN S. WARNER, 
J. FISHER LEAMINO, 
ISAAC MACAULEY, 
JOSEPH MclLVAiNE, 
BELA BADOER. 



Caleb Cope, esq. on behalf of the delegation, offered the fol- 
lowing preamble and resolutions, which were seconded by Jos. 
R. IngersoZ/,esq. by which gentleman they were most eloquent- 
ly and ably supported, and were adopted without dissent. 

The committee recommend the adoption of the following pre- 
amble and resolutions. 

Whereas, it is believed, that a sound currency is essential to 
national prosperity, atid that to the influence of the bank of the 
United States are to be attributed the Advantages f a sound 
and equal circulating medium, high public credit and low rates 
of interest, in the enjoyment of which, private enterprise has 
flourished, and the finances of the state and general govern- 
ment have been successfully managed, anil it in evident lli.it 
the attempts now made to break up a system so fully tested and 
o admirably adapted to our country, are highly injurious, and 
if persisted in will be destructive alike to public and private 
prosperity, Therefore 

1. Resolved, That the, present crisis, so full of danger to the 
constitution, and so marked by assaults upon all that is valuable 
In property and in civil rights, demands our resolute, active and 
unyielding efforts, to restore the broken faith of the government 
and lo sustain the institutions of our country. 

2. Resolved, That the avowed intention of the executive to 
prosecute nn EXPERIMENT on the national currency, by 
wielding at his sole will the entire revenue, is a usurpation in- 
compatible with our (syetein of government, and at utter vari 
ance with the duties of a chief magistrate of a republic, who is 
no more above the law than the humblest citizen of our land. 

3. B.e*oh-ed, That the sentiments of the president of the Knit 
ed States, his manner and tone at the recent interview with the 
delegate* from this community, and his open declarations on 
that and other occasions, evinc a settled purpose to destroy 



the present currency of the country, by a rash and ruinous ex- 
periment. That by his disregard of consequences, rusnlting 
from the measures of his administration; by his reluctance to 
listen to facts or reason, and by substituting the personal feel- 
ings and arbitrary will of ANDREW JACKSON, in place of the 
official dignity and constitutional action of the PRESIDENT 
OF THE UNITED STATES, he has introduced into the go- 
vernment a feature unknown to the constitution and dangerous 
to the rights and liberties of the people. 

4. Resolved, That the common prosperity of the inhibitants of 
the United States, and more especially the peculiar interests of 
the state of Pennsylvania and of the city of Philadelphia, de- 
mand an immediate recharter of the bank of the United States, 
so that confidence may be restored, lost faith be recovered, 
an impulse to industry be given, and our country be raised from 
its present despondency, to a state of active and cheerful en- 
terprise. 

5. Resolved, That in the present suspension of commerce and 
the arts; and in the consequent distress spread through society, 
we see but the beginning of those evils, which if they be not re- 
medied by the action of congress, will eventually produce most 
extended ruin that it is the duty of every man, who has any 
thing to lose by a revolution, or any thing to gain by a govern- 
ment of laws, to put forth his strength in behalf of his country, 
and not to give back until truth shall prevail, and the country 
be restored to its former prosperity. 

6. Resolved, That, in a crisis like this, all minor differences 
of opinion, all secondary distinctions of section or of party 
should be cast aside, and the freemen of the country should be 
urged to rally under the broad banner of the constitution, in de- 
fence of their primary and essential rights. 

7. Resolved, That the people of Pennsylvania, and of other 
states, be invited to hold county and town meetings, for the 
purpose of averting the approaching ruin and it is recommend- 
ed that committees of correspondence be organized, and that 
deputations from each meeting be sent to Washington, to explain 
to congress the condition or the country, and to enforce the 
necessity of immediate relief; by a restoration of the currency 
and public confidence. 

8. Resolved, That it be recommended to the freemen of the 
several counties of Pennsylvania who agree with us in senti- 
ment as to the causes and remedy of the present distress to ap- 
point delegates to a general convention to be held in Harrisburg, 
for the purpose of devising measures to restore the prosperity of 
the country. 

9. Resolved, That in the opinion of this meeting the Girard 
bank of the city of Philadelphia, ought not to retain the public 
deposites and thereby countenance and uphold a system which 
is believed to be unlawful, and which experience has already 
shown to have a disastrous influence on the prosperity of the 
city. 

10. Resolved, That a committee of thirty be appointed by this 
meeting with power to convene from time to time, to nil vacan- 
cies in their own body or otherwise to enforce the objects of 
this meeting at Washington, Ilarrishurg and elsewhere, to cor- 
respond with other committees throughout the United States, 
and to adopt such measures as in their judgment will tend to 
accomplish the objects of the foregoing resolutions, and to con- 
tinue the same until their exertions shall be crowned with suc- 
cess. 

Some other resolutions of a local nature, or as votes of 
thanks to the committee, &c, -were passed, and the whole 
are signed by 

JOHN A. BEOWJT, Resident Samuel Richards, Wil- 
iam Gill, Benjamin Naglee, George Miller, Bela Bad- 
ger, Israel Roberts, Thomas Fletcher, Robert Burton, 
John Scholefield, vice presidents, and Jacob M. Thomas, 
Henry C. Corbit, Richard Morgan, J. C. Wolbert, se- 
cretaries. 

At the conclusion of the meeting nine hearty cheers 
ere given for the "constitution and the laws," 

PUBLIC DEPOSITES. 
In the senate o/ the United States, February 17. 

PENSION AGENCY UNITED STATES BANK. 

Mr. Clayton from tin- committee on the judiciary, to whom 
have been referred the messaje of the president of the United 
htates of the 4th February Ust, and the accompanying ,locu 
ments in relation to the removal of the funds, books and pa- 
pers connected with the pension affencv of tlie bank of H,,- 
United States, under the art of June 7th, 18.T9, have urreed 
in the following report: 

The message and documents referred to the cnmi.iittre show 
he fact, that the hank of the United Si.ites had declined to 
comply with an order of the department f war. issued on thn 
id of January, 1834, demanding a surrender of ibe funds, books 
rid papers belonging to the pension ae,icy of the bank, under 

' 



he act of congress approved on Hie 7lh of Juno.. I8.'i^ entitled 

an act supplementary to the act for the relj, f O f ceilain ur- 

ng officers and soldiers of the revolution." The orders ap- 

pear to have been issued by the commission, r of pension., act- 

ngunder tho direction of the secretary ofwar, and it announces 

ie appointment, on tho snmo day," of fifleen new pension 

Bent- to perform the duties heretofore performed by thn bank 

i pension wnt* under that law. Tho^e agent* are the ,,r*i. 

nu of curtain <tate banks to which a portion of the public 



NILES' REGISTER- MARCH 1, 1834 DEPOSITES FOR PENSIONS 



11 



deposites has been removed by tlio late order of Hie secretary 
of the treasury. At the same time, and by the said order, the 
bank of the United States was commanded to cease paying pen- 
sions nndc-r the law referred to. The hank in repiy to the 
mandate of the secretary, while it respectfully declines to de- 
liver the funds and papers as directed, withont the consent of 
congress, profess its perfect willingness to surrender its trust as 
pension agents, if it shall he the pleasure of congress to release 
it from the charge, but regarding such a surrender, without the 
permission, to be a violation of its duty to congress and llie 
country, it awaits some decision, either legislative or judicial, 
to discharge it from the burden of this agency, or to reinstate it 
in the discharge of its duties. In the mean time, fearing an ob- 
stacle in the settlement of its accounts for future disbursements, 
should it pay any more pensioners under this act, after the pro- 
hibition of the secretary, it has obeyed his injunction to cease 
paving them until further directions. 

For the course pursued by the bank, the message, if it does 
not invoke the vengeance of the public against the institution, 
certainly denounces it as the cause of all the delay and embar- 
rassment which has occurred since the secretary's order in the 
payment of the debt which the gratitude of the nation has 
awarded to the surviving veterans of the revolution. The pre- 
sident considers the conduct of the bank as an usurpation of 
the functions of the judicial power, and an attempt to prescribe 
to the executive department the manner in which it shall exe- 
cute the trust confided to it by law; condemns it as without ex- 
ample in the history of our country, and declares that, if the 
acts of the executive may he thus checked, and controlled 
"the whole frame of our government is changed." 

The committee have examined the questions growing out of 
the documents referred to them with all the care required 'by a 
matter which, in the opinion of a co-ordinate branch of the go- 
vernment, touches the honor of that government, as well as the 
just claims of the surviving soldiers of the revolution. They 
have found no ground for any difference of opinion among 
themselves, and they now unanimously submit the following 
view of the whole subject for the consideration of the senate. 
The loth section of the act to incorporate the subscribers to 
the hank of the United States, approved on the 10th of April, 
1816. provides that during the continuance of that act, the cor- 
poration shall, among other things, "do and perform the several 
and respective duties of the commissioners of loans for the se- 
veral states, or of any one or more of them, whenever required 
by law." fn lees than one year after the approval of this act, 
congress passed "the act transferring the duties of the commis- 
sioners of loans to the hank of the United States, and abolish- 
ing the office of commissioner of loans," which act was ap- 
proved on the 3d of March, 1817. Both statutes were passed by 
the fourteenth congress. The first section of the last act pro- 
vides, "that the bank of the U. States and its several branch*-* 
shall he, and they are hereby required to do and perform the 
several duties of commissioiiBrs of loans for the several states; 
and the bank of the U. States, and its several branches, and such 
Rtate banks as the bank of the United Slates may employ in 
those state* where no branch bank shall be established, shall 
observe and conform to the directions which have been, or may 
hereafter be prescribed by the secretary of the treasury, with 
the approbation of the president of the United States, touching 
the execution of the duties aforesaid. " 

This statute in connexion with the loth section of the charter, 
imposed a burden on the bank important to the government, 
and still more important to those who were the most meritori- 
ous objects of its bounty. For while that section enjoined it 
as a duty on the corp'oration to give the necessary facilities for 
transferring the public moneys to any part of the country, and 
for distributing the same in payment of the public creditors, 
without charging commissions, or claiming allowance on ac- 
count of the difference of exchange, the same section, in con- 
junction with the act of the 3d of M.irch, 1817, made it the im- 
jerative duly of the bank to assume the agency of paying all 
pensioners of the government; such being at this time, one of 
the principal duties of the commissioners of loans. But the 
agent thus appointed by special act of congress was not vested 
with a, general discretion in the discharge of those duties. It 
was bound to conform to the directions of the secretary, with 
the approbation of the president, "touching the execution of the 
duties aforesaid." The power of the executive over the bank, 
ID this matter, was conferred by congress, and the extent of 
th power of the former over the latter was clearly defined by 
the same authority. No rislit is vested in the executive to an- 
nihilate Hie agency of the bank, or to substitute another at exe- 
cutive discretion. The agency shall exist, says the law the 
bank shall pay certain moneys; but as to the time and place of 
payment, the portions of these pensions to be paid in certain 
cases: in short, in all things tsuf.hins. the manner of executing its 
duties, this public servant shall be subject to the control ol 
another who shall, so far exercise a roperin tendance over the 
former. The duties enjoined on the bank by this act are mi- 
nisterial those of the secretary arc supervisory; and the two au- 
thorities do no more clash with each other than those of the 
court and the marshal of the district, each of which is created 
by law, anil liable to all the restraints imposed by that law 
The bank being subject to the liability* of a paying agent, was 
to have the choice of its own suh-agents among the state banks 
in those states where no branch bank of the United States was 
established- and bv a proviso of the third section of the same 
act of tUu 3d of March, 1817, a saving clause was introduced 



for its benefit in case no state bank should be established by 
law in any one of the states, in which case the aii-ncy for mi- 
litary pensions in that slate was not to be effected by the act. 

The committee consider that the attorney general manifestly 
errs when he represents the " presidents ui tin; |,ank of the Unit- 
ed States and its several branches" as the agi-iits constituted by 
this act. The only agenu known to the law were the bank ami 
its several branches. They, and not their respective pie.-!i!> nts, 
were required to do the several duties of commissioners of 
loans. They, not their presidents, were to choose sub-agent* 
among the state banks, and the injunction to observe and con- 
form to the directions of the secretary in regard to the execution 
of their duties operated on them, not on their several presidents 
merely. The attorney general says, the law of 1817, by which 
the duties then performed by the commississoners of loans, 
including the general pension agency, are transferred to the 
bank of the United States, expressly declares that these powers 
"shall be performed" by the president of the bank and iw 
branches, and that their acts shall be countersigned by the 
cashier." It is true, that the second section, to winch he pro- 
bably referred, enacts "that all such duties and acts as are now 
done and performed by the commissioners of loans, in transfer- 
ring stock from the books of one loan office to another, or to the 
books of the treasunj, or from the books of the treasury to the 
books of the loan offices shall be done and performed by the pre- 
sident of the bank of the United States, the presidents of the 
several branches of the said bank, and by the presidents of such 
state banks as the bank of the United States may employ, (in 
states where no branch of the United States 1 bank shall be es- 
tablished); and the acts of the presidents aforesaid shall be 
countersigned by the cashiers of those banks respectively." 
This section is the only one prescribing services to he performed 
by the presidents of the bank and its branches, unless the third 
section should be deemed to be of this character, which directs 
the transfer of the papers to the presidents, while it unequivo- 
cally recognizes them only as agents of the bank to receive 
those papers, by an express direction that the notice of the 
transfer shall be, "that the duties u-ill be transferred to the 
ianft." Where the attorney general can find that part of the 
law of 1817, by which the general pension agency is transferred 
to the presidents or cashiers of the bank and its branches, or 
which "expressly declares that the powers of the commis- 
sioners of loans, including the general pension agency, shall be 
performed by the presidents of the hank and its branches, with 
the counter-signature of the cashiers, the committee are at a 
loss to imagine. It is true, that, as sub-delegates and organs of 
the bank, they have been sometimes addressed as pension 
agents iu the correspondence with the department which they 
have always conducted. It is true, that, as the agents of the 
bank, conducting business by its orders, the pension rolls have 
been sent to them to be placed in the custody of the bank; and 
that as the officers of the corporation, they have been directed to 
inscribe the name of the pensioner on the rolls; and to pay to the 
time of the semi-annual payment, if the claimant should be still 
living, and, if not, then up to the day of his death. So the 
cashiers of the several branches might have performed the same 
duties with the consent of the bank; and we find that, under 
the direction of the secretary of the treasury, the business of 
this agency, so far as regards the pension act of the 15th of 
May, 1828, has been conducted through the cashier of the 
branch bank of the United States at Washington. The error 
to which we have referred admits a construction which would 
deny the liability of the institution whose capital is bound for 
the safety of tht pension fund. It would divide that liability 
among the presidents of the branches, who never gave bonds 
for the money, and whose personal responsibility would, if the 
opinion we controvert were sound, furnish the only security 
for the safety of the millions which have been entrusted to the 
bank on the credit of its whole capital. It is the more unob- 
jectionable as it would strengthen the untenable position that 
the pension agent of this government, accountable now for the 
payment of more than twenty-three thousand pensioners, is, 
and ever has been, a creature of the executive, and not the de- 
legated agent of congress. 

In the opinion of the committee there can be no greater error 
on this subject than to suppose that it is through a mere ex- 
ercise of executive authority that the banks has became the 
legal asent for the payment of pension money "It took." says 
the attorney general, "the agency from the commissioners of 
loans by substitution in their stead: and those commissioners 
derived it from an executive regulation." But the substitution 
was by an act of congress. In addition to those parts of 
the act of the 3d of March, 1817, to which we have referred 
for the purpose of showing this, the third section of the same 
act directs "that it shall be the duty of the secretary of the trea- 
sury to notify the president of the United States that the duty 
now performed by the commissioners of loans will be transfer- 
red to the hank of the United States, and shall so direct the 
commissioners of loans, and the agents for military pensions 
where there is no commissioner, respectively, in the several 
states to deliver to the president of the United States bank or 
to the president of a branch thereof, or to the president of such 
state bank as the bank of the United States may employ on 
sMieh day or days as he may designate, the register and all the 
records anil papers of the respective officers, and it shall be the 
dutv of said commissioner! of loans, and agents for pension 
to comply with the said direction, and also to duplicate receipts 
for the delivery of the papers and rocoraa hereto described, ene 



18 NILES' REGISTER MARCH 1, 1834 DEPOS1TES FOR PENSIONS. 



with one or more securities, conditioned for tlieir good be- 
haviour in their offices, respectively. Whether these officers 
were originally bound by executive regulation only, or by ex- 




inunications referred to tiie committee aime aunm me wen 
known fact that these commissioners wfcre employed as agents 
of the government in the payment of pensions, and that they 
continued to be so employed until after the organization of the 
bank of the United States. The act passed on the 24th of 
April, 1816, authorises the secretary for the department of war, 
"to appoint some fit and proper person in those states and terri- 
tories where there is no eommisKioner of loans, and also in the 
district of Maine, to perform the duties in those states and terri- 
tories, and in said district, respectively, relating to pensions 
nnd pensioners whkh are now required by said commissioners 
in their respective states." This act recognises the duties of 
pension agents as pertaining to these commissioners before the 
passage of the act of the 3d of March, 1817, and restricts the 



:tary of war, in his correspondence with the presi- 
bank, (to be found in their reports of committees of 



No matter who may desire to take 




liter, IAJ up|M - y no fuace. raw matter wuu may ursire 10 i:ihe 
he responsibility of the act which the secretary of war has coin- 
lilled, we can look only to htm as properly answerable for it; 
.nd it is therefore that we refer particularly to his opinion which, 



and ins iiiKiKiure mm we ruer particularly 10 ms opinion wnicli, 
under any other circumstances, would have come to us as the 
conviction of an able expositor of the law, but would have been 
entitled only to the same weight which we should have accord- 
ed to any other man of equal learning and ability. To enable 
the senate to see under what circumstances this opinion was 
given, let us recur to a part of the history of the bank. It ap- 
pears by the document last referred to, that, in the summer of 
1829, an attempt was made by the honorable John H. Eaton, 
then secretary of war, to remove the pension agency from the 
branch bank of the United Slates at Portsmouth, in New Hamp- 
shire, to a state bank at Concord, in that state, and that the au- 
thority of the secretary to effect this was then denied by the 
bank of the United States. The commissioner of pensions, in 

Vila letter In Mr. \1;inn tlia r\i i> . i/l. 1 1 1 t\f Ilia !.. !,,,.) I.....I :. 



to the interests ol the pensioners, in wishing to have them pai 
In that part of the state where the greater facilities are prcsc.nl 
ed." If this were intended as an apology for the act of the then 
ecretary,it cannot avail in the. ca<e now before us, because 
the agent selected by the present secretary is the Commercial 
bank at Porttmoulk, the very place where the branch bunk ol 
the United States is established. But whatever may have been 
the object of this part of Ihe correspondence;, the rest of the 
letter of the commissioner waives all further discussion of the 
subject, revokes the order for the change of the agrm-y and 
directs the branch bank of the U. States to resume its duties. 
Two years afterwards there was a similar attempt"with a view 
to accommodate the pensioners," again; and a transfer was nc- 
tually made of a considerable part of the pension list from the 
office ht New York to the Mechanics' and Farmers' bank in the 
city of Albany. The ba,,k of the i;,,ii,.,| stales slrotHy remon- 
trated ayamst the measure as illegal and unwarrantable. A 
change of the heads of departments having occurred alter the 
alurntinn of ih agnncy, the bunk appealed to the present head of 
I)* d<iprtinl of war, in a letter dated the 10th of Anguit 1831 



and the subject was held under advisement by that officer until 
the Ut of March, 1832, aperiod of more than six months, at the 
expiration of which the secretary writes to the president of the 
Itank, as before stated, his etiliie satisfaction, from a careful 
examination of the l.iws of congress, that the department is not 
warranted in appointing a pension agent. "Hence," says the 
secretary, "the agent at Albany has been notified that his ap- 
pointment, by this department, has from this day ceastd." And 
so the matter ended. 

This opinion of the secretary is approved and adopted by the 
committee. It was formed in the spirit which should direct 
all the operation* of a government recognising nothing arbitrary 
or oprressive in its character, and we think that the retraction 
of error, when thus convinced of it, after taking due delibera- 
tion, was honorable as well as just in the officer. To support 
him in the result at which he had arrived, he saw among the 
acts of congress, which he professes carefully to have examin- 
ed, that an act of congress had been at all times held necessary 
to create a new pension agency; in pursuance of this construc- 
tion, on the 3d of March, 1819, an act passed by which the se- 
cretary of war was authorised to appoint an agent, in addition 
to one already appointed in the state of Tennessee, for the pur- 
pose of paying pensioners of the United States residing in East 
Tennessee:" that, again, on the 20th of May, 1826, the secretary 
of war was "authorised to establish a pension agency at Pitts- 
burgh, in the state of Pennsylvania, for the payment of pen- 
sioners of the United States, resident in that vicinity;" and that 
the secretary of the treasury was, by the same act authorised to 
make the necessary arrangement with the bank of the United 
States for paying the before mentioned pensioners at the office 
of discount and depositc of said bank at Pittsburgh. He knew 
that the secretary of war could not exercise the power of ap- 
pointing such agents as his own deputies; that he was not the 
paymaster of pensions; and that long before the charter of the 
bank, while the agency remained in the hands of the commis- 
sioners of loans, congress found it necessary, by the act of the 
7th January, 1809, to give even him authority to act as agent in 
a few cases, by enacting "that every pension, or arrearage of 
pension due to every officer or soldier residing in either of the 
United States or the territories thereof in which there has not 
been appointed an agent for the payment of pensions, shall be 
paid at ;he seat of the government of the United States by the 
secretary for the war department, and that the name of the 
pensioner shall, on his application to the secretary of war, be 
transferred from the books of the state in which it was original- 
ly registered, to a register to be opened for that purpose at the 
war office of the United Slates," the act of congress of the 24th 
of April, 1816, authorising the secretary of war to appoint pen- 
sion agents where there was no commissioner of loans, was 
also before him, to satisfy him that, as well before as after the 
bank had assumed the agency, no such agent could be created 
by the head of his department. He took no distinction between 
the act of the 15th of May, 1828, and any other pension law of 
this government; but, with a full knowledge of all the views of 
his predecessors, with all the books and accounts of his office 
before him, exhibiting the construction which had ever been 
given to the duties of the bank xvith the aid ofall the learning 
of the then attorney general, if he choose to put it in requisi- 
tion, he concurred in the result at which Mr. Binney, Mr. Sear- 
geant and Mr. Mason, had before arrived that new pension 
agents could not be appointed by the department, except in the 
single class of cases in which such appointments were expressly 
authorised by the act of 1816. 

As to the expediency of the law, which was thus considered 
settled by the secretary, whether we consider the importance 
of a permanent establishment of such an agency in reference to 
the chief object of its creation, which was the payment of pen- 
sioners in a sound currency, without charge to the government; 
or, in reference to the limitation it was supposed to have fixed 
for the exercise of executive power over this portion of the 
public treasure, we are convinced that it was such as highly to 
recommend it in its origin, and that it is yet such as to forbid 
any chanae of its provisions. At the time of the passage of the 
act of the 3d of March, 1817, the government incurred great ex- 
pense in the payment of salaries and clerk hire, appertaining to 
the commissioners of loans. The bank having assumed the 
duties of those officers, without charge on ihe treasury for their 
performance, incurred a responsibility, the neglect or refusal to 
meet which subjected it to all the penal consequences of a vio- 
lation of its charter. The pension aecncy is a duty imposed on 
the institution, onerous and expensive, which the" president of 
the bank now informs us it is willing to he digchar-ed from if 
congress Ihe creator ofthat agency, v\ ill r<-|,-ae it; and that it if 
a burden, nnd not a mere henefil to the instiiiition, is -atisfnctori- 
ly established not only by his declaration*, but by Hie concur- 
rent testimony of several of the local banks to wh'if-h the public 
deposited have hfcn recently removed. Tliii* Inn 'president of 
the. Mechanics' hank at New York, in his Idler to the rninini*- 
Moner of thr 27lh of January last, complains: "The ngency at 
I learn, is exceedingly complicated in its details, required c'on- 
ildorable office room, the employment of at least three clerk* 
Which mn<t nece^nrily involve n- in a very roriT-i.l.r,il,ln extra 
exprn-e. Why this bank should have bee,,' -, .|,. f . t ,.,| |,, perform 
tin - sei vi. -e, whilst the other selected hniiks |, l!r e nrr- exempt 
from the responsibility, labor nnd expens-e, i? u matter of KorriB 
mrprise, particularly whan it u Unmvn tlmt we have not hither- 
to had a (Inn prorimlkin of the public ilepnujtim. Havlnz as- 
sented, howi-vrt, in our agrccmout with Dm treasury, to pet- 



NILES' REGISTER MARCH i, 1834 DEPOSITES FOR PENSIONS, 



form the duties incidental to the agency, we cannot or course 
abject to the execution of those duties, but must, at the same 
time, be permitted to say that an agency involving such great 
responsibility, arduous duties, and heavy expenses, should be 
borne in common by the three banks; or, it' this should be con 
sulered impracticable, that the other two should at least bear a 
pro rata poilion of the expenses." 

In several instances presented by the correspondence between 
the commissioner of pensions and the presidents of tin- -t.itr 
banks, which have been recently selected as bunks of drposile, 
those officers hiivt: declined Ihe agency, or refused to uive bond 
for the performance of the duties. In some cases the loml 
banking corporations are themselves made executive agents; 
the presidents of banks are selected, without any accountability 
on the part of the banks over which they preside. For the per- 
formance of this trust, before the change was wade, the whole 
capital of the bank of the United States was bound to this go 
vernment. The institution, by long practice, had become expert 
in the conduct of all the complicated details of the trust confid- 
ed to it. It had reduced the whole business of the agency to a 
system which alike secured the interests of the government, 
and the pensioners, and its own stockholders. "We have no 
"evidence" says the commissioner, in a letter from the pension 
office to the president of the Girard bank in Philadelphia, of the 
24th of February last, "that the United States bank has ever lost 
a cent by paying pensions, although that institution and its 
branches have disbursed large sums for this office for seventeen 
years past." And while the bank was so well managing this 
interest for its own stockholders, we have never heard that, at 
any time, the government found fault with its accounts, or that 
any revolutionary soldier, or other pensioner on the lists, was 
turned from its doors without receiving in hard dollars, or their 
full equivalent in value, the whole amount of the intended 
bounty of his country, unless the executive department had 
previously interfered to arrest the performance of the duties of 
the corporation. In the judgment of your committee, this trust, 
for the performance of which the honor, faith and best feelings 
of the country are enlisted, cannot be as well discharged by in- 
dividual agents, or by state institutions, which owe no respon- 
sibility to this government, and which, finding no source of 
profit in the pension fund, already view it, and may soon treat 
it, as an incumhrance. Should they be all equally faithful with 
the bank of the United States, can it be expected that fifteen 
new agents, acting independently of each other, can be equally 
skilful? Is it to be anticipated that they will all adopt the same 
guards, both for public and private security? pursue the same 
mode of accounting and transacting the business which has 
been perfected by the bank of the United States after seventeen 
years' experience? or maintain any one general system what- 
ever, to attain the same objects? We think that as, by the new 
arrangement different agents are selected to pay the pensions 
under the act of the 7th of June, 183-2, and as the bank of the 
United States is still to pay all pensions allowed by laws an- 
terior to that date, there will be no longer any one system pre- 
served in the pension agency of the government, and that the 
confusion incident to this slate of things will be an evil much to 
be regretted. We think, too, that, should congress sanction 
the changes which have been made, it is by no means withou 
the range of probability that, at no very distant period, and a 
some one of the numerous agencies recently created, those 
gallant defender? of their country, who have attracted the prcsi 
dent's sympathies in the message before us, may sometimes re- 
ceive their allowance in depreciated currency. In the opinion 
of the committee, therefore, however willing the bank of the 
United States may be to relinquish this agency by the permis 
sion of congress, the object for which the trust was estnblishec 
requires that it should not be permitted to discharge itself from 
the obligations it incurred by the assumption of that trust. The 
policy of that limitation of the executive power over this por 
lion of the public treasure, which was acknowledged by the se 
cretary of war, as we have stated it, is to the committee no 
less apparent. The permanent appointment of an agent, no 
subject to removal at executive discretion, is important to se 
cure a steady and punctual payment of the money upon whicl 
many of the pensioners depend for actual subsistence. To sub 
ject them to the inconvenience and loss arising from a changi 
of the agency at every revolution of the political wheel, wouli 
be not only to embarrass and distress those who should mee 
with no obstacles in the receipt of the meed of their patriotism 
but to add another stream to the swollen current of powe 
which already threatens to deluge and destroy the best interest 
of the country. 

The committee might here have rested on the secretary's ow 
view of the subject, but for the reasoning of the attorney gent 
ral, contained in the opinion accompanying the president' 
message. This opinion appears to have been given, at the re 
quest of the president, one month after the order issued froi 
the department of war. Thus called upon either to justify c 
condemn a measure of the administration which had been pre 
viously adopted, the arguments of the attorney general do no 
teem to us to concur with that view of the powers of the de 
partment of war which the secretary himself had formerl 
taken. 

He introduces his principal argument with the assertion lha 
all the pension laws up to the 3d of March, 1817, provided on 
for invalids; that the act of the 18th March, 1818, which autho 
rised the payment of pensions to certain indigent officers an 
soldiers of the revolution, declared that they should be paid "' 



he same manner as pensions to invalids, who had been placed 
n the pension list, were then paid;" that similar clauses have 
een inserted in the various pension acts since passed; and be 
elinctly admits that the payment* under all those acts are to 
e made through the agency ol the bank, except 10 far at con- 
ress shall have au\horised, by special lawn, me employment of 
her agents. Fie tlu.ii denies to the act* of 1826 and 1832, the 
mracter of pension law;-; on which last (IOMIKIM his chief ar- 
ument is rested. Before we proceed to examine this, we will 
otice the lemarkx with which it was thus introduced, and the 
ilerenci'S which the rcasoner intended, ad we pieaume, should 

drawn from them. 

It is not true that all the pension laws up to the 3d of March, 
817, provided only lor invalids; because, among other law* 
Inch infill be mentioned, the first suction of the act of the 
6th of April, 1816, directing half pay for five years, for the wi- 
<>ws and children of officers and soldiers who died in the ser- 
ice during the last war, is not a law providing only for inva- 
ds. This act, which, it is to he observed, does not designate 
le agent to pay the pensions allowed by the section referred 
o, was extended by the act of the 3d ol March, 1817, to the wi- 
ows and children of the soldiers ol the militia, volunteers, 
Tiigers and sea-fencibles. The second section of the act of 
6lh of April, 1816, providing half pay for five years to the chil- 
ren of such as died in service in the last war on the relinqnish- 
icnt of bounty lauds, directs "the payment thereof to be made 
vhen and where other military pensions are or shall be paid." 
t will be seen, then, that the argument which would exclude 
om the agency of the bank all pensioners except invalids, and 
tose who are by express act to be paid in the same manner a* 
ivalids, would have excluded pensioners under the first sec- 
ions of the act of the 16lh of April, 1816, and of the act to 
mend that act, passed on the 3d of March, 1817. But the 
gency of the bank was always extended to them. They were 
ndisputnhly entitled to the character of pension laws, the pay- 
ments under which, by the admissions of the attorney general, 
nust be made through the agency of the bank, except so far as 
ongress shall have authorised, by special laws, the employ- 
lent of other agents. The committee do not consider the 
>ank as deriving its agency under the pension act of the 18th of 
March, 1818, or any other act, from the mere direction that 
layment shall be made "in the same manner as pensions to in- 
valids are now paid." The mode of payment might well be, 
and, indeed, frequently is, prescribed in an act recognising the 
existence of an established paymaster. Had there been no 
other authority from congress than is to be found in this clause, 
o constitute the agency of the bank, the secretary, so far from 
admitting, as he did'on the first of March, 1832, that the depart- 
nent was not warranted in appointing a pension agent where 
he bank or one of its branches was established, would proba- 
bly have informed the president of the bank that different 
agents could pay the pensioners "in the same manner," and 
hat the new mode of paying invalids could be as strictly ob- 
ierved by the Mechanics' and Farmers' bank at Albany, as by 
the branch bank of the United Slates there established. 

The committee is now prepared to examine the principal ar- 
_jument advanced by the attorney general, and most relied upon 
jy him to justify the order of the secretary. He maintains that 
the acl of the loth of May, 1828, "for the relief of certain offi- 
cers and soldiers of the army of the revolution," and the sup- 
plement thereto of the 7th of June, 1832, are not pension laws; 
[hat they have no connexion whatever with the general system 
of pension laws, but are the commencement of another, and an 
entirely different system. He asserts that these aie laws in 
which the "pay" mentioned is to be understood as contradis- 
tinguished from "pensions" and which carefully avoid any such 
expression as might connect them with the system of pensions. 

The committee have investigated this question, and they find 
that both houses of congress, the president, the secretary him- 
self, the commissioner of pension?, the secretary of the treasu- 
ry, and indeed every department of the government, having oc- 
casion to administer or to refer to these acts, have, from their 
very origin, invariably treated them as pension laws, until the 
present controversy arose; while the committee do also find the 
character of pension acts indelibly impressed on the laws them- 
selves by the hands that framed them. 

By reference to the history of the debates at the time of the 
passage of these law?, it appears that each of them was advo- 
cated and opposed in both houses of congress as pension laws. 
In principle, these pensions are founded on the same revolu- 
tionary services with those conferred by the act of 1818, which 
is admitted to be a pension law. The acts of 1828 and 1832 
both contain a perpetual appropriation, but it seems that spe- 
cial appropriations to meet the expenses of the net of 1^-JS, 
were annually marie and continued until the year 1833, a mi that 
each of these appropriations is for "revolutionary pensions." 
By the act of the 12th of February, 1828, there was appropriat- 
ed "for the revolutionary pensioners of the United States." 
(meaning those embraced by the art of 1818) $564.236. The 
pension act of 1828 having passed on the 15th of May, a new 
appropriation to inert theVxpenses innirrrd by it was made on 
the 24lh of May, for ihe prn-ions to the revolutionary pension- 
ers of the United States. ,f.-JOO.OOO." The appropriation of the 
2d of March, 1W3. r i-oi'i.isfs the claimants under both the 
acts of 182S and 1832, as pensioners, in tho followins words: 
"For the revolutionary pensioners under the several acts prior 
to that of 7th June, 1832, $624,685." The same appropriation 
act of 1833, which, rt is to be observed, was patted at the - 



14 N1L1S' REGISTER MARCH I, 1834 DEPOS1TES FOR PENSIONS. 



cond session of the 22d congress, and by the framers of the act 
of 1832, whose cOtemporaneous exposition of that law ought to 
have some weight in deciding on its character, contains another 
appropriation in the following words: "For additional tempora- 
ry clerk hire during the years 1832 and 1833, iu order to carry 
into effect the act of 7th June, 1832,ran/in revolutionary men- 
tions, $24,039." 

At the same session, and on the same day, a joint resolution 
was passed by both houses in relation to the act of the 7tl* 
June, 1832, which ordains that, "in the execution of that act, 
whenever it shall be made to appear that any applicant for a 
pension under said act entered the army of the revolution in 
pursuance of a contract with the government made previous to 
the llth of April, 1783, and continual in service until after that 
period, it shall be the duty of the secretary of war to compute 
the period of any such applicant's service from the time he 
thus entered the army, and until the date of the definitive trea- 
ty of peace, and to allow him a pension accordingly." If it be 
insisted that the very congress which made the law misunder- 
stood its character, let us next inquire how the president him- 
self has always understood it until his recent message. The 
act of the 2d March, 1833, provides "that a commissioner of 
pensions shall be appointed by the president arid senate. He 
shall execute, under the directions of the secretary of war, such 
duties in relation to the various pension laws as may be prescrib- 
fd by the president of the United States." It appears by the 
statement of the attorney general that, immediately after the 
passage of the law of 1832, the president assigned the execu- 
tion of it to the commissioner of pensions, to whom the same 
duty has been ever since prescribed by the president. The pre- 
fiident must, therefore, have always regarded this act as a pen- 
sion law. If it be not of this character the order to the com- 
missioner of the 2d of January, 1834, is illegal, as the president 
was only authorised by it to prescribe the duties of the com- 
missioner "in relation to pension laws." 

The president signed and approved both the act and the joint 
resolution of the 2d of March, 1833, before referred to, in which 
this act of June 7, 1832, is over and over again characterized as 
a pension law in express terms. We know that his message 
now expresses his entire concurrence in the views of the attor- 
uey general, but may he not be understood as referring rather 
to that officer's general conclusions than to all his particular 
arguments? We incline to that interpretation of the message 
in reference to this part of the subject, mote especially because 
we find that nearly all the members of his cabinet, as well as 
the commissioner of pensions, have always styled and treated 
this act of the 7th June, 1832, as a pension law. To begin with 
the secretary of war, under whose direction the commissioner 
of pensions has always acted in execution of the duties in rela- 
tion to this law prescribed by the president. In the close of his 
annual report of the 29th November, 1833, accompanying the 
president's message, and which we presume must have met 
the approbation of the president, he states, "there have been 
presented for allowance under the PENSION ACT of June 7, 1832, 
thirty thousand six hundred claims. The whole of these have 
been examined, and either admitted, rejected or returned to the 
parties for supplementary action." * * * "It is creditable 
to the industry and efficiency of the pension office that such a 
mass of business should have been performed within the period 
which has elapsed since the passage of the above law." 

The secretary, in a letter to the commissioner, dated Nov. 
2d, 1832, observes, ''on consultation with the attorney general, 
I have decided, that the probate courts of Vermont are courts 
of record, within the meaning of the regulations prescribed by 
the department for carrying into effect the act of June 7th, 1832, 
granting revolutionary pensions." In another letter to the same 
officer, dated February 21st, 1833, the claim under this act is again 
characterized as a pension. The present secretary of the trea- 
sury, in his report on the finances of the 17th of December last, 
page 5th, described these claims as "revolutionary pensions un- 
der the act of the 7th of June, 1832." In his account of the ex- 
penditures for 1833, they are included, with all others of the 
same character, under the designation of "pensions." The pre- 
Benlnecretary of state, when secretary of the treasury, in his ac- 
count of the expenditures for 1832, describes them as "revolu- 
tionary pensions per act of seventh of June, 1832." The com- 
missioner of pensions, in nig report of the 27th of November 
last, <>ives us a "statement showing the number of persons that 
have been placed on the pension roll of the different states and 
territories under the act of June 7th, 1832;" also, "a statement 
showing the number of persons who have died since making 
application for pension* under the act of June 7th, 1832;" also, 
a "statement showing the number of persons who have applied 
for pension* under the act of June "III, 1832;" also, "a state 
tnenl showing the number who have relinquished their pen- 
nons under the act of March 18th, 1818, and have been placed 



inissioner to tin- new pension agents, the law receives the sa 




It is relied upon by the executive, that the act of 1828, like 
that of 1832, uses the word "pay," instead of "pension." So 
does the first section of the act of April 24th, 1816, the claim- 
ants under which are admitted to the benefits of the pension 
agency, and have been always designated by the name of pen- 
sioners. In the opinion of the committee, the use of the word 
'pension" in a law is not essential to entitle it to the charac- 
ter of a pension law. Whether it be or be not entitled to that 
character, must depend on the general intent ofilig legislature, 
as collected from all its provisions. This like other pension 
laws, provides that no person receiving any annuity or pension 
under a former law, shall be entitled to its benefits, "unless he 
shall first relinquish his further claim to such pension." The 
construction given to this by the department, may be discover- 
ed in the declaration prescribed by it in order to obtain the be- 
nefit of the act, in which declaration the applicant is required 
to say, "he hereby relinquishes every claim whatever to a pen- 
sion, except the present." Like the other pension laws, it pro- 
vides that "the pay allowed by it shall not be in any way trans- 
ferrable, or liable to attachment, levy or seizure, by any legal 
process whatever, but shall enure wholly to the personal bene- 
fit of the officer, non-comuiissioned officer, musician or soldier, 
entitled to the same." 

If this were regarded by congress as a law for the payment of 
an actual debt by instalments, and riot a pension act, why was 
the debt secured against creditors? Why should the pay enure 
wholly to the personal benefit of the claimant, free and dis- 
charged from the ordinary operation of the law on other men to 
whom the public money is paid for a public debt? Was it ever 
heard before can an instance be adduced from the annals of 
congress, in which such a provision has been introduced to se- 
cure any mere creditor of the government against the just 
claims of his own creditors? The fact is, that, by our laws, no 
pension is conferred except for services rendered. Congress 
does not grant pensions to court favorites, nor mere gratuities 
under any pretext. We understand the term "pension," as it 
is commonly defined, "an allowance for services rendered, to 
be paid at stated intervals." We are compelled to reject any 
construction of the law which places the services of tlie six 
months' militia man, or of the Indian spy, under the act of 1832, 
above that of the regular soldier who served till the end of the 
war of the revolution, and is entitled to be paid under the act 
of 1818. Both are, in a peculiar sense, the creditois of the na- 
tion. Both are meritorious. But the character of a debt can 
surely not he conferred upon the claims of the former with 
more propriety than upon those of the latter. 

It is to be observed that the opinion of the attorney general 
appears to be at variance, on this subject, with that of his im- 
mediate predecessor, the hon. R. B. Taney, the present secre- 
tary of the treasury. Mr. Taney, in his reply of the 27th of Oc- 
tober, 1832, to a question proposed by the present secretary of 
war, touching the execution of the act of 7th June, 1S32, says: 
"It is not obligatory on the secretary of war to issue a new pen- 
sion certificate when the party has pledged it for a debt, and the 
creditor refuses to deliver it without payment. The law does 
not require the certificate, in such a case, to be renewed, &c. 
But as the law intended to prevent the pensioner from selling 
or mortgaging his pension, it would defeat its obvious policy if 
the creditor, by withholding his certificate, could deprive the 
party of his pension, and thereby compel him to appropriate a 
part of it to the payment of his debt. The act of the creditor, 
therefore, ought not to prevent the payment of the pensioner; 
and, if satisfactory proof is offered that the certificate is in the 
hands of the creditor or any other person, and that it has been 
demanded by the pensioner, and the delivery refused; and if 
sufficient evidence is also adduced of the identity of the appli- 
cant for the pension, I think he is entitled to payment." In the 
same letter, he also says: "the act of June 7th, 1832, granting 
pensions for revolutionary sen-ices, is wot confined to resideiil 
American citizens. The first section gives the pension, &c. 

In an opinion given by Mr. Taney to the secretary, dated 
May 18tb, 1833, he observes that, "by a liberal construction of 
the first section of the act of 1832, every officer who was en- 
titled to a pension under the act of May 15th, 1828, would be ex- 
cluded from a pension under the act of 1832. And if such a 
construction were adopted, an officer who had served to the 
end of the war as ensign, &c. would be excluded from a pension 
under the last mentioned law. Bui, looking at the whole act 
it appears that those who were on the pension list of 1828 were 
not excluded, &c. The third section of the law shows that it 
was not designed to exclude any of those who had pensions 
under other acts of congress, where the pensions of the act of 
1832 were more favorable to their interests. ***** 
Ifthe commissary, therefore, held no rank in the line, he would 
be entitled to his pension, because lie was not provided for by 
the act of 1828. * * And as, in the case you state, 

the applicant was not entitled to a pension as commissar* un- 
der the law of 1828, he is not excluded from a pension on ac- 
count of services in that character under the act of 1832. and is 
entitled to the pension as commissary upon relinuuishin" his 
claim ns piisien." 

Anioiii! tin- iliii-iimcnu referred to us, are the copies of two 
ImiicN. which appear to have been taken from ihr am nis at 
Cini-iiinati and 1'ortland, (Me.) the one diiu.d the I3ih, and tin- 
other the 20th of January la>i; eaeh of which is e.\|ires.-h con 
ditioned for the performance of the duties of njjfni for paving 
pensions under the act of congress of June 7th, 1832. We know 
not that any others have been received by the department; but 



NILES' REGISTER MARCH 1, 1834 DEPOSITES FOR PENSIONS. if 



tn reference to these, independently of the fact that no law e_ 
iats authorising the commissioner to take such securities, if the 
attorney general's construction of the law be correct, the utili- 
ty or value of the instruments may be questioned. We forbear 
however, to express any opinion on that subject, or to swel 
this report with further extracts to prove the executive con- 
struction of the law. Suffice it to say, that, although the attor- 
ney genaral so strongly maintains that the acts of 1828 and 1832 
are to be distinguished from all pension acts, and that they ar< 
not entitled to the name of pension laws, we find that no otlie 
officer of this government who has had occasion to consider tin 
subject, has ever adopted his construction. He may, we think, 
support a claim, as the discoverer of this distinction, without a 
competitor. 

It remains for the committee to examine another argumen 
advanced in defence of the secretary's order, founded on tin 
provision in the acts of the 15th of May, 1828, and the 7th o. 
June, 1832, relative to the manner of paying the pensions they 
allow. The clause referred to in the first act is in thesr words 
"that the pay allowed by this act shall, under the direction of 
the secretary of the treasury, be paid to the officers or soldiers en- 
titled thereto, or to their authorised attorney, at such places and 
days as ike said secretary may direct. " The act of 1835 contains 
a similar provision; and the resolution of congress of the 28th 
of June, 1832, transfers to the secretary of war all the duties 
which devolved upon the secretary of the treasury, by virtue ol 
that act. The money appropriated by the act was, in pursuance 
of this provision, drawn from the treasury by warrant, and un- 
der the direction of the secretary of war, deposited in the bank 
as the established pension agent of this government. It is now 
contended that the secretary may of right, without the aid of 
congress, change the pension agency, so far as regards the pen- 
sions under this last act, from the bank which has exercised that 
agency since the law was passed, or, in other words, that he 
may appoint fifteen other banks or private individuals to do the 
eame offices which that bank has hitherto performed. The case 
presented is, that, of two agents, each appointed by congress, 
the one to act under the direction of the other. But the agent 
appointed to direct, claims the power to annihilate the other, 
and to substitute in lieu of it fifteen new agents to do the same 
duties. The committee propose to inquire from what part of 
the clause in question such a power is to be derived. 

Is it from the words, "the pay allowed shall, under the direc- 
tion of the secretary, be paid to the person entitled thereto?" 

Or is it to be found in the remaining part of the sentence, 
which orders the payment to be made "at such days and places 
as the secretary may direct." 

It is admitted by both parties, as we have already stated, that 
the agency of the bank under the laws up to the 3d of March, 
1817, inclusive, can be changed only by act of congress. The 
act of that date commands the bank to observe and conform to 
the directions which have been, or may thereafter be, prescrib- 
ed by the secretary of the treasuiy, with the approbation of the 
president of the United States, touching the execution of its du- 
ties as commissioner of loans. The clause in question, in the 
act of June 7th, 1832, is of similar import, though it subjects the 
agent in the execution of the duties to the direction of a differ- 
ent executive officer. We have not heard that it was ever in- 
tended that these words in the act of the 3d of March, 1817, 
gave the executive such a power as is claimed for a similar 
provision in the act of 7th June, 1832. The commissioners of 
loans were bound to pay, under the directions of the secretary, 
before the bank chailur; yet the power to abolish their agency 
was never claimed by any executive, nor the power to substi- 
tute a pension agent to act in conjunction with them. The se- 
cretary, by the act of April 24, 1816, was authorised only to ap- 
point pension agents in those states and territories "where there 
is no commissioner of loans." When this act, and the other 
acts before referred to, authorising him to appoint pension agents 
in Pittsburgh and Tennessee, were passed, was it imagined that 
any executive department had the power now claimed liy vir- 
tue of the injunction to be found in our laws on all pension 
agents; compelling them, in the execution of their duties, to act 
under the direction of an executive officer? If these words give 
such a power we see not why the agency of the commissioner 
of pensions, who is, as we have seen, bound to execute his du- 
ty under the direction of the secretary of war, might not be 
abolished by the secretary, and fifteen other commissioners ap- 
pointed by him to execute the same duties. Scarce two years 
have elapsed since a bill passed the other house to authorise 
the secretary to appoint a pension agent in Alabama. This bill, 
we know, was defeated in the senate because it was thought to 
be altogether inexpedient to interfere with the duties of the 
bank. The same bill is now before congress again. Until the 
order of the secretary of war was issued, its friends as well as 
its enemies thought the power to change or abolish an agency 
was not involved in the power to direct the agent, or to check 
him in the exercise of his duties, but resided only in congress. 
If we are mistaken in this if indeed the power to destroy is in- 
cident to the power to direct we do not perceive why so much 
of this act of the 3d of March, 1817, as abolishes the offices of 
commissioners of loans was not rejected as useless by the con- 
gress and president who chartered the bank; nor why the high 
executive power now contended for was not exercised in that 
day by the same summary mode of changing the pension agency. 
The concluding part of the clause in question, which order.' 
tlf payment of these pensions to be made at "such days and 
plates at the seeretary may dirtet," whether considered sepa- 



rately, or in connexion with the preceding part of the section, 
cannot, in the judgment of the committee, be held as furnishing 
any authority whatever to abolish the agency of the bank, and 
substitute other agents in lieu of it. The power conferred by 
these words is strictly supervisory, and that, too, of a qualified 
character. The superintending agent derives authority from 
these words, not appoint the person to pay, but merely to di- 
rect the time and place of payment. With an existing pension 
agent established by congress, and recognised ag such by the 
government for more than forty years, the secretary herein is 
simply authorised to fix the time and place at which it shall 
act. In the case of a law ordering money to be levied and col- 
lected under the direction of a court, at such times and places 
as the court shall direct, no one could infer the existence of a 
power in the court to remove the marshal, or to substitute ano- 
ther person unknown to the laws to execute his duties. The 
officer of the ministerial agent in that case being created by act 
of congress, no other office could be created to supercede it, ex- 
cept by the same power. When congress directs money to be 
paid by the secretary of the treasury, out of any money in the 
treasury not otherwise appropriated, the treasurer himself, 
though not mentioned in the act of appropriation, must dis- 
burse the money on a proper warrant; because, as in the case 
under consideration, he is the paying agent of the government, 
created by act of congress, though bound to pay under the di- 
rection of a superintending officer; and in this instance, the 
power to appoint twenty new treasurers might with as much 
propriety be claimed for the secretary of the treasury, as the 
power to make new pension agents is now claimed for the se- 
cretary of war. 

The distinction between places and persons is essential to a 
correct understanding of the subject. The right to direct the 
places where a pension shall be paid, is, as we apprehended, 
perfectly consistent with the existence of an established agency 
to perform that duty at that place when directed; and we hold 
that the mere authority to give or countermand an order to pay, 
can confer no power to destroy the paymaster, or to make a 
new one. If the paying agent is, as the adverse argument pre- 
supposes, a mere deputy of the secretary, removable at execu- 
tive pleasure, then the millions which are directed to be dis- 
bursed to pay pensions are liable to be placed in the hands 
of individuals without any security; and we have already seen 
how the work under this new construction of the law is pro- 
gressing. We do not believe that congress has so far neglect- 
ed its duty to the country. We think that the clause reserv- 
ing to the secretary the right to direct the times and places of 
payments is the same in substance with that to be found in 
the act establishing commissioners of loans, and the act trans- 
ferring their duties to the bank; in both of which it is provided 
that one of the heads of departments shall direct not the agent 
to execute, but merely "touching the execution of his duties." 

The attorney general finds in the conduct of the bank, in re- 
ference to the order of the secretary to surrender the pension 
fund, a breach of trust, and a violation of duty to the govern- 
ment. We think, on the contrary, that had it surrendered that 
fund on such an order, without the consent of congress, it could 
not have escaped the imputation of having sought a recharur 
by a dereliction of its trust, arid the exhibition of a spirit of sul- 
serviency to the executive will. The president, while he con- 
curs in the views of the attorney general, denounces the bank 
as an "irresponsible money corporation." In what sense is it 
irresponsible? Its charter provides "that whenever a commit- 
tee of either house of congress shall find and report, or the pre- 
sident of the United States, shall have reason to believe that the 
charter has been violated, it may then be lawful for congress to 
direct, or the president to order, a scire. facias to be sued out, 
calling on the corporation to show cause wherefore the charter 
shall not be declared forfeited." The responsibility of the bank 
to the president himself, as well as to congress, in case any pro- 
vision in the charter has been violated, appears to us to be quite 
as satisfactory as that of any officer of this government. The 
17th section of the charter also provides that the corporation 
shall not, at any time, refuse payment of any money received 
upon deposite, and that, if it do neglect or refuse to pay on de- 
mand, any money received upon deposite, to the person or per- 
sons entitled to receive the same, such person shall be entitled 
to recover interest on the money until the same shall be fully 
paid, at the rate of twelve per cent, from the time of the de- 
iiand. If the president thinks he has reason to believe that this 
provision has been violated, the remedy is in his own hands, 
ind it appears to us to be ample. If it were not sufficient, con- 
;ress, on that fact being shown, has the power reserved by the 
;harter to supply any deficiency by farther legislation. \Ve do 
not understand that the ability of the bank to respond lo any 
lecuniary demand upon it by the government for public dues is 
juestioned; and as an engine of power, with all the guards plac- 
ed around it by the charter, we think it is far less to be dreaded 
than twenty stale banks, affiliated by llwir allegiance to a com- 
non master, and strengthened not only by the funds of the pen- 
sioners, but by all the money in the. treasury. 

We are also told that the refusal of the bank to deliver over 
the books and papers belonging to this agency is a still more 
>alpable breach of the duly which results fiom what the altor- 
,iey general terms the subordination of the agent to his princi- 
iai. If the secretary, iii.-luarl of congress or the government, 
were the principal, and the bank merely the secretary'* deputy, 
the right of the former to the custody of Uie.e hooks and paper* 
>efore a final settlement of the accounts, might well be (jues- 



16 NILES' REGISTER MARCH 1, 1834 DEPOS1TES FOR- PENSIONS. 



tioned by the latter. But when we repudiate; the whole doc- 
trine which subjects the pension fund to be. disposed of at the 
will of the executive, and acknowledge congress as the power 
which created the agency, this executive pretension become 
absolutely preposterous. VVe have shown that the act transfer- 
ring the duties of the commissioners of loans to the bank of the 
United Stales, and abolishing their officer, directs them and 
the agents for military pensions, where there is no such com- 
inUsioner, to deliver to the hank "the register, and all the re- 
cords and papers of their respective officer," and that, "upon 
the delivery of the records and papers, the office of the commis- 
sioners' shall be abolished." The books and papers of the pen- 
sion agents of that day were, therefore, deposited in the bank 
by virtue of a positive statute, and neither the congress that 
passed the bank charter, nor the president who approved it, 
seems to have supposed that it could obtain them in any other 
way. What was eoiididered in 1817 as no lit subject for mere 
executive regulation, does not now appear otherwise to the 
committee than it did to the Iramers of the charter. Without 
legislative interposition, the books and papers necessary fur the 
transaction of the business of the pension agent should remain 
in the bunk; and neither executive denunciation, nor any mere 
desire of the corporation to get rid of a troublesome and expen- 
sive duty should induce it to desert the important trust which 
has been confided to it by the legislature of the country. 

VVe understand the attorney general as claiming for the de- 
partment of war the custody of these books and papers during 
the interval between the semi annual payments, even though it 
should be obliged to return them again to the bank when the 
day of payment shall arrive. The order of the secretary was 
for a permanent and absolute transfer of the hooks and papers; 
and, in justice to the directors of the bank, the committee feel 
bound to say that the attempt of the attorney general to put 
them in the wrong, by placing the order of the secretary, which 
they have refused to obey, on the basis of a mere request for 
the temporary use of the papers until the day of semi-annual 
payments should return, is not warranted by the facts, and is 
BO far an abandonment of the real ground of the controversy. 

We cannot take leave of the opinion of the attorney general 
without farther commentary on his concluding observations. 
lie contends not only that the books arid papers, but the funds 
also in the pension agency, may be removed for temporary pur- 
poses. "They (the hooks and papers) are," says he. "exclu- 
sively the property of the government." Hence he contends 
that "the government" is entitled to them during the interval 
between the semi-annual payments! "The same remark," he 
adds, "may also be applied to the moneys of the agency, which 
the government is not bound to leave on deposite in the bank, 
even if it were admitted that the law has imposed on it the duty 
of employing the bank to pay them out. The conduct of the 
bank, regarding it in this lii;ht,and independently of every other 
objection, appears to me to be wholly indefensible." 

The president, in the message, says. "I add my entire con- 
currence in the views he (the attorney general, in this opinion) 
has taken." 

What is meant by "the government?" If this expression 
here has any meaning, it is confined to the executive depart- 
ment alone. No other branch of the government had any thins 
to do with the change of the pension agency; and in a spirit of 
candor towards the officer who made this report at the request 
of the president, we have combatted his argument as wo felt 
bound to consider he intended it should be understood. We 
have, therefore, answered his reasoning in relation to the books 
and papers of the agency as if he had said that the executive or 
the department of war was entitled to their custody. But this 
ia not the "government." Ours u a government of laws. To 
say that the president and congress can, only by law, reclaim 
the agency; that none but the government, in the proper signi- 
fication of the ward, ia entitled to the books and papers, as well 
ns the funds in the hands of the agent it has created, when it 
may demand them, according to the forms of law, is to say just 
what we have contended for, and to admit what we understand 
the attorney cc.ncral to deny. If the attorney general supposes 
that the president is the government, or that any executive de- 
partment is the government of this country, it is time that his 
reading of the constitution should be examined, especially by 
congress. 

The power to remove the public deposites from the hank has 
never been confided to the secretary of war. The bank charter 
enacts that the depnsites shall remain in the brink, unless the 
secretary of the treasury shall otherwise direct. The duties of 
tho latter, under the act of the 7th of June, 1832, which devolv- 
ed on the former officer by virtue of the joint resolution of the 
28th of June, 1833, do not embrace the superintendence of the 
system of finance, but the direction of the times and places of 
paying one class of pi iisioners. When the secretary of the 
treasury shall direct the. surrender of these funds, after his war- 
rant for ihrm has been once issued with all tin; forms of law; 
after they have been paid out of the treasury on that warrant 
Into the bank, nmi there placed loth* credit of the pension.fund, 
it will be lime to consider whether hia direction ought to be 
obey. i|, and whenever it shall he decidrd by the sccict.-iry m 
tin-. tn-ii, wry lh;ii tin; pension fund is still in' the treasury, and 
he ,-ti.i!! niirmjil to make pension agencies for congress, that 
bod) will .r.niitle-s nivis tin; proper attention to the subject. 
But if ihe pnwer is IHIW el.iimi-,1 to be in the- secretary of war 
(in viuue of his right to dirert the pension agent) to put the 
pension fund m )ii. pocket when he pleases, or, during the in- 



tervals between the semi-annual payments of pensioners, we 
hid in tiic laws no warrant for Mich a pretension. The duties 
ol the secretary were to be auxiliary to those of the bank in the 
duty of paying pensions. Their co-ordinate powers are misun- 
derstood when the former attempts to remove the latter, as his 
subordinate, at pleasure, or to assume the execution of those 
duties which congress has confided to the latter alone. 

It appears that, in the matter which has been referred to the 
committee, the bank has acted only on the defensive, and lias 
done no more than is required of every trustee. It has assum- 
ed no attitude which ought to be considered as offensive to any 
department of the government, but it has been faithful toils 
trust. In this country every man must exercise his own judg- 
ment in matters touching his rights and duties. This is inci- 
dent to his right ol self-defence. Had the president demanded 
of the bank their banking house in Washington as a suitable 
place for the treasury department, after the late conflagration of 
the treasury buildings, might not the bank have decided against 
the application without being censured for "sitting in judgment 
pon the legality of the acts of the constituted authorities?" 
May not the opinion of the corporation upon the construction 
of any law differ from that of the executive officers of the Unit- 
ed States? The citizens who subscribed for slock in lliis bank 
have not thereby lost the right to sit in judgment, in this sense, 
on the acts and conductor any man or set of men in this nation, 
who, in their honest judgment, may invade their privileges, or 
seek to deprive them of an opportunity of discharging their du- 
ties. The case of a corporation is like that of every individual 
in this respect. The president has no right to take private pro- 
perty for public use from any man without his consent, or the 
consent of his representatives, and compensation to him. Now, 
if the president demands the land of a citizen for a light house, 
or any other public work, may not the owner consider and de- 
cide for himself the question of title, without being reproached 
for a "usurpation of the judicial power?" Must he who says to 
an executive officer, "I contend for my property, and have de- 
cided that, before I surrender to you what I believe to be mine, 
I will defend myself in the courts of law," be therefore denounc- 
ed as usurping judicial power? The bank has done no more to 
occasion such a denunciation. It has respectfully considered, 
and fully replied to the executive mandate. Its answer is, th:it 
it considers itself bound by the laws of congress not to surren- 
der the pension agency without the consent of congress. It 
professes its perfect willingness to yield the trust if congress 
will release it. Without that release, it must, in self-defence, 
abide a suit in the court, if the executive choose to go to law. 
It has not relied alone on its own judgment. In doubt of its 
own opinion, it has loft the question to eminent counsel, and, 
in perfect frankness, it lias communicated to the executive offi- 
cer their views and arguments. This is what the president 
terms "usurping judicial power," and prescribing to ihe execu- 
tive department the manner in which it shall execute the tru.t 
confided to it by law. This is called "checking and controlling 
the acts of the public servants by an irresponsible money-cor- 
poration;" and we are gravely told that, if this be tolerated, 
"Ihe whole frame of our government is changed, and we have 
established a power in the bank above what we derive from the 
people." It appears to the committee that the executive in this 
case assumes to itself the judicial power, for the very reason 
that it denies to the bank the right to inquire into its duties. It 
sets up a claim which it will not suffer the bank to deny or 
doubt. It demands an immediate surrender on its own judg- 
ment, and necessarily refuses to the agent of the government 
the right to invoke the decision of the court for its protection. 
Such pretensions are new in the history of executive power in 
this nation. They are unsuited to the genius of the government 
under which we live; and wherever they shall so prevail, that 
an American citizen shall not dare to dispute with an executive 
officer upon any question touching his right to either property, 
character or liberty, then indeed, in the language of the presi- 
dent, "the whole frame of our government will be changed." 
and, no matter what may be its name, it will be a hateful des- 
potism. 

The president complains that the pensioners will suffer by 
the conduct of the bank. From a pnrt of the correspondence 
submitted to us, it would appear that the new pension nstMiu 
have, in some instances at least, been paying their claims, lint 
if they are indeed sufferers, if delays and embarrassments have 
been incurred by the gallant defenders of their country in the 
receipt of the debt which the gratitude of the nation has award- 
ed to them, and which, in many instance.-:, is necessary for their 
subsistence and comfort in their declining years, it is plain that 
nil those delays and embarrassments have hern occasioned (sole- 
ly by an illegal order emanating from the executive, and com- 
manding ihr. hank "to cease paying the pensions." The best 
mode of exhibiting exerniive sympathy for the soldiers of the 
revolution is not in publicly deploring their unhappy fp.te nml 
their distressed condition, but in rescinding the order which 
prohibits the bank from paying them their dues. Until this be 
done, the committee is compelled to acquit the bank, when 
thus arraigned before them on a charge of cruelty to the revolu- 
tionary soldiers. 

In conclusion the committee recommend for the adoption of 
the senate, the following resolution, and pray to be discharged] 
from HIP further consideration of the subject: 

Resolved, That tho department of war is not warranted in np- 
poinlinc pension agents in any state or territory where the bank 
of the United State* or one of its branches has been eftabl'whed. 



FOURTH SERIES. N. 2 VOL. X.] BALTIMORE, MARCH 8, 1834. [VOL. XLVI. WHOLE No. 1,172. 



THE PAST THE PRESENT FOR THE FUTURE. 



EDITED, PRINTED AND PUBLISHED BT U. NILES, AT $5 PKR ANNUM, PAYABLE IN ADYANCE. 



It is a long time since when we said any thing to our 
friends about the snwll money matters between them and 
us and we would not now be importunate; but a valua- 
ble favor might be conferred, if those to whom the pay- 
ment of our little demands, now or a short time hence, is 
unimportant, would promptly recollect and relieve us. 

The brief speech of Mr. Heath, our own immediate 
representative in congress, on presenting the Baltimore 
memorial praying for a restoration of the public depo- 
sites, is inserted iu a subsequent page. Mr. H. has fully 
realized, in all his proceedings, and in this matter espe- 
cially, the just expectations of those who supported him; 
and he is, besides, a very industrious and attentive mem- 
ber in the house, and also to the private business and lo- 
cal affairs of his constituents. 

The following, from a Philadelphia paper, though not 
exactly in our way because of its personally political 
bearing, is such a "good thing" that we give it a place. 
It is genutoinely "salted," as major Downing would say. 

"Mr. Heath, of Maryland, made some remarks, in the course 
of which, he stated that he was a Jackson man; that he had 
supported the administration, but that he was not a "collar 
man." The speaker called him to order. Mr. W hittlesey, of 
Ohio, who is not only a sensible, but a pleasant, sarcastic man, 
remarked, in an under tone, 'that the speaker was determined 
not to have any stray horses running about here, without collars 
on, and therefore stopped Mr. Heath.' " 

We give accounts of two meetings about the bank and 
the deposites, &c. of very different character, which it 
seemed necessary to make room for in the REGISTER 
one held at Tammany hall, New York, and the other in 
Monument square, Baltimore; and in the proceedings of 
each there is much matter for reflection. 

A retirement from such publications, and pretty full 
notices of other matters connected with the proceedings 
had in this season of excitement, cannot be promised, 
and the report and counter report of the committee of 
ways and means of the house of representatives of the 
United States, and such like papers, must obtain room; 
and other articles will be presented over which we shall 
not have any sort of discretion; but we. are really wearied 
and worn-out by the pressure of such things, which bears 
as hard upon our pages, as the pressure caused by the re- 
moval of the deposites bears upon our means to print 
them! and the misery is, that, in neither case, is there 
a present prospect of relief to cheer us. But with regard 
to the REGISTER, itself, we know that its utility is reduc- 
ed, in the consequent neglect of other important things 
which ought to be recorded, and which all persons will, 
hereafter, expect to find preserved in it. 

We have a copy of the report of the committee of the 
mechanics, &c. of New York, giving an account of their 
visit to Washington and interview with the president, 
and also of the proceedings of a great meeting of the 
people held at Philadelphia on Tuesday last, at which 
earnest resolutions, Sic. were passed in support of tin- 
president and his measures, in relation to the bank. We 
cannot give either. 

Courage and perseverance have various qualities; and 
ane of the greatest exertions of them is for a member of 
congress, to rise in his place, and expel the audience, 
and then whip out the members themselves, in "less than 
no time," as major Downing sayg. 

THE CURRENCY, &C. BRIEF NOTICES. 

The banks of Pittsburgh have resolved not to receive 
the notes of the Ohio banks. 

A bill has passed both houses of the legislature of Ken- 
tucky establishing a state bank. 

The bank of Louisville, Kentucky, one of the new de- 
posite banks, has refused to receive further deposites on 
VOL. XLVI-Sio. 2. 



account of the United States, and deposited with the 
branch of the bank of the United States in that city, all 
the public money or effects in possession, to be paid over 
as a "special" concern, when demanded. 

The Columbia (Pa.) Spy of Saturday says: "We un- 
derstaiid that orders have been received to' stop all work 
on the second track of the railway between this place and 
Philadelphia." 

The "New York Commercial Advertiser" of the 1st 
inst. had the following bank note table 

A considerable improvement has taken place this day. 
The Eastern bank notes are redeemed at ^ per cent, dis- 
count. JVew York, city notes, par. Long Island, do. 
Dutcliess and Poughkeepsie, do. Hudson River, do. 
Other River notes, including West Chester, per cent. 
Albany, Troy, Lansingburgh and Schenectady, percent. 
All others, west of Albany, per cent. JVVw Jersey, % 
a 1 percent. Pennsylvania, l a 2 per cent. J)elaivare T 
2. Maryland, 1 a 1^. District oj Columbia, l. Vir- 
ginia, 2J. JVurth and South Carolina, 2. Georgia, S 
a 5. Ohio, Cleaveland, 1^. G'. auga, 3; all others 5. 
Michigan, l. Canada, 3 a 6 per cent. 

[The rates in Baltimore, as to eastern money, are much- 
higher. Bills of the New England banks average 2 per 
cent, and those of New York, except of the city banks, 
from 2^ to 3 per cent, discount and so of others. Those 
of the District, and of Virginia, are at a lower rate.] 

By the direction of a majority of the stockholders, the 
Western bank of Philadelphia, has petitioned congress 
for a restoration of the public deposites to the bank of 
the United Stales. 

The price of wheat at Le Roy, N. Y. is "five shil- 
lings," or 62J cents. It was recently one dollar. At 
Genesseo wheat is said to have "no price." At Zaue>- 
ville, O. the price of wheat is reported at 57 cents, and 
flour at Wheeling $2 30. 

Several new banks have just been incorporated in New 
Jersey. 

The Harrisburgh Chronicle of Monday says, "two bids 
are now before the governor, for the temporary and per- 
manent state loans, but neither of them will be accepted 
before the 25th of this month as the time for receiving 
proposals is extended to that date. 

Since the above was in type, we have understood that 
one of the bids is for $100,000 the other for $729,000, 
being the whole of the balance of the permanent loan of 
1853." 

The money market, we are sorry to say, becomes "hard- 
er and harder," though the bank of the U. S. has much 
extended its line of discounts at several places,* and has 
a circulation of nearly two millions more than it had at 
this time last year the removal of the deposites to the 
contrary notwithstanding. Why then is not the market 
made easy ? Confidence is Taunting; and confidence is 
the life of a free circulation of money. We shall not re- 
capitulate the unpleasant things before us. The distress 
so much spoken of is now reaching the "working men." 
Due bills are issued at many of our large manufacturing 
establishments, and the desire to build nouses seems al- 
most totally suppressed, in an inability to pay the cost of 
their erection, in all our chief cities and towns. Thou- 
sands of persons are yet at work because- of the indisposi- 
tion of their employers to discharge them, though the 
latter would be gladly relieved of them, at this time. 

ITF.">rS OR BRIEF NOTICES. 

Gov. Jireathitt, of Kentucky, is deceased. Lieutenant 
gov. Atorehefjd(wb\\ ad.) takes his place. 

It will be seen that ex-governor Lintoln has taken his 
seat in the house, in the place of Mr. Davis, (now gov. 
of Massachusetts) resigned and Benjamin Watkins 
Leigh, his place in the senate, vice Mr. Rives, resigned 1 . 



*The Boston Transcript states that the branch bank discount - 
ed three hundred thousand dollars on Wednesday last week. 



18 NILES' REGISTER MARCH 8, 1834 A BANK OF THE UNITED STATES. 



The "Albany Daily Advertiser" gives the unwelcome 
report, that some of the Ohio banks have stopped specie 
payments, and that others were "tottering. " We would 
hope it is not true. 

But that the distress which has not yet, as we fear, 
nearly reached its extent on the sea-board, will reach the 
interior, must be expected. One thing is certain the 
present stale of things cannot endure much longer. There 
must be a restoration of confidence a general ruin of 
business men, or a "rag currency," with some few ex- 
ceptions. 

Flour at Cincinnati, Feb. 25 3 dollars. Wheat at 
Syracuse, X. Y. 62^ cents. Cotton at Mobile, from "^ 
to 11 cents. Eastern bank notes, at Baltimore, 2 per 
cent, discount. New York (country) A per cent. The 
bills of several of the southern banks are at 28 per cent, 
in New-York. 

The draughts of the U. States officers at St. Louis, on 
the treasury at Washington, have been returned protested. 

It is broadly insinuated, that the Pennsylvania state 
loan, has really been offered for ($300,000 in part), by 
the use of moneys belonging to the U. States, through 
the Girard bank! We are not prepared to believe this. 

The nominations of Mr. Livingston as our minister to 
France; of Mr. T. P. Barton to be secretary to the same 
legation; of Mr. .-2. Middieton,\r.\.o be secretary of the 
legation of the United States at Madrid; of/. S. Cabot to 
he commissioner under the Neapolitan treaty; of R. JW. 
Saunders to be commissioner under the French treaty; 
of J. IF. Overtoil to be secretary to the commission un- 
der the Neapolitan treaty, and" of Alexander Hunter, 
as marshal of the District of Columbia, vice Ashton, de- 
ceased, have been lately confirmed by the senate. 

We have many other such like items before us but 
cannot make room for them. 

To the editor of the Baltimore Gazette. 

DEAR SIR A writer in the "Baltimore Gazette" (J. 
S. ) a few days ago, had the following paragraph: 

"If there was any tiling wanting sir, to show that the 
opposition to the president in this matter at least among 
some of the most prominent leaders of it was the result 
of mere party animosity, and a disposition to oppose and 
embarrass him by every means it might be found in the 
speeches and writings of those very men, (who are the 
most clamorous now), in former times, in relation to a 
similar institution. In fact you might with some plausi- 
bilitv charge the president and his friends with having 
borrowed their arguments and views against the present 
United States bank, from those very documents to which 
I refer. In proof of what I state, I am sure it is not 
necessary for me to bring to your view the speeches and 
votes and writings in former times, of such men as Clay, 
Webster and H. Niles, on the subject men who are 
avowedly among the leaders of the bank party at the pre- 
sent moment." 

Similar things, and in a much more exceptionable 
manner, have oftentimes been said of "H. Niles" but 
their source was from a quarter that I could not descend to 
notice. 

It is a most unfortunate event that politics, properly so 
called, ever entered into so delicate and profound a matter 
as the currency of the country. Why such "two-penny" 
considerations as the interest of office-holders, and as- 
pirants for offices of profit and of honor, should have in- 
fluence over this subject or by whom they were intro- 
duced, it is not important now to examine: but that even 
personally political considerations have a powerful in- 
fluence over it, is not to be questioned.* To bring about 
this state of things 1 have not, knowingly, had the least 
concern. But thus it was in relation to internal improve- 
ments and the protection of American industry these, 
too, were furiously forced into petty political interests and 
passions. How do the POLITICS of Pennsylvania, for a 
remarkable instance, stand with her hitherto nearly nna- 



mClllUt.l*. CAt.l.|Jb u* A%-fBVM, Hl WVUUFU 7IUIT IIUV1M 

of the deposits, wat tUe question submitted to them 




ninwus support of internal improvements, a protecting 
tarifi", and the bank of the United States, all which were 
lately considered, and openly avowed, as "PENNSYL- 
VANIA MEASURES,"and by all parties in that state? 
And how stands the case now? These things are only 
hinted at. They deserve the presentation of a body of 
official facts, with remarks, that I have not time to collect 
and arrange at present. But will simply ask has not a 
turn of the party-wheel almost capsized what all men 
regarded as essential principles in the policy of the great 
state just named? 

For myself, however, I throw back on the writer of 
the communication in the "Gazette," the imputation that 
party, in its present phases, had the shadow of an in- 
fluence over my conduct, in either of these great points ' 
for 1 was earnestly the friend of each, (qualified, as I still 
am, with regard to the last), before the slightest suspicion 
was entertained that gen. Jackson stood opposed to either; 
and up to the very hour of his vetoes on two of them, a 
large majority of his most earnest friends, in the middle 
and western states, entirely believed that he would re- 
spect the "policy of Pennsylvania," which had so faith- 
fully supported him. 

Politics, however, had much influence over the minds 
of the people, as to the old bank of the United States. 
They were, however, of a more generous and liberal na- 
ture, and with a more manifest regard to just principles. 
And that hank, whether justly or unjustly accused, was 
certainly believed, (by its opponents), to have lent the 
whole of its influence to party-politics; and, in those days, 
1 was familiar with many apparently well-attested cases 
to shew that a man's political principles were weighed 
by the boards of directors, in granting accommodations; 
and so, also, with some of the directors of other hanks. I 
do know that the politics of "H. Niles," then an opponent 
of the administration in 1800, was offered as a reason 
why a note offered by him should not be discounted and 
that that reason was not esteemed a good one; the re- 
quisite number of directors believing that the bank had 
nothing to do with the politics of the party making the 
note. But as to the present bank of the United States, 
who ever heard a suspicion breathed, in any manner 
whatsoever, of its interference with party politics until it 
was put upon its defence, by a premature attack upon it; 
premature even if it was proper that its charter should 
not be renewed? And, while agreeing that it has no 
claim to a renewal of its charter, as a matter of right, 
I must say that the uncalled-for attack upon it was, 
time and circumstances being regarded, one of the most 
extraordinary proceedings that I have witnessed. t It 
was doing more than ''meeting evil half-way." IT ix- 
TiTD EVIL; and though not, I would hope, so design- 
ed by the president, placed the decision of the question 
much on party grounds. And I have many reasons to 
believe that this movement had its origin (not with the 
president) but in local cosiderations or personal views. 

An examination of these matters would require much 
room, and a great deal of laboi I think that they are 
capable of the clearest demonstration; but that would lead 
to presentations of supposed motives of individuals, and 
open a field for such discussions as have been seldom 
indulged in by me. If the doctrines that relate to in- 
ternal improvements, the tariff, and the bank, have been 
made party matters, I am guiltless of that sin; but do 
know that certain principles, as to the second especially, 
which I held and supported more than thirty-Jive years 
ago, have been arrayed against me as party politics of 
these latter times! The reason is obvious. As persons 
turn round, they sometimes suppose that a post runs 
against them. This may easily happen in a state of ex- 
citement. 

As to the bank I admit one change of opinion, and one 
only, except on that great and glorious principle by which 
the "chief of sinners" is accepted 'being sanctified by re- 
pentance, evidenced \ngoodieorks. 

The change of opinion is as to the constitutionality of 
the bank, in which 1 followed the "father of the constitu- 
tion," the illustrious MABISOX, and other men of the 
highest grade in the republic and also fell in with the 



t I could mention the names of several of ihr present iuot 
(li^tinzuishi'd fricnilr of the administration, who so regarded 
the first message of Hie president in relation to it. 



NILES' REGISTER MARCH 8, 1834 A BANK OF THE UNITED STATES. 



doctrines of ALWAYS "DEMOCRATIC" PENNSYLVANIA, I bank was rendering most important public services to the 



which, more than once, through her DEMOCRATIC legisla- 
ture, has passed an unanimous, or nearly unanimous, 
vote in favor of that institution, and in the most decided 
terms, though once opposed to such an institution, as Un- 
constitutional, &c.* May not the men alluded to, and the 
"key-state" the "honest state" the" whole" ever democratic 
state of Pennsylvania, save so humble an individual as H. 
Niles from political condemnation on this account! But 
other instances might be added, and equally remarkable, 
if necessary. They are not necessary. If so, the deci- 
sion of the council of Castile, that it was ''wrong to make 
a certain river navigable, because that if GOD had intend- 
ed it to be navigated, he would, Himself, have made it 
navigable," was a just one. Is it blasphemy, as it was 
once considered, to believe that the earth which we in- 
habit, is a globe and not a plain? Is it the end of know- 
ledge in agriculture to attach a woman and a cow to the 
plough to make horses draw by their tails? or to depend 
on the stars, and not on the compass, for the correct 
sailing of ships? Jn htiotvledge to stand still? 

The change of opinion alluded to was brought about in 
a certain belief, gradually and cautiously established, of 
the NECESsrrr of a national bank. The constitutional 
power did not, and yet does not, clearly appear, except 
in this that there must exist a p'ower to regulate the 
currency and commerce of the country, so as best to 
"promote the general welfare." And the necessity of a 
national bank is now so apparent, that many of the old 
and most able and strict construers of the constitution, are 
anxious that the power to establish one should be given 
by an amendment of the constitution. The good conduct 
of the bank, too, since its reformation, had much influence 
over my mind. I never heard of it, or saw it, or felt it, 
(for many years) as an oppressor, unless in solitary cases, 
perhaps, not fairly represented. On the other hand, 1 
knew and felt that it was rendering most important ser- 
vices in facilitating and equalising the exchanges of the 
whole country, and in furnishing a circulating medium 
which was more nearly at par than coin itself because 
of the cost and risk of transportations of the latter, to 
keep up the exchanges; and soon believed, as I still be- 



lieve 



up t 
, that 



these exchanges must be exceedingly embar- 



rassed and greatly diminished, without such circulations 
of values as the bank of the United States furnished, and 
would yet supply, if it had only been permitted to wind 
up its affairs unobstructed by the hostility of "the go- 
vernment." These good opinions of the bank were the 
result only of considerations of the general benefit, in 



government and people, and accomplishing all the good 
which its most sanguine friends had expected, without 
iniquitous exertions of its great power, (which I had so 
much feared, and would not re-grant in a new charter, as 
shall be stated below), to produce evil, confidence was 
yielded because it was deserved; and, the constitutional 
objection waived for the present, if not surrendered, in 
the seemingly manifest necessity of some such au estab- 
lishment. 

It does not appear required of me to pursue this part of 
the subject any further. I opposed the bank as unconsti- 
tutional, arid now believe that it is constitutional the 
expediency of renewing the present act of incorporation, 
however, is another affair. This change of opinion is 
freely admitted. It is, perhaps, the only material one 
that I have made, as to any matter of principle, though 
between 50 or 40 years before the public as a free wri- 
ter on polity and politics. 

But I was opposed aye, violently opposed, to the bank, 
on account of what I thought its bad conduct in 1818-19. 
I truly belived, whether rightfully or wrongfully is no 
matter now, that its management was in the hands of indi- 
viduals who were improperly using its mighty means to 
promote their own personal interests,* at the sacrifice of 
the public interest; and some things were reported, or 
made known to me, that I thought deserved the severest 
reprehension, and so did I reprehend them, with a degree 
of industry and zeal that was never surpassed; and have 
always believed that I deserved some degree of credit for 
the courage with which I attacked this bank, and the 
"raff barons" generally, andthe constancy with which I 
pursued both, until a reformation was effected, through 
the force of public opinion- for it was freely predicted 
and generally believed, by many of my best friends, that 
I would, and must, fall a victim to the power of the paper 
money makers and lenders of currency It was not so. 
When I began the attack, the stock of the bank, being 
abominably hypothecated, (as I thought), had a selling or 
a market value of more than 150 dollars a share when I 
ceased the attack, because of a reformation effected, the 
stock was selling at about 85 or 90 dollars. Idonotbelieve, 
and cannot affect a belief, that this revolution was brought 
about by myself but I had, perhaps, rather more to do 
in it than any other person, and do take some credit to 
myself for the amendments that were made, whereby the 
bank was brought back to its original purposes, as I es- 
teemed them; and the reform quieted my opposition to 
the bank, for then no desire existed in me to embarrass 



which I liberally participated for I never received the 
slightest matter of favor or accommodation from it, un- 
less of a general nature; and my name, by an act of my 
own, was never presented to the bank, two instances ex- 
cepted, to the best of my recollection unless in the en- 
dorsement of checks made payable to me, and remitted 
from distant places.:): Thus seeing and feeling that the 



or destroy it. 

With these explanations and references to facts, which 
re accessible to thousands through the preservation of 
umerous files of the REGISTER, I appeal to the common 
ense of my fellow citizens, to the good feeling of every 



*The leading "democrats" of Pennsylvania opposed the old 
bank as being unconstitutional. I cannot just now lay my hand 
upon the yeas and nays in congress concerning it hut well 
know that, to put it down, for the reasons assigned above, as 
well as on constitutional principles, was the "democratic" or- 
der of thaeday. 

The Pennsylvania delegation in congress voted against the 
present bank, on constitutional grounds chiefly against it 12, 
for it 7, absent 4. 

But the Pennsylvania delegation, with both the senators 
(Messrs. Wilkins and Dallas), voted for the bill of 1832, whicl 
was vetoed by the president for that bill 24, against it 1, am 
one absent, in the bouse. The solitary nay was given by Mr 
A. King, the absent member was Mr. Muhlenburg. 

And in 1832, the following resolution passed the legislature o 
Pennsylvania unanimously: 

Resolved by the authority aforesaid, That connected as tilt 
prosperity of AGRICULTURE and MANUFACTURES are with Hi 
successful financial operations and sound currency of the noun 
try, we view the speedy rechartering of the bank of the Unitec 
States as of VITAL IMPORTANCE to trie public welfare." 

JThese things are mentioned because that venal and corrup 
rnen always measure other men's actions by the base motive 
which influence their own. And I repeat it, that the name < 
"H. Niles," lo the best of his recollection, (except in emlorst 
ment of checks payable to him), was never by hini, or for h 
use, presented to the bank of the United States, or any ot i 
offices, but in two instances. The first was for the purpose o 
remitting 100 dollars for the relief of the sufferers by the grea 



re at Fayetteville, (as president of the Mechanical fire compa- 
y); and the second in the sale or collection of a check on one 
f the western offices for a little money deposited to his credit 
lerein. His small account was kept in the Union bank of 
larvliitid. (the present deposite bank), in which he takes much 
)leasure to say, that every request made by him, being consiiier- 
d moderate, (one excepted, and then only for the moment, as 
t were), has been complied with since the present adminis- 
ration of that bank, at least. 

At a meeting held at Tammany Hall, New York, on the 19th 
''eb. (last) a certain report was presented and adopted, signed 
ly Preserved Fis/i and James J. Roosevelt, esqs. in which certain 
extracts were made from my work (the "Register") of 1819, as 
to the prodigality of some of the speculators in the bank, and the 
pressure on the people, at that lime. There is not one word in 
:hese extracts that 1 will retract. They were true, as were a 
thousand other things that 1 said, at the time; and it will he re- 
collected by many th.il I then propheoied, " palactt u-ould he 
turned into poor ftouses" beoanse of such proceeding*. Did it 



ito pc 

not happen? Let the like be avoided, hereafter! Rut if thcsf mat- 
ters are brought up in judgment aeainst me, Peter, the apostle, 
as is stated below, should always be esteemed a base coward 
and liar. He was not so nor do honest men so esttrm him. 
The wron^ that he committed was washed away by repentance 
and good works, and so it was with the reformed bank. 

It is proper to add, that the presMire on the people above 
spoken of was as much caused by the deranged stale of the 
local banks, called upon to make specie payments, as by the 
acts of the bank of the United States. Jobbers and gambler? 
and shavers were riot confined whhin the walls of that iBst^ 
tution. 
For the article atbove alluded to see page VI. 



20 NILES' REGISTER MARCH 8, 1834 A BANK OF THE UNITED STATES. 



upright man, whether what I said of the hank as it -was 
in my opinion, should be retorted against me as applica 
ble to the bank as it is, in my opinion. If such a pro 
ceeding is right, or honest, Peter, the "prince of the 
apostles," as he is called, should bear rank only with Juda 
Iscariot. But Peter wept and repented, and reformed 
and suffered martyrdom in testimony of the doctrines o 
his Lord and Master, whom he had, in a season of weak 
ness, three times denied, and just after professions of thi 
most ardent attachment to him! And who shall stand in 
that great day of condemnation which the Christian pub 
lie believes in, if repentance and reformation do not re 
lieve the burthen of sin committed? And we are tolc 
that there is more rejoicing over one man that repentell 
than over ninety and nine who needeth it not. And so ' 
certainly should be, amongst men, else every motive to 
reformation of the heart and conduct must expire. 

I blame not those who sincerely believe, as I believet 
in 1818-19, that the bank of the United States has be- 
haved improperly. They have an undoubted right to 
enjoy their belief and to act upon it; but the same righ 
belongs also to me. Some tharges are preferred agains 
the bank, for which it is desirable that no foundation 
for a suspicion should have been laid but consider 
ing the position in which the bank was placed, by the ex- 
traordinary war that was commenced against it, withou 
cause, in the out-set, at least, these things, if not to he 
justified, may be excused, in its defence; for it must be 
recollected that its very solvency was assailed, though its 
power to maintain itself is now the leading cause of vitu- 
peration against it! Does not this show that some gram 
"mistake" has been made? 

Though no man expected that such a war as has pre- 
vailed against the bank could be waged,* the ability of the 
bank to defend itself is conclusive evidence of the exist- 
ence of a power in that institution whieh, in 1818-19, 1 
spoke so freely of, and certainly feared; which power, 
though if admitted to be now exerted only for the noble 
purpose of preserving a wholesome and sound currency, 
1 -would not agree to continue; but, on the other hand, 
the power of the executive against the bank, should be 
also restrained. I shall not discuss these matters; but 
proceed to make some remarks as to a renewal of the 
ehurter, on certain conditions, and conclude just taking 
leave to say, that my wish for the continuation of na- 
tional bank, is not quite the same thing as a continuation 
of the present charter to the national bank! 

1. I prefer a renewal of the charter, to the establish- 
ment of a new bank, for the highly important reason, 
that the latter would open a new and vast field for new 
speculations (in which the public has no sort of interest, 
except in public suffering because of them), more preg- 
nant in rascalities [I have written the word and will not 
blot it], than even were those imputed to the early mana- 
ger! of the present bank, and about which I was so anxi- 
ous, at the time. 

2. Whether the location of a renewed bank shall be at 
Philadelphia or New York, is of little moment to the 
people, at large; but a plan could lie easily devised (as I 
think), by which all reasonable cause for local jealousies, 
or interferences with local concerns, might be relieved. 
There must, however, be only one head for the gene- 
ral policy of the bank, to be wholesome, must be a stea- 
dy one. 

3. Heduce the capital of the bank to the 28 million*, 
as now held by the private stockholders forbid the hank 
to issue notes, or any thing in lieu thereof, of a less deno- 
mination than 10, 15 or even 20 dollars, and provide that 
the least denomination of notes shall be paid at any, or 
cither, of the offices, in specif, on demand; and that all 
other notes shall be received in settlements wilh banks, 
:ts was provided for in the vetoed bill of 1832. Thus the 
burthen of preserving a sound and equal currency would 
be laid on the bank, while it would be protected in a 
considerable degree, as it ought, from unjust "runs" that 
otherwise might he made upon it, by malicious and irre- 
sponsible individuals for, in this case, the state banks 
would have a deep interest in the national bank, and the 
business of the currency proofed, and be respected, 
as a mutual concern. The people could not suffer by this 

*For the government has a Inree pecuniary interest in the 
flack without reference to other aud vastly more important 



arrangement, and the well managed state banks -woulc? 
be always safe under it which is a matter of high con- 
sideration with every man. Impose on the bank all it 
duties, restraints and checks as provided in the present 
charter, and add others, if necessary; prohibit it from 
establishing new branches, without the consent of th 
states in which they are to be located, and provide means 
by which the states may discontinue branches under certain 
strictly guarded regulations, to prevent sudden embarrass- 
ments of the currency, and let the capital vested in the 
branches be subject to the state laws which levy taxes on 
the capital of their own banks, on the same conditions but 
with these strong restraints, (the political iniquity of 
selling acts of incorporation being also regarded) let the 
recharter be made without demanding a bontts. 

4. Vest the power concerning the deposites only ii* 
congress the senate and house of representatives, with-- 
out resort or reference to the president OF secretary of 
the treasury, when congress is in session; in the recess,, 
let the secretary have power to remove the public mo-- 
neys only in cases of imminent danger of the insel>vency* 
of the bank, (indicated by overt acts) with the approba- 
tion of the chief justice of the United States, foe the time 
being* that officer being, as much as is possible, remoY- 
ed from ^otfrtcal impulses; which should never preTail in- 
die consideration oi a matter so delicate as the state of 
the currency. 

5. But the state banks which issue notes of a less de- 
nomination than five dollars, shall not be entitled to press 
on the bank of the United States or any of its offices, as 
provided for in No. 3 and all receivers of public mo- 
ney should be forbidden to receive any of the notes of 
such banks, whether large or small, in the payment of 
debts due the United States. 

6. To provide against the want of a general, convenient 
and equal currency, (for the state banks connoifurnishit), 
and to make a further and wholesome advance in the use 
of coin, and check the shaving of state bank notes with- 
out the range of their own approved circulation, let the 
value of gold, in weight or fineness, be reduced one or 
two percent, below that of silver, as such value is ge- 
nerally measured in our exchanges with Great Britain 
and France, that we may have a free circulation of gold 
coins eagles, halves and quarters, made out of our own 
gold. At the general rate of exchanges, our eagles are 
worth $10 30 to $10 50 in dollars, and they "flee away;" 
but make them worth $9 80, and they, and their parts, 
will remain with us, and the amount allowed for seig^nor- 
age could not furnish any just cause for complaint, inas- 
much as bank notes or silver might still be used, if per- 
sons preferred the risk, expense, and labor or loss, of 
making disbursements with them. 

Such are the "checks and balances" that I would pro- 
pose to restrain the power of the bank of the United 
States, (and of the state banks, also), to do wrong, and 
render both more useful and safe than they are. It is no 
argument in favor of the present power of the bank of the 
I'. States that it has not abused it, as most business men 
jelieve that it has not, since its reformation; but it ha* 
^ower, in its ability to regulate the "circulation of va- 
lues." as stated in the last URRISTER, to assess, as it 
were, the money-value of every man's field or house, 
which power has been exerted by the president of the U* 
States in removing the deposites, and I -mould not grant it 
'o either; for the reason that it may be abused, and is not 
nt all necessary to the public good. 

Such is a free outline of my views. Perhaps, they 
will not please either party to the present controversy, 
nit 1 think them sound and, so thinking, present them. 
t is my opinion, that the provisions suggested would 
check the power of the hank, without affecting either its 
usefulness or the profit of its stockholders. The cha- 
racter of its business might be considerably changed, in 
ome places inland bills taking the place of domestic 
lotos, and for which a national bank is most needed; and 
he tariff" on them would be continually regulated by the 
*ood state banks, so far as they should be capable of sus- 
ttining a uniform currency. But I cannot go into fur- 
lier details. The article is too long already. 



There i* nome difficulty in this reference, for the reason that 
he matter might come into court liut confidence may be 
afely repoged in the rest of the bench of judges' should it ever 
o happen. 



NILES> REGISTER- MARCH 8, 1834-FOREIGN NEWS. 



In -speaking above of the currency being a "delit 
*nd profound" subject, I am well aware that some n 



'delicat 
lie ma 

ask, why / have meddled with it? But the attitude i 
which 1 am seemingly placed, whether in relation to pai 
or present things, in relation to the bank, appeared t 
require such an adventure on my part. In the ex 1st in 
state of parties, I think that a spirit of accommodatio 
ought to prevail. THE NATION STANDS ON THE VEII 

BRINK OF A HORRIBLE PRECIPICE. 

The preceding remarks are not offered in the way o 
an apology. What I said and did in 1818-19, I wouli 
say and do again, under the same impressions of duty 
the same offences against the "common welfare," and to 
relieve the people of a "rag currency" or "rag barons,' 
of all sorts and sizes, from the bank of the United State's 
to the travelling or "saddlebags bank" of Parkersburg* 
or equally famous bank of "Owl Creek." 

Very respectfully, H. NILES. 

Baltimore, March 3, 1834. 

AWFUL DISASTER. The splendid steamboat, William 
Perm, capt. Jefferies, of the Baltimore and Philadelphia 
Citizens Union Line, when off Gloucester Point House 
about three miles below Philadelphia, on her regulai 
trip from New Castle, was discovered to be on fire in the 
afternoon of the 4th inst. in or near the wheel house 
There were from 150 to 200 persons on board, and. as 
the flames spread with almost inconceivable rapidity, 
from the lightness of the wood used in her upper deck, 
&c. the scene thai followed may be imagined, but can- 
not be described. Capt. Jefferies, on this trying occa- 
sion, appears to have behaved with great energy and 
thoughtfulness. He ordered the boat run a-shore, side 
on, but it seems that the helmsman, in the confusion, run 
her stem on 'thus placing the bow in the mud while the 
stern was yet in deep water, and the "wall of fire," in 
the middle of the boat, separated the passengers, and 
seems chiefly to have caused the loss of life that follow- 
ed, as well as much increased the difficulty of escaping 
even from the bow, for the passengers, after'letting them- 
selves down, or jumping overboard, had to wade through 
deep water and soft mud nearly 200 feet, before they 
reached the firm ground, and two or three are supposed 
to have been drowned by jumping off the stern. Bein- 
in the neighborhood of the city, verv prompt and gener- 
ous assistance was rendered, whereby the amount of suf- 
fering was much alleviated but those who escaped were 
in a wretched plight from wading to shore. 

As we suppose that a particular statement of this me- 
lancholy affair will be published, we shall not now at- 
tempt a gathering of the facts given in the Philadelphia 
papers. It is only certainly known th;>t five persons were 
lost among them the rev. Mr. Moore, of Lewistown, 
Del. col Porter, of Philadelphia, and a female unknown, 
by drowning, and Walter M. Bulkley, a respectable mer- 
chant of Hartford, Con. because of wounds and expo- 
sure, being in bad health; what became of the other is 
not stated. A great deal of the baggage was thrown 
overboard and saved, and the chief of the mails. But the 
Baltimore bag, which contained also the letters receiv- 
ed by the great western mails, was no doubt, as we think, 
consumed, for it could not be found; and a mail lock and 
chain were discovered, partially melted by the fire, on 
searching the ruins of the boat. Other malls may have 
shared the same fate. 

Soon after the William Penn struck the bottom, she 
was in one tremendous sheet of flame but at half past 6 
o'clock, floated oft" with the tide, and went up the river, 
still burning, until she grounded on the island opposite 
the city, where she burnt down to the water's-edge. 

Besides the loss of life, several were very badly wound- 
ed. Mr. Bulkley had $900 in his stock, which-were sav- 
ed. There were about 12 women, wiih several children 
on board all the latter saved, two of the former lost. 
The mayor of Philadelphia, and others, made great 
exertions to relieve the sufferings, and afford such com- 
fort to the passengers as their several cases required. 



*lfl have wrongfully located tins bank, I beg pardon of the 
good people of Parkersburgh and it may be that I have, for it 
is several years since ttiat I lit a segar with one of its ten dol- 
lar notes! Bin there was a "bank" whose notes were carried 
about the country in saddle hags, to b* exchanged with land- 
holder* and other* for their notes'. 



The boat was worth 70 or 80,000 dollar* and om 
very valuable effects are supposed to have been lost, be- 
sides the mails. One lot of jewelry, worth $15,000, ii 
mentioned. 

Philadelphia post office, March 5, 1834, 7 o'clock. 

Three bags, containing newspapers and pamphlets, 
were received on the evening of the 4th, from on board 
the William Penn one of them partly burnt, some of 
the packages missing, and a portion of the remainder so 
wetted and defaced, as to render further transportation 
useless. One package, marked "Massachusetts state," 
taken from the Washington city letter mail, the only one 
saved, and containing letters for parts of New Hampshire, 
and Massachusetts, was detained, the letters being too 
damp to be forwarded. 

A number of bags, containing newspapers and pam- 
phlets, are missing, some it is supposed were burnt, and 
others thrown overboard and lost, 

Persons finding any loose packages, and detaining or 
embezzelling them, will be prosecuted under the act of 
congress, and become liable to fine and imprisonment. 
If returned immediately to the office, a suitable reward 
will be given. 

Further search has led to the conclusion that two large 
portmanteaus, containing the letters from Baltimore city 
and the west embracing, as is supposed, Cincinnati, 
and Ohio state; (south) Illinois, Indiana, Kentucky, west 
Tennessee, Western Shore of Maryland, and Washing- 
ton, Brownsville, Union Town and New Geneva, Pa. 
and for distribution, have been entirely consumed. 
Their locks and chains, partly melted, were found in the 
wreck of the boat, on the falling of the tide, by Mr. Me 
Cnhen, chief carrier, and the proprietors of the hotel at 
Kaign's Point. Messrs. Taher and Potter, after a dili- 
gent search on the fiats, at low water, were unable to 
discover any of the lost mails. It is impossible to tell 
the extent of the loss occasioned by the destruction of 
he portmanteaus. JAMES PAGE, P. M. 

Baltimore pnsl office 1 P. M. 6th March, 1834. 
It would appear by a letter just received by me from 
Hoi. Page, postmaster of Philadelphia, that all letter 
mails made up at this office for Philadelphia and for cities 
ast of that office, hare been destroyed or lost. The same 
jortnianteau conveyed the letter mail from the west forci- 
;ies east of this. The letter from the postmaster of Phila- 
lelphia, with any otrier particulars which may he receiv- 
ed, will be sent to the Exchange rooms, for the informa- 
tion of merchants and others. J. S. SKINNER, P. M. 



FOREIGN NEWS. 

FVom London papers to the 21th and Havre to the 30/4 Jan. botk 

inclusive. 

GREAT BRITAIN. 

The king was to open the approaching session of parliament 
n person. Much speculation exists in the money market iu 
"ngland, as to the probable effect of the crisis in the United 
States, brought on by the controversy between our government 
nd the United Slates bank. The general impression was that 
arge importations of specie from that country to this will he 
endered necessary to sustain credit here, and that tins will 
reduce an influence on the exchanges in England. 

SPAIN. 

A conspiracy against the life of the queen and her regent 

mother, had been discovered, and several distinguished persons 

rrested. The change in the ministry is confirmed, the liberal 

arty having succeeded in obtaining power. The consequence 

vas that the government had issued ordonnance? for the iui- 

ediate convocation of the cartes. Don Carlos was still in 

'ortugal. Gen. Llander, who sejit so strong n remonstrance to 

>e queen, has issued a proclamation, in which lie states time 

II his hopes have been realized by the late political changes at 

Madrid. 

PORTUGAL. 

Gen. Salilanlin with a body of Don Pedro's army had captnred 
.e town of Leira; the entire garrison, comprising 1,476 men 
6 cavalry, with the exception of three officers and sli cavalry fell 
ntohis hands. Don Pedro's forces had also gained an advantage 
t Marvao, and it was supposed that the Migueliles could not 
old out much longer. 

FRANCE. 

Humors were rile of the expected resignation of ministers, 
'here had been a difficulty between the committee of thechsm- 
ers and the minister of war, with respect to the estimates for 
:e sririy, which, on conference, had been adjusted. The French 
lip of the line, La Snperbe, had been lost in the Levant. The 
arne letter which announces this fact, also states that the frigala 
Tnifed States, commodore Patteroon, lost some of her maiu, 
ad her sails toru awny and her boats carried off, and after b- 



NJLES' REGISTER MARCH 8, 1834 CONGRESS. 



ing nearly embayed off the coast of Andros, had been so fortu- 
nate as to gain the harbor of iMilo. Tin; paper* contain the nojes 
which passed between the French minister J. de Lagrcne and 
the Russian minister, Nesselrode, relative to the treaty between 
the latter power and the porte. Tlie French minister is instruct- 
ed to declare, that it' the. stipulations of this act should lead to 
an armed intervention of Russia in the internal affairs of Tur- 
key, the French government will consider iu>e If at liberty to act 
as may be suggested by circumstance*. The reply of the Rus- 
sian minister denies the rihl of a third party to interfere be- 
jweeen two independent nations in their treaty arrangemenls, 
and that, acting on this principle, the emperor will fultil all his 
obligations towards TurUey. 



TWENTY-THIRD CONGRESS FIRST SESSION. 

SKNATE. 

February 28. Among other morning business attended to, 
many resolutions that had been laid on the table were taken up 
and agreed to. 

The resolution offered yesterday byMr. Poindexter was then 
taken up, and discussed for nearly three hours, in which 
Messrs. Poindeiter, f'orsyth, King, GrunJy, Clay, Black, Moore, 
Manum and White, participated. 

The resolution was agreed to. [The discussion was very- 
warm and personal, between Messrs. Poi/irfer/er and t'orsyth,, 
)t>e,cause of impeachments of the facts suggested by the former 
which led to an apprehension that they must result in a person- 
al rencontre. But by the interference of distinguished friends 
of both parties, the difference was satisfactorily adjusted as i 
should have been.] 

Many bills weie taken up and considered, and referred or 
passed. After which the senate went into the consideration o 
executive business, and when the doors were opened, adjourn 
ed uniil Monday. 

March 3. Mr. Clayton presented the draught of a memorial 
rigtied by one thousand six hundred and fifty 'citizens of thi 
county of Newcastle, in the state of Delaware, praying the res 
toration of the public deposites,io ihe bank of the United State 
and the permanent establishment of a sound mid uniform cur 
rency. After stating the contents of the memorial, Mr. C. ob 
served, tiiat it had been delivi-.red to him by a delegation com 
posed of gentlemen of the first respectability, appointed at 
"meeting of the citizens of that county, held at the city of Wil 
mington, on the -22tl ult. and represented to be the largest as 
Be-mUlage at that place within the recollection of those who at 
tended it. 

The memorial, said Mr. C. is signed by a majority of all th 
legal voters of the only county in the state which has ever ex 

?ressed an opinion, by a plurality of VOK-S at any election, in fa 
or of the present chief magistrate of the United States. Me 
of all parties, of all trades and profession', of all the grades o 
Jife, wln-ther rich or poor, farmers, manufacturers, merchant, 
mechanics and laborers, have concurred in the expression c 
that sentiment which is now pervading all the ranks and t-las 
'es of men in other sections of the union, that the appropriai 
remedy for the distresses of the country is the icstoration of tl 
public treasure to the public agent, primarily appointed by con- 
gress to receive it. 

' Mr. C. proceeded to speak at considerable length on the cha- 
j-acler of the petition and stale of things in Delaware. He first 
f poke of the farmers, who had sustained a loss in the price of 
corn of 25 cent? a bushel at the lime of the removal of the depo- 
nitusit was 70 cents, and expected to increase, it is now 45 cents, 
and dull, and declining. He next referred to the manufactur- 
er', and said many were compelled to receive due. bills, called 
"Jackson money," payable lour or five months after date, 
whj-li they had to <;i:l "shaved" the employer having no otht-r 
(tentative but ti.is from the necessity 01 "turning his workmen 
out of doors. He also stated the following significant facts: 

"The mechanics and merchants, too, have participated fully 
in lli difficulties which embarrass the farmer and manufactur- 
er. The effect is felt of course with most severity by those to 



ully convinced that this is the cause of their embarrassment, 
icy earnestly pray that the depositeg may be restored; and, 
ithout soliciting a recharter of the present bank, or venturing 
i point out any other course, they ask from congress, in gener- 

bul expressive language, the adoption of some mearurefor 
le permanent establishment of a sound currency. 

[Mr. C. pursued the subject much further, with his usnal 
bility, but we cannot follow him]. The memorial was referred. 

Mr- Poindexter rose for the purpose of redeeming the pledge 
hich he had given to institute an inquiry into the allegej 
auds in the sali-s of the public lands; and having made a tew 
irong remarks on the matter generally, he submitted the fol- 
owing resolutions: 

1. Resolved, That the committee on the public lands be in- 
truded to inquire into the circumstances attending the recent 
ales of the public lands in the state of Mississippi and Alal.-ama: 
nd whether the pioclamations of the president of the United 

States, causing the public lands in the districts of country ae- 
uired from the Choctaw tribe of Indians by the treaty of Danc- 
ng Rabbit creek, and from the Creek tribe of Indians in Alaba- 
ma, to be offered at public sale, were issued and promulgated 
i reasonable length of time prior to the day on which said sales 
were directed to be commenced in each of said districts, to give 
>roper notice to. the people of the United Stales of the days ap- 
loinled fur said sales. 

2. Resolved, That the same committee inquire whether any 
'raudulent practices, to the injury of the public interests, took 
)lace at said sales by reasons of combinations of companies or 
individuals, interdicting or unfavorable to a fair competition be- 
tween bidders for the public lands offered for sale in said d)?- 
:ricis; and, if so, whether the officers superintending said sales 
liad knowledge of, or participated in, such fraudulent practices 
or combinations. 

3. Resolved, That the said committee be instructed to inquire 
whether the registers of the land offices and the receivers of 
public moneys at any of the land offices of the United States, or 
either of them, have, in violation of law and of their official 
duties, demanded or accepted a bonus or premium from any 
purchaser or purchasers of the public lands, at public or private 
sale, for the benefit of such officer or officers, as a condition on 
which such purchaser or purchasers should be allowed to enter 
or purchase any tract or tracts of land offered for sale by the 
United States; and, also, whether any register or receiver as 
aforesaid has been guilty of fraud or partiality in the sales of the 
public lands, by adopting rules and regulations, in their respec- 
tive offices, inconsistent with the laws of the United States. 

4. Resolved, That the said committee inquire whether the 
public lands, at any land office in the state of Mississippi, have 
been sold otherwise than for cash; and whether any register or 
receiver in said state has, at any time, taken in payment the 
promissory note of any purchaser or purchasers, bearing an in- 
terest to accrue to the benefit of such reaister or receiver. 

5. Resolved, That, in prosecution of said inquiries, the said 
committee have power to send for persons and papers, and to 
examine witnesses before them on oath, touching the matters 
aforesaid. 

Mr. Poindexter also offered the following: 

1. Resolved, That the secretary of the war department be di- 
rected to communicate to the senate, the name or name s of the 
agent or agents appointed by the president of the United Stales 
to locate the reseivations granted to individuals of the Choctaw 
tribe of Indians, by the treaty of Dancing Rabbit creek; and also, 
copies of such instructions as may have beet) given to the agent 
or agents so appointed; and of any correspondence which may 
have taken place between any officer in the department of war 
and said agent or agents, or any other person or persons, whose 
correspondence may be in the department, touching the loca- 
tion of said reservations, and the manner in which the duties of 
said agent or asents may have been performed. 

2. Resolved, That the said secretary be directed to transmit 
to the senate, a copy of the register of the names of such Choe- 



whom they have heretofore given employment. To illustrate 
the real state of things existing among the poor, I will mention 
a single fact which has been related to me !iy a friend. In the 
cily [Wilmington] win-re this memorial originated, there is, as 
in oilier large towns throughout the country, a tarings' bank, in 
which the wages of labor have been deposited. Ln-t year at 
thie season the drposiies for a month were about ,1. 200, the 
amount withdrawn about .*400. In the corresponding month 
of the present year il. ivc been about ft-100, and the 



taw Indians, as claim reservations of lands, under the 14th and 
19lh articles of said treaty. 

Mr. Grundy expressed Ilia satisfaction thatthii movement had 
been made. If any thins wrong had been done, he would be 
glad to see it exposed. His object in rising, was to ask for the 
printing of the resolutions, in order that he niisht be able to as- 
certain whether it might not be necessary to give some further 
instruction 10 the committee. 

The resolutions calling for information, were then considered 
and adopted. 



amount withdraw* *3,700. Is the inference fair, that the poor The other resolutions were ordered to be printed, 
are now living on their former earning, and that the laborer Mr. McKean presented the proceedings of a meeting of "the 
want* employment." ] friends of the constitution and laws," comprising the farmers. 

He further observed "No, fir, the hope of the petitionrrp manufacturers and mechanics, laborers in wood, ciiizrns of the 



rests not on such as thee, ["regiments of office holders," &,c. 
which ho had jut described] hut on congress, and on congress 
alone. They present themselves here, neither a* stockholders 
nor as debtors of the bank of the United States; as men in no 
manner connected with the institution, or subject to its control. 
They tell y MI in their memorial, that there is in their slate no 
branch of the bank of Die United Slates, and thai llipcurlail- 
nienU which Iheir own state banks have been compelled to re- 
*ort to, were not caused hy any prensure of the bank of the U. 
Plates upon them. Iml by Hie general distrust which the unex- 
pected removal of the public moneys from an institution where 
they were sdvantageoiHv amplovfd, ha* created in all the 
^UUe banks, and among tin; wi-olfj commercial community. 



townhip* of Oxford, Lower Dublin, Byherry. Mori-land, and 
un incorporated Northern Liberties of the county of Philadel- 
phia, condemnine, in strong nnd emphatic language, the con- 
duct of the president of (he United Ptntes, in reference to the 
removal of the public deposites from the United Slates' bank, 
a an act "unv-iie. ii'/r <;.'. rinrfjrfiVr, unnecessary find njtjtt." 
They Migijert various expedients for redress, and intimate the 
propriety of congress withholding appropriations and supplie* 
for certain portion' of the public service, until the executive 
phall yield IIH assent to other measures necessary for the public 
welfare. 

Mr. Mr.Kean also presented the proceedings ofan union meet- 
ing (qfall political parties) of the city and county of Lancaster 



NiLES' REGISTER MARCH 8, 1834 CONGRESS. 



opposed to the removal of tin; depoaites, arid in favor of rechur- 
turiii the United Slates' bank. 

Mr. McKean further presented the proceedings of a meeting 
of citizen* of the township of Kovhorough and town of Maha ; 
yunk, in the county of Philadelphia, in favor of restoring llie 
deposii.es and rechartering the United States' hank; which were 
road, referred to the committee of finance and ordered to be 
printed. 

The chair having called the special order, &.C. Mr. Chambers 
moved thai it might he postponed for the purpose of taking up 
the French spoliation bill. Mr. Clay objected, and hoped that 
the. subject under discussion would not be postponed he wish- 
ed it closed, and thought a few days would suffice for that pur- 
pose. After some further remarks. Mr. Hill rose and made 
gnme observations in favor of the report of the secretary on re- 
moving the deposites; and the senate adjourned, (at 4 o'clock) 
before he had concluded. 

March.4. The chair communicated the proceedings of. and 
resolutions adopted at, a town meeting in Philadelphia, of a 
large number of its citizens, who describe themselves friendly 
to the administration, and opposed to the United States bank, 
but remonstrating against the removal of the public deposites, 
i impolitic, unjust, and in violation of the public faith; and as 
cribing the pecuniary embarrassments of the country to that 
measure. 

Mr. McKean moved that it should be referred and printed; 
but before the question was taken, Mr. Clay made a few, but 
forcible remarks on the current of public opinion, &c, and con- 
cluded with asking "Would any one say, alter what wo have 
witnessed ruinous scenes of distress, worse than the devasta- 
tions of an invading army that we can gel on without a na- 
tional bank? No, after years of suffering, gentlemen would gin 
up and say, that their experiment had not been worked out, and 
they would propose a bank in a certain street and in a certain 
city he had before named; and if the statute of limitation, to 
which he had alluded, as to political opinions, should not be re- 
scinded, such a proposition would no doubt be supported by 
gentlemen now opposed to a bank. He had made these few 
observations because the memorial, coming from the source it 
did, was about to be referred without one single remark, with- 
out one single remark, without one word expressive of satisfac- 
tion from the friends of the administration." 

Mr. McKean spoke of the signers of the petition as gentle- 
men of the highest respectability, &c. Mr. Grundy then made 
a few remarks, shewing his preference for Philadelphia, as the 
seat of the national bank, if such an institution shall be conti- 
nued. The petition was then referred, Sic. 

When the cAatr presented the proceedings of the people of 
Chester county, Pa. as noticed in the proceedings of the other 
house 

Mr. McKean said, that, while he did not doubt the existence 
of pecuniary embarrassments and distress in the country; on the 
contrary, believing it to exist to some extent he did not feel 
himself compelled to express his entire satisfaction in all the 
sentiments expressed by iiis friend from Kentucky. The sub- 
ject matter of the memorials had been well described by the 
gentleman, and the senate had, no doubt, been better entertain- 
ed by hearing them read, than by any remarks he could make. 
He moved that the memorials be referred to the committee on 
finance and printed; which motion was carried. 

The cAatr communicated a report from the secretary of the 
treasury, transmitting the information called for by the resolu- 
tion of the 28th ult. on the subject of the transfer of public de- 
po*itea from the Planters' bank at Natchez. 

Also, a report from the same department, made in compli- 
ance with the resolution of the 28th ult. enclosing copies ot 
statements of the affairs of the bank of the United States from 
August, 1833, to February, 1834, inclusive. 

Also, a report from the postmaster general, made in compli- 
ance with the resolution of the ]9th of December last. 

All of which, without reading, were laid on the table, and or- 
dered to be printed. 

Mr. Poindexter, fiom the select committee, to whom the sub- 
ject was referred, made a report on ths subject of the election 
of the hon. A. Robbing, and the memorial of the lion. E. R. 
Potter. 

[The report gives the right of the seat to Mr. Robbing. Mr. 
Wright, on the part of the minority, said he should present a 
counter teport, when he could obtain possession of the papers, 
ice. After considerable debate on the order of proceeding, the 
report was ordered to be printed. It is very long, and occupied 
about an hour in the reading.] 

After some other business, Mr. Hill continued and conclud- 
ed his remark*, and then the senate, after spending ome time 
in executive business, adjourned. 

March 5. Mr. Preston presented the credentials of Benjamin 
Watkimt Leigh, sleeted a senator by the legislature of the -=tate 
of Virginia, to supply the vacancy occasioned by the resignation 
of hon. William C. Rivet. Mr. Leigh was qualified and took 
his eat. 

After somfi other proceedings, thn senate proceeded to consi- 
der the resolutions moved by Mr. Poindexter on Monday last, 
which after several verbal amendmpnts were severally adopted. 
Mr. Morris moved to adopt the following as a sixth resolution, 
but subsequently withdrew his motion: 

Reiolved, Thnt the committee, before they proceed to inquire 
into the conduct of any register or receiver of the public money 



at any land office in the United States, make out a specification 
of charges and facts which the committee believe to be true, 
and into which they shall be of opinion an inquiry ought to be 
made; that thi-y transmit a copy 01 the fame to inch regiter or 
receiver, who hall have the privilege to produce before tho 
commilti'i; such testimony IH his favor as he Miall think proper. 



The 



thin adjourned. 



March 6. Many petitions were presented this day, and one by 
Mr. Wright, from 310 respectable citizens of Buffalo, praying 
for a restoration of the deposited. 

The senate attended to a good deal of local and private busi- 
ness this day, and spent some time in secret session. 

HOUSE OF REPRESENTATIVES. 

Friday, Feb. 28. This day is given up to the consideration of 
private business hut among the morning proceeding* 
Mr. Hull, of North Carolina, offered the following resolution: 
Resolved, That the committee of ways and means be instruct- 
ed to inquire into the expediency of reporting a plan, accom- 
panied by a bill, to reduce the revenue to the necessary eiprn-cs 
of the government. 

Mr. Stewart moved the question of consideration. 
Mr. McDuffie requested Mr. S. to withdraw his motion; hut 
he declined doing so. 

Mr. Conner then demanded the yeas and nays upon the pre- 
liminary question of consideration; which were ordered and 
taken, as follow?: 

For the consideration 69 against it 115. [And so the conide- 
ration was refused, on the motion of Mr. Stewart, who voted 
with the majority his ohjeot being to put the matter at rest.J 

Other things being attended to, the house proceeded to the 
order of the day, and ordered a numberof private bills to a third 
reading, &c. that for the relief of Mrs. Dooatnr remaining as it 
was, al'tor considerable discussion. Adjourned until .Monday. 

Monday, March 3. This being petition-day, as soon as the 
journal was read 

Mr. Heister of Pennsylvania, rose and said, I have had trans- 
mitted to me, for presentation to this house, llie proceedings (if 
a meeting held on the 22d ult. in the city of Lancaster, Penn- 
sylvania. On tho authority of a number of gentlemen of the 
first respectability, I take occasion lo state, that it was a meet- 
ing as numerously attended as any ever held in that populous 
and highly favored agricultural county; that it was principally 
composed of ihe&one and sinew, the ycomamni and business- mm 
of the country; and it may be proper to state, further, that the 
meeting tons, as it purports to have been, a "union meelinf," 
composed of a very respectable proportion of the original, and 
many of the continued friends of the present r>hi"f magistrate, 
down to the time of his unfortunate interference with, and direc- 
tion of, and removal of the public deposites, which, in one of 
the resolutions, is so justly characterized "as nn act in itself un- 
wi<e, the effect not having been duly considered, not called for 
hy the exigency of the times, ad verse to the real interests of the 
county, and derogatory to the national character of the United 
States." 

On this all important and interesting subject, F have nnt, for 
one moment, doubted what course, not only the intnresls of my 
immediate constituents, but the great interests of the whole 
country, required me, as an humble member of this honorable 
body, to pursue; nncl it is no small gratification to me to be so 
strongly and creditably sustained in what i had conscientiously 
conceived to be my duty. 

Mr. H. made many oilier remarks, ngainn the "experiment'' 
that was now going on, &c. and staled that thfi memorial* now 
presented by him were signed by 2,840 citizens of Lancaster 
county, praying for a restoration of the deposites and a ri'ditir- 
ter of tho bank. 

Many petitions praying for a restoration of the dcpo?ite, SLC. 
were also presented 

By Mr. Potts, from the -people of Chester county. Pa. The num- 
ber of the namea is not given, but Mr. P. said that in some of 
the townships, they had been signed by ewry voter, four or five 
persons excepted, and without regard to party. 

By the speaker, from citizens of Philadelphia friendly to the 
administration, but opposed to the removal of the deposits. 

By Mr. Wa^encr, Irom 250 citizens of Northampton co. Pa. 

By Mr. Btnnei/, from 1,700 citizens of the same county; 

By Mr. Harper, from the - bank, Philadelphia; 

By Mr. Sutherlaml, from a great meeting at Roxbury, Pa. 

By Mr. Denny, from the bank of Pitt*borg; 

By the same from the borough of Allegheny; 

By Mr. Jfinj, from Schuylkill co. Pn. 

By Mr. Watmough, two memorials from the third congres- 
sional district (his own) of Pennsylvania one from the mecha- 
nics and working men of the Northern Libprties, the other from 
the farmers, manufacturers, Sic. of several township* in Phila- 
delphia county, &c. 

By Mr. MiHi'son, from New Cat|o county, Delaware, signed 
by nearly 1,700 citizens, a majority of all the voters in the 
county. 

Mr. Gordon presented the resolutions of the legislature of Vir- 
ginia. 

Petitions against a restoration of the deposited were presented 

By Mr. King, from Schuylkill co. Pa. 

By Mr. Sutherland, signed by 4,000 working men of tho 3d 
congressional district of Pennsylvania. 

By Mr. MefCim, from 3,624 persons of Baltimore. [On most of 
the presentations of petitions tome remarks were offered w 



24 



N1LES' REGISTER MARCH S, ISS4 COiNGRESS. 



cannot give them at length, unless they wore very brief, but 
shall take a rapid view of tin: most material tilings which hap- 
pened this day.] 

Mr. Potlt spoke at considerable length of the force and una- 
nimity of tlin resolutions, &c. adopted in Chester county, liy 
persons of all parties, Sic. and said thai the lime had come when 
frui-iiicu must prove their title to Unit name, or lose it forever. 

Mr. Sutherland a* well as Mr. Harper, spuke decidedly in fa- 
vor of the character of those friends of the administration, in 
Philadelphia, who petitioned for a restoration of the deposites. 

When .Mr. Sutkerlatid presented the petition signed by "4,000 
working men" of the 3d congressional district of Pennsylvania. 
Mr. IVutmovgh, (whose district it is) expressed much surprize 
seeing that he held other memorials of an opposite nature, 
fcc. It was ordered that the names should be printed with the 
memorial. 

Mr. AtiUigan on presenting the petition from New Castle 
county, poke highly of the signers and of the committee charg- 
ed witb its delivery at Washington, and entered warmly, and 
M much length, into the general merits of the subject. 

Mr. Mc,Kim said I am requited to present two memorials, 
Netted by '3,524 citizens of li.iltimort- statma thnt they approve 
of the course of the administration in relmiuii tolhr; hank of the 
United States, aud praying that the charier of said bank may 
not be renewed. X shall uot, Mr. Speaker, lrespa>a on the time 
of tin: house, by detailing the various trades and professions of 
the signers lo this memorial; it is sufficient for my purpose to 
lay, tli.it they are American freemen, and as such, entitled to he 
beard, and lo have equal weight mid consideration, in propor- 
tion to their numbers, as to any memorial yet presented to this 

1)01186. 

Mr. Gordon when presenting the Virginia resolutions, very 
earnestly supported the principles staled in them, and warmly 
reprobated ihe seizure of the public purse by the president. 
Mr. Patton. in reply, defended the president, and warmly at- 
tacked the governor of Virginia because he had enclosed the re- 
eolulions in the following letter, in which he insisted that he 
(the governor) had travelled out of the line of his duty: 

Virginia, executive department, Feb. 13, 1834. 

SIR: In compliance with the request of the general assembly 
of (the common wealth, it gives me great pleasuie to transmit to 
you the accompanying resolutions adopted hy that body, disap- 
proving of the recent act of the president, in withdrawal? and 
withholding the public deposite. from ihe bauk where they bad 
been placed by law. 

This dangerous and alarming assumption of power has al- 
ready inflicted deep and lasUnj.' injury upon the citizens of this 
commonwealth, which your efforts and exertions in the cou- 
eress ol Ihe United States, it is hoped, will aid in alleviating as 
far as practicable, and restraining the disposition which the 
president has manifested to extend his official authority beyond 
its just and proper limits, which he has so clearly manifested 
in his recent interference with the treasury department of the 
federal government. 

I am. sir, u'ilh respectful consideration, your ohedient servant, 

JOHN FLOYD. 

Tuesday, March. 4. Mr. Polk, from the committee of ways 
and means, to which had been referred ihe letter of the secre- 
tary of the treasury, giving his reasons for withdrawing the pub- 
iic deposites from toe bank of the United States; ihe memorial 
of tUe bank, and various other papers on ihe same general sub- 
ject, uiade a report: Ho moved that it be priuted, and its con- 
sideration postponed to to morrow week. 

Mr. Clay called for the reading of thfi report. 

Mr. McDuffie objecled. 

The chair decided ihat k was the right of a member to have 
any paper read when first presented in the house. 

Mr. McDuffie moved that the reading be dispensed with. 

The cliair pronounced that motion out of order; as the read- 
ing was of rii-ht. 

Mr. Hardin remonstrated ngaiost the unnecessary consump- 
tion of lime in reading a lone report, and probably a counter ic- 
{torl, both of which would be immedaaiely printed. 

Mr. C/ayNHid that hu wished I lie re.-idinc:, because he meant 
40 follow it by a motion for printing an extra number of copies 
of the report. 

Mr. Hardin said lie would vote for the extra number without 
the read in 'i. 

The chair staled, at length, why he had decided that the read- 
ins wa of right, when called for, and then said 

The reporl must therefore be read, if desired by the member 
from Alabama. 

The bouse acquiesced in the decision of the speaker, and the 
.paper was ordered lo be read. 

The reading of the report was then commenced, and had pro- 
orr-ded ome time; when 

Mr. Clay statin; it to be his underslandinc that no objection 
would be ma<:e to the pun twig of an extra number of the report, 
withdrew his call for the reading: and it was thereupon HU- 
{vindiMl; Ust, attlirt request of a member, the resolutions with 
'which the report closed were road, as follows: 

1. ReiolMil, That the banU of the United States ought not to 
tie rcrhartered. 

2. Retol>\ed, That the public deposites ought not to be restor- 
ed to the bank of the United State*. 

3. Resolved, That the stats bank* ought to ! continued as 
Uie places ol depotite of the public money, and that it is expe- 
dient for congress to make further provision byjaiv, prescribing 



the mode of selection, the securities to be taken, and the man- 
ner and terms on which they are to be employed. 

4. Resolved, That, for the purpose of ascertaining, as far a* 
practicable, the cause of the commercial embarrassment and 
distress complained of hy numerous citizens of Ihe U. States, 
in sundry memorials which have been presented lo congress at 
the present session, and of inquiring whether Ihe charier of the 
bank of Hie United States has been violated; and, a!>o, what 
corruptions and abuses have existed in its management; whe- 
ther it has used its corporate power or money to control the 
press, to interfere in politics, or influence elections; and whe- 
ther it has had any agency, through its management or money, 
in producing the existing pressure; a select committee be ap- 
pointed to inspect the books and examine into the proceeding* 
of the said bank, who shall report whether the provisions of the 
charter have been violated or not; and, also, what abwses, cor- 
ruptions or mal practices have existed in the management of 
said bank; and thai Ihe said committee be authorised to send 
for persons and papers, and to summon and examine witnesses, 
on oath, and lo examine into the affairs of the said bank and 
branches, and they are further authorised to visit the principal 
bank, or any of it.s branches, for the purpose of inspecting ther 
books, correspondence, accounts and other papers connected* 
with its management or business; and that the said committee 
be required to report the result of such investigation, together 
with the evidence they may lake, at as early a day as practica- 
ble. 

M. McDuffie asked whether it would be in order, at this lime, 
to move an amendment to these resolutions. 

The chair replied in the negative, as the question before the 
house was on the postponement. 

Mr. McDuffie then requested Mr. Polk to withdraw bis mo- 
tion; but he declined. 

Mr. Wilde inquired whether it would be in order to more a 
reference of the report to a committee of the whole on the itate 
of the union.' 

The chair replied that ihe question of postponement had pre- 
cedence. 

The question was put on Ihe postponement and carried and 
the report was ordered to be printed. 

Mr. Binney presented to the house a report from the minority 
of the committee of ways and means on the same subject, and 
moved t.'iat it receive the same destination with tbe last paper; 
which was agreed to. 

Mr. Clay inoved that 10,000 extra copies erf both reports be 
printed. 

Mr. Hatces move'J, as an amendment, that there be 50,000; 
but it was negatived. 

Mr. Reed then moved 20,000; but this was also negaiive4 
Mr. Hail, of Maine, moved 15,000. 

Mr. Einng, of Indiana, opposed Ihe printing of so great A 
number of a report calculated, as tliia is, to extend the existing, 
panic, by tending to create a wrong belief, that no adequate 
substilute for the existing United Stales' bank can be created. 
He contended that the people would not, as they consulted their 
own and the general good, place reliance upon a local currency 
that would eventually operate as a severe tax upon th >mlus- 
try of the country. He thought thai Ihe committee should haver 
sliown and recommended a suitable and proper subslitose for 
the general good, when it is determined the existing corporators 
hank shall cease. He would oppose Ihe priming of so many 
thousands of a report that could not fail to extend the existing 
want of confidence, and consequently increase the existing em- 
barrassment of the country. He would return it witli instruc- 
tions to the committee, or lay it upon the table. 

[The speaker here informed the member from Indiana that it 
was not in order to debate the merits of the question.] 
The motion for printing 15,000 copies was agreed to. 
Mr. Wilde wished to move that an amendment be printed, 
which he desired to offer when the subject came up, (the sama 
in substance as the second resolution of Mr. Clay's motion in 
the senate, viz: that the reasons of the secretary of the treasury 
for the removal of the public deposites are unsatisfactory and 
insufficient), but the house refused to suspend the rule in order 
to receive Mr. Wildest molion. 
After some other business the house adjourned. 
Wednesday, March 5. Levi Lincoln, member elect from Mas- 
sachusetts, vice John Davis, resigned, appeared, was sworn and 
took his neat. 

On motion of Mr. Vance, the rule of the house was suspended 
in order to resume the calling of petitions suspended on Mon- 
day last. 

Memorials in favor of the restoration of the deposited were 
presented as follows: 

From Wheeling, Virginia, signed by 500 citizens from Fay- 
etteviile. North Carolina from Norfolk, Virginia from Augus- 
ta Georgia, signed by 400 persons from Salem, Kentucky from 
Union, Boone comity, Kenluckv two from Louisville, Ken- 
tucky, signed by upwards of 1,000 inhabitants from Madison, 
Indiana from New Bedford, Massachusetts, signed by 1,920 
persons from Durlington, Vermont. 

Mr. Conner, of North Carolina, presented the proceedings of 
a meeting in Cab;.rHis county, North Carolina, of tin- same le- 
nor as the above memorials. 

Memorials approving of Ihe removal of the deponites weru 
presented as follows: 

From Zanesville and Norwich, Ohio from Cbatauqoe coun- 
ty, New York, signed by 570 inhabitants. 




NILES' REGISTER MARCH 8, 1834 RESIGNATION OF MR. RIVES 25 



Mr. Pope presented a petition in relation to the Louisville am 
Portland canal. 

Mr. Foster presented certain resolutions of the state of Geor- 
gia in relation to the public lands. 

Mr. Ellsworth presented a number of memorials on the sub- 
ject of slavery in the District of Columbia. The house then ad- 
journed. 

Thursday, March 6. Mr. J. Q. Mams asked leave to offer a 
resolution, which being objected to, the rule was suspended by 
the house, and the resolution was offered, as follows: 

Resolved, That the secretary of the treasury be directed to re- 
port to this house a statement of all the sums denominated in 
the treasury accounts unavailable funds; specifically designat- 
ing the several banks, or individuals, indebted to the treasury 
therefor; the time when each debt first became due; the time 
when failure of payment thereof first occurred; the security, i 
any, which the public have for payment thereof at any time, 
and the prospect of such eventual payment. 

This resolve, according to the rules of the house, lies on the 
table for one day. 

The commutation pension bill was discussed but nothing 
important transacted this day. 

MR. HEATH'S SPEECH 

IN THE HOUSE OF REPRESENTATIVES. 

Mr. Heath, in presenting a memorial, from a numerous body 
of citizens in Baltimore, condemning the removal of the public 
deposites, said, he should avail himself of the opportunity of ad- 
dressing a few remarks to the house on this subject. 

First, with regard to the memorial which had been entrusted 
to his care, it was signed by upwards of three thousand indivi- 
duals of all classes and without distinction of party. It includ- 
ed the whole of the commercial, trading and manufacturing in- 
terests of that portion of the community which he had the ho- 
nor to represent. Among other names of high respectability, 
were to be found several of the directors of the Union bank of 
Maryland, a bank which had been selected by the administra- 
tion as a place of depositeforthe public moneys together with 
the presidents, cashiers and diiectors of several other banks in 
Baltimore. The memorial in fact, contained scarcely a single 
name that was not well known for integrity and moral worth. 
He would confidently appeal to his honorable colleague (Mr. 
McKim) who, he was sure, would at all times be found ready 
to testify to the high standing, intelligence, enterprise and ta- 
lents of the citizens of the district which he, (Mr. H.) had the 
honor to represent. He said it with pride, and yet with confi- 
dence, that there was no city in this great union, possessed 
men more ardent for their country's welfare, more able to sus- 
tain her glory and honor, or more free from the trammels of 
.party prejudice, than the city of Baltimore. In commercial en- 
iier.piise and in the rigid fulfilment of engagements, her citizens 
yielded to none, and it was a memorial signed by such men, he 
now presented to the house. 

He was well aware of the nature of the oath taken by him as 
A member of that house, and he was not the less aware that 
neither that oath, nor the constitution of his country, which he 
had so solemnly sworn to maintain, recognized any party feel- 
ting or party prejudice. But he could not help expressing his 
.astonishment and regret to observe that too many honorable 
#eji.Ueinen who had addressed the house upon this vital ques- 
tion, Irad manifested a warmth of party feeling little consistent 
with the character of the deliberative representation of the peo- 
ple. In saying thus much, he wished not to be understood as 
meaning to reflect personally, upon the line of conduct, any 
other member might have deemed it his duty to pursue. For 
himself, he could solemnly and conscienciously aver, that when 
he first entered the door of that hall, he entered it divested of 
the remotest principle of party feeling or party prejudice. He 
.entered it as an American freeman, to exercise the right be- 
ctowed upon a free representative of a free and enlightened 
people, resolved to act for his country and his country only. It 
was these views and these feelings that should alone bias the 
course he intended to adopt. 

It has been said upon that floor that the bank of the United 
plates had been guilty of a violation of its charter. If so, the 
flgfV had provided an ample remedy, and he thought that reme- 
'.dy,s\i<3U'.d have been first applied. He would not that the writ 
nfseire faeiat should have been withheld one hour after the de- 
linquency. !:ad been proved. We have been told that the bank 
had made u*e,of tiiv.it funds for electioneering and other illegal 
purpose^. It wight be so, but he would ask, was not the same 
to be apprehended from the state banks? Had they not the 
same means, the same aWJify, the same end to answer, and 
what proof was there that they would be more immaculate than 
this chartered institution: p called upon every member ol'j 
that house to divest himself of party feeling he called upon 
them in the name of thejr constituents and of their country to 
do so, and he would ask, if they could .lay their hands upon 
their hearts in the presence of their God, and reconcile it to 
their conscience in considering a question of this important 
character upon partv ptineiple.s? Had the guilt of the bank 
been established? Wtye all the charges brought against tljut 
institution madfi ouJ? He had not seen them. The public, 
however, did know something about the conduct of the bank, 
and he would briefly enumerate what that was. 

The bank had acted as the faithful ;><!ent. of the covernmenf 
iibr.a]38t!od of seventeen years, during which time it had paid I 



to that government from six to aeven per cent, annually. It 
had disbursed all the draughts made upon it by government, 
and distributed the depo-ites of the public money free of charge 
and free of risk throughout every slate and territory of the 
union. Nor had the country been a loser to the amount of one 
solitary cent in any of these great transactions. These were 
facts known to the world, and in the face of them he would 
ask, if it were good policy to withdraw the funds from an insti- 
tution like this, and scatter them over the country, scarce any 
one knew where? To take them out of vaults over which the 
government had complete control, and place them where it had 
none. To remove them from a bank in which they appointed 
directors of their own, and deposile them in others, in not one 
of which they had the power of appointing a single director, or 
a prospect of receiving one cent of interest for the public mo- 
ney. 

Of one thing the country had hitherto been assured, that 
whatever might have been the conduct of the United States' 
bank in regard to other matters, the public money was at least 
safe in its vaults, which was more than they could assure them- 
selves of at this time. He greatly feared that it would be found 
in perhaps not a few of them, when the people called for their 
money, that more than one hole had existed through which 
the deposites had escaped, never more to be recovered. He 
should be happy if his fears were groundless, but from what he 
knew he could augur nothing better. 

Mr. H. paid he had been sent to that house not as a partisan, 
nor upon party feelings, but as a free and independent Ameri- 
can citizen, who would never bend his neck to the collar nor to 
the yoke. He stood before that house with the proud con- 
sciousness of possessing a character that had never been known 
to swerve from duty. This was perhaps much to gay, but he 
would appeal to those who had long known him, and there 
were some within the sound of his voice, for the truth of this 
declaration. It was the duty he owed his constituents and hig 
country, that impelled him to the course he should pursue on 
this question. It was with pain that he found himself arrayed 
against the course of the present executive, for he would say 
that general Jackson had not a more ardent, zealous or sincere 
friend on this floor that he had been. The whole of (Mr. H's.) 
public lilt: would attest the truth of this. He had uniformly 
supported all his measures, and had the greatest confidence in 
his integrity. He would say more, he was still his friend and 
admirer, and happy should he be if he could add, he was still 
his advocate. His duty impelled him to an opposite course, 
and the period had not yet arrived in this country when an 
American citizen dared not differ from the president of the 
United States in any matter brought before congress or the pub- 
lic. He was not prepared to receive either the collar or the 
yoke. He could not help expressing his regret that such terms 
were drawn from him, but he would appeal to the partizans of 
the president of the United States on that floor, and ask them 
if instead of sending a message announcing the withdrawal of 
the deposites from the United States' bankj he had thought fit 
to send a message directing them to be restored, whether they 
would not have lifted their voices highly and as loudly in favor 
of their return as they had done in support of their removal. 
He was firmly of opinion they would have done so. 

The speaker called the honorable member to order. Remarks 
of that character, impugning the motives of members of the 
house, could not be allowed. 

Mr. Heath, hoped he should be excused if he had not confined 
himself within the strict rules of debate, since it was the first 
time he had ever addressed that honorable assembly. HE AD- 
MITTED HE WAS NOT YET CONVERSANT WITH THE RULES Ot 
ORDER, AS TECHNICALLY TNDERSTOOD HERE; HPT HE HAD 
BEEN ALWAYS TAUOHT TO BELIEVE THAT TRUTH WAS IK 

ORDER WHENEVER IT WAS SPOKEN. He said he should not 
detain the house with any further observations, but would ask 
"or the reading of the memori.1l. 

The clerk read the memorial; and 

Mr. Heath moved that it be referred to the committee of ways 
and means and printed; which motion was agreed to. 

RESIGNATION OF MR. RIVES. 

Washington, February 22<f, 1834. 
To the hon. the speaker of the house of delegates. 

SIR i have the honor to enclose a communication to the jre- 
neml assembly of Virginia, which I pray you to have the good- 
ness to lay before the house of delegates. 

I avail myself, with great pleasure, of the occasion 10 offer 
vnu the assurances of the distinenished consideration with 
\rliicli I am your fellow citizen and most obedient cervr.nt. 

W. C. RIVES. 

Washington, 22rf February. 1 834. 

To the speakers anH members of both houses of the general assem- 
bly of Virginia. 

I yesterday had the honor to receive the resolutions of the 
general assembly of Virginia, adopted on the llth instant, in 
relation to the removal of the public deposites from the bank of 
the United States; and have considered them with all the re- 
spectful attonlion due to the hisrh source from which they ema- 
ijate, ns well as to the unusual gravity of the mutters which 
they concern. Under n deep sense of the oblication of the re- 
presentative to conform to the wishes and opinions of his con- 
stituent^ or otherwise, to surrender tbe trust committed to 



26 NILES' REGISTER MARCH 8, 1834 LEGISLATURE OF PENNSYLVANIA. 



him, (which is justly regarded as a fundamental principle of our 
institutions), 1 have anxiously sought the line of duty, which 
the occasion made it incumbent on me to pursue. 

A full and unreserved execution ot the opinions of the general 
assembly, if Hie circumstances of the case permuted it, is the 
alternative I should greatly have preferred, m more consonant, 
as well to my own feeling* and iii<-linations, as to Hie deference 
entertained for the general assembly itself. Knowing no oh- 
ject more woilhy the amUitiou of liei sons ih.in 10 represent in 
the congress of the United Stales the ancient and lionorahle 
commonwealth \vhich has given me liirth. and to who-e favor I 
am indfhtcd for whatever of consideration I may have acquired 
amount my fellow rnizens, I have earnestly wished to adopt 
that alternative, which would leave me still, where it has been 
my pride to be employed in her service. But the resolutions 
of the general assembly render this course, however, gratifying 
it would be, impossible. Had those resolutions instructed me 
to vote for or ;tg.un<t a specific leaislulirc net, whatever different 
opinions I might have formed in my own imperfect judgment of 
the expediency of the measure, I should have u It no hei-ilalion 
in executing the instruction, and giving the vote required. But, 
in the present instance, the instruction reqiiirrs-'the senators to 
use their beat exertions In procure the adoption by congress of 
proper mcusmcs for restoring the public moneys to the bank of 
tile Uniled States," &.c. leaving it to be interred from the pre- 
vailing spirit and tenor of the (evolutions only, what measures 
might be deemed by the general assembly to be proper to that 
end. 

The very peneral terms thus adopted by the legislature, have 
made it my duty carefully to examine the whole of the resolu 
tions for the indications they furnish of its views in that re 
sped. The 1st resolution, I find, declares, ''the recent act ol 
thu president exerting a control, Sic. to be a dangerous and 
alarming usurpation of power, by that officer, which cannot be 
too strongly condemned," It would seem, therefore, that a de- 
claration to that effect by congress was among the measures 
deemed proper by die general assembly, and in which the se- 
nators of Virginia were instructed to co operate in order to ef- 
fect a restoration of the public dtposiies to the bank of the U. 
States. This supposition is continued by the fact, that die only 
measures proposed, or likely to be proposed in the senate, wilh 
a view to that object, are two declaratory resolutions, moved 
by an honorable senator from Kentucky, the first of which con 
tains the declaration of an unconstitutional and dangtrous as- 
sumption of power by the president, in substantially the same 
language as that of the 1st resolution of the general assembly; 
and the other declares the reasons assigned by the secretary of 
the treasury, for the removal of the deposites, to be unsatisfac- 
tory and insufficient. 

The last of these resolutions, together wilh the report of the 
secretary of the treasury, assigning his reasons for the removal 
of the deposites, had been referred to the committee of finance 
of the senate. That committee after a detailed examination of 
the reasons of the secretary, and pronouncing them successive- 
ly to be irrelevant, insufficient and, unfounded, conclude their 
report, not with a bill or joint resolution of the two houses, di- 
recting the restoration of tiie deposites, hut simply with a re- 
commendation that the senate adopt the. declaratory resolution 
of the senator Horn Kentucky. The chairman of the committee, 
moreover, distinctly stated on the floor of the senate, that a 
mere declaration by congress of the insufficiency of the reasons 
assigned by the secretary of the treasury, was all thai was deem- 
ed necessary to effect a restoration of the deposites, the act of 
the secretary on the subject being considered by the committee 
as provisional only. Similar views hud also been intimated by 
the iiiover of the resolutions; and thai such is now the settled 
plan of those in congress who advocate a restoration of the de- 
posites, there is not in my mind, judging from the facts I have 
stated and other concurring circumstances, the slightest room 
for doubt. 

The measure*, then, and the only measures on which I should 
be called to carry into effect the instructions of the general a- 
lenibly, are the two resolutions referred to and now depending 
before the senate. These resolutions contain nothing but ex- 
pression* of opinion ; the 1st. as already mentioned, declaring 
that the act of the president in dismissing one secretary, and ap- 
pointing another, was, under the circumstances of the cae, an 
unconstitutional and dangerous assumption of power; the 2d, 
that the reasons aligned by the secretary of the treasury, for the 
removal of the dcpositcs, were insiinViant and unsatisfactory. 
On both of these propositions, after the most careful and anx 
iou* reflection I was capable of bestowing on the subject, I had 
formed opposite opinions, which I had already expressed and 
maintained on the floor of the senate. On the other hand, it is 
now apparent, and not to be questioned, that the views express. 
ed by the general assembly are in perfect concurrence with the 
renoiutions of the senator from Kentucky pending before the 
senate. I am placed, therefore, by the instructions of the gene- 
ral assembly in this dilemma either to vote for the resolutions 
of the senator from Kentucky, and thereby adopt as my own 
Opinions which I not only do not entertain, hut which had al 
ready been repudiated by rue in the most solemn form ; or, by 
voting against them, to oppose the only measures likely to e.nn 
before the senate lor a restoration of the deposites, and thus ap 
pear in the attitude of disregarding and thwarting the. declared 
wishes of the general assembly. The first branch of the alter- 
native, the just and correct feeling* of the general assembly 
will, I am periuadil, at once put snide as entirely inadmissible, 



while the latter is no less repelled on my part by a sense of duty, 
and an honorable fidelity in the discharge of the trust reposed 
i me. 

The only course, then, left to me, recognizing as I do ihe fun- 
damental obligations growing out of the relation of representa- 
tive and constituent, and winch constitute the vital principle of 
the republican syMem, is, by resigning the trust with which I 
have been heretoiore honored by the confidence of the general 
assembly, to enable them to confer it on another, who can better 
cairy their views and opinions into effect. I beg leave to repeat, 
that if I had been called on to vote for a specific legislature act, 
however it might have been my misfortune to differ in opinion 
from the general assembly as to the expediency of the act, I 
should have felt it my duty to give the vote required. But, as 
under the circumstances in which I am placed, the views of the 
general assembly can be carried inlo effecl only by my concur- 
ring in the declaration of opinions which, as already remarked, 
I not only do not entertain, but the opposite of which [ have 
earnestly asserted and maintained. I do not deceive myself, I 
trust, in supposing that there is no principle of obligation or pro- 
priety on which I could be expected or required to do an act in- 
volving equal violence to character end conscience. I have 
thought it, on the contrary, more consistent with the wishes 
anil intentions of the general assembly, as well as with my own 
character, to resign into their hands, as I now respectfully do, 
the office of senator of Virginia in the congress of the United 
Stales, which lias been, and would have continued to be, my 
highest piide to hold, so long as I could do so with honor. 

To this communication, I beg leave to add the expression of 
the dutiful and distinguished consideration with winch I am, 
your fellow citizen and most obedient servant, 

XV. C. RIVES. 

Mr. Hires, on the 21st Feb. addressed a letter to the editor of 
the " Richmond Enquirer," from which, in justice to him, we 
make the following extracts: 

'I am sorry that my friends should, for amoment, have given 
any sort of credit to the rumor that I am going into the cabinet. 
There is not. my dear sir, the slightest foundation for this rumor; 
and I beg you to be assured, and to assure all my friends, that 
no earthly considerations would induce me, standing in the po- 
sition I now do, to take an executive appointment. Whatever 
other denunciations may be poured out against me, no suspi- 
cion shall rest upon the purity of my motives in the course 
which, from the deepest conviction, I have pursued here. I 
shall throw myself fearlessly upon the people of Virginia, to sus- 
tain and vindicate the principles I have contended for in their 
name. I go at once into private life, to cooperate, neverthe- 
less, to the best of my ability, in the maintenance of the princi- 
ples which have heretofore been cherished by Virginia, and with 
the di.-tinct understanding, that I invoke tile judgment of the 
people in die coming elections. The issue will thus be joined 
with our adversaries in the most emphatic manner, and in the 
way best calculated to arouse the vigilance of the people in the 
selection of their representatives." 

: I shall go upon ihe republican principle which \ve have al- 
ways recognised in Virginia, to obey or resign; and my resigna- 
tion, under the circumstances of the case, will be the most une- 
quivocal recognition I could make of the authority of the legis- 
lature. Be assured, \ shall give no countenance to the sophism 
of .Mr. Southard and Mr. Frelinghiiysen, that the senator must 
look to the people and not to the legislature n principle which 
opens the widest door for the evasion of all responsibility on the 
part of the senators of the United States." 



LEGISLATURE OF PENNSYLVANIA. 

GOVERNOR'S MESSARE. 

Rend in the senate and house of representative!, Feb. 26, 1834. 
To the senate and house ofrepresentulires 

of the commonwealth of Pennsylvania. 

GENTLEMEN: Recent events have produced a change in the 
pecuniary relations of the commonwealth so sudden and unex- 
pected, and of a character so blighting to the reasonable hopes 
and expectations which had heretofore been fondly cherished, 
and which, from the flattering prospects the recent prosperous 
condition of the commonwealth held out to us, we had every 
reason to believe would be realized, that I feel it my duty to 
bring the subject before the representatives of the people, ns 
claiming, in a peculiar manner, their attention, and such prompt 
legislative action, as will be best calculated to meet tlie emer- 



Of the loan of three hundred thousand dollars, recently mt- 
thorised by the geri'-ral assembly, to meet the demands upon the 
treasury, arising from the failure on the part of the holders of 
the principal loan of last year, to comply with their contract, 
the sum of twenty-five thousand dollars still remains undispos- 
ed of; and for the balance of the last year's loan, amounting to 
seven hundred and twenty- nine thousand dollars, and upwards. 
which had been thrown into the market, and which it was ex- 
pected would have been negotiated on the twenty-second in- 
stant, I regret to say, not a bid was received. A disappointment 
so extraordinary, was scarcely to have been expected, even 
under the present deranged slate of the money market; hut 
whilst we mav regrrt that a combination of circumstances, *o 
nnpropitious and discouraging in their character, and bearing 
upon the important interests of the commonwealth, should ex- 
ist, it is at the same time gratifying to know, that the causes in 
which they originated are not ascrihable to any depression of 
the credit of the state; to any want of punctuality in meeting iu 



NILES' REGISTER MAKGH 8, 1834 NEW YORK [TAMMANY] REPORT. 47 



engagements, in the payment of interest upon ils debt, or to any 
imsnianagemcnl on the part of those to vvlium lias ticni ciitrin-t- 
ed lh charge and adiiiinuilrnlion of its fiscal and other concerns. 
I infer tins I'ruin tltr liicl, that if Mich Ciiusu had existed, Mr. no- 
toriety would Idii^ since, have been made manliest. It is said 
by those conversant with such matters, and whose opportuni- 
ties of acquiring conect information on the subject, cniiilr.-. 
theni to belief, that Pennsylvania stocks are in as good credit, 
and maintain as high prices in foreign markets now, as tin -y 
have done at any time heretofore. To what cause then are we 
to look for the difficulties which embarrass us on every side? 

It must be owing to extraneous circumstances, unconnected 
with lite commonwealth or its transactions, and over which it 
has no control. We must be indebted, it is presumed, for this 
unpropiUous state of things, to the existing excitement and 
alarm, got up in relation to a supposed general state of pressure, 
distress and enibarrassrne nt, said now to be prevalent in the 
money market, and about which we hear so much. All confi- 
dence in the currency of the country is said to be destroyed; 
that banks as well as individual capitalists, are unwilling to ad- 
venujru upon speculations or investments of any kind, or to 
part with their money upon any terms. Various causes have 
been assigned lor this alarming slate of things, all more or less 
plausible. Among others il is said that the removal of the pub- 
lic deposites from the bank of ihe Uniled States, by the general 
government, has been the means of producing all the mischief 
and pressure under which the country is now laboring; and yet 
many of the friends of that institution admit, that a restoration 
of the deposites is not necessary to the relief of ihe money mar- 
ket. Whatever olher causes may exist, it cannot be disguised 
that we have among us a powerful moneyed institution, which is 
at this lime seeking, by all the means nt' which it is capable, to 
accomplish certain objects indispensable to ils existence; and 
having an energetic, a firm and unbending antagonist to contend 
against, all its energies and all its powers (and they are of no 
ordinary character) have been put in motion, to defeat his mea- 
sures and to frustrate his designs in relation to it. 

It can scarcely be doubted, from the course of operations that 
institution has been pursuing for some time past (whether jus- 
tifiable or not I will not undertake to determine), thai the state 
is indebted in a great measure for its disappointments hereto- 
fore, and for the failure to obtain its loan on Saturday last. 
Whether by bringing indiscriminate ruin and distress upon an 
unoffending community by the bank is the most certain mode 
of obtaining a return of the public deposites, a renewal of its 
charter, or an extension of time to wind up its business, is a 
question for those who have the direction and management of 
its affairs, to determine. A milder and more liberal course might 
have been attended with more favorable results. The state of 
Pennsylvania may be crippled and embarrassed in her pecunia- 
ry arrangements, and paralysed for a time, in her efforts to com- 
plete her great chain of improvements, by the depressing policy 
of the bank, but that is no reason why we should despair ot the 
commonwealth; our public works may languish for a season, 
but will not be suffered to languish Ions; the resources of the 
*tate are ample; her credit is unimpaired; her public stocks, 
although under a momentary depression at home, are highly ac- 
ceptable abroad, and will before long he as eagerly sought after 
by the capitalist as ever; the crisis in our pecuniary affairs must 
soon arrive, if we have not already reached it the clouds of 
distress and despondency which have been, in my humble esti- 
mation, inconsiderately and needlessly brought upon us, must 
soon be removed, and a happy change and a more prosperous 
era must inevitably await us. 

In the mean time, tbe balance of llie old loan, for which no 
offer was obtained on Saturday last, will be again placed in the 
market, and continued there until it shall have been negotiated. 
I would take this occasion, respectfully to recommend to the 
consideration of the general assembly, the propriety of passing 
a law, forthwith authorising a call upon the several state banks, 
which by their chatters are bound to loan to the commonwealth 
five per cent, upon their capital actually paid in, for a compli- 
ance with that provision; part of this sum to be applied to the 
payment of debts of the commonwealth due to contractors upon 
the public works, and the residue thereof to be made applicable 
lo repairs along Ihe lines of the public improvements. The 
board of canal commissioners will give the necessary informa- 
tion in reference to the sum that oii"hl to be made applicable to 
each object. An immediate suspension of the work upon the 
several lines of improvement, until the loan first mentioned 
shall have been negotiated, will be indispensable. Permit me 
also respeclfnlly to urge upon the consideration of the general 
assembly, the propriety of authorising a loan of such a sum as 
will he sufficient to finish the public works now in progress at 
least; for although the prospect is gloomy, and the money mar- 
ket may continue to be embarrassed for a time, yet that gloom 
and that embarrassment may pass away like a mist before the 
morning sun, and our pecuniary affivirs may take a turn so fa- 
vorable, as to enable us not only lo obtain a loan upon advan- 
tageous lerms, but also to complete the works alluded to, before 



and we know not but some other* are. If not, the stale can 



raise the following sum: 
5 per cent, on 1'liiladi Iphia banks 
do. county bunks 



State temporary loan from liable banks 



.:/> 1. 4:,0 
203,596 

728.M8 

225,000 



^503,048 

The above sum of $503,048 can be raised from the banks, un- 
less the loans which they have already made will exempt tbem. 
If they are exempted, then the sum of $225,000, nliich bas al- 
ready been borrowed from the country banks, must be deducted 
which will reduce the sum lo little more than $300,000. 



the end of the coining *c 

Harrisburgh, February 26M, 1834. 



The Pennsylvania Intelligencer says It will be seen that the 
governor recommends to the legislature to pass a law forthwith, 
obliging the, stale banks lo loan lo Ihe commonwealth 5 percent, 
on their capital stock, according to a provision in their charters 



when called upon. The bank of Pennsylvania U exempted 



NEW YORK [TAMMANY] REPORT. 

It is our desire to present different views of the great 
subject which now agitates all the classes of the business 
and producing parts of the American people, and, on that 
principle, we give the following report. 

We rather prefer, and generally do, publish such things 
without comment, and though there is matter for much 
discussion in this report, we shall only briefly notice some 
of the points made in it; while believing that there are 
parts of the argument that will not stand the test of a care- 
ful investigation, by those who have studied the principles 
of finance and the nature of currency. But let these pass, 
for the present. 

1. The facts stated, as drawn from the "Weekly Re- 
gister," we then thought and still believe, were strictly 
true. We will not abate one word of what we then said. 
And they only show bad management of the early direc- 
tion of the bank of the U. States, as stated in the leading 
editorial article* in this sheet, and furnish some of the 
reasons why we attacked it in 1818-19. They thought 
that they had "the world in a sling," and seemed to act 
accordingly; and the many hundred local "rag-shops" 
assisted to heap up the misery that followed, as was then 
stated. 

2. AVe deny the great influence which is attributed 
to the "new system of duties." It may have had some 
effect at New York, as the chief place" of importation. 
But the effect was local, and, in our opinion, not import- 
ant. And, what extent has this doctrine 1 Look at the case 
of the cargo of tea, as stated. This is an article which 
our country does not produce in which we can have no 
interest, unless as revenue, or in its cheapness. But shall 
high duties be laid for the sole purpose of giving artificial 
credits to merchants, which, indeed, have done much to 
cause the "over-tradings" alluded to, by adding greatly 

"circulation of values," spoken of in the last "Re- 
gister," as dependent on foreign labor and production for 
its amount which is an unsafe one. 

3. We accord, generally, with what is said about a "pa- 
per foundation, "but contend that, as is stated in the article 
just above referred to, that a sound and wholesome paper 
currency, (such as we have latterly had), is better and 
cheaper than the use of coin.f The only thing requisite 

"The editorial article was prepared before we saw the report 
given below, though an after-allusion is made to it. 
f A Philadelphia paper has the following 
At such n crisis as this, every patriot should bring his offering 
to the shrine of thejiuWtc good; and we rejoice to see professor 
Hare, losing sight for a moment of the attractions of science, 
to pay a just tribute, lo ihe emergency of the times. Now is 
the hour, when every man should bring forward his plans for 
the general welfare, and exert his talents to rescue our beloved 
country from impending ruin! 

These remarks have been elieted. by a pamphlet, entitled 
; Proofs that credit as money, in a truly free country, is to a 
great extent preferable to coin. By Robert Hare, M. D. profes- 
sor, &c. Abstracted from a pamphlet, published in 1810, and 
revised by the author, 1834." 

This is not only an ingenious, but a powerful disquisition on th 
great advantages, and stupendous agencies of credit, employed 
as a medium of exchange; and a substitute for money, and wo 
deeply regret that our limits prevent us from making copious 
quotations from ibis sound and patriotic essay. Suffice it here 
to observe, that it is this species of money which Ihe tyrannical 
usurpntion of gen. Jackson ha* deslroyed, by his wicked war- 
fare againsl Ihe currency, the laws anil Ihe constitution. 

GEO: WOLF. Some idea of the principle? which form the basis of professor 

Hare's theory, may he obtained from the following fact, that 
the hank of the Uniled States, by Ibis kind of credit, accomplish 
domestic exchanges to the immense amount of 240 millions of 
dollars which in silver coin, would weigh twelve millions five 
hundred thousand pounds, a weight which never could be re- 
mitted from place to place, without an expense that would da- 



stroy all profit. 



29 NILES' REGISTER-MARCH S, 1834-NEW YORK [TAMMANY] REPORT. 



it to regulate that currency wisely. The operations 
this country cannot be performed by coin unless re- 
stricted to an absolutely ruinous extent, and changes ii 
the ralue of all sorts of property that -would unhinge every 
department of society. 

From the New York Standard. 
The following interesting document was to have appeared in 
<Hir paper yesterday, but was delayed for the want of some 
statistical detail:). The committee explain in a note vdiy it ap- 
pears without them. 

At a meeting of merchants, traders, mechanics and others, 
held at Tammany hall on the 19th of February, 1834, of which 
the honorable Stephen Allen was president, the following per- 
oni, nnim ly: 

Preserved Fish, Walter Bowne, 

Jacob Lorrilard, John Bolton, 

Morgan Lewis, Gideon Lee, 

Eldad Holmes, James J. Roosevelt, Jr. 

Thomas .Suin-rn, Reuben Withers, 

Abraham Van Nes, James McBride, 

David Bryson, Thaddeus Phelps, 

Abraham Bloodgood, John Leonard, 

John W. Hardenbrook, George Sharpe, 

George Douglas, Morgan L. Smith, 

John Lovett, John Lozier, 

Samuel Thompson, Stephen Allen, 

John R. Marshall, M. M. Quackenboss, 

John II. Howland. John L. Graham, 

Prosper M. Welmore, 

were appointed committee, "with power to confer and advise 
with other constituted bodies, and to adopt measures necessary 
to remove existing difficulties, restore public confidence, and 
thereby avert predicted evils." 

The committee having assembled at the city hall on the 21st 
instant, proceeded to the consideration of the several matters 
embraced in the resolutions under which they were appointed, 
and after some time spent thereon, it was referred to a sub-com- 
mittee, consisting of Messrs. Lorrilard, Allen, Douglas, Wet- 
more, Withers, Fish and Roosevelt, to prepare a suitable report 
to be submitted to a subsequent meeting. Accordingly at an 
adjourned meeting of the committee, held at the same place on 
the 25th initant, Mr. Roosevelt, from the sub-committee pre- 
sented the following report, which having been read and dis- 
cuited was unanimously adopted, and ordered to be signed by 
the chairman and secretary and published in all the papers of 
the city. 

Having carefully deliberated on the subject, the committee, 
in part discharge of their duties, would respectfully submit to 
their fellow citizens, the following 
REPORT. 

In the performance ofa duty of such high importance, as that 
which hag been confided to the committee, they have felt it 
incumbent on them to enter somewhat at large into the ex- 
amination of the subject contemplated by their .appointment. 
They have been desirous to demonstrate, to all such at least as 
do not wilfully close their eyes against the truth, the injuries 
which may be inflicted upon a people by hasty and improvi- 
dent legislation, and by the improper, if not dishonest adminis- 
tration of institutions incorporated ostensibly for the public good. 
One of the most common errors in popular reasoning, and of 
which the artful and designing too often avail themselves, is the 
babit of regarding whatever goes before as necessarily the cause 
of whatever immediately follows. A striking illustration of this 
position is to be found in the opinion now no strongly entertain- 
ed by some persons, hut only used by others, that the present 
pecuniary embarrassments is the effect of the removal of the 
public deposited from the national bank to the banks of the 
tales. 

To any one who looks into the matter coolly and dispassion- 
ately, it must be obvious that so far at least as this city is con- 
cerned, the alleged cause of the distren has been a real cause 
of its partial alienation; inasmuch as a large portion nf the 
public revnue, under the former arrangement, were collected 
her* to he loaned elsewhere, are now loaned here, where they 
re collected. 

The true causes, in the opinion of thi committee of tlie pre- 
ent derangement of our moneyed affair*, are to be found prin- 
cipally, first, in the unavoidably reaction always cons, qucni 
upon a great and midden nxpansion of the circulating medium; 
and, tecondly, in the extensive and fundamental alterations 
made by the last congress both in the amount of the commercial 
imposts and in the mode of their collection. 

In regard to the first of these cause. its diMision, at the 
present time, is mingled with so many of the elements of party 
and pasion, that the more moderate portion of the community 
are becoming distrustful of even the Roundest argunvno, and 
the most candid statements, in any way connected with it. 

The committee have d.-emed it proper therefore to refer to the 
hiMorv of mioihrr period. 

In the firl eighteen months of its existence, namely, during 
the year 1817 and part of 1818, the bank of the United Plates, 

Another fact the bank with 10 millions of specie can circu- 
late credit amounting to 70 millions, or inn million', and save 
the tpteit from all wear, tare and Pip* nsc .' What a transcen- 
dent advantage of lound credit over hard money. 




lill \VaSllniUiy IWU UIIII1U1I3, CA^^Cutu in i ( r 1111 oo IIIIIIIIMIC* ui 

dollars. Every department of business, and speculation, and 
living, was as a necessary consequence, stimulated to the ut- 
most costly mansions were erected, and adorned with the 



most expensive furniture, sumptuous entertainments were 
given, and splendid equipages were set up. And every man 
seemed to imagine that because credits were abundant, riches 
must equally abound. The prodigality and waste of some of 
our citizens were almost beyond belief. "We have heard," 
says the Weekly Register, of 1819, "that the furniture ofa sin- 
gle parlor, possessed by, we cannot say, belonging to one in- 
dividual, (who afterwards became bankrupt), cost forty thou- 
sand dollars." In this way, according to the views of those 
who looked only at the surface, the country enjoyed a state of 
"unexampled prosperity." And what without any "removal of 
the deposites" was the sequel of this previously brilliant drama.- 
A rapid curtailment of discounts was commenced. The south- 
ern and western offices were directed not to issue their notes; 
the bank ceased to purchase and collect exchanges on the south 
and west; and the local institutions were called upon to pay up 
their balances. 

These measures according to the report of its then president, 
Mr. Cbeves, simple and obvious as they are, and some of them 
so strangely overlooked so long, lifted the bank in the short 
space of seventy days, from the extreme of prostration to a 
state of safety, and even, in degree, of power; and enabled it to 
defy all attacks. 

"The bank," observes a judicious commentator on this state- 
nent, "was saved, and the people were ruined." For a time 
he question every morning, was, not who had broken the pre- 
vious day, but, who yet stood? Suits, warrants and executions 
took the place of bank credits. "From all parts of the coun- 
try," says the Weekly Register of April 10, 1819, "we hear ofa 
severe pressure on men in business, a general stagnation of 
trade, a large reduction in the price of staple articles. Real 
property is rapidly depreciating in its nominal value and its 
rents or profits are exceedingly diminishing. Many highly re- 
spectable traders have become bankrupts, and it is agreed that 
many other must go the banks are refusing their customary 
accommodations, confidence among merchants is shaken, and 
3 per cent, a month is offered for the discount of prommissory 
notes which a little while ago were considered as good as old 
gold, and whose makers have not since suffered any losses to 
render their notes less valuable than heretofore." Four months 
afterwards, August 7th, 1819, the same journal says, "it in es- 
timated that there are 20,000 persons daily seeking work in Phi- 
ladelphia; in New York 10.000 able bodied men are said to be 
wandering about the streets looking for it, and if we add to 
them the women who desire something to do, the amount can- 
not be less than 20,000." A committee appointed by a meet- 
ing of the citizens of Philadelphia on the 21st August, 1819, to 
inquire into the situation of the manufacturers of the city and 
its vicinity reported on the 2d of October, that of thirty me- 
chanical and manufacturing branches of trade, which they enu- 
merated, which gave employment to 9,188 persons in 1814, 
and to 9,672 in 1816, there were but 2,137 persons employed in 
1819. 

Here then we have a case of former days, precisely so far as 
.he effect of moneyed credits is concerned analogous to the- 
jresent. As mote recently in 1831 so in 1817, the flood gates 
)f circulation bad been opened wide, a scene of unexampled 
prosperity as it seemed, but of delusive intoxication as it really 
vas, ensued. 

The day of contraction, however, as we have seen, soon 
came; the order for that purpose was issued from Philadelphia 
on the 20th July, 1818, and by the 1st of April following, the 
curtailments had amounted to the immense sum of $6,530,159. 
And what then became of the unexampled prosperity, about 
which, then, as now, so much has been said. Being a mere 
>hantom, it vanished, as we have seen, in an instant, and uni- 
versal ruin and dismay followed in its footsteps. The communi- 
ty then saw, and felt, as they now feel, without seeing, and of 
course, without acknowledging, that paper money, like dram 
drinking, relieves for the moment by the deceitful sensation it 
creates; but gradually exhausting the natural heat, leaves the 
body at length in a worse state than it found it. 

We have the authority of the printed statement, laid before 
he stockholders by their then president, for saying that during 
all this time (1817, '18 and '19), the bank had the advantage of 
mmense government depositeg that at the very moment when 
IIP curtailments were ordered, "the government deposites in 
IIP bank and its branches amounted to eight millions of dol- 
ar." 

If, then, the possession of the deposites did not prevent the 
contraction nnd consequent ruin of 1819, why should the re- 
moral flf the deposites be the cause, under precisely similar cir- 
cumstances, of the contraction and ruin ot' 1834. 

The truth i. tin- removal of the drpo-it.-s, unless it he as fur- 
lishins a motive for a course of me.i-ures which would not 
Uherwipe have been adopted, has, as your committee believe, 
tail no agency whatever in producing the present pecuniary dif- 
ficulties; hut, on th contrary, has prevented their being much 
greater than they are. 

The committee helier* that the directors of the United Stntws' 
bank, in th* enormous addition in the years 1830 and '31 of 



N1LES' REGISTER MARCH 8, 1834 PHILADELPHIA (JACKSON) MEETING. 89 



twenty-sight millions to the already adequate quantity of bank 

facilities, (to say nothing of the very questionable design of the 
measure), were guilty of a great public injury, and by thus, 
themselves creating the necessity for the present curtailments, 
were the real authors of by far the larger portion of the calami- 
ties which they now seek to ascribe to the president of the 
United States. 

The second leading cause of the present commercial pressure, 
will be found in the new system of duties and imports. 

The influence of the late tariff acts, in bringing about the state 
of things so loudly complained of, would seem to be little un- 
derstood, and still loss appreciated. 

To say that a partial reduction in some cases or total removal 
of duties on imposts creates commercial distress, would appear, 
at first blush, a paradox. But let us see its operation. 

A merchant under the old system imported, we will suppose, 
a cargo of tea, costing in China one hundred thousand dollars, 
the duties on which, we will also suppose, were one hundred 
thousand more, not payable, however, till the expiration of 
twelve months. The value here then of the cargo for the pur- 
pose of our argument, would be 200,000 dollars, and for that 
sum hfi would of course be able to sell it for short notes of indi- 
viduals, which being discounted, would be immediately turned 
into so much bank paper, and added to the circulating medium. 
Now take off the duty, and what was before $200,000 sinks im- 
mediately to $100,000, and with it sinks the corresponding 
amount of circulating medium. 

The reduction of duties of the New York custom house with- 
in the last months, and the consequent reduction in the 

same short period of circulating credit, in this single city, has 
been estimated at millions. 

The evil, however, does not stop here. Of the remaining du- 
ties, about millions have been made payable in cash, and 

that, too, before the possession of the goods on which they are 

laid, and the residue, says millions in bonds with greatly 

shortened credits* 

Although this part of the system has not, like the other, effect- 
ed an absolute destruction of so much of the moneyed capital 
of the city, yet it is apparent that it must have created a greatly 
increased demand for the diminished portion which the other 
had left. 

In addition to these effects of the new tariff, which are per- 
manent, there is another, arising merely out of the transition 
from the former system to the present, which has served greatly 
for the moment to aggravate the evil. The long bonds of the 
old system, and the short bonds and cash duties of the new, 
have fallen due simultaneously; thus concentrating, to a great 
degree, the burthens of two years upon the shoulders of one. 

We have thus briefly adverted to the two leading sources of 
the present difficulties the sudden expansion and the sudden 
contraction of the circulating medium and the radical changes, 
now in a course of operation, in the amount and mode of col- 
lecting the national revenues. 

Overtrading also has contributed its share, not overtrading in 
stocks and merchandise merely, but overtrading also in real 
state. The whole neighbourhood of the city at an exorbitantly 
enhanced valuation, has been literally covered with contracts, 
requiring sooner or later the payment of money, and of course 
augmenting, in a corresponding degree, the demand for its pos- 
session. 

The overtrading and speculation, however, has rather been 
an effect than a cause. It resulted, necessarily, like other de- 
ceptive appearances of great prosperity, from the enormous ex- 
pansion of the circulating medium, and has hardly yet had time 
to subside. 

Havins thus ascertained, truly a? we believe, the nature and 
origin of the disease under.which the community is laboring, we 
feel the more confident in the suggestions we shall offer as the 
remedy. 

First then, admitting as we do that the hank issues had been 
unduly expanded, and that a great curtailment was therefore 
necessary, we insist, that to make it suddenly and rapidly, or 
even at all, at a period, when other causes, as wn have shown, 
are producing an unwonted demand for business facilities, is 
inexpedient and unjustifiable, and on the part of the bank, whose 
own previous acts created the necessity, is obnoxious to the se- 
verest censure. 

The curtailment, indispensable as it will ultimately be, ought, 
and in the present state of our foreign exchange, may, with per- 
fect safety, be postponed until the commercial operations of the 
city shall have had time to accommodate themselves to the new 
revenue code. 

We feel ourselves warranted, therefore, in making an earnest 
appeal to our local institutions to aid for the present the com- 
mercial and business community, by such an extension of dis- 
counts as may be consistent with their own safety. 

In the second place, we would urge upn congress the adop- 
tion of the warehouse system, so that importers may not be com- 
pelled to pay their duties, or procure sureties for the purpose, 
until they are ready to dispose of their goods. 

* The committee being desirous of minute accuracy in their 
statements, delayed the publication of the report with the view 
of obtaining the materials necessary for filling up these blanks. 
Not having been able, as yet, to procure them, they have not 
deemed it necessary to delay the report longer, inasmuch as the 
defect can be supplied in their future commiinisation. 



Thirdly, as panic in times of pecuniary pressure, tends to dry 
up the sources of credit, and thus to aggravate the mischief 
which it dreads, we cannot too earnestly recommend to the 
conductors of the public press, to abstain as far as practicable, 
from tho.se topics and modes of excitement in which, it is appa- 
rent, some of them, of late, have too much indulged. 

Arid lastly, though beyond all comparison first in importance 
we would recommend to all classes of our fellow citizens, U> 
dismiss from their minds inflated and delusive ideas of wealth, 
which never had any other than a paper foundation, and to in- 
troduce into their business arrangements a system of economy 
and retrenchment and diminished credits, adapted to their real, 
instead of their imaginary means, and the diminished indulgence 
of the new revenue code. Let them look to industry, sobriety 
and frugality, and not to speculation and bank favors, as the 
only safe and permanent sources of riches and prosperity. 

The committee, in these suggestions, do not wish to be un- 
derstood as having ceased their labors. They know, and fully 
sympathise in the deep anxiety of the public mind. They per- 
ceive, and feel no disposition to disguise the truth, that a severe 
pecuniary pressure, the origin of which they have endeavored 
to trace and expose, exists; and it will be the object of their fur- 
ther efforts and deliberations to devise some plan, if possible, ir 
addition to the measures already recommended, to allay excite- 
ment, restore confidence, and mitigate, if not remove, the evil* 
complained of. PRESERVED FISH, chairman. 

JAMES J. ROOSEVELT, jun. secretary. 



MEETING OP MERCHANTS AND TRADERS. 
A very numerous meeting of the merchant* and trader* of the 
interior, now in the city of Philadelphia, was held in the spa- 
cious dining room of the United States' hotel, in Philadelphia, 
on Saturday evening, the 1st of March, 1834, at which Jamet 
Barbour, of Kentucky, presided, and the following resolutions 
were unanimously adopted: 

1. Resolved, That a national bank is essential to the prosperi- 
ty of the United States; and especially to the interior of th 
country, to the inhabitants of which, a sound currency, and 
equal exchanges are of the highest moment. 

2. Resolved] That the bank of the United States has furnished 
a currency always as good, and often more desirable than spe- 
cie; and has afforded all the benefits which could be desired for 
trade; and that we apprehend as the greatest of evils, a return 
to a state bank currency, unchecked by the existence of a na- 
tional bank our experience having shown the course of such a 
system, in a flood of uncurrent and irredeemable paper, and a 
series of relief and stop laws. 

3. Resolved, That, as under the present organization of the 
bank of the United States, portions of its capital are distributed 
over every section of the union, and in this way the public de- 
posites are rendered beneficial to the whole country, we cannot 
recognise the justice of the claim of those who demand the ex- 
clusive use of this treasure for banking purposes for how can 
the importing merchants pay the duties on goods without send- 
ing them to us, and how can we pay for goods without vending 
them again? We contend that it is not the importer or the re- 
tailer, but the consumer, who ultimately pays the duties, and 
therefore we prefer a national bank, with branches, that the 
whole country may participate in its benefits. 

4. Resolved, That the depreciation in the value of property 
and produce, together with the losses and difficulties now sus- 
tained in trade by the interior, are unreasonable and grievous; 
and such as, if not speedily prevented, will involve the western 
country in the greatest embarrassments. 

5. Resolved, That the senators and representatives from tha 
interior are hereby earnestly requested, as they regard the in- 
terests of their constituents, to use their efforts to effect a re- 
charter of the bank of the United Stales with such modifica- 
tions as the wisdom of congress may devise. 

6. Resolved, That the present condition of the country ii 
alarming in the extreme; that the consequences to the interior, 
where capital is less accumulated than on the seaboard, must be 
most severe, and that the state of the nation demands imme- 
diate and efficient measures of relief, without which we see 
nothing but ruin to our country. 

7. Resolved, That Hie present sufferings of the people being 
entirely the result of human action, the means of relief are alto- 
gether within the reach of legislative control, and that congress 
is bound to consult the public good, and to take immediate stepi 
to secure it. 



PHILADELPHIA (JACKSON) MEETING. 

A town meeting was held at Philadelphia, on the afternoon of 
the 26th February, composed of "the citizens of the city and 
county, friendly to general Jackson, and" the general policy of 
the administration, but who disapprove of the removal of the 
public deposites from the bank of the United States." The 
meeting was large and respectable, and its proceedings orderly 
and decorous. Among the resolutions adopted on (he occasion 
were the following, which require no explanation: 

Resolved, That, In our opinions, the present pecuniary em- 
barrassments of the country have been principally occasioned 
by the removal of the public deposites from the bank of the U. 
States. 

Resolved. That the removal of the deposites was impolitic, 
because the public mind is diverted from the only questions that 



30 NILES' REGISTER MARCH 8, 1834 PUBLIC MEETING AT BALTIMORE. 



should occupy it, in relation to the bank, its constitutionality 
and public convenience, to another, and wholly dirtl-rent sub- 
ject, calculated to enlist the passions of the people, and prevent 
that cool and dispassionate consideration so important a subject 
demands. 

Resolved, That it was also impolitic, because the public has 
an interest in the stock of the bank to tlie amount of jJT, 000,000, 
which has much depreciated in value by the measures com- 
plained: And, because, by the embarrassment ol trade, a great 
diminution of the public revenue may be expected for the cur- 
rent year. 

Resolved, That, in our opinions, the removal of the public 
depoMtes was a violation of public faith pledged to the bank; 
because, by the terms of the charter, the deposits were to be 
made with it, on certain conditions, which we believe to have 
been fully complied with by the bank. The last se:>sion of con- 
press declared that the deposiles might be "safely continued in 
the bank," and it is not pretended that any circumstance has 
since arisen to make them less safe in that than iu any oilier 
institution. 

Resolved, That, as yet, the distress and embarrassments pro- 
duced by the measure, principally affect laige cities- and inland 
towns, but must soon be felt by every Class of the community. 



The people of this state have always manifested a willingness 
to submit to loss and privation for the sake of principle; but we 
can see no wisdom or propriety in calling suffering from afar, 
at an unexpected moment, that their virtues and endurance and 
patience may be unnecessarily tried. 

Resolved, That as from the time of removing the deposites 
until the expiration of the time allowed the bank to settle, and 
finally close iu concerns, a period of four years and a half would 
elapse, that measure brought on the public suddenly and un- 
guardedly an immediate, unmitigated, and we fear a protracted, 
instead of a remote and much alleviated evil, against which the 
community would have gradually and prudently prepared, hav- 
ing been apprised of the Improbability ofa recharterof the bank. 

Rejoiced, That we believe that the removal of the deposites 
is part of a great scheme designed by some leading politicians 
to destroy the present bank for the purpose of erecting upon its 
ruins another bank to be located in New York for political and 
speculating purposes. 

Resolved, That although we have always given to gen. Jack- 
son our warm and zealous support, we do not think it incom- 
patible with our regard for him, and the general principles of 
his administration, but the duty and privilege of freemen, to ex- 
press our opinions that the removal of the public deposites from 
the bank of the United Stales was impolitic, unwise and un- 
necessary, and has deranged the currency and paralyzed the in- 
dustry of the country. 

A resolution was offered by B. W. Richards, esq. preceded by 
some explanatory remarks as follows, v i/.: 

Resolved, That as Pennsylvariians, we hail the bright exam- 
ple of our ancient and honorable ally, Virginia; and that we are 
ready with her to rally again on the doctrines of '98, in a vigor- 
ous effort, to restrain the encroachments of executive power, to 
sustain the rights of the slates, and the perpetuity of our union 
and iu happy institutions. 

PUBLIC MEETING AT BALTIMORE. 

At a very large and highly respectable meeting of the signers 
of the memorial to congress, and others, favorable to the resto- 
ration of the deposites, convened in Monument square on Wed- 
nesday afternoon, the 5th of March, at 4 o'clock, to receive the 
report of the delegation which lately visited Washington with 
the memorial: 

His honor, judge Brice, president. 

William Crawford, jr. William H. Conkling. Joseph K. Sta- 



ng. J 
rd, J 



pleton, Samuel D. Walker, William Hubbard, Joseph W. Pat- 
terson , vice president*. 

Hugh W. Evans and George Rogers, secretaries. 

Judge Brice having opened the meeting with a short address, 
explanatory of its objects, 

William Crawford, jr. esq. chairman of the delegation, on pre- 
senting the report, made the following observations: 

Fellow citizens: As chairman of your committee I have the 
honor to present to this meeting a report which I now hold in 
my hand, and while I ask for it your kind attention, permit me to 
say one word for this my beloved, my adopted country. We have 
arrived at an awful crisis, but one short year ha* passed from a 
f tale of unprecedented prosperity, to a state of awful distress, 
unexampled in the history ofour country. 

I beg you to turn your eyes to the root of this evil; does there 
exist a shadow of doubt fiom whence it emanated? 

The constitution gives to the president veto powers, which 
have been carried to great extremes, in his refusal to sign a 
modified charter, pi-*i-.l la-i seinn by both houses of congress 
by large majorities, asserting among.! oilier reasons that the 
public money was not safe in the United Stairs' bank! Is there 
a man in thin country divested of parly let-ling* w ho hulieved 
it no my countrymen a national hank properly ronstiiiiini is 
as necessary to regulate the exchanges ami currency of the 
country and preserve a sound and healthy circulation, as the 
tun i to the planetary system. 

Our currency ought to be lik Cesar's wife, not only pure 
but beyond suspicion. We art- told that in the early history of 
our country there was a lime that turd men's souls; that lima 
has again arrived; let us meet the crisis like men. I have too 



much confidence in the virtue and integrity of the people to de- 
spair of the republic. It is known to many of you that I have 
gone for the piusidenl through evil and through good report, and 
part with him now as with my lirst love. On this stand, where 
I appear for (he first lime,l renounce all allegiance with un- 
holy affections. The subject is fruitful, but I cannot longer de- 
tain you. One word more, and I have done. Can you my 
countrymen longer cling to him who is regulated by an under 
current of bad advisers? Submit to this and be slaves! Again 
1 answer NO. 

After which David Stewart, esq. being called on by the pre- 
sident, read the following report, which wag duly accepted by 
the meeting. 

Report of the Baltimore committee. 

The delegation appointed by the meeting of the signers of the 
memorial lor the restoration of the government deposites to the 
bank of the United Stales, held at the exchange, in the city of 
Baltimore, on Thursday 6lh of February, 1834. 
Respectfully 4e leave to report: 

That in compliance v.ith the duly required of them hy the 
meeting, they proceeded with the memorial to the city of Wash- 
ington, on Monday the 10th of February, and immediately appli- 
ed ihein.se I ves to the accomplishment of the objects ol their mis- 
sion. They visited gen. Chambers, of the senate, and received 
from him assurances of his warm support; and the memorial 
being placed in his hands, it was accordingly presented to the 
senate, on the following Wednesday, with such a notice of it 
as was calculated to insure it a respectful consideration from 
that body. The delegation also visited Mr. J. P. Heath., one of 
the representatives of the city of Baltimore. They fonnd him 
actively disposed to promote the wishes of the signers of the 
memorial, and, equally with general Chambers, kind and assi- 
duous in his attentions to the delegation. They had also the 
good fortune to enlist the regards of many members of both 
houses of congress, who promised them a ready co-operation 
and support. 

The delegation regret that the same favor was not extended 
to them by the other representative from the city of Baltimore, 
Mr. Isaac McKim. From the elevated position which that gen- 
tleman held as the representative, in part, of a great trading 
community, himself extensively encaged in commerce, and sup- 
posed to be conversant with the varied interests of the society 
in which he lived, the delegation were disposed to attach some 
' mportance to his efforts' in behalf of the objects of the memo- 
rial. And they felt the more anxious on this score, as they had 
understood that Mr. McKim had given the sanction of his name 
to the opinion that the city of Baltimore had not suffered by the 
recent derangement of the commerce and industry of the na- 
tion: an opinion which they did not doubt ihey would effectu- 
ally remove from his mind by the cogency of the evidence 
which they were enabled to furnUh, under the sign manual of 
so large and respectable a meeting of his constituents. Aiid it 
is due to Mr. McKim, to say, that in his interview with the de- 
legation whatever might have been his former opinions he 
no longer doubted the reality of the distress in the city of Balti- 
more. The fact Mr. McKim admitted, and also acknowledged 
that, in his judgment, the removal of the deposites was a wrong 
aud injurious measure. This conviction, however, he intimat- 
ed could not change his course in reference to the subject of 
the removal. His remark was "that the act was done; and that 
he should therefore, nt all hazards vote with the government." 
The reason assigned by him for this determination was, that he 
had some influence with ihe execuiive which he might turn to 
the advantage of his constituents, ami that he did not wish to 
lose this by differing with the executive in opinion. Moreover, 
thai he was elected to support gen. Jackson, and would do so at 
the risk of his life and fortune: that no friend of the adminis- 
tration could differ in opinion with gen. Jackson, and prt serve 
his influence, thai any attempt to advise gen. Jackson, by his 
friends, would be met with an expression of displeasure, and ris 
an instance of this, Mr. hilih had once attempted it, and wa 
told, in consequence "when the president wanted him he 
would send for him." 

With these sentiments, Mr. AfcKim seemed particularly anxi- 
ous to avoid bring asked to present the memorial intimating, 
lhat if he were to present it, it would operate d, his disadvant- 
age, and also saying, lhat he would be expected to present the 
counter memorial, which was then preparing in Baltimore. 

These declarations on the part of Mr. McKim, even if the 
delegation had designed to request him to present the memorial 
in the house of representatives, ami many remarks of a similar 
import, sufficiently indicated to the delegation that they had 
nothing to hope from his services, and they, accordingly, for- 
bore to hold further intercourse with him on the subject. Indeed, 
from a gentleman holding a position in society which gave him 
every privilege of Independence, and invested also with a public 
station an the representative of an intelligent and patriotic com- 
munity, who have always ben accustomed to expect, and ready 
to applaud (he exercise of an upright and independent judgment 



by their official servants the delegation were not prepared to 
hear eniii'essed mieh complete submission to the views, present 
and future, of the executive; nor did they believe, until now, 
that th<- requisitions made by the executive upon its supporters 
were of so exaeiina and rigorous a character, ns seemed to be 
inferred by the objection of Mr. McKim especially as they had 
recently seen many evidences, in both houses of congress, in 
which some of the most devoted followers of the party in power 
were not ufraid to do justice to their own constituents, in the 



NILES' REGISTER MARCH 8, 1834 PUBLIC MEETING AT BALTIMORE. Si 



presentation of memorials that certified tin: public distress even 
to the ear of him who claims to be the government. 

It was therefore with a more satisfied feeling, mid with more 
confident assurance, of efficient aid, tlml tin; deh salion betook 
tln:msi:lves to Mr. Heath, whom they now determined to solicit 
to lay the memorial before the house of representatives. This 
gentleman presented that document to the house, on Monday 
the 17th, and recommended it by a speech which has since ap- 
peared in the public journals, and which has won him the thanks 
of his fellow citizens a speech that glows with the fervor of a 
manly mind, and evinces a spirit that cannot be warped from its 
duty either by the fear of executive denunciation, or by the 
hope of preserving, through blind obedience and servile submis- 
sion, a share of executive favor. 

During their stay at Washington, a part of the delegation took an 
opportunity to call on Mr. Tuney, the secretary of the treasury. 
They were received with the courtesy natural to that gentleman; 
and in the course of an audience of half an hour, were enabled 
to hear his views on the subject of the present difficulties of the 
country, and the course which the executive branch of the go- 
vernment was likely to pursue. Mr. Taney remarked, that the 
bank had arrayed itself against the government, and that the 
government would not yield : that the impression of the govern- 
ment was, that the evil the people complained of, grew out of 
the great power of the bank: that the government was making 
an experiment and, however bold, he would not undertake to 
advise any change from the position it had assumed against the 
bank: that he, (the secretary), found no difficulty in trans- 
mitting funds from one part of this extensive country to the 
other. In the course of this conversation one of the delegation 
remarked to Mr. Taney, "Sir, if this experiment should be 
persisted in, and some relief such as we do not now antici- 
pate should not be given, a targe proportion of the tradinc com- 
munity must fail." The secretary replied " [f all did fail, the 
policy of the government would not be changed." He proceed- 
ed to say, " that if the commercial classes had properly sustain- 
ed their state institutions, the present state of things would not 
have existed, "^-adding, "that the government would make no 
change until the present bank charter expired." He also ex- 
pressed his surprise " that, after what had appeared in the news- 
papers, and the long speeches made in congress, more failures 
had not taken place." 

By an arrangement procured through the attention of Mr, 
Heatk, the delegation were enabled to visit the president. They 
thought it a part of their duty to make this visit, and to lay be- 
fore the chief magistrate such information as might exhibit to 
him the actual state of affairs in this community. The time 
appointed for the interview was at eleven o'clock on Wednes- 
day, and, accordingly, at that time, seven of the delegation re 
paired with Mr. Heath to the residence of the president, where 
they were severally presented to him; and after a few minutes 
during which the president was engaged with other viMlers, the 
chairman of the delegation addressed the president in the fol- 
lowing terms: 

"General, you arc, no doubt, aware, that this committee has 
the honour to be delegated by the citizens of Baltimore, with 
out regard to party, to come to you, sir, the fountain head, 
to make known the distressing situation of the currency of th 

country, and respectfully to ask, from you, relief," 

" Relief, sir!" interrupted the president in a tone of excite 
ment! " Come not to me, sir! Go to the monster! Did no 
Nicholas Biddle come here, sir, and on his oath, swear before r 
committee, that with six millions in his vaults he could mee 
tho wants of the whole people? And now, when he has wran 
more than ten millions from the people, he sends you to m 
for relief. It is folly, sir, to talk to Jlndreui Jackson The go 
vernment will not bow to the monster! 

"Sir," said the chairman "the currency of the country is i 
n dreadful situation. The state banks have not confidence in 
each other: they cannat give trade the facilities required, 
have recently travelled to and from the Falls of Ohio to Haiti 
more, and can assure you, sir, I have heard but one opinion o 
this subject. We are your friends not politicians, I have al 
ways been, up to the present moment, a decided friend of you 
administration." Here, the president, in a very angry tone o 
voice, interrupted the chairman, by saying 

"Sir, you keep onu-sided company. Andrew Jackson has fift 
letters from persons of all parties, daily on this subject. Sir 
he has more and better information than you sir or any of you 
Andrew Jackson published his opinions in September last, 
am surprised that yon thus talk to me, sir ! It is folly: you woul 
have us like the people of Ireland, paying tribute to Londoi 
that already gets a large amount annually from this count'j 
extorted from the laboring part of the community. The failure 
that are now takina place are amongst the stock-jobbers, broker- 
and gamblers, and would to God, they were all swept from th 
land! it would be a happy thing for the country. 

"Sir," said the chairman, "all my experience goes to sho 
that there is no money more cheerfully paid by the merchan 
and people of this country than interest bank interest m 
such interest as they now pay say two and a half per cent, t 
collect a sight draught drawn in Baltimore on Pittsburgh." 

"Sir," replied the president, "I had, last night, any amour 
of money offered me on good security, by a gentleman froi 
New York, at six per cent. They are, sir, men who have ove 
traded that are now pressed. The real capitalists of the coui 
try felt the pressure last September and October, when tl 
monster first put the screw down. Did not the monster dra 



om the south and west, last fall, thirty-five millions? For 
hat, sir? To oppress the elate liank> in your city, Philadel- 
lia, New York and tio.-ton. l!ut slndre," Jm-k^on tort-saw 
bat they were about, and met tlieni. Sir, I could have de- 
royed the monster in thirty days but tlie president would not 

it not wishing to bring distress upon the people. Jt^dreta 
ackson invited a compromise with the mammoth they would 
ave nothing to do with me, and now, sir. I will have nothing 

1 do will) them. The restoration of the depo?iies is virtually 
renewal of the charter, one and the same thing." 

The chairman answered, "The people, sir, have not under- 
tood the character of the president, it he is unwilling to hear 
teir calls and demands." 

Here, in a vehement manner, the president exclaimed ''The 
eople! Talk to Jlndreui Jackson, fir, about the people! The 
eople, sir, are with me. I have undergone much peril for the 
berties of this people, and Andrew Jackson yet lives to put his 
>ot upon the head of the monster and crush him to the duel." 
Sir," interrupted the chairman again, "the country has tried 
our measures ihuy will not do. They will ruin two-thirds of 
he good trading men of the country. You have bled us we 
re sick, fainting and dying, one after another." 
"The mammoth, sir," replied the president in a violent rage, 
'hns bled you! When I put him down, sir, the other money- 
d institutions will meet all the wants of the people. It is folly 
ii the extreme, to talk to me thus, sir. I would rather under- 
;o the tortures of ten Spanish inquisitions than that the depo- 
ites should be restored, or the monster be rechartered." 
"Sir," said the chairman, "as there is no general relief to be 
ad, direct the public money now in the state bank, in our city, 
ack to the branch of the bank of the United States, and they 
will at once give Baltimore relief." 

"Talk not to me, sir, about your branch!" exclaimed the pre- 
ident, "did they not send in nine thousand dollars of their ille- 
gal lulls or checks to the bank, the first day! Let them make 
nother move on the board, and Andrew Jackson will check- 
nate them. Let them turn the screw again, and I will make 
hem feel the power of the executive, by returning on them ten 
millions of dollars of their illegal checks now in circulation." 
"1 hope, sir," said the chairman, "you will be able to demon- 
trate how the country is to pay upwards of fifty millions of dis- 
counted paper now due to the bank of the United States, with 
a metallic currency but little over twenty millions." 

The answer was "Go, go to the monsttr! and only the 
other day, sir, what did the monster do? Disputed with the ex- 
ecutive the right to the pension fund?" At this time, the presi- 
dent had grown into such a rasie, that no object was to he gain- 
Hi by attempting to prolong the discussion, and as several of 
he delegation had already manifested their wish and their im- 
patience to close the conference, the members of the delegation 
withdrew. 

The delegation have endeavored to report all that passed at 
this interview as accurately as possible. They have employed, 
as far as their memory has allowed them, the exact words, "that 
were used on both sides, and have set nothing down which was 
not distinctly within the recollection of some of their party; 
whilst, at the same time, they believe they have omitted no- 
thing of importance to the illustration of the opinions which 
the president endeavored to express, except one assurance 
from the president which, upon reviewing what they have de- 
tailed above, they now supply. In the course of his remarks 
on the state of the question before the country, the president de- 
clared, that he meant to try the present experiment with the 
state banks, until the period of the expiration of the charter of 
the bank of the United States; and that if it then should be 
found not to answer, some other plan would be resorted to. 

This concludes all that the delegation have to report of th* 
sentiments of the president. 

Soon after this interview, the delegation returned to the city 
of Baltimore. They deem it unnecessary to comment upon 
the incidents of their visit to the city of Washington. The 
above narrative, faithfully detailing all that passed as nearly as 
it was possible for the delegation to report the same, will afford 
every citizen of Baltimore the menus of making up his own 
opinion in regard to the probable duration of the present state 
of things. 

The delegation see no reason to despond. They have confi- 
dence in the wisdom and integrity of the nation, and believe 
that misrule, whether it be produced by passion, or by error of 
judgment, cannot long go uncorrected amongst an intelligent 
and patriotic people. 

WM. CRAWFORD, jr. 
HUGH BIRCKHEAD, 
G. BROWN, 
J. W. PATTERSON, 
GEO. R. GAITHER, 

w. c. SHAW, 

WM. <;K VHAM, 

JNO. BROWN HOWELL, 

Thereupon John P. Kennedy, esq. rose and addressed the 
meeting in an eloquent and appropriate speech, and concluded 
by offeiing the following resolutions, which were duly second- 
ed by S. D. Walker, esq. 

I. Resolved, as the opinion of this meeting, that the long avow- 
ed hostility of president Andrew Jackson against the bank of 
the U. States an hostility which has pursued its object with 
a bitterness increased by every failure of its purpose has en- 
gendered a temper thai wholly incapacitate!) him for wise coun- 



WILES' REGISTER MARCH 8, 1834 PUBLIC MEETING AT BALTIMORE, 



sel in reference to that institution; his course, towards it, has 
consequently been marked by passion and private resentment, 
rather than by the sound precepts or public good. 

That, having, in a period of profound tranquillity, when the 
great mass of the community neither saw the abuses alleged 
against the bank, nor feared its power, brought it within the 
circle of executive denunciation, and marshaled the forces of 
party to act against it: And when, nevertheless, it was still so 
much a favorite with the country as to obtain the vote of con- 
gress in favor of the renewal of its charter, his greater anger 
was kindled against it, and a system of warfare was adopted by 
him for its overthrow, which has been characterised by an acri- 
mony unknown in the annals of our political history. That, in 
the course of this warfare, he has resorted to every expedient 
within his reach, to injure the credit of the bank, and impair its 
means of fulfilling its engagements to the nation thereby evinc- 
ing a reckless spirit of persecution, more resembling personal 
hatred than official zeal. 

Thai, in the headlong fervor inspired by these feelings, goad- 
ed and exasperated by disappointment, he has forgotten the 
constitutional limits of his own power, and for the purpose of 



inflicting punishment upon his victim, he has unlawfully seized 
upon the public treasure deposited in the vaults df the bank, 
under the obligation of a contract, for which the honor of the 
nation was pledged, and has distributed this treasure whereso- 
ever, in his judgment, the convenience of the public, as he in- 
terprets it, requires. 

That in the performance of this act, he has, under the pretext 
of power, conferred upon him by the constitution, assumed and 
adopted a principle which involves a dangerous violation of the 
duties of a good magistrate; a principle that has been developed 
in the act of discarding a secretary, who held his office at the 
executive pleasure, because that secretary refused to obey the 
will of the president in a matter not within the president's su- 
pervision, but exclusively confided to the secretary by law; and 
then substituting in the place of the conscientious, but "refrac- 
tory subordinate," another, better inclined to obey his behests; 
thus inculcating the mischievous political doctrine that the pub- 
lic functionaries can only expect to hold office upon the terms 
of unqualified obedience to his wishes. 

That, in the removal ofthe deposites, he tins disregarded the 
clear, plain and almost prophetic warnings as to the fatal effects 
of the measure, of the councillors whom the laws had placed 
around him, and in opposition to their wholesome advice, has 
rushed, with precipitate and most pernicious haele, to the ac- 
complishment of his will. 

That, in the same act, he has endeavored to bring into con- 
tempt the authority and reputation of congress, by forestalling 
the action of that body on the subject, and menacing the exer- 
cise of his veto upon any attempt it might make to restore the 
nation to its former attitude; thus, after many illusory profes- 
sions of respect for the majority of the nation, actually threat- 
ening to shelter himself in the exceptionable powers conferred 
upon a minority. 

That, in like manner, he has derogated from the importance 
and value of the co ordinate branches ofthe government, by the 
tone with which he claims to consider the government as only 
tii-iiii^ in himself and the officers of his cabinet. 

That, relying upon the great and overwhelming popularity 
which a past renown has conferred upon him, and which has 
begotten towards him a man-worship altogether unbecoming 
the cilizens of a free republic, he has been emboldened to pur- 
ue his passionate and self- willed career, in the idea that the peo- 
ple will sustain him in whatever he chooses to propose. In this 
spirit he ha* declared that, "he assumes the responsibility of the 
removal ofthe deposites" aiming, by this declaration, to rally 
the people around him, and to transfer the question of an inde- 
fensible and pernicious measure into one of party and personal 
attachment. 

That the bank of the United States having, by a strict and 
compulsory compliance with the policy dictated to it by the pre- 
sident, conclusively demonstrated the evil consequences of that 
policy; and from tho constrained position which has been forc- 
ed upon that institution, severe calamity and not unforeseen 
diater having ensued the responsibility for these evils mutt 
fall upon the head of him who assumed the responsibility; and it 
ii but little compatible with the moral courage, which ha< licen 
claimed for the president, that he should shrink, in the moment 
of difficulty, from his accountability for the result, and seek to 
throw Hint accountability upon the bank. He has indeed de- 
clared that much of the di-a>ter now experienced was not only 
looked for by him, but that it is also in accordance with hi's 
wihcs. If. however, more distress than he expected has re- 
united, that fact alone should admonish him to restore the coun- 
try to its original happy condition, by a magnanimous retrac- 
tion of his error. The glory of never retracing a step, is both 
an obstinate and wicked pride, incompatible with the character 
of a wi*e nnd uprisht statesman. 

That TUT. r.XI'F.HIMKNT of creating a sound currency, 
through tin: innlrumf ntalitv of associated state banks in which 
experiment tin present j, ;l< announced his determination to 
pereiM is one that has heretofore been fully tried and univer- 
sally deplored: it is an experiment which was then proved, ami 
will bn proved again, to be fatal to the public prosperity, and if 
n>d in will goon redoubling and perpetuating the ca- 
lamities of the nation. Political wisdom, even more than pri- 
vate, is but conducted bv the experience of history. Not less 
objectionable is the experiment of banishing a mixed paper and 



specie circulation, and substituting for it a metallic currency. 
In such a community as ours, it is a visionary and impractica- 
ble expedient; and even if practicable', a mischievous scheme 
that would be attended with such distress as would speedily 
cause it to be exploded as a gross absurdity. Whichever, there- 
fore, of these two opposite and incongruous experiments the 
executive designs eventually to rest upon whether that of a 
state bank currency, which must be depreciated by expansion, 
or that of the precious metals, which must do its mischief by 
contraction they are both equally unworthy of a wise govern- 
ment. 

That the hitherto prosperous and eminently happy condition 
of the country rendered all such experiments not only unwise, 
but unjust; and the attempting them argues a disposition in the 
executive to trifle with the best ami dearest interests of the 
community. The effect of all measures which tend to embarasg 
the currency, inasmuch as they operate upon the relations of 
debtor and creditor, and produce frequent changes in money 
values, is peculiarly afflictive to the poor and laboring classes. 
These disorders, by the destruction of credit and confidence 
that inevitably attends them, deprive labor of its proper reward, 
drive it from its lawful employments and make sad inroads upon 
the welfare of every man who subsists by his daily toil; whilst 
at the same time they prepare a bountiful harvest of profit for 
those who, free from the cares of earning their subsistence, 
have capital at hand to take advantage of the wants of the 
needy. They emphatically make "the rich richer, and poor 
poorer." The system, therefore, proposed by the president, is 
conspicuously entitled to be called "the industrious and the la- 
boring man's curse." 

II. Therefore resolved, For all these reasons, this meeting 
utterly reprobate the policy lately adopted by the president of 
tbe United Slates, in regard to the removal of the deposites; and 
they solemnly PROTEST against the exercise of the powers by 
which he has attempted to effectuate his purpose. And the 
members of this meeting pledge themselves to use all lawful 
means within their command to rescue the country from the 
consequence of Jhis misrule. 

III. Resolved, That this meeting have full confidence rn the 
good sense, virtue and love of country of their fellow citizens 
throughout the union, and trust securely in the beKef that, as 
the eyes of the people are opened to Hie true character of the 
measures of their public servants, the nation will effectually 
vindicate the integrity of the constitution in the enforcement 
of a strict account and due responsibility from those who- ad- 
minister the gnvernment. 

IV. Resolved, That the thanks of this meeting be accorded! 
to gen. Chambers, of the senate, nnd James P. Heath r of the 
house of representatives, for their prompt and zealous ceopera- 
tion in the views of the signers of the memorial, lately presented 
by them to congress; and that the grateful acknowledgments 
ofttail meeting are due to the delegation whose report has been 
read this day, for their able and efficient services in the dis- 
charge of the duty assigned to them. 

V. Resolved, That this meeting entirely and unhesitatingly dis- 
approve ofthe conduct of Isaac MeKim, esq. one of the repre- 
sentatives from this city; and that they perceive, in his course, 
a subserviency to the views of the executive, altogether irrecon- 
cileable to the exercise of a manly freedom, and incompatible- 
with the duties ofthe representative at' an enlightened and 1 free 
community A subserviency that is calculated to surrender the 
independence of congress at the footstool of executive power- 
as degrading in the one, as it is dangerous in the other. 

VI. ResoU-ed, That a committee of thirty-one citizens be ap- 
pointed by the chairman of this meeting, (of which committee 
the president of this meeting beclmm>tan),to net as a committwe 
of safety, and that they be authorised to take such measure* 
as they may deem -necessary to promote the objects of thi* 
meeting. 

VII. Resolved, That these resolutions be printed in the publie- 
newspapers,and that a copy be sent by the secretary to each of 
the senators and representatives of the state of Maryland in> 
congress. 

The question being propounded by the president to the meeting 
on the adoption of the resolutions, they were carried by an al- 
most unanimous vote, some two or three voice* only dissenting. 

After this, the meeting adjourned about sundown with three 
hearty cheers. The chairman then appointed the. following gen- 
tlemen as the committee of safety of thirty-one, in pursuance to> 
the foregoing resolutions: 



William Crawford, jr. 


Talbot Jones, 


George Brown. 


Jacob Albert, 


Joseph W. Patterson, 


James Wilson, 


John B. Howell, 


John McKim,jr. 


William C Shaw, 


William Hubbard, 


George R. Gaithcr, 
Hugh Birckhead, 


Joseph K. Stapleton, 
W. H. Conklinc, 


William Graham, 
David Stexvart, 


Reverdy Johnson, 
John P. Kennedy, 


George Rogers, 


H.W.Evans, 


Samuel D. Walker, 


Jonathan Meredith, 


Matthew Kollv, 


Peter Leary, 


Gen. Wm. McDonald, 


James Corner, 


Job Smith, jr. 


James Biays, jr. 


J. V. L. McMahon, 


R. D. Burns, 


(Signed) 

f? \V F*V*K!I 2 


N. BRICE, president. 


GEORGE ROOERS, $**" 





JVILES' WEEKLY REGISTER. 

FOURTH SEUIES. Ne. 3 VOL. X.] BALTIMORE, MARCH 15, 1834. [VOL. XLVI. WHOLE No. 1,173. 



THE PAST-^THE PRESENTFOR THE FUTURE. 



EDITED, PRINTED AND PUBLISHED BY H. NILE8, AT $5 PER ANNUM, PAYABLE IN ADYASCE. 



We have, by a moderate computation, about five hun- 
dred articles and items of information, remaining on the 
table, which ought to be inserted or noticed ! 

The occasional debates which take place in congress 
on the presentation of petitions, are very interesting, 
much more so than the regular debates usually are; but we 
cannot pretend to keep pace with them. We have, how- 
ever, made some extracts from certain remarks of Messrs. 
Webster and Clay, when the memorial of the builders of 
Philadelphia was offered in the senate. 

We publish, at full length, the report of the commit- 
tee of ways and means of the house of representatives, 
sustaining the reasons assigned by the secretary of the 
treasury for removing the public deposites, and intend, 
in our next, in like manner to offer the dissent of the mi- 
nority of that committee. Perhaps, these are the only 
long papers that we shall be required to publish on this 
subject for some time but these are of a character which 
demands a place. 

To record the various proceedings had in consequence 
of the derangement of the currency, &tc. is impossible; and 
even to mention the whole, is impracticable. A large 
part of the people of the U. States is much agitated, and 
an extraordinary excitement prevails and meetings for 
and against a restoration of the public deposites are yet 
being held in many places. The latter, we regret to ob- 
serve, are called with entire reference to party politics, 
in many cases. Those in favor of the restoration do not 
make such a discrimination, and are attended by many- 
strong friends of the executive, at different places. 

The report of the Pittsburgh committee who visited 
Washington, and waited on the president, has been some 
time before us. It very closely corroborates the reports 
of other like committees, and, indeed, goes beyond them 
in some important respects. It is laid aside for preser- 
vation. 

A great movement is making in Massachusetts. A 
petition for the restoration of the deposites had been sign- 
ed by 6,700 citizens of Boston,* and it was thought the 
number would be much increased; and one of the largest 
meetings ever held at Fanueil Hall was assembled, at 
which many resolutions of a decided character were pass- 
ed, one of which appointed a "committee of safety" of 
thirty. Another appointed a delegation to hear the peti- 
tion to Washington, the chairman of which is Mr. ~ip[>le- 
ton, late the member of congress from that city. 

But neither the excitement, nor the pressure, has yet 
nearly reached the extent to which both will proceed. 
Every da}' adds failure to failure, misery to misery, and 
reduces the means of the most solvent persons. Many 
men, as yet, pay their debts by exhausting their fortunes, 
in sacrifices to perserve their credit! A member of the 
legislature of Massachusetts lately said, in his place that 
$2,500,000 had been paid, in that state, for extra interests 
since the removal of the deposites. We think that this 
is less than the truth, in a community so eminently com- 
mercial as the state named. It is our opinion, derived 
from several conversations with persons who ought to 
know, that the daily amount of shavings in Baltimore 
amounts to 100,000 dollars. It is, of all sorts, more than 
less that sum. The average is not less than 3 per cent. 
a month, including brokerage, and other charges, such as 
in the borrowing of tmciirrent money, etc. and the shaving 
of payable- post checks. The legal rate of interest is the 
half of one cent, on the dollar, per da}- the present rate 
three cents: 100,000 dollars, at a per cent, per dollar, 
is 500 dollars, at 3 per cent. 3,000 difference in a month 



*The professions of the signers are added that they may be 
found. Of the 6,700 there were 3,200 mechanics, manufacturers 
and laboring men, 2,300 merchants and traders the iet of 
other occupations, professional men, &c. 
VOL. XLVI 610. 3. 



of 30 days. $75,000, or, for four months, 300,000 dollars. 
But the dealings in Jialtimore are not a tenth part of 
those of Massachusetts; and besides, Baltimore seems as 
yet to have suffered less from the pressure than any other 
place of business east or northward of this city, for our 
people had been taught caution in the school of adversity, 
and not yet forgotten their lessons. We then easily be- 
lieve in the fact stated by the gentleman of Massachu- 
setts; and yet there is no dealing people on the face of the 
earth better able to pay their debts, in ordinary times, 
than the inhabitants of that industrous and thrifty and 
economical commonwealth. The scarcity of money, or 
want of confidence in Baltimore, may be gathered from 
the rates of exchanges. The bills of as good banks, at 
home, to say the least of them as our own, have these 
rates New England bank" notes 3 per cent, discount, 
New York, (country and safety fund) 5, unless of Al- 
bany which are at 3. Pennsylvania, even if payable at, 
or received by the banks of Philadelphia, (but not de- 
positable in our own banks), 1 to 2; others, (good banks) 3 
@ 5 percent. District of Columbia ^ to 1; Virginia 2 per 
cent. South Carolina 3, North Carolina, Georgia, Loui- 
siana, Alabama, and other states south and west, "no 
sales," or at from 7^ to 10 percent, discount. But the 
"safely fund" banks, at New York, have a rate of dis- 
count that does not exceed 1^ per cent, if the average 
amounts to so much and a good many of them are really 
at par, in that city, at this time. 

The preceding facts are not stated to injure the credit 
of the banks alluded to, for most of them may be as 
sound as other banks are; but for the simple purpose of 
sliewng the pressure for present means, with the want of 
confidence, that prevails in this city. 

It is with much regret, and only in a sense of duty, we 
must add that on the 8th inst. we sold a note of the Sus- 
quehannah bridge and bank company, issued by the office 
in this city, at 10 per cent, dissount, and that, on the 
13th, we saw them refused by a broker at that rate, when 
present and getting other notes shaved. They were al- 
together rejected. But the failure of this institution, 
though distressing some individuals, cannot have any 
sensible effect on the Baltimore banks, generally, and 
their credit ought not to be in the least impaired, from 
the circumstances mentioned. 

[It is said that the redemption of the bills of this bank 
will soon be commenced, and that the whole issue will be 
paid. We shall derive much pleasure in stating the fact 
to the public.] 

We have an official statement, and intended to publish 
it this week, shewing the condition of the bank of the U. 
States on the 1st October, 1833, and 1st March, 1834,' 
from which we can only give the following summary 
statement, at present. 

Loans. Depositet. 

October 1, 1833, 60,094,202 93 17,877,298 36 

March 1, 1834, 56,157,829 86 9,947,363 54 



October 1, 1833, 
March 1, 1834, 



3,926,373 07 
Circulation. 
19,1-28,189 57 
18,523,189 00 



7,929,934 82 

Specie. 
10,663,441 51 
10,385,439 15 



605,000 57 278,002 36 

This shows that the reduction of the loans has not 
been, by upwards of four millions of dollars, as great as 
the reduction of the deposites, and yet the bank is blamed 
for causing the pressure. Money was yet plenty in Oc- 
tober last why then is it scarce now? 

Mr. Chambers in reply to Mr. King of Geo. in the 
senate of the United States on the 10th inst. (the latter 
having said that he had heard nothing of distress among 
the people, or violation of the law by the president, until 
he heard of them on that floor, &c. ) made a reference to 



34 



N1LES' REGISTER MARCH 15, 1834 MISCELLANEOUS. 



Mr. Duane's letters to the people now publishing, and 
aid that on the 10th of July last, Messrs. Ihiaiie and 
JUcLutie " sounded in the president's ear the warning 
voice of caution, and foretold, with prophetic accuracy, 
the results of his mischievous experiment. " 

Mr. Duane's letter to the president of the 10th of July, 
(verv recently published), plainly says that the remo- 
val of the deposites would be regarded as an "extreme 
and arbitrary measure," and lie also, with wonderful 
certainty, foretold the deranged state of the currency and 
pressure on the people, that would follow it. No man 
now could describe the existing state of things more 
clearly than Mr. Duane predicted them, in his formal 
letter to the president of July 10, 1833. 

The "Globe" of Monday last asserted, as on the au- 
thority of Mr. Taney, that the statement made by the 
Baltimore committee of the conversation of a part of that 
committee with him was misrepresented; on -which 
Messrs. William Crawford, jr. George Jiro-wn and Joseph 
W. Patterson (the other gentleman who waited on Mr. 
Taney, Mr. Gaither, being absent) addri ssed a note to 
Mr. T. asking whether the editor of the "Globe" had 
his (Mr. T's) authority tor the assertion that he had 
made; and, receiving no answer, they published their note 
to Mr. T. on Thursday last, affirming, over their own 
proper signatures, the accuracy of their statement. And 
vesterday morning there was published a long private 
letter of Mr. Taney to a gentleman of Baltimore, dated 
on the 10th, in which he observes, "1 cannot undertake 
to say whether 1 did or did not use the words imputed to 
me. But if they were used they were applied to the ge- 
neral ruin which the mercantile community should wil- 
lingly bring on itself by creating a panic for party pur- 
poses." This is sufficient for a general view of the state 
of this matter. We cannot go into particulars. 

It is probable that the most animated political contest 
which has happened in the state for many years will 
take place in Virginia, in the ensuing month, when the 
members of the legislature are to he chosen. The strong- 
est men, on both sides, are being brought out, and each 
party will exert itself to the utmost. It is said that both .of 
the great parties in the legislature will publish an address 
to the people. Parties in this state seem to have nearly 
settled down into a Jackson and Van Buren party, and 
an anti-Jackson and anti-Van Buren party; all minor 
questions being merged in the success or defeat of the 
individuals named. 

In the city of New York, the election of charter or 
corporation "officers, takes place on the second Tuesday 
of next month. These are very important, because of 
the disbursements and patronage of the government of 
that great city. The "independent republicans," are 
making much preparation to encounter the "Tamma- 
nies" and, warmed with the hope of success, though the 
odds have been so much in favor of the latter, the former 
are rallying their strength and organizing themselves with 
all diligence. While the Evening Post charges it upon 
the "independent republicans" that some individuals are 
giving from 100 to 1,000 dollars to carry on the business 
of the election, the Evening Star asserts that all per- 
sons in public office have been ordered to pay up an as- 
sessment, at a rate equal to the highest that has ever been 
imposed upon them; which we have heretofore heard 
was ten per cent, on the whole amount of a year's salary 
or feesf 

At a meeting in favor of the bank, held in Vermont, 
Mr. JHeech, late "Jackson" candidate for governor, pre- 
sided -and at another held at Princeton, X. J. John C. 
Schenck, esq. recently one of the most distinguished 
friends of the administration in that state, took a leading 
part. Such tilings are of frequent occurrence and so 
they should be. It is an act of great violence to force a 
eoniideration of the state of the currency, into the tran- 
sient and turbulent upg and downs of political parties. 

Hundreds of new meetings of the people have just been 
held or called to be held, in different parts of the union, 
but most numerously in New Jeriwy, Pennsylvania anil 
Virginia, on account of the distressed state of the coun- 
try. Oo th 20th inst. there is to be a grand meeting of 



Lhe people of the city and county of Philadelphia, at which 
it is recommended thai the different trades shi.ll appear 
w ith their banners and badges and that the store-keep- 
ers close their stores, for the afternoon. 

Gov. Wolf's veiy sudden change of opinion, causes 
much speculation in Pennsylvania. The Pittsburgh 
committee, who called at Harrisburgh, on their way to 
Washington, a short time ago, reported that his former 
good opinion of the bank was unchanged. 

On the 8th inst. Baltimore bank notes were at ^ per 
cent, discount at Pittsburgh and on the same day Pitts- 
burgh bank notes were at 3 per cent, discount al Balti- 
more both being equally good, at home! The time be- 
tween these cities is less than 3 days, or, going and re- 
turning, with one day to make the exchange, say s-eveu 
days, or exactly a half per cent, per day on money be- 
tween the two places or 182^ per cent, per annum! 
This is a pretty state of things but it prevails in all parts 
of the union. There was, and, perhaps, yet is, a tariff of 
exchange even between Albany and Troy, five miles 
apart, the banks in each being equally good ! But the con- 
dition of things within the state of New-York s>eems to 
be generally improved. 

We observe that the somniferous paper read by the 
honorable* and "honest" Isaac Hill in the senate cham- 
ber, (but not to the senate, for friends and enemies 
"cleared out" to avoid the punishment of hearing it), 
has been published in the "Globe" as Mr. Hill's speech, 
into which the writer or reader has introduced some ex- 
tracts from the REGISTER of 18'20, in relation to the 
bank. "Hezekiah Niles" sees not one word in the ho- 
norable arid "honest" gentleman's quotation that he will 
retract for every word had respect to then existing 
facts, and \v hat seemed to be the manifest intentions of 
those who then had charge o\er the affairs of the bank. 
We just take the liberty, however, to say, that in his 
comments on the extract presented, the honorable and 
"hontst" gentleman says some things that are not true. 
But "that's not/ten," as major Downing would say and 
"some things are so despicable," as Mr. Senator Clayton 
said, that we must pass them over. 

As the honorable and "honest" senator is pleased with 
"extracts," we shall give one or two out of many in our 
possession, which we find marked as from the .TV. Hamp- 
slure Patriot of 1 824 and we guess that they are "ge- 
nuwine" for they have been repeatedly published as 
such, and we never heard their verity denied: 

"General Jackson, in the state of Pennsylvania, now 
finds those only opposed to his election, who defended 
his honest but indiscreet zeal, iv/ien he tiampled on the 
civil authority, by arresting the United Stales' judge, 
and other citizens at J\fcu> Orleans, and telien /te seized 
itnd executed Jirbnthnot and Jimbrister, in Florida; he 
has there changed friends, combining what with the ho- 
nest portion of the community who gaze with admiration 
at his military prowess, what -with abortion of men ambi- 
tious for place and preferment , and what with THAT PAR- 
TI who care not -who they support, so that they make mis- 
chief, AND BREAK UP THE REPUBLICAN PARTY, a llOSt in 

that state, which will probably outnumber the friends of 
any other presidential candidate." 

"We love our civil rights and privileges too well to 
place Jackson in the presidential chair. H'e do not like 
to be hanged without "rhyme or reason." 

Now, will the honorable and "honest" senator, who 
has "waxed fat" on mail contracts and hea\y feedings at 
the public crib, stand by what he said, as we are ready 
to stand by what we said' 1 The administration of the 
bank when placed in new hands, relieved it from those 
causes for censure which w r e thought it well deserved 
but how is it with the facts urs;ed by Mr. /////against 
general Jackson? Have Arbuthnot and Ambrister, for 
example, been restored to life, as the bank, under its new 



*VVe hav italiciied the word "honorable" hivaiiM' that Hie 
"New Iliitiip.-liiri- I'ainnt" ot the 'M .May. iN'iU, lur inslaiicr, 
h.ul his name KW times, in different e^ays and mini with HIM 
prefiimre; anil in uvo columns of tlini paper ofthfi 10th of the 
same iiinnth. his name was u*p(l 42 tiirtfg, several of which 
were in flaming eapiials, and, perhaps, all manufactured by Ins 
own honoralle and "honest" self. 



NILES' REGISTER MARCH 15, 1884 CONGRESS. 



35 



direction, was reformed? and proceeded to accomplish 
the purposes lor wliicli it was dcsignt (I, in tlie establish- 
ment of a sound and wholesome currency ? VVe p refer 
not these things against the president but refer to tliern 
for the sole benefit of the honorable and "honest" sena- 
tor who said more against gen. Jackson, personally, in 
the little paragraphs quoted, than is contained in all the 
forty-five capacious volumes of the REIHSTKH, as written 
by us there is more pure malignity and caucus-slavish 
abuse in it, than we ever extended towards an individual, 
(for we seldom indulge at all in personalities, unless in 
the lex taltonis); but Isaac Hill cannot complain that we 
have "returned his compliment" extract against extract. 

On Monday next it is probable that Mr. Webster will 
bring out his project concerning the bank prefer! ng a 
renewal of its charter, with certain modifications. A ge- 
neral discussion in the house on the report of the com- 
mittee of ways and means (inserted in the present sheet), 
will also soon be going on. 

A gentleman of Soutli Carolina, remitting his payment 
for the UKGISTEH, says, "I am the only union man in this 
village, and have often been insulted by being told that it 
was because I read old Niles' paper. I fear, and am sor- 
ry to say that more has been done [by"the government"], 
in the last four months to promote nullification, than ever 
before was done for it." 

The National Intelligencer of the 12th says The pre- 
sident yesterday re-nominated to the senate the three per- 
sons lately rejected as government directors of the bank 
of the United States. The reasons which he assigned to 
the senate for this unusual step, if any, werer communi- 
cated in confidence, and are of course unknown to us. 

Mr. Leigh the new senator from Virginia, made his 
first speech on the 12th inst. It was a brief one of 
some 30 or 40 minutes; but is said to have fully sustained 
the high reputation which he has long borne at home, 
and had preceded him to the senate. What a constella- 
tion of talent is now collected in that body, though it 
contains some very small men ! 

ITEMS. 

The frigates United States and Constellation suffered 
much damage in a severe gale, on the 14th Dec. and 
were in great danger of being lost, but they got into 
Milo, where they were repaired, and had since arrived 
at Malta on their way to Mahon. 

It does not appear that the difficulties in Alabama are 
yet adjusted. It is said that the removal of the while 
settlers have been commenced by the U. S. officers. 

At last, a representative has been chosen in the 9th 
congressional district of Massachusetts. Mr. Jackson, 
anti-masonic, has succeeded by a small majority of all the 
votes; and, as on all leading questions that has been or 
are before congress, Mr. J. declared that he coincided 
in opinion with gen. Dearborn, the late representative 
many of the friends of the latter, to end the contest at a 
crisis so important, cast their votes for Mr. Jackson. 
There are yet three vacant seats in congress 'that which 
is contested by Messrs. Letcherand Moore, the one made 
vacant by the decease of Mr. Bonldin, of Va. and the 
other by the resignation of Mr. Bullard, appointed a 
judge of the supreme court of Louisiana. 

We much regret to hear that the cholera has reappear- 
ed in some parts of the west, bordering on the Missis- 
sippi. 

There have recently been several great fires at New 
York. This city has very many buildings fair to the eye, 
like "painted sepulchres," but made up of the most com- 
bustible materials within, as well as many frame edifices, 
built in a hurry, to accommodate the rush of popula- 
tion and to have a dozen or two of these burnt down at 
a time, is no extraordinary affair, in the want of water 
to extinguish the flames, let the valuable firemen do all 
that they can. About 50 families, of the poorest classes, 
were dislodged by one fire on the evening of the lUth 
instant chiefly natives of Ireland. 

The Corkonians and United Irishmen, laborers on the 
canal, have had a terrible fight at New Orleans, in which 
several were killed and wounded, when the riot was sup- 



pressed and many of the rioters arrested to answer for 
it. We wish that these people would leave their abomi- 
lable local hatreds of each other, as well as their much 
cherished desire of appealing to force, behind them. 

LOWER CAXA DA. The dissensions between the colonial 
legislature and the governor-general Aylmer and the 
royal government at home, have risen to a great height. 
Early in last month, a set of resolutions, nearly one hun- 
dred in number, was moved, forming a sort of declara- 
tion of rights of the people of Canada, and concluding by 
>roposingjo expunge from llie journals of the house the 
Jespatches of Mr. Stanley, the British colonial secretary, 
and the 'impeaching; of the governor-general. They wtr 
"jrought up for discussion on the 15th, ult. and debated all 
hat day and the next. All substitutes were rejected by 
>verwhelming majorities, and late in the night of the 16th, 
fifty-five of the resolutions were agrees! to without oppo- 
sition. The whole probably passed as reported. The 
esolntions adopted contain a call for conventions of the 
jepple. The results of this bold attitude which the 
louse have assumed, must be important to the future re- 
ations of the colony with Great Britain. 

In one of the resolutions it is significantly remarked, 
:hat the population of the United States will, in twenty 
years, be equal to that of Great Britain, and that of the 
British North American colonies will, in the same period, 
be equal to that of the United States when they declared 
their independence. 

Upper Canada is also in a state of high excitement. 

Two or three great nests of counterfeiters of bank 
notes have been broken up. The extent to which this 
Business was proceeding, is truly astonishing. The in- 
crease of banking institutions will giv it a new impetus. 

* 

FOREIGN NEWS. 

From London papers to the 28<A and Paris to the 3lst January. 

FRANCE. 

A duel was .fought on Ihe 29ih January, between gen. Bu- 

aud and M. Dulong, two members of the chamber of deputies. 
Tin; seconds of gen. I!, were gen. Rnmigny and col. Lamy, and 
those of the latter, M. George Lafayette and col. Bacot. The 
duel resulted in the death of M. Dulong. There had been seve- 
ral oiher duels between students of medicine, one of which also 
proved morlal to one of the parties. 

The French journals are equally severe with the English, in 
regard to the conduct of the president of the U. States on ihe 
subject of the currency of the country. They say lhat no con- 
stitutional, or absolute monarch would have dared lo commit 
uch an oulrage upon llie laws. 

SPAIN. 

Marlinez de la Rozo had been nominaled to succeed M. Zea, 
the prime minister. This nomination gives universal satisfac- 
tion and the best anticipations are indulged in for the success 
of the monarchy under his guidance. The national guard had 
been reorganized, Ihe government reserving lo ilself the choice 
of the officers. The entire military force of the country i to 
consist of 120,000 men. 

The most important feature in the present aspect of Spain, 
. the contemplated re-tireanizalion of ils government The 
conez, it is understood, will not be convoked; but instead of 
it a representative government established, consisting of two 
branches. Two-thirds of llie upper branch is to consist of the 
nobility, and one Ihird of the higher orders of the clergy. The 
lower branch is to consist of 250 members, elected from the ci- 
ties, towns and villages. 

TWENTY-THIRD CONGRESS FIRST SESSION. 

SENATE. 

March 7. Mr. McKean presented the petition of 2,500 or 
3,0t)0 citizens of Lancaster county, Pennsylvania, praying lor a 
return of the public deposited to the hank of the U. Slates. On 
which Mr. Webster rose and expressed much satisfaction at 
this movement of the agriculturalists of that rich and populoui 
county. This memorial came from the agricuhural interest, 
and he said it was the "real lion of the country." 

Mr. Ewinn offered a series of searching resolutions at) t 
condition ol ihe posl office department. 

Mr. McKean presented the petition of 613 citizens of Manet- 
la. Pa. praying for a restoration of the deposings. 

Mr. Cl<iiiton offered the following resolutions, which 1 
dav on the table: 



UitV lll IHC IH1IIC. . . f 

Resolved, That the postmaster general be directed to inform 
the senate, how many, and what postmasters, clerks and oth 
a.Tiits iii his department, have IIPPII hy him removed from 
oiti.-r, since the 3d day of Marrh. 1R-29; also, to stale the name* 
of those who havv be-n appointed in lien of the [H>slroa*tr si: 
removed, their places of residence, and to furnish tin 
letters, or copies thereof, addressed to him as postmaster ge- 
neral, communicating the political character of those removed, 
or those who have been appointed to supply their places. 



36 



N1LES* REGISTER MARCH 15, 1834 CONGRESS. 



Resolved, That the postmaster general be directed to com- 
municate to the senate a copy of any and every circular, or or- 
der, to bis deputies, directing them, or any of them, to transmit 
to his department the names of the newspapers taken at their 
respective offices, or the names of the subscribers to such news- 
papers; and generally to state whether his department receives 
quarterly returns of newspapers taken in the United States, and 
the names and places of residence of their subscribers. 
Mr, Webster rose, and addressed the senate as follows: 
I rise, sir, to perform a pleasing duty. It is lo lay before the 
senate the proceedings ol a meeting of the building mechanics of 
the city and county of Philadelphia, convened ibr the purpose 
of expressing their opinions on the present state of the country, 
on the 24th of February. This meeting consisted of three thou- 
land persons, and was composed of carpenters, masons, brick- 
makers, bricklayers, painters and glaziers, lime burners, plas- 
terers, lumber merchants and others, whose occupations am 
connected with the building of houses. I am proud, sir, that 
so respectable, so important, and so substantial a class of me- 
chanics, have entrusted me with the presentment of their opi- 
nions and feelings, respecting the present distress of the conn 
try, to the senate. I am happy if they h;:ve seen, in the course 
pursued by me here, a policy favorable to the protection of their 
interest, and the prosperity of their families. These intelligent 
and sensible men, these highly useful citizens, have witnessed 
the effect of the late measures of government upon their own 
concerns and the resolutions which I have now to present, 
fully express their convictions on the subject. They propose 
not to reason, but to testily; they speak what they do know. 

Mr. President, the members of this meeting liave not trans 
milted their proceedings by mail, nor have they rested satisfied 
with merely causing them, in any way, to reach the two houses 
of congress, and to be read and disposed of in the ordinary 
manner. They have forwarded them by a committee of thirty 
persons of their own body, and those thirty persons are now 
within the wall, of the senate. I wish, sir, that honorable se- 
nators would converse with these gentlemen; 1 wish they 
would use the opportunity of satisfying themselves of their in 
telligence, their fairness, their freedom from the influence o 
all oblique or improper motives, and the unquestionable trull 
of the existence of that distress, which they come here to rcpre 
sent. Such a communication would convince honorable mem 
bers, that there is no pretence, no fiction, no exaggeration, in 
the whole matter; but that all their words are words of trutl 
and soberness. 

[Mr. Webster then urged the necessity of action to reliev 
the distresses of the people and said] 

Sir, listen to the statement; hear the facts. The committee 
stale, sir, that eight thousand persons are ordinarily raiptyyef 
in building houses, in the city and county of Philadelphia; 
number which, with their families, would make quite a cousi 
derable town. They further state, that the average number o 
bouses, which this body of mechanics has built, for the last fiv 
years, is twelve hundred houses a year. The, average cost o 
these houses is computed at two thousand dollars each. Her 
is a businss, then, sir, of two millions four hundred tkousan 
dollars a year. Such has been the average of the last five years 
And what w it now? Sir, the committee state that the busines 
lias fallen off seventy-five per cent, at least; that is to say, thai 
at most, only one-quarter part of their usual employment nox 
remains. This is the season of the year in which building con 
tracts are made. It is now known what is to be the businei- 
of the year. Many of these persons, who have heretofore had 
every year, contracts for several houses on hand, have this ye; 
no contract at all. They have been obliged to dismiss tlm 
hands, to turn them over to any scraps of employment the 
could find, or to leave them in idleness, for want of any em 
ployment. 

[Mr. W. then went into some detail to shew the former ope 
rations of the builders of houses, which were almost totally de 
troyed by the "experiment" now going on; and then saidj 
These, sir, are plain matters of fact, and they are manifest! 
the resulu of the measurus of government; and have not thes 
mechanics, then, a right to complain. Ought they to hold the 
tongues, and starve, in order to enable the secretary lo try h 
experiment? Are they to be ihe willing victims of such fanta. 
tical and arrogant schemes? No, sir, that is not their notion f 
patriotism and duty. They think the government was eslah 
lished for them, and the rent of the people of the United Stale 
for their protection, security and happiness. They think it IK 
a subjecl for Ihc practice of every raw conceit, every presum 
tiious theory, every impulse of arrogant and self-sufficient lov 
of change. Sir, they are not the dupe* of Ihe secretary's exp< 
riment; and, if they can help it, they do not intend to be its vu 
limit. They know full well in what purpose ihe-e measure 
originated, which have since obtained Ihe name of the "expe 
riment." They think they have a right to demand of congre 
not to sanction such purposes, to their ruin. As American < 
tizenx, they demand the shelter of the laws; as tn x- payers 
government, they demand the protection of government; as ii 
duslrious citizens, they demand security for their industry; ai 
they protest, oleinnly protest in tlirir name, sir, in their b 
half, in their presence, I now enter their protest aeninst that 
unnecessary and wanton measures, wliieh destroy their propc 
tv, break up their employment!, and reduce them and the 
children to want and beggary! 

Mr. Wtbsler concluded as followi: 



Sir, the agitations of the country are not to be hushed by ao- 
ority. Opinioas, from however higb quarters, will not quiet 
em. The condition of the nation calls for action, for mea- 
ures, for the prompt interposition of congress; and until con- 
ess shall act, be it sooner or be it later, there will bs no con>- 
nt, no repose, no restoration of former prosperity. Whoever 
upposes, sir, that he, or that any man, can quiet the discort- 
nts, or hush the complaints of the people, by merely saying, 
tieace, be still!" mistakes, shockingly mistakes, the real con- 
lion of things. It is an agitation of interests, not of opinion?; 
severe pressure on men's property and their means of living, 
ot a barren conlesl about abstract sentiments. Even, sir, the 
oice of party, often so sovereign, is not of power lo subdue 
iscnnienu and slide complaints. The people, sir, feel great 
iterests to be at stake, and they are rousing themselves to pro- 
cct those interests. They consider the question to be, whe- 
icr the government is made for the people, or the people for ths 
ivernmeiit. They hold the former of these two proposition?, 
id they mean to prove it. 

Mr. President, this measure of the secretary has produced a 
.agree of evil tiiat cannot be borne. Talk about it as we will, 
t cannot bu borne. A tottering stale of credit r cramped means, 
oss of property and loss of employment, doubts of the condi- 
011 of others, doubts of their own condition, constant fear of 
lilnrcs and new explosions, an awful dread of the future sir, 
vhen a conscioMsnuss of all these things accompanies a man, 
t his breakfast, his dinner and his supper; when it attends him 
rtrongh his hours, both of labor and rest; when it even disturbs 
nd haunts IMS dreams, and when he feel?, too, that that which 
s thus gnawing upon him is the pure result of foolish and rasb 
measures of government, depend upon it he will not bear it. A 
leranged and disordered currency, the ruin of occupation, dis- 
re#s for present means, the prostration of credit and confr- 
lence, ami all this without hope of improvement or change 
slate of things which no intelligent people can long endure. 

Mr. Clay rose and said: I have been requested by the com- 
mittee from Philadelphia, charged with presenting the memo- 
rial to congress, to say a few words on ihe subject; and although 
after the ample and very satisfactory exposition which it has 
received from the senator from Massachusetts, (Mr. Webster), 
urther observations are entirely unnecessary, I ca.mot deny 
nyself the gratification of complying with a request, proceeding 
rom a source so highly worthy of respectful consideration. 

[Mr. C. then proceeded to show the effect of the measures of 
the government on the state of the country, and ottered an opi- 
lion that the value of property in the United States had bees 
reduced by them, in the great amount of four hundred millions 
of dollars, a sum which would be less than half the real 
amount, were ihe property of the people placed in the market, 
and to be sold, as we believe. UKO.] 

Mr. Clay next asked 

And what is the remedy to be provided for this most unhappy 
state of the country? I have conversed freely with the members 
of the Philadelphia committee. They are real, practical, work- 
ing men; intelligent, well acquainted with the general condition, 
and with the sufferings of their particular community. No one, 
who has not a heart of steel, can listen to them, without feeling 
the deepest sympathy for the privations and sufferings unneces- 
sarily brought upon the laboring classes. Both the committee 
and the memorial declare that their reliance is, exclusively, on 
the legislative branch of the government. Mr. President, il is 
with subdued feelings, of the profoundest humility and mortifi- 
cation, that I nm compelled to say that, constituted as congress 
now is. no relief will be afforded by it, unless its members shall 
be enlightened and instructed by" the people themselves. A 
large portion of the body, whatever may be their private judg- 
ment upon the course of the president, believe it to be their 
duty, at all events safest for themselves, to sustain him without 
regard to the consequences of his measii-cs upon the public in- 
leresls. And nothing but clear, decided and unequivocal de- 
monstrations of the popular disapprobation of what has been 
done, will divert them from their present purpose. 

But there is another quarter which possosses sufficient power 
and influence to relieve the public distresses. In twenty-four 
hours, the executive branch could adopt a measure which 
would afford an efficacious and substantial remedy, and re-es- 
tnblish confidence. And Ihose who, in this chamber, support the 
ad ministration, could not render a better service than to repair lo 
the executive mansion, and, placing before the chief magi-irate 
the naked and undisguised truth, prevail upon him to retrace his 
steps and abandon his fatal experiment. No one, sir, can per- 
form that duty with more propriety than yourself. [The vise pre- 
sident] You can, if you will, induce him lo change his course. 
To you, then, sir, in no unfriendly spirit, but with feeling-* soft- 
ened and subdued by the deep distress which pervades every 
class of our countrymen, I make the appeal. By your official 
and personal relations with the president, you maintain with 
him an intercourse which I neither enjoy nor covet. Go to him 
and tell him, without exaggeration, but in the language of truth 
and sincerity, the actual condition of his bleeding country. Tell 
him it is nearly ruined and undone by the measures which he 
has been induced lo put in operation. Tell him that his expe- 
riment is operating on the nation like the philosopher'* experi- 
ment upon a convulsed animal, in an exhausted receiver, and 
that it must expire, in agony, it he dues nol pause, give it free 
and sound rireiil.itum, and suffer the energies of the people to 
be revived and restored. Tell him that, in a single, city, more 
than sixty bankruptcies, involving a loss of upwards of fifteen 






NILES' REGISTERMARCH 15, 1834 CONGRESS. 



87 



millions of dollar*, have occurred. 'I'd! him of the alarming 
decline in the value of all properly, of the depreciation of all the 
products ol industry, of the stagnation in every branch of busi- 
ness, and of ttie close of numerous manufacturing r.-iahlUli- 
inents, which, a few short months ago, were in active arid flou- 
rishing operation. Depict to him, if you can find language to 
portray, the heart-rending wretchedness of thousands of the 
working classes cast out Of employment. Tell him of the tears 
of helpless widows, no longer able to earn their bread, and of 
unclad and unfed orphans who have been driven, by bis policy, 
out of the busy pursuits in which but yesterday they were gain- 
ing an honest livelihood. Say to him that if firmness be honor- 
able, when guided by truth and justice, it is intimately allied to 
another quality, of the most pernicious tendency, in the prose- 
cution of an erroneous system. Tell him how much more true 
glory is to be won by retracing false steps, than by blindly rush- 
ing on until his country is overwhelmed in bankruptcy and ruin. 
Tell him of the ardent attachment, the unbounded devotion, the 
enthusiastic gratitude, towards him, so often signally manifest- 
ed by the American people, and that they deserve at his hands 
better treatment. Tell him to guard himself against thfi possi- 
bility of an odious comparison with that worst of the Roman 
emperors, who, contemplating with indifference the conflagra- 
tion of the mistress of the world, regaled himself during the ter- 
rific scene in the throng of his dancing courtiers, if you desire 
to secure for yourself the reputation of a public benefactor, de- 
scribe to him truly the universal distress already produced, and 
the certain ruin which must ensue from perseverance in his 
measures. Tell him that he has been abused, deceived, betray- 
ed, by the wicked counsels of unprincipled men around him. 
Inform him that all efforts in congress to alleviate or terminate 
the public distress are paralyzed and likely to prove totally una- 
vailing, from his influence upon a large portion of the members, 
who are unwilling to withdraw their support, or to take a course 
repugnant to his wishes and feelings. Tell him that, in his bo- 
som alone, under actual circumstances, does the power abide 
to relieve the country; and that, unless he opens it to convic 
lion, and corrects the errors of his administration, no human 
imagination can conceive, and no human tongue can express, 
the awful consequences which may follow. Intreat him to 
pause, and to reflect that there is a point beyond which human 
endurance cannot go; and let him not drive (Jiis bravo, generous, 
and patriotic people to madness and despair. 

Mr. President, unaffectedly indisposed, and unwilling as 1 
am to trespass upon the senate, I could not decline complying 
with a request addressed to me by a respectable portion of my 
fellow citizens, part of i\:i> hone and sinew of the American 
public. L.ike the senator from Massachusetts, who has been 
entrusted with the presentation of their petition to the senate, I 
found them plain, judicious, sensililn men, cli'arly understand 
ing their own interests, and, wilh the rest of the community, 
writhing under the operation of the measures of the executive. 
If I have deviated from the beaten track of debute in the senate, 
my apology must be found in the anxious solicitude which I 
feel for the condition of the country. And, sir, if I shall have 
been successful in touching your heart, and exciting in you a 
glow of patriotism. I shall he most happy. You can prevail 
upon the president to abandon Ins ruinous course; and, if you 
will exert the influence which you possess, you will command 
the (hanks and the, plaudits of a grateful people. 

The memorial was then referred. 

After other business, Mr. Clay ro=e to present the four roso 
lutions that follow, and pronounced come, strong observations 
in support of them which cannot be made room for: 

1. Resolved, That the constitution of the United States docs 
not vest in the president power to remove at his pleasure offi- 
cers under the government of the United States, whose offices 
have been established hy law. 

2. Resolved. That, in all cafes of offices created by law. the 
tenure of holding which is not prescribed by the constitution, 
congress is authorised by the constitution to prescribe the ten- 
ure, terms, and conditions on which they are to be holden. 

3. Resolved, That the committee on the judiciary be instruct- 
ed to inquire into the expediency of providing hy law that in all 
instances of appointment to office by the president, by and with 
the advice and consent of the senate, other than diplomatic np 
pointments, the power of removal shall be exercised only in 
concurrence with the senate, arid, when the senate is not in 
session, that the president may u&peud any such officer, com- 
municating his reasons for the suspension to the senate at its 
first succeeding session; and. if the senate concur with him, (he 
officer shall be removed, but if it do not concur with him, the 
officer shall he restored to office. 

4. Resolved, That the committee on the post office and post 
roads be? instructed to inquire into the expediency of making pro- 
vision by law for the appointment, by and with tin: advice and 
consent of the senate, of all deputy postmasters, whose annual 
emoluments exceed a prescribed amount. 

March 10. Mr. Silsbee presented the resolutions of the le- 
gislature of Massachusetts in relation to the currency and re- 
moval of the deposites; and, at fonsiderable length and witt 
much ability, set forth the deranged state of business in conse- 
quence of the proceedings of the executive of the United States. 
He said that commission merchants declined not only the 
usual guaranty on sales, but refused to make advances. He 
mentioned the cae of a cnrao from the south worth 3,000 dol 
lars, subject to n freight of 500, in cash, which was surrendered 
to the ship owner that he might make hi* freight out of it. He 



said that lie daily heard of failures, and that 70 had taken place 
in one late flourishing town in Massachusetts. He spoke of the 
manufacturers and other working people discharged^ He said 
that six months ago, the legal rate of interest for large sums of 
money could not be obtained, though now worth from 3 even to 
5 percent, per month! [We wish that we could make room 
lor this speech of a practical man.] 

Mr Webster followed, and observing that his colleague had 
left him little to say concerning the resolutions, &c. took the 
opportunity to speak of the necessity of rechartering the bank, 
for which the committee of finance had agreed upon apian to 
be laid before the senate on Monday next; and he gave it 
out as his opinion that congress ought not to adjourn until some 
measures were adopted to relieve the people. 

His idea was that the present bank, with some few modifica- 
tions of its charter, should he continued for a short time, and so 
as to leave the question open as to the establishment of a new 
one; or to renew the charter lor a number of years with other 
modifications, among them to prevent the issue of notes of a 
less denomination than of 20 dollars, &c. But as we shall have 
the plan next week, the want of room will excuse us from 
giving a report of his speech now. 

Air. Forsylh followed and expressed his surprize at the idea 
thrown out, that congress would sit until the distresses of the 
country were relieved, by the gentleman's plan for rechartering 
the bank. Would the senate compel the other house and the 
executive to acceed to his proposition? He expressed an opinion 
fovorable to a bank, if the rate of interest was fixed at 5 per 
cent, and the power of the state governments over it were duly 
secured, and the power of the general government over it was 
:nade greater, &c. 

Mr. Webster replied at considerable length, and the debate 
was continued, by Messrs. King, of Geo. Chambers, Forsyth and 
Webster. 

Mr. Bell had leave of absence for three weeks. Adjourned. 

March 11. Mr. Prentiss presented a memorial from Bur- 
ington, Vt. praying for a restoration of the deposites, and spoke 
at considerable length on the subject at large; he was lollmved 
by Mr. Stcift, who described the derangement of business in 
Vermont, and the distress that prevailed, aggravated, as it is, 
by tlie failure of the grain crops last season. 

Mr. Clay took an opportunity to correct certain things as to 
the petition from Troy for a restoration of the deposites. He 
referred to Mr. Wright, who, had said, on the information of a 
member of the other house that only 100 of the signers were 
friendly to the administration. Mr. Clay read a letter dated 
the 6th instant, sa\ ing that by a critical examination, recently 
nuide, there were at least 400 signers who are, or have been 
administration men, &c. Mr. Wright explained he had not 
made Hie remark on his own knowledge, and spoke warmly 
as to the integrity: of his informant, but supposed that some 
nistake may have been made, &.C. 

Mr. Freiinghnysen presented the petition of 454 citizens of 
Patcrson, N. J. praying for a return of the deposites, on which 
occasion he offered a brief statistical state of tne business of 
that town, and said that 5,130 spindles, which had annually 
consumed 2,200,000 Ibs. of cotton, were stopped, owing to the 
pressure of the times. Mr. F. also presented a memorial from 
Patcrson and its vicinity, signed by 600 persons, approving of 
the removal of the deposites and a long debate followed. 

Other business attended to will appear in its course. 

March 12. Mr. McKean presented three memorials, one from 
a meeting of tin-plate workers, sheet iron workers and copper- 
smiths, of the city of Philadelphia, one from the citizens of the 
borough of Southwark, Pennsylvania, and the other from a 
meeting of citizens of Carlisle, in the same state, on the subject 
of the pecuniary embarrassments of the country, which the me- 
morialists ascribe to the removal of the deposites from the bank 
of the United States, and severally praying for their restoration. 
The memorialists, Mr. McK. said, so far as he was able to as- 
certain, were highly respectable, and consisted of persons with- 
out distinction of party. He asked that the memorials be read, 
referred to the committee on finance and printvd; which was 
done accordingly. 

Mr. Leigh presented the memorial of sundry merchants, me- 
chanics, professional men and others, of the city of Petersburg!], 
in the state of Virginia, on the subject of the pecuniary embar- 
rassments of the country; which the memorialists ascribe to the 
removal of the public deposites from the bank of the United 
States; and praying congress to take such measures as will af- 
ford them redress. 

Mr. Leigh accompanied the presentation of the memorial with 
some appropriate remarks; after which, he asked that the me- 
morial be read, referred to the committee on finance and print- 
ed. 

The memorial having been read, a debate ensued, in which 
Messrs. Forsyth, Leigh and King, of Georgia, took part; when 
the question was taken, and the memorial referred, nem. con. 
to the committee on finance, and ordered to be printed. 

The senate then resumed the consideration of the special or- 
der, being the resolutions of Mr. Clay, and the report of the se- 
cretary of the treasury on the subject of the removal of the puh- 
lir deposites from the bank of the United States; when 

Mr. Tallmadfe, who was entitled to the floor, commenced 
his remarks, and addressed the senate until three o'clock; nnd 
then the senate adjourned. 

March 13. Mr. Webster presented a memorial numerously 
signed by the people of Brooklyn, New York, and aluo the pro- 



SS WILES' REGISTER MARCH 15, 1834 COMMITTEE OF WAYS AND MEANS. 



ceedings of a public meeting of the citizens, asking for a resto 
ration of the pnhlic deposited. Mr. W. read me oi" tlie resoln- 
fions of the mee-liiiij, containing some Mrong remarks in support 
of the constiiinionalily of a hank of the United Stales. 

Mr. Sjiraue presented two memorials one I'riini East port 
anil the other from Lubec, Maine, praying for a restoration ol 
llie de po.-ites, &c. 

Mr. Tyler presented two memorials, from the towns of Fal- 
moulh and Frederieksbnrgh, anil the proceedings of a meeting 
held in Afcomaek, Virginia, with reference to the public dis- 
tress, and pi ay ing for a restoration of the deposites. A debate 
ensued, in which Messrs. Tyler, BTOWH, Leigh, Forsyth, Web- 
ster, Preston and Ewing took part. 

The other business attended to will sufficiently appear in its 
progress. Adjourned. 



BOUSE Or REPRESENTATIVES. 

Friday, March 7. The whole of this day was given up to the 
consideration of private or local business, and a large number 
of bill* for the relief of individuals were ordered to be engrossed 
or passed. 

Adjourned until Monday. 

Monday, March 10. This being the weekly day for present- 
ing memorials, ie. and the consideration of the resolutions of 
the Virginia legislature, presented last Monday, being the morn- 
ing business first in order 

Mr. Ghohon, who had the floor, was about to address the 
house, but yielded his right for the present, at the request of 

Mr. J. Q. Jldanu, who asked leave to present certain resolu- 
tions of the legislature of MassachusetU on the subject of the 
removal of the deposites, stating, that, if the leave were grant- 
ed, he ehould, in accordance with the rule or understanding in 
such cases, abstain from any remarks on the subject of the me- 
morial, and take some other opportunity of expressing his sen- 
timents on it. 

Mr. Gholson, (who was entitled to the floor on the Virginia 
memorial, lying over from last Monday) signified his assent to 
Mr. A's request; but, objection being made by some other mem- 
ber, the leave was not granted. 

Mr. Ghokon took the floor, and addressed the house, in ex- 
tenso, in support of the resolutions of his state, nnd particularly 
in reply to Mr. Pattern** argument on the other side. 

Mr. Moore,, of Va. followed, in an animated speech, on the 
same side. 

Mr. Pinckney, of S. C. noil addressed the house, also in sup- 
support of the resolutions, and continued to speak until half 
past three, when he yielded to a motion for adjournment. 

All three of these gentlemen went occasionally into very se- 
vere animadversion upon the course of the administration in 
reference to the depositrs. 

The house then adjourned. 

Tuesday, March 11. Many bills of a private nature were re- 
ported, and a great deal oflocal or private htmnrsi* attended to. 

Mr. Mami, of Mass, asked the consent of the house to pre- 
sent certain resolutions of the legislature of his state. Objec- 
tion being madp, he moved to suspend the rules for this purpose. 

Mr. R. M. Johnson suggested that, if the motion were made 
general, so as to admit of the preseiilation of other resolutions 
and memorials, it would be more, likely to be generally voted 
for. 

Mr. Jtiams consented FO to modify his motion. 

The question being twice put, and no quorum voting, lie 
withdrew his assent to modify, and renewed the motion in its 
original form. 

The question being once more put, it was negatived ayes 
70, noes 56, (not two- thirds.) 

Mr. Jlrtker offered, by leave, the following resolution, which 
was agreed to. 

Rtsolced, That the committee on foreign nffairs be instructed 
to inquire into the expediency of purchasing the library and the 
official private manuscript pipe/s of gen. Washington, to be 
deposited in the department of state. 

The army appropriation bill was rend by sections. In the 
course of the proceedings 

Mr Everett moved an additional clause to the bill, including 
$1,825 for surgeon Rcaumont, in performing a series of experi- 
ment* on the stomach of a wounded soldier, in illustration of 
thr process of digestion. The appropriation had been recom- 
mended by the surgeon general. Allowances were made to of- 
ficer; of the line for extra services, hut this could not be done to 
Burgeons unless by express provision. 

Some objection being made by Mr. Polkund Mr. Jone,ofGco. 
Mr. Erf reft said, that thii soldier had been placed under the 
rare of siirzenn Beaumont; and he had cipended upwards of 
5,000 out of his own pocket, in the process of measures by 
which hi* life had been saved and prolonged. He might, no 
doubt, have Ip.fl the man to die, but because he acted, first from 
humanity, and then from the love of science, and had thereby 
succeeded, not only in saving his patient, hut in presenting tlie 
mot curious and valuable results in aid of the groat objects of 
the surgical department f the army, was he to be refused Fiich 
it pitiance this, when it was recommended by the head of the 
surgical staff? 

Mr. McDuffie supported Mr. R's proposition. Mr. Chilian rr- 
presed hi hearty concurrence in these views. The house vot- 
d thousands upon thousands to reward persons who had killed 
men; but in ihi< rx*p. not only hart the life of a man been pre- 
served, but facts discovered and plans suggested, which might 



lead to the saving of millions of human lives. Mr. Jones still 
objected, and s;.id, this surgeon was paid by the month, and had 
tixi.-ii niiiuns. \\~as not all he had done included in the duty 
lor which he was paid? 

Mr. Crockett rose. Gentlemen objected to paying for experi- 
ments; but in these days, when we were trying experiments on 
the currency, why not try experiments on tlie sciences? Though, 
for his part, he thought it was hardly necessary to make any ap- 
propriations at nil, lor this, or any tiling else. He had been al- 
most ready to go against all appropriation bills, till he knew 
where the money was. If one man in the country could take 
all the money, what was the use of passing any bill about it? It 
was a mockery it was childish, to sit there and appropriate at 
all. If one man could take the money, and put it where the 
law had not placed it, how did the bouse know where it was? 
How could they tell but it might be in his royal majesty's pock- 
et, or in the pocket of that imp of famine, his 4th auditor. The 
money was not where the law put it, and who knew where it 
was? He would vote for one experiment, but he should for cer- 
tain vote against the other. 

The quesiion was now put, and the amendment proposed by 
Mr. Everett agreed to ayes 80, noes 53. 

Other amendments being made, the committee rose, reported 
progress and had leave to sit again, Adjourned. 

Wednesday. March 12. This being the day to which the con- 
sideration ot the report of the committee of ways and means, on 
the deposite question, and also of the report from the minority 
of that committee, had been deferred, and this subject being, 
therefore, the order of the day 

Mr. Polk rose and observed, that, although the two reports 
were printed, and on the tables of members, yet the appendix 
to the committee's report, containing certain documents refer- 
red to in it, were not yet on their tablet;: and, as he considered 
these as essential to a due consideration ol the report itself, he 
moved that the subject be further postponed until Tuesday 
next. 

On this a very long debate took place many distinguished 
gentlemen taking part in it. The differences of opinion were 
chiefly as to the order of proceeding, and the disposition of ma- 
ny bills already before the house. Mr. Polk's motion to post- 
pone was adopted. 

Mr. JJdams, of Mass, once more asked permission of the house 
to present certain resolutions of the legislature of that state. 
Objections being made, he moved to suspend the rule; but the 
house refused to do so. 

Mr. Pott then made a similar request, for leave to introduce 
a resolution referring lo the subject vrl'ich had been postponed. 

Mr. Jldams objecting, 

Mr. Polk asked the suspension of the rule; which was carri- 
ed ayes 119, noes 47. 

Mr. P. thereupon offered a resolution, in the form of an or- 
der, that the report of the committee of ways and means on the 
subject of the secretary of the treasury's letter, &.c. he the order 
of the day at 1 o'clock on every day, except Saturdays. 

Mr. Polk then moved that the rule which requires such a re- 
solution to lie on the table for one day be suspended, and that 
it be considered at this time. 

After some conversation, this was carried ayes 115, noes 56. 

So the house proceeded to consider the order. 

The debate was renewed with much spirit. Finally, Mr. 
Folk's proposition was agreed to, and the house adjourned. 

Thursday, March 13. After some other business 

Mr. Surges moved to recommit the report of the committee of 
ways and means to that committee, with instructions to report 
that the reasons of the secretary for removing the deposites were 
insufficient. 

Mr. Burges addressed the house at length in support of the 
motion he had made, and continued to speak till the expiration 
of the morning hour; when the residue of his remarks was cut 
off by the house passing to the order of the day, (which was 
the commutation pension bill). Before the order, however, was 
proclaimed from the chair. 

Mr. Polk moved to go into committee of the whole on the state 
of the union, with a view to take up the appropriation bills, 

Which being agreed to, the house, in committee, took up the 
military appropriation bill, and finally passed through the bill, 
and reported it as amended to the house. Some of the items 
caused considerable debate, though their subjects were not im- 
portant. Adjourned. 

UNITED STATES BANK. 

REPORT Or THE COMMITTEE OF WATS ASD MEANS. 

House of representatives. March 4, 1834. 
Mr. Folk, from tiie committee of ways and means, made the 

following report: 

The committee of ways and means have had under considera- 
tion the letter of the secretary of the treasury of the 3d of 
December lat, communicating to concrpss his. reasons for 
ordering the public deposite* to he removed from the hank 
of the United States; the memorial of the president and di- 
rectors of the hank of the. United Plates, complaining that 
the "chartered rights of the stockholders" have been violated, 
nnd asking redress the memorial of that portion of the direc- 
tors of the bank appointed by the United States, making cer- 
tain charges of misconduct acrainst the hank; nnrt, also, sundry 
other memorials and resolution* from other banks, and citi- 
rens in relation thereto, which have brpn referred to them by 
the house, and have agreed to the following 



NILES' REGISTER MARCH 15, 1834 COMMITTEE OF WAYS AND MEANS. 39 



REPORT: 

The secretary of the treasury, in his letter of the 3d of De 
cumber lust, mlorins congress. Unit "in pursuance of the powei 
re.-Krved to him by the act to incorporate the subscribers to the 
bank of the U Slates," he had "directed that the depos-ites o 
the money of the U. States shall not be made in the said bank or 
branches thereof, but in certain state hanks which had been de 
signaled lor thiit purpose, "and he proceeds to lay before congress 
the reasons U'hich induced him to uive such order and direction 
The hank, in its memorial, draws in question the power o 
the secrelaiy to issue such order, and also the sufficiency of his 
reasons for the act. 

From the language employed, it is apparent that the bank 
claims the custody and use ol the public deposiles as a "charter- 
ed right," and in case ol a removal lor reasons which the presi- 
dent and directors may not deem sufficient, asserts the preroga- 
tive of making the bank a party in the transaction. They as- 
sume that the "chartered rights of the stockholders" have been 
"violated," and demand "redress," as an act of "justice." 

Jt is the opinion of the committee, that the question as to the 
power of the secretary of the treasury, and the sufficiency or 
insufficiency of the reasons for which he may have ceased to 
make the bank of the United States the depository of the public 
moneys, is one exclusively between that officer and the consti- 
tuted authorities to whom he is responsible. To pronounce a 
decision upon the act, and the reasons which superinduced it, 
appertains exclusively to the government, and is a question in 
which the bank has no right to interpose for the purpose of in- 
fluencing the decision. 

The bank denies the authority of the secretary of the treasury 
to issue his order for removing the public deposites from its cus- 
tody, and claims possession of these deposites as a chartered 
right, because, as it alleges, "the bank has in all things perform- 
ed the stipulations of the charter." 

The secretary of the treasury, in his letter, affirms that the 
bank charter conferred upon him no new power or control over 
the public deposites, but was a reservation of a power previously 
possessed by him, and one which h:id been exercised by the 
head of the treasury department from the origin of the govern- 
ment, and that none of the "chartered rights" of the bank have 
been violated by the act complained of. ' 

The ground should be well examined before it is conceded 
that a power which essentially belongs to the treasury depart- 
ment, and has always been exercised under the responsibility of 
the secretary, has been transferred to a cor poration, which claims 
to be irresponsible to the government and people of the United 
States, except for palpable violations of its charter. 

To arrive at a clear understanding of the power of the. secre- 
tary to designate and direct the place of deposite of the public- 
moneys, it is necessary to trace it from its origin; to show by 
whom and how it was exercised, prior to the establishment of 
the bank of the United States; and how farit hnsbeen regulated, 
modified or transferred, by the charter of that institution. The 
continental congress of the revolution, as far as it possessed any 
attributes of government, united in itself the powers of every 
department. In managing the concerns entrusted to its guar- 
dianship, it acted as much in an executive as a legislative capa- 
city. The first germ of the treasury department of the United 
States is found in a resolution of that body, as early as the 26ih 
of July. 1775, to (he following effect, viz: 

"Resolved, That Michael Ilillig;ts and George Clymer lie joint 
treasurers of the Unilrd Colonies; that the treasurers reside in 
Philadelphia; and that they shall give bond with security for the 
faith lul performance of their office., in the sum of one hundred 
thousand dollars," &e. 

In their hands werr placed all the funds of congress, to be 
drawn out on the warrants of the president of congress. They 
were directly responsible to coneress, settled their accounts 
with that body, and held their offices at its will. 

Tn various other resolutions and ordinances subsequently 
passsed, we trace ihe. process by which the continental con- 
gress gradually vested a portion of its executive powers in sub- 
ordinate agonts appointed by its vote, and removable at its 
will. It began with appointing treasurers over whom it exercis- 
ed a direct superintendence. It next vested the superintending 
power over that and other offices of the treasury, in a standing 
committee of its own body. Next, it was vested in commis- 
lioners, a part of whom were members of congress, and a part 
not members. Finally, by crcaiirig "civil executive depart- 
ment*," of the treasury, war and marine, it separated the su- 
perintending power over the treasurer and other subordinate 
officers of the treasury, wholly from its own body, reserving 
the right of removal; and in case of necessity, controlling the 
whole system. The principle on which the department was 
organized, was in no degree changed by afterwards instituting a 
"board of treasury," for the "superintendent of finance." 

It will he observed that in the first instance, the power to 
direct the treasurers, in relation to the place where they should 
keep the public money, as well as every other portion of their 
duties, was vested in congress. This power was afterwards 
vested, successively, in the committee on the treasury, the com- 
missioners of the treasury, the superintendent of finance, and 
the honrd of treasury. The power was expressly conferred on 
the "superintendent of finance," and "board of treasury," to 
superintend and control the settlement of all public accounts, 
and to direct and control all persons ftnplnyed in procuring "*P 
plies for the pullir. service, nnij in the npendilirrf of jnMir mo- 
ney" and the ordinance expressly provides, that' a treasurer, 



&c. shnll be appointed "in aid of the superintendent of Jinan e." 
The, superintendent, therefore, had a right to direct him in nil 
things, in subordination to the resolutions and ordinances of 
congress, which was the head of the executive department. 

At the lime the present constitution wait adopted, the treasury 
department was managed by the"board of treasury," eowbUnf 
of three commissioners, aided by a comptroller, a treasurer, a 
register, auditors and a competent riuinbe.r of clerks. The board 
had power to direct the treasurer in all his act*, and were them- 
selves responsible to congress, the head of the executive depart- 
ment in the existing government. 

The new constitution took the entire executive power away 
from congress, and vested it in an independent co-ordinate de- 
partment of the government. U declare* that "the executive 
powers shall be vested in a president of the U. Slates of Ame- 
rica;" "lhat he shall nominate, and by and with the consent of 
the senate, shall appoint ambassadors, or other public minister* 
and consuls, judges of the supreme court, and all other officers 
of the United States, whose appointment are not herein other- 
wise provided for, and which shall be established by law. But 
the congress may by law, vest the appointment of such inferior 
officers as they think proper, iu the president alone, in the courts 
of law, or in the heads of departments." 

Thus, by the voice of the people of the states, assembled In 
the several sovereignties, was the entire executive power, in- 
cluding the power of appointment, and consequently of re- 
moval, taken away from congress and vested in the presi- 
dent. The ultimate supervision and control of the officers of 
the "civil executive department*" was taken from congress and 
vested in the president of the United States; and to enable him 
to exercise it with the more effect, he was. by the constitution 
itself, clothed with authority to "require the opinion in writing 
of the principal officers in each of the executive departments, 
upon any subject relating to the duties of thtir respective of- 
ficrs?" To the president, therefore, was transferred, by the 
new constitution, that power of appointment and removal, and 
ultimate supervision over all the executive departments of the 
government which had before belonged to congress. 

The change in the form of government effected hy the new 
constitution, made it necessary to reorganize "the civil execu- 
tive departments," which existed under the confederation. At 
the first session of the new congress, therefore, an act was pass- 
ed entitled "an act to establish the treasury department." The 
first section of that provides "that there shall he a department 
if treasury, in which shall he the following officers, namely: a 
'ecretary of the treasury, to he deemed head of the department; 
a comptroller, an auditor, a treasurer, a register and an assistant 
to the secretary of the treasury, which assistant shall be ap- 
pointed by Ihe said secretary." 

The duties assigned to the secretary of the treasury, are, in a 
great measure, identical with those assigned by the old congress 
to the superintendent of finance. 

The. offices of comptroller, treasurer and register of the trea 
ury department, under the confederation, were retained under 
the new system, with similar duties attached to them. The 
very language of the old oidinunces in relation to the leading 
duties of the treasurer, is copied into the act nf congress of 1789, 
establishing the treasury department, viz. It shall lie Ihe duty of 
the treasurer to receive and keep the moneys of the United States, 
and disburse the same upon t"rrnn's, &.c. 

That act was construed at the time of its passage, and hag 
bfe.n ever since, as conferring on the secretary of HIP treasury 
all the powers which, under the old confederation, had been 
exercised by the "board of treasury;" and we accordingly find 
that Alexander Hamilton, the first secretary of the treasury, 
and all of his successors in that office, down to the time of es- 
nblishing the present bank of the United States, constantly ej 
ercised the power of directing where the public moneys in thn 
treasury were to lie deposited. It was sometimes placed in the 
lands of individuals, sometimes in state banks, and a part of it 
n tho former hank of the United States. It was never suppoi- 
sd, during the period above mentioned, to be the province of 
thp treasurer to make the selection, nor did he ever attempt to 
exercise the power. It was, by uniform usage and the acqui- 
escence of congress and all the branches of government, from 
1789 down to 181-6, admitted to be placed by law under the- ex- 
elusive power of the secretary, subject to the supervision of the 
president as the head of the executive department. Under the 
construction given to the same act, and by uniform usage, the 
principle was equally well established, that to the secretary of 
;he treasury belonged the exclusive power of ordering transfers 
of public money from one place of deposite to another, and the 
warrants or draughts issued for that purpose, did not tako the 
"unds from the debit of the treasurer, and were never con--ider- 
>d as drawing them out of the treasury. The public revenue 
can never be entirely collected or disbursed ut the same place?. 
Tt must necessarily be transferred from the points of collection 
o places where it may be needed, and deposited in secure 
ilaces for safe keeping prior to disbursement. If, in this ope- 
ration, it remains charged to the treasurer on the hooks of the 
reasury, although separated into a thons-and parcel?, and in 
very P'irt of the union, it is still in the treasury, ready to I 
disbursed upon warrants drawn ac< ording to the lawn'. T 
'OinmittPP annex to this report, hy way of appendix, va- 
official documents, establishing conclusively the pusitio- 
\ave here Flitted. 

At the period, therefore, that the Charter of tho prf 
was granted, the power of the ecretary of the Uf 



40 NILES' REGISTER MARCH 15, 1884 COMMITTEE OF WAYS AND MEANS. 



this subject was one well known and understood. It bad been 
clearly sealed by long ii-nui; and invariable practice under the 
act of 1789, and with which the congress of 1816, when they 
chartered this bank, were perfectly acquainted, and to which 
they must have intended to refer, whtn they speak in general 
terms of his power over the public deposites, without defining 
or prescribing its limits. 

The 16th section of the charter declares that the deposites of 
the moneys of "the United States in places in which the said 
bunk and branches thereof may be established, shall be made 
in the said hank or branches thereof, unless the secretary ol the 
treasury shall at any tune otherwise order and direct; in which 
case, the secretary of the treasury shall immediately lay before 
congruss, if in session, and if not, immediately after the com- 
mencement of the next session, the reasons of such order and 
direction." 

This section grants no new power to the secretary of the 
treasury. On the contrary, as far as it operates at all, it is a 
reservation of the power which before existed, to select the de- 
positories for the public funds. The secretary, therefore, does 
not derive his power over the subject from this act. 

Being a reservation, and not a grant of power, the secretary 
of the treasury retains all the powers over tin- public moneys 
he before possessed, except so far as tln*y may bo modified or 
taken away by the bank charter. The power of transfer, not 
being alluded to in the section, is not restricted by it, atid of 
course is possessed by the secretary oi the treasury to the same 
extent as before. 

Accordingly, transfers have constantly been made, since the 
bank charter was granted, as before, not only from one oflice ol 
that bank to another, but from that hank and its offices to state 
banks. Hereto annexed is a list of numerous transfers from 
the bank of the United States to state hanks, taken from a re- 
port of Mr. Secretary Crawford to the house of representatives, 
dated February 7th, 1823. 

The error upon this point consists in considering the provi- 
sion in the bank charter a grant of power, instead of the reser- 
vation of a power previously existing. Not finding the power 
of transfer granted, it has been denied that it exists, when, in 
fact, the silence of the section leaves it as it was before. 

The effect of the 16th section of the bank charter is, to take 
from congress entirely the power to control the public depo- 
sites, which that body before possessed. It provides that the 
deposites of the moneys of the United States shall be made in 
the bank of the United States, without reserving to the legisla 
tive authority any power to order their removal, with reason or 
without reason. 

Whether the congress of 1816 acted wisely in thus divesting 
themselves of all control over the places of public deposite ol 
the public moneys, for the long period of twenty years, is a 
question which it is unnecessary to determine. It is certain 
that they did so; and during the continuance of the charter, 
therefore, they must have continued to be made in the bank oi 
the United States, unless the secretary of the treasury had 
otherwise ordered and directed. It was stipulated with the 
stockholders that they should h.ive the public deposites, unless 
the secretary otherwise ordered, and that the legislative autho- 
rity would not interfere to take them away during the continu- 
ance of their charter. 

This section of the bank charier, although it surrenders the 
power of congress over the public deposites for twenty years, 
and indicates a legislative preference for the hank of the United 
States as a depository, docs not diminish the positive power of 
the secretary of the treasury over the subject. lie had the 
same legal power after the passage of this act, to order and di- 
rect tin: public deposites to be made in other banks, as he had 
before. An additional duty was imposed upon him. But how 
can this requirement impair his power? Had the clause requir- 
ing the reasons to be reported, been omitted, could it have been 
doubted thnl the power of the secretary to cause the deposites 
to be made in other banks would iiave breri absolute and nn 
qualified? And how can the necessity for uivin^ his reasons af- 
ter the ac! is done, impair his power to do it? Before the bank 
charter was granted, the secretary of the treasury was liable to 
be called on by congress for his reasons for discharging one 
bank from the service of the treasury, and employing another, 
and it was his duty to give them. The change effected in his 
position is, that he is now hound by law to give his reasons 
without a special call. Hut the giving his reasons now, after 
the act is done, can no more affect hi.* power to do it, than giv- 
ing his reasons then under a special cull of congress; and his 
duty to act only for good reasons, and his liability to be punish- 
ed for measure* originating in corrupt or wicked motives, were 
just as strong then as now. 

That it was intended that this power should be exercised, as 
It nhvays has been, by the executive authority, without con- 
sulting con,irrs. is proved by the fact, that the secretary is not 
required to cive his reasons to congress, even though they may 
be in session, until after the act is done. If it had been intend 
ed that he should be directed and advised by congress before he 
acted, provision would have been made that when coiiL'iexsiirr 
Jn session, the reasons should bo laid before them for their con- 
sideration and approval before the act was done. 

In illustration of the view here taken of the proper interpre- 
tation of IhiP provision of the bank dinner, nud the povvpr re- 
served by it to in* secretary over HIP public rtj-posiip*, the com 
mittee refer to another provision of that chartrr. Dy the 1 lib 



section, it was stipulated by congress, in behalf of the United 
Slates, with the stockholders of the bank, 'Mhat the bills or 
notes of the said corporation originally made payable, or which 
shall have become payable, on demand, shall be receivable in 
ill payments to the United States, unless otherwise directed by 
act of congress." It W!is important for the bank, in order to ob- 
tain general credit and circulation for its notes, lhat they should 
be received in payment of public dues. The charter provides 
that they shall he receivable in all payments to the United 
Slates, but upon the express condition that congress reserves to 
itself the right to provide by law that its notes shall not be re- 
ceived in payment of the public revenue. This was a power 
reserved to congress, to which the bank agreed; as was the 
power reserved to the secretary to remove the deposiies, to 
which the bank in like manner agreed. Now it will not be 
maintained by any one, that congress may not at pleasure, with- 
out any violation of the charter, or any infringement of the con- 
trad with the bank, by law refuse to receive the notes of Ihe" 
bank in the payment of the. public dues. 

If the secretary of the treasury, without an act of congress, 
should attempt to prohibit the receipt of the notes of the bank 
in payments to the United States, he would usurp a power 
which belongs to the legislative authority; and in like manner, 
ifcongress, without the previous order and direction of the se- 
cretary of Ihe treasury, were to attempt to cause the public de- 
posites to be removed from the bank, they would usurp a pow- 
er which does riol belong to them. 

The bank would have the same cause to complain, if the ex- 
ecutive refused lo receive its notes in payment of public dues 
wilhout the authority of an act of congress, as it would have 
if congress were to remove the deposites, without the previous 
order and direction of the secretary of the treasury, and no 
more. 

The power reserved to congress to discontinue Ihe receipt of 
Ihe notes of the bank in "payment to Ihe United States," is ab- 
solute and unqualified, in like manner, the power of the se- 
cretary of the treasury, for reasons which he is required to re- 
port to congress, to employ other depositories of the public mo- 
ney, is equally absolute and unqualified. Neither congress nor 
the secretary are required to give any reasons to the bank. 
And if congress were, for reasons satisfactory to themselves, lo 
pass a law, declaring lhat the notes of the bank shall no longer 
be taken in payments to the United Slates, the president and 
directors of Ihe bank would have no just ground of complaint 
that their "chartered rights" had been violated. Is the case 
now presented at all different in principle? Have they any just 
ground to complain that their "chartered rights" have been 
violated, by the act of the secretary, in the removal of the de- 
posiies? The hank charter is a contract between the govern- 
ment of the United States and the stockholders. To sen that 
the secretary of the treasury acts from pure motives, and judge 
whether further legislation be not necessary on the subject, 
congress require of him to report his reasons' to them. This is 
an arrangement between the legislative and executive depart- 
ments of the government, who are jointly one party to the con- 
tract, wilh whose arrangement, the bank, as the other party, 
has no concern. The stockholders entered into the contract, 
in which the government reserved the right to reject their 
notes, and discontinue their bank as a depository, the one 
through congress and the other through the secretary of the 
treasury, wilhout assigning to them any reasons whatever. 
Whenever either of these powers is exercised by the agent to 
whom il has been reserved, no stipulation of the contract has 
been violated, and the bank has no right to complain. 

Not only was no stipulation made with the bank that its 
notes should be received in payments to the United Slates, and 
that it should be employed as a depository of the public mo- 
neys, longer than it should be the pleasure of the government; 
but any contract of that sort on Ihe parl of Ihe government 
would have been indiscreet and improper. To have absolately 
bartered away to a corporation, the high powers of both the le- 
gislative and executive departments, and left the government 
of the people absolutely dependent on a corporation of ils own 
creation for the currency in which public dues should be paid, 
and the places in which the public moneys should be kept, 
would have been an assumption of power on the part of those 
who created the bank charter, which the boldest advocates of a 
controlling power over the popular will, never dared to main- 
tain. Many unforeseen considerations, might render it expe- 
dient, if not indispensable to the preservation and protection of 
the public interests, within a less period than twenty years, to 
sever the connection between the government and the bank, 
and no congress has yet been found so improvident as to trans- 
fer from the government the power to determine what curren- 
cy it will or will not receive in payment of the public dues, and 
to select at will tho deposilories of Ihe public funds; much less, 
have they imposed on the public authorities, and on congress 
theinsi Ives, the degrading duty of giving reasons to a corpora- 
tion, for measures they may deem essential to the interests of 
llin people, the purity of Hie government, and the preservalion 
of our invaluable institutions. 

The removal of tin; deposites by thn secretary of the treasury 
from the bank ot'lhe United .States, so far from being an usur- 
pation of a power liclonzipig to congress, actually restored to 
that body a power, of which they hail by HIP terms of the char- 
ter divested themselves. Ho far as r<-ards ronsre**, the con- 
tract is nhioliiie, that the deposiies shnll be made in the bank of 
ihp United Plates, and no shadow of Authority is reserved to 



NILES' REGISTER MARCH 15, 1834 COMMITTEE OF WATS AND MEANS. 41 



them otherwise to "order and direct." Congress divested itself 
of all power or control over the deposites unless the secretary 
should first issue his order for the removal. The exclusive 
power to issue such order was reserved to the secretary of the 
treasury, and hut lor his action, the deposits must have re- 
mained beyond the reach of congress uulil the termination of 
the bank charter. The moment they are out of the bank, by 
the order and direction of the secretary of the treasury, as pro- 
vided in the charier, all the original power which congress pos- 
sessed over them, reveits to that body. They may by law di- 
rect their future disposition. If they think proper to relieve the 
executive from all responsibility for the safe keeping of the 
public funds, they may, by an act of legislation, designate the 
depositories in which they shall be kept. The power with 
which, in the opinion of the committee, congress should never 
have parted, has been restored to that body by the act of the 
secretary, and it is not perceived upon what ground he can be 
charged with an usurpation of their powers, by an act which 
has essentially enlarged them. 

In the section of the bank charter reserving to the secretary 
of the treasury the power over the deposites, it is not stated 
what reasons may be sufficient to justify him in directing the 
money of the United States to be deposited in other banks. 
That they ought to be good and honest reasons, there can be no 
doubt. Before the bank of the United States existed, he was 
equally bound to have such reasons for discharging one bank 
and employing another, as well as for all his other official acts. 
If they be not honest, he may be impeached by congress, or dis- 
missed from office by the president. If they be not good, he 
may be overruled by a subsequent act of legislation, providing 
for their restoration, or designating some other place of depo- 
sit than that which he may have selected. But if they be both 
honest and good, the transaction should be at an end, when they 
are reported to congress. 

It has recently been maintained in argument, that no reason 
but a want of safety can justify the removal of the deposites 
from the bank of the United States; that the security of the pub- 
lic funds was the sole object which congress had in view; that 
having confidence in the bank, the act of charter directed the 
deposites to be made in it, hut lest, at any time they should be- 
come insecure, they reserved to the secretary of the treasury 
the power of removing them, with a view solely to render them 
more secure; and that, for the same reason, he was required to 
assign his reasons to congress, whenever he did order the re- 
moval, that congress might review his act. 

It is to be observed that the words of the bank charter recog 
nizing the power of the secretary to remove the deposites, do 
not define the reasons or circumstances which will authorise 
him to act; and the necessary inference is, that lie may act, foi 
any reasons, which to him may seem sufficient. 

If want of safety was the only reason which could justify a 
removal of the deposites, why was the secretary required to re 
port his reasons at all? If there could be but one sufficient rea 
son, congress would have known it as well without being re 
ported as with it; and if there could be but one reason, ,wh; 
was it not so declared in the charter? 

There are good grounds to believe that want of security wa 
not the only, nor the chief reason in the minds of congress 
when they required of the secretary to assign the reasons of th 
act to them. Suppose it to be discovered by the secretary, tha 
the bank is in a tottering condition, and on the verge of stop 
ping payment, what advantage would the government gain by 
sudden withdrawal of its funds? Under the circumstance 
supposed, the first effect of such a measure would probably be 
to compel the bank instantly to stop payment, and as a conse 
quence, its notes would become fatally depreciated. But th 
bank charter requires that its notes shall be received in all pay 
ments to the United States, unless congress shall by law other 
wise direct. All the revenues would then be paid in thei 
notes, however much they might be depreciated, for the secre 
tary would have no authority to refuse them until congress re 
pealed the provision which required them to he received in pay 
ments to the United States. To remove the public funds, there 
tore, for want of safety, would be to depreciate the currency 
which the accruing revenue must be received. Instead of hav 
ing a deposite of good money in a doubtful bank, we might hav 
one of bad money in ood banks. The bank of the United State 
would be more likely to pay the warrants of the treasurer if th 
deposites were left in its possession, than it would to pay it 
own notes, rceived in payment of revenue, if they were take 
away. 

Instead of removing the deposiles in such a case, the publi 
interest would require every practicable effort on the part of th 
treasury to sustain the credit of the bank, at least until conare^ 
could repeal the provision which makes its notes a tender in n 
payments to the government. He would be a faithless secrela 
ry who should depreciate the currency he is bound by law t 
receive in payment of public dues; and under pretence of pn 
ting the public funds already collected in a safe place, resort t 
a measure which would inevitably make the currency which h 
was bound to receive in payment of the accruing revenue, in 
great degree, worthless. 

But the cotemporaneons and continued construction of tl; 
clause in the charter relative 10 the secretary's reasons, even 
the meaning of the word* themselves was at all doubtful, 
conclusive to show, not only thni the secretary possesses fn 
power to order tlie removal, but that it i* hi* duty to do so (< 
other reason* than the insecurity of tlie public funds. 



On reference to the correspondence and documents connect- 
d with the treasury department, we find that Mr. Crawford, 
bo was secretary of the treasury at the linn: tlie bank went 
ito operation, in sundry letters, distinctly asserted his power 
nder the charter to cause the deposited of puUn: money to be 
rule in state banks for various leasons, and that he did aclu- 
ly exercise that power during the first year of the bank's ex- 
tence, reporting his reasons to congress at the next i-e.-Mon: 
nd that he did again exercise it in the year 1818 on both of 
'hic.h occasions it was not contested by the bank, and not call- 
d in question by congress. We find that in 1819 the power was 
xpressly asserted by a committee of congress, and by eminent 
icmbcrs, in debate, without controversy; and that at a eubse- 
uent period (1824) when Mr. Crawford's arrangements with 
tate banks were called in question and investigated, it was de- 
lared by a committee of the house of representatives, that there 
v;is nothing in them in violation of law, or contrary to the 
sages of the department. 

The successors of Mr. Crawford in the treasury department, 
dr. Rush and Mr. Inghnm, have asserted the power; and it was 
dmilted'to exist for other purposes than the security of ihe 
ublic deposites Uy the committee of ways and means of (his 
ou.se, as late as 1S30. 

The grounds on which it has been asserted the power may be 
xercised, have been, to equalise the benefits resulting from the 
eposites among the bank community; to aid the state banks in 
jaintaining their credit; to induce them to resume specie pay- 
ments; to prevent a pressure on their debtors; the refusal of the 
>ank of the United States to receive as cash the notes of banks 
vhich it was deemed the interest of government to receive from 
Is debtois; the public convenience; the misconduct of the bank; 
ts interference in politics, and the use of its pecuniary power to 
iroduco injustice and oppression. These several grounds of 
iction, suggested sometimes by the secretary of the treasury, 
sometimes by committees of congress or its members, as well in 
mblic documents as private correspondence, were never decla- 
ilared to be illegal or invalid even by the bank itself; nor does 
t appear ever to have been maintained or suggested, that the 
want of security was the only good reason for the action of the 
secretary, until since the removal by order and direction of the 
>resent incumbent. The committee consider the point too clear, 
nider the words of the law and the practice of the government, 
to be now seriously called in question. Extracts of letters and 
reports are given in the appendix to this report, which fully es- 
.ablish the positions here asserted. 

It has also been objected to the act of the secretary, that con- 
eding to him the power to remove the deposites, and to direct 
them to be placed in state banks, that yet he had exceeded his 
authority in entering into contracts with the new depositories, 
prescribing the terms of deposile and the duties and services 
which they should be required to perform for the government, 
! n consideration of the use of the public moneys. 

The committee are of opinion that there is nothing in this ob- 
jection. Money of the United Stales could not be placed in 
their keeping without a contract with Ihem. If there was no 
written agreement, the law would imply one. It would imply 
a contract on the part of the deposite bank to pay; and if they 
refused to pay, the United States might sue and recover the 
money. 

If the secretary, by depositing the money in a state bank, may 
make an implied contract, by which the bank would be bound 
to pay, surely he may make an express one. The objection, 
therefore, that he may not enter into a contract, although he has 
a right to deposite the money, is wholly untenable. If tho state 
banks are selected lawfully as agents, and their duties not de- 
fined by law, they must necessarily be defined by contract, and 
the United States have the same right to take care of their inter- 
ests in this respect as an individual. 

In making these contracts, the present secretary has but fol- 
lowed the example of his predecessors, and has manifested an 
anxious care to protect the interests of the United States; and 
so far from being justly subject to censure, deserves rather to be 
commended for his vigilance, in guarding the public treasure 
as far as possible from danger of loss. Rut suppose all that has 
been urged by those who rely upon this objection to be true; 
suppose the contracts to he in fact void; still the public money 
is not Ifiss secure i?i ihe stale banks ihan il would have been if 
no contract;! had been made. In any view, therefore, the com- 
mittee are of opinion that the objection is utlerly fulile, and de- 
serving of no consideration. Il has been the constant practice 
of the treasury to make such contracts with the banks selected 
as tho public depositories, examples of which may be found in 
official letters of Mr. Gallatin and Mr. Crawford, hereto an- 
nexed. 

The commitlce are of opinion, therefore, that the secretary 
possessed the power to issue his order for the removal of the 
depf)ites, and they are further of opinion that none of the char- 
tered rights of the stockholders of the bank have been violated 
by it. 

The bank in their memorial allege, " that in consideration of 
a full equivalent, rendered by them in money and services, they 
were entitled to the custody of the public deposites." To this 
proposition the committee do not assent. It appears by the 20lh 
section of the act of the charter, that the bonus of a million and 
a half of dollars was paid by the bank in "consideration of the 
exclusive privileges and benefits conferred by this act upon the 
'snid Ivnik." This was the only money paid by the bank to the 
United Stales, and it was paid, nol for the use of the public de- 



42 WILES' REGISTER MARCH 15, 1834 COMMITTEE OF WAYS AND MEANS. 



nosites, but for the exclusive privilege and bunefit of banking 
conferred by the charter, and especially by the pruvi.-iun con 
taincd in the 21st section, viz: 

"That no other bank shall be established by any future law 
of the United Stater duriiii! the continuance ot the corporation 
herd* created, fur which the faith ot Hie United States is here- 
by pledged." 

The only services which the bank stipulates to perform for 
the government, are, "to perform the several and respective du- 
ties ot the commissioners of loans for tin- several states, or of 
any one or more of them, whenever required by law;" and to 
"give the necessary facilities for transferring the public funds 
from place to place, williin the United Slates, or the territories 
thereof, and liir distributing the same in payment of the public 
creditors, without charging com missions, or claiming allowance, 
on account of difference of exchange." 

It no where appears in the charter of the bank that these ser- 
vices were to be performed by the bank in consideration of the 
use of the public deposiles; hut if it did so appear, it is evident 
that so soon as the public deposites are withdrawn, the bank, 
not 'having possession of the public funds, can no lunger be re- 
quired to perform those dutirs. The committee think it much 
niote likely that the consideration for these services in the 
minds of those who enacted the bank charter, was, that the 
United Statee agreed on their part to receive the notes or bills 
Of the bank in payment of the public revenue, thereby enabling 
the bank to give general credit and circulation to their paper. 
Mr. Dallas, the secretary of the treasury at the time the bank 
charter was granted, in a letter addressed to the " committee on 
the national currency," dated the 24th of December, 1815, con- 
firms this opinion, in that letter Mr. D.illas states, " It is pro- 
posed that in addition to the usual privileges of a corporation, the 
notes of the national bank shall be received in all payments to 
the United States, unless congress shall hereafter otherwise pro- 
vide by law; and that in addition to the duties usually required 
from a corporation of this description, the national bank shall 
be employed to receive, transfer, and distribute the public reve- 
nue, under the direction of the proper department." Congress 
adopted this suggestion of the secretary, and hence we find, that 
by the 14th section of the hank charter, congress agree to receive 
the notes and bills of the bank in payment of public dues, and 
by the loth section immediately following, the bank stipulates 
to transfer and distribute the public funds from place to place, 
without charge to the United States. In the same letter, Mr. 
Dallas negatives the idea that the deposites constituted any 
part of the consideration either for the bonus or the services sti- 
pulated to be performed by the bank. He states that, "it is pro- 
posed that a bonus be paid to the government by the subscri- 
bers to the national bank, in consideration of the emoluments 
to be derived from an exclusive charter during a period of twen- 
ty years." This suggestion of Mr. Secretary Dallas, was also 
adopted by congress by a -irovi-ion to that effect contained in 
the 20th section of the bank charier before recited. In thosame 
letter, Mr. Dallas holds the following language in relation to the 
"depo-ites and the distribution of the public revenue," viz. 
"Independent of the bonus here proposed to he exacted, there 
re undoubtedly many public advantages to be drawn from the 
establishment ofthe national hank; but these are generally of an 
incidental kind, and (as in the case of the deposited and the dis- 
tribution of the revenue) may be regarded in the light of equiva- 
lents, not for the monopoly of the charter, but for the reciprocal 
advantages of a fiscal connexion with the public treasury." It 
thus clearly appears that the ground assumed by the bank, that 
it had rendered l: a full equivalent" in "money and services" for 
the use ofthe public deposites, is erroneous, and is not sustained 
either by the bank charter itself, or the opinion of the head of 
the treasury department who furnished the plan, and largely 
contributed to found the present bank of the United States. 
Upon this ground, therefore, the committee think the bank can- 
not justly complain, that any of the "chartered rights of the 
ttockholders" have been violated by the late removal of the 
public deposites from its custody. 

The committee proceed to consider the sufficiency of the rea- 
sons assigned by the secretary for the exercise of his power in 
the case submitted to them by the house for their examination. 
These reasons may be classed under two general heads: 
1st. Those which have relation to the public interest. 
2d. Thoe which have reference to the conduct of the bank. 
The first reason given by the secretary is Ihe fact that the 
charter of the hank of the United Plates will expire on the 3d 
of March 1836, and Ihe probability that it will not he renewed. 
He ha not undertaken to decide that the hank will not be re- 
chartered; but he has said he has no right to presume that it will 
be. He has said that he must act under the law as it exists, and 
not as it may by possibility be changed or altered by the action 
of congress hereafter. He has said that the hank chartrr will 
expire by its own limitation in the year 1836. and that lie would 
not be justified in acting upon the supposition that the charier 
will he extended beyond that period; he has said further, that in 
his judgment, the presumption was very strong, that Ihe charter 
would not be renewed. In the opinion of the committee, he 
was warranted in coming to this conclusion. What are the facts 
upon which an opinion on this point is to be formed? The cor- 
poration itself had made the renewal of its charter the leading 



stepped into the arena itself, and resorted to unusual means to 
give information to the people "relative to its nature and opera- 
lions." Although, in addition to its own strength, it was MIS- 
tained in the conflict by a combination ot 'powerful political ele- 
ments, it was signally defeated, and the president triumphantly 
re elected. This result could not be otherwise conidered 
than as a verdict of the people in favor ofthe veto, and against 
the bank. 

If any doubt had existed in relation to the decision of the 
people on that point, we may confidently appeal to the elections 
of members to the present congress for its solution. Ofthe many 
expressions of public opinion, through the more numerous re- 
presentatives of the people in the stale legislature:-, presented 
to congress and referred to this committee, during the present 
session, in relation to the bank, not one has recommended its 
reclnirter, while most have declared it unconstitutional. 

That the bank would ever be rechartered, there was, there- 
fore, when the secretary gave his order to remove the deposites, 
but little reason to believe; and there is less now. 

Nor was there any reason to believe that a substitute for the 
present bank could be provided by congress. Of all the schemes 
suggested, none seemed to have met with any considerable por- 
tion of favor from the people. There were, therefore, abundant 
reasons to believe that the government would be under the ne- 
cessity of resorting to the employment of state hanks, in the 
same manner as before the present bank of the United States 
was created. 

The transfer of the public deposites from the bank of the U. 
Slates and branches, to the state banks, at some period, was 
therefore inevitable. The only question was as to the time. 
Ought they to have been made in the bank ofthe United States 
to the last day of its existence, or to have been changed at an 
earlier day? and if so, how much earlier? 

The public deposites continued substantially a part of the 
, .ipiial of the bank, and enabled it to maintian an extension of 
business which would have been impracticable without them. 
If the deposites had remained in Ihe bank until the close ofthe 
charter, that institution must either have commenced its curtail- 
ments at a preceding period, and locked up from the use of the 
community a large amount of funds, or the contraction of its bu- 
siness at the termination of its charter, to meet the demands 
from the public deposites, pay overits private deposites, redeem 
its returning circulation, and re-imhiirse its stockholders, must 
have created a most appalling pressure upon the country. It 
was certainly wise policy to divide this operation, and save the 
community from being overwhelmed by all these demands at 
once. A withdrawal of the public deposites was calculated to 
produce that result. A part of the private dejyosites would na- 
turally follow the public; and it was reasonable to suppose, that 
when the effective, capital of the bank was curtailed, and it 
ceased to be the disbursing hank for the officers of the govern- 
ment, its circulation would be diminished. These consequences 
flowing gradually from a gradual removal of the deposites, 
would make it necessary for the bank, by gentle degrees, to call 
in its loans, and restrict its business, so that, at thn termination 
of its charter, its demands on the community would he less, 
and the pressure lighter. These views, which appear to have 
been entertained by the secretary of the treasury, seem to have 
been verified by results. 

The bank has proceeded to call in its loans, and has already 
wound up its concerns to the amount of about fifteen per cent, 
of all it had under discount. The manner in which this opera- 
tion has been conducted, will be adverted to in anolher part of 
this report, as will also the effect produced by it. It is sufficient 
to remark here, that if embarrassment has been produced by it, 
(which could not have been its necessary effect), it rather 
proves the prudence and wisdom of the measure, than its im- 
providence or hastiness. And if the mere removal of the d"- 
posites so long before thn termination ofthe charter, has caus- 
ed the public distress which is now alleged to exist, how over- 
whelming must it have been if that operation had been delayed 
until the expiration of the charter, when other inevitable de- 
mands to a large amount would have been superadded! Il is 
only by dividing the evils which this bank, in its last moment", 
has power and seems disposed to inflict upon the country, that 
they can be made tolerable. And it is wise in the government 
so to conduct its policy, that they shall riot be brought upon it 
fit once. A new sy--tem of collection and disbursement cannot 
be introduced and put inlo operation throughout t'>is extensive 
country at. once. Local and temporary causes will be likely to 
interfere with its introduction, which it will require time, pa- 
tience and labor to surmount. In some places, it mny he dif- 
ficult at first to find safe and willing agent- to transact the busi- 
ness of the treasury. By introducing the new svstem before the 
old sj-Ftcm is out of existence, the former agents may continue 
to he employed in such places until th" difficulties he overcome. 
Rut if the removal were delayed until llie moment the old sys- 
tem censed to exist, such might he the influence or power of its 
advocates, nnd their resolute determination to force its con- 
tinuance, that they might make it impossible for Ihe govern- 
ment, upon the emergency, to employ suitable, agents. To 
obviate those difficulties, which might create great embar.is- 
meut. to introduce and put into harmonious operation all the 
machinery of a new system throughout a country so extensive, 
cannot surely require lea* tj me than has been taken by the se- 
cretary of the treasury. 

There Appear* also to be much force in the considerations 
urged by the secretary, connected with lb currency of th 



NILES' REGISTER MARCH 15, 1834 COMMITTEE OF WAYS AND MEANS. 43 



country, and the domestic exchanges. The notes of the hank 
of the United States must necessarily in a short time be with- 
drawn from circulation. The principal currency of the country 
for many years to come, will he liank notes, there is no reason 
to doubt, ami it. is certainly good policy to foster the state hanks 
which furnish them, in measures tending to give them as ge- 
neral credit us has been heretofore attached to the notes of the 
United Stales hank and branches. 

That the natural and ascertained course of trade, circulation 
and exchange, connected with the interests of banking institu- 
tions, will ultimately produce this result in relation to the notes 
of the principal Mate hr.nks, there is every reason to anticipate; 
but their employment in the business uf the government, hy 
awakening them to their capacities and interests, is calculated 
to hasten the consummation of so desirable an event. 

It was a matter of no small moment, to encourage and hasten 
the banks in maturing their system of circulation and exchange, 
so that at the termination of the charter of the bank of the 
United States, the trade of the country might not encounter at 
the same time the loss of a general currency and the entire 
breaking up of the domestic exchanges, a partial intenuption of 
which, by that bank is now producing such serious incon- 
venience. By the latest returns of the banks employed by the 
government, it appears that they are already rapidly taking the 
place of the hank of the United Slates in the exchange opera- 
tions. Upon all the points hitherto considered, there is room 
for a difference of opinion, as to the time when the public de- 
posites should have been shifted to the state banks. 

It is evident that it would have required one, two or three 
years, to realize the result which the public good required 
should be brought about before the termination of the bank's 
charter; but whether the greatest or least of those periods, men 
may differ according to their views of their several operations. 
But there was another consideration connected with the public 
good, which, in the opinion of the committee, made it the im- 
perative duty of the secretary to act without delay. Without 
waiting for the final decision of the secretary, the bank of the 
United States, early in August last, although then in possession 
of specie to an amount exceeding ten millions of dollars, and 
receiving a rapid accession to the public deposites, commenc- 
ed a system of severe curtailment, and before the. end of that 
month took large sums in specie from the state banks. Be- 
fore the 1st of October there was a pressure upon the money 
market, and serious apprehensions for the future. The hoard 
hoarded up the deposites it had received, and at the same time 
made a rapid curtailment of its loans. The secretary has ac- 
curately set forth the accession of public deposites, and the 
curtailment of loans during the months of August and Septem- 
ber. The former amounting t $4,066,146 21, and the latter to 
$2,268,504 11, showing the whole amount abstracted from the 
use of the mercantile community, chiefly in the commercial 
cities, during these two months to have been no less than 
$6.334,650 32. In consequence of the change in the tariff, 
which threw into the lalter part of the last year the payment of 
two sets of duties, the old credit and the new cash duties, the 
public deposites were accumulating in the Atlantic cities with 
unprecedented rapidity, and it was apparent that the business 
of the cities could not long bear the double drain of bank calls, 
and public revenue, without some return. 

As the bank had commenced this course in anticipation of a 
removal of the deposites, it could not be expected to change it 
until all idea of that measure should be abandoned. Had it, been 
postponed until the first of January, if i? not to be imagined that 
the hank would have relaxed its rigid policy upon any other 
consideration than a disposition in the executive to abandon 
the measure, or in the legislature to overrule him. It cannot he 
doubted that the government would have been forced from its 
position, or that a scene of ruin and distress would have been 
produced by the unfeeling cupidity of the bank, and its determi- 
nation to force a recharter. 

If, under the circumstances, the secretary of the treasury had 
delayed the execution of his order for the change of the de- 
posites to the first "of December or January, he would, in the 
opinion of the committee, have been culpably regardless of the 
great public interests intrusted to his superintendence. But, 
independent of these considerations, it was the undoubted duty 
of the secretary of the treasury to order and direct the tranfer 
of the depositps whenever, in his opinion, it was required by the 
public interests. 

It is proper to observe, that in expressing the opinion that it 
ii the duty of the secretary to change the place of deposite, 
whenever the public interest or convenience require it, the 
committee have no reference to interests which are not im- 
mediately connected with the financial concerns of the country, 
or the conduct of the hank as the fiscal agent of the government. 
Beyond these limits, the secretary of the treasury does not and 
has not claimed the right to interfere. The reasons upon which 
he appears to have acted are fiscal merely, and am confined en- 
tirely to the condition in which the government and people 
would he placed hy the state of the currency on the termination 
of the charter of the hank, and to the misconduct of the bank 
in its character of fiscal agent of the government. 

He does not claim for himself, nor do the committee claim 
for him, the right to regulate the currency, nor to influence by 
hi power over the depositog any political movements affecting 
either our internal concerns or foreign relations. But it is un- 
questionably his duty to look forward to the condition in which 
>he currency will in a short time be placed, by the existing 



laws, when the charter of the bank expires; and it is clearly 
his duty to examine also into the conduct of the agent which 
has been placod by law under his supervision; and to inquire 
whether its money or corporate powers are used in good faith, 
for the purposes for which they were given. As the presiding 
Officer of the treasury deparlmmt, these subjcctx were legally 
under his supervision, and came directly within the range of 
his official duties. In acting upon these reasons, it is not the 
theory of our system, nor has it been the practice, to consult 
the legislative power in relation to acts which are entrusted to 
the direction of the executive; and to ask the sane-lion of con- 
gress beforehand, to acts which a sense of dutv require* him to 
perform, would be to shrink from his constitutional responsibi- 
lity, and throw it upon another department of the government. 
With thr: lemoval f the deposiles, and the reasons for it, con- 
gress, according to the charter of the bank, have clearly no con- 
cern, even if they he in session when, in the opinion of the se- 
cretary of the treasury, a removal becomes necessary or proper, 
until the act be done and the reasons be reported to them. 

The committee come next to examine such of the secretary's 
reasons for the removal of the deposites as relate to the conduct 
of the hank. 

The United States are the owners of seven millions of the 
capital stock of the bank, and by the charter are entitled to be 
represented at the board by five directors. The charter provides 
that "not less than seven directors shall constitute a board for 
the transaction of business." 

Although the charter of the bank declares, in express terms, 
that it shall require the allendance of seven members of the 
board of directors to constitute a quorum fordoing business, the 
government directors state, and the fact also appears from the 
evidence accompanying the report of the committee of investi- 
gation. in 1832, and that of the committee of ways and means at 
the last session, that, for some time past, all the most import- 
ant business of the board has been done by committees of less 
than seven, selected by the president, of which he is ex-officio a 
member; that these committees seldom report, and many of 
their most, important transactions are secret, and remain for a 
long time unknown to the board. 

This delegation of powerlo committees of the bank, the com- 
mittee consider to be a direct arid palpable violation of the char- 
ter of the hank. From all these committees, the government 
directors, who are appointed to represent the stock, and watch 
over the interest of the United States in the bank, slate, in their 
memorial, they are entirely excluded. They state that, at the 
commencement of the last year, not one of their number was 
placed on any of these committees, and although, at a subse- 
quent day, two of them were assigned to stations on commit- 
tees, they were again, in a short time, excluded from them alto- 
gether. Thus were they cut off from all participation in the 
most important business of the bank, and know nothing of 
what is done except by accident or results. They state that 
all important negotiations are carried on by the committee of 
exchange, who grant discounts to printers, politicians and others 
almost without limit, often upon securities wholly inadmissible, 
according to the rules of the board, on extraordinary terms, and 
for unusual times. They state that, in one instance, when they 
discovered that certain debtors had been permitted largely to 
overdraw, and that their paper remained unprotected when due, 
and unpaid, they procured the appointment of a committee to 
investigate the account, but before that committee could act, 
the committee on exchange, in violation of the rules of the 
bank, discounted to the same men, certain noies and draughts 
(some of which on security of the most unusual kind) sufficient 
to pay the over draughts, and take up the unprotested paper; al- 
though they were then many times protested on other paper; 
and the board, to consummate the transaction, rescinded the 
order under which the select committee was appointed, three 
days alter it was adopted. 

To conform the practice of the hank to the charter, the go- 
vernment directors state, that they proposed to restore the bu- 
siness of discounts to the hoard of directors; hut this was over- 
ruled. To enable them to participate, in some degree, in the 
business of the hank, they proposed that the members of the 
whole hoard should be selected, in rotation, to form the com- 
mittees, in conformity with former practice, and an unrescind- 
ed rule; hut this also was refused. 

Finally, instead of reforming the practice of the bank, so as 
to make it conform to the charter and the rules, the majority of 
the hoard of directors changed the rules, and made them con- 
form to the practice. Thus, rules made by themselves, are 
taken as authority for disregarding the restrictions of the charter 
and of the regulations prescribed by the stockholders; and from 
the statement of these directors, it appears that almost all the 
business of the bank is done by committees of three or five, to 
which thr president is attached ex-officio. The board of direc- 
tors remain ignorant of the movement of the corporation, which 
has been put under their management, and by an entire exclu- 
sion of the government directors from the committees, they are 
rendered useless for all the purposes, which induced their being 
placed in the direction. Under such management, could the in- 
terest of the government he considered secure in their hands? 
The committee think not nnd that this, with other abuses con- 
nected with its management, which will be noticed in the sub- 
sequent part of this report, was a sufficient reason to justify the 
secretary in the removal of the dcposile?. 

The conduct of the bank in the year 1832, in secretly inter- 
fering, through the agency of its president and one of its ecrat 



44 N1LES' REGISTER MARCH 15, 1834-COMMITTEE OF WAYS AND MEANS. 



committees, with the policy of government, whereby they 
sought, without (he knowledge or consent of the government, 
to postpone the payment of a large portion of the public debt, 
denominated the 'J per cent, stock, for a long period beyond the 
time fixed by the government lor its reimbursement, was, in the 
opinion ol'Uie committee, not only without warrant of law, but 
highly reprehensible. The conduct of the bank in this transac- 
tion, was fully examined by a committee of the house at the last 
session of congress, and resulted in a report from the majority, 
and a counter-report from the minority of that committee. To 
these reports, hereto appended, the committee refer for all the 
facia connected with this illegal and unwarrantable act on the 
part of the bank. In neither of these reports is the conduct of 
the bank approved. In the report of the majority it is admitted 
that "it is due however, to the government, to express the opi- 
nion, that the arrangement made by the agent in England for 
the purchase of the 3 per cent, stock, and the detention of the cer- 
tificates (which measures were subsequently disclaimed by the 
bank), the institution exceeded its legitimate authority, and had 
no warrant in the correspondence of the secretary of the treasu- 
ry." The minority of that committee in their report, present 
all the fuels in detail, derived from official correspondence and 
documents, and from the personal examination on oath of a 
part of the directors of the bank. Ileferring to these official re- 
porU of a former committee, of the house, the committee deem 
it unnecessary to do more than to call the attention of the house 
to them as developing all the facu and circumstances connect- 
ed with this transaction. 

Hut it has been urged that the conduct of the bank, in regard 
to the three per cent, stock, should have constituted no part of 
the reasons which should have influenced the secretary of the 
treasury in the removal of the deposites, because a majority of 
the house of representatives bad, at the last session, expressed 
an opinion, by the adoption of a resolution, that the deposites 
may be "safely continued in the bank of the United States." 
To determine what consideration ought to be given to such an 
expression of the opinion of the house, it is necessary to look 
to the circumstances under which it was given. By the journals 
it appears that the committee reported to the house on the first 
March, and on the next day (second March) the minority made 
a further supplemental report. The resolution in question was 
adopted on the second of March, being the last day but one of 
the session. The reports of the majority and minority of the 
committee were very long, and were accompanied by a mass of 
testimony, upon which they were based, and which it had oc- 
cupied the committee many weeks to collect. The reports had 
not been printed, and could not have been examined or read by 
any member of the house except the committee themselves. 

The house, by this vote, did not approve the conduct of the 
bank in regard to the three per cents. They expressed no opi- 
nion that other causes than the insecurity of the public depo- 
sites in the bank, would or would not be sufficient to justify the 
secretary in removing them. These points were not presented 
for their consideration or decision. The vote, in fact, amount- 
ed to nothing more than a simple expression of the opinion of 
a majority of the house, that as the deposites had been hereto 
fore kept in the bank, for aught that appeared, (the reports of 
the committee not having been printed or examined by the 
house), they might be safely continued there. This expression 
of opinion, given under the circumstances stated, ought not, in 
the opinion of the committee, to have restrained the secretary 
from the performance of his duty, if, in his opinion, the bank 
had become faithless to its trust, or the public interest made it 
necessary for him to act. 

The next reason assigned by the secretary for the removal of 
the deposites, is the unjust and unconscicntious demand on the 
part of the bank for damages to the amount of $158,842 77, upon 
the protested bill drawn by the United States on the French go- 
vernment. A bare statement of the facts connected with this 
transaction will show the true character of this demand on the 
part of the bank. The bank is the fiscal agent of the govern- 
ment, and during the whole period of its existence, has held on 
deposite very large amounts of the public money, which it has 
used (without the payment of interest to the government, in 
loans to the community) and has been thus enabled largely to 
increase its profits. From an official statement appended to 
this report, it appears that the average amount of deposite of 
the public money in thy; bank of the United States, and its offi- 
ces, for each month, from the year 1818 to the yrar 1833, both 
inclusive, (being a period of 10 years) was $6,717,253 67: the 
annual interest accruing to the bank upon this amount of pub- 
lic deposites), at 6 per cent, per annum, would be $403,635 22, 
and for a period of 16 years, would be $6,448,563 5-7. During 
the month of February, 1833, the government were desirous to 
have remitted from Paris to the United Stains, the amount of 
the first instalment due to the United Stales from France under 
the Fieneli treaty of the 4lh July, 1831. For the purpose of 
effecting the remittance in the most convenient and least ex- 
(ifiiMve form, the government of the United States drew on the 
7th of February, 1833, a bill on the French government for 
$903,505 89, and sold the hill to the bank of the United States. 
The bill was paid for liy the bank, not by cash advanced nnd 
paid out of the bank, but hy simply c-uterini; the amount lo th 
credit of the treasurer on the books of the bank, ami thuain- 
MtiDg by that amount the public depogitca in ih" bank; the 
bank continuing in the possession and use nf the money as be- 
fore the. purchase, with this difference only, that the nmoiinl 
paid for the hill was mibjnct, with the other public money* on 



deposite, to be drawn for by the government as the public ser- 
vice might require. The bill was sold by the bank in London 
and forwarded by the purchaser to Paris for collection, where 
it was protested, because Ihe French chambers bad failed to 
make provision for its payment, and was afterwards taken up 
for the honor of the bank, by its agent. The government im- 
mediately paid back to the bank the principal of the bill. 

But the secretary of the treasury declined paying the damages 
which the bank claimed. In the monthly statement from the 
bank of the 3d of June following, and in all the monthly state- 
ments since that time, (in each of which is contained, amongst 
other things, the bank's account with the treasury), the follow- 
ing item is charged by the bank, to wit: "Due by the U. S. for 
protested bill of exchange on France, $158,842 77." 

What makes this demand the more unconscietitious, is, that 
during the whole period, from the 7th of February, the day the 
bill was drawn, until it was repaid to the bank, the public de- 
positor in bank, and which it held and used without interest, 
greatly exceeded the amount of the bill. The bank then did 
not in fact suffer any damages, or losses, other than the inter- 
est, cost of protest and re-exchange, which the government 
promptly, and without hesitation, avowed its willingness to re- 
pay, together with the principal of the bill. But the bank claims 
more than this. They claim $156,842 77 as damages, not on 
the ground that any damages were in fact sustained, but upon 
a technical claim of a legal right to damages. Under such cir- 
cumstances, the committee consider it to have been the duty 
of the secretary of the treasury, not only to decline making the 
payment, but to discontinue the fiscal agency of an institution 
capable of asserting so unjust a demand, and seeking to enrieh 
itself at the loss of its principal. Here was a bank which, for 
upwards of 16 years, had had the use of an average deposite of 
public money of near seven millions of dollars, without the pay- 
ment of interest, deriving a profit from the use of the public 
money during that period of upwards of six millions; and ut the 
very moment when it has in uss millions of the public money, 
is taking advantage of the disappointment of the government 
which employs it, and that disappointment too growing out of 
an unforeseen contingency, against which the government 
could not guard; and seeking, upon what it is pleased to regard 
as the strict law of the case, without even color of justice, to 
make the government, in whose employ it is, pay in damages 
the large amount already stated. No prudent individual, who 
had any regard to his own interests or rights, would continue 
an agent who would manifest such an utter disregard of his in- 
terests. An individual would have taken his business out of 
the hands of such an agent. The secretary of the treasury, as 
the only authorised agent of the government competent to do 
so, has done nothing more, by the removal of the deposites, 
than discontinue the fiscal agency of the bank of the United 
States. 

In the view which they have here presented, the committee 
have proceeded upon the supposition that by the strict lair, the 
bank might demand the damages in question. If that were the 
case, the demand would be most uuconscientious and unjust. 

The committee do not, however, concede that the bank has 
even a legal right to the damaces claimed. In general, the 
drawer of a foreign bill returned protested, is liable for the 
amount on the face of the bill, for interest, for cost of protest, 
for re-exchange, and for the reasonable expenses which have 
been incurred by the dishonor of the bill, and, according to llio 
general usages which regulate foreign bills of exchange, he i* 
liable for nothing more. There is no general commercial usage 
which gives damages of 15 per cent, or at any other rale, on the 
return of a protested foreign bill of exchange. Damages of that 
description, whenever they are allowed against the drawer, are 
either given by statute or depend upon the established local 
usages of particular places, and not upon the general usages of 
trade. In the United States, the amount of damages, recovera- 
ble upon a foreign bill returned protested, varies according to 
the local usages or statutory provisions of the different states, 
respectively. In Massachusetts the damages are 10 per cent. 
JH addition to interest and cost of protest; in Pennsylvania the 
damages are 20 per cent, on bills drawn on Kurope, and return- 
ed protested. In Maryland 15 per cent. The amount of da- 
mages in the respective states being regulated hv statute, there 
is no general u*nge pervading all the states, which can miniate 
the amount of damages. This hill wns drawn and sold to the 
bank at the treasury in the District of Columbia and in that 
portion of the district which was before the cession to the U. 
Stales a part of Maryland. The risht of the hank to recover 
the damages claimed, must depend upon the laws of Maryland, 
still in force in Ibis district congress never having passed any 
law on the subject since the cession of the territory, and the 
exclusive jurisdiction over it lo the United States. The only 
statute of the state of Maryland in force in that part of the dis- 
trict formerly held by Maryland, is an net passed in 173T>, chap. 
33, S. l.by which it is provided, "That upon all hills of ex- 
change hereafter drawn in this stale, on any person, corpora- 
tion, company or society, in any foreign country, and regularly 
protested, the owner or holder of such bill, or the person or ptr- 
soni, company, society or corporation, entitli d to the >ame. shall 
have a right to receive and recover so mnrh current money as 
will purchase a coo*l hill of exchange of the snine lime of pay- 
ment, and upon the same place, nl the current evehange of 
Kiie.li hi!U, &c.; also, fifteen percent, ilainnae* upon the v line 
of |he principal sum mentioned ill soon hill, and co-st of protect, 
together with legal interest upon tho value of lliv principal sum 



NILES' REGISTER MARCH 15, 1834 COMMITTEE OF WAYS AND MEANS. 45 



mentioned in such bill, from the time of protest, until the prin- 
cipal damages are paid and satisfied." The account rendered 
by the bank (see letter of cashier of the 13th May, 1833, hereto 
annexed), appears to have been made out according to the pro- 
visions of this act, and the question is, whether this bill is em- 
braced by the act of 1785. 

The committee are of opinion that a bill of exchange drawn 
by the United States, is not embraced by this act. 

The state is never construed to be included in the general 
provisions of a statute, unless it is expressly named, or the lan- 
guage of the law, or the nature of its provisions plainly imply, 
that its enactments were designed to bind the stale as well as 
individuals. A bill of exchange drawn by the state would not 
have embraced by the act of 1785, already referred to, because 
the state is not named in the act, and the whole scope and lan- 
guage of the law, shows that its object was to provide for the 
dealings of individuals, corporations, companies, societies, and 
not to regulate the action of the government by which it was 
enacted. The large damages mentioned in the law, are evi- 
dently intended for the benefit and convenience of commerce, 
and to prevent persons from drawing bills on foreign countries, 
where tlie drawer bad reason to believe they would not be ho- 
nored. The reason could not apply to the state, and there can 
be no ground to suppose that the state, in passing this law, in- 
tended to inflict upon herself a penalty, if a bill drawn by her 
should be unexpectedly returned protested. If a bill then 
drawn by the state of Maryland on a foreign country, and pro- 
tested, would not have entitled the holder to the 15 per cent, 
damages against the slate under this law, neither can these da- 
mages be claimed against the United States, who now stand in 
the place of Maryland, in that part of the District of Columbia 
where this bill was drawn. But this bill is not embraced by 
this law, because a bill drawn by an individual on a foreign go- 
vernment, would not be included by the terms of the law. The 
language of the law confines its operation to bills drawn on 
"any person, corporation, company or society, in any foreign 
country," and these words cannot by any fair rule of interpreta- 
tion be conslrued to mean a foreign nation, or to embrace a 
bill drawn on a foreign government. Neither the drawer nor 
drawee then, in this case,seem to be embraced within the pur- 
view of this law; but if they were, yet this transaction does not 
seem to be one of the description for which it intended to pro- 
vide. 

A bill of exchange, as known in commerce, is of itself a suffi- 
cient authority to the drawee to pay the money, and a proper 
endorsement on it transfers the right to the endorsee, and the 
bill and its endorsements do not require the aid of any other in- 
strument to give them force and authority. The endorsement 
of the bill by the payee, in blank, is of itself sufficient to war- 
rant the payment to the holder. The bill in question is not an 
instrument of this description; standing by itself it was of no 
value, and gave no right to the payee or the holder to whom he 
might endorse it to receive the money. It was deemed neces- 
sary by the parties to this transaction, that there should be 
other and higher authority, in order to enable the bank to re- 
ceive the money, and this authoiity accompanied the bill. 

This authority was executed by the president of the United 
States on the same day that the bill was drawn by the secreta- 
ry of the treasury, under the seal of the United States, and 
countersigned by the secretary of state, whereby the bill was 
recognized, and the cashier of the bank (who was the payee), 
or his assignee of the bill, was authorised to receive the money 
and to give an acquittance to the French government, and the 
bill, sustained by this authority, was sold to the bank at the 
treasury, and the proceeds placed to the credit of the United 
States on their books. The act of the president under the seal 
of the United Slates, which accompanied the bill, was the only 
instrument which conferred on the bank the right to receive 
the money, and the only instrument which enabled them to as- 
sign their right to receive it. The government and the bank 
both acted with a full knowledge that the bill itself would be 
unavailing to accomplish the object in view, and the proper 
authority in another instrument was executed for that purpose. 
This was a transaction between governments, and the authori- 
ty given by the government of the United States to the bank to 
receive the money from the French government, cannot be re- 
garded in the commercial sense as an ordinary bill of exchange. 

By the treaty, the money was to be paid by the French go- 
vernment at Paris, "into the hands of such person or persons 
as shall be authorised by the government of the United States 
to receive it." In order, therefore, to obtain the money, it was 
necessary that a person should present himself at Paris, with 
the usual testimonials from the government of the United 
States, of his authority to receive it. And the evidence of his 
authority, according to the laws which regulate the intercourse 
between nations, must be furnished by the president of the 
United States, through the department charged with our foreign 
relations. This was done in the power executed by the presi- 
dent, before referred to. It was this power, and not the bill, 
which authorised the demand upon the French government for 
payment. The bill, without this power, would have been in- 
sufficient; but the power without the bill would have been suf- 
ficient. If the bill had been presented alone, the French go- 
vernment might have refused to pay, without any violation of 
its engagements. It was necessary that the person demanding 
the money from the French government should have authority 
accompanied by the customary testimonials in the intercourse 
between nations, to receive it. 



This authority the instrument executed by the president gave, 
but none such was conferred by the bill alone. ID truth, the 
bill of exchange and the endorsements contributed in no degree 
to the authority of the holder to demand or receive the money. 
His right to demand depended upon the formal power executed 
by the president; and the bank, or its assignee of the bill, be- 
came entitled to demand it by virtue of thU power, and not by 
virtue of the bill or the endorsements on it. The bill itself, and 
the endorsements on it, did nothing more than designate the 
person whom the government of the United States, by the in- 
strument executed by the president according to the treaty, had 
authorised to receive it. The government and the bank show, 
from the instruments executed, that neither of them regarded 
the bill of the secretary of the treasury as sufficient to authorise 
the bank or its endorsee to receive the money: for the bill stand- 
ing alone, had no authentication which would entitle it to be re- 
garded by the French government as sufficient evidence of the 
authority of the holder to receive the money. The question, 
then is, did the act of Maryland, of 1785 (under which these da- 
mages are claimed) intend to give fifteen per centum damages 
on an instrument in the form of a bill of exchange, which the 
parties to it knew had none of its substance and qualities, and 
upon the authority of which the payee himself did not rely? or 
did the act mean to give damages on those instruments only 
which are recognized and known' in the commercial world aa 
bills of exchange, and possessing all the qualities of such instru- 
ments? The act obviously alludes to the instruments known and 
understood in commerce, when the bill itself, and the endorse- 
ments on it are sufficient of themselves to convey the right to 
the holder, and not to instruments in the form of bills, which 
give no authority, and are merely useful in designating the per- 
son on whom another instrument has devolved the power to re- 
ceive the money. If the power given by the president to the 
cashier of the bank, or his assignee of that instrument, as the 
person authorised to receive the amount due to the United 
States from France, and the bill had been endorsed to different 
persons, jt is very clear that the assignee of the instrument exe- 
cuted by the president, and not the assignee of the bill, would 
have been entitled to demand the money. The bill of the secre- 
tary wa* therefore one of the forms in which, for the sake of 
convenience, the government gave its authority to the bank to 
receive the money, and it is evident, from the papers executed, 
that the bank, as well as the government, so understood it. The 
parties to the bill in question, and the bill itself, is not therefore, 
in the opinion of the committee, such an instrument as the act 
of Maryland, 1785, contemplated, and that the bank is not enti- 
tled, as o mere strict legal right, (independent of the manifest 
injustice of the demand,) to claim the 15 per cent, damages by 
virtue of that law. If an instrument, in the shape of a bill of 
exchange, forming a part of such a transaction as this, between 
two governments, is not to be regarded as the bill of exchange 
known in the usage of trade, then the liabilities on bills of ex- 
change will not apply to it, by force of the law which regulates 
contracts amongst private persons. 

The government is ready fully to indemnify the bank against 
loss in this transaction, and the bank cannot, either in law or 
justice, demand more. The committee think the bank had for- 
feited all claims to be any longer trusted with the keeping of the 
public moneys, and that the secretary would have failed to per- 
form his duty, had he permitted the public moneys longer to re- 
main with the bank. 

In his annual message of December, 1829, the president of the 
United Slates expressed his doubts of the constitutionality and 
expediency of the bank of the United States. This part of the 
message was referred to the committee on finance in the senate, 
and to the committee of ways and means in the house of repre- 
sentative-!; both of which made reports in favor of the bank, 
which were ordered to be printed by congress. It appears that 
the bank, not content with the circulation of these imposing 
documents, through extra copies printed at the public expense, 
through the newspapers, and all the usual channels of commu- 
nication to the people, applied its corporate funds, and exerted 
its corporate power, to multiply and circulate them through 
pamphlets and extra newspapers into every part of the union. 

In November, 1830, an article on banks and currency, exhibit- 
ing great research and much talent, appeared in the American 
Quarterly Review, which was by the president of the bank sub- 
mitted to the board of director?, with a suggestion as to the "ex- 
pediency of making the views of the author more extensively 
known to the public than they can be through the means of the 
subscription lists." The board, therefore, adopted the following 
resolution, viz: "Resolved, That the president be authorised to 
take such measures in rcgiird to Hie circulation of the contents 
of an article on banks and currency, published in the American 
Quarterly Review, either in whole or in part, as he may deem 
most expedient for the interests of the bank." Here was no- 
limit to the president's discretion, or the amount which he 
was authorised to expend. His power was very extensively 
exerted. 

In his annual message of December, 1830, the president reite- 
rated the opinion previously expressed by him in relation to the 
bank of the United States. The subject was not agitated in 
congress at that session, and that body adjourned on the 3d 
March, 1831. The subsequent session of congress was neces- 
sarily to be the long session, immediately preceding the presi- 
dential election. Onthellth March, 1831, a resolution wag 
adopted by the, bank, as reported to the president of tha United 
States by the government directors, authorising the president 



46 NILES' REGISTER MARCH 15, 1834 COMMITTEE OF WAYS AND MEANS. 



of the hank to cause to be prepared "and circulated, s?uch docii- 
nients and papers ,ts may communicate to tin- people iiifnruia- 
tin, i in regard to Hie iialure and operations ol' ihe bank." By 
this resolution, the president was authorised, not to cause spe- 
cific papers to lie printed and circulated as before, but power 
was conferred upon him to lure writers, for Ihe purpo.-e of pr 
paring documents and papers, without designation as to Ihcir 
character or numbers, to employ piintcr.* to print them, and 
carriers to distribute them. Neither was there any restriction 
as to the amount of luiuls which he was authorised to employ 
in carrying into effect this new system for disseminating infor- 
mation among the people. A short time alter the passage of 
this resolution, conferring upon the picsidenl of the bank such 
extraordinary and unusual powers over the funds of the bank, a 
negotiation commenced, (as appears by the evidence accompa- 
nying the report of the investigating committee in 1832), in re- 
lation to a press in New York, in the progress of which Ihe pre- 
sident of the bank, on the 26th day of March, 1831, advanced 
$15,000, which was not entered on the books of the bank as a 
loan until January 2d, 1832 The paper which had before that 
time been decidedly oppo.-cd to the bank, imineilialelv became 
JU advocate; and in a lew months, the notes discounted for it- 
benelil amounted to .$52,975, and at periods of from six months 
o five years, the last of which did not fall due until the year 
1836, and several months alter the bank chillier would expire. 
These were credits altogether unusual in Ihe regular business 
of banks. AboHt the same period large sums were advanced to 
editor:! of political papers in other parts of the union. During 
this period a most unprecedented extension of loans was grant 
ed by the bank. For some years, its loans had not varied nine h 
ill the aggregate from forlv millions of dollars. In October. 1830, 
they amounted to $40,527,523. From that lime they began ra 
pidly to extend, and on the 1st of May, 1832. amounted to 
$70,428,007. In eighteen months the extension was near thirty 
millions, being at the rate of about two millions per month. 

Whilst these accommodations to editors, and rhis great exten- 
sion of its loans, were in progress, the hank in December, 1831, 
applied for a renewal of its charter, which then had upwards of 
four years to run. A bill to renew it passed both hon-es of con 
gress, was presented to the president of the United States, and 
on the 4lh of July, 1832, received his veto. 

The president was then a candidate for re-election, and that 
question was to he settled in November of that year. The power 
givttii to tin- president of the bank by the resolution of the 11 ill 
March, 1831, was during that and Ihe succeeding year exerted 
with great industry. The fact of the existence of this resolu- 
tion, and the expenditures under it, came to the knowledge of 
the president for the first time, through the report of the govern- 
ment director*, during the last summer. From that report it 
appears, that for the last half of 1829 these expenditures were 
$3,765 94, giving as an average for the year $7,531 88. In 1830 
they increased to ($14,081 47, about $7,000 of which were "for 
printing and distributing the reporl of the committee of ways 
and means, and Mr. Gallalin's pamphlets." [n 1831 Kiev in 
creased to $43,204 79, and in 1832, they were $38,667 88, of 
which ,$28,543 72 were incurred in the last half year, including 
the presidential election; so thai ihese expenditures continued 
to increase from 1829 up to the presidential election. 

So far as communicated by the government directors, the do- 
cuments and papers printed and distributed with this money, 
appear to have been chiefly reports of committees in congress, 
and speeches of members friendly to the bank, and generally 
opposed to the president; extra newspapers containing similar 
matter, and other electioneering matter calculated to defeat the 
election of the president; reviews of speeches and of the veto 
prepared with the same object; addresses to state legislatures, 
and editorial articles in favor of the bank. 

It is further stated by the government directors, that for about 
$24,UOO of the expenditures, no vouchers whatsoever had been 
rendered. The several sinus were paid on the orders of the pre- 
sident of the bank, referring lo the resolution of llth March, 

1831, as Ins authority to make the expenditures, hut not stating 
the persons to whom they were paid, nor the purposes for which 
they were expended. Nor does ji appear that Ihe board of di- 
rectors, or any committee of the hoard, or any other person, ex- 
cept the president of the bank and the parties receiving Ihe mo- 
ney, passed upon the claims, or know for what object this large 
expenditure was incurred. As the government is Ihe owner of 
the fifth of the capital stock of the bank, one fifth of this unwar- 
rantable expenditure was the money of the people. 

In this narrative of facts are ffiiiiiri ample reasons to justify the 
ecrelary in the removal of Ihe ricpositcs. It seems impossible 
to resist the conviction, that from 1830 down to November. 

1832, the hank was managed with reference to the presidential 
election; that all its mighty means and power were exeried to 
influence and control the people in ibe exercise of their right of 
tiffrage, and secure a reelmrlcr, by filling congress and the cv 
ecuhve offices with its friends anil supporters. It was said In 
a wie man of antiquity, "that the borrower is the servant of the 
lender" and with equal truth it has been reccntlv a~-crli-d. 
that "he who controls a bank, controls the d< hi or- of that hank." 
No adequate motive <-an be conceived for the unprecedented 
extension of the business of the bank from forty to sevent> 

millions of dollars ighieen months, but n determination to 

make as many debtors to the hank as possible, and thus brin 
multitudes of men under its control. Through the f ( -ar of being 
pressed too severely for re payment it might have been reasona- 
bly expected that inoal of the debtors, and the fuends thy 



could influences, would support the bank in a struggle fora re- 
charter. While this process ol extension was going on, nume- 
rous editors of political papers appear to have received large 
.-urns of the bank's money, and were thus prepared to advocate 
niea-ures or men, as the ultimate interests or views of that in- 
flilulion or its manageis uimhl indicate or require. Cotempo- 
raneon.-ly the fund- of thw hank were put at the diposal of ils 
president, to he used without limit, ami their expenditure sanc- 
tioned without vouchers, as a means of accomplishing Ihe great 
design. 

Connected with these operations was the conduct of the bank 
during the same period, in the three per cent, transaction, exa- 
mined by a committee of congress last year, whereby the bank 
attempted to baffle the government in its efforts to pay the pub- 
lic debt, and secretly sought the aid of foreign bankers to in- 
crease Us means to control the government. In addition to its 
failhles.snt-.ss to thr government, the bank seems to have formed 
a foreign alliance, and procured foreign aid, in its war with the 
president of the people. The three per cent, transaction was 
condemned by the committee of ways and means last year, as 
alieaily staled, and the pretences on which it sought to be justi- 
fied, declared lo be unfounded. Of itself, it would have justi- 
fied a removal of the deposites; but it seems to have been but 
an incident in ,i grand scheme, lo make our whole people and 
their government subservient lo this moneyed incorporation. 
A scheme, which, if successful, would have left us but the 
name of a republic. 

lint (he hank a- not content to submit to its fate and exe 
cute its duties as a faithful agent of Ihe government, when, with 
all its debtors, its presses, iis advocates, ils foreign aid, hired 
writers, and extra documents, it received the dicisive rebuke of 
the American people in the result of the presidential election. 
During the last summer, one of the governmentdirectors, by be- 
ing placed on the dividend committee, a tempoiary body ap- 
pointed every six months lo ascertain what dividend shall be 
declared, discovered in the expense account of the hank, some 
of those items lor printing which have since been reported. On 
consulting his colleagues, the other government directors, tlmy 
deemed it their duly lo inspect thai account. Having done so, 
and found that it gave no definite information relative lo large 
portions of Ihe expenditure, they brought the subject before the 
board, for the purpose of obtaining more certain information and 
recinding the resolutions under which it had been incurred. 
Nol only did the board refuse to cause the account to be staled 
wiih such percision that it could be understood, and to rescind 
the resolutions of the ;(0th of November. If30, and Match llth, 
1831, but, instead thereof, resolved us follows, viz: 

"That the hoard have confidence in the wisdom and integrity 
of the president and in the propriety of the resolutions of 30th 
November, 1830, and lllh March, 1831, and entertain a full 
conviction of the necessity of the renewed attention to the ob- 
ject of Ihose resolutions; and that the president be authorised 
and requested to continue his exertions for the promotion of that 
object." 

Thus was the formal sanction of the board given to the acts 
of Iheir president under their former resolutions, and he was 
stimulated to renewed vigilance in employing writers and pressea 
to influence the public mind. Tims, expressly did they approve 
of the expenditure of the $24,000, without vouchers, and promise 
to their president future immunity and irresponsibility for the 
use of any larger sum. 

Corporations have no powers bill such as are granted in their 
charters, and those necessarily incidental. As tin incident, the 
hank of ihe United Slates has an unquestionable right to pro- 
cure and pay for hank notes, the necessary blanks and such 
other papers as are requisite in the transaction of all business 
which it may he expressly aulhorised to perform by ils charier. 
When ii proceeds further, and prints documents, speeches, 
handbills or newspapers, ii transcends the power granted to it. 
The bank of the United States was not created "to communi- 
cate to the people information in regard lo" its own "nature 
and operation" or the acts of iheir chosen rulers. The people 
supposed they understood its "nature and operation" before 
they gave it existence, and they tolerated its establishment as a 
servant, and not as a teacher. Few would have been found to 
advocate ils creation, if it had been a provision of its charter 
that it might apply its corporate funds to the printing and circu- 
lation of such congressional reports, speeches anil other political 
documents, as its managers might deem useful in conciliating 
public opinion to its management, and even to the hiring of 
wriiers to advocate its interests, and circulating denunciations 
against the constituted authorities for their official acts. Cer- 
tainly no friend or enemy of ihe bank at that lime conceived 
that the bank had a right to employ its corporate funds for the 
purpose Of teaching tin- people how to estimate the acts of Iheir 
representatives, in either ihe executive or legislative branches 
of Ihe government. The idea that such a right was veiled 
under the charter, or any of its provisions, would have been 
fatal lo ils passage. Is it less alarming that it has now usurped 
the right. 9 

The conduct of the hank, in this respect, has been attempted 
10 lie justified on the ground of self defence. The error in this 
point consi-K in considering ihe bank nnd its managers as iden- 
tical. The bank has not been attacked. The president of the 
U. States, in his messages to congress, has expressed his opinion 
that the charter ought riot to he renewed, and has pulhis consti- 
tutional veto on a hill puttied by congress for that purpose. But 
this was no attack upon the corporation, for, lo a renewal of iu 



NILES* REGISTER MARCH 15, 1834 COMMITTEE OF WAYS AND MEANS 47 



charter it had no legal right. None of the chartered lights of 
the bank have heeu wr< sled from it; no judicial process ha 
been instiluled to vucute Us charier. When such attacks are 
made, no man will complain of the bunk lor defending itself in 
Uie com is ii\ tlie t'iii|ili>> nirni of coun-i I, and paying their !<.- 
out u( Hie corporate funds. But the president and directors of 
tlie bank have no right to use thu luini> of the institution in 
making publications vindicatory of their own management, or 
tending to show that the president of the United Stales lias 
been guilty of usurpation of power, or dereliction of duty in re- 
fusing his assent to u renewal of its ch.iili r. The.-c are mat 
lers winch belong to the loruin ol the public; into the discus- 
sion of which the inanageis ol the bank, in common \\itli other 
citizens, had a light to enter, not in their corpoiate, bin in their 
individual capacities, and at their own expense. The manager* 
of the bank, if assailed lor misconduct, may, like every oilier 
citizen or olhccr ol ti.e government. ilHrnd themselves, but not 
by Hie use ol the uorporale funds or power. They may expend 
their own money without limit, in employing w mi r.- ami piess.cs. 
to defend them. 

What would be said of the president of the United Stales if 
be were to expend the money in the treasury in printing con- 
gressional rrpoitr, and speeches, hiring writers, employing cili 
tors, printers and distributors, for the purpose of defending him 
sell and the executive officers against attacks made upon them 
from sources official and unofficial? If he were to request con- 
gress to put the whole dcpo.-iu-s of the treasury at his disposi- 
tion, lor such a purpose, how would it be received? If the se- 
nate and house of representatives were to employ their contin- 
gent fund in printing and circulating speeches of members, and 
articles prepared by hired writers, paid from the same fund, 
under pretence of defending the members of the liun.-e against 
the attacks daily made upon them, would it be tolerated by the 
Aineiican people? 

The committee consider this delegation of unlimited and ir- 
responsible power to the president of the bunk over the whole 
funds of the institution, the most atrocious violation of the bank 
charlei,and the most daring abuse oi its power, which lias 
hitherto been disclosed. 

It is sufficiently alarming that the government directors have 
been deprived of all participation in the principal business of the 
bank thai, its most important discounts and other business are 
managed by committees selected by the president, who seldom 
report that the restrictive provisions ol the charter have been 
subverted by arbitrary rules, and responsibility to the govern- 
ment, which owns a tilth part of its slock, in effect destroyed. 

But, in addition to all this, here is a discretionary power 
vested in the president ot the hank alone, to be exercised with- 
out the responsibility of rendering specific accounts, or vouch- 
ers, under which he may apply hundreds of thousands and mil- 
lions to operate on public opinion, and through the prostration 
of enemies, and the advancement of friends, procure a new 
charier. In causing to be piepared and circulated such docu- 
ments and papers as come within the scope of the authority 
vested in him, he may hire editors, and set up newspapers 
throughout the whole union, and by the use of unlimited sums 
of money, without appropriation or accountability, he may dis- 
tribute a patronage more potent than that of many governments, 
because all wielded by Hie same hand, to secure a single object. 

When Ihe government directors, as liiithful sentinels over the 
public interest in the bank, communicated the fact that this 
power had not only been assumed by the bank, hut that its 
managers were determined that it should be wielded with re- 
newed energy, and lor an indefinite period, the secretary of the 
treasury was fully justified for this reason, if there had been no 
other, in severing us connexion with the government, and, as 
far as he legitimately could, lessening its power. 

It will be seen by the views already taken by the committee, 
that in their opinion, the deposites have been lawfully removed 
from the bank of the United Slates, and the money now in the 
treasury has been legally deposiied in the state banks. 

In these circumstances, it remains to be considered, whether 
any, and if any, what legislation is neces.ary, in consequence 
of the change of the deposites. 

It is the opinion of the committee that the bank of the United 
States ought not to be reclnirtered. The constitutional objec- 
tions to it are, in their judgment, insuperable; and if its charter 
could be justified by the constitution, recent events have de- 
monstrated that the continued existence of such a vast con- 
centrated money power, must prove dangerous to the freedom 
and purity of our institutions. 

And after the greal abuses of which it has been guilty, a re- 
charter, under any modifications, would he offering the liigh le- 
gislative sanction and approbation of congress, to the various acts 
of misconduct detailed in tins anil former reports lo congress. 
It is impossible that a corporation, which is proved to have 
used its money to corrupt the press, to influence elections, and 
control the government, can ever be selected as tlie peculiar ob- 
ject of the favor and bounty of the government. The bank 
ought nol therefore to be recharted on any terms. And as the 
charter ouaht not to be renewed, it is manifest that Ihe de- 
posites ought not to he restored to it. For, setting aside the va- 
rious acts of misconduct, by which the present corporation has 
justly forfeiled the public confidence, it is obvious that the resto- 
ration of the deposites to the present bank, to be removed again 
in two years, would produce nothing but the most serious evil 
and distress to the country, without any possible advantage. The 
restoration of the depusites and the recharter of the bank, are, 



in the judgment of the committee, inseparably connected to- 
gether, and nt iihcr can with any propriety be adopted wuhuut 
the. other. 

The question then arises, whether Ihe state banks should be 
continued a> the fi.-cal agents ol Ihe. government. 

The cominitlt-e are saiislicti that the state banks are fully com- 
petent to pei IOMII all the services which the general govt inment 
ought to require, in tin: collection ami disbursement of the re- 
venue; run! to uttord also all the facilities to the intein:.! com- 
merce and exchanges ol the country, winch have been derived 
fiom the bank of the United Slates. 

'I In- collection and disbursement of the public revenue may 
be safely placed when, the tages v> ho framed the com million 
left it. They ditl nol deem a national bank essential, > ithi.r to 
the government they were loiuiing, or to the .-uecessiul admi- 
nistration ot ils finance*. The opinion ha- alii ady tieen ex- 
pressed, Ihat the Male banks aie competent to pcrioin, all the 
liniirs which the government or the public convenience may 
requite. And theie are many ciicumstaiices which strongly re- 
commend them lo a preieience over Ihe bank of the United 
States. No one ol Hit lu can exerci.-e a general contiol ovt r all 
Ihe others, and expand anil contract the whole cumin > ol Ihe 
country at its pleasure, to favor the private speculation.- of in- 
dividuals, or to increase us own profits. And they ca n never 
combine together lor political object.-, nor hope to gain posses- 
sion of the government, and control us operations. The stale 
banks are now firmly interwoven wilh the in.-tilulious of the 
country. They are generally under the management ol .citizens 
as respectable, as trustworthy, as any directors of the bank of 
the United Slates. And it would be unjust, and coiura ,y to the 
spirit of our institutions, Ibrcongrefs to sustain a greal i.iom yed 
power to overawe and oppress them, and bring ruin uf-un mul- 
titudes of our citizens, whenever cupidity or amhiunn shall 
tempt them to excrcUe Iheir power. The slock of tlie bank of 
the United Stales has fallen lor the most part into the Lands of 
the great capitalists of this and foreign countries, who have but 
little sympathy for lln- suffering of our people, when tlieir owu 
sordid or ambitious views makes il Iheir inteie.-t lo intlii l it. 

If it should be niged as an objection lo the state ban \s, that 
they cannot afford a general currency, the answer is obvious. 
If il were necessary to create a paper curiencv, possessing equal 
credit wilh that of the present bank of the United States, the 
object can be as well accomplished wilh the stale banks, aj 
with Ihe bank of the United Slates. The provision winch has 
made the latter current every where, is the clause in the char- 
ter which compels the government to receive their notes in pay- 
ment of all debt* due lo the public, and a similar provision in 
litvor of Ihe stale banks, which might be selected as the depo- 
sitories of the money of Ihe Uhiled Stales, would immediately 
make their notes equally current, and t nMire for them equal 
confidence in any part of the United States. 

But the committee are not prepared to recommend the adop- 
tion of such a measure. They are convinced that all which 
public convenience requites, in this respect, will soon be ac- 
complished by arrangements among the banks themselves; and 
that there ought to be no legislation of congress lor the purpose 
of establishing a currency of paper. 

The main object of legislation should be, to enlarge the basis 
of specie, on which the paper circulation of the stale banks is 
lo depend for support. And Ihe committee are persuaded, that 
by the adoption of the stale hanks as the fiscal agents of the ge- 
neral government, and a judicious course of legislation founded 
upon it, thai a sounder state of the currency than now exists 
would soon be attained, and the couniry rescued permanently 
from the dancer of those sudden expansions and contractions of 
the paper currency which have been constantly succeeding each 
other, since the bank of the United Stales was established, 
which have brought such severe and extensive evils upon Ihe 
country. The aid and co-operation of the several slates may he 
relied on. to banish giadually the smaller nous, and introduce 
in their place silver and aold, for ordinary domestic purposes, 
and the convenience of travel between distant places. Such a 
reform if strongly called for by sound policy, and the best inler- 
ests of the couniry, ami the accomplishment ol an object so de- 
sirable, may be mainly accelerated by laws passed by congress, 
adjusting the standard of value of our coins, and repulalina the 
deposites and collection of Ihe revenue. If gold and silver were 
hioiiL'lit into common use, and the small notes banished from 
circulation, pa> infills of small sums would probably be made in 
specie. The sreal objeci is nol to diminish Ihe amount of ihe 
ordinary circulating medium, hut lo give il a broader and firmer 
foundation on the precious metals. 

Wilh Ihese views, the committee are of opinion that the state 
banks oiisht to be continued as the depositories of the money of 
the United Slates, and dial measuies ought forthwith to be ta- 
ken, to regulate by law the manner in which they shall be se- 
lected, and lo ensure the safety of the public money. 

According to the Inw, as it now stands, the duly of selecting 
the banks, and of prescribing the securities to be taken is de- 
volved upon the secretary of ihe treasury, under the supervision 
of the president. This power has been In relolore exercised by 
the head of the treasury department, and in a manner advanla- 
ifs lo the public, nnd it is not doubled, if the law should con- 
tinue unchanged, thai it may anil will continue lo be so exer- 
cised by the head of that department yet il is ihe opinion of ihe 
committee, that discielionary power should never be Riven, in 
any case, to any officer of the government, where it can he re- 
guiated and defined by law. They think that it would be moro 



48 WILES' REGISTER MARCH 15, 1834 COMMITTEE OF WAYS AND MEANS. 



consistent with the principles of our government, for congress 
to regulate by law, the mode of selecting the fiscal agents, the 
securities proper to be taken, the duties they shall be required 
to perform, and the terms on which they shall be employed. 

In accordance with these views they accordingly report for 
tbe consideration of the house, resolutions declaring that the 
bank of the United Slates ought not to be rechartered, and that 
tbe sttte banks ought to continue to be employed as the fiscal 
agents of the government, under such regulations as congress 
shall prescribe. 

Before they close this report, the committee consider it to be 
their duty to stale, that in their judgment, a necessity exists for 
AH imnediate examination into the conduct of the bank, and 
they pioceed to state ihe grounds which make il absolutely ne- 
cessarj, that a strict and rigorous scrutiny should be instituted. 
They think such an examination necessary in reference to the 
security of the interests which the United States as a stockhold- 
er hav in the batik, as well as to correcl as far as practicable, 
the atases of which it has been guilty, and to prevent it from 
using is corporate power and money for purposes of corruption 
and Digression. 

Numerous memorials have been referred to the committee, 
compliining of embarrassments in mercantile transactions, some 
attributing them to the removal of tbe deposiles, and others 
chiefly to the subsequent conduct ot the bank of the United 
States. That serious embarrassments exist in many of the com- 
inercul cities, cannot be doubted, and it seems necessary clear- 
ly to ascertain Ihe cause before an altempt be made to prescribe 
the resiedy. The powers possessed by the committee are in- 
adequate to that object, and they are unable to do more at pre- 
sent, tian to submit the facts which have come to iheir know- 
ledge, with the course they seem lo suggest. That the simple 
transfer of e sum of money from one bank of deposite to ano- 
ther, could have produced the commercial embarrassments com- 
plained of, is impossible. The public deposites have not been 
annihilated; nor have they been transported from the country; 
they ate still in the country, and in the use of the community. 
It lain vain that they look for the cause of embarrassment in 
the sute of our markets, or the operations of trade. Our agri- 
cultural productions, and manufactures generally, bear a good 
price; foreign exchange is at its lowest rate; the balance of trade 
is decidedly in our favor, and the precious metals are flowing 
in upon us from South America, Mexico- and Europe. None 
can doubt the power of the bank tocreale embarrassment when- 
ever its managers deem it expedient. In four months, com- 
mencing with August last, and ending with November, it called 
in $9,707,245 of iis loans. .As ihe state banks could not com- 
mence extending until they began lo receive the public depo- 
sites in October, and from that till December could not, in their 
extension, keep pace with the curtailment of the bank of the 
United States, it is evident thai such rapid curiailmenl by ihe 
bank of the United States must have created some sensation in 
tbe commerce of the country. But it is easy for the bank of the 
United States to produce universal embarrassment, without any 
aggregate curiailmenl of its accommodations, by calling in ra- 
pidly one month, letting out the next, and calling again during 
the third; while il loans out in one place what it curtails in ano- 
ther, and in this manner, fulls upon all the commercial cities in 
rotation, il may more effectually embarrass trade than by a stea- 
dy curtailment. When the policy of the bank is unsteady and 
capricious, producing a scarcity of money to-day, and an abun- 
dance to morrow, lo he succeeded by a greater dearth the next 
day, it is impossible for merchants lo conducl business with 
safety, and prudent men will restrict or discontinue their ope- 
rations. The bank has long enjoyed a large portion of ihe bu- 
siness ef domeslic exchange, and whenever il chooses to cut 
off ihe supply in any or all direclione, embarrassmeni and diffi- 
culty naturally ensue. 

There is much reason to suspect that the bank has been ma- 
naged, for Ihe last six monlhs, with a view to embarrass the 
community, as a means of operating on public opinion, and con- 
trolling the action of government. 

In the proceedings of the bank, in relation lo domestic ex- 
change, as far as known, are perceived indications of a dispo- 
sition to use the power il possesses Ihrough that branch of its 
business, for the purpose of producing excitement and distress. 
The government direclors inform us, in Iheir memorial, thai 
on tin 1 Kith of August last, two weeks before the Ireasury agent, 
returned from hi* mission to confer wilh Ihe state; banks, and 
five weeks before Ihe determination of Ihe execulive was an- 
nounced, Ihe board of direclors adopted a resolution, declaring: 
"Thai the bills of exchange purchased at the bank, and all 
the offices, except the rive western offices, shall not have more 
than nineiy days lo run. That the five western offices be in- 
structed to purchase no bills of exchange, except those payable 
in the Atlantic cities, not having more than ninety days to run, 
or those which may he received, in payment of existing debls 
to the bank and the offices, and then not have more than four 
months to run." 

The government directors inform us, that on a subsequent 
day, a series of resolutions were adoptrd for reducing Ihe bu- 
siness of the institution, and authority given to the committee on 
tke officct to modify (Hem at pleasure, and although a strenuous 
effort was made to require them to report such measures m 
might he directed by them lo the board, the proposition wot cot- 
td rfo.cn. 

Thu, in direct violation of the charier, and in defiance of nil 
prudence and propriety, was the whole power of thi* vast and 



powerful corporation to relieve or to oppress vested in a com- 
mittee, who are not subjecl lo the responsibility of even making 
reports lo the board of directors. A few irresponsible men, is- 
suing secrel orders from Iheir private chamber, possess more 
power to distress tbe American people, than any department of 
their government, or all departments, by an act short of a de- 
claration of war. What the resolves and orders of this potent 
body have been, we have no means of knowing. The president 
of the bank who is ex officio a member of this committee, and 
undoubtedly directs its operations, is also clothed wilh unlimit- 
ed power to set the press in motion for the purpose of promot- 
ing the views of Ibe bank. For monlhs, those presses which 
are known to have been sustained by enormous loans, and those 
which have received the most liberal allowances for printing, 
have been incessantly engaged in an effort to spread alarm and 
dismay throughout the land. Il is impossible nol lo suspect 
that the secret management of the bank, and the use of its funds 
by its presidenl, are in perfect concert with their dependent 
and devoted presses, all aiming to create a general panic, and 
produce the same result. That result is the restoration of the 
depositee, and, iis certain consequence, the recharter of Ibe 
bank. 

If any thing was wanting to confirm, these suspicions, Ihe al- 
leged refusal ol this bank lo co-operate wilh the state banks in 
their laudable efforts to relieve the existing pressnre upon the 
community, in Ihe larger commercial cilies, is sufficient to re- 
move all doubts from the minds of the most incredulous. 

It is due to Ihe country, thai Ihe source of Ihe embarrass- 
ments which oppress a porlion of its commerce shall be laid 
bare. Should they appear lo spring solely from Ibe manage- 
ment of the bank, wantonly and wickedly directed lo produce 
Ibem, il may become Ihe duly of congress to resort lo all the 
means wilbin Iheir constitutional authority to check its career. 

If it shall appear that the bank, by means of its money and 
the papers under its control, has wilfully and intentionally pro- 
duced Ihese embarrassments; and if iis power has thus been 
abused, it cannol be endured that for two years longer it shall 
be suffered wantonly to excite alarm in the counlry, lo direct a 
pressure first on one point and Ihen on anolher, enlarge at one 
place and contract in another, for the purpose of continuing lo 
ihe end of its existence the evils which there is too much rea- 
son to believe it has already inflicted on the community. If, 
upon examination, it shall be found that il has been guilty of 
such offences, its charter cannot be too soon terminated, and a 
scire facias would be imperatively demanded to put an end to 
'ts machinations against the peace and interests of Ibe people. 
The government owns seven millions of its stock, equal to one- 
fifth o! the whole amount. It is the duty of congress to see 
that it be not used lo oppress the people and subvert the princi- 
ples of our government. Of every hundred thousand dollars 
spent by the president of the bank, or distributed to advocates 
under the name of loans, and forever lost, $20,000 belong to the 
people of the United Slates. Thai Iheir property may not be 
wasted, thai the cause of their distress may be ascertained and 
a remedy applied, and above all, thai iheir own funds, and the 
money and power of this corporation may not be employed to 
subvert the principles of Iheir government by controlling their 
elections the committee deem it necessary, that there should 
be a thorough investigation into the alleged abuses and corrup- 
tions of that institution, and particularly into the details of its 
management for the last six months. To this end, they propose 
a resolution lo invest a committee of the house with power to 
make such investigations. 

1. Resolved, That the bank of ihe United Stales ought nol to 
be rechartered. 

2. Resolved, Thai ihe public deposites ought not to be restor- 
ed to the bank of the United Slates. 

3. Resolved, That the state banks ought to be continued as 
the places of deposite of the public money, and thai il is expe- 
dient for congress to make further provision by law, prescribing 
the mode of selection, the securities to be taken, and the man- 
ner and terms on which ibey are lo be employed. 

4. Resolved, Thai, for Ihe purpose of ascertaining, as far as 
practicable, the cause of the commercial embarrassment nnd 
distress complained of by numerous cilizens of Ihe U. Stales, 
in sundry memorials which have been presented lo congress at 
the present session, and of inquiring whether the charter of tbe 
bank of the United Stales has been violated; and, also, what 
corruptions and abuses have existed in its management; whe- 
ther it has used its corporate power or money to control tUe 
press, lo interfere in politics, or influence elections; and whe- 
ther it has had any agency, through its management or money, 
in producing Ihe exisling pressure; a selecl committee be ap- 
pointed to inspecl Ihe books and examine inlo the proceedings 
of the said bank, who shall report whether the provisions of ihe 
charter have been violated or not; and, also, what abuses, or 
nial practices have existed in Ihe management of said bank; 
and that the said committee be authorised to send for \ter- 
sonsand papers, and to summon and examine witnesses, on oaih, 
and lo examine inlo the affairs of the said bank and branches, 
and that they are further authorised to visit the principal 
hank, or any of its branches, for the purpose of inspecting the 
books, correspondence, accounts and other papers connccled 
with its management or business; and thai Ihe said comniitltie 
be required lo report the reull of such investigation, together 
with the evidence they may take, at as early a day as practica- 
ble. 



NIL.ES' WEEKLY REGISTER. 

FOURTH SERIES. Ne. 4 VOL. X.] BALTIMORE, MARCH 22, 1834. [VOL. XLVI. WHOLE No. 1,174. 



THE PAST THE PRESENT FOR THE FUTURE. 



EDITKD, PRINTED AND PUBLISHED BY H. N1LKS, AT $5 PKR ANNUM, PAYABLE IN ADVANCE. 



Iu our account of the proceedings of congress we a 
compelled to omit notices of many things which we ha 
been accustomed to record; but this is of less important 
than usual for very few important things will beattem 
ed to or fully disposed of, until after the great subjec 
under discussion are, in some way, put aside. 

In conformity with the strict rule of impartiality th 
we profess, with regard to what may be esteemed pe 
sonal matters, at least, we have made room for the lette 
of Mr. Taney, and the address of Mr. McKim, in co 
sequence of certain statements contained in the report 
the Baltimore committee, charged with the memorial 
the citizens praying for a restoration of the public depo 
sites. We have added the "card" of Mr. Georg 
Brotvn, and shall give the response of the committee, i 
our next. 

The committee have fully replied to Messrs. Tone 
and McKim, in a well-written address of considerab] 
length, published in yesterday's "Chronicle." It make 
three columns; and yet, with an earnest desire to give a 
the papers belonging to this matter together, it mus, 
therefor, be postponed. We could easily put it into type 
but the character of the contents of the present numbe 
is such, that, if we excluded every article over which 
discretion might be exerted, the room for it could not b 
obtained. We cannot, as the newspapers may, "mak 
room," for we have no advertisements to lay aside, an 
so relieve our pages. 

The gentlemen reaffirm, in the most decided manner 
the strict verity of all that they stated in their report 
and of every word used by them. They reject, wit 
much severity, the idea that any part of their report wa 
founded on private or confidential communications wit 
Mr. McKim saying "they have not stated one word 
nor referred, by the remotest allusion, to one expression 
used by JUr. McKim any -cohere but in their oivn rnom, ' 
when Mr. McKim paid them a visit, after their call upon 
him, and remained two hours with them, conversing o 
the subject of their mission, Sec. 

We have some later news from Europe. The detail 
are not of much interest and we can make space oulj 
for the British king's speech on opening the session o 
parliament on the 4th ult. 

It will be seen that Mr. Webster was prevented, on 
Monday last, from presenting his project with relation 
to the bank, by an extraordinary discussion and proceed- 
ing in the senate but that he olfered it on Tuesday. 
Public opinion seems much divided as to the expediency 
of this proceeding, at the present moment. Mr. W. 
however, no doubt, has viewed the whole ground, and 
thought it best to have some object a-head to aim at. 
There is a report that Mr. Wilkins will, also, present a 
plan for a bank, which may have the support of several 
of the leading friends of the administration in the senate, 
and it is probable that Mr. Webster's purpose was to draw 
out one from the other party, by taking his new position. 
We wish that something could be done to relieve us of 
the pecuniary embarrassments which beset the people, 
at large, and almost banish the hope of a reward for labor 
performed; even the products of the earth, including the 
most substantial and necessary articles for food and cloth- 
ing, have fallen 25 per cent, in price, within the last four 
months. This may help the consumers, but is hard on 
producers, who have made engagements that were gra- 
duated by the higher or general price of their commo- 
dities. The diminished money-value of the bread stuffs 
and meats, or live cattle, cotton, wool and tobacco, is of 
an enormous amount. Flour at Wheeling has been sold 
for $2 12 the barrel, at Alexandria for $3 75. Wheat, 
at Frederick, Md. 75 cents, and so on. Let us- offer a 
rough statement with relation to this subject. 
Vot. XLVI Sis. 4. 



If the general money-value of the bread-stuffs and 
meats, of all sorts consumed, be equal to only 30 cents 
per head per week, the aggregate value will amount to 
-00 millions per annum. Three-fifths of these, perhaps, 
are consumed by the producers of them, and the markct- 
value of the remainder, at late prices, would be, sav 

$80,000,000 

Crop of cotton, at fair prices 35,000,000 

Crop of wool 20,000,000 

Crop of tobaceo 8,000,000 

$143,000,000 

If the reduced price is only at the rate of 20 per cent, 
the money-value lost, in the whole year, would be nearly 
30 millions, on these few leading artick s, to the growers 
of them. The consumers would receive the benefit of 
this, provided the price of -mages -were kept up, and em- 
ployment could be obtained. Instead ol 30 cents per 
nead, for an example, bread and meat mig^ht be had, at 
the reduction supposed, for 25 cents; but it wages declin- 
ed from 100 cents a day to 50 cents, or at that rate, the 
loss to the laborer would be as 300 cents a week, for 5 
cents gained, and so on. 

The counter report of the minority of the committee 
of ways and means fills a large portion of the present 
sheet. Its length, as was the case with the report of the 
majority, has much interfered with the general business 
of the week. We hope for a little more variety in our 
next paper. 

The minority in the legislature of Virginia have pub- 
lished a sixteen-column address to the people "on the 
deposite question, and the present condition of the coun- 
try." It is signed Joseph S. Watkins, chairman, and 
Hugh .#. Garland, secretary, and earnestly calls upon 
:he citizens of the state not to ''desert the present ad mi- 
listration," and ''betray the best interests of their coun- 
ry" "commit an act of treason, and deserve the bitter 
curses of their children," &c. It is a discussion of mat- 
,ers and things in general, but especially about the bank, 
ind the removal of the deposites. 

Several extracts from JViles' Register of 1818, are in- 
roduced into this address. They consist chiefly of 
jome remarks on a project then supposed to be entertain- 
:d, of making "a paper currency a legal tender instead 
if coin" to relieve the bank of the United States, and 
Certain of the local banks, from the pressure caused by 
heir own imprudent proceedings and, certainly, ntver 
was business more wildly conducted than for some time 
fter the establishment of the bank named, and in vari- 
us respects, to say nothing of the great speculations in 
'hieh some persons were engaged, and the frauds in 
'Inch others soon after involved a considerable number 
f our banking institutions. To all these things we 
tood resolutely opposed, and, perhaps, had a degree ot" 
ifluence, (in the freedom with which we spoke of them), 

check their progress, and finally to restore the bank to 
ic purposes of its establishment which was not for the 
enefit of some twenty or thirty huge speculators, but to 
irnish the people with a sound and uniform currency^ 

d on that occasion, we said, "Give me to live under 
ly despotism but that which springs from the command 
f money for it is the most base and unprincipled of 
1." We thank the addressers for the honor conferred 

1 quoting us. We took no ground then that we would 
ot take now, in the existence of similar circumstances; 
ut do not perceive how the matters stated in 1818 can be 
ought to bear upon the real state of things, and actual 

ontlition of the currency, at the time of the removal of 
e deposites, or since so far as the bank of the U. S. 
concerned. Money was abundant, and the bills of 
at bank better than coin, as exchangeable eommo- 
ties, because convertible into coin at the will and 



50 



N1LES' REGISTER MARCH 22, 1834 MISCELLANEOUS. 



pleasure (if its holder, and prosperity abounded; all the 
great pursuits of industry, in agriculture, manufactures, 
commerce, and the mechanic arts, flourished and the 
internal trade and business of the whole country was ot 
a mighty and yet "onward" amount and success in all 
these kept down the exchanges on Europe to rates that 
were below real par, though the importations of foreign 
goods were heavy. But how stands the case now? The 
"command of money" assumed by the president of the 
Tjnited States, has caused so great a want of paper redu- 
cible into coin, (though coin is more abundant than it 
was in years past), that there is not enough of it in cir- 
culation to perform the ordinary business of the people, 
and the banks hold fast to the coin which they have to 
save themselves, if it be possible, in the ruin which 
seemingly impends, through the loss of public confidence 
HIM! a wide-sweeping bankruptcy; and the demand for 
labor is immeasurably diminished, in the uncertainty of 
a reward for it. Bills on Europe, too, are much lower 
than they were a few months ago, being realty nine or 
ten per cent, below par, not from tlie. successful in- 
dustry of the American people, but in the want of it, and 
the severity of the demand for money, not for new 

enterprises, but to fulfil old engagements hence there 

is a depreciation of the value of property, and a state of 
embarrassment, which causes some men (though not yet 
consenting to make paper a "legal tender") to be nearly 
prepared, in the desperation of circumstances, to desire 
a suspension of specie payments by the banks!* This is 
a fearful state of things, but not the most fearful that 
others apprehend will, or may, ensue before the close of 
tlie present year if present projects are persevered in. 

What we said in 1818 we say still. We still fear the 
command 
polisms. 

polism but failed; and a reformation was effected. 
Since then all has been peace and quietness, and the cur- 
rency remained as steady as it was possible to keep it 
for, on account of high or low prices of commodities, of 
excessive importations, and, for many other reasons, 
there must needs be occasional contractions and expan- 
sions; and, perhaps, no better evidence can be offered of 
the good conduct of the bank than the good will of nearly- 
all the local institutions, though rivals in the business of 
money lending. Yet the bank had the "command of mo- 
ney" a dangerous command, which we would not con- 
tinue, nor is it probable that the batik itself wishes it, to 
the extent given in the present charter. But what is the 
new "command of money" doing' The power which 
laid dormant in the directors of tlie bank, has been grasped 
and used by the president, "on his own responsibility," 
and the effect is the misery of which the people now so 
generally complain, and the losses which they are daily 
sustaining. The price, as above stated, of necessaries 
has suddenly fallen from 20 to 25 per cent, and many 
hundred persons who were solvent, and, indeed, some of 
them rich, at this time last year, have become bankrupts, 
in a presidential exertion in the "command of money." 
The power to do this is that which was and ought to be 
feared in the bank; but is not the less grievous when ex- 
ercised by "the government." T/te principle is the same 
the effect the same. And a retracing of false steps, as 
to the "command of money," is just as necessary now 
by the president, in our opinion, as it was by the bank in 
1818. The withdrawal of the public deposites, with re- 



of money as the most dangerous of all 
The bank, as we believed, attempted thii 



des- 
is des- 



c ep 

spect to their amount, is a matter of small consideration. 
The bank has made many times more heavy payments, 
on account of the United Slates, in the same |>eriod of 
lime, and without any material derangement of business, 
unless for a short season; but it is the general Mat 61 
confidence thereby produced, and the absolute necessity 
cast upon the bank to preserve itself against the "com- 
mand of money" in the hands of "the government," 
which forbids its heretofore confident operations, and 
keeps the local banks, also, continually on the "look-out 
for squalls!" Had the bank been permitted quietly to 



tain the favor of the government in a renewal of its 
charter, would not have apprehended the hostility of "the 
^overiuntnl" in measures adopted to wind up its affairs, 
ll is the abominable of this business, that transient political 
barty has entered into the consideration of matters so im- 
portant as the currency of the country. 

We have seen accounts since our last publication, of, 
we think, about one hundred meetings of the people for 
and against a restoration of the deposites! Most of them 
will, probably, be briefly noticed in our sketches of the 
proceedings of congress, and that is all that we can do 
with them. 

It may be mentioned, however, that there has been one 
great meeting at Albany, at which, it is said, that 3,000 
persons were present, against restoring the deposites 
and about 3,000 signed a call for a meeting to adopt 
resolutions in favor of restoring the deposites. [This 
meeting has been held, and said to have been attended by 
from 4 to 6,000 persons.] 

Monday last was appointed for a meeting of the stock- 
holders of the Girard bank, of Philadelphia, for the pur- 
pose of considering the propriety of declining to receive 
the public deposites. This matter caused a mighty ex- 
citement in that city, an immense crowd filled the streets, 
and the rooms and passages of the bank were crammed 
with persons, and great confusion ensued; for it was ren- 
dered impossible, by the press, for the stockholders them- 
selves to attend to the business about which they had as- 
sembled. It appears, however, that each party to the 
subject passed a set of resolutions and that each claims 
the majority! We gather from the proceedings, how- 
ever, that means have been taken, (by the party in favor 
of giving up the deposites), to ascertain with whom the 
majority rests, by receiving the signatures of the stock- 
holders. 

There was to have been a general meeting at Phila- 
delphia, on Thursday afternoon last, of those opposed to 

he removal of the public deposites, at which the differ- 
ent classes of persons and trades, were to appear with 

heir badges and banners and the papers have been fill- 
ed with notices of the preparations making or made for 

.his assembly. It is probable that we may be enabled to 
add a few lines, if the mail arrives in season. 

The Delaware committee made a report of their pro- 
ceedings, with an account of their interview with the 
president, &cc. to a meeting of the people of New Castle 
iouuty, on Saturday last. 

Sales of 170 shares of U. S. bank stock, at New York 
stock exchange on Tuesday last, 105@105^. 

There are many rumors as to the substance of the mes- 
sage of the president on a renomination to the senate 
of certain gentlemen for directors of the bank. It is said 
to contain a declaration that he will name no others 
and added, that an appeal from the senate to the people 
will or may be made. We hope this is a mistake. It 
relates to a matter in which the senate has a perfectly 
concurrent right and power with the president standing, 
indeed, in a more lofty position than the executive itself. 
The nominations of the president generally are, as they 
ought to be, treated with the greatest respect; but so 
should also the disapprovals of the senate. In such things 
it is not easy to believe that the latter has acted on what 
may be called party grounds. Fora striking example, 
Mr. Henshaiu, the collector at Boston, a gentleman re- 
markable for his party zeal, but who is reported an ex- 
cellent officer, received every vote of the senate on his 
nomination for reappointment. A majority of the senate 
believes that the late "government directors" of the bank 
are enemies of the bank committed, in fact, to carry on 
a war against an institution in which seven millions of 



die a natural death, it is our serious belief that not a 
tithe of the present evils, or those which are expected, 
would have ensued; for the bank, though not able to ob- 



*Thi, indeed, lias keen broadly thrown out, as to the *afriy 
fund banks of New York and tbe authority of the legislature 
invoked to Biulain the proceeding, "to uphold the president and 
truth the monitor'." 



the money of the United States are invested and the 
fitness of the gentlemen, surely, the senate may and 
should be careful to ascertain. Mr. Suyard, though 
as decided a friend of the administration as either of those 
renominated, was promptly approved by the senate; and 
so would others, we presume, if well known as opposed 
to a renewal of the charter of the bank, but untrammelled 
by former proceedings. 



NILES' REGISTER MARCH 22, 1834 CONGRESS. 



The legislatures of Maryland, VirginiumA Ohio, have 
recently adjourned lUe house of delegates, of the for- 



without opposition. The charier, or town elections, in JV*. 
York are contesting with unusual activity. The array of 
the contending parties in Virginia is more resolute than 
it has been for many years, each party seems sanguine of 
success, and both have addressed the people at much 
length. I I 

_ to Monday. 

The "National Intelligencer" of Thursday last con- March \1. The .nee president submitted certain resolution. 



Mr. Poindexter reported a bill j.r> -crilnu^ the manner and 
time ill' advertising Hie sale* of tlie public lauds; which wan 
read and ordered to a second reading. 

Mr. Poindexter gave notice that he would, to morrow, auk 
leave to introduce a resolution authoring the committee on 
public lands to employ a clerk to take down the testimony of 
witnesses summoned in appear before xaid committee, touch- 
ing the alleged frauds in the sales of public lands. 

The senate then resumed the consideiulion of tlie gperial 
order of the day, being the seeietury of the treasury's reason*, 
&c. for the removal of the dtpoites; when 



Mr. Tallmadge resumed his speech, but before he concluded, 
e gave way to a motion to adjourn and the senate ailjourned 




in reply; 

rial of Worcester county, signed 8y 6,207 of his fellow I part of the people of his state, he spoke in terms of lofty praise 



_ . _ny difference ot opi; 

linson's, in the senate, introductory to a memorial ot the them and himself. 

people of Bridgeport, Con. signed by 380 legal voters of Tlie chair communicated a paper containing the proceedings 

that town, which contains but a few more than 400, in all. antl resolutions of a meeting of citizens of York county, Pmn- 

In ordinary times, all of these speeches would have s ^ an ' :l ' frl ?"' ls , of ll "; ^''""'strmion, in favor of the removt 

J , . .' . T1 ,, ot the deposites from the bank ot the united slates, and against 

been registered but they cannot now be, by us Mr. Polk tne rechl | rter of , llal itl , litiuiori; ahd> it , invil , B bce \ t rea ,i_ 

undertook to lecture Mr. Jidams because ot the freedom Mr. Wilkins moved that it be referred to the committee oh 
of his remarks when commenting upon the resolves of finance and printed. 

Massachusetts, which produced from the latter the fol- (J^-This matter produced a debate which lasted all day irt 

lowing very severe remarks and quotation: which a majority of the senate took part. We caniiot do mine 

After Mr. P. had concluded I l ' uin briery notice its cause, and shew a few of the principal 




shall nerer be disposed to interfere with any member following extract "from what it contains concerning one of the 
who shall rise on this floor and pronounce a panegyric | One word in conclusion: Daniel Webster, how a senator 



upon the chief magistrate. 

"No! LET the candied tongue lick absurd pomp, 
And crook tlie pregnant hinges of the knee, 
Where TUUIFT may follow fawning!" 



and a champion of the bank was, at its creation, a member of 
the house of representatives. Then the bank was not his client) 
and he was opposed. to it. His unbiassed opinion, as a repre- 
sentative of the people, was in direct opposition to \vhai rie nb* 
holds; but cow he is 'concerned for the bank,' (in legal phraseo- 
logy), and no doubt finds it a good fat client, as it has already 
J. W. Bouldin has been elected (o congress from the I disposed of more than fifty thousand dollars in the shape of fees; 
Charlotte district, Va. as the successor of his late brother ' 1816 > lle was alarmed at the dangerous powers such an rri- 




seat. This is the third election, held in that district for the world abroad, and that, in the present stale of the worldj 
the same session of congress. J. \V. B. is friendly to the there could be no other currency.' 

administration, and against the bank. Before presenting the paper, the vice president directed the 

_ attention of Mr. Wilkins to the preceding and other objection- 

WP havp a list nf the TTnitpil Vlnte* oiKsrnm IIOIKSP nfli- able P :lssa s es ) "n' 1 the latter was ready to take the responsibili- 
VXT v i ' U r" eU **** Ft ? ' ty of striking th< in out, to which also Mr. McKean, with indif- 

cers at New York, and ot the corporation officers of that femice as to tne subject, asscnted-and they were so marked 
city, with the amount ot the compensation received by as not to be read by the secretary to the senate. Aftrrthe read- 
each person. The number of tlie first is 323, the amount ing, Mr. Webster rose and stated that he had been advised of the 
of their compensation 340,000 dollars! The number of character of these proceeding?, which he stated, on ihe ihibr- 
the second is 171, and, including the watchmen, 719, and m!llio " . f I J , er * " ? of . lhe 1 1 li 1 - lle ^ t respectability, some of whom 
. .- ., . . a ,,, ,,_ , ,, he named, tmn boon issued by Ihe minority of the meeting held 

the amount ot their compensation 2*8,337 dollars toge- jn York , a ' nd he offeree! a protest against them winch had" been 
ther 1,0*2 persons, and 588,337 dollars; and the corpora- sent to him; he also read a l.-tter from York which concluded 
tion officers, besides, disburse very large sums, and have with saying "there are enough administration men woo iiav 
many hundred persons in constant employment. When changed to revolutionize tins state if they u-ill stay cftnngcd." 
we get a table also of the State and other officers of the After the names attached to the resolutions had been read, 
United States in that city, we may present a view of the Mr - Proton asked "how came this paper before the senat. ?> 
n/hnl*. tno-pthpn Tlle vil>e president answt red that he had received it in a letter 

1 " addressed to himself, which was read; and in explanation, the 

'""""' I vice president stated the facts as to the suppression of the ex- 

We are not "panic makers" but duty requires us to ceptionable paragraphs, as miefly noticed above. Mr. Preston 
say, there are strong reports that two of the deposite then asked Did the chair mean id state that UIH obliteration 
banks in the south had stopped payment in one of which took l' lilcc aftfir the paper was in the possession of the senate, 
"the government" had about a million of dollars. * nd TO* f" ?'. le wilh , th . e knowledge of the vibe present,* 

To which the chair assented. 

~* After some further remarks of Mr. Webster, in which he said 

TWENTY-TlllRD CONGRESS FIRST SESSION. that he had felt it his duty to notice this "miserable Maieinent," 

SENATE. though for himself he would rather have permitted Mich idle 

March 14. Mr. Wright presented the proceedings of a meet- and ridiculous scandal to have passed unnoticed by him 

ing of the inhabitants of the town of Brooklyn, N. Y. and also Mr. Preston rose, and warmly denied the right of any person 

a memorial on the same subject from the same town, approving to alter or mutilate a petition the right to petition being a sa- 

the removal of the deposites, and pronouncing the chartering of cred one and he protested against the alteration made after 

a national bank unconstitutional, N.C. this paper was In the custody of an orlirer of that house. Mr. 

Mr. Prentiss presented the proceedings and memorial of a Wilkins explained Ihe part that he had taken in this maltfr. It 

convention of delegates from the several towns and counties of I was obvious, he said, on Ihe face of the fact, that Ihe striking 

the state of Vermont, disapproving the removal of the public out matter which tvas individually offensive to a member of the 

deposiles and praying a restoration thereof to the bank of the senate, could not have proceeded from any improper motive} 

United States. and it did not . i:hangt>, in any es.-entinl point, wti;it the people 

Mr. M^Ke.in presented the proceedings of a large meeting of York had presented: and hf added that there was ahothef 

held ia the city and county of Pbiladelpbia, approving the ac- paragraph in the proceedings which ought not to be there. H6 

tion of the executive government in reference to the removal of then spoke of the protest against the proceedings of the meet- 

the public deposites. [The matters stated in the three preced- ing, and .made light of it, and concluded by saying "AS 

ing items, were read, and referred and ordered to be printed.] I to the erasure, it might have been unjustifiable, as he bad bi:-' 



NILES' REGISTER MARCH 22, 1834 CONGRESS, 



fore said, but it was made entirely out of delicacy to the mem 
her assailed. If this motive was not sufficient to justify th 
act, it ought, at least, to excuse it." 

Mr. Preston replied, and insisted that the mutilation of tl 
paper had changed its character and that it was wrong, b 
cause that paper was in the possession of an officer ofthe houi 
individual senators might do what an officer should not d 
&c. Mr. Clay followed, and said that the conclusion of Mr. 1 
was a just one il was evidenl lhat if a right existed in an of 
cer to make an erasure, there was also a right of insertion; ai 
he asserted that the paper had lost its "identity" it was not ' 
genuine document." Atler he had concluded, the vice pres 
dent stated the question, "shall the petition be received?" ai 
a long debate followed, the various questions raised being di 
cussed by Messrs. Kane, King, of Geo., Preston, Wright, Leig] 
Bibb, Poindexter, Manguin, McKean, Black, Calhoun, Claytoi 
Webster, Forsylh, Brown, Sprague and the chair. The dcba 
lasted until hall" past 5 o'clock, and was listened to by one i 
the most closely packed auditories that ever filled the g:\llern 
ofthe senate. Finally the senate refused to receive the con 
muiiication* presented by the chair, by the following vote: 

YEAS Messrs. Benton. Brown, Forsyth, Grnndy, Hemlrick 
Hill, Kane. King, of Ala., King, of Geo., Linn, McKean, Mai 
gum, Morris, Robinson, Shepley, Tallmadge, Tipton, White 
Wilkins, Wright 20. 

NAYS Messrs. Bibb. Black, Calhoun, Clay, Clayton, Swing 
Frelinghuysen, Kent, Leigh, Moore, N.iudain, Poindexter, Po 
ter, Preston, Robliins, Silsbee, Smith, Southard, Sprague, Swil 
Tomlinson, Waggaman, Webster 24. 
The senate then, soon after adjourned. 
March 18. After other proceedings Mr. Webster rose nn 
presented a protest against the reeent measures ofthe executiv 
in the removal of the deposites, &c. signed by 6,841 voters an 
tax payers of Boston, which had just been brought to these; 
ofthe national government by a most respectable committee 
Mr. W. proceeded, at length, to shew the character ofthe sign 
ers, and referred, with much force and beauty, to limes Ion 
past, and he commented on the proceedings ofthe executive a 
much length and with great freedom. We can only make root 
for the following paragraphs: 

"They thought that the effect ofthe measure was to produce 
to augment, the rapidity of certain tendencies which they be 
lieved had attended the government for some years past, an 
that was the tendenr-y to increase power and influence in th 
executive hands. They were of opinion, that the substraclioi 
of the public revenue from a custody where it was under th 
eye of congress to a custody where il was only under Ihe eye 
ofthe secretary ofthe treasury, was one great proof of the ex 
islence of that tendency to increase power. Were they no 
right? Where were the public Ireasures of Ihe United Slates 
No man in that senate knew; no man in the other house knew 
The last time that the senate had heard of" them they were de 
posited in certain banks not created or fixed by its will. Tliej 
might be changed, for aught the senate know, within the las 
half hour, to some other place, which it knew not. What war. 
(said Mr. W.) the condition of the treasure six months ago; 
Was it situated as it is now? Did not every member know 
where the money was then? and had not congress an account 
of it, and could see that it was all there? Had congress any 
such right now? Had that house, or the other, the) power to go 
to the bank ofthe Metropolis, or to the Manhattan bank, in or- 
der to see that the money deposited in those places was safe? 
The executive had now the preservation ofthe public treasure, 
and congress had no control over it. 

"It was a fact not to be denied, that every dollar ofthe pub- 
lic money ordinarily eight or ten millions between the mo- 
ment of its receipt at the custom house and the land offices 
from the moment of its appropriation under the authority ol 
Jaw, was under the entire, exclusive government of the secre- 
tary of the treasury congress knew nol where congress de- 
clared not how." 

He was followed by Mr. Silsbee who made a few remarks on 
the competency of the signers lo form correct opinions on the 
subjects presented by them; and Mr. S/>rgt/e, more ill length, 
bore a like testimony, and with reference to Boston, said 

"II was from the same source; it was under the same roof, a? 
has been so well remarked by the gentleman from Massachu- 
setts, that memorials, protests and petitions, were transmitted 
to the British parliament. Those memorials, proieM.-* and peti- 
tions, denounced, at thai lime, an act of political poiver, s> i/.ing 
their money without the consent of either [hem-elves or their 
representatives. The descendants of those people come now, 
and protest against an act of political power, also seizing their 
money without their consent, or the consent of their represen- 
tatives. The memorials, protests and petitions .sent to the Bri 
tish parliament were contemned. He trusted tlt.it a different 
fate awaited those which were now sent to conuress. The 
memorialists had come hither because they thought that they 
lived, or ought to live, under a government of laws. They have 
come here with faith in law, and in the national legislature, and 
ask for relief and for redress. 

"It has been remarked, that they did not go to the executive 
mansion, they did not pass by the halls of congress to lay their 
complaints at the feet ofthe executive. They believed that the 
executive had no right to interfere: and the manner in which 



ing 



So called in the motion -as being the proceedings of a meet- 



the other committees who had come hither, were treated* &y flrtf 
chief magistrate, had prevented them from exposing themselres 
to similar treatment. Their behaviour to the chief magistral* 
in the city of Boston, shows that they know Jw>w to respect tn 
official dignitaries ofthe county: their refusal now to go to him? 
shows that they know how to respecl themselves." 

The memorial was then read; and referred to the committee 
on finance, and ordered to be printed. 

Mr. Wtbster then rose to introduce the bill, of which he had 
given notice, and which is as follows: 
A bill to continue for the term of six years, the act entitled "an 

act to incorporate the subscribers to the bank of Mie United 

States." 

He it enacted, Sfc. That the act entitled "an act to incorporate 
the subscribers to the bank of the United States," approved on 
the tenth day of April, in the year one thousand eight hundred 
and sixteen, shall continue in full force and effect for Ihe tertu 
of six years, fiom and after the period therein limited for its ex- 
piration, to wit: the third day of March, in the year one thorr- 
saiid eight hundred and thirty-six; and that all the rights, iih- 
terests, properties, powers and privileges secured by the same 
aet, with all the rules, conditions, restrictions and duties therein 
pi escribed and imposed, be and remain alter Ihe said third day 
of March, in the year one thousand eight hundred and thirty- 
six, during the said six ye;us, as if Ihe said limitation in the 
said act, had riot been made; provided, nevertheless, that so 
much of the. said act as declares that no other bank shall be 
established by any fature law of the United States, during the 
continuance of the corporation thereby created, shall not be 
continued by this act; but that it shall be lawful for congress, 
whenever it shall see fil, to establish any other bank, to come 
into existence and operation at any time, on or after the fourth 
day of March, one thousand eight hundred and thirty-six. 

Sec. 2. And. be it further enacted, That all the public mo- 
neys accruing to the United States, and becoming payable from 
and after the passage of this act, in places where Ihe said bank, 
or any of its offices, is established, shall be deposited hi the 
bank ofthe United States and its offices as heretofore; provided, 
That, at any time after this act shall have been accepted, con- 
gress may, by law or joint resolution, cause such moneys to be 
withdrawn and removed to any other custody or place of de- 
posites. 

Sec. 3. And be it farther enacted, That, in consideration of 
the benefits and privileges conferred by this act, the said bank 
shall pay to the United States the annuity or yearly sum of two 
litindrcd thousand dollars, which said sum shall tin paid, by the 
said bank, on the 4lh day of March, in each and every year, 
during the said term of six years. 

Sec. 4. And be it further enacted, Thnt congress may provide 
->y law, that the said bank shall be restrained at any time after 
the third day of March, in the year one thousand eight hundred 
and ihirty-six, from making, issuing or keeping in circulation, 
any notes or bills of said bank, or any of its offices, of a less 
sum or denomination than twenty dollars. 

Sec. 5. And, be it further enacted, That, any time or times 
ivithin the last three years ofthe existence of said corporation, 
is continued by this act, it shall i>e lawful for the president and 
lirectors to divide among Ihe several slockholders thereof, such 
lortions ofthe capital stock ofthe said corporation as they may 
lave withdrawn from active use, and may judge proper so to 
livide. 

See. 6. And, be it further enacted, That so much of any act 
ir acts of congress, heretofore passed and now in force, sup- 
ilementary to, or in any wise connected with, the said original 
ct of incorporalion, approved on the tenth day of April, in the 
ear one thousand eight hundred and sixteen, as is not incon- 
istent with this act, shall be continued in full force and effect 
uring the said six years, after the third day of March, in the 
ear one thousand eight hundred and thirty six. 
Sec. 7. And, be it further enacted, That it shall be the duty 
f the president and directors of Ihe said bank, on or before 
IP. first day of the next session of congress, to signify to the 
resident of the United States their acceptance, on behalf of 
!ie bank of the United States, of the Irrms and conditions in 
lis act contained, and if they shall fail to do so on or before 
ic day above mentioned, then this acl shall cease lo be in 
jrce. 

Previous to the introduction of the bill, Mr. Webster address- 
d the senate at some length, expounding Ihe situation of the 
ountry, the opinions of the committee, and his own views, in 
ic presentation of this measure. 

Mr. LeijA then gave the reasons which would compel him to 
ote against the prolongation ofthe charter of this bank, or the 
larler of a now one; at the same time he threw out the idea 
hat a condition of things might be developed which would 
tanan both ihe views of the state of Virginia and his own, on 
ie subject ofthe bnnk. 

On motion of Mr. Wright, who then expressed a desire to 
ve some views, the senate adjourned. 

March 19. Mr. Tomlinson rose and presented the memorial 
'Hie merchant.*, manufacturers and other citizens ofthe town 
"Bridgeport, iii Connecticut, signed by 380 voters, against the 
inoval of the deposites. Mr. T. stated that there were but 
)() legal voters residing in the town; and entered into a very 
K:restiii2 history of the place, and testified in the strongest 
rms to the high character of the memorialists. 
Mr. McKean presented the proceedings and memorial of 700 
binet makers piano foite makers and olhcr mechanics ef the 



NILES' REGISTER MARCH 22, 1834 CONGRESS. 



53 



city of Philadelphia, also opposed to the removal of the de- 
posiles. 

Mr. Mbb presented similar proceedings of a meeting of the 
Citizens ol Madison comity, Kentucky. 

Mr. Waggaman presented the resolutions and memorial of a 
meeting ol the merchants of New Orleans, al.so opposed to the 
removal of the deposites. 

Mr. Alangam presented a memorial signed by 250 citizens of 
Plymouth, North Carolina, of a similar character to the above; 
he stated that the voters of the place were about 450. 

All the above memorials, resolutions, &c. were read, referred 
to the committee on finance and ordered to be printed. 

Mr. Preston reported the bill to increase and regulate the pay 
of surgeons and assistant surgeons in the army of the U. State*, 
without amendment. 

On motion of Mr. Webster, the bill from the house of repre- 
sentatives making appropriations for the support of the army of 
the U. Slates, for the year 1834, was taken up, twice read by 
unanimous consent, and referred to the committee on finance. 

Mr. A'ing reported a bill making appropriations for the repairs 
of the military road to Mars Hill, in Maine, which was read and 
ordered to a second reading. 

The chair then announced the special order of the day, being 
the unfinished business of yesterday, the bill to continue for a 
limited time the charter of the bunk of the United Stales. 

Mr. Webster said, as the gentleman from New York. (Mr. 
Wright) had expressed a wish to say something on this subject, 
and as the senator from S. Carolina also wished to say some- 
thing on it, he would move to lay the bill on the table, and thus 
give the other senator from New York (Mr. Tullmadge) an op- 
portunity of continuing his remarks on the other speeial order, 
the removal of the deposiles. He would make this motion now, 
at the same time giving notice that he would call up the bill at 
an early hour to morrow. 

The motion was then agreed to. 

The chair then announced the second special order, being 
the report of the committ.ee on finance, and the resolutions of- 
fered by Mr. Clay; when 

Mr. Tallmage resumed his observations commenced last 
week, in defence of the removal of the deposites, and in vindi- 
cation of the power exercised by the executive, and continued 
until near 5 o'clock, when he concluded, 

And, on motion of Mr. Clay, the senate adjourned. 

MarchZQ. The chair communicated a report from the war 
department, transmitting copies of the Army Register for 1834. 

Various memorials, petitions and reports, were presented and 
made, on private claims, and referred and disposed of. 

On motion of Mr. Webster the senate resumed the considera- 
tion of his motion for leave to introduce a bill to continue, for 
a limited lime, the charter of the bunk of the United States; 
when 

Mr. Wright, Mr. Webster and Mr. Leigh successively address- 
ed the senate on the subject, and, on motion of Mr. Cal/ioun, 
the senate adjourned. 

HOUSE OF REPRESENTATIVES. 

Friday, March 14. Ntaily the whole of this day was given 
Up to the consideration of private or local business, and a large 
number of bills for the relief of individuals were considered, and 
ordered to be engrossed or passed. 

The consideration of the resolution of Mr. Mardis, on the 
subject of ihe deposites, being the unfinished business of the 
morning 

Mr. Burges resumed the course of his remarks in opposition 
to Ihn resolution, and continued to speak for some time, though 
in a state of indisposition, when he save way for a motion to 
postpone the further consideration of the resolution to to-mor- 
row. 

The army appropriation bill wa< then considered, amended 
and ordered to be engrossed f-.it a third reading when the 
house adjourned. 

Saturday, March 15. Tbe resolution of Mr. Mardis respect- 
ing the public deposites, vas taken up. 

The speaker informed the house that he had received a letter 
from Mr. Buries, stating that he was prevented by indisposition 
from attending the luiuse to day, and requesting that the const 
deration on the resolution be postponed till Monday. 

On molion of Mr. WIMlesey, of Ohio, the further considera 
lion of the resolution was postponed till Monday. 

The army appropriation bill was read a third time and passed. 

The house proceeded to consider a joint resolution for the 
purchase of certain books, for the use of the new members, Ihe 
question being on the amendment reported from the committee 
of the whole, for the purchase of additional copies of Gales & 
Seaton's debates, which amendment liein" agreed to, the reso- 
lution, as amended, after an.animated debate, which lasted till 
near 4 o'clock, in which several gentlemen took part, was 
agreed lo, and the house adjourned. 

Monday, March 17. The consideration of the Virginia reso- 
lutions on the removal of the deposites beins; the unfinished bu- 
siness of the morning, Mr. Pinckney, of S. C. who was entitled 
to the floor, at the request of Mr. Mams, of Mass, waived his 
right, in order to allow the presentation of memorials. 

Memorials favorable to the restoralion of the deposites were 
then presented by the following persons: 

By Mr. Jarvis, of Maine, from inhabitants of Eastport; by 
Mr. Evans, from inhabitants of Lubec, Maine; by Mr. Gorkam, 
frosi nearly 7,000 citizens of Boston, all of them voters in that 



city; by Mr. Lincoln, from 6,207 citizens of Worcester, Mass.; 
by Mr. Everett, of Vermont, from delegates from all the towns 
of Wiridham county in that state; and by Mr. f'illmore, from 
729 citizens of Bulfalo, New York, all praying for a restoration 
ol the deposiles, which were severally read, ordered to be print- 
ed, and referred to the committee of ways and means. Mr. 
Jldams presented the resolutions of the Massachusetts legisla- 
ture, also disapproving of the removal of the deposites, and 
applying to congress lor relief. On presenting them Mr. A. 
went very much at length into an explanation and commentary 
on the several resolutions, which he read in succession, and 
moved that they be referred to a select committee, and that hia 
motion and the resolutions, for the present, he on the table. 
He withdrew his last motion al the request ol 

Mr. Polk, who replied to Mr. A. in defence of the adminis- 
tration. Mr. A. made a brief response. 

After several other petititions on various subjects had been 
presented and disposed of, the house adjourned. 

Tuesday, March 18. Mr. Binney reported a bill to remit the 
duty on locomotive engines heretofore reported, and to allow 
their future importation duty free. 

Mr. Leavitt reported a bill appropriating 150,000 acres of land, 
in addition to Ihe quantity heretofore appropriated, for the a- 
lislaciion of bounly land warrants. 

Mr. R. M. Johnson reported a bill for the erection of an ar- 
mory. on the western waters. 
Tbe above bills were twice read and committed. 
A message was received from the president of the U. States, 
suggesting the expediency of extending the term allowed for the 
settlement of the claims under the late treaty with Naples; 
which was referred to the committee on foreign relations. 

Mr. Pinckney obtained leave, and submitted the following re- 
solution: 

Resolved, That the documents communicated by the presi- 
dent of the United States, in relation to the trade between the 
United States and the islands ot'Cuba arid Porto Rico, be refer- 
red to the committee on commerce; and that said committee be 
instructed to inquire into the discriminating duties referred to 
by the president in his message, and into lt~,e expediency of 
adopting countervailing measures, for vhe protection of Ameri- 
can merchants and ship owners. Agreed to. 

The house then proceeded to the consideration of the resolu- 
tion of Mr. Mardis, of Alabama; when 

Mr. Surges look the floor and continued his speech in oppo- 
sition thereto, until one o'clock, when he suspended his re- 
marks; and the speaker announced the special order of the day, 
being the resolutions reported by the committee of ways and 
means on the removal of the deposites, and the house proceed- 
ed to consider the same; when 

Mr. Wilde said he would now proceed to offer some observa- 
tions to the house, unless the gentleman from Tennessee desir- 
ed to speak. 

Mr. Polkhavinn signified that he did not wish lo speak, 
Mr. Wilde look the floor, and offered the following resolution 
as a substitute for the first resolution reported from the com- 
mittee of ways and means: 

Resolved, That the reasons submitted by the secretary of the 
treasury for removing the pi>'olic deposites are insufficient and 
unsatisfactory. 

Mr. Wilde, after speaking nearly Ihree hours, yielded the 
floor, without concluding, to a molion lo adjourn; when, on 
motion of Mr. Williams, the house adjourned. 

Wednesday, March 19. Mr. Elhha Whittlesey, from the com- 
mittee ofcla'ims, reported the following resolution, viz: 

Resolved, That the committee of claims be instructed to in- 
quire into the expediency of providing by law for referring all 
claims for buildiiig? burnt and deslroyed by the enemy during 
the late war, because they were in the military occupation of 
the United States, by an order of an officer, or agent of the 
United Stales, as places of deposile, or as barracks, to the 
third auditor of the treasury department, on principles that 
have been heretofore prescribed in the settlement of such 
claims, and thai they further inquire into Ihe expediency of 
providing by law for the settlement of all claims arising 
from the loss of property in the military service of the United 
Stales, by contract or employment, and for horses lost during 
the late war also, during Ihe war with the Seminole Indians; 
and the late war with the Indians commanded by Black Hawk, 
on such principles as have heretofore been prescribed in such 
cases. 

Mr. WhUtlesey explained the reason why the commissioner of 
claims had not acted on these cases, which was understood to 
be, a limitation as to time in the their presentation, and con- 
tended that no such limitation should be interposed. The re- 
solution was agreed to. 

The house then proceeded to the consideration of Mr. Mardis' 
resolution on the deposites, when, 

Mr. Buroes resumed the floor, and continued his speech in 
Opposition to the resolution, until 1 o'clock, when they were 
again cut short by Ihe expiration of the morning hour. 

The house then went into the consideration of the report of 
the committee of ways and means on the removal of Ihe de- 
posites, when 

Mr. Wilde again took the floor, and concluded a very animat- 
ed and sarcastic speech, in support of the amendment he had 
offered declaring the reasons of the secretary insufficient and 
unsatisfactory. He closed at half past three o'clock, when, OB 
motion of Mr. Pinckney the house adjourned. 



54 NILES' REGISTER MARCH 22, 1834 BANK OF THE UNITED STATES. 



Thursday, March 20. Mr. Clay reported a hill authorising the 
jEonstruelioij of rail road* and can-alt, through lands of the Unit 
ed States. 

After various other business of a private or local character, 
Ihe house took up tin; unfinished business of the morning, 
which was the consideration of Mr. Mardis' resolution on lh 
deposites, when 

Mr. Surges once more addressed the house in opposition to 
the resolution, and held (he tlnnr until the expiration of the 
morning hour, w'iien his remarks were suspended. 

The house tin n proceeded at one o'clock, to the orders of 
Ihe day, viz: the consideration of the report of the committee 
'of ways and mean-; wbeu 

Mr. Pinckney, of South Carolina, rose and addressed the 
house at large, in opposition to the resolutions with which the 
rjx>rl concludes, and which it recommends for adoption. 

BRITISH KING'S SPEECH. 

House of lords, Tuesday February 4. 

His majesty this day opened the sessions of parliament in per- 
son. 

At half past 1, the lord chancellor took his seat on the wool- 
lark. 

His majesty, attended by the usual ministers of state, entered 
the house at a quarter after 2 o'clock. His majesty, we are 
Jjappy to say looked very well. He appeared to be in excellent 
health. 

The pommons having been summoned, ttbout 200 of them, 
headed by the speaker, immediately presented themselves at 
the bar, when his majesty proceeded to read, in a distinct and 
audible voice, the following gracious speech: 
My lords and gentlemen: 

"In calling you again together for the discharge of your high 
dti'iex, 1 rely with entire confidence on your zeal arid diligence, 
on y;"r sincere devotion to the public interests, and on your 
firmness j^i supporting on its ancient foundations, and in the 
Just distribution of its powers, the established constitution of the 
state. 

"These qualities eminently distinguished your labors during 
the last session, in which more numerous and more important 
questions were brought under the consideration of parliament 
.lhan during any former period of a similar duration. 

"Of the measures which have in consequence received the 
c-Tirtion of the legislature, one of the most difficult and import- 
ant was the hill for the abolition of slavery. Tim manner in 
which that beneficent measure has been received throughout 
.he Bnti?li colonies, and the progress already made in carrying 
ji in,;o execution by the legislature of the island of Jamaica, af- 
ford just Grounds for anticipating the happiest results. 

."JIhriy other important subjects will still call for your mos 
attentive consideration. The reports which I will order to he 
laid before yon from the commissions appointed to inquire into 
the state of the municipal corporations, into the administration 
and effects of the poor laws, and into ecclesiastical revenues 
;nd patronage in England and Wales, cannot fail to afford you 
jnudi .useful information, by which you will be enabled to 
judge of the nature and extent of any existing defects an 
abuses, and in what manner the necessary corrections may, in 
due season, be safely and beneficially applied. 

"It has beep the constant aim of my policy to secure to m; 
people the uninterrupted enjoyment of the blessings of peace. l' 
.this I have been much assisted by the good understanding whic 
has been so happily established between my government an 
that of France; and the assurance which I receive of the friend 
ly disposition of the other powers of ti:; continent give me con 
fidence in vh'e continued success of my endeavors. 
' "I have, however, to regret that a final settlement betwee 
Holland and Belgium has not yet been effected, nnd that th 
civil war in Portugal still continues. You may be assured that 
shall he careful and anxious to av:iil myself of any opportunil. 
which may afford me the means of assisting the establishment o 
a state of security and peace in countries the interest of whic 
are so iniirnalely connected with those of my dominions. 

"Upon the Heath of the late king of Spain I did not hesitate t 
recognize the accession of his infant daughter; and I shall watc 
with the greatest solicitude Ihe progress of events which ma 
affect a government, the peaceable settlement of which is o 
the first importance to this country, as well as to the genera 
tratiqiiility of Europe. 

"The peace of Turkey since the settlement that wn.-s mad 
with Mehemet Ali, has not been interrupted; and will not, 
trust, he threatened with any new danger. It will be my ob 
ject t" prevent any change in the relations of that empire wit 
other powers, which might affect ;ts future stability and indi 
pendenre.. 
Gentlemen of the house of commons: 

I have directed the estimates for the ensuing year to be la 
before you 

Thfv have been framed with a view to the strictest econom 
and to such reduction as may not be injurious to the public se 
vicr. 

I am confident that f may rely on your enlightened patrio 
ism, and on llir cheerful acquiescence of my people for xnpph 
ing the menn* which may he. required to uphold the honor' 
Biv crown and the imprest of my dominions. 

The account- wliieh will he h'nd before you ofthfi state of tl 
revenue, as compared with the expenditure, will be found rno 
satisfactory. 



i/ lords nnd gentlemen: 

I have to lament the continuance of distress amongst the 
oprietors and occupiers of land, though in other respects the 
ate of the country, both as regards its internal traiiquility, and 
< commerce and manufactures, affords the most encouraging 
ospects of progressive improvement. 

'The acts passed in this last session, for carrying into effect 
arious salutary and remedial measures in Ireland, are now in 
leranon. and further improvements may be expected to result 
om the commissions which have been issued for ether import- 
nt objects of inquiry. 

"I recommend to you the early consideration of such a final 
djuslment of the tithes in that part of the United Kingdom as 
lay extinguish all just causes of complaint, without injury to 
IB rights and property of any class of my subjects; or to any 
nstilulion in church or state. 

"The public tranquillity has been generally observed, and the 
ate of all the provinces of Ireland present, upon the whole, a 
mch more favorable appearance lhan at any period during the 
ast year. But I have seen with feelings of deep regret and 
ust indignation, the countenance of attempts to excite the peo- 
le of that country to demand a repeal of the legislative union, 
'his bond of our national strength and safety, I have already 
eclared my fixed and unalterable resolution, under the bless- 
ngs of Providence, to maintain inviolate by all the means in 
ny power. In support of this determination, I cannot doubt 
zealous and effectual co-operation of my parliament and 
ny people. 

"Te the practices which have been used to produce disaffec- 
on to the state, and mutual distrust and animosity between 
ie people of the two countries, is chiefly to be attributed to 
lie spirit of insubordination, which, though for the present in 
great degree controlled by the power of the law, lias been but 
oo perceptible in many instances. 

"To none more than to the deluded instruments thus perni- 
ionsly excited, is the continuance of such a spirit productive 
f the most ruinous consequences, and the united and vigorous 
xertions of the loyal and well affected in aid of the govern- 
lent, are imperiously required to put an end to a system of ex- 
ilement and violence, which, while it continues; is destruc- 
ive to the peace of society, and if successful, must inevitably 
rove fatal to the, power and safety of the United Kingdom." 
London, Feb. A. We have received by express the Paris pa- 
pers of Sunday, together with letters from Madrid of the 21st 
ind 22d ult. The particulars of M. Dulong's funeral, which 
ook place on Saturday, occupy a considerable fpace of most 
of the Paris papers. It appears that there were 30,000 men un- 
der arms, for the purpose of suppressing any movement which 
might have threatened an emruie. 

THE WEST INDIES. 

James McQueen is the name of a well known writer of va- 
rious pamphlets and letters in behalf of the West India proprie- 
tors, and hostile in the course of the British ministry in relation 
to the West India colonies. One of his recent letters, since the 
adoption of the emancipation bill, contains a large amount of 
statistical information with respect to the population, progress 
and production of the islands belonging to the several European 
powers. Some of the items are interesting to Americans, and 
they are believed to be, in the main, accurate. 

The island of Cvta is first noticed. The whole value of the 
property in the island, in 1830, is put down at 562,191,730. 
The exports of that year were $49,662.000, and the consump- 
tion 50,776.200. The total imports in 1829, were $14,300,000. 
of which $4.100,000 were received directly from the United 
States, and $3,200,000 indirectly. From all' other sources the 
imports were $7,000,000. From 1821 to 1830, inclusive, the 
United Slates received from Cuba upwards of sixty millions of 
dollars in return for exports, chiefly of provisions. The annual 
amount of actual produce, bona /Me of the United States, taken 
by Cuba, is averaged at $8,000,000. 

Porto Rice exported, in 1630, to the value of $3,491,805, and 
in 1832, $5,095,996. About one-half of the imports of the island 
are received through St. Thomas. One-half of all she exports 
is carried directly to Ihe United Plates. Thirty thousand tons 
of shipping owned in the United States, nearly one-half of the 
shipping of the island, were engaged in the direct trade with 
this country, and a large part of the remaining half, engaged in 
the trade belween Ihe island and Spain, nlso beloved 10 Ame- 
ricans. The revenue of Cuba in 1829 was $9,150',COO, and of 
Porto Rico in 1832, $1,000,000. 

Hayti presents a miserable account. The year 1826 is Ihe 
last for which correct return? have been found, and Mr. Mc- 
Queen presents some strong evidences of the decay of the island. 
The value of the produce of the French part of the island, in 
1791, was upwards of7,000,000 sterling. In 1826 it did not ifx- 
ceed 1 ,000,000 for the whole island. In 1789 the trade em- 
ployed 1,700 vessels, or 237,800 tons; in 1822 only 947 vessel*, or 
162,693 lon of every description and from all 'nations. Two- 
thirds of the whole were from the United States. The popula- 
tion in 1790 was about 750,000; in 1826 it was a little more than 
420,000. [Bolt. dm. 

-*-- 
BAXIC Or TI!F. UNITED STATES. 

March Mh. 1834. 

At a meeting of the hoard of directors held thin day. Mr. Eyre, 
from the committee on the offices, presented the following re- 
port, which was read. 



NILES' REGISTER MARCH 22, 1834 THE BALTIMORE COMM ITTEE, &c. 55 



REPORT. 

The committee on the offices having now ascertained by an 
experience of several months, the progress of the reductions in 
the business of the bank ordered by the board on the 8th of Oc- 
tober last, avail themselves of the monthly returns of the bank 
and all its offices, made up for the month of March, to present 
a statement of those reductions. 

The desian of the board in directing them was to protect the 
institution, and to provide the means of paying the deposites of 
the government, so as to press with as little injury as possible 
on Hie community. How far that purpose has been accomplish- 
ed, will be seen from the following detailed statement of the 
amount of the loans, deposites, specie and circulation of the 
bank, from the 1st of October, 1833, to the 1st of March, 1834. 
1833. Discounts. Domestic bills. Total. 

October 1 42,226,275 42 17,867,927 51 60,094,202 93 
November 1 41,062,813 94 16,147,790 44 57,210,604 38 
December 1 38,780,567 49 15,672,537 18 54,453,104 67 

1834. 

January 1 38,609,069 46 16,302,392 24 54,911,461 70 
February 1 37,544,252 82 17,098,720 82 54,824,973 64 
March 1 37,381,131 86 18,786,698 00 56,167,829 86 

1833. Public deposits*. Private deposites. Total. 

October 1 9,868,435 58 8,008,862 78 17,877,298 36 

November 1 8,232,31118 7,285,04188 15,517,35306 

December 1 5,162,26063 6,827,17310 11,989,43373 

1834. 

January 1 4,230,509 63 6,734,866 06 10,965,375 69 

February 1 3,066,561 72 6,715,312 60 9,781,874 32 

March 1 2,604,233 62 7,343,129 92 9,947,363 54 

1833. Specie. Circulation 

October 1 10,663,44151 19,128,18951 

November 1 10,342.160 46 18,518,000 57 

December 1 9,818,529 25 18,650,912 90 

1834. 

January 1 10,031,23773 19,208.37990 

February 1 10,523,385 69 19,260,472 90 

March 1 10,385,430 15 18,523,189 00 

From this statement it will be perceived that from the 1st o 

October to the 1st of March, the total reduction in the line o 

local discounts wag 4,845,143 56 

While there hag been an increase in the domestic 

bills of 918,770 49 

Making the total reduction of loans 3,926,373 07 

During the same period the reduction of the public deposites 

was 7,264,201 96 

And of the private deposites 665,732 86 



Making a total reduction of deposites of 7,929,934 82 

During the same time the specie of the bank lias diminished 

278,002 36 

And the circulation of the bank 605,000 5' 

The comparison of the two periods will be more obvious fron 
the following tabular statement: 

Loans. Deposites. 

October 1, 1833 60,094,202 93 17,877,298 3i 

March 1, 1834 56,157,829 86 9,947,363 5 



October 1, 1833 
March 1, 1834 



3,926,373 07 
Circulation. 
19,198,189 57 
18,523,189 00 



7,929,934 8 

Specie. 
10,663,441 5 
10,385,439 1 



605,000 57 278,002 3 

The general result of the operations of ths bank during th 
last five monlhs has been 

1st. That the reduction of tho loans has not been, by upward 
of four millions of dollars, as great as the reduction of deposites 
and 

2d. That the withdrawal of nearly eight millions of dollars o 
those funds on which the bank had based its accommodation 
to the community, has not yet been followed by a reduction o 
accommodation equal to one-half the amount of funds with 
drawn. 

3d. That from the 1st of January to the 1st of March, the in 
crease in the line of domestic bills amounted to nearly two mil 
lions and a half of dollars. 

4th. That during the same period there has been an actua 
increase in the total loans of the bank of 1,256,368 dollars 1 
cents. 

The committee cannot regret the smallness of this reductio 
during the last five months, nor even the actual increase of it 
loans lince, the 1st of January; because both have arisen fron 
the strong desire of the bank to give every relief to the commii 
nity consistent with its own safety. But they cannot forbear t 
express their deliberate conviction that these reductions ar 
much less than are required for its security during the presen 
unsettled state of the currency; that it has now become the du 
ty of the bank, gently but steadily, to diminish the amount o 
the claims upon it by continuing to lessen its business. 

Whereupon, on motion of Newkirk, the following resolutio 
was unanimously adopted: 

Resolved, That as much misapprehension appears to exii 
throughout the country in regard to the reduction of the loar 
of the bank since the removal of the government depogites, th 
foregoing report be published for general information. 

Extract from the minutes. 8. JAUDON, eaikitr. 



BANK COMMITTEE AND MR. TANEY. 
From the Baltimore Republican of March 14. 
We copy from the Chronicle of yesterday morning, the fol- 
owing card, giving one side of the account of the conversation 
etween the committee of the memorialists in favor of Uie bank 
ml Mr. Taney. 

TO THE PUBLIC. 

Our attention having been directed on Monday, the 10th in- 
tant, to an editorial article in the Washington Globe of that 
orning we, the same day, addressed the annexed note to Mr. 
aney, and not having heard from him, it becomes our duty to 
n: community, as well as to ourselves, explicitly to repeat, 
hat the conversation between Mr. Taney and us, wan correctly 
tated in the report of the committee. 

WM. CRAWFORD,- jr. 
G. BROWN. 
J. VV. PATTERSON. 
Baltimore, 12</i March, 1834. 

Baltimore, 10th March, 1834. 

The undersigned, (Mr. Gaithcr being absent) the member* of 
.he Baltimore committee, who had the interview with you, and 
responsible for that part of the report made at a public meeting 
on the 5th inst. having seen by the Globe of this morning, that 
he editor of that paper asserts that he has your authority for 
saying that that part of the report which refers to our conversa- 
tion with you is a misrepresentation, we deem it necessary to 
ask of you whether the editor had your authority for his asser- 
tion. We are respectfully yours, 

WM. CRAWFORD, jr. 
GEO. BROWN. 
J. W. PATTERSON. 

To R. B. Taney. esq. secretary of the treasury, Washington. 
It strikes us that the committee were rather hasty in publish- 
ing this letter. It was written, it seems, on the 10th instant, 
and could not have been received by Mr. Taney before the llth. 
Had he been entirely disengaged, he could not have answered 
it before the 12lh. But with the multifarious duties he has to 
perform, it was unreasonable to suppose that they should he 
laid aside to attend immediately to such a matter. And yet, 
because the answer was not received by the return mail, they 
seem to have taken it for granted that none was to be expected. 
It is a trite saying that one story is good until another is told. 
And here follows the answer. The public have now the whole 
matter before them, and will decide according to the evidence 
of the case. 

To the editor of the Republican. 

March 13, 1834. 

SIR I transmit to you for publication a letter which I receiv- 
ed the day before yesterday from Mr. Taney. Understanding 
yesterday that a portion of the committee that recently visited 
Washington, had addressed a note to him in relation to an edi- 
torial paragraph which appeared in the Globe, I had determin- 
ed not to publish the letter at present; but the card of Messrs. 
Crawford. Brown and Patterson, in the Chronicle of this morn- 
ing, appears to me to render its publication proper. I therefore 
avail myself of the authority which the letter uives. and desire 
you to insert it in to-morrow's Republican, with the request 
that the editors of other papers who may have published the 
card of those gentlemen, will republish from the Republican Mr. 
Taney 'a letter. Very respectlully, your obedient servant, 

U. S. HEATH. 

Washington, March 10, 1834. 

Mv DEAR SIR: I have read with much surprise the report 
made by the committee to the meeting at Monument .Square, 
in the city of Baltimore, on the 5th instant. The report does 
me great injustice, and does not present the opinions which I 
expressed to the members of the committee with whom I con- 
versed. 

I must begin by observing that Mr. Birckbead, Mr. Shaw, Mr. 
Graham and Mr. Ilowell, whose names are signed to the report 
were not present at any part of the conversation, and can have 
no personal knowledge of any thing that was said. I did not 
see either of them while they were in Washington. Mr. Pat- 
terson came in near the close of the interview, and was in the 
room but a few minutes. 

The only persons who were present throughout the conver- 
sa.tion were Messrs. Brown, Crawford and Gaither. My ac- 
quaintance with the two latter was a vrry slight one. But cir- 
cumstances had often brought Mr. Brown and myself together 
while I lived in Baltimore, and we had, for several years past, 
been on terms of familiar and friendly acquaintance. He intro- 
duced the conversation soon after they came into the room by 
giving me to understand that they had called on me n* members 
of the committee, and that they wished a free, and friendly con- 
versation with me, not only in my official character, hut as a 
citizen of Baltimore, and as one who could not he indifferent to 
the welfare of a community of which I had so long been a mem- 
ber. It never entered my mind that a conversation so invited 
by Mr. Brown was designed for publication; much less that de- 
tached expressions wore to be selected separating them from 
the connecting observations, so as to create an impression en- 
tirely different from the one I intended to convey. 

The common principles of fair dealing between man and man 
would seem to require that when such a design was entertain- 
ed, I should have been warned of tlu 1 intention, in order that 
others might be present to hear what passed, an well as the per- 



56 NfLES' KEG ISTER MARCH 22, 1834 THE BALTIMORE COMMITTEE, &c. 



FOHS, who, it now serins, were secretly awaiting some phrase 
or expression winch Ua-y uiigiit note down and publish to do 
me injury. 

The conversation was chiefly carried on between Mr. Brown 
and myself. The others occasionally look part in it. He re- 
probated the conduct of the liank ot'lhn L'niied States in strong 
terms. lie said that it had abused its powers by wilfully op- 
pressing the community, and that it ought not to be recharterud 
mi any trims. He iidinitu-d that tin; deposits ought not to he 
restored, and that the restoration would not relieve the pressure 
which he stated to exist. But he and (he other persons present 
with him drew a strong picture of ihe distress in Baltimore, Bud 
represented that the commercial community there was in dan- 
ger of general bankruptcy unless something was done by the go- 
vernment to relieve it. His plan of relief was a new bank, and 
tie lelt with me a draught of his project. He u rued me to con- 
sider it, saying it was iht* plan of one of my friends, in whom 
he knew 1 hud much confidence. Bui he did not name him. 

In reply to llie.e .-lateim-nts 1 told them that I was opposed 
to the recharter of the present bank on any terms and that if 
it succeeded in its present altempl to coerce the renewal of its 
charter, the government of the country would, in eft'ect, be sur- 
rendered into the hands of a money corporation that I was 
opposed to any hank of the United States, anil h.-licvod such an 
institution wholly unnecessary that the stale banks, 1 had no 
<louiit, were fully competent to perform the duties ol fiscal agents 
and that notwithstanding the efforts to embarrass their opera- 
tions and to discredit them, I had found no difficulty in carrying 
on the operations of the treasury, ami placing money wherever 
it was needed for public use and that I was satisfied they 
would be uble to afford all the facilities in the domestic ex 
changes which the interest of thu- country required, and upon 
terms as favorable as any hank of the United Slates that the 
pressure, of which they had spoken, had been designedly creat 
d by the hank of tin; United States for the purpose of compel- 
ling the people to yield to the demands of the bank but it was 
greatly aggravated by the panic which had been got up to aid 
the bank in its attempts to bring distress and ruin on the coun- 
try that the newspapers in the commercial cities, which were 
understood to belong to the bank, or to be under its control, 
had teemed, for months past, with groundless reports of fai- 
lure?, arid bankruptcies, and predictions of the approaching 
ruin of the mercantile community, and the stoppage of specie 
payments by the state banks that the merchants themselves 
bad, by their own conduct, and meetings, and resolutions, and 
deputations to Washington, contributed greatly to increase the 
excitement and alarm, and by that means disabled the state 
banks from loaning as freely as they would otherwise have done 
that ifthe mercantile community of a commercial city chose 
to proclaim itself on the eve of bankruptcy, every body would 
fiaturally believe them, and be unwilling to trust them, and that 
embarrassment and distress would unavoidably follow the de- 
struction of credit.. 

That if they expected to drive the administration from its 
course by such measures they were mistaken, that the govern- 
ment was not responsible for evils which merchants, or any 
other class of individuals voluntarily brought on themselves for 
political party purpo.-es; and it could not be expected to change 
its course on that account. And if by persisting in fostering 
the alarm they had excited, and increasing the panic, they 
hould produce the geimral ruin which they said was about to 
foil An HID city, it would not change the measures of the admi- 
nistration that the evil would be the work of their own hands 
for winch the government was in no degree responsible; that it 
WAS 111 their own power to produce or avert it, and they could 
not justly charge, upon the government, the evils which they 
themselves should voluntarily occasion. 

I do not profess to give you the whole conversation between 
us which lasted more than half an hour. But I give the opi- 
nions distinctly stated by me, to which the passages mentioned 
in the report, (if I used such expressions) must have had refer- 
ence. 

I cannot undertake tn say whether I dirt or did not use the words 
imputed to me. But, if they were used, they were applied to 
the general ruin which the mercantile community should wil- 
fully bring on itself by creating a panic for party purposes. The 
committee have reported my language, as if I hud expressed a 
cold and callous indifference to the sufferings of Baltimore. 
Nothing could be more unjust. I was endeavoring to impress 
upon them trie folly of co operating with the bank in exciting 
an alarm for political objeot, and ruining the credit of their 
whole community to give political power to the hunk. I wished 
to satisfy them, thai while il endangered the happiness and com- 
fort of innumerable industrious and valuable citizen*, it would 
fail to produce the political object it was intended to accomplish. 

To you, my dear ir, this explanation U, I know, unnecessa- 
ry. Yon have often heard me express my opinion on the sub- 
ject, and would at mice see the unjustifiable use made by the 
committee, of certain expressions, which they say I used. But 
I am not willing to be misrepresented to the people of Balti- 
more. Aud in a community in which I lived so long, and 
where my (irinciples, feelings and opinions are *o well known, 
I tru>t Hint not even the sanction of the names attached to the 
report can persuade the people that I could express that heart 
less indifference to their sufferings which this report imputes 
to me. 

A I have already naid four of those whose names are signed 
to toe report never beard a word of the conversation alluded 



to, and I did not even see them while they were in Washing- 
ton, and one of the others heard but a small poriion of it. And 
without meaning any disrespect to others, 1 most say that I am 
as well known to the people of Baltimore, as the four gentle- 
men who were present at the conversation, and I am willing to 
leave it to the community in which we have all lived, to de- 
cide from their knowledge of us, whether more sympathy 
would be likely to be felt for the sufferings of our citizens by 
Mr. J. W. Patterson, Mr. George Brown, Mr. George R. Gai- 
ther and Mr. Win. Crawford, jr. than by myself and whether 
either of these four gentlemen would be expected or disposed 
to make greater personal sacrifices to alleviate and relieve them 
than I would. 

I commit this letter to your friendship and discretion. Use 
it as you think right to vindicate me from the unjust imputa- 
tions contained in the report. 

I am, dear sir, with great respect and regard, your friend and 
obedient servant, R. B. TANEY. 

Ujiton S. Heath, esq. Baltimore. 

P. S. I have not deemed it necessary to give more of my 
conversation with the committee, than was required to vindi- 
cate myself against an imputation calculated to do me personal 
injury with the citizens of Baltimore. But il must not be under- 
stood that I admit that my opinions are given in the report 
with ordinary fairness in other respects. On the contrary, the 
conversation is garbled by the committee in such a manner, as 
to misrepresent me most grossly in other instances, in which 
they profess to give the opinions I expressed to them. 

R. . TANEY. 

From the Baltimore Patriot of Match 18. 
A CARD. 

It is with regret I find mysell compelled to appear before the 
public, to shew the injustice done me in the letter of R. B. Ta- 
ney, esq. secretary of the treasury, under date of the Itlih inst. 
addressed to U. S. Heath, esq. and published in the Baltimore 
Republican of the Kith inst. 

Mr. Taney says, that I "reprobated the conduct of the bank 
of the United Slates in strong terms, said that it had abused its 
power l>y wilfully oppressing the community, and that it ought 
not to be rechartered on any terms, that I admitted the depo- 
sites ought not to be restored, and that the restoration would 
not relieve the pressure." 

How he could have so entirely misunderstood my expressions 
in regard to the bank, I cannot conceive, never having enter- 
tained them; such a view expressed by me would have been 
completely at variance with the object of my visit to Washing- 
ton; and with the sentiments I .-till entertain. Mr. Taney 
would be correct in saying, that I admitted there were objec- 
tions to the present bank charter, and I admit that I also said it 
might be questionable, whether it would be prudent to direct 
the immediate change of the public money now deposited in 
the state banks; but I gave it as my decided opinion, that if the 
public revenue were in future deposited in the United States 
bank, it would restore confidence and relieve the public dis- 
tress. The views I intended to convey were decidedly in favor 
of a renewal of the present bank, or the establishment of a new 
bank with a modified charter, and I left with Mr. Young, his 
chief clerk, an outline of such a bank as would, in my opinion, 
remove many of the objections now entertained against a na- 
tional bank, and requested him at bis leisure to look at it. 

For the correctness of this statement, I confidently appeal to 
the other gentlemen who were present at the time and heard 
the whole conversation. In concluding these remarks, I need 
scarcely add, that nothing was stated in the report as regarded 
Mr. Taney, but what was deemed necessary to show his decid- 
ed determination against the object of the mission, and that hi* 
views were no further detailed than were considered necessary 
to the discharge of a public duty. GEO. BROWN. 

Baltimore, March 18, 1834. 

In corroboralion of the correctness of the statement made by 
Mr. Brown, and as a proof that he never could have expressed 
himself as represented by Mr. Taney, we also publish the letter 
of Mr. B. as president of the Mechanics' hank of Baltimore, in 
relation to the removal of the deposites from the U. S. bank; 
which must satisfy every one that Mr. B. never did approve of 
the removal, and never could have expressed himself in the 
terms expressed by Mr. Taney. 

Mechanic*' bank of Baltimore, 31st July, 1833. 

SIR: Your letter of 30th, stating that you have been appoint- 
to confer with such state banks as you may think proper, in re- 
lation to the future deposite and distribution of the public reve- 
nue, and inquiring whether this bank is desirous of undertaking 
the business of the government as now transacted by the branch 
bank of the United States, has been submitted to our board of 
directors. 

I am instructed to inform you, in reply, that, although grati- 
fied nt brini! considered worthy of so high and important a trust, 
we are nnu ilting to n.-sume it. 

Our capital is not large, and we find that all our means and 
resource* are actively and profitably occupied. We are appre- 
hensive that the facilities and accommodations which govern- 
ment will require in the prompt payment and transmission to 
different quarter* of large sums, &.c. kc. could not always be 
afforded by a stale bank, without much embarrassment and 
difficulty. I am, verv respectfully, vour obedient servant, 

G. BROWN, pr't. 

Amot Kendall, etg. 



NILES' REGISTER MARCH 22, 1HS4 COMMITTEE OF WAYS AND MEANS 57 



MR. MoKIM AND THE COMMITTEE. 
From the Baltimore Republican of March 17. 

TO MY FELLOW CITIZENS OT THE OTH CONGRESSIONAL DISTRICT. 

The great principle upon winch every representative' in this 
free government is hound to his con.itiluents by a responsibility 
to them, for the purity of hi- motives, and the integrity of his 
public course (directed by tlieir interests and instruction) brings 
your representative before you, Cor justification or condemna- 
tion of that course, under circumstances of unusual provocation 
and necessity. 

It must be known to all of you, that I have been wantonly 
assailed by a committee opposed to the present administration 
of the government deputed in a great part, from a neighboring 
congressional district, and that at a public meeting convened 
without the limits of my district, upon the report of this game 
committee, without even the means or opportunity of a hearing 
on the part of myself or friends, that meeting has pronounced 
me subservient and unfit to be the representative of n free and 
enlightened people. This denunciation it will readily be per- 
ceived, affects you as well as myself, and if they generously 
concede to you, thesame measure of light and freedom of which 
they boast themselves, it will follow that, I am not worthy of 
the higli relations in which I am placed to you, and that the 
judgment pronounced on me is just, provided the facts and pre- 
mises upon which they are based are true; and here you have 
precisely the issue between these gentlemen and myself, as it is 
my intention to show to you, that where they even stated any 
thing that approached the truth, they have managed to distort 
it, and that in other instances, they have stated what is entirely 
unfounded. 

In this appeal of necessity and self-defence OB my part, I 
make no claim upon your known generosity. I appeal to a loftier 
and more moral feeling your sense of justice; and upon the 
statement of facts I shall now lay before you, compared with 
their own report upon the subject, decide, between these gen- 
tlemen and your representative. I was elected by you, as a 
friend of the administration of gen. Jackson, and as an oppo- 
nent, of the existing bank of the United Slates. It cannot be 
assumed, that this was unknown to any of those gentlemen. It 
must likewise be borne in mind, that I hud the strongest indi- 
cation of the sentiments of the people by the vote of a meeting 
in my district, convened without regard of party, approving the 
course of the administration in the removal of the deposites 
from the bank of the United States. All this was matter of 
publicity in Baltimore; none of the committee were ignorant of 
it; and the first intimation I had of their arrival in Washington 
was through Mr. John B. Unwell, who with his friend Mr. Shel- 
ton, from 0:<ba, on Monday evening the 10th February, called 
to see me at my room, Gadsby's hotel, and were received in the 
roam in which the ladies of my family and myself were. After 
Ihe usual salutations and inquiries, 1 asked Mr. Howell, if the 
committee from Baltimore had arrived: he answered in the af- 
firmative and said, that he wished to confer with me on the 
subject of presenting the memorial. I told him, that as the 
greater portion of the signers to the memorial resided in the 
district represented by Mr. Heath, it might be deemed improper 
on my part to present it, particularly as I understood that Mr. 
Heath concurred in the views of the memorialists and would 
support Ilium, and that as I believed a majority of my constitu- 
ents were opposed to the bank, I could not give it my support; 
yet, if the committee of which lie was a member, wished me to 
present the memorial, I should certainly do so; that I should 
feel it niy duty to say to the house, on presenting the memorial, 
that the signers were respectable and incapable of stating any 
tiling, but what they believed to be UUP; that [ could not in dis- 
charging what I considered to be my duty, give the memorial 
my support. At this Mr. Howell seemed to be somewhat sur- 
prised, under an impression, on his part, that rny mind had not 
been made up on the subject submitted by the memorial. I re- 
minded him then, that my election had taken place after the 
order for the removal of the deposites, and by a majority of 
those opposed, as I believed, to the bank, that I therefore con- 
sidered myself bound to carry the will and wishes of my con- 
stituents into effect; that I should be a traitor to them, if, hav- 
ing been elected to support the president and his administration, 
I could abandon the solemn pledges I gave to do so; and 1 did 
intimate, perhaps warmly too, that I would risk my life and for- 
tune rather than betray the trust which they had delegated to 
me. These are, I am sure, the sentiments expressed at that 
time. Mr. Howell beiim an old friend and neighbor, I invited 
him and his friend Mr. Shelton (who was present, and as I pre- 
sume heard the conversation), to dine with me the next day; 
which invitation they accepted, and took their leave. 

On Tuesday morning, February llth, at 10 o'clock, captain 
Graham, the only member of the committee from the district I 
represent, called at my room, I received him as an old acquaint- 
ance and townsman, and invited him to join Mr. Howell at din- 
ner, which he declined. He took occasion to say to me, that 
a gr'eat many of those who had voted (or me had signed the me- 
morial. In reply I reminded him of the large meeting which 
had taken place at White hall at which resolutions had been 
adopted acainst the bank, and in support of the administration 
in its course with regard to the deposiles. He appeared to re 
card this meeting as of little importance. I do not recollect 
that capt. Graham said a word about presenting the memorial. 
Being myself under engagement to meet the committee of ways 
and means that morning, at 10 o'clock, capt. Graham left me. 



At that moment Mr. Hugh Birckhead, another of the com- 
mittee came into my room, said his visit was intended for the 
ladies, and while 1 remained with him, not a word was said 
about presenting the memorial. I also requested Mr. Birckhead 
to dine with me that day, but he said In; \v;i under a prior n- 
ganeineiit. I then went to the committee room, and immedi- 
ately afterwards into the house. 

Mr. Howell and Mr. Shelton, dined with me agreeably to ap- 
pointment, and I trust that I shall be excused from relating the 
conversation that passed at dinner. 1 am quite,sure however, 
that there was nothing said about the memorial. Mr. Howell 
and Mr. Shelton having expressed a desire to wait on the pre- 
sident, 10 o'clock Wednesday morning was appointed, and I 
was to introduce them. 

As during my absence in the morning, the committee had 
left their card, lor me, I deemed it proper, as a mark of respect, 
to return the call, on the same day. I did so in the evening, 
and on calling at their room, I found Mr. Crawford, the chair- 
man of the committee. This was the first time I had seen 
him, since his arrival in Washington. Mr. 1'atterson and capt. 
Graham, of the committee, were in the room, and gen. Cham- 
bers and Mr. Maxcy, as visitors. The rest of the committee were 
absent. General Chambers and Mr. Maxcy soon look leave, 
when I had some general conversation with Mr. Crawford, and 
the other gentlemen present, about the slate of the money mar- 
ket but not a word to my recollection was said by the chairman 
about presenting the memorial. Some other visiters to the com- 
mitteee then came in, as also Mr. Brown, Mr. Gaither and Mr. 
Shaw, members of the committee. To the two last named gen- 
tlemen, I was introduced, and with them, I conversed separate- 
ly on the subject of the bank and the pressure in the money 
market, but I do not recollect a word being said about present- 
ing the memorial. After remaining about an hour, I took my 
leave. 

The next morning, Wednesday, 12th February, about 11 
o'clock, 1 went with Mr. Howell and Mr. Shelton to the presi- 
dent'?, and after paying our respects there, we visited the vice 
president, and then wenl to the secretary of state's office. Dur- 
ing this ride, a variety of free and familiar conversation passed, 
and we returned to Mr. Gadsby's. This terminated all the in- 
tercourse I had with any members of ihe committee, from their 
arrival until their departure on Wednesday, the 12th February, 
about 2 o'clock. I have no recollection of having mentioned 
the name of Mr. Bibb in any manner, to any member of the 
committee, and shall/or the present, content myself with a posi- 
tive denial of that assertion. 

This is the history, to the best of my recollection, of what 
took place between the committee and myself, in relation to 
this subject, and upon which, they have felt themselves au- 
thorised in making the report, which denounces me as ntb- 
servient, and unfit for the station in which you have placed me. 

I have deemed it rny duty to lay the facts before you at the 
first moment my official duties permitted in my own name, lest 
my silence might be construed into an admission of the correct- 
ness of any part of lhat report which relates to myself. Of the 
justice and propriety of this proceeding on the part of the com- 
mittee, the public will now be able to judge. I have only to 
add, that I utterly deny having said any thing to any member of 
the committee which could warrant them to infer for a mo- 
ment, that I was willing to surrender my own opinions and in- 
dependence, or violate my duty as a representative, under the 
influence of official power, or to subserve any political or party 
purpose whatsoever and to those who know how Httle I could 
gain by such a course, and what I must lose, it is scarcely ne- 
cessary to make this denial. For what purpose then, some of 
those gentlemen upon the list, with whom I never exchanged a 
word upon the subject of their mission, have by their names 
sanctioned those misrepresentations of me, I leave to others to 
infer, and to their sense of honor to approve if they can my ob 
jecl has been to discharge my duty according to my own sense 
of what is right, and best calculated to promote the interests 
and wishes of my immediate constituents and that, regardless 
of consequences to myself. This was what I meant to impress 
on those of the committee with whom I conversed on this sub- 
ject, and without some design to injure me, I could not have been 
otherwise represented. It may be proper in conclusion to say, 
that however these conversations may have been regarded by 
the members of the committee with whom they were held, 
garbled and distorted as they have been, I never for my own 
part considered any of them official, and if the use that has 
been made of them is conformable lo the moral and social code 
of this committee, I am not yet prepared to become a convert 
to the system. ISAAC MeKIM. 

Baltimore, 15th March, 1834. 

P. S. The editors of papers who have published the report 
and proceedings of the committee, will please publish this. 

UNITED STATES BANK. 

REPORT OF THE MINORITY OF THE COMMITTEE Of WATS AND 
MEANS, SUBMITTED BY MR. BINNEY. 

House of representatives, March 4, 1834. 

The undersigned, minority of the committee of ways and means, 
to which was referred the letter of the secretary of the trea- 
sury, communicating to the house his reasons for removing 
the deposites of the public money from the bank of the Unit- 
ed States, and several memorials upon the same subject, sub- 
mit the following reasons for not concurring in the report of 
the majority of that committee: 



58 N1LES' REGISTEK-MARCH 22, 1834 COMMITTEE OF WAYS AND MEANS. 



The removal of the public deposites from the bank of the U. 
States is an act upon which the. judgment or' the couulrj' lias 
now irrevocably passed. The reasons have been investigated 
in boih houses of congress, and by the public press, to such an 
extent that it may be fairly deemed i ill practicable to add any 
thing to the arguments by which they are cither refuted or 
nj-t.imeil; tut being most thoroughly convinced that the act 
ot removal was wholly indefensible, without color of probable 
cause, a violation of the bank charter, an inroad upon the pro 
perty and security of the citizens, and upon the rights of the 
legislative department, the undersigned deem it their duty to sub- 
mit such a statement as will recoid their personal opinion upon 
the subject. 

I. The power of removing the public deposite.s is granted or 
reserved by the 16lh section of the bank charter, to be exercised 
by the secretary of the treasury, for reasons to be communicat- 
ed to congress. This power is not absolute or unconditional, 
in regard either to the bank or to the country. Absolute and 
unconditional power does not reside in any department of go- 
vernment. Congress hold their own power under the condition 
of conforming to the principles of justice, as well as to the re- 
stratnlri of limitations contained or prescribed in the constitu- 
tion. They cannot grant an absolute and unconditional power 
to any officer of government for any purpose of eove.rnment. 
The broadest discretion they can give, must be subject to the 
implied condition of beiug exercised in conformity with the 
constitution, the laws, the rights of individuals, and the princi- 
ples of natural justice. Above all, they cannot, in the absence 
of express declaration, be presumed to have given an uncon- 
ditional power t an officer of government to affect rights and 
privileges conferred or sanctioned by law. 

Congress have not granted to the secretay of the treasury any 
power over the public deposites that is inconsistent with these 
principles. The grant or reservation of power in the 16th sec- 
tion of the charter is qualified by the express provision that the 
reasons for its exercise shall be immediately reported to con 
gre?s, and the sufficiency of the reasons concerns all who may 
be affected by the act, that is to say, the bank, congress and the 
people especially, who are vitally interested in every act Ilia 
invades a legal or constitutional right. 

The charter is a contract between the stockholders of the 
bank and the United Slates, and all its clauses must receive 
such an interpretation as is consistent with the principles o 
contract. The United States contracted to allow to the bank 
the benefit of receiving and holding the public moneys, unles 
the secretary of the treasury should, at any time, see fit to orde 
otherwise; in which case he should immediately lay before 
congress tiie reasons of such order and decision. "In consiilera 
tion oftlie exclusive privileges and benefits Conferred by this act,' 
the bank contiacted to pay, and did pay to the United State 
one million five hundred thousand dollars; and also encaged t 
perform, and has performed for seventeen years, importan 
duties, in exoneration of the treasury, at an expense of severa 
hundred thousand dollars more. The custody of the public dr 
posites is not only a benefit, but, next to the power of exclusiv 
banking, it is the principle benefit conferred by the act. It is con 
trary to every sound rule of interpretation that has ever hereto 
fore been applied to a contract, or to a law regulating a con 
tract, that a power like the secretary's, to suspend the enjoy 
tnent of a rijitit. for reasons to be communicated forthwith t 
congress, should he deemed an absolute and unconditiona 
power as it regards the bank. The minority reject this doc 
trine as utterly irreconcilable with justice or with law, wit 
reason, whether natural or technical, with the meaning of tl 
charter, or with the faith ol the nation. 

Various suggestions are made to sustain the position that th 
exercise of the secretary's power, whether for good reasons, o 
for no reasons at all, determine-- the right of the bank to the dp 
poites, and leaves the nation free from all reproach of violate 
faith. 

It is said that he is authorised to act, before he gives his rea 
eons to congress; and his act, therefore, has validity, whateve 
may be his reasons. The efficacy of his act to remove the dp 
posites is not the question. Whether his reasons be eood o 
bad, his order is, in the first instance, to he respected; hut if h 
il bound to have gnod reasons, and his reasons have not bee 
good, the subsequent communication of them will show th 
his act was unjust at the time; and if congress do not rescind i 
they will sanction the injustice. There are innumerable in 
stances in which an order, right or wrong, must be respecte 
when it is given; yet when it is subsequently shown to hav 
been wrong, the injustice is declared, and the aggressor punisf 
ed. 

It is further said that the bank has paid nothing for HIP use 
the deposites, and therefore has no right to them that may n 
be revoked at pleasure, and that the bonus and other expent 
tures in the public behalf have been paid by the bank for tl 
privilege of exclusive banking, and for the benefit of havin 
their notes received in all payments to the United States, 
the deposites be a benefit, (and of this there can be no doubt 
the 20lh section of the charter shows that the bonus was L'i^i 
for that benefit as mnrh as for any other. The language of tl 
section is general. The payment is "in consideration of th 
exclusive privileges and benefit* conferred by the act," and th 
it one of them. Whether the receipt of the notes in puhl 
payments is really a benefit to the bank, has been much doub 
d. That it ia a benefit at all comparablt to that of having IF 



posites, cannot he maintained. The obligation of the United 

atestn receive these notes was absolute and unlimited in the 

arl.-r of the first bank, which did not pay any bonus at all; and 

the present charter, for which a larirr bonus was paid, the en- 

gemctit to receive them is subject to the pleasure of congress. 

IK great different*; in benefit of the respective charters of the 

vo banks is, that in the first there was no stipulation for the 

ublic deposiles, and the hank paid nothing for its charter; 

hereas, in the present charter, the case is otherwise in both 

articulars. 

Another suggestion to show that the power of the secreta 
.'er the deposites is absolute and unconditional, is, that the 
ower of congress to repeal the guaranty of the notes is so. 
he difference between the cases is, that the secretary must 
ave reasons for his direction, as the 16th section expressly 
eclares, whereas the 14th section, in regard to the notes, 
akes no sueh qualification of the powers of congress. 
It is again said that the power given to the secretary by the 
6th section is his old, or former power, which was absolute 
nd unconditional as it regarded every depository with whom 
he public money was placed, and therefore the present power 
lust be the same. If the power given hy the 16th section is 
IB old power, the house is possessed of the secretary's opinion 
s to the extent of it. The language of the secretary's letter is 
s follows: "The treasury department being intrusted with the 
dmiuistration of the finances of the country, it was always the 
my of the secretary, in the absence of any legislative provi- 
ion on the subject, to take care that the public money was de- 
osited in safe keeping, in the hands of faithful agents, and in 
onvenient places, ready to be applied according to the wants of 
IB government. The law incorporating the bank has reserved 
o him, in the fullest extent, the power .he before possessed, 
t does not confer upon him any new power, but reserves to 
im his former authority without any new limitation." It is 
.nnecessary to dispute the position that the power in the 16th 
eotion is the old power in this sense; for the power in the 16th 
fiction is not only admitted, but asserted to go to the very extent 
ivhich the secretary claims for the old power, and no further, 
lamely, to the extent that the safety of the deposites, and their 
listribution in convenient places, require. Such a power is oh 
iously neither absolute nor unconditional. But independent 
f this definition of his own power by the secretary, it seemi 
o have been overlooked by the committee that the present 
>ower is to be applied to divest a right, whereas the former 
ower was exercised over the possession of depositories who 
lad no right whateve-r. The control ofihe treasury department 
over the public moneys, until the charter of the present bank, 
was universally a question between the treasury and congress; 
t is now a question between the bank and congress. 

It is finally said that the power of the secretary is absolute 
and unconditional, because congress have given to him their 
whole power, reserving none whatever to themselves to touch 
he deposites uniil he shall have restored their power to them. 
This argument begs the question in dispute. The secretary 
supposes himself to be an independent judge in this matter, 
whereas the minority suppose that he is merely the agent of 
congress. His power in the premises is a part of their power 
ntrusted to him as their representative. Though he may use 
t for sufficient reasons, congress may use it also for the same 
reasons. The restraint upon the exercise of his power is im- 
posed by the right of the hank, and this is all the restraint that 
is imposed upon the right ol congress. If the bank has no 
riulit. as the committee appear to assert, upon whnt grouml onn 
the right of congress be denied? If the power reserved to the 
secretary, by the 16th section, is neither more nor less than the 
old power, how is it possible to deny the right ofconzress to con- 
trol the deposites, under the charter, if congress had any riuht to 
control them before the charter? It is worthy of deep reflection, 
that the argument put forward by the committee, to sustain the 
secretary's reasoning, has carried them to the extent of assert- 
ing that congress abandoned the public treasure to the secretary 
and the bank beyond the possibility of recall. 

Upon this head the minority state their opinion to the house, 
that the power of the secretary over the deposites in the bank 
depends for its just exerrise upon the existence of adequate 
causes; that the bank had a direct and immediate interest in 
them, and is entitled to an impartial decision upon them; that 
an unjust derision upon them will be a violation of the charter, 
and a stain upon the public faith; and that the secretary's po- 
sition, that his power is absolute and unconditional in regard 
to the bank, is an unwarrantable assumption of power, instead 
of a just interpretation of that which has been civen. 

II. In the execution of this power, the secretary was the 
agent of congress, and not of the president. He derived the 
power from congress; he is to report his reasons for usins it to 
congress. The act of the secretary in removinB the deposit?* 
is neither actually, nor by construction , the act of the president, 
nor are the reasons of the president a satisfaction, either in ef- 
fect or form, of the requisition on the secretary to report his 
reasons. The exercise of this power affects the ptililir- treasure 
which congress directed to be placed in the bank of the United 
States. That trea-ure is tin- treasure ofthe. people, the custody 
and control of which belongs to the legislature and to the agentx 
of the legislature. The custody of the legislature is exclusive 
of the executive department. The custody of the hank, aa the 
agent ofthe legislature, it equally exclusive. The power of the 
secretary is, in like manner, exclusive. The chief executive 
magistrate has no constitutional authority to raise revenue, or 



NILES' REGISTER MARCH 22, 1834 COMMITTEE OF WAYS AND MEANS. 69 



to take it into his official possession when raised, or to direct 
who shall possess it, or to ipterfere with a direction or authority 
in this behalf, proceeding from congress, any more tlian he pos- 
sesses authority to direct by whom the public money shall be 
Used and consumed. The secretary cannot he relieved from 
the duty of accounting to congresn by any order of the president; 
nor can the reasons of the president be imposed upon him as a 
guide, nor be offered to congress as an excuse. The discretion 
which is given by the charter, is given to the secretary alone. 
The order of removal must come directly from the secretary; 
and if it came from the president alone, it would be null and 
void. 

The power of the president to remove the secretary of the 
treasury is no reason for holding that the secretary is under the 
direction of the president in the exercise of the discretion con- 
ferred by the charter. The president may remove the secretary 
whether he performs or does not perform his duty. The legal 
power to do it is as perfect in the one case as the other. The 
mere existence of the power does not consequently imply the 
right of direction or control. The constitutional duty of the 
president, to see that the laws are faithfully executed, requires 
him to see that an officer to whom the law confides a discretion 
is permitted fairly to exercise it. A law which confers a discre- 
tion upon one officer, is violated, instead of being faithfully 
executed, by compelling him to submit to the discretion ol 
another officer. If the president has in this matter, directly or 
indirectly, controlled the discretion of the secretary, the law has 
not been faithfully executed, and his act has been a violation 
both of the law and of the constitution. 

III. The only adequate cause for removing the public depo- 
posites, must be a cause affecting the safety of the public mo- 
neys in the bank, or their distribution for the public service 
Such a cause alone directly concerns the subject upon which 
the power is to be exercised. It is the only cause of which the 
functions of his office and his relations to the bank authorise 
and enable the secretary to judge, and which is of such a nature 
as to require immediate action without a previous reference to 
congress. It is the only cause which would justly deprive the 
bank of the use of the public moneys after having paid for it 
It is the only cause which congress could safely submit to the 
discretion of the treasury, without abandoning to that officer 
the whole scheme of public policy in regard to a national bank. 

1. A cause that does not directly concern the subject upon 
which the power is to be exercised, must regard the public mo- 
neys as an instrument, and not as an object of the power. To 
comprehend such a cause, the charter must be construed to 
give the secretary an unlimited choice of the objects to be at- 
tained by the custody of the public moneys; for as none are 
pointed out by the charter but those of mere custody and trans- 
fer, the instant that these cease to be only objects of the power, 
we are without any limitation. Whether the purpose of the se- 
cretary be local or general, whether it be to make money dear or 
cheap, to regulate or disturb exchanges, to promote or retard 
public works, to increase or diminish the amount of bank dis- 
counts, to excite or counteract political movements, each and 
all of these objects must be within the discretion of the secretary, 
if any of them are. 

2. That the secretary should be entrusted with a power ne- 
cessary to protect the treasury itself, or to meet the demands 
upon it, is reasonable. If the public moneys are exposed to dan- 
ger, he must first perceive its approach, and would be best able 
to measure its extent. He also, from his official position, must 
know the direction which public engagements require to be 
given to the means of satisfying them. The power, which 
either danger or the public credit makes necessary, is one that 
does not admit of delay, whether congress be in session or not. 
The action required, to be effectual, must be in some cases in- 
stantaneous. The grant or reservation of such a power to the 
secretary of the treasury wa* necessary and proper. Rut if the 
public moneys were to be made an instrument for affecting an 
ulterior object, no reason can be imagined why the power of 
using them should be given to the secretary rather than to the. 
president, or why it should be given to cither instead of being 
left to the action of congress. That nothing but the safety and 
distribution of the national treasure were the lawful objects of 
the secretary's power, is conclusively shown by the circum- 
stance that the "act to establish the treasury department," the 
very moment that the secretary gave the order not to make the 
depojites in the bank of the United States, placed them in the 
hands of the treasurer, who could lawfully make no disposition 
of them, but to keep them securely, to be disbursed according to 
law. A removal of the deposites for any purpose, except to 
place them in this custody, would he not only a violation of the 
rights of the bank, but of the functions of the treasurer as creat- 
ed by law. 

The minority are aware that an elaborate inquiry into the 
histnry and practice of the treasury department has been made 
by th6 committee, for the purpose of sustaining the positiot 
that the secretary of the treasury has the right, not only to su 
perintend the collection of the revenue, but to direct in whose 
hands it shall be placed after it has been collected, and fo 
What purposes it shall be placed there. The minority do no 
entertain the opinion that the inquiry has sustained the position 
of the committee. It ought to be a sufficient objection to it 
that it gives to the secretary a power which the law Hoes no 
give him. The secretary's asserted power is both without lax 
and against law. It is a further objection to it, that most o 
the precedents of treasury practice referred to, are direction 



affecting the collection of the revenue, which, by law, jg under 
he superintendence of the secretary. The acts or gen. Hamil- 
on, the first secretary of the treasury, are all ol tins description' 
hey prove nothing to the pnrpo.-e. Order* to collector* to place 
he duty bonds in particular banks tor collection, are strictly 
within the legal authority of the secretary. More must be 
shown, in make any of the precedents conclusive ort the point 
for which they are cited, namely, the existence of a treasury 
jractice. But if the practice were, in point of fact, established 
10 instance, has been produced, in which the law has sanction- 

The language of the 16th sec. of the present charter expressly 
confines the .power of the secretary to the making ofan order or 
direction, that the deposites of the public moneys shall not' be 
made in that bank; and does not give him authority to direct 
where they shall be made, or recognise such an authority as ex- 
isting in him. It does not authorise him to remove the deposites 
already made there, or to select another place of deposite. He is 
to order or direct that they shall not be made there, and this order 
is not to be executed by himself, but by those to whom the ge- 
neral law gives the custody of the treasure, when the place 
selected by congress is repudiated by the secretary. Nothing 
can afford a stronger argument against the asserted authority of 
the secretary to direct in what place the public deposites shall 
be made, than the omission to describe his power as that ot or- 
dering or directing them to be made in some other place or placet. 
Until the law shall give the power to the secretary, whicb it 
probably never will do, without regulating its exercise so as 
to make it consistent with the public safety, the minority must 
be understood as wholly denying the efficacy of any practice 
whatever to give it, in violation of the plain provisions of the 
act of 1789. 

But if the treasury practice was known to congress, what fol- 
lows? What is the import of the provision in the charter that 
the public moneys shall be deposited in the bank, except that 
the practice was thought dangerous to the safely of the public 
moneys, and therefore was to be abolished, unless where that 
satety itself required a change of the place of deposite? The 
question under consideration is, whether any thing but the safe- 
ty of those moneys, and their due distribution, authorised the 
order: and it is an extraordinary mode of proving the secreta- 
ry's power, to show a former practice to that effect, before the 
charter was granted, and which the charter provision effectual- 
ly opposed. 

3. The removal of the deposites must have been regarded by 
the congress which gave the charter as a certain loss to the 
bank. The hank was to pay for them, and to be at liberty to 
employ them according to the usage and practice of banks; hold- 
ing itself ready to pay, on demand, whatever should be requir- 
ed, in pursuance of appropriations by law. The advantage of 
possessing them was great, and the disadvantage of losing them, 
after paying for the. possession, was greater. If they were to be 
removed on account of their insecurity, or for any breach of 
contract by the bank, or to place them where the bank could 
not herself distribute them, it is easy to perceive why no provi- 
sion is made for an indemnity to the bank; hut if they might be 
removed for other causes, particularly if removed to promote 
other interests, at the expense of the bank, indemnity would 
have been provided, because it would incontestably be due. 

4. The decisive reasons, however, against allowing the se- 
cretary to order the removal for any other cause, is that the 

rant of such a discretion abandons the bank, as well as the 
ountry, to the secretary of the treasury, and gives him a sway 
ver the nation, which belongs to no other than the legislative 
parlment. 

It is not to be doubted that the entire removal of the deposites 
s fatal to the bank as a national bank. Instead of being the 
ank of the nation, the nation, by depositing its treasure else- 
where, adopts other banks, and sets them up in opposition. 
"his is the certain and undeniable effect of the secretary's act; 
nd if he had power to do this, he had power to repeal the hank 
barter. If, indeed, the bank had disqualified herself for her 
uties, by insolvency or infidelity, the removal of the deposites, 
o secure their safety, could only be considered as a renuncia- 
ion of the bank, after the bank had renounced the nation; but 
a removal for other causes, however honest or good they may 
je, curi only be regarded as a removal to destroy the bank. 

As to the suggestion, upon which the. committee appear to 
>lace some reliance, that safety cannot be the only reason, be- 
cause, in case of danger, the removal could not be effected, if it 
jroves any thine, it proves that safety cannot have been even 
one of the objects of the power, because it was an unattainable 
object; and then it prove? too much. 

A cause, then, which neither concerns the safety and due 
transfer of the public moneys; nor is within the cognizance ef 
the secretary's office; nor furnishes a moral justification for de- 
priving the bank of a benefit which it has purchased and paid 
for; nor can be confided to the judgment and discretion of an 
individual, without surrendering to him the. established policy 
of the nation, cannot be such a cause as justifies the secretary 
in ordering the removal of the public deposites, because it can- 
not be maintained that congress meant to give him a discretion 
to such an extent. 

IV. The secretary's communication admits that the public 
moneys were safe in the bank, and that in the transfer of them 
from place to place, and in the performance of every duty to the 
treasury, which the law requires, there was no ground of com- 
plaint whatever against the bank. Thee* facti art admitted, 



60 NILES' REGISTER MARCH 22, 1834 COMMITTEE OF WAYS AND MEANS. 



because, in a communication which accumulates all the re 
sons which have governed the secretary, there is no suaesii< 
of danger to the public moneys, or of infidelity in the transfer 
them. 

V. The causes which the secretary has assigned for the r< 
moval of the duposites, miyhl, therefore, if the preceding prop 
siliuns are true, be generally rejected as insufficient and illega 
since they do not come within the only description of cause 
which the minority hold to be adequate. They are, howeve 
deemed to be particularly and specially inadequate, and mo 
of them for reasons which are independent of any of the prece 
ing propositions. Such of them as do not involve any dispute 
tacts, are inadequate in law. Those which depend upon sue 
matters of tact, are inadequate in law, and also in point of proo 
All of them which accuse the bank of violation of charter, an 
claim to proceed upon that ground, are themselves in flagran 
violation of the charter, and of the constitution of the union 
which entitle the bank before the infliction of any penally wha 
ever, to an impartial sentence of the judicial department. Upo 
these reasons, the undersigned proceed to submit the foilowiu 
remarks: 

At the head of the secretary's reasons, is placed the expira 
tion of the charter and corporate powers of the bank, on the 3 
of March, 1836. This is a reason which congress, by the clear 
est implication in the charter, have declared to be insufficient 
1. By the 15th section, congress have exacted of the bank 
whenever required by the secretary of the treasury, to give th 
necessary facilities for transferring the public funds from plac 
to place within the United Stales, or the territories thereof, an 
fat distributing the same in payment of the public creditor: 
during the continuance of the act; and also to do and perform th 
several and respective duties of commissioners of loans, when 
ever required by law, which requisilion was made in terms o 
unlimited continuance, that is to say, for the whole period o 
the charter, by the act of 3d March, 1817. These provisions o 
law are in irreconcilable hostility with the notion that, for th 
mere lapse of time, congress authorised the secretary to remove 
the public moneys from the bank two years and more before th 
charter would expire. The bank cannot give facilities for trans- 
ferring and distributing the public funds throughout the Unite 
States, in payment of the public creditors, without having the 
funds in her possession to transfer and distribute. The duty i, 
for the whole period of the charter. The possession is impliei 
or the same period. Whatever may be the discretion of tin 
secretary as to other causes, be has no discretion to remove tin 
deposites for the mere lapse of time, since the 15th section se 
cured to the public, for the whole lime of the charter, the per 
formance of the duty by the bank. 

2. Tills cause has not, and never had any contingency abou 
it, nor is the removal on account of it, a remedy for an unex- 
pected evil. If there is any evil in permitting ihe deposiles to 
remain in the bank until the expiration of the charter, congress 
knew that the evil would occur, unless they should guard agains 
Hand yet they did not guard against it, but gave the bank a righ 
to the deposites for the whole time, and received from the bank 
a compensation proportioned lo that time. 

3. The cause is not well founded in point of fact. The char- 
ter does not expire on ihe 3d of March, 1836. Certain of the 
faculties of the corporation will expire at that time, and certain 
of them will not; and Ihe very faculties which will not expire 
are those whose cessation would atone give color to the remov- 
al, upon the ground ofliine. The faculty of retaining the pub- 
lic and private deposites, and paying them in such porlions as 
may be required, will continue after the 3d of March, 1836, in 
as much rigor as before. The bank will continue for two years 
after that time lo be a corporation for the purpose of holding 
and paying deposites, and of owning and paying her bank notes 
in circulation; and what other corporate faculties concern the 
security of the public treasure? 

4. This cause is founded, moreover, upon an assumption that 
it would be the height of extravagance to suppose it was con 
lemplaied by Ihe congress which incorporated ihe bank. The 
secretary supposes that the charter, "in many of its provisions, 
is not warranted by the constitution, and that such a powerful 
moneyed monopoly is dangerous to ihe liberlies of ihe people, 
and to ihe puriiy of our political institutions;" and ihat he is 
required to act upon the mere lapse of time, because he has no 
right to assume thai unconstitutional law, and a law dangerous 
to the liberlies of the people, will be renewed. But it seems lo 
have been forgolleu that Ihe question of removal is not ihe 
question of renewal, but a question of the interprelalion of the 
charter; and, it this is the true question, can it be seriously al- 
leged that the congress which passed this law meanl to include 
among the sufficient causes of removal, one that depended on 
the assumption that the charter was againsi (ho constitution? 
Had the charier conlained an express stipulation thai ii never 
should be renewed, inslead of its fallowing as a consequence 
lhal the bank ought not to enjoy the privileges and benefits pro- 
mised her up to the last moment of her existence, the contrary 
would have followed, because the bank could not have an in- 
demnity for the wrong in the terms of a subsequent charier. 

5. ll U attempted lo sustain Ihe propriely of ihe removal for 
this cause, upon the. further ground, thai Ihequealion of renew- 
al has been decided adversely to the bank by the last election 
of president. But what pan of ihe charier, or of any law of 
congress, authorises the secretary to communicate such a rea- 
ton to the house? Where is ihe warrant for the secretary's in- 
structing congress as to the decision of the people upon a mat- 



ler of fulure legislation? By whal channel does ihe secrelary 
maintain an intercourse with Ihe people lhal is not open to their 
representatives? How does the secretary know any thing as to 
the wishes of ihe people, which the representatives of ihe peo- 
ple do not belter know themselves? The communication of 
such a reason to the representatives of freemen, who are them- 
selves freemen, is without a precedent in the hislory of this or 
any other representative government. The alleged fact is, 
moreover, an assumption, and a mere assumption, without 
proof, and withoul ihe means of proof. Il is a political infer- 
ence which ihe people of this counlry will never susiain, until 
they are prepared lo say that the election of a presidenl is not 
the result of a preference founded upon his general qualifica- 
tions, opinions and aclions, bul is an adoption and ratification 
of bis single will to any extent that he has at any lime declared 
it, and even when he may have declared it in contrary direc- 
tions at different times. 

6. Another suggestion by the secretary, in connexion with 
the question of time, is the apprehension of danger to the depo- 
sites, by permitting them lo remain in ihe hank until ihe expi- 
ration of the charter. The congress of 1816 were but a very few 
years removed from a parallel case in the history of our govern- 
ment, calculated lo pul to flight every such apprehension. They 
had at thai time before them the closing transactions of the first 
hunk of the United Stales. They had seen thai ihe first admi- 
nistration of Mr. Madison (and it was in his second term of of- 
fice that the present bank was chartered) wilnessed Ihe con- 
tinuance of Ihe public deposiles in that bank to Ihe last mo- 
ineiit of its existence. They had seen that the then secretary 
of the treasury, Mr. Gallatin, who had been in office for ten 
years, and who had for twice ten years given the strength of 
his powerful mind to the investigations of finance, and of prac- 
tical banking, had not directed a removal of ihe deposites from 
any apprehension of a final default in the bank. They had seen 
this, moreover, in the case of a bank whose corporate powers 
expired totally and absoluiely on Ihe 3d ofMarch, 1811, so that 
all subsequent operalions were lo he conducted by the machine- 
ry of a trusl, and by no olher means. They had seen Ibis bank 
expire with a circulation then flowing through the country 
,'reater than the maximum of ils amount at any previous time, 
with Ihe usual extent of deposites, public and private, in its 
vaults; with nearly all its canvas of every kind spread to the 
asl hour of its voyage, and which the jusl and amicable rela- 
.ions subsisting between the administration and ihe bank made 
I safe lo spread for Ihe good of ihe counlry. They had seen 
Ihe trustees of that bank pay every dollar of its debls instantly 
upon demand; and finally, they had seen that demand so much 
behind the ability of ihe trustees to meet it, that ils lardy ap- 
proaches were quickened by repealed public noiices to come in 
ind relieve the trusl, by presenling the notes for payment. 
Ami what did the congress of 1816 provide, or mean to provide, 
or the occurrence of the same day in Ihe career of the present 
>ank? Did "they mean lo provide for an apprehension which 
hey knew to be chimerical? Did they mean to give occasion 
or aclual apprehension and dismay, by authorising Ibe officer 
at the head of the treasury to declare that there was cause for 
hem, and by his very declaration to creale Ihem? On the con- 
rary, they negalive all such fears and suppositions, by adding 
wo years more lo Ihe corporate existence of the bank, for the 
/ery purpose of enabling it to liquidate its affairs after its bank- 
ng powers were at an end. 

The minority deem it expedient to add a summary statement 

jf the condilion of the first bank of the United Slates on Ihe 1st 

larch, 181 1, two days before the expiration of its charier, and 

I two semi-annual periods after the expiration, and to n.ime 
lie tables from which' they are derived, that the benefit of the 
acts may avail hereafter, if unfortunately they are to be lost to 
he counlry 'for all purposes of present good. 

On the 1st of January, 1811, the situation of the bank was as 
ollows: 

Notes discounted and loans $17,759,001 

Specie 5,317,885 

Public deposites 6,474,402 

Private deposiles 3,S5">,402 

Notes in circulalion 6,070,153 

On Ihe 1st ofMarch, 1811, the same items stood thus: 
Notes discounted and loans 1 :,587,134 

Specie .4,835,702 

Public deposites 2,874,833 

Private deposiles 3.583,596 

Notes in circulation 6,552,875 

On the 1st of September, 1811, ihe same items stood thus: 
Amount of discounts and loans 7,152,786 

Specie 4,500,527 

Public deposites 322,349 

Private deposites 448,113 

Notes in circulalion 2,963,209 

On Ihe 1st ofMarch, 1812, twelve months after Ihe expiration 
'the charter: 
Amount of discounts and loans 3,792,975 

Specie. 6,116,776 

Public deposites 81,517 

Private deposites 223,442 

Notes in circulation 1,070,459 

II is unnecessary to suggest Ihe inferences lo which these 
alcmenla give rise. By advening to ihe ralio which the ca- 
lal of the first bank, ten millions of dollars, bears to thirty-five 
illions, th capital of the present bank, and by applying ihe 



NILES* REGISTER MARCH 22, 1834 COMMITTEE OF WAYS AND MEANS. 61 



ham* ratio to the liabilities and resources or the two banks, 
Will be easy to perceive whether the case of the first bank was 
or was not, of a character to allay the alleged apprehensions o 
the secretary. 

1 7. The remaining^suggestion of the secretary, under the hea 
Of time, is the necessity or expediency of providing the counir 
with a paper currency from ili local banks, as a substitute fo 
that of the bank of'ilie untied Stales. 

The minority have understood the committee to say that the; 
flo not claim for the secretary a power to remove the deposite 
for the purpose of regulating the currency. The question i 
what the secretary has claimed for himself; and that there ma) 
be no misunderstanding about it. extracts from his letter ar 
given, that it may be seen not only that the secretary has claim 
d this power, but that the effect upon the currency was tht 
great public and political purpose of the whole operation. No 
thing can be more distinctly and literally avowed. "It is obvi 
ous," the secretary says, "that the interests of the countr.v 
would not be promoted by permitting the deposites of the pub 
lie money to continue in the bank until its charter expired 
Judging from the past, it is highly probable that they will always 
amount to several millions of dollars. It would evidently pro 
duce serious inconvenience, if such a large sum were left in 
possession of the bank until the last moment of its existence 
and then be suddenly withdrawn, when its immense circulation 
is returning upon it to be redeemed, and its private depositors 
removing their funds into other institutions. The ability of the 
bank, under such circumstances, to be prompt in its payments 
to the government, may be well doubted, even if the ultimate 
safety of the deposites could be relied upon. Besides, the prin- 
cipal circulating medium now in the hands of the people, and 
the one most commonly used in the exchanges between distant 
places, consists of the notes of the bank of the United Stales 
and its numerous branches. The sudden withdrawal ofils pre- 
sent amount of circulation, or its sudden depreciation before any 
other sound and convenient currency was substituted for it, woulc 
certainly produce extensive evils, and be sensibly felt amonj, 
all classes of society." 

The secretary then adverts to the public agreement to receive 
the notes of the bank in payment of its dues, and proceeds as 
follows: "But this obligation on the pan of Ihe United States 
will cease on the third of March, 1836, when the charier expires; 
and so soon as tliis happens, all the outstanding notes of the 
bank will lose the peculiar value they now possess, and the 
notes payable at distant places become as much depreciated as 
the notes of local hanks. And if, in the mean lime, no other 
currency is substituted in its place by common consent, it is easy to 
foresee the extent of the embarrassment which would be caused by 
the sudden derangement of the circulating medium, ft would be 
too iate, at that time, to provide a substitute which would ward 
off the evil. The notes of the bank of the United States in cir- 
culation on the second of September last, which was the dale 
of the latest return before me when the order for removal was 
given, amounted to $18.413,287 07, scattered in every part of 
the United States: and if a safe and sound currency were imme- 
diately provided, on the termination of the charter, to take the 
place of these notes, it would still require time to bring it into ge- 
neral use, and in the interim the people would be subjected to all 
the inconveniences and losses which necessarily arise from an un- 
tound state of the currency. The evil would be so great, and the 
distress so general, that it might even compel congress', against 
its wishes, to recharter the bank; and perhaps more effectual 
means could hardly be devised for insuring the renewal of tiie 
charier. It is evidenl thai a slale of things so much to be de- 
precaled can only be avoided by timely preparation; and Ihe con- 
tinuance of the deposites can only lie justified by the determi- 
nation to renew the charter. The state banks can, I have no 
doubl,/urnisA a general circulating medium, quite as uniform in 
value as that which has been afforded by the bank of the United 
States probably more so. For it is well known that, in some 
of the cities, Ihe branches of the bank have been in the habit, 
whenever they thought proper, of refusing to honor the notes of 
their own hank, payable at other branches, when they were not 
offered in discharge of a debt due lo the United Stales. But a 
currency founded on the notes of state banks could not be suddenly 
substituted for that heretofore furnished by the bank of the United 
States, and take the place of it, at the same moment, in every part 
of the union. It is essential that the change should be gradual, 
anil sufficient time should be allowed to suffer it to make its way by 
the ordinary operations of commerce, without requiring a hasty 
and violent effort. 

"In Ihis view of Ihe subject, it would be highly injudicious to 
suffer the deposites to remain in ilie bank of the United States 
until the close of its corporate existence. And as they cannot 
be withdrawn without the action of the secretary of the treasu- 
ry, it must unavoidably become his duty, at some period of time, 
to exercise the power of removal." 

These are literal extracts from the secretary's letter, and no 
one who reads them can doubt that the secretary claims the 
right to regulate tin: currency, and that he meant to force one 
kind of currency out, and, by means of the state banks, to force 
another kind of currency into use. Can any one who has read 
his letter, doubt that, if this power is denied by the committee, 
they deny the whole case of the secretary? The lever he has 
undertaken to use, is one which not only cannot be used with- 
out changing the currency, but the secretary has used it for the 
express determinate purpose of producing the change. But to 
proceed with the reason itself: 



The value of the measure, as an operation of finance, to ex- 
pel one currency, and to introduce a belter, has been already 
tested, in the short time which has elapsed since the order of 
removal. The discounts of the bank h.-ivu been partially reduc- 
ed, yet the circulation of the batik, instead of being diminished, 
has increased. The local bank paper, except for local purposes, 
has generally depreciated, and the paper of Ihe batik of the U. 
Slates is at par in all pla- ., except where it is above par. But 
without adverting further to Ihe incompetency of the means 
proposed lo attain the end, it is an imputation upon the congreaa 
of 1816 lo say they intended to authorise the secretary of the 
treasury to use any means whatever for the attainment of gucb 
an end. The avowed purpose of the secretary is to change ihe 
currency of the country, and to change it during the very time 
in which congress have made a differenl provision in regard lo 
it. The purpose is lo be effected by compelling Ihe bank of lha 
United Stales to cease lending, arid by enabling the deposite 
banks to lend; by compelling the one lo cease circulating bank 
notes, and enabling the others lo circulale Ihem more exten- 
sively. In fine, by compelling them all to give him indirectly 
the management of banks, withoul any law lo warrant it, and 
to surrender it themselves, contrary lo ihe laws by which they 
are exclusively entitled to it. A power to do this no congress 
could lawfully give to a secretary of the treasury, and no con- 
gress therefore should be presumed to have given it. It is a de- 
legation of the highest powers of legislation, under the form of 
ministerial agency. If there i? any legislative power which de- 
mands more circumspection in its use than any other, it is that 
of regulating the currency. The currency is the measure of 
value of every man's property, of his contracts, of indemnity 
for the breach of them, and of the revenue of the country; and 
without a due adjustment of it, it is a hopeless efforl to distri- 
bute in equal proportion among the citizens either the burdens 
or advantages of civil society. A deranged currency deranges 
every institution of the country that has any relation to proper- 
ty. It makes laws, promises, the verdicts of juries and the 
judgments of courts, speak unintentionally the language of false- 
hood or deceit. It gives a premium to fraud, and strips honest 
labor of its scanty earnings, by paying to it half of its just re- 
compense in the false and counterfeit name of the whole. Yet 
this power the secretary of ihe Ireasury claims lo exercise, by 
delegation from the representatives of the people, and he has 
proceeded to the exercise of it, with consequences which are 
now spreading in a wave of desiruclion over the whole country. 
The secretary claims the power to remove the public deposites 
from the bank, if in any degree it tends to promote the conve- 
nience of the people, that is to say, if it so tends in his opinion; 
and his opinion, with this mighty lever of the public revenue, 
s, consequently, to sway the universal interests of this immense 
leople. And what are the direct evidences that congress meant 

give the secretary of the treasury any such power? He is not 
>y law intrusted with the cusiody of a single dollar of ihe pub- 
ic treasure. His hands do noi legally receive it, and cannot 
egally hold it. His duty is to prepare plans for ihe manage- 
nent and improvement of the revenue, to prepare estimates of 
he revenue and expenditures, to superintend the collection of 
he revenue, to decide on the forms of keeping and stating ac- 
counts, and to grant warrants in pursuance of appropriations by 

aw. The notes of the bank of the United States, against which 
his battery is directed, he as bound by law to protect, by requir- 
ng all public collectors to receive them in all payments to the 
Jniled States. The stock of the nation in the bank of ihe U. 
States he cannot sell, nor separale Iheir interest, to the extent 
if seven millions, from that of the other stockholders of the 
>ank. The payment of the interest and principal of the public 
lebt must be made by and throiiah ihe bank, as commissioners 
.("loans. The rniliiary pengiom must be paid Ihrough the same 
hannel. And thus, while several permanent laws, of congress, 
vithout any limitation in point of time, sustain the circulation 
'f the bank, the relations between the bank and the treasury, 
nd Ihe conlrol thus obtained over the curreney of the country, 
he secretary of the treasury, under a provisional clause in the 
ank charier, lo order lhal the deposites of the public moneys 
hall not be made there, claims the authority to break up Ihe 
iresent system, and to substitute another, for regulating the 
urrency and properly of twenty-four states, and thirteen mil- 
ions of people. The minorily do not believe thai a like attempt 
as ever before been made, with or without authority, and all 
iresent indications are inconceivably deceptive, if the result 
hall not afford a memorable warning against the like attempt 
gain. 

The secretary's plan is now called an erperiment. The name 
adopted, because it would seem only to defer, and not ah?o- 
itely to destroy, the hope of ultimate safety. It is adopted, be- 
ause it would seem to make those who prosecute it responsi- 
le for less, because they promise less. But the change of name 
hanges neither the thing nor the responsibility for it. 
n experiment, what law, what principle of our civil associa- 
ons, authorises the treasury department to try such an experi- 
ment? What security does government afford to the property 
f the citizens, if the treasury may try oxperimenls wilh il? If 
be an experiment, whal authorised its Irial in a day of unusn- 

1 prosperity, and when the only rational, prayer to the Civil 
uler was, "let us alone?" What justifies its continuance, 

.'hen the first test that has been cast into the the crucible wilh 
IB precious materialc of human happiness, has nearly decom- 
osed them all, and ihreatens to convert them info poisons that 
ill corrode and canker the country to its very heart? Il is no 



62 NILES' REGISTER MARCH 22, 1834 COMMITTEE OF WAYS AND MEANS. 



longer an experiment. It has been tried, exposed, and ought lo i 10 begin lhe traffic? For specie, like other merchandise, is to 
be rejected. It is no longer an experiment, unless it would de be bought and paid for; and it must be bought and paid lor by 
seive Hie name of an experiment lo try whether life can be sup- something besides paper. And when there shall be a thoiough 
ported without vital air, or the laborer and his children without abolition of every kind of paper from use, how will the gold and 
Sarfy bread. silver be better than lhe paper we have had hitherto, which gave 
il it should finally happen, in the progress of the experiment, us all the gold and silver we wanted, and did not compel us to 
that a currency is created such as the secretary anticipates, take it when we did not want it? What will the country have 
what is thai currency lo be to the country, and what is the coun- gained, and particularly lhe industrious and enterprising, who 
try to be by means of il? This question may be answered by are without capital, and must borrow il in order lo use il the 
our own history, as it might be answered without lhe aid of men by whom this nation has been enriched and BUvMflBCIMMii 
history. It is nol t' be a national currency, nor a currency What will lhe industrious and enterprising do, after a scheme 
partly local, and partly national, maintained every where in shall have succeeded, which, by deslroying paper, will infalli- 
the condition of equality, by a universally pervading influence, bly destroy bank credit, and give to the mini of capilal a mono- 
bul il is to be a variely of "locnl currencies, subject to local in- poly of the trade and industry of the country? The subject, 
flucncc only. The state banks, .-uul the state banks only, are however, need not be pursued. There is a power in the necea- 
to furnish it. They are lo furnish it under lhe patronage of the sities of men, which will baffle all such designs, if they shall be 
treasury, and with a lull knowledge of the maxims which have seriously entertained; and this the minority do not, in the slight- 
been quoted by the committee, "that the borrower is Ike serou.nl est degree, apprehend. If bank paper is not to be wholly ex- 
of the Under," and that "Ae who conirols a. bank, controls the tinguished, but only diminished by the substitution of metal for 
debtors of a bank," maxims which will be found lo lose none of the smaller denominations of notes, this, indeed, is admitted to 
their force when state hanks shall feel the eJV.-ct of llieir posi be an ohjecl of greal importance, and mainly for the reason 
lion as borrowers of the treasury, and debtors sijall feel it also that, in case of an unusual call upon banks for specie, they may 
as borrowers of stale banks that are under the control of the be able the more readily to repair their resources from the chan- 
trtasury. | iiels of the country. Hut, if this design is to be carried into ef- 






It w,l, be a currency wholly removed from that restraint 






targe profit* shall tempt stale banks to extend their issues be ' '' 
yond that measure which experience has ascertained to he lhe 



Anolner rcason of , he gecretary for reinovin g ,|)e depo- 




every where, and lurnishing a sumard of comparison every UHlieces ,. lr * Heveri lv er debtors, of whi eh the y have seen 

where. Whe.e, again is lo be found the necessity as well as uvidunc j llle bauk ' slall(ls exciued before the world by the , 

the power, of applying the corrective? 1 his corrective is lo be courge rf ^J treasury department. The act of removal has not 

found in an in.m.Hion winch issues that national paper, and * 




not as good as us own, such an m.titii ion cannot leceive it, ||e d UHS nas ,, ot to this ( , been made known to 

because it cannot account lor it every where to government, in , b fc b ^ ()fficja| communication flora the treasury; no 

&n equa amount of its own paper or of specie. II il cannot be t , vid( , I)CK certainly of such a communication has been sent to 

received by the national, inxiituiion, it must return lo Ihose who . , A|1 ^ f , mh September, 1833. by lhe secre- 

assue it, and the corrective is at oiict applied. lary w lhe presidt . nt of the uallk lo ' Mivn ' lo IM( , collector at 

The system of local banks, of which those to be employed by Philadelphia all bonds to the United Stales, payable on or after 

the treasury are lo form a part, is, therefore, defective in this, the 1st of October, was the only annunciation to the bank in 

that their circulation will be local. They will be constantly Philadelphia; and this, by the collector's letter of the 28th, 

endeavoring, al leasl in a great many ea.es, to send out their would seem to have been communicated to the bank on lhe 30tli 

paper to excess, and there cannot be the regular application o( of September. Yet il is now known that the removal of the 

the corrective, that will as constantly prevent it. Il may be re- deposiles was a foregone conclusion a considerable lime before 
pressed in some instance;*, in an irregular way, by sound state 
banks: it may also be partially repressed by demands from other 



states; but the effort to do it regularly, will be without induce- 
ment, and will not be sustained by lhe requisite ability. Ex- 
cess will creep upon the country until it is universally diffused; 
and when an accidental state of lit*; balances shall lurii the cx- 
cess suddenly back upon the banks which have issued it, dis- 
honor will come, and with it universal alarm anil bankruptcy. 
This is lhe history of lhe past, and a lesson for the future. A 
confederation of slate banks, sanctioned by lhe laws of lhe 
tales, is a scheme which the minority do not think il necessa- 
ry to combat, until some one shall propose ft and present its 
outlines. An attempt to regulate the currency by the opera- 
tions of *tate banks, through private compnels, with oach other, 
or with the treasury department, will probably fail, however 
often repeated, as it has failed already. A partnership of differ- 
ent corporations, for profit and loss, or for mutual guaranty, 
with independent boards of direction, is as str.miie ;i contrivance 
for the security of stockholders, us it is for the control and re- 
gulation of the currency. When the question of providing n 
regulation for the currency shall be deliberately considered, the 
minority have no doubt that lhe project of employing stale 
banks for national purposes will be universally rejected as mi 
practicable. 

The hope of obvinling all these difficulties by the final substi- 
tution ofa metallic currency in exclusion of bank paper of eve- 
ry kind, is a mere delusion. No one who reflects upon Ilie sub- 
ject at all, ran either set; how it is to hit effeetecl, or what it in 
to do but harm, when it shall lie etl'eeted. Throu!>h wlml pro 
cess ant Hi,- state hiinki! to be extinguished, as well as the U. 
Sl(U' hank? If tliey continue, how is their paper to he super 
ledcd: If their paper is to remain, who is to exchange a pro- 
ductive capital for specie to serve HO currency, when paper, 
which costs nothing, will answer the same purpose? Who is 



that. 

The times and amounts in which the depositcs were to be 
drawn by the treasury, were not only not made known, but 
were concealed from the hank. The treasurer had been for 
years in the practice of sending daily lists to lhe bank of every 
draught drawn upon it, staling both the date and the amounts, 
without the names of the holders; and he also sent weekly lists 
of the draughts, with the particulars in every point. These 
were the suggestions of amity to assist the bank, by the fullest 
information of lhe treasury purposes. But as soon as the policy 
of the treasury department was altered, and a hostile attitude 
assumed, tin- practice of daily and weekly lists was continued; 
but they did not speak the whole trutii. Draughts to an im- 
mense amount were withheld from the li.-ls, t(, be used accord- 
ing to contingencies, and al points where the hank might or 
might not be prepared to meet them; and the daily and weekly 
lists consequently became instruments of deception to the bank. 
The bank was left to ascertain and prepare for the treasury de- 
mand, with deceplive information as to its extent. The mino- 
rity annex hereto the correspondence between the treasurer 
and the cashier of the bank upon this subject. 

And even now, when the cry is still that the bank is oppres- 
finz the country, rumor zivits out, with her thousand tongues, 
that it is the purpose of the treasurerlo reject lhe whole mass of 
bank drauahls at present in circulation, amounting probably to 
more than live millions, and to force them hack upon the hank, 
by refusing in receive them in payment-" to the United States. 
The hnnk is left to ascertain the truth of this also, and lo pre- 
pare for it as she mav. 

Can il he ju-tly said that the bank has. nt any time, done 
more than \va< neeesvary for hrr protection, when the treasury 
department has made it impossible for the bank to know whe- 
ther any thing short of defence, at all points and in every form, 
would give protection. 



NILES' REGISTER MARCH 22, 1834 COMMITTEE OF WAYS AND MEANS. 63 



What is tin- position in which the removal of the deposilea 
has placed thu bunk ot the United States? Before that removal, 
the bunk collected ;uid disbursed the public revenue, facilitated 
the domestic exchanges by means ot it, and kept in order HIK 
currency of the country every where. The hank then owed 
these duties to the whole nation, and her obligations to the 
stockholders were secondary. She is now deprived of the 
means of performing them, and her obligations to her stock- 
holders and creditors have become primuiy. The bank of the 
United Slate* is now a private bunk, forced to become so 
against the will of her directors and stockholders, not sustained 
but opposed by the irea.-ury, and therefore lett to sustain her- 
self. What is to measure her loans to the community, but the 
sense of her own safely. What is to be the judgment she is to 
form of the experiment now on trial, but her own judgment? 
She considers, and, according to the report of the coimitt< e, 
she is hound to consider, that the sentence .of death has gone 
forth against hei; and it this be so, what principle compels her 
to put the capital of her stockholders at lisk upon the issue of 
an experiment? 

The alleged pressure by the bank in August and September, 
1833, with a view to coerce a rechaner, requires to be particu- 
larly considered, for two reasons: first, because it is believed 
that the reason of the secretary is not in this instance sustained 
by evidence; and, secondly, because it is also believed that 
what the bank has done, is doing, and will probably be forced 
to continue to do, is in perfect coincidence in all its parts with 
the plan which the secretary intended, by the removal of the 
deposites, to force upon the bank and the country. 

1. The imputed design of the bank to coerce the renewal of 
its charter, is an inference from the mere fact of its reductions. 
There is nothing else suggested to justify the imputation, and its 
propriety is consequently not to be made either more or less 
clear by argument. If such was the design of the bank, it is 
impossible to imagine any plan that could more effectually 
have promoted it, than that of the secretary. The fact of pres- 
sure and distress in August and September, 1833, is however 
now known to have been assumed as a motive for the removal, 
without sufficient evidence or consideration. Pressure and 
distress are, it is true, terms which indicate comparative rather 
than absolute difficulty, and, then-fore, it is not easy to prove 
that the payment of debts to a bank is not always the occasion 
of some pressure and distress to those who are compelled to 
pay. But such as are sufficiently at ease to consider what was 
the condition of the country during the sixty days which pre- 
ceded the removal of the public deposites, and to compare it 
with that which it has assumed in the course of the last two 
months, will admit that the state of the country, up to the 
hour of removing the deposites, was a state of comparative 
beatitude. In the now established sense of pressure and dis 
tress, the commercial cities and the country, up to the lemova 
of the deposites, were wholly exempt from every appearance o 
either. That justification of the secretary's motive fails there- 
fore entirely in point of fact. Had any such pressure existed 
the intention to remove was so justly apprehended for months 
before it was executed, and the reductions by the bank of the 
United States in August and September were so indispensable 
to her safety, in the extraordiuary relation in which the treasury 
was about to' place her, that few persons, who consider the sub 
ject dispassionately, would he inclined to infer a purpose o 
coercion from that which could be so much more natural!; 
traced to the motive of self-protection. 

2. But the conclusive answer to the secretary's reason is 

that what the bank did, is doing, and must continue to do, was 

and is, and will continue to be, the inevitable effect, as well a 

the declared purpose, of the secretary's plan. That plan seem 

of late to have been put aside for the more satisfactory occupa 

lion of censuring the bank. It deserves to be recalled to the 

consideration of the house. It is to be recollected that the se 

crelary assumes as a postulate, that the notes of the bank, a 

soon as the charter expires on the 3d of March, 183(3, "will los 

the peculiar value they now possess, and the notes payable a 

distant places become as much depreciated as the notes of loca 

banks; and if in the mean time no other currency is substitute 

in its place, by common consent, it is easy to foresee the exten 

of the embarrassment which would be caused by the sudde 

derangement of the circulating medium." The secretary the 

proceeds to say, that "it is of the first importance to the inter 

ests of the public, that these notes should all be taken out o 

circulation before they depreciate in the hands of individual 

who hold them; and they ought to be withdrawn gradually, an 

their places supplied as they retire, by the currency which wi 

become the substitute for them." The secretary then immed 

ately inquires, "How long will it require for the ordinary ope 

rations of commerce, and the re/luction of discounts by the bani 

to withdraw the amount of circulation before mentioned, with 

out giving a shock to the currency, or producing a distressii 

pressure upon the community?" The secretary answers h 

own question "I am convinced that the time which remaine 

for the charter to run after the first of October, (the day on whi< 

the first order for removal took effect), was not more than wa 

proper to accomplish the object with safety to the coinmunit 

and if it had depended on my Judgment at an earlier period, 

should have preferred, and should have taken, a longer time. 

Here, then, is the secretary's plan distinctly announced. T 

bank was to be compelled to withdraw nil he* notes from circ 

lation before the 3d of March, 1836, and was to begin forthwii 



the whole time that remained was not more than wa* 
ough. The secretary would have taken more if he could, 
id the hank, by tukin; the two month.., before the removal, did 
ul assist the design of the secretary. The secretary liinu-elf 
rceives that the bank c.m effect the recall of the notes only 
1 rediiciiii! the discounts. His plan, therefore, was to compel 
duction forthwith by reniovii:i! the deposited. This is demon- 
lahly plain. It admits of no doubt whatever. The extent of 
duclion necessary to produce this effect, was consequently 
e very extent of reduction which the secretary meant to force 
ion the bank, and any reduction short of it i le> than he m- 
nded. Now, it is equally clear thai nothing could call in the 
hole ciiculation, but calling in all the durounls and cloning 
le bank. With tht: first il,. -count the first l.n.ik note went out. 
lie last note may be expected to come m tvi.'h the last loan 
at shall be repaid. The secretary's plan, to take all the riotvi 
ut of circulation before the 3d of Match, 183G, was thereloie a 
an to call in all the discounts before the same day; and in 
hat way sixty-lour millions of discounts, the amount in Au- 
ust, 1833, could he called in, in thirty one month.-, at a legs 
ate. than two millions per month, remains to be shown. It it 
ipoiblc to show it. The bank has not, in fact, called in ten 
illioti.s in six months; and more than what she has called in 
as been taken away from her by public and private depositor*. 
'he rate of reduction has been less, consequently, than the se- 
etary's plan required, and there must be more reduction if the 
ink does not mean to defeat the plan of the secretary. 
One alternative only is then presented to those who object to 
le reductions ot the bank. Either the bank has not yet reduc- 
d enough, for she has not been able to (educe her circulation 
t all, or the whole scheme is exploded the in.-tant it is subjecl- 
d to practice. It is obvious that the only measure which the 
ecretary deemed repugnant to the interests of the country was 
le extension of discounts by" the bunk, or the continuance of 
leir amount as it stood at !; time of the removal. Reduction 
/as the agent and the only agent that he intended to use. If 
ne plan of the secretary is to be defended and maintained, com- 
laints of reduction by the bank, far greater than she has order- 
d, will be without color of justification, since far greater re- 
lictions will be necessary to effect his plan. If, on the contra- 
v, the plan is to be abandoned because it is utterly impraclica- 
le, it ought to be wholly abandoned, and the path of wisdom 
s well as of justice will then be found in a return to the point 
('departure. The fact unquestionably is, that the removal of 
lie deposites, the reduction of discounts, and the consequent 
eduction of the bank circulation, have been considered witu- 
iil the slightest reference to the complex state of pecuniary 
elations existing in the country. The whole process has been 
egarded as a mechanical affair, of which all the details would 
.11 icily come out as necessary results of the first measure. No 
.llowance has been made for the consequences of confidence 
roken up, of the interruption of that regular series of receipts 
and payments, by which the resources of the creditor and bebt- 
or are alternately repaired, of exposing to trial, or even to sus- 
licion, the fragile virtue of those state banks that are able to 
ive upon tiMir reputation merely because it is not questioned, 
tnd of attempting to take out of a powerful machine, while it is 
n full operation, the wheel that balances and regulates the 
whole. No allowance has been made for any of these conse- 
quences, by those who have led to their occurrence; and now 
when we are surrounded by them, and cannot escape from 
hem, even the plan which has caused them is forgotten in the 
censure of the bank for conforming to it. -The bank is but tra- 
velling in the path which the secretary prescribed, and to which 
the removal of the deposites, and the collection of the revenue 
:hrough other banks, must inevitably confine her. Her resour- 
ces for general relief have been taken away, and given to those 
who cannot use them. Her ability to secure the return of what 
she lends in the sound currency in. which she lends, is also 
gone. The whole country perceives that what is wanted is se- 
curity for the future; and while the plan of the secretary shall 
be prosecuted in any of its parts, the people will not believe 
that a single day of the future is secure. This universal dis- 
trust and apprehension, and not the operations of the bank, will 
be received by the dispassionate observer as the solution of the 
difficulties which now surround us; and whatever will remove 
this distrust and apprehension, and nothing short of it, will 
provide the remedy. The return of the deposites is, in the 
judgment of the minority, an indispensable part of this remedy, 
due by public faith to the bank, due also by public policy as a 
declaration of peace between the treasury and the bank. But 
they cannot regard the mre return as affording the promise of 
a radical cure. The eyes of the nation are now intently fixed 
upon the currency. If the present bank is not to be recharler- 
ed, something to regulate the currency must be provided in its 
place. The plan of the secretary gives over the regulation to 
state hanks, which will themselves be promoters of the disor- 
der. The country requires something which will regulate the 
state banks. Until this i* effectually provided, the minority 
have no expectation that distrust and apprehension will disap- 
pear, however they may be diminished. 

VIII. The remaining reasons of the secretary may be classed 
under two heads: acts by the bank in violation ot" its charter, 
and an act or acts of unfaithfulness in the execution of its duty 
to the treasury. Under the first must be included the constitu- 
tion of the exchange committee of the bank, the alleged exclu- 
sion from that committee of the directors appointed by the pre- 
sident of the United States, and the expenditure of money for 



64 N1LES' REGISTER MARCH 22, 18 34 -COMMITTEE OF WAYS AND MEANS. 



printing and circulating pamphlets. Under the second, no fact 
is particularly noticed by tlie secretary, but the case of the 
French bill. 

1. In relation to all the operations of the bank included under 
the first head, it must be answered, that whether the bank has 
been right or wrong, her board of directors assert the legal right 
to do whatever has been done. Her American stockholders 
also, who, with the fullest knowledge of all the circumstances, 
have repeatedly elected the same directors, assert the same 
right, arid approve the acts which have been done in execution 
of it. If these acts are not in violation of the charter, they are 
mere acts of administration or management of the bank, which 
the United Stales as a stockholder have agreed to commit to 
the discretion of the board of directors. 

The directors appointed by the president have no veto upon 
the resolutions of the board. The president has no such veto. 
If the resolutions are lawful, the charter, and all the stockhold- 
ers, public and private, as parties to it, must be considered as 
Jiaving committed to the directors the entire discretion to make 
and execute them. They may have been inexpedient, and if 
they have been, the corrective is to be sought in the annual 
elections. They may have been deemed inexpedient by the di- 
rectors appointed by the president, but if they have been, the 
law has determined that they are legally bound by the voice of 
a majority of the board. Upon questions of administration 
within the legal competency of the board, there is no more jus- 
tification of an attempt to tear the bank to pieces, by a pnrt of 
the directors, or by the treasury department in support of them, 
because the voice of the minority is not respected, than there 
would be for an attempt by a state or states, for the like reason, 
to sever the union. All the parties to the compact have ared 
that questions of administration within the lawful competency 
of the legislature, whether of the bank or of the union, shall be 
decided by a majority, and if they require correction, that they 
shall be corrected by a majority, and in no other way. 

Upon the supposition, then, that these measures of adminis- 
tration by the bank have been lawful, the minority take it to be 
free from doubt, that the secretary's dissatisfaction with them 
is not one of the causes which authorised him to remove the 
deposites. The management of the bank has not been com- 
mitted to the secretary. He has no right whatever to inspect 
its management, or even its condition, except in a limited way, 
for the purpose of ascertaining the security of the deposites. 
To have given him the power of removal in any case, in which 
he should deem the management wrong, would have been to 
give him effectually the management of the bank in every par- 
ticular. The charter removes all such causes from his cogni- 
zance by committing the management of the bank to the direc- 
tors, under such powers and restrictions as the charter and by- 
laws determine. 

If, on the other hand, the acts thus questioned are violations 
of charter, the objection* to the secretary's act are equally 
plain. In the first place, he is not the officer to whom the 
charter has confided the authority to direct a prosecution for a 
violation of charter; in the next place, it has expressly confided 
tbat authority to others; in the third place, the bank is entitled 
- to be heard before any judgment of violation is pronounced; 
and lastly, that judgment is to be pronounced by the judicial 
department only. 

The secretary's power to arraign the bank for violation of 
charter cannot be asserted. Ft is a power of the most delicate 
and critical nature, and the 23d section of the charter commits 
It to the president and to congress only. That the secretary 
should be iinpliedly authorised to decide the whole question, 
and to remove the deposites at once upon that ground, when 
the charter does not give him authority to issue a scire facias to 
hare the question tried, cannot be maintained. Those who 
have authority to direct the prosecution, have no right to try it, 
or to give judgment on it. The judicial power is not in con- 
gress or in the president, and they cannot exercise it without 
themselves violating the charter of the bank, and the constitu- 
tion also. The bank is not even charged with violation of char- 
ter. When charged, she will be entitled to a hearing; when 
heard, she will have the benefit of trial by jury; and when the 
first judgment shall have been rendered, she will be entitled, i 
it be adverse, to a review in the supreme court of the union 
In the mean time, in the sight of the nation and the law, all her 
charter rights remain in their original vigor. If the want of suf 
flcient time to try the question is a reason for deciding it with- 
out trial, it is one that prostrates all the barriers which the con- 
stitution has raised between the assertion of arbitrary power, 
and the life, liberty and property of the citizens. The spirii 
which frowns upon the temperate and deliberate inquiries of 
the judicial magistrate, and demands its victim in anticipation 
of the tardy and unaccommodating sentence of the law, is nol 
the spirit of the constitution, nor of the law abiding people of 
the United States. 

The bank then has a legal ritjht to .say, as her directors have 
said, that she has not been guilty of any violation of charter, 
and congress have not the legal right to adjudge the contrary. 
If they cannot adjudge the contrary, they cannot lawfully de- 
prive the bank of a single privilege or benefit conferred by the 
charter, upon the ground that she has lost them by violation of 
charter. Every hem-fit of the charter is a right of property, and 
it would be infinitely better for the constitution and for the peo- 
ple, that congress should at once hold the public deposites to 
b< removable without cause, rather than assign the cause of 
violation of charter, and enforce the sentence of forfeiture to 



the extent of a dollar, upon the ex parte report of a committee. 
The minority do not mean, so far as they are concerned, to im- 
pair the chartered rights of the bank, by attempting an investi- 
gation of the law and the facts before a body that is not consti- 
tutionally authorised to try them. 

The exclusion of the directors appointed by the president is 
nowhere shown to have been ordered by the board, or by the 
president of the board. They have not been appointed on cer- 
tain committees, and this is all that can be said, and the same 
may probably be said of many directors appointed by the private 
stockholders. It depends upon the pleasure of the board, and 
is a matter of administration. Whether theie was any thing in 
the capacity or dispositions of the individual directors referred 
to, to make their appointment upon certain committees proper 
or improper, it might be deemed invidious in a paper of this 
kind to inquire, particularly as it is understood that the senate 
of the United States have not advised their re-appointment to 
office, and they therefore do not at present stand in the position 
of public servants, whose acts require further investigation. 

The expenditure of money for printing and circulating pam- 
phlets has not been questioned by the stockholders. They have 
been fully apprised of it, and they have more than once re- 
elected the directors who have authorised it. The right to print 
and publish is a constitutional right. It belongs to corporations 
as well as to natural persons. It cannot be previously restrain- 
ed, and it cannot be subsequently punished, except by the sen- 
tence of a court, when it is proved to have been done in viola- 
tion of law. If it has been necessary to defend the directors of 
the bank from aspersions upon their characters for what they 
have done as directors, or to prevent the credit of the bank 
from suffering by imputations upon its solvency, or the integrity 
of its administration, the charge of the expenditure belongs 
properly to the bank, because it is in vindication of the opera- 
tions of the bank. As to such expenditures, the stockholders 
are 'the ultimate judges, and all the stockholders are bound by a 
vote of the majority ratifying the expenditure, as much as they 
would be by an order to incur it. The subsequent ratification, 
by the re election of the directors who ordered it, is equivalent 
to an original command. Whatever printing or publishing has 
been done by the bank, has been done openly, without cover or 
disguise. It has been done in the asssertion of a right, and the 
public have known it. Whether an influence equally public, 
and equally innocent, has directed and supported those attacks 
upon the bank, which have thrown upon the in.-aiiutron the ex- 
pense of resisting them, it does not belong to the minority of 
this committee to inquire. 

2. The case of the French bill, as upon a claim for damages 
by the bank, is not before the committee of ways and means. 
If the bank should make a claim upon congress for the satisfac- 
tion of that demand, it would probably be referred to a different 
committee. It is before the committee of ways and means upon 
the question whether the act of the bank in making such a 
claim to the secretary of the treasury, is a reason for dismissing 
the bank as a fiscal agent of the nation, and the majority of the 
committee have decided that it is. The minority are willing to 
leave this question to th-e decision of the house and of the coun- 
try. It is a principle which, if rigorously applied, will possibly 
economize the time of the house, and the labor of the committee 
of claims. If it is understood to be the opinion of the house 
that every agent or officer of the nation, who makes n claim 
upon congress or upon the treasury, deserves to be dismissed 
from his office, it will probably put an end to alt claims that are 
not thought to be worth more than the office, to the person who 
makes them. No one can by possibility doless than the hank has 
done in the prosecution of her claim, and therefore safety rs to 
be found only, in not making claim at all. This objection doe? nol 
unfitly close the test of the secretary's reasons. It is a case in 
which there was no agency in the b.ink, and no unfaithfulness 
in any one of her steps, from the time when the bill was bought 
from the treasury, to the time when it was returned under pro- 
test, and the treasury refunded the amount. The bill was 
bought, paid for, and duly forwarded by the bank, duly present- 
ed, duly protested for dishonor, duly returned, and duly notified 
to the treasury department. It was notified with n claim for 
damages, in the same manner in which the United States have 
for forty-five years notified similar claims to the drawers and 
endorsers of dishonored bills, and enforced them also with- 
out any exception. If this notification of a claim is sufficient 
to deprive the bank of her right to the public deposites, the 
minority are not unwilling that the character of the other rea- 
sons shall be inferred from that of their associate. 

The minority are upon the whole of opinion that none of the 
reasons assigned by the secretary in his communication to con- 
gress are sufficient to justify the removal of the deposites. They 
are also of opinion that it is due to the bank to return them 
without regard to the sentiment of the house upon the subject 
of recharter. They are further of opinion that the situation 
of the country requires immediate action by congress, to restore 
public confidence, and to prevent a derangement of the cur- 
rency. And they express to the house their settled conviction 
that these objects will not be attained if the public deposits 
are left in the state banks. They think, besides, that the uni- 
versal voice of the country requires that something shall be im- 
mediately done for public relief, and that the resolutions pro- 
posed by the committee, will only aggravate the existing evils, 



nstcad of providing a remedy. 



R. H. WILDE, 
BEN. GORHAM. 
HOR. BINNEV. 



FOURTH SERIES. Na. 5 VOL. X.] BALTIMORE, MARCH 29, 1834. [VOL. XLVI. WHOM No. 1,175. 



THE PAST THE PRRSEITT FOR THE FUTURE. 



EDITED, PRINTED AND PUBLISHED BT H. JflLES, AT $5 PER ANNUM, PAYABLE IN ADVANCE. 



The reply of the Baltimore committee to Mr. JVLcKim'a 
address, published in our last paper, will be found in the 
present. 

The proceedings of a great meeting held at New York 
a few days ago, with the report of the "union committee" 
raised on the llth ult. fill a large part of our sheet. We 
had nearly resolved not to enter upon the publication of 
any more long articles on the subject to which this re- 
port refers but the importance of the facts generally 
offered, and the power with which they are presented 
to the public mind, have caused us to regard it as a do- 



cument of great value, for present or future use. 
the work ot Mr. Gallatin. 



It is 



On Monday last, 24th inst. the people of Baltimore 
were thrown into a state of high excitement by the pub- 
lication of the following notice, in two of the morning 
papers of that day: 

TO THE PUBLIC. 

Bank of Maryland. 24th March, 1834. 

The board of directors of this institution have ascertained, 
with surprise and deep regret, equal to any that the community 
will feel, that this institution is unable to proceed with its bu- 
siness, and they have resolved to transfer all its effects to a 
trustee, for the equal benefit 01 the creditors of the bank. 

The board of directors hope and trust that the assets will be 
sufficient to discharge the debts of the institution, and their de- 
termination to stop its business at once, is from a conviction 
that to continue it longer would only be attended with loss to 
the community. Their advice to the creditors, founded upon 
the best judgment they are now able to form, is, not to sacri- 
fice their claims. The debtors of the institution will hnve the 
privilege of paying their debts witb the notes and certificates of 
deposite, and the open accounts due by the bank, and these 
alone they hope will enable the note holders and depositors 
speedily to realize nearly all if not the entire amount of their 



small deposites were fclso withdrawn but the resource* 
of the bank were ample. On Tuesday there were light 
demands on most of the banks, and a considerable press 
again at the Union but the alarm rapidly subsided, 
and, perhaps, the specie in the banks, (generally) that 
evening, was greater than it had been before the "run" 



credits. By order, 



R. WILSON, catfiier. 



[This notice was left at the offices late on Sunday even- 
ing, the 23d, though dated on the 24th.] 

When this news reached the morning steamboat for 
Philadelphia, some of the intended passengers rushed 
on shore, "as though she had been on fire," as a gentle- 
man present remarked to us and, by 8 o'clock, A. M. 
South street, (in which the bank of Maryland is, or was, 
located), was filled with an anxious and distressed mul- 
titude, some of whom were females! The crowd in- 
creased but 9 o'clock arrived, and the door remained 
shut. This batik had heavy deposites on certificates 
bearing interest, and we think it probable that a larger 
amount of its notes were in the local circulation than 
the aggregate of all the rest of our banks, though its ca- 
pital was only 300,000 dollars! and it is very possible 
that from 25 to 30,000 dollars in its bills were paid 
away, in wages to working people, last Saturday even- 
ing, when they were offered and received in good faith! 
A large crowd remained before the door until even 10 
or 11 o'clock at night, chiefly of the poorer classes of 
the people; and yet, to their lasting honor be it said, no 
act of violence was attempted, though "curses loud and 
deep" were uttered against "the experiment" which is 
now going out As soon as the other banks opened, 
"runs" were made upon them all, for small sums in coin 
which were promptly and good-humoredly satisfied; 
and hundreds of persons were seen in the streets carry- 
ing-on" parcels of specie. The press at the Union bank 
was by far the greatest there was a constant crowd be- 
fore the door until about 4 o'clock, when, all who pre- 
sented a claim against that bank being quieted, the 
doors were closed and the people retired, peaceably. 
This is the deposite bank; but, like the rest of the hanks 
of this city, (except the Susquehannah and the Mary- 
land, which have failed), had a small and well-guarded 
circulation, compared with its means; but a belief was 
generally, (though erroneously) entertained, that it had 
some close and intimate connexion with the bank of Ma- 
ry land, and would be involved in a common fate. A few 
VOL. XLVI SIB. 5. 



. 

commenced, many persons who held quantities of coin 
freely depositing it and the office of the bank of the 
United States behaved nobly, being willing to extend the 
use of its means on the emergency for the demand on 
this bank was insignificant; and, at some of the other 
banks, " Uncle Sam's money" ica preferred to coin' 
On Wednesday, though many gloomy i'aces were seer* 
in the streets, there was no general excitement extra 
demands for coin were still made; but many returned on, 
deposite that which had been previously withdrawn. 
Some engagements were violated, however, that would 
have been kept, if the bank of Maryland had not stop- 
ped payment; but the amount was not large. On Thurs- 
day extra demands for specie were still made but no 
new difficulty has since occurred, or is just now expect- 
ed so far as we are informed. 

The bank of Maryland had an extraordinary circula- 
tion! and enjoyed an uncommon degree of the public 
confidence; perhaps, for one reason, that its stock, the 
par value of which being only 300 dollars, was steadily 
quoted in the newspapers at 500 dollars! This may be- 
come a subject for future remark for it presented an 
appearance of things which had no substantiality in it. 
But this bank held a large amount of the money of wi- 
dows and orphans, small dealers and thrifty persons, me- 
chanics and others, for interest was allowed even on tran- 
sient deposites; and the manners of the president were 
popular, and his accommodations liberal. Perhaps the 
failure of any other three of our local banks would not 
have so immediately affected the classes of society refer- 
red to all the means of many being lost to present use, 
unless sold at ffty per cent, discount. We have heard 
of many cases any one of which is enough to make a man's 
heart ache but "perish credit" is proclaimed in con- 
gress, and "the experiment" is to be persevered in by 
"the government." We lost nothing by this bank.* It 
was manifest to us that the circulation of its notes was 
violently forced; and, since the "experiment" began, we 
steadily, but quietly, acted towards that bank as though it 
might fail within the next twenty-four hours and if one 
or two of our friends, to whom we confidentially, (and for 
theirownuse only), stated our fears > had acted upon them, 
they would have been belter off than they are; but no- 
thing had openly happened that could have justified us in 
throwing those fears before the public and no disposition 
existed to injure the credit ef the bank, or embarrass its 
operations. A good deal could be said on these matters, 
but we shall refrain. 

The effect of this failure is yet to be seen. Those who 
have charge of hs affairs ought to publish an exact state- 
ment of them as soon as possible, and, no doubt, wit) tfo 
it. The notes of the bank, and the certificates of depo- 
sites issued by it, it is posted up at some of the brokers' 
offices, will be exchanged at 50 per cent, loss to the hold- 
ers of them! But it is expected that all these, at least, 
will be ultimately paid; and more may be done, if the 
debtors of the bank do not give way. 

There is a large amount of bills issued by the "Union 
bank of Tsnnessee," made payable at the bank of Mary- 
land, in circulation. We think that the Tennessee bank 
cannot be held accountable for the amount of these bills 
unless they are formally protested, the demand at the 
bank of Maryland not being satisfied.! These notes, as 



'Being also sorry to Bay thai we have but little "money," just 
now, to lore! 

fThe (B8ltirnre) American of yesterday says We kwiK. 
from an unniwikmable source, that large remittances from the 
Union bank of Tennessee have been received witlyj&afcw <teys. 



66 



NILES' REGISTERMARCH 29, 1834 MISCELLANEOUS. 



well as those of the last named bank, have a wide "range 
in th south and west. 

We shall close this article by taking leave to say, that, 
in our serious opinion, the Baltimore banks, (with llie 
exception of the Susquehai.nah bank and the bank of Ma- 
ryland), are in as good a condition as those of any other 
c'fty and that we regard every one of them trust -worthy. 
If we thought otherwise, we dare say it and, surely, 
would not mislead any o.ie on this subject. We have a 
great stake in the soundness and uniformity, and suffi- 
ciency, of the currency; but no other particular interest 
in any bank than proportionally belongs to those who trap 
beaver in the regions beyond the Roeky Mountains. We 
do not hold one share of bank stock, nor feel ourselves 
under a sense of favor to any bank. Our litile account 
has been kept in the Uniiin bunk of Maryland many- 
years, without a single jar or hard thought, so far as we 
know, between the parties and it will yet remain in that 
bank, only regreltii.g that the balance on our side is very 
small, iii this season of pressure, excitement and peril. 

In the afternoon of Monday, the following was pub- 
lished 

At a meeting of the officers of the several banks of ihe city, 
conveued at llie Union bank of Marylarid, in consequence ol a 
n.mce luceivcd from the piesident of tbu Union bank ul Mary- 
land, to t.iki: into consideration the state of affairs arising from 
tin- cl'isiiij.; of tin.' biiMwss of the hank of Maryland, the follow- 
ing presidents and cashiers were present: 

William Lonnan, president of the bank of Ballimoiti. 

Philip Moore, of llie Fianklin. 

Wm. tiohn, of the Coiniu.rciul and Farmers. 

Nicholas .Price, of the Fanners and Merchants. 

Wm. If. Murray, cashier of the Mechanics. 

J. Kier, cashier of llie Marine. 

William Lorman was called to the chair, and W. Bric.c acted 
as secretary. Amongst other proceedings the following took 
place. 

The president ( the Union brxnk informed ihe mei-'tinjr that 
the bank of .Maryland li.ul made a deed of trust, which they 
were prepared to deliver, conveying all the property of the. 
bank to him in trust, for the pnnerul and equal benefit of its 
creditors that he had nut as yet read it, nor accepted it, and 
declined doing so without the advice and concurrence of the 
other hanks interest! d in the distribution of the funds, and that 
this meeting was called to lay the subject before them for their 
direction concerning it. 

It was then by the meeting, unanimously resolved by the pre- 
sidents and cashiers present, that in their opinion it is advisa- 
ble that Mr. Ellicott accept the deed of trust proposed by Ihe 
president and directors of the bank of Maryland, and that they 
therefore unite in recommending him to do so. it being under- 
stood among other tiling* of detail, that the different banks shall 
trijin time to lime hi: informed of the progress of the trust, and 
that their several officers shall have free access to every infor- 
irmtion that they may require until its close. 

And on Tuesday afternoon the following, addressed to 
the public by the president of the bank of Maryland, and 
to the editors of the newspapers by the trustee botli 
which had a cheering effect, especially the last: 

TO THE PDBLIC. 

In consequence of the extreme pressure upon the money 
market, and the unprecedentedly severe demands upon the 
bank of Maryland, I regret deeply, with my fellow citizens, that 
it has been compelled to stop its business. 

The suspension has been sudden because it has occurred at 
nt the very first moment it appeared that the interest of the cre- 
ditors of the bank required it if efforts had been made to sus- 
tain the credit of the institution at the expense of heavy sacri- 
fices of property, the result would have still been questionable, 
but the certainty of loss would have occurred. Under all cir 
cuin.-tancc.-, it has been deemed best by the soundest judgment 
to which we conld have resort, to adopt the course which has 
been adopted, viz: to place in the hands of a suitable trustee, 
under the direction of the honorable Stevenson Archer, and the 
honorable Thomas B. Dorsey,or such person or persons as they 
may appoint, all the effects of the bank, to be kept together. 
collected and faithfully distributed among the creditors, a 
speedily as it can possibly be done. 

My confident opinion is, that the bank is able to pay all its 
obligations, but to obviate any difficulty whatever, and to -"ati-- 
fy the holders of the notes and the special certificates of the 
bank, I hereby pledge my whole private estate, whether real, 
private, personal or mixed, to redeem any deficiency that the 
means of the bank may by any possibility ho unable to redeem. 

afar.* 85, IBM. EVAN POULTRY. 



for the redemption ot its notes made payable at the bank of Ma 
ryland, and that thHse f.md-1 have been forwarded to Philadel 
phia. I is potable that nrrH IH;l .ments will goon be made for 
their proper application in Baltimore. 



Von are requested to state in your paper, for the information 
of all parties who have notes or other securities deposited for 
collection in the bankof Maryland, that they will have the same 
returned to them on application to 11, Wilson, eaq. cashier, 
)rovided that such notes or securities have not been deposited 
is security, or the depositors thereof are not indebted to the 
bank on notes, bills, or other iwponsibilitiei which have be- 
come due or otherwise such notes not being considered as any 
part of the assigned fund. THO. ELL1COTT, trustee. 

It would be well, indeed, if the enemies of the hank of 
the United States would agree upon some course for that 
institution to pursue! In the first place, its ability to meet 
its engagements was doubted by the highest authority 
and now, by the same party, its power to maintain itself 
subjects it to be called by many hard names. In the se- 
cond, when, because the business of the country was large, 
and the general price of commodities high, requir'nig a 
greater sum in money to carry on the exchanges, it was 
charged with a design to corrupt the people by the libe- 
ralitv of its accommodations and, though four or five 
years ago, as appears by the president's messages, the 
lime had arrived when it should look to a closing of its 
concerns, it is abused for causing the present pressure 
on the people by the curtailment of its discounts. In the 
third, it is said that such curtailment is wantonly oppres- 
sive, and yet the sober Tact is that the reduction does not 
exceed the reduction of its deposites. In the fourth, it 
is blamed for making money scarce, though its circula- 
tion lias been increased about two millions, which is as if 
added to the specie of the country, to enable the state 
banks to pay their debts ! In the fifth, it is imperiously 
said that it must and shall wind up its affairs, and then it 
is denounced for retirements from its discount line which 
have a less amount than the retirements from the line of 
its deposites. In the sixth, it is threatened, in "high 
places," with "runs" for payment of its issues, and abus- 
ed, in the same, because it holds on to its coin to satisfy 
all reasonable or unreasonable demands upon it ! So we 
might pass to the fiftieth place, and present similar con- 
trasts. NVill it please those in power to lay down some 
course for the bank to pursue, that the people may he re- 
lieved of an oppression which we really fear may make 
them "mad?" For the old proverb says "oppression 
maketh a wise man mad." 



Considerable political importance has lately been at- 
tached to the ward elections for constables in the city 
of Philadelphia. At that held last year 11 "Jackson" 
and 4 anti-Jackson men were chosen; but at that held on 
the 20th inst. 13 anti-Jackson and 2 Jackson men were 
chosen; and similar changes have been made in some of 
the adjoining districts. For instance, the Jackson can- 
didates were defeated in each of the four wards of Spring 
Garden. It would be difficult to describe the excitement 
which prevails in Philadelphia and its neighborhood. It 
may, however, be partially esteemed from the fact that, 
by .the lowest calculation, 25,000 men of the city and county 
assembled^ with banners, in Independence Square in the 
afternoon of the 20th instant, and passed certain resolu- 
tions, &c. some account of which must be recorded; but 
we cannot make room for it this week. 

We have recently heard a great deal about "panic 
makers;" but gov. Marcy, of New York, in our humble 
opinion, has done more than any other person to make a 
panic by his message to the legislature of the state on 
the 23d inst. which, we regret, cannot now be inserted. 

After speaking of the "rapid curtailments" of the dis- 
counts of the hank of the United States, and manifesting 
much hostility towards that institution, and assigning, 
also, several other reasoi.s for the pressure on the money 
market, and saying that the safety fund banks have re- 
duced their circulation three millions of dollart since the 
1st of January lant! he proceeds to the consideration of 
other subjects, and proposes, as the best means of obtain- 
ing relief, the creation of a state stock of four or five 
millions, to be loaned to the state banks in the city of 
New York (for which he thinks money may be borrowed 
in Enrufit;\ that these banks may relieve the other banks 
ot the state, etc. which the deposite and use of several 
millions of the canal fund, with the deposites of the U. 
States, has not been able to accomplish ! 



NILES' REGISTER MARCH 29, 1834 CONGRESS. 



67 



With a resort to the trial of such remedies, the pros- 
pect a-head is really awful. 

It is now understood that the United States deposites 
in the Girard bank, at Philadelphia, will be given up. 
At a late meeting of the stockholders, the noise being on 
one side, some sober citizens thought, and the shouting 
ones believed, that the question was doubtful, if not decid- 
ed according to thenprouriousness of the latter parly; but 
the other side took sure and quiet means they opened 
a paper, and invited subscribers; and it now appears that 
17,500, out of the 30,000 shares, have been signed for, to 
give up the dcposites; and it is well known, (say the Pbila- 
phia papers), that several thousand shares are not availa- 
ble for uses of this kind bo-ing held, perhaps, in distant 
places, or in Europe. It is added, that the officers of the 
bank approve the measure, though they have not taken 
any part in bringing it tibont. From this it appears that 
ft very large majority of the stock is in the hands of per- 
sons opposed to the removal of the deposites, though 
placed in their own bank as was the case in Virginia 
and, perhaps, would be elsewhere, if the matter was fairly 
tested. 

The Philadelphia Gazette asserts that 8,000 shares are 
held by persons in Europe, and 2,000 by the directors, 
and 20,000 by the citizens so that of those who have 
acted on the present occasion seven-eighths are for giving 
up the deposites. 

The official "Globe" of Monday, speaking of the Gi- 
rard bank, says '"That bank ought, and no doubt will, 
in pursuance of its contract, be required to pay every dol- 
lar of deposite on hand the moment it refuses to receive the 
accruing revenue. Not the indulgence of a day, nor an 
hour, should be given to an institution which deserts the 
post it has voluntarily assumed," &c. and then suggests 
that the deposites may be removed to New York ar Bal- 
timore, or locked up in the vault of the custom house. 
Tlte spirit of this article is of a horrible kind. An exer- 
cise of the right of opinion, and by those most interested, 
is to be followed by swift ruin, if possible, for desertion! 
Why was not the batik of VIRSINIA so threatened? But 
the agreement between the secretary of the treasury and 
the new deposite banks, left each party free to retire from 
the contract, at discretion, the secretary being required 
to give reasonable notice of his intention to remove the 
public money. "JVoits verrons!" 

In our congressional proceedings will be found a brief 
abstract of a speech of Mr. Clay, in the senate, on the 
25th inst. respecting the Union bank of Maryland, in 
which Mr. Taney is a stockholder, Sec. with a copy of a 
note published by the directors of the bank appended. 
Intending to present all such tilings fully, we think it 
right to add, that the "Globe" of the 27th has an article 
saying, that, for some time past, Mr. Taney had held, 
and held when the deposites were removed, "six or 
seven" thousand dollars of stock of this bank that, on 
this account, he requested the president himself to select 
the deposite bank in Baltimore, saying "however" that 
he thought the capital of the bank of Maryland was too 
small to make it a suitable depository that he has not 
bought or sold any bank stock since the removal of the 
deposites that he never was a director in the Union 
bank, though once elected, without his knowledge that 
no treasury draught has been given to the Union bank 
since October last, and that this bank had not asked the 
aid of the department to sustain it 'that the secretary 
has never doubted, and does not now doubt, that the 
Union bank is perfectly able to sustain itself against any 
attempts that may be made against it. 

In the same degree of fairness it is proper to observe, 
that it was commonly said and currently believed, that 
Mr. T. held 25,000 dollars worth in the stock of this 
bank, and that the aid spoken of had been afforded. 

Orj=Since the preceding was written, we have seen the 
following in the "New York American" of the 2Gth, as 
an extract of a letter from Baltimore, speaking of the 
'bank of Maryland" and also an article of the same 
purport in the Commercial Advertiser of the same date 

"This bank has been circulating vast numbers of its notes in 
the west; last week a draught from the west for $150,000 was 
presented through the branch bank the president, Poultney, 
asked one (fay. It was granted an express was sent to Mr. 



Secretary Taney, who drew on the branch fur $200,000, thui 
the draught on the Maryland bank was paid, and the other 
$50,000 wore deposited in the pet bank, the Union, which has 
done every thing in it* power to sustain Poullney'g bank, but 
nil in vain, tliou^li aided by the government ill Hie bum of 
150,000." 

And the "Commercial" observes '"There are cir- 
cumstances connected with the failure of the Bank of 
Maryland, which will require an immediate investiga- 
tion by the senate. The bank of Maryland was latterly 
a political b:mk. Having extended itself, through the 
patronage of the government, it has at last met the coil- 
sequences of a dependence on executive wisdom and in- 
terference with the currency," i*cc. 

We [Register] had not before heard any thing of this 
transaction* but, if the facts stated are true, it will only 
shew that the likeness of the names of the bank of Ma- 
ryland and of the Union bank of Maryland, has caused 
another mistake the latter having been charged with 
making a loan of $50,000 to Mr. Barry, P. M. G. which 
had been made by the iormer. 

TWENTY-THIRD CONCRESS-FIEST SESSION. 

SENATE. 

March 21. After some other business 

Memorials were presented by the following member! praying 
for the restoration of the deposites, &.C. by Mr. Clay from up- 
wards of 3,000 persons, clerks of mercantile men, and others 
engaged in trade, in the city of New York; also by the same 
from a large number of traders from ten different slates on the 
valley of the Mississippi, who happened lately to be in Phila- 
delphia, laying in their stock of goods for the season; five by 
Mr. Southard, one from three of the banks of New Jersey, and 
the others from the counties of Monmouth, Gloucester and Huu- 
terdon; and three by Mr. Kent, from the banks of Frederick and 
Washington counties. All which were severally read, referred, 
to the committee on finance and ordered to he printed. 

Mr. Ewiny submitted the following resolution: 

Resolved, That the committee on (he post office and post roads 
be instructed to examine and report upon the present condition 
of the post office department, and that they have power to send 
for persons and papers to take testimony for that purpose; and 
that the secretary of the senate shall, on application of the com- 
mittee, appoint a clerk lo attend them. 

[This resolve lies on the table.] 

The chair communicated a report from the state department 
shewing the number of American seamen registered up to the 
last quarter of ilje year 1833. 

The senate then proceeded to the consideration of the order 
of the day, being the bill to continue for a limited time, tbe 
charter of the United States bank; when 

Mr. Callioun addressed the senate at large upon the question! 
brought into view hy the bill. After he concluded, Mr. Benton 
addressed the senate, until near 4 o'clock, when, without con- 
cluding, having yielded the floor, the senate adjourned. 

March 22. Mr. Poindexter presented the petition of John 
Cumrnings, of Oliio, praying to be relieved from lossea sustain- 
ed by him in consequence of a fraud committed by one of the 
United States land officers; which was referred to tile commit- 
tee on public lands. 

Mr. Webster presented the proceedings of a large and respect- 
able meeting of the citizens of Franklin county, Pennsylvania, 
also a memorial from the inhabitants of the same county signed 
hy upwards of 1,800 voters, complaining of the distress caused 
by the experiment of the government, and asking a restoration 
of the deposites, &c. Mr. W. in presenting the above made 
some eloquent remarks descriptive of the character of the sign- 
ers of the memorial, the productions of the county, and of their 
depreciated value, &e.; and amongst other things stated that it 
contained 10 or 12 forges; that there were upwards of 4,000 pel- 
sons engaged in the manufacture of iron; that, in addition to 
these manufacturers, there wrre others engaged in paper mak- 
ing; that all had been compelled to dismiss or decrease their 
hands; that the agriculturists had also comn in for their share 
of loss; that corn and rye could hardly be got rid of at Cham- 
bersburgh ,tt any price; the loss on wheat, the great product of 
the county, wns 30 cents per bushel; and that clover seed ano- 
ther great product, had fallen from 46 1 -IN P^r bushel. 

Mr. Forsytfi presented the memorial of 300 citizens of Peters- 
burgh, Va. approving the removal of the deposites. 

Mr. Leih boro testimony to the respectability of many of the 
signers of the memorial, but doubted whether there were as 
many as 300 voters in Petersburgli; he then presented the me- 
morial of the citizens of Princess Anne county, Va. 

Mr. JlolMns presented two memorials against removing the 
depo-=ilps, one from Newport, the other from Smithfield, R. 
[sliuirt. The above proceedings and memorials were severally 
rend, referred and ordered to be printed. 

Mr. E>Hn reported a bill to settle the boundary line of the 
state of Ohio, which was read and ordered to a second reading. 

*Nor as yet (Fiiday evening) have we heard the stalemnt 
either affirmed or denied. We have, however, rensons to be- 
lieva that the whole is a mistake, as to rime and circumstance! , 
at least. 



6S 



NILES' REGISTER MARCH 2-9, 1834 CONGRESS. 



The senate then proceeded to the order of the day, being the 
leave on Mr. Webster's bill for continuing the charter of the 
bank of the United States, when 

Mr. Benton resumed his remarks, and concluded about a 
quarter past 3 o'clock; when 

Mr. White rose and said he wished to express his sentiments 
on this question, and would do BO then, or on Monday next as 
might be the pleasure of the senate. 

Mr. Wright stated there was much business of an executive 
nature before the senate, and expressed a wish that the senator 
from Tennessee would defer his remarks till Monday. After 
some remarks by Messrs. Clay and Webster, on motion of Mr, 
Wright, the senate went into executive business; and after the 
doors were reopened, the senate adjourned. 

March 24. Mr. Webster presented a memorial signed by 900 
inhabitants of the town of Lynn, Mass, remonstrating against 
the removal of ilia deposites, and prnying for their restoration 
to the bank of the United States. Mr. VV. said that the town 
of Lynn was beautifully situated, is highly industrious, and 
had been hitherto prosperous and flourishing. With a popula- 
tion of 8,000 souls, its great business was the manufacture of 
hoes; that 3,000 persons, men, women and children, are en- 
gaged in this manufacture. They make and sell ordinarily, two 
millions of pairs of shoes a year, for which, at 75 cents per pair, 
they receive 1,500,000 dollars; that they consume half a million 
of dollars worth of leather, a large portion of which was pro- 
cured at Philadelphia and Baltimore. The largest number of 
votes ever known to have been given in Lynn was 1,060, and 
900 had signed the memorial. He staled that the manufacturers 
of Lynn sent their articles to every state in the union; for the 
proceeds of the sales they draw their bills on lime, discount 
them and receive the cash. They had heretofore found no dif- 
ficulty in caching their bills at three fourth* of one percent. 
though drawn on the most distant places. But the executive 
government has broke up all this, and these manufacturers sell 
their bills now at a discount of three per cent., thus losing two 
dollars and a quarter in every hundred by losing Hie former fa- 
cilities of exchange. Jn the present state of things, the manu- 
facturers are unwilling to buy stock, and afraid to enter into any 
new engagements. They cannot therefore employ labor as for- 
merly, and a slate of confusion and embarrassment has conse- 
quently ensued. Three hundred hands have been dismissed 
from employment, sines the date of the memorial, and others 
must be dismissed. "When (asked Mr. W.) will this foolish 
experiment be abandoned?" All men may commit errors, but 
wise men. and candid men, will retracl them, so soon as they 
see them to be errors. They will not adhere to errors in spite 
of experience, and grow more obstinate and more angry, in pro- 
portion as that error becomes more and more manifest. The 
country, said Mr. W. must be saved; and the people must save 
it by compelling those who have adopted ruinous measures to 
retrace their steps. 

The memorial was then referred, and ordered to be printed. 

The chair presented the proceedings and resolutions of a 
meeting held in York county, Pa. approving the conduct of the 
executive in removing the deposites from the bank of the Unit- 
ed States. The chair stated that this was a printed paper trans- 
mitted to him by the committee appointed by the meeting; thai 
it was the same paper which had been presented to the senate 
ome days since, with the exception of the preamble which had 
been expunged, and which the senate had refused to receive. 
The committee, (the cAair said) had expressed their regrets 
that they were not authorised by the meeling lo make any al- 
terations in the proceedings; and the senate would, therefore, 
be left to decide whether the paper was proper to he received. 

Mr. Clay inquired of the chair whether the paper was couch- 
ed in respectful language, and such as was proper to be pre- 
ented to the senate? 

The chair would not undertake to decide that question. 

The reception of ihe paper was then opposed by Messrs. 
Clay, Webster, Calhoun, Poindexter, Ewing and Southard, and 
seconded by Messrs. King, Wright, Preston and Kane. 

The ground on which the reception of the paper was resisted 
was, that it was incumbent on every person, under the rules 
which govern deliberative bodies, in presenting a paper, to state 
that its language was respectful, ami such as might be received; 
and that the cAatr had expressly declined giving any statement 
as to the contents of this paper. 

On motion of Mr. Frelinghuysen the paper was then Inid on 
the table. 

The senate resumed the consideration of Mr. Webster's bill 
to continue the charter of the bank of the U. Stales, when 

Mr. White, of Tennessee, addressed the F enate until half 
past 3 o'clock, without coming to a conclusion, when he yield- 
ed the floor and the senate adjourned. 

AfrcA25. Mr. Mangum presented a memorial from HIP vil- 
lage of Wilkesboro, in the western part of the state of North 
Carolina, complaining of the violation of law and assumption 
of power by the executive, in the removal of the deposites. On 
the authority of a letter he slated that nin* tenths of the me- 
alists had recently been Ihe friends of the administration 
and tn favor ofgeneral Jackson. 

He also presented a similar memorial from the citizens of Ha- 
lifax county, North Carolina. Both memorials were read and 
rcfcrren. 

Mr. Clay rose and .aid that he had heard, and he presumed 
that every member of the lenate had heard, that yesterday the 



bank of Maryland, situated in Baltimore, had stopped payment. 
He stated further, that he had heard, that, in consequence of a 
connection, supposed or actual, between that bank and the 
Union bank of Maryland, one of the banks selected by the trea- 
sury department as a depository of ihe public revenue, Ihere 
was, yeslerday, a run on the latler bank to obtain metallic cur- 
rency for the paper in their hands. The connection between 
the two banks seemed so intimate, that great danger was appre- 
hended as to the stability of the Union bank. He also staled 
lhat by ihe official returns made by Ihe treasury department, it 
appeared that the secretary of the treasury was a stockholder to 
a considerable extent; that he had heard' the slock held by the 
secretary in that institution constituted a considerable part of 
his property. He expressed a hope it would turn out that the 
Union bank was in a safe condition, and lhat there were no 
just grounds for the apprehension which existed as lo jis safety, 
and hoped it would also appear that the secretary of ihe treasury 
was not a stockholder in this bank to any extenl which would 
authorise an impression tlmt he had suffered his own interests 
to enter into the considerations which led him to select tbia 
bank as one of the depositories of the public money. 

He had also heard this morning that a treasury draught or 
treasury draughts, to the amount of.150,000, had, in ihe courts 
of a few days, been furnished to the Union bank of Maryland, 
by the secretary of the treasury. He, therefore, considered it 
the official dut* of ihe senate lo inquire into the facts, whether 
there was any danger to the public interests likely to result from 
the circumstance of the public money being in that institution. 
And to that end submitted the following resolution: 

Resolved, That the secretary of the treasury be directed to re- 
port to the senate what amount of public money is now on de- 
pome in the Union bank of Maryland, and on what account it 
was deposited; and whether any treasury draughts, contingent 
or other, have been, during the month of March, 1834, furnished 
to the said bank, to enable it to meet any demands which might 
be made upon it.' 

This motion lo consider the resolution requiring the unani- 
mous consent of the senate- 
Mr. Forsyth objecting, it was laid over until to-morrow. 

Mr. Clnyton presented certain resolutions of a large public 
meeting of silversmiths, watchmakers, jewellers, &.C. of the city 
of Philadelphia, praying for the restoration of the deposites 
which was read, referred and ordered to be printed. 

The senate then look up ihe bill fur the continuation of tire 
Cumberland road in the states of Ohio, &.c. as in committee of 
the whole, which, after being amended, was laid on the table. 

The senate next proceeded to the consideration of the special 
order, being the leave asked by Mr. Webster to introduce his 
bill continuing the charier of the bank of the United States: 
when 

Mr. White resumed his speech and concluded at 4 o'clock: 
when 

Mr. Clay obtained the floor, bpt yielded to 

Mr. Webster, who rose and said, that he had seen with regret 
a disposition to enter into a wide debate upon the whole merits 
of the conduct of the administration, upon a mere motion for 
leave to bring in a bill; the effect of which course of proceeding 
would be, to put off the vote on Mr. Clay's resolutions. He 
could not concur in promoting that object, and as he had now 
answered his own purpose, which simply was to present a spe- 
cific measure for Ihe consideration of congress and the country, 
he should move to lay it upon the table, that Mr. Clay's resolu- 
tions might be acted on, and accordingly moved thai his motion 

*The Union bank, on ihe 26th inst. after quoting Mr. Clay's 
speech, of which the preceding is a brief abstract, issued the 
following notice: 

"There is no foundation whatever for the rumor that any other 
connection has ever existed between ihe bank of Maryland and 
the Union hank of Maryland, than has existed between the 
Union bank of Maryland and other banks in the city of Balti 
more. 

"It is not a fact lhat, 'in consequcnre of any (supposed) con- 
nection between the Union bank of Maryland and the bank of 
Maryland, a treasury draught or treasury draught? to the amount 
of $150,000 (or forany other amount), have, in Ihe course of the 
last few days, been furnished to the Union bunk of Maryland, by 
the secretary of ihe ireasury:' No such draughts having been 
received aince Oclober lasl. Nor has Ihere been any occasion 
for such funds; ihe means of the Union bank being amply suffi- 
cient to discharge all the claims against it, as they may be de- 
manded. 

"The board feel reluctanl thus to appear before the public; but 
find themselves compelled to do so, by a sense of duty to the 
stockholders, at a time when unfounded rumors are in circula- 
tion, in prejudice of the institution. 

(Signed) THOS. ELLICOTT, president. 

LUKE TIERNAN, 
HENRY PAYSON, 
WILLIAM E. MAYHEW. 
JAMES CAMPBELL, 
JOHN H. B. LATROBE, 
JOHN Q. HEWLETT, 
DAVID M. FERINE, 
ISAAC TYSOV, 
THOMAS A. \ORRfS, 
WILLIAM F. MURDOCH." 
[See also page 67.J 



NILES' REGISTER MARCH 29, 1884 CONGRESS. 



69 



or leave be laid on the table, giving notice that he should agair 
call it up on the first Monday in May. 

Mi. Forsyth asked for the yeas and nays; which were order- 
ed; and the question was taken and decided as follows: 

YEAS Messrs. Black, Calhoun, Clay, Clayton, Evving, Fre 
linghuysen, Hendricks, King, of Geo. Mangum, Moore, Nau- 
daiii, Poindexter, I'orter, Premiss, Preston, Kobhin*, Silst'ee 
Smith, Southard, Sprague, Swift, Tomlinsori, Wagguman, Web 
ster 24. 

NAYS Messrs. Benlori, Brown, For>>yth,Grundy, Hill, Kane, 
King, of Alabama, Morris, Robinson, Shepley, Tallinadge, Tip- 
ton, White, Wilkins, Wright 15. 
So the motion wan laid on the table. 
Mr. Clay then asked if the senator from N. York, Mr. Wright, 
desired to say any thing on the subject of hi* resolutions, if not 
that he should say a word or two in reply to those who had spo 
ken. 

Mr. Wright answering in the affirmative, the senate adjourn- 
ed. 

March 26. Mr. Southard presented the proceedings of a meet- 
ing of 5,000 young men of Philadelphia, opposed to the course 
of the secretary of the treasury in removing the deposiles. 

Mr. Preston presented the proceeding of 4,627 young men of 
the same place, in favor of the restoration of the deposites. 

The special order of the day, being the report of the commit 
tee on finance on Mr. Clay'i resolution upon the removal of the 
deposites, was then taken up, and 

Mr. Wright rose and spoke at large, sustaining the secretary. 
When he had concluded, 

Mr. Clay obtained the floor, and intimated that if it was the 
wish of any gentleman to address the senate, he would yield 
the privilege. No senator rising, Mr. Clay moved an adjourn- 
ment, but gave way to Mr. Poindexter, upon whose motion the 
senate went into executive business; and after some time spent 
therein adjourned. 

March 27. Mr. King, of Geo. presented a memorial signed 
by about 400 persons, citizens of Augusta, Georgia, praying for 
the restoration of the deposites to, and for the recharter of, the 
bank of the United States. 

Mr. Clay presented a similar memorial from the citizens of 
Lexington and the county of Fayette, Kentucky, signed by up- 
wards of 1,200 persons. 

Mr. Clay, in presenting the memorial, said, that the memorial 
ists were composed of numbers of his friends and neighbors; 
some of whom he had known for forty years by individuals 
embracing all the various callings of life, mechanics, manufac- 
turers, farmers, merchants, and the great body of men of busi 
ness of those places. 

It was true that the memorialists did not speak of any great 
present pressure in their portion of the country; they spoke of 
the approach of great distress, and expressed their apprehen 
sions that it would increase. 

After paying them an eloquent compliment, he said they had 
their apprehensions excited by what they deemed an assault on 
the constitution and laws of the country. If, said he, there be 
a spot in the union liktly to be exemptfrom the calamities that 
had afflicted the others, it would he that region aliont Lexing- 
ton and its immediate neighborhood. Nowhere, to no other 
country, has Providence been more bountiful in its gifts. He 
stated that it yielded from 60 to 70 bushels of corn to the acre; 
but there were 6,000 lal bullocks remaining unsold because the 
butchers could not obtain the usual facilities from the banks to 
purchase thus $100,000 worth of this species of property re- 
mained on hand. 

The above memorials were read, referred and ordered to be 
printed. 

Mr. Webster gave notice that he would call up his bill extend- 
ing the charter of the bank of the United States, on the 21st of 
April. 

Mr. Wilkin* presented the proceedings and resolutions of a 
meeting of citizens of the town and county of Beaver, Penn 
sylvania, praying for a recharter of the hank, with certain mo- 
difications, foi a restoration of the deposites, and disapproving 
of the late message of governor Wolf, commending the con- 
duct of Mr. Duane, and censuring that of Messrs. Wilkins and 
McKean. 

Mr. Wilkins paid it gave him pleasure to present these pro 
ceedings, though they rapt him arid his colleague over the 
knuckles, and though he dissented from their opinions. 
The proceedings were referred and ordered to be printed. 
Mr. Wilkins, reported the army appropriation bill without 
amendment. 

The senate then proceeded to the consideration of the report 

of the committee on finance on Mr. Clay's resolutions, when 

Mr. Clay arose and addressed the senate, and, after speaking 

two hours without concluding his remarks, IIP gave way to a 

motion to that effect, and the senate adjourned. 

HOUSE OF REPRESENTATIVES. 

Friday, March 21. Various bills of a private nature being re- 
ported and disposed of. 

The bill to continue the Cumberland road from the Missis- 
sippi river to Jefferson, in the state of Missouri, and the bill to 
continue the same road from Vandalia, in Illinois, to the Mis- 
sissippi river, were read, respectively, and referred to the com- 
mittee of the whole house on the state of the union. 

The resolution of Mr. Aforrfi? was further discussed by Mr. 
B urges, until the expiration of the hour, and then the considera- 



tion of the report of the committee of ways and means, 4.C. was 
taken up. 

Mr. Gilmer, of Geo. then addressed the house in opposition 
to a restoration of the deposites. and concluded at half pant 2 
o'clock, when no motion of Mr. Clay, the house adjourned. 

Saturday, March 22. Motions were respectively made to sus- 
pend the rules of the house to take up certain bill*, which fail- 
ed, or were withdrawn. 

The bill to return the duties on certain pieces of sculpture, 
the capitals of the columns of the exchange at Philadelphia, 
was then read the third time, and rejected by a vote of ayes 45, 
nays 135; and the house adjourned. 

Monday, March 24. The order of the morning being the 
consideration of the Virginia resolutions, the house took up 
the same, when, Mr. Pinckney, who had the floor, being absent, 
the resolutions were laid on the table and ordered to be printed. 

The chair then resumed the call of the states for ihe presenta- 
tion of petitions and memorials; when 

Memorials, petitions, proceedings of meetings, Sic. were pre- 
sented in favor of the restoration of the deposites and the re- 
charter of the bank, by the following persons by Mr. Hard 
from citizens of New York; by Mr. Selden from 600 citizens of 
Brooklyn, New York; by Mr. Fillmore from the citizens of Buf- 
falo, New York; by Mr. Shinn from the president and directors 
of tin.- state bank of Camden, the Cumberland bank of Bridge- 
ton, and the Farmers bank of N. Jersey; and from the citizens of 
Gloucester county, and another county, in New Jersey; by Mr. 
Lee from a meeting of the citizens of Cumberland county, New 
Jersey; by Mr. Wagener from citizens of Northampton county, 
Pennsylvania; by Mr. Miller from citizens of Cumberland county, 
Pennsylvania; thirteen memorials by Mr. Heister from about 
750 [additional] citizens of Lancaster county; by Mr. Chambers 
from a meeting of the citizens of Franklin county, Pennsyvania; 
from the inhabitants of tile township of Washington in the 
same county, also from other inhabitants of the county, t-igned in 
all by upwards of 1,800 voters; by Mr. IHnney from a meeting of 
building mechanics of the city and county of Philadelphia; by 
the sau;e from a meeting of tin-plate workers, sheet iron work- 
ers and coppersmiths of the city of Philadelphia; by the same 
from a meeting of cabinet makers, piano forte niaki rs, chair 
makers, upholsterers, fancy fuinishers, fringB makers, carvers, 
gilders, varnishers, turners, lamp makers, coach makers, aud 
others engaged in furnishing materials and labor connected 
with these arts, in Ike city and county of Philadelphia; by the 
same from authors, editors, booksellers, publishers, printers, 
look binders, paper makers, paper dealers, stationers, en- 
gravers, copper plate printers, type and stereotype founders, 
Hinting press mukers, and ink manufacturers, in the city of 
Philadelphia; by the name, the proceeding! of a meeting of 
young men of the city and county of Philadelphia; by Mr. Banki 
from a meeting of inhabitants of the county of Beaver, in the 
slate of Pennsylvania, by Mt. Henry King from farmers, iron 
na-iters, storekeepers, mechanics and others, residing in the 
ower part of the county of Schuylkill, Pennsylvania; by Mr. 
fVatmoui>h from a meeting of citizens of Oxford, Lower Dub- 
in, Byberry. Moreland and unincorporated Northern Liberties 
if the county of Philadelphia; by the same from a meeting of 
he citizens of the third congressional district of Pennsylvania; 
>y i he same from another meeting of citizens of the same dis- 
trict. Mr. H'atmough presented, also, a memorial of citizens 
>f the third congressional district in the state of Pennsylvania, 
complaining of a misrepresentation attending the presentation 
o the house, on the 3d of March, instant, of a memorial from 
certain citizens of said third congressional district, as to the 
lumber of signers, and representing that many hundred of said 
signatures were duplicates. The said memorials, so presented 
on the 3d, though stated by Mr. Sutherland to contain 4,000 
signatures, upon strict examination were found to have but 1,497 
names in all; of which, 467 were duplicates. So that the teal 
lumber of signers, instead of being, as alleged, 4,000 was, in 
reality, but 1,050. Mr. W. laid a synopsis of these signatures 
>efore the house, and moved for its printing, together with the 
nemorial he presented. Mr. Sutherland, having obtained h-ave 
o reply, gave the authority on which he had made his former 
statement, but admitted that there must have been some mis- 
,ake. The duplicate signatures he accounted for from different 
copies of the memorial having been circulated, and the signa- 
ures to each, by accident, put together. To show how easily 
this might occur, he referred to about ninety names in the me- 
morial presented some days since by Mr. Binney. which were 
o be found in similar succession in two different portions of 
.he roll of signatures. Some further explanations took place, 
which we do notunderlake to give in detail, but which resulted 
n a request from Mr. Binney that Mr. Satforiand would send 
to the clerk an exam list of the names he had referred to, as 
tfr. Watmough hail done in reference to the memorial present- 
ed by Mr. Sutherland. By Mr. Anthony, two memorials from 
Lvcoming county, Pennsylvania; by Mr. Harper from a meet- 
n'g of silver smiths, wateh makers and jewellers of the city 
and county of Philadelphia; by Mr. Stewart the memorial of 
nhabilanls of Brownsville and vicinity, in Pennsylvania; by 
Vlr Galbraith from inhabitants ofCrawford county, Pennsylva- 
lia- by Mr. Barnitz, (a protest from 70 citizens of York county, 
aainM.tht" proceedings of a meeting held on the 4th March); 
)V Mr. Wist from citizens of Northampton county, Virginia; by 
the same from citizens of Arcomac county, Virginia; by Mr. 
Mfon from merchants, manufacturers, mechanics and other 
citizens of the town of Peterbtugb, Virginia; by Mr. Loyal! from 



70 NILES' REGISTER -MARCH 29, 1834 THE BALTIMORE COMMITTEE, &c. 



inhabitants of Princess Anne county, Virginia; by Mr. Palton 
from inhabitants of the towns of Fre.dt-rick*b;irch and Falmoulh, 
Virginia; by Mr. Cage from inhabitants of Wilkinson county, 
Mississippi, by the same from inhabitants of Adams county, 
Mississippi. 

All the above memorial?, proceedings, &c. were read, refer- 
red to the committee ol ways and means and ordered to lie 
limited, with the exception ot the one presented by Mr. Barnitz 



Mr. Ellsworth, of Conn, took the floor and spoke in opposition 
to the secretary of tlie treasury's reasons unlit past 3 o'clock, 
and having concluded, 

Mr. Choate obtained the floor, and the house adjourned. 



THE BALTIMORE COMMITTEE AND MR. McKIM. 
delegation appointed to visit tbe city of Washington, 



i, . 

Iron, York county, Pa. which was ordered to In- primed and j to presein the^mc-mm.*! ol^ the citizen* of Baltimore, in favor 
laid on the table, and those by Mr. Cae, from MissisMppi, which 



were simply presented and not disposed of. 

Memorials, petitions and resolutions against a restoration of 
the public deposites to the bank of the U. Stales, and against 
a renewal of the charter of said bank, were presented as fol- 
lows, viz: 

By Mr. Page from inhabitants of the couniy of ptsego, New 
York; by Mr. McVean from a meeting of inhabitants of the 
county of Montgomery, New York; by Mr. Dickenon from ma- 
nufacturers, mechanics, merchants and farmers of Pateison 
and its vicinity, New Jersey; by Mr. Lee from a meeting of citi- 
tens of Cumberland county, New Jersey; by Mr. Miller from a 
meeting of citizens of Carlisle and vicinity, Pa.; by Mr. Suther- 
land from citizens of unincorporated Penn township, Pa; by the 
same from a meeting of citizens of Philadelphia; by Mr. Gal- 
braUk from inhabitants of Ciawford county, Pa.; by Mr. Mason 
from inhabitants of the town of Petersburgli, Va.; by Mr. ll'tsc 
ironi a meeting of inhabitants of Matthews comity, Va.; by Mr. 
SLytle from a convention of inhabitants of Hamilton couniy, 
Ohio; by Mr. Leavilt two memorials from inhabitants of the 
" itate of Ohio; by Mr. Parker sundry resolutions adopted by the 
general assembly of Now Jersey adhering to the resolution? 
passed by them on the llth January last; by Mr. Jiarnitz cer- 
tain resolutions passed at a meeting held in York, Pa. 

All the above memorials, &c. were read, rcf.-rred to the com- 
mittee of way* and means and ordered to be printed, except the 
last which was ordered to he printed and laid on the table. 

Mr. Peyton, of Va. moved a resolution calling upon Hie secre- 
tary of war for all the correspondence since March 4. 1829, rela- 
tive *o a removal or change ol the pension office from the bank 
of the United States, and its several branches, to any of the local 
banks. 

After attending to various other matters connected with posi 
routes, or of a private and personal character, there being but 
.forty-seven members present, the house adjourned. 

Taetday, March 25. Mr. Chinn reported a hill to complete 
the improvement of Pennsylvania avenue. 

Mr. Ashley, of Missouri, having obtained leave, presented a 
memorial from certain merchant*, citizens of the western slates 
convened at Philadelphia, praying fur a restoration of the de 
polite* and a rcchartcr of the hank. 

Mr. Burget, who h>id the floor on Mr. JfnrJts' resolution on 
the subject of the depoi<e<, waived his right, in order that Hit 
tales might be called for memorials and petitions. 
The house Having granted leave, 

The chair resumed the call of the states, commencing with 
Mississippi. 

Mr. Cai;e moved tint the resolutions which he presented yes- 
terday from certain citizens of Mississippi be laid on the table 
and be printed. 

Mr. Plummer asked leave to address the house, in order to 
express hi* dissonl to the doctrines of the resolutions. 
Mr. Cage withdrew his motion to lay them on the table, when 
Mr. Plummer moved to commit the resolutions to the com- 
mittee of ways and means, with instructions to report adverse- 
ly to the prayer thereof; hut the resolutions having, by mistake, 
been sent to the printer, Hie motion of Mr. P. was laid over un- 
til the next petition day. 

Tbt chair laid before the house a letter from lieut. Levy, of 
the navy, presenting to the U. States a colossal bronze statue 
of Mr. Jefferson, which on motion of Mr. Pattern, of Va. was 
referred to the commitiee on Ihe library, and ordered to he 
printed. 

The house th:n took up the order of the day, being the con- 
sideration of the report of the committee of ways and means on 
the subject of the removal of the denosilcs, when 

Mr. Clay, of Ala. took Hie floor and spoke till 3 o'clock, and 
tbfn, on motion of Mr. Srhlai, of Geo. the house adjourned. 

JPeJnetHay, March 26. The resolution submitted hy Mr. 
Murdit, of Ala. relative to the public deposited was taken up, 
and 

Mr. Burgei resumed and concluded his remarks on the sub- 
ject, when 

Mr Chilton Jlllan obtained the floor. 

At one o'clock the house proceeded to the considciation of 
the resolutions reported by the committee of ways and means. 
tc. 

Mr. Schley, ofGao. took tin- floor and addressed the house in 
support of tlie .eertary. When Mr. S. concluded, 

Mr. ElUtrorth obtained l!ic floor, and moved Hint ihe lum^e 
adjourned, which motion was negatived; but the motion to ad- 
journ being renewed by Mr. Me Co me.?, nfler some explanations, 



th<- hmisc adjourned 

v, March 27. 



>iution of Mr. Mnrdti on the 



subject of the pnhtic dwpiifites WN Ukcn up, when 

Mr. CMHon *9lltm xridrcsgril the house, in opposition thereto, 

until the hour expired without concluding, when 

The houe resumed the consideration of lite report of the 

-ewmmutee ot ways and means, and 



I' the restoration of the deposites, who made their report at 
he meeting in Monument square on tin: 5th instant, have found 
he.inselves compelled to appear again before the public, in 
answer to an attempt that has been made by the secretary of 
he treasury and one of ihe representatives from the city of Bal- 
imore, to discredit the statements contained in the report re- 
erred to. 

The delegation, consisting of individuals who have never 
coveted the honors of political preferment, who have for the 
most part but little mingled in the strifes and contentions which 
lave unfortunately so much agitated our country, and whose 
ives have been engrossed in pursuits thai left them small lei- 
sure and less desire for public affairs, were not prepared to 
expect thai Ihe duties they had reluctantly assumed, in visiting 
Washington, wure to be subjected to such harsh imputations, 
as would put the delegation upon the necessity of vindicating, 
before their fellow citizens, their personal veracity and honor. 
In the excited stale of the times, they had, it is true, good 
reason to believe that party exasperation would supply much 
severe comment upon the motives of the memorialists and upon 
the conduct of the delegation; and as citizens charged with an 
important trust, they were willing to abide the spleen of those 
who inis-ht be offended. But Ihey did not suppose that facts, 
solemnly asserted under the responsibility of their names, 
would be flatly denied. This extreme, however, they have 
already encountered from various quarters, in forms so authori- 
tative as to compel them in their own defence, to throw them- 
selves before their fellow townsmen, with such a statement as 
they hope will, amongst all who are acquainted with the dele- 
gation, leave the question of fact, at least, beyond controversy. 
The unusual circumstance of appointing a special delegation 
to visit the seat of government in order to present the memo- 
rial, indicated the deep and momentous concern which the 
citizens of Baltimore felt in the pan and in the pending mea- 
sures of the government. The memorial itself expressed the 
language of extraordinary present distress and of anxious fear 
for the future welfare of the nation. In every quarter the dis- 
turbed and dismayed condition of the people, the frequency of 
public meetings, the intensity of the public discussions, and the 
sad forebodings which the wisest and best men in the nation 
had openly expressed, showed, too clearly to he mistaken, that 
sreat interests were at hazard interests that involved some- 
thing more than the personal calamities of individuals, and re- 
lated to the permanency and integrity of our government. In 
such a slate of thine?, the delegation were selected to proceed 
to the city of Washington. It was their duty, as they under- 
stood it, not only to present the memorial with which they were 
charged, but, also, to ascertain, as accurately as their inquiries 
iniiilit enable them, whnt were the sentiments of the prevailing 
party, both in and out of congress, in reference to the increas- 
ing distress of the time", and whnt were the hopes of change. 
In this interpretation of the purposes of their mission they 
could not neglect the obvious duty of holding communication, 
not qnly with members of both houses of congress, but. nlso, 
with such portions of the executive, as mieht be supposed to be 
able to communicate the authentic views of that parly in whose 
hands, alone, the power to redress the people resided. They 
felt that, as American citizens, representing a large and res- 
pcclahln portion of the constituent body, they had a right to 
this information: thai the genius of our government defied the 
concealment of Ibe principles hy which the public functionaries 
were regulated; and that as the halls of congress were open to 
petition, so should the executive department be open to the 
access of every citizen who respectfully approached it to make 
known the actual stale of the country, and the influence of the 
public measures upon the welfare of the pcopl.-. With this 
persuasion the delegation felt no delicacy in holding an inter- 
view with the president and his secretary of the treasury; and 
having done so, they reported the rcsuli of these interviews to 
Iheir fellow citizens, as accurately ns they are able to recollect 
them. And here they lake leave to observe, that they do not 
recognize the doctrine that any public functionary," in this 
countiy. can. consistently with the principles of our govern- 
ment, claim to consider his communications to a commiiree. 
of the people, in rmttors rclntint: to great and important public 
measure.*, in the liaht rif confidential disclosures, which they 
are not at liberty asain to repeat and more particularly is this 
remark applicable to the represcntntivcs of the people, in their 
relation wilh Iheir own rnntiturnts. Our's is a government 
lne.h professes to nove in the light of public scrutiny. To 
ciiiiiine.nl upon tin- principles of those who administer if. whe- 
ther in nr out nf congress, is a boasted prerogative of the peo- 
ple; and if the representative entertain docltines, or i? governed 
by motives of which his constituents arc igm>rani. the conceal- 
ment of them is ntiu-iirihv of his station. If they be of evil 
tendency, he is not fit for his place if Ihey be good, there can 
be no private reason to withhold them. 

Wilh these preliminary remarks, the delegation proceed to 
examine a letter, addressed by the honorable Roger B. Taney, 



NILES' REGiSTEll MARCH 29, 1*34 THE BALTIMORE COMMITTEE, Sic. 71 



secretary of the treasury, to Upon S. llenlth, esq. of this city, 
dated the lUtli instant, and lately published in the newspapers 
of this city; an answer to which, it is proper to say, would have 
been sooner laid before the public, but for the absence of two 
of the delegation from the city. 

Mr. Tancy, from the particularity with which he remarks, 
that four of the gentlemen of the delegation were not present at 
the interview with him, seems to infer that the report had con- 
veyed a different impression to the public: but it will be seen, 
by reference to the report itself, that the statement there given 
is, that "a part of the delegation" only called upon liim. He 
complains that, in the conversation to which he was invited 
by Mr. Brown, one of the four who visited him, he had no 
reason to expect that it was designed for publication. He then 
proceeds to detail the substance of the conversation which he 
held with Mr. Brown, and with Messrs. Crawford and Gaither, 
having previously remarked that Mr. Patterson did not come 
into the room until near the close of the interview. 

That part of the conversation, as detailed by thn secretary, 
in which he ar.serts that Mr. Brown expressed himself opposed 
to the restoration of the depositeg, the latter gentleman has un- 
dertaken to answer for himself, and expressly denies, (what 
would seem to be sufficiently incompatible in itself), that he 
who went to Washington lo ask for a restoration of the depo- 
sites, should have declared himself opposed to such a measure. 
The contradiction may be reconciled by adverting to the fact 
stated by Mr. Brown in his separate publication, namely, that his 
opinion was, that the future ileposilei should be made in the 
United States bank, an opinion which the secretary's statement 
does not controvert, and which may be assumed to he the com- 
mon wish of the great mass of the people of the U. States, who 
are at present petitioning for their restoration. The fact also 
that Mr. Brown desired to see the charter of the bank modified, 
or a new bank erected in its place, is conformable to the known 
sentiments of that gentleman, though a matter of no interest to 
the mission upon which the delegation proceeded to Washington. 
It is a fact, however, which may serve to show that the mea- 
sure of restoring the deposites is not so inseparably connected 
in the minds of the people with the renewal of the present bank 
charter, as the public have been taught at Washington to be- 
lieve. 

Thus disposing of such part of tho secretary's letter, as re- 
fers to Mr. Brown, the delegation cannot perceive much dif- 
ference between the statements of Mr. Taney and those given 
in the report; and it will perhaps relieve the secretary fiom his 
suspicion that the confidence invited by Mr. Brown, has been 
violated, when the delegation assure the public that they have 
reported nothing that was not uttered after Mr. Patterson came 
into the room. The object of the delegation was in no respect 
unfriendly to Mr. Taney, nor did they seek to cast a censure 
upon him, nor expose him, in any degree to public animadver- 
sion. His sentiments had been already given in an official form 
to the nation, and had been so largely canvassed that no one 
could be supposed to be ignorant of them. It was, therefore, not 
a subject of their concern, to repeat Mr. Taney 's views as declar- 
ed to Mr. Brown, in regard to his conceptions of the danger and 
abuses of the powers of the bank. The principal objsct of their 
visit to the secretary was to communicate to him their own 
knowledge of the public distress, of their conviction of the source 
from which it sprang, and to learn from him whether, with these 
evidences before his eyes of the unpredicted and fatal conse- 
quences of his own error of policy, this department of" the exe- 
cutive still adhered to the determination of maintaining the un 
fortunate position ithad previously assumed. His answer to this 
communication was all that it interested the signers to know, 
and it was to this point, accordingly, that they directed their 
attention. Mr. Taney was informed, by the chairman of the 
delegation, in what capacity they visited him, and they cannot 
but feel surprised that the secretary should have supposed Hint 
an answer so pregnant of interest to the nation should not be 
duly and faithfully reported. They have so reported it. Mr. 
Taney had spoken to them of the experiment although his 
letter does not admit this phrase and had said that it would be. 
continued regardless of the present difficulties; upon which Mr. 
Patterson, conceiving this to be the great and paramount ques- 
tion before the people, addressed the remark to the secretary 
"Sir, if this experiment should he persisted in. and some relief 
such as we do not now anticipate should not be given, a 
large portion of the trading community must fail." The se- 
cretary's reply was "If all did fail the policy of the govern- 
ment "would not be changed." To the verbal accuracy of this 
language, on both sides, the gentlemen of the committee pre- 
sent, now, after mature deliberation, give their most solemn 
declaration. And they bep ngain to repeat that all that is con- 
tained in their report was, in "substance, communicated to them 
by Mr. Taney, at that stase of the conference at which Mr 
Patterson was present this gentleman now affirming to his re 
collection of all therein contained. 

In making this communication, the delegation think trie cili 
zens of Baltimore will perceive that there is no substantial dir 
ference between their report, and the admitted views of Mr 
Taney, as declared by himself although the secretary ha. 
somewhat softened the import of the language used by him. Hi 
still, however, does not deny t'.mt he may hnve u?ed thn exae 
expressions imputed to him by the delegation and with tliii 
explanation the delegation are willing to dismiss the subject 
taking the occasion at the same time, to protest, that they neve 
iupposed they were violating a private confidence, in repotting 



what they heard and aUo, to assure Mr. Taney that tiiey ap- 
proached him and left him with sentiment* of private respect 
unchanged by the intervinw regarding the communication he 
had made lo them, as the deliberate arid approved course of 
the executive, guided, doubtless, by its own sense of the public 
good, and of the importance of ils policy. 

The delegation proceed to consider the letter addressed by 
Issac McKim, esq. to the citizens of Ihe fifth congressional dU- 
iriol, daled on the 15th instant. 

This letter, they a.re sorry to remark, indicates a drgrcp of 
temper on the part of the writer, lhal has led him inlo imputa- 
tions upon the delegation, which, perhaps, in a cooler moment 
he will regret. The duty of a representative to submit to a 
scrutiny of his public character, conveys un obligation too vital 
to the lilierly of the people, lo justify the exhibition of resent- 
ment against any constituent who demands the inquiry. The 
representative is entitled lo personal respect to fair examina- 
tion and to impartial judgment he is entitled lo be protected, 
as in this community he mosl assuredly would be, against false 
accusations and misapprehension; but he is not entitled to the 
veil of secrecy to cover his opinions, or screen his acts from 
public review. The people and, especially, in limes whan il 
IR important that their voice should be truly heard in the public 
councils have a right to inquire, and to speak; and commen- 
surate with their right to inquire, is it the icpreatntalive's duly 
lo submit io the investigation. 

The delegation make these observations, because, In the part 
they have had to perform, it has been their misfortune to incur 
from Mr. McKim, the imputation of a <fcsin to injure him. To 
this they reply, thai some of them have been long in Ihe en- 
joymenl of social relations with that gentleman, which had won 
from Ihem Iheit private regard, and that it is doing violence lo 
their personal sentiments, when Mr. McKim attribute!, to them 
any other motive or impulse, in making iheir reporl, than Ihose 
which strictly belong to their regard for truth, and lo their sense 
of duty to the citizens, by whom they were deputed to visit the 
seat of governmeril. Their veracity, however, havinz been 
most uncourieously challenged by Mr. MeKim, they feel no 
lesitation in encountering his letter with a statement which 
hey feel assured Ihe citizens of Baltimore will not discredit 
ind, in the beginning, they earnestly reaffirm Ihe entire and 
icrupulous truth of Ihe statement heretofore submitted to the 
>ublic. 

Before the delegation enter upon the examination of Mr. 
McKim's letler, they will pause to dispose of one objection 
which, from the phraseology used by him, would seem to imply 
an exception to the right of the signers of the memorial to ex- 
peel from him eilher accountability to them as a representative, 
>r his aid in presenting tke memorial to congress. His letter 
i addressed lo the citi/.ens of "Ihe fifth congressional district," 
nrludinc a portion only of Ihe citizens of Baltimore; and he 
peaks of being "wantonly assailed by a committee opposed to 
the present administration of the government, deputed, in treat 
part, from a neighboring congressional district, and that a public 
meetingconvened without the limitsnfhif district." It is scarce- 
ly necessary to say more to this objection, than thai a very re- 
spectable number of his own immediate constituents had Finned 
the memorial, and that two of them, caplnin Graham and Mr. 
Hubbard, (the latter of whom was prevented by his 'engage 
ments in the city council from accompanying his colleagues), 
were appointed on the delegation. To this fnct may be added, 
Mr. McKim's notification to Ihe delegation that he was expect- 



:TI I . ifurvnn S>UI?IIIIL. n ia<-i iu^_ . - _ . 

the objection intimated above. The delegation now purpose to 
xamine the statements contained in Mr. McKim's lellcr. 

By that document it will be perceived that Mr. McKim's in 
terviewa with the members of Ihe delegation, are described as 



terviews WHII me menioers <>i uiu ueiegBiwu, urc 
havinz taken place, firsl in his own parlor, anil secondly, in 
the parlor of the delegation. The individuals of the delegation 
present at his own parlor interviews are stated by him lo be 
Mr. Howcll, on the night of the 10th, and Messrs. Birckhead 
and Graham separately on the morning of Ihe lllh. By the 
same statement, his visit to the delegation in their own room 
took place on the night of the llth and lasted about nn hour, he 
pays the person there present were Mr. Crawford, Mr. Patter- 




72 NILES' REGISTER MARCH 29, 1834 THE BALTIMORE COMMITTEE, &c. 



e pro- 



one conclusion namely, that the gentlemen referred to ap- 
proached him under the mask of friendship, artfully insinuat- 
ed themselves into the secrets of his bosom, and whilst ac- 
cepting the hospitality of his table, or the privileges 
family sanctuary, wsre conspiring to betray him, hy th 
roiilg.ilion of falsehoods to the public. It will be seen before 
this reply is concluded, with what propriety these insinuations 
are thrown out. 

Mr. McKim purport* to give what he calls the "history" of 
wti.it took place between himself and the delegation meaning, 
of course, (as, in such circumstances, it was liis duty to give), 
a faithful narrative of every thing that he could remember. It is 
upon this narrative lhat he invokes the public judgment; and, 
in the beginning of his letter, confesses that if the repoit of the 
delegation be true he is "unfit to be the representative of a free 
and enlightened people." It is upon this issue that the delega- 
tion now present themselves to the public. 

The delegation take this occa.-ion earnestly to remark, that, 
in the report made by them to the citizens of Baltimore, they 
have not stated one word, nor referred, by the remotest dilution 
to one expression used by Air, McKim any where but in their owi 
room. Mr. Howell, who visited .Mr. McKim in his parlor 
was not requested to make that visit, nor wa- lie commissionei 
to speak the sentiments of the delegation. \o report was made 
by Mr. Howell to the rest of the delegation, except a casna 
remark, importing that Mr. McKim did not wi.-h to present the 
memorial a remark that was not repented in the report. His 
visit was regarded by the delegation us entirely private, and he 
did not feel himself at liberty tn detail, especially for the public 
ear, any thing that was there uttered by Mr. McKim. 

It is true that capt. Graham, bring Mr. McKmi's immediate 
constituent, was deputed with Mr. Birekhead to call on .Mr. 
McKim, on the morning of the llth, and inform him that ttie 
delegation had arrived; but nothing that passed between these 
gentlemen and the representative was incorporated into the re- 
port. Indeed, so great has been the reluctance of the delega- 
tion to say any thing of Mr. McKim's opinions, except as they 
referred to the immediate subject of their mission, that they 
have in their report scrupulously omitted many particulars 
which, although properly subject to public remark, were of 
such a nature as to indicate a want of due reflection on his 
part, and for that reason alone were withheld from the report. 

VVHh this statement it cannot but be seen how very unjust h 
the attempt of Mr. McKim to enlist the public sympathy in his 
favor, by endeavoring to cast upon the delegation the implied 
offence of violating the confidence of his fireside. He has, 
however, in bis letter, broken this seal of confidence, and pub- 
lished to the world for the first time, the conversation he had 
iicld with Mr. Howell. As this conversation is now referred 
to, somewhat in the light of an official answer to an official 
communication a character which Mr. Howell certainly never 
gave it, it is proper to say that it is in general n true statement, 
except that Mr. McKim (according to Mr. Howell's recollec- 
tion), instead of saying that "he would risk bis life and fortune 
rather than betray the trust which his constituents had delegat- 
ed to him" remarked lhat he would encounter this risk "ra- 
ther than abandon the course of the administration" a remark 
which he reiterated in the room of the delegation. The delega- 
tion repeat that no part of this conversation ever entered into 
the report. 

From Mr. McKim's "history "of the case, it would seem that 
(the only occasion on which he had any conversation with any 
members of the delegation regarding the immediate object of 
their vi'it to Washington, was in his own parlor; since he de- 
elates *bat when he visited the delegation in their room on the 
night of the llth, (where he remained, according to his own 
statement, mn hour, and, according to that of the delegation, 
upwards of two hours) he had only a general conversation 
About the etate of the money market, the bank and the pres- 
sure but not a word, that he can remember, "about presenting 
the memorial." If this be correct, it is a littlo strange that Mr. 
McKini should consider the communication he had in his own 
parlor relating to the presentation of the memorial, confiden- 
tial, since it is, according to his own testimony, the only occa- 
*.-ja on which the subject was opened to him by any member 
of the delegation. Mr. McKim, however, the delegation affirm, 
is altogether in mistake and as his "history" is written to ena- 
ble the public to decide the important issue which he himself 
has tendered, it might naturally be expected that a little more 
particularity should have been indulged as regards the conver- 
sations and eventt of this visit. 

As it was at this visit to the delegation in their own parlor, 
that Mr. McKim expressed himself in the language ascribed to 
him in the report, the delegation feel themselves authorised to 
refer to so much of the conversation lhat passed there, as may 
be necessary to recall to Mr. McKim, more explicitly than they 
have heretofore done, the subjects that were then brought into 
discussion. And as Mr. McKim is not only silent in his letter 
us to what pasxed on this occasion, but also expressly negatives 
the statement heretofore made by the delegation, they take the 
opportunity to reaffirm, in the most impressive lancuage, the 
perfect truth of that statement, and to declare that all (here re- 
ported and much more, was uttered by Mr. McKim at this visit; 
find consequently that the visit was not of so informal and un- 
important a character as the letter would leave the public to 
0uplJse. 

When Mr. McKim entered the room of the delegation, he in- 
quired for the chairman. It is true, an Mr. McKim .states, that 



the chairman did not introduce the subject of presenting the 
memorial because, from what Mr. Hon-ell had intimated .the 
night before, the delegation were led to believe that Mi. MoKiin 
did not wish to present it. But Mr. MeKim himself introduced 
tin; subject, and gave the reasons for not presenting the memo- 
rial already detailed in the report. It may iivsfet hi.- memory 



. 

I to recall this circumstance, so strenuou>ly denied by him, to re 
fer to a fact, the announcement of which particularly stiuck 
the attention of the members of the delegation to whom it was 
addressed: Mr. McKim stated to the chairman, amongst other 
reasons for not presenting the memorial that it was the cus- 
tom, on such occasions to make a long speech that this would 
be expected of him by the delegation, and therefore h would 
have to make one, which he could (Jo, but he had been advised 
not to make speeches, because it would hurt his influence in 
the house. He further remarked, as an additional reason, that 
he would be called on to present the counter memorial, which 
he expected in a few days: and he said other things bearing on 
the same subject, which the delegation do not choose to repeat, 
being too confident in their own recollections, to allow them- 
selves an instant of doubt as to the accuracy of their statement. 
Mr. McKim has, by his silence, also denied his opposition to 
the policy of the removal of the de|X>siles. The delegation, in 
addition to the statement in their report, say, that Mr. McKim 
had his attention drawn to this subject, when he candidly 
avowed his opposition to the measure, and said that he had 
written letters against it, which were read in the cabinet; and, 
moreover, that in Baltimore, he had urged Amos Kendall not 
to do it at all events, until after his election. These remarks 
were followed by ni.s declarations relating to his influence with 
tlie executive, as detailed in the rnport; and also of his own 
knowledge of th distress existing in Baltimore, which, he said, 
he had not made known, as he thought it might injure the city 
illustrating his remark, at the same limo, with a proverb 
which it is not necessary to repeat and declaring, as a further 
mason, that lie was not going to admit the distress to the Yan- 
kee members of congress. His expression, at this interview, in 
regard to Mr. Bibb, of which, "for tlie present, he contents 
himself wilh a positive denial" the delegation now emphati- 
cally reassert, as made by him, on this occasion, to Mr. Patter- 
son anil the chairman Mr. Crawford. 

These remarks were made by Mr. McKim during the inter- 
view, to portions of the delegation, as the conversation respect- 
in!: the objects of the mission led to these topics; and although 
not all heard by each member of the delegation, yet they were 
sufficiently general to remove any pretext for Ihe supposition 
lhat they were intended to be confidential, or to express any 
other than the public sentiments nnd opinions of the represen- 
tatives, and too explicitly declared to admit of the possibility of 
misapprehension. 

The delegation regret that they should be put so distinctly 
upon the defence of their own veracity, as to make it necessary 
to repeat assertions heretofore given to the world under their 
own hands. But they trust their fellow citizens will perceive 
that no alternative was left them but to take up the is.ue pre- 
sented to them by Mr. McKim. In doing so, they have exhi- 
bited the case so strongly as, for the present, it is necessary to 
do. They have shown that Mr. Kim is entirely mistaken, in 
supposing any confidence of private friendship has been violat- 
ed, that the interview with him was upon his own call, in the 
parlor of the delegation, and that he has not given in his letter 
any particulars of the conversation which occurred there, 
whilst he has filled it with conversations which the delegation 
did not report: that his memory, as to what occurred in the par- 
tor of the delegation, is treacherous and cannot he depended 
upon: whilst the recollection of the several members of the de- 
legation of such parts of the conversation as fell within their 
hearing, is accurate and fresh, and warrants them severally, in 
giving the most solemn avouch to the public, of the truth of 
their previous report, and of the facts herein added to it. 

With tiiis explanation they desire to take leave of the sub- 
ject, confidently relying upon their credit and character with 
their fellow citizens, to whom they beg permission to add, not- 
withstanding recent attempts to discredit other parts of their 
report, that upon a deliberate review of the whole of that do- 
cument, they are willing to pledge their honor and reputation 
for its entire and unexaggerated truth. 

WM. CRAWFORD, jr. 
HUGH BIRCKHEAD, 
J. W. PATTERSON, 
GEO. R. GAITHER, 
W. C. SHAW, 
WM. GRAHAM, 
JOHN BROWN HOWELL. 

P. S. Since this reply has been prepared by the delegation, 
Mr. Brown, conceiving from the special manner in which he 
tias been singled out by Mr. Taney for remark, and believing, 
from his being the only member of the delegation with whom 
Mr. McKim had no conversation, that he is the person referred 
to in that gentleman's letter, has thought it his duty to annex a 
separate reply in his own name. 

For this reason, alone, Mr. Brown's name does not appear 
with the rest of the delegatioa, his separate reply being snb- 
oiucd. 

CARD. 

Tn addition to the notice published on the 18th inst. of the 
statement made by Mr. Taney respecting the conversation re- 



N1LES' REGISTER MARCH 29, 1834 NEW YORK REPORT. 



75 



ferred to by him, as having taken place between him and my- 
KclfiH Washington, I consider it also my duly, under existing 
Circumstances, to suy, that so far as concerns my interview 
with Mr. McKim, if lie alluded to me, IK; is correct in stating 
that I Imd no conversation with him as I came into the com- 
mittee room where he was when the interview between him 
and the delegation was nearly closed. But it is my duty fur 
ther to state, that although I had not an opportunity myself to 
tiear his remarks, yet trout the representations of my colleagues 
imim'iliately afterwards, and from my entire confidence in their 
veracity as gentlemen, 1 cannot entertain the slightest doubt of 
Hie statement made; mil I do now, as I did wlien I signed the 
report, hold myself responsible in common with them, for the 
truth of every word therein stated. I have thought it necessary 
to make this separate statement, because I am the only person 
of the committee to whom Mr. McKim's remarks could apply, 
and I cheerfully submit my course to the public decision. 

GEO. BROWN. 
Baltimore, 19th. March, 1834. 

REPORT OF THE "UNION COMMITTEE" OF N. YORK 
Appointed by the meeting of the signers of the memorial to 
congress, held on the llth day of February, 1834, at the Mer- 
chants' Exchange, in the city of New York. 
The "vniou committee" appointed by the meeting of mer- 
chants and others (signers of the memorial to congress) held on 
*he lltb day of February, 1834, at the Merchants' Exchange of 
New York, submit the following report: in which as the only 
means in their power of inducing a reconsideration of the sub- 
ject by the state legislature, the committee have embodied their 
views respecting the removal of the public deposites and a na 
tional iiank. 

The committee, anxious in the first instance to ascertain the 
situation of the state banks and of the branch bank in this city, 
and the probable amount to which their accommodations might 
be extended, applied to them for that purpose. The banks 
have, almost universally, cheerfully complied with that request, 
although aome delay has necessarily taken place; and the state- 
ment annexed to this report which exhibits their situation on 
the 1st of October, 1833, and the 1st of February, 1834, respec- 
tively, shows that, so far from any curtailment having taken 
place, the accommodations given by the banks have, during 
that period, been increased more than five millions of dollars, 
and on the 1st of Feb. amounted to almost forty millions of 
dollars. 

On the 1st of October last the loans and discounts 
of the three banks, which have since been se- 
lected to collect the revenue of the U. States, 
amounted to $9,189,593 

Those of the other 16 banks, then in operation to 18.953,183 
.And those of the branch of the United States 6,180,833 



$34,323,609 



$13,769,552 

19,494,185 
6,458,540 



On the 1st of February last those of the three se- 
lected banks amounted to 

Those of the 17 other city banks then in operation 
to 

And those of the branch bank to 

$39,722,277 

It was evident from that statement, that the city banks had 
extended their loans and discounts to the utmost extent con- 
sistent with their safety. The liabilities of the eighteen bank* 
of which we have complete returns, including the aggregate 
amount of their circulation and public and private deposites, 
and deducting that of their own notes and checks drawn upon 
them, in the possession of the several banks, and not returned 
and exchanged till the ensuing morning, amounted on the 1*1 
of February last, exclusively of the balances due to the banks 
out of the city, to $15,500,000; and the aggregate amount of spe- 
cie in their vaults to 1,652,000 dollars. This proportion is 
known from experience to be sufficient in ordinary times, and 
will prove so now, so long as the amount of public deposites 
shall not be materially diminished; and especially at a time 
when there is not and cannot be any foreign demand for specie; 
but this amount of specie could not be sensibly lessened with- 
out, endangering the safety of the banks. 

Even if willing to encounter the risk of still further lessening 
the ratio of .specie to liabilities payable on demand, it is not in 
the power of the banks to do it at pleasure; since the ability to 
extend their discounts beyond the amount of their capital, de- 
pends entirely on that of Iheir circulation and deposites, and 
these are regulated by the wants of tho community, and not by 
the operations of the banks. Should they, by a simultaneous 
effort, increase at this time their discounts by two millions of 
dollars, they must to the same extent issue an additional 
amount of bank notes, or open additional credits on their books 
(commonly called deposites) in favor of those whose notes they 
might discount; and by far the greater part of this excess of is- 
sues, or book credits, beyond the amount wanted to effect the 
payments of the city, would be almost instantaneously return- 
ed upon them, either by transfers of the surplus amount toother 
cities, or in some other way. 

In the present state of public excitement and apprehension, 
the slightest incidents may produce fatal effects. An unfound- 
ed alarm as to the sitiiatio'n of the country banks, has sli.nvn 
the necessity imposed on those of the city to husband tUtir re- 



sources. In that instance, we are gratified to find that the 
measures of relief which were immediately adopted have been 
attended with complete success; and that the banks of the in- 
terior by a salutary though painful curtailment of their issues, 
and by judicious measures for the redemption of their notes, 
enjoy now the same confidence as heretofore. 

The preceding observations are strictly applicable to all the 
city banks which rely exclusively on their otv n resources. The 
late great increase in the amount of loans ;md discount* be- 
longs almost entirely to the three hanks M lect^d to colltct the 
public revenue, and is due partly to the increase of about one 
million of dollars in the amount of public dcpusiies in this city, 
since the first of August last; but principally to the fact that the 
selected banks have increased their discounts almost to the 
whole extent of the public moneys in their hands. Whether 
they will be able to continue their accommodations to the same 
amount depends on a contingi-iicy, which it is not yet in their 
power to ascertain, viz: whether their receipts derived from the 
United States revenue, which may be collected during the en- 
suing months at New York, will be equal to the amount of the 
treasury draushts for the public service during the same period. 

The city of New York has had no reason to complain of the 
curtailments made here in its discounts by the bank of the 
United States. Notwithstanding a decrease of more than four 
millions of dollars in the amount of the public and private de- 
posites in the New York branch since the first of August last, 
the loans and discounts here do not vary essentially fiom the 
amount allowed, either on the first of August or the first of Oc- 
tober, 1833. But it was presumed that the same reasons which 
had induced the bank to strengthen this important place, had 
lost nothing of their force; and it was the opinion of Hie com- 
mittee that the capital of two millions and a half, originally as- 
signed to the branch of this city, which is but one-fourteenth 
part of the whole capital of the bank, was much less than is 
now due to the principal centre of the commerce and moneyed 
transactions of the country. Strong representations were 
therefore made for the purpose of obtaining from the bank posi- 
tive assurances, that no diminution at least of their discounts, 
or in the purchase of bill* of exchange, should take place in 
this city, arid that the forbearance in calling for balances due 
by the city banks, should be continued to the same extent as 
heretofore, during the two ensuing months. 

A disposition to comply with this request was early manifest- 
ed, but an intervening incident induced the bank to postpone a 
definitive answer, which was not received till yesterday. It 
will be seen by this, that the bank of the United States accedes 
to the course proposed by the committee of correspondence, 
"that no diminution up to the first of May next, be made in the 
present amount of loans and discounts in the city and state of 
New York, and, if practicable, that an increase be made in the 
line of domestic bills of exchange, discounted at the office in 
that city, and that the bank will not call for the payment of such 
balances as may become due to it by the city banks up to the 
first of May next," it being understood that, in case the bank of 
the United States should become indebted to the city banks, a 
similar forbearance on their part is to be observed. The ar- 
rangement to be subject to be changed by the bank, in case of 
further hostile action of the executive, or any unforeseen event. 

Upon the whole, the committee entertain a confident hope 
that the accommodations now given by the banks will not be 
lessened during the ensuing months; but cannot hold out the 
expectation of any material increase. The only mode by which 
some relief can be obtained from that source, without increas- 
ing the liabilities of the banks payable on demand, which sug- 
gests itself, is some uniform plan for an increase of special de- 
posites, bearing a moderate rate of interest, and not to be with- 
drawn before stated periods according to agreement. 

The object of this measure must not be misunderstood. It 
cannot bring into action any considerable portion of inactive 
moneyed capital, since there is hardly any which is not at this 
time actively employed, either directly or indirectly, as ordina- 
ry hank rieposites. Its only effect would be to substitute, for 
the private credit which from want of confidence is now with- 
rirawn, bank credit in the shape of certificates of deposite, which 
the holders might negotiate. Post notes would be more conve- 
nient, but seem to be forbidden by law. That plan has been 
successfully adopted in Massachusetts, and several foreign 
countries. The eity banks are the only proper judges of its 
practicability, safety and utility, here, and at this time; and 
they have accordingly been requested to take it into considera- 
tion. 

In other respects the committee could recommend to them 
nothins mnre than to take also into consideration the propriety 
of the following measures: 

An 8remnnt between the several banks, founded upon equi- 
table piinciples, not to demand from each other, for the pre- 
sent, payment in tpecieofthe balances which may respectively 
become due to any of them; unless such balance should exceed 
a certain sum in proportion to their respective capitals. 

A uniform and efficient plan for the redemption of country 
notes in this city, together xvilh such means as may be devised 
for the purpose of facilitating, at this time, the country remit- 
tances. 

An application to our representatives in congress, urging the 
necessity of passing immediate! v the hills now before that body, 
for making the silver coins of Mexico and the states of South 
America a legal tender, and for raising the vnlue of the gold 
coins to their market price; suggesting, in reference to the laet 



74 



NILES' REGISTER MARCH 2!), 1834 NW YORK KEFOKT. 



subject, that, fur the sake if uiiiformiiy, and of avoiding delay, 
the same rule should be adopted as in the estimation of duties 
on foreign importations. 

An application to congress for n moderate and permanent ap- 
propriation, which may enable tin' mini 10 p.iy in Ann-iican 
coins, without delay or expense, for the gold ami silver bullion, 
or iincurrent foreign coins which may be brought to [hat estab- 
lishment. 



Since it was obvious that the pressure on the money market 




which this flate of things must he ascribed. 

The causes which have been suggested as more specially 
affecting this city, are the effects of the tariff, and of Hie pur 
chase of foreign slocks on its capital. Public opinion amigne 
the removal of the deposites and the curtailment by the bank of 
the United Slates, as the general and immediate causes of the 
present crisi.- throughout tlie whole country. 

I. It was found impracticable during the last session of con- 
gress to arrange the existing differences on the subject of the 
tariff, by an net that should embrace all the details pertaining 
to that iniricaie subject. In order to remove a pressing and im 
minent danger, it became necessary to discard all the details, 
and resort to a compromise embracing only general principles. 
It could not but be expected that defects might be discovered, 
and consequences ensue, not perceived or contemplated at the 
time when the act was passed. It is believed that the great un- 



i nat facrince inns most neaviiy on mat cuy in wuicu more 
than one-half of the revenue is collected. The duties did not, 
under the old system, become payable till about the time when 
the importer was paid by the consumer. At present, the New 
York importers not only collect as heretofore, but in fact ad- 
vance to government one half of the whole amount of duties on 
importations, which is ultimately paid by the consumer. 

Without entering into a critical analysis ot the subject, it is 
sufficient to observe, that an additional amount of capital, equal 
to that of the duties, is now required, in order to carry on the 
same quantity of business in articles on which the duties are 
now payable in cash, or at much shorter periods than formerly. 

The committee are unanimous in the opinion, that the prin- 
ciples of the tariff compromise ought to be strictly respected, 
and no modification? proposed but suuh as are consistent with 
iu true intent and spirit. A warehousing system, founded on 
the principle, that the time at which the duties shall be paid 
shall be computed from the time when the merchandise is with- 
drawn by the importer from the warehouse, and not from the 
date of importation, the committee believe to be entirely ol 
that character, similar to that adopted in every other commer- 
cial country, and absolutely necessary for the protection ot 
commerce. As a bill having that object in view is now before 
congress, a sub committee has been appointed, for the purpose 
of collecting all the information connected with the subject, 
and of corresponding with the representatives of this city ii 
that body. 

2. New York has become the principal centre of all the mo- 
neyed transactions of the United States. Large amounts ol 
locks, principally from the south west, have been purchased 
here, with a view, in a great degree, to their sale in the English 
markets. This has not of late answered the expectations ol 
the contractors. They may indeed have been enabled to bor- 
row abroad to a considerable extent on the credit of those 
stocks; but it cannot br. doubted that a large amount remains 
on hand, and has absorbed a corresponding portion of the capi- 
tal or credit of this city. For this there is no remedy. But a 
still greater evil has crown out of the speculations on some of 
those and several other stocks foreign to the city. Ceasing to 




of artificial and sudden lalls in the price of stocks, ruinous I 
innocent individuals, and generally to those engaged in it; an. 
which has tended at this crisis to increase the want of confi 
dence. The committee has thought it its duly to pass a resolu 
tion, earnestly recommending to the board of brokers to dis 
continue the practice, and has requested the co-operalion of tin 
banks to carry that measure into effect. 

In approaching the subject of the removal of the public de 
posites, the first observation that occurs is. that tin- measure 
considered only in its connexion with the fiscal arrangements 
the currency, commerce and public, or private crudit of th 
country, was at least wholly unnecessary and uncalled fur 
Abstaining from the discussion of any question, either concern 
ing the rights of the hank, or ai issue between the a<l,imn-tra 
tion and that institution, or reUting to the respective powers n 
tlW executive, legislative and judicial departments of the govern 
ment, it is only as they are of a commercial and fiscal naluie 
that the committee intends to examine the masons assignee 
by the secretary ofthe treasuty for the removal. 

The first reason was, that, judging from the past, it was high 
ly probable that '-the public dcponites would always amount to 



everal millions of dollars; and that it would evidently produce 
ins inconvenience, if such a large sum were Ictt in posses- 
ton of liie bank until the last moment of in existence, and 
hen he suddenly withdrawn, when its immense circulation 
voiild lie returning upon it to be redeemed, and its private ile- 
nors n 'moving their funds into other institutions." It may 
observed in the first place, that no inconvenience was felt 
n March. 1811, when the charter of the former bank of the U. 
States expired, from the fact, that as late as the first of January 
filial year, the public moneys in thai institution exceeded six 
iillMns, and on the day of the termination of the charter 
mounted to iwo and a half millions of dollars. But the ec- 
retary of the treasury, in his annual report on the finances, 
stimates '-the balance that would be left in the treasury, (that 
to say, the whole amount ofthe public deposites). on the 31st 
Jecemher, 1834. at less than three millions of dollars; and that 
he receipts of 1835 will be less than those of 1834." The se- 
vetary could not, on the 28th September, when he removed 
he public deposites, have hern aware that such would be the 
esult of his further investigations, and that since the public 
deposites would naturally and gradually be lessened between 
he 1st of October, 1833', and the 31st December, 1834, from 
near ten millions to less than three millions of dollars, and 
would probably be liable to a still greater reduction during the 
'ear 1835, it was quite unnecessary lo order an immediate ro- 
moval, in order to avoid the danger of their magnitude in the 
pring of the year 1836. This single fact, thus officially an- 
nounced the natural and gradual reduction of the public de- 
tosites, in the course of Ihe present year, to less than three 
nillions of dollars refutes all the arguments, of every descnp- 
:ion, urged in justification of that measure. 

The second reason assigned is, however, of a more complex 
nature. Th secretary is of opinion, that Ihe superior credil of 
:he notes of the bank of the U. States is occasioned altogether 
ly the provision in the charter to receive them in all payments 
to the United Stales; that they will be subject to an immediate 
depreciation at the expiration of the charter, and ought to be 
previously and gradually withdrawn; and that the same engage- 
ment in favor of the notes of any state bank wouM give them 
equal credit, and render them equally convenient. And he 
considered the immediate removal of the public deposites ne- 
nessary for the double purpose of preventing the inconvenience 
of the sudden withdrawing of the whole circulation of the 
hank of the United Slates, when its charter shall expire, and 
of preparing in time the substitution of an equally sound and 
uniform currency to be furnished by the state banks. 

The committee is of opinion that the superior credit enjoyed 
by the notes ofthe bank of the United Stales is due principally 
to the general confidence in its management and solidity; lhat 
they have occasionally, in the interior districts of country, a 
greater value than the notes of specie paying local banks; not 
for local payments hut as remittances to the sea ports; ami 
that the principal'effect of their being received every where in 
payment of debts due to the United States has been to enable 
the bank to increase the amount of its notes in circulation. 
Those notes alone may, at the expiration of the charter, ex- 
perience a depreciation, which being payable at distant places 
in the interior, may at that time be found in the sea ports, un- 
less the hank, as is probable, should find it their interest to pay 
Ihem wherever Ihey are presented. 

Rut the obvious mode to lessen the gross amount of thee 
notes would he a repeal by congress of the provision which 
makes ihem receivable in payment of debts due to the United 
States. The removal ofthe public deposites, by compelling the 
hank to curtail it discounts, and only on that account, has an 
immediate effect on the amount of its private deposites, hut 
cannot alone have the slightest on the circulation of its notes. 
We find, accordingly, that while the individual deposites of the 
bank have been lessened between the 1st of August. 1833. and 
the 1st of February, 1S34 by a sum of near three n, illjons and a 
half dollars, the nett circulation, as appears by the following 
table, has remained the same. 

Loans and piMie inrfirM'/ nett 

rfic*f.s. rfrp'ts. rlrp'ts. rirciilntinn. 

1833, 1 Aug. ,(54. 160,000 $7,600.000 $10,153,000 $18890000 
Sep. 62.653.000 9.186.000 9.457.000 18.413,000 
Oct. r.O.OO^.nOO 9.869,000 8.009.000 19,128,000 
Nov. .VT.-1IO.OOO 8,233.000 7..5.0i)0 18518000 
Dec. ft4.453.000 5,109,000 6.827,000 18651000 
1831, Jan. 54.911.000 4.Q30.000 6,735,000 19205000 
Ffb. 54,843,008 3,126,000 6,715,000 19,260,000 
No effect whatever ha.* been produced by the withdrawing, 
between the 1-t of October, and the 1st of February, public do- 
pnsilcs to the amount of 0.743,000. If the removal can in no 
way lessen tlie cirrulation.it was certainly unnecessary to re- 
sort to that measure for that purpose, fiut it is worthy of 
notice, thai at the very time when the curtailments by the bank 
were alleged as a eau-e for the immri'iatp removal ofthe public 
deposite^. the attempt should have been made to justify tint net, 
on the ground thnt it was necessary for the purpose of les-i -ning 
the hank circulation; and thereby compelling it lo le*sen still 
more the amount of it discounts. 

T|H> committee, will not. discuss here either the propriety or 
the prartirahilily of the substitution, for a national, of an t exe- 
cutive li:iiik, formed by the association of state bnnks, selected 
for that purpose hy the treasury. Put if, an the secretary as- 
sert?, the privilege of being received in piymenl of nil debt* 
due to the United Sates is sufficient to render Hit notes of stale 



N1LES' REGISTER MARCH -29, 1 834 NEW YORK REPORT. 



75 



result will be 

Discounts on 1st August, 1833, 



banks equally convenient, and entitled to the cairn- credit, as 
those of the bank of tin; U. States, there was certainly no ne- 
cessity for intermediate preparation. It was quite unnecessary 
to remove, for that purpose, the public deposits, which at all 
events must, within a year, according to the treasury estimates, 
have been reduced gradually and without effort to a very mo- 
derate amount. The state hank notes are nlwayst abundant 
and ready; mid an act investing ilium with the privilege of being 
received every where in payment of debts due to the United 
States, and passed the month before the charier expired, would, 
if the opinion of the secretary oftlie treasury is correct, at onee 
brim; them into circulation, and effect the contemplated sub- 
stitution. But if preparation were requisite, the removal of 
the deposites was still unnecessary. There is nothing to pre- 
vent, and the proper and obvious mode of effecting the object been discovered, a 
is, an early act of congress to the same effect. It is not quite come undeniable, 
certain that the executive is not of opinion that this may be 
done by his sole authority, and without any legislatives action. 
An anxinus wish and design to concentrate all the powers of 
government in that department, and to snhj'-ct the public purse, 
the currency and the commerce of the country to the will of 
one man, is apparent through all the arguments and acts of the 
administration in relation to that subject. 

The curtailment of its discounts by the bank of the United 
States, during the months of August and September 1833, ap 
pears to have been alleged in justification only of the immediate 
removal of the deposites. Those curtailments were evidently 
made in anticipation of the proposed removal, and would have 
ceased, of course, had the plan been abandoned. But it is ne- 
cessary to observe that the pressure, which the secretary states 
to have become so intense before the 1st of October in the 
principal commercial cities, and the presumed curtailments by 
the state banks, had no existence in the city of New York. It 
appears by returns of the bank commissioners that the loans 
and discounts of the fourteen city banks, under the safety fund, 
amounted on the 1st January, 1833, to $20,742 ; 000; and on 1st 
April ensuing to 21,180,000 dollars. On the 1st of October of 
the same year, they amounted to 21,766,000 dollars: and the 
increase of capital in operation between the 1st of January and 
the 1st of October was only two hundred thousand dollars, 
this being the amount added to that of the Butcher's and Drov- 
er's bank. He was equally mistaken when he supposed that 
the balances due by the city banks to the branch in the city, 
would, on the 1st of October, amount to $1,500,000; and that it 
was apprehended that the immediate payment of that balance 
would be insisted on by the branch. The balances due on that 
day to the branch by the city banks amounted to less than 
602,000: and the apprehension of an immediate demand for 
payment proved entirely groundless. 

It must be kept in view that in nil that precedes, the com- 
mittee hag assumed the position asserted by the secretary, that 
the bank could not be rechartered. It is in that view of the 
subject, and on that supposition, thnt the reasons assigned for 
the propriety or necessity of a removal of the public deposites, 
prior to the expiration of the charier, appear wholly insuffi- 
cient. 

It has indeed been suggested, that there was an intimate con- 
nexion between the immediate removal ofthe deposites and the 
non-renewal of the charter; and that to suffer them to remain 
in the bank implied an obligation of rcehartering that institu- 
tion. This assertion is purely gratuitous and altogether disprov- 
ed by positive facts. 

At this moment the state of Virginia expresses its opinion 
that the bank is unconstitutional, and ought not therefore to he 
rechartered, and reproves at the same time, in the most ex- 
plicit terms, the previous removal of the public deposites. 

A president avowedly hostile to the whole of our hanking 
system, and particularly so to the former bank of the United 
States, and whose term of office expired only two years prior 
to the termination of its charter, never intimated a desire thai 
the public moneys should be withdrawn from it, although there 
was not at that time any law directing that the public moneys 
should be placed in that institution. 

Those deposites remained in that bank to the last, moment of 
its existence. This circumstance did not prevent the refusal hy 
congress to renew the charter, and was not alluded to, by any 
of those who were in favor of a continuance, as a rcasun why 
the bank should be rechartered. 

The committee can see nothing in that assertion, but. an at- 
tempt to divert public attention from the true question at issue, 
and the admission that the removal of the deposites cannot be 
defended 0:1 its own merits. 

A curtailment of its discounts by the bank of the United 
States was a necessary consequence oftlie withdrawing of the 
public deposites. The author of this measure is responsible for 
II the effects that may have flowed from the curtailments. It 



the relations between the government and the bank, no one 



foresaw the extent of the evils which have ensued. In the net 
we only blamu UK; boldness of having minuci:- n :irily tampered 
with the paper currency and eredii m the country. This hii- 
porlant view of the' subject seems indeed to have entirely es- 
caped the notice ofthe executive. Among the inquiries which 
pieceded the removal, we see none that might huve elicited the 
opinions of practical men on the probable effects of that mea- 
sure on commerce and on the community at large. The in- 
quiry was confined to the laudable, but secondary object of 
ascertaining what conditions might br. imposed on the state 
banks selected for collecting the revenue. Hut, if there is an 
excuse Tor want of foresight, no apology can be found for ob- 
stinately persevering in an erroneous course, after the error had 
been discovered, and the fatal effect* of the measure had be- 
onte undeniable. 

The gross amount of curtailments made by the bank has not 
in the whole much exceeded the decrease in its public and pri- 
vate deposites. There are fluctuations depending on the sea- 
son of the year and the course of trade. The fairest mode of 
computation is a comparison of similar periods of the year. 
The preceding tabular statement shows that the decrease in the 



discounts amounted during the year to 



$7, 01 0,000 



and the decrease in its public and private deposites to 6,822,000 
If the comparison is instituted between ihe l*t of August, 
1833, when the discounts of the bank had reached the highest 
point and it began to curtail, and the 1st of February, 1834, the 

$64,160,000 
on 1st February, 1834, 54,843,000 



Decrease, 



$9,317,000 



Public and individual deposites on the 1st Aug. 1833, 17,752,000 

1st Feb. 1834, 9,781,000 

Decrease, $7,971,000 

But the curtailments ofthe bank commenced in August, and 
continued till the 1st of December, when its discounts had 
reached the lowest point; while the revenue did not begin to be 
collected by the state banks before the 1st of October; from, 
which time the public deposiles have been gradually withdrawn. 
The bank, therefore, did not decrease its discounts at the same 
rate and in the same proportion as its deposites were with- 
drawn. A comparison between the 1st of August and the 1st 
of December shows the greatest amount of difference between 
the respective decrease of each. 

Its discounts were, on the 1st of August, 1833 $64,160,000 

On the 1st December, 1833 54,453,000 

Decrease $9,707.000 

Public and individual deposites on 1st Aug. 1833 $17,752^000 
1st December, 1833 11,989,000 

Decrease only $5,763,000 

The bank had in fact curtailed their discounts more than four 
millions between the 1st of August and the 1st of October. It 
cannot be doubted that this measure produced a derangement 
in the business of certain sections of the country, and had its 
share in producing the distress which afterwards ensued. But 
that curtailment began only after the agent of the treasury ap- 
pointed to make the preparatory arrangements for the removal, 
had commenced liis inquiries. The object of his mission was 
one of public notoriety; and it was a natural course on the part 
ofthe board of directors, when they had lost the confidence of 
the administration and were threatened with an early withdraw- 
ing ofthe large funds belonging to the public in their hands, to 
prepare themselves for the event, and provide in time Die ne- 
cessary funds. It may be that the precautions were carried 
farther than may now appear to have been strictly necessary. 
The decidedly hostile altitude assumed by the executive, and 
the necessity of protecting twenty-four branches against attacks, 
which, if not intended, were at least threatened, under certain 
vague contingencies, and, at a later period, the contingent 
draught? and other circumstances, were calculated to impose 
on the bank the necessity of effectually providing for its own 
safety. The committee is perfectly satisfied that the executive 
is wholly incapable of having countenanced any plan for disho- 
noring any of the branches of the bank; nor do they know the 
circumstances which led to the sudden call of more than 300,000 
dollars in specie on that of Savannah. B.ut the fact is a matter 
of great regret; and they must be permitted to say, that if this 
blow had been successful (or if a similar one had been aimed 
one month ago, at the country hanks of this state, and before 
they were, prepared for the present state of things), it would 
have IH-CII most fatal and might have been attended with a ge- 
neral suspension of specie payments. Any premeditated at- 



is Idle to sav that they have been greater than was expected, or tempt of that kind, on whatever pretence and by whomsoever 
made'at a different time, or in a difivrpnt manner from what had made, must originate in gross ignorance of the system of credit 



been anticipated. If it was impossible for the executive, or for 
any human being, to foresee what the bank, under those circum- 
stances, might be compelled or inclined to do, and the effect? 
which its acts might have on the currency and commerce of 
the country, that was a sufficient reason for not adopting with 
precipitation a measure in itself wholly unnecessary. Rut we. 
are quite satisfied that the result which has taken place was 
not and could not have been anticipated by the executive. And 
we believe, that although general apprehensions were enter- 



which connects all the moneyed interests of the United States, 
and in the detestable maxim, that the end justifies the means. 
The banks selected for collecting the revenue after the 1st of 
October, commenced immediately to extend their discounts; 
and from an examination of their returns, it appears probable, 
that the whole amount of discounts by all the banks in the U. 
Plates, including that of the United States, has not in the ag- 
gresate been lessened at any time more than four millions of 
dollars since the, 1st of August, 1833. The committee is confi- 



ined of the effect which might he produced hy that change in 1 dent that there has been no very sensible diminution since ilia 



76 



NILES' REGISTER MARCH 29, 1834 NEW YORK REPORT. 



first of October, that it could not at any time have amounted to 
six million?, that there has been a gradual increase since the 
1st of December, and that the aggregate of bank discounts and 
loans, including the purchase by banks of bills of exchange, 
through the United Stales, is at this tune nearly, if not altoge- 
ther, equal to what it was on the 1st of August, 1833. 

These facts and all the symptoms of the present crisis clearly 
prove, that it is not in the amount alone of lessened accommo- 
dations of the bank?-, that we are to seek for the immediate 
cause of the general distress; and render it highly probable that 
the previous state of the commercial transactions and of com- 
mercial credit made it liable to be disturbed by what may ap 
pear comparatively slight causes. 

Credit is indispensable to commerce, and to every species o 
active business. To the proper use of credit, in supplying th 
want of an adequate capital, the United States are in a grea 
degree indebted for their truly astonishing progress in naviga 
lion, commerce and the manufactures; for their stupendous in 
ternal improvements'; for the stimulus given to agriculture, am 
the price obtained for every species of agricultural produce; fo 
the employment and adequate compensation of labor. But tin 
abuse of one of the most powerful elements of its prosperity if 
in this energetic and enterprising country, almost unavoidable 
Successive years of prosperous enterprise hardly ever fail to 
produce a further extension of business beyond the actual capi- 
tal; and it may be that this was the case during the period which 
immediately preceded the present crisis. There were, how 
ever, no apparent symptoms of what is generally designated b> 
the term of "over trading;" and the state of the foreign ex 
changes has not given any indication in an excess in our im 
portations. Still, and at all times, in no country, has the ex- 
tension of credit, in all its forms, been carried farther than in 
the United States. The currency of the country, founded on a 
pecie basis generally too narrow for the superstructure, rests 
almost exclusively on the confidence placed in the solidity o 
the notes discounted by near four hundred banks of issue. A 
similar disproportion is to be found between the actual capi- 
tal of merchants, manufacturers, mechanics, and of almost 
all men engaged in the active pursuits of life, and the amount 
of their business. All those men are at the same time debtors 
and creditors for sums generally far exceeding their respective 
capitals. All depend for the ability of punctually discharging 
their engagements, on the punctuality of each other. 

The increased facilities of communication and inland ex- 
changes have, within the last years, multiplied to an extent 
heretofore unknown, the transactions, contracts and responsi- 
bilities, between the several cities, and between the cities and 
even the most remote parts of the country. 

The regularity with which the enormous mass of engagements 
resulting from those transactions spread over the whole coun- 
try, and all intimately connected together, can be discharged, 
depends entirely on an uninterrupted continuance of the ordi- 
nary sales, payments, remittances and credits. The whole ma- 
chinery, by which business in all its various branches is carried 
on, is credit extended lo its utmost limits. Whatever lessens 
the general confidence, on which credit it founded, must neces- 
sarily produce a fatal derangement and interruption in every 
branch of business.* 

It is with this state of things, that, without any necessity or 
investigation, the executive thought proper to interfere. The 
bank ol the United States, from its capital and the ground it oc- 
cupies, must, while it exists, act a prominent part in the com- 
mercial concerns of the country. The measures which that in- 
stitution was obliged to take for its own safety mud necessarily 
have caused some derangement in the ordinary operations of 
commerce. But the fatal injury inflicted by the executive mea- 
sure, was its effect on general confidence. 

The threat of the removal of the deposites, and especially 
their actual removal, created apprehensions of danger, imme- 
diately to the bank itself, and more remotely to all the moneyed 
institutions and concerns of the country. Retrenchment at all, 
and rigorous enforcements of its claim-; at some points, were 
presumed to be indispensable to the safety of the bank; and the 
extent being conjectural, was exaggerated l>y timid capitalists, 
who, as a class, are perhaps more fearful than men of le.s 
wealth. Men raw that the relations between the government 
and the bank were thenceforth to be ho-tile; that between it 
and the selected banks they were to be those of mistrust, nml 
that without a national bank the stability and safety of the whole 
monetary system of the country would be endangered. This 
was the first instance in the history of our government of a di- 
rect interference of the president with one of its officers, in the 
performance of the duties which by law devolved exHusivi li- 
on that officer. It was the more dangerous, as being made iii 
defiance of a solemn vote of the late connress at their ln>! sex 
pion; and as if with the intention to forestall the opinion of that 



*Some notion of the magnitude of these encasements may be 
formed by a view of those of this city. The statement annexed 
to this report, shows the amount of the daily exchanges of the 
banks, consisting of the daily payments for the 1st of October 
and the 1st of February respectively, in the several bank-, in 
notes of the other oily hanks, and checks drawn on HP|I I, , inks. 
It does not include the payments made in paeh bank in notes of 
that bank or in chpeks upon it. The medium of the two davs 
about tour millions and .1 half a day nnd nddinc tin- pay- 
ments omitted, may \>:i estimated ;lt ( j ve m j||j ollK ,| av or mo 
than fifteen hundred of millions of dollars a year 



which must meet within sixty days after the interference wa 
made, and as if to encroach on its legitimate rights. But no- 
thing could be more alarming to men of business, who rely for 
the success of their operations, on that stability in those of go- 
vernment which can only be guarantied by law, than unexpect- 
edly lo discover that ihe commerce, the currency and the mo- 
neyed inslitutions of the country, its credit, and their own cre- 
dit and fortunes, were thenceforth to depend on the private opi- 
nions, the presumed wisdom, and the arbitrary will of one man. 
Other minor causes increased the apprehensions, and restricted 
more and more the use of privale capital and private credit; 
and the alarm became a panic, not dependent upon, or to be 
explained as a matter of ordinary reason. The banks, indeed, 
protected by the impossibility of exporting specie without loss, 
have preserved their credit, and been enabled generally to con- 
tinue their usual accommodations. It is private credit which 
has been most deeply affected; and the leading feature of the 
present distress is the consequent interruption, and in many 
cases, cessation of business. 

The importers diminish greatly their orders and their pur- 
chases of foreign exchange. The intermediate wholesale mer- 
chants, fearful to contract new engagements, are only anxious 
about the remittances necessary to discharge those already con- 
tracted. Those engaged in the exportation of the produce of 
the country, doubtful whether they can sell the foreign bills on 
which that exportation depends, give but limited orders for it. 
The country merchants and the manufacturers are no longer 
permitted to draw as formerly in advance on the cities for the 
products of the soil or of their industry. Men with small capi- 
tals, if at all extended, when disappointed in the remittances 
they naturally expected, are crushed. New enterprizes and en- 
gagements of every description are avoided, and, in many in- 
stances, workmen are discharged, or a reduction of wages re- 
quired. We state only what we see and feel. If correctly in- 
formed, the effects of the distress are still more extensive in 
other places. The actual evils are aggravated by general ap- 
prehension, and the alarm may be greater than the true state of 
things justifies: in every aspect of the subject, Ihe true and effi- 
cient remedy consists in restoring confidence and credit. 

It in obvious that the most prompt and effective mode of at- 
taining thai object is to remove the cause of the evil; and that 
confidence would be almost instantaneously restored, by re- 
placing the bank, during the remainder of its existence, in the 
situation it had heretofore occupied, and thus enabling it to re- 
sums its functions to their usual extent. It is in the power of 
the executive to do this at once; and the committee deeply re- 
grets to find itself compelled to say that there is hardly any hope 
of relief from that quarter. Our reliance is on the representa- 
tives of the people in congress, in whom the power of ultimate- 
ly deciding the question is clearly vested, and whose acts will 
not, we trust, disappoint the expectations of a suffering com- 
"nunity. 

In the mean while, the committee intreats their fellow citi- 
zens not to despair; and to reflect that there are limits to the 
njuries which any administration can inflict on the people. 
The usual channels of circulation are indeed obstructed; but 
the productsof the national industry, though stagnant, are abun- 
dant: the actual capital of the country still remains unimpaired, 
:hough the nominal value of property is for a time lessened. 
There is BO foreign pressure, and the skill and activity of our 
iitelligc.nl merchants must, after a while, renew that chain of 
operations which has been interrupted. The evil, through a 
min fill process, is gradually working its remedy. In proportion 
is no new engagement are contracted, the whole mass is daily 
essened, and we must, after a period of severe suffering unne- 
cessarily inflicted, be placed in a situation better adapied to a 
new order of things. 

Among the sources from which relief ere long may be expect- 
d, the attention of the committee has been naturally turned 
owards the bank of the United States. Since the object of ihe 
jresidenl was lo cripple an institution which he considered as 
pernicious, he must have calculated the extent of the injury 
vhich that measure would inflict on the hank; and he mishi 
lave anticipated that it would in one respect produce a result, 
he reverse of that which it was his object to effect. The ex- 
entofthe injury to the brink was to lessen its discounts eight 
>r ten millions a year, and to cause a proportionate reduction 
n its profits during the remainder of its existence; hut it might 
lave been anticipated, and it was predicted by calm observers, 
hat, though the bank might be annoyed so long as it remained 
table greater treasury draughts than it was convenient (o pay, 
he power of the treasury would he exhausted whenever tlie 
irocess of withdrawing the public moneys should bi! at an end; 
nd thai the hank, though deprived of the public depof iteg, 
would still remain with great comparative strength, derived 
rom il8 capital, its specie, its branches, and its superiority in 
acilitating inland exchnnces. ft might therefore have been 
ustly apprehended, that, according to the. opinion entertained 
f the hank by the executive, that institution, no longer rpstrain- 
d hy HIP fear (.Closing the publie deposit"*, and released frorn 
very obligation to government, might exprl its power in a man 
er most injurious to the community. 

But thai power may also he exercised for the bet of purpov,...., 
nd as ihe means of affording relief. Tliat such is the fact is 
ow most clearly acknowledged both hy the clamor inppssantlv 
lised against the line of conduct heretofore adopted by the 
nnk, and by ibe lepeatpil declarations of the prpsident himself. 
' It is indeed :i im>..t si n2 ,,| ; , r feature in the conduct of the rvei it- 



WILES' REGISTER MARCH 29, 1834 NEW YORK REPORT. 



live; after a most express declaration, that one of the avowed 
objects of its measure was, to compel the bank gradually to 
withdraw its circulation and reduce its discounts, (in order to 
prevent the general distress that might ensue if this was not 
done in time before the expiration of the charter), that those 
who apply for relief should now receive for answer that their 
application should be made to the bank; that is to say, that it is 
not only in the power of that institution, but that it is bound to 
relieve the community by an increase of its discounts. Leav 
ing to others the task of explaining this contradiction, the com- 
mittee is of opinion, that the time is not far distant, when, after 
the remaining deposites shall have been entirely withdrawn, the 
bank will find itselfin a state of perfect safety, which will ena 
ble it, though with far less efficacy than if they were restored, 
to resume to a certain extent its usual operations, and to afford 
considerable relief to the commerce of the country: The per- 
fect safety of the bank must necessarily be the primary object 
of the board of directors. Our opinion, that a moderate exten- 
sion of its accommodations, and a fearless application of its 
means within proper limits will, at no very distant time, be 
compatible with that object, is derived from a view of its liabili- 
ties and cash resources at this time, as compared with its situa- 
tion prior to the removal of the deposites, and with that of the 
other banks at this moment. 

The following statements exhibit the situation of the bank, on 
the 1st of February and 1st of Aug. 1833, and on the 1st Februa- 
ry, 1834; that of the banks selected to collect the revenue at the 
last mentioned date; and that of a great portion of the hanks of 
the Atlantic states north of the Potomac on the 1st of January, 
1834. 

Bank of the United States. 
1st February, 1834. 
Liabilities payable on demand, 
Notes net circulation ........................... $19,260,500 

Deposites and unclaimed dividends ............... 10,033,500 



29,293,000 
Capital .......................................... 35,000,000 



64,293,000 
Apparent surplus 8/943,000 



$73,236,000 

Cash resources, 

Specie $10,523,000 

Funds in Europe and foreign exchange 1,644,000 

Due by state banks and notes of ditto 3,121,000 

15,288,000 

Loan?, discounts and bills of exchange 54,843,000 

Real estate, banking houses, and sundries 3,105,000 

$73,236,000 
1st JJugwt, 1833. 
Liabilities payable on demand, 

Notes net circulation $18,890,500 

Deposites and unclaimed dividends 17,951,700 



36.842,200 



Cash resource*, 

Specie 10,024,000 

Funds in Europe and foreign exchange 2,148,000 

Due by state banks and notes of ditto 2,970,000 

15,142,000 
Loans, discounts and bills of exchange 64,140,000 

1st February, 1833. 
Liabilities payable on demand, 

Notes net circulation $23,672,400 

Deposites and unclaimed dividends 18,021,100 



41,693,500 



Cash resources, 

Specie 9,046,000 

Funds in Europe and foreign exchange 3,101,000 

"Due by state banks and notes of ditto 2,447,500 

14,594,500 
Loans, discounts and bills of exchange 61,921,500 

Approximate situation of the banks of Maine, Massachusetts , R. 

Island, Connecticut, New York, Pennsylvania, Baltimore and 

District of Columbia. 
1st January, 1834. 
Liabilities payable on demand, 

Notes net circulation $32,550,000 

Deposites 35,150,000 

67,700,000 

Sundry debts not on demand 12,300,000 

Capital 96,076,000 

Apparent surplus 5,814,000 



181,890,000 



Cash resources, 

Specie $8,750,000 

Due by banks 880,000 

9,6JO,000 

Loans and discounts 165,860,000 

Real estate and sundries 6,400,000 

181,890,000 

Approximate situation of the twenty-five banks selected to collect 
the U. S. revenue, from the latest returns to February, 1834. 

1st February, 1834. 
Liabilities payable on demand, 

Notes net circulation $8,620,000 

Public deposites 10,800,000 

Individual ditto 9,940,000 

20,740,000 

29,360,000 

Debts not payable on demand 1,200,000 

Capital 28, 115,000 

58,675,000 

Cash resources, 

Specie 3,000,000 

Due by banks 2,670,000 

5,675,000 

Loans and discounts 47,711,000 

Real estate and sundries 6,264,000 

59,650,000 

N. B. Various items are so blended in some of the returns, 
that in attempting to separate them, some ertors must have been 
unavoidable. 

The views here exhibited affords on the one hand a conclu- 
sive proof of the solidity of the bank and of the safety of the 
public moneys while permitted to remain in its possession. But 
it also shows that the ratio of the cash resources of the bank to 
its liabilities payable on demand, was on the 1st of February 
last as 1 to 1 9-10; while the same ratio was on the 1st Februa- 
ry, 1833, as 1 to 2 8-10, and on the 1st of August last, as 1 to 2 
4-10; while the cash resources of the northern banks to their 
liabilities payable on demand is in the ratio of one to near 71-3; 
and the banks selected to collect the revenue, and in which all 
the power of the treasury is concentrated, are nearly as power- 
less, since the ratio is near that of 1 to 5 1-5. 

We admit that in ordinary times and with the great uncer- 
tainty respecting the renewal of its charter, it would be expedi- 
ent for the bank rather gradually to reduce than to extend its 
discounts; but the present crisis calls for extraordinary exer- 
tions, and the bank of the United States having, though uncon- 
nected with government, a common interest with all the other 
members of society in its welfare, and the same duties to per- 
form towards the community which at such times are imposed 
upon every other moneyed institution, will most undoubtedly 
alter as far as practicable the course which prudence heretofore 
dictated, so soon as it shall see itselfin a state of perfect safety; 
ind provided that no new and unforeseen acts of hostility shall 
:>e committed by the executive against it. 

It i?, however, much less in the amount of increased accom- 
modations by the bank of the United States, than in the confi- 
dence which the fact that is has resolved to extend Us opera- 
lions to a certain extent will inspire, that we look for some re- 
lief. The amount itself, so long as the bank continues to be de- 
prived of the public deposites and until it shall be able to re- 
sume its ordinary functions, can he but moderate. It is evident 
thai its discounts cannot be increased without a proportionate 
ncrease of its circulation, or individual deposites, or without 
es&ening its stock of specie by an equal amount. The increase 
either of its circulation or of its private deposites does not de- 
pend on its own acts: and, in the present state of things, it is 
ibsolutely necessary, not only for its own safety, but for that of 
all the state banks, and as the ultimate means of sustaining 
through the crisis the general currency of the country, that the 
specie in its vaults should not be considerably diminished. The 
committee is informed that the bank has taken measures for in- 
creasing the amount through the means of its foreign funds. It 
does not appear from the situation of the banks appointed to 
collect the revenue, that any measures have been taken by the 
treasury with a view to that object: and we beg leave again to 
nsist on the necessity, in order to render the whole amount of 
.he precious metals in the country available, of passing without 
delay the acts intended to make all the American and foreign 
silver coins a legal tender, and to raise the gold coins to their 
real value. 

The committee is aware that, in order to restore public confi- 
dence, more is wanted than temporary expedients, and is also 
aware of the anxiety which prevails concerning the prospective 
views of the administration in reference to the currency of the 
country. 

Without dwelling on the danger of recurring to hazardous 
and premature experiments, at the expense of the community, 
we will only siibmit some cursory observations on plans hardly 
digested and which have not yet been developed in their de- 
tails. Two have been suggested; a currency founded exclu- 



78 



NILES' REGISTER MAKCH 29, 1834 NEW YORK REPORT. 



sively on tin: precious metals, or a paper currency consisting 
exclusively uflliat issued by banks incorporated by tlie several 
states. 

It is not necessary at this time to discus? the respective ad- 
vantages and inconveniences of a metallic and of a paper cur- 
rency. It is evident tli.il the first could be established but gra- 
dually, and at a considerable: expense; since llie purchase of 
sixty to eiglity million- of dollars, in gold and silver, would be 
necessary to supply tin: place of the existing paper currency. 
But tlie banking system and its appendage of paper issues now 
p'Tvailt-s every district of the union; and a total change in 
the habits of the people must take place, In-run; the plan can 
he carried into ett'ect. The impossibility of attaining the ob- 
ject through tin: action of the revenue alone is palpable, and 
result.-, from the immense disproportion between the mass of 
payments for the ordinary and current business of the country, 
and those which are etlVcli-d by the general government. 

It lias alieady bi-en staled that the daily payments in the 
banks of this city mummied to near live millions on the first of 
October, and exceeded four millions on the first of February 
last. This includes neither tile payments made in each bank 
in its own notes, or in checks drawn upon it; nor any portion of 
the retail business of the city, or of any of the other payments 
made without the intermediate agency of the banks. The daily 
payments, in this city alone, amount to at least live millions of 
dollars a day. or near sixteen hundred millions of dollars ;i 
year. The annual revenue collected in New York cannot now 
exceed fifteen millions: and the action of government cannot 
extend beyond it.* receipt* and us disbursements, that is to suy, 
to more than than thirty millions of dollars, or less than one 
fiftieth part of UK- whole. All that government could do would 
be to accumulate, an amount of specie equal to the perma- 
nent public deposites. It might, at most, establish a separate 
metallic currency for government, by compelling importers and 
purchasers of public lands to pay in specie, and by paying its 
creditors in the same currency. But this metallic currency 
would be used for that, and for no oilier purpose. It could 
have no control over the general currency of the country, nor 
prevent its depreciation, or a general suspension of specie pay- 
ments. It might only enable izovernment, if such a catasttophu 
should ensue, to preserve through the general confusion, the 
public laith towards the creditors of the public. \Ve must 
only aim at what is practicable: and the only rational plan, for 
the present, must he, without excluding the paper currency, to 
restrict it within proper limits. 

The objects and expectations of the administration, in the at- 
tempt to establish a sound currency through the agency of state 
banks, have not been distinctly explained, and are not thorough- 
ly understood. 

If we recur to the past, we may say that the experiment was 
already made in theyear 1811, at the termination of the charter 
of Ihe former hank of the United Stales; and no disappoint- 
ment, though some inconvenience was experienced in carrying 
on the ordinary operations of government, so long as no un- 
toward event disturb the ordinary state of things. During the 
two or three ensuing years, no loss occurred in the collection 
of the revenue, or in the safe keeping and transmission of the 
public moneys. Hut the currency had been left to the sole con- 
trol of twenty different state lejislatures; the mania of estab- 
lishing new banks without restrictions, or under restrictions 
purely nominal, pervaded the whole country, and terminated 
in that suspension of specie payments, and ihe confusions in- 
cident to it, which induced congress, in 1816, to recur again to 
a national bank, with what success, for the purposes intended, 
the event has shown. 

The observation already made, with respect to the hard 
money experiment, is applicable to that of establishing a ge- 
neral, uniform and sound currency, through the aaency of Mate. 
banks, in the manner which seems to be contemplated. The 
action of the treasury is confined to Ihe collection and disburse- 
ment of the revenue. Through those means, and yupposiii!: 
that the plan should succeed, its effect, at the utmost, could 
only he to regulate, by some special contract, the currency of 
the few selected hank; this could have no control over the ge- 
neral currency of the country, or to reslrk-l its amount in the 
slightest desree. Hut to the plan itself there arc two insupe- 
rable objections. 

Although the terms upon which a contract shall be made 
wilh any state bank selected for Ihe purpose, may be regulated 
by law, the selection of Ihe banks from the necessity of the 
case, and, according to the views entertained by the. adminis- 
tration, the removal of the public moneys froin one bank to 
another, must be intrusted to the discretionary power of the 
treasury, or of the president. An executive will he substitut- 
ed for a legislative bank, cubject to the abuses incident to arbi- 
trary power, increasing the patronage of the executive, and 
giving to the administration, not only a power ovr ihe public 
purse not intended by the constitution, but even if it chooses, 
that of interfering, in the most direct manner, with the private 
concerns and interests of nien in buinei. To thai concentra- 
tion of power in one man we most decidedly object. It is no 
arpuinent to say, that thn power did formerly exist, and was not 
mrt. Even U.* n , it proved iiltiumlelv ihe can.-e of a lorn 
2! j e ? lwo nr "" {on "f dollars to ihe public, in what is called 
the dead money in Uie treasury. We wish ever 1-. live under a 
'ernraent oflHws, and not of men. The provision in the act 
ornoranng the present bank, which designated the place 
where the pablic moneys should be dcpositad, wan in every 



e?pcet proper and salutary; not less acceptable to the secretary 
if the treasury, who must always wish lo be guarded by law 
rather than be clothed witn discretionary powers, than benefi- 
cial to the public interests, by guarding against the danger of 
the control of the public purse being convened into an engine 
of power, if government should eve.r fall into improper hands. 
\Ve have only lo lament, that, in order to guard against an 
inauinary danger, the provision was expressed in such terms 
as to have permitted the act of which we now complain. 

But while the selected state banks shall he under the execu- 
tive control in the manner above stated, they cannot he regu- 
aled by either congress or the treasury, in any point connected 
with the currency of the country, that may interfere with their 
charters, or not be permitted by the laws of the stale. 

The state banks are artificial bodies, deriving their existence 
from the several stales by which they have been incorporated, 
and subject lo the laws and lo the control of each state respec- 
tively. They may, or may not, be permitted to accede lo llie 
terms prescribed by congress, or by the executive, for becoming 
the collectors and the depositories of the public moneys. If 
any state shall think thai a compliance, on the part of the se- 
lected bank, with the lesislative or treasury regulations shall 
ntcrlVrH \vitli th banking system, or currency, which that 
<tate wishes to maintain, it will forbid the bank to accept those 
terms. Whether any bank may, on any terms, become a sub- 
ordinate branch of the treasury of the United States, depends 
entirely on llie will of Ihe several states. 

It has been asked, ii the stale banks were deemed necessary 
for carrying inlo effect the It-uitimrile powers of Ihe national 
'government, whether Ibis was nol an admission that a national 
hank was authorised by the constitution? But without discus- 
sing the constitutional i]iieslio:i, it is impossible to suppose 
that the government of the United Siat.-s is so constituted, that 
it cannot perform it* most legitimate functions through its own 
officers and agents; that, even for collecting its own revenue, it 
is compelled to resort to stale in.-litutions. Why not at once 
recur to the treasurers of the several states, and make them 
sub treasurers of the United States? Should any one, startled 
with such a supposition, charge us with having stated an im- 
possible case, we reply thai Ibis is not a supposition, but a fact. 
Among the banks selected by the secretary of the treasury ii 
the Mobile branch of the bank of the state of Alabama. Neither 
in that bank or its branches ia there a single individual stock- 
holder. All the funds ar : furnished by the stale; the business of 
the bank is carried on solely for the benefit and at the risk of llie 
state, whose credit is pledged for the ultimate redemption and 
payment of all noles issued, and all debts contracted by said 
bank; and it is managed by a president and fourteen directors, 
annually elected by a joint vote of both houses of ihe legisla- 
ture. Whether the notes issued by that bank of the state are 
not to all intents and purposes '-bill* of credit emitted by lhat 
slate" it is nol our province to inquire; we only state the fact, 
that the secretary of the treasury has selected as an agent of 
that department, a branch of a branch of the treasury of one of 
tin: states. 

It is principally because congress either has not, or will not 
exercise the power of regulating and restraining the currency 
issued, under the authority of the several states, that resort has 
been had twice to a national bank. Until a more direct and 
etl'icient mode shall have been suggested, we niusl look to that 
institution as the only means through which a sound and uni- 
form paper currency can he issued under the authority of the 
national government, and as the best instrument for regulating, 
though indirectly and but partially, the whole currency of the 
country; but no substitute will answer the purpose, unless the 
power of congress to regulate the currency of llie states should 
be admitted and exercised. We know from the experience of 
nearly forty years, lhat so long as a bank of the United States 
has hern in operation we have had a sound currency; and that 
it was thrown into utler confusion, when left to the control of 
lire several stales, each acting according lo iis particular views 
of the subject. Experience has shown in what respects the 
powers with which the bank was invested may be abused, and 
what modifications may be necessary, in order to remove well 
grounded objections, and, wilhoul lessening its utility, to adapt 
it better to the wishes and the wants of the people. We ab- 
stain al Ibis lime from any expression of the views of the com- 
mittee respecting the several modifications which have hereto- 
fore been suggested, as we believe the discussion would be pre- 
mature, and the time unpiopitious for a calm investigation of 
that important subject. In the mean while, and while the 
question whether congress shall ultimately charter a national 
bank remains in a state of uncertainty, "the intention of the 
committee has been forcibly turned towards the banking sys- 
tem and the currency of this state. 

It is ineontestihlc, that the defects in the laws of the several 
states on thnt subject, the excessive issues of paper by some of 
the slate banks, and the consequences felt or apprehended to 
ensue, furnish the strongest argument in favor of a bank of the 
United States. It is highly probably that if at the termination 
of the charier of the former bank, the several states, instead of 
indulging the mania which prevailed for multiplying unrestrict- 
ed bank*, had each passed the necessary laws for regulating 
and restraining their own paper currency, the present bank of 
th United States would nol hav been called into existence. 
We are ready to adroit thnt even with a national bank, the co- 
operation of the several elates would be highly useful, for the 
purpose of establishing a sound currency throughout the whole 



N1LES' REGISTER MARCH a9, 1834 NEW YORK REPORT. 



79 



country, so long as the power of congress to regulate it by law, 
in a direct itiuniier, shall be either denied or not exercised. In 
every view of the subject, it is highly important that the defect? 
of our own system .should be corrected. It is not judging by 
the result thai we are disposed to think it worse than that of 
most of the other states. Tin: disproportion between specie and 
issues isassretit in Massachusetts and Virginia as in New York. 
But the affairs of our own stale are our own concern; and we 
believe that, considering its population, geographical position, 
wealth and commercial connexions, its example would have a 
happy influence over the other slates. 

The first observation we beg leave to submit, is the propriety 
of repealing thai law of the stale which forbids every prr.-on or 
association of persons, other than incorporated banks, not only 
to issue any notes or bills and put them in circulation as money 
(a prohibition equally proper and necessary), but which ex- 
tends the prohibition to the "keeping of any ollice for the pur- 
pose of receiving deposites or discounting notes or bills." 
This last restriction on Hie common and legitimate use of pri- 
vate capital, is, we believe, peculiar to the state of New York, 
and is not to be found in the code of the other stales, nor in- 
dued of any other commercial country. Instead of making the 
lending and borrowing of money tor commercial purposes an 
exclusive privilege, it is the policy of every commercial coun- 
try, and far more consistent with the spirit of our institutions, 
to set private capital free from any unnecessary restriction, as 
the best means of producing competition, and of reducing by 
natural means the price paid for the use of money. 

We concur also in the opinion of the bank commissioners, 
that the number of banks ought not to be increased but with 
great caution; that the natural tendency of an increased num- 
ber is to increase bank issues beyond what is nece>sary and 
proper; that if any additional banking capital is wanted it is for 
the purpose of increasing bank accommodations in favor of the 
community, and not for that of increasing bank issues and bank 
profits, and that for that purpose, the increase of the capital of 
existing banks, so as to equalize as far as practicable that of 
banks in the same locality, is preferable to the creation of new 
banks. 

We must add, in reference to that equality of capital between 
banks in the same locality or placed under similar circumstan- 
ces, that the only reason forgiving to the bank of the United 
States its large capital was, besides the extent of territory over 
which its operations must be carried, the necessity of investing 
it with power urficienl lo check and regulate the issues of the 
other banks. And the power was thus given, only because 
congress was presumed not to have the authority of restraining 
those issues, by laws directly applicable to that object. But 
the states are under no such restrictions. They have the full 
and unlimited power to regulate and restrain their own bank- 
ing system, and the circulation of their own banks, to any ex- 
tent and in whatever manner they please. There is, therefore, 
110 necessity or reason for Ihe erection by the state, of a bank 
with a capital superior to that of all its other moneyed institu- 
tions, enabled thereby to govern and oppress all of them, and 
obnoxious, without any apology for it, to all the objections 
which have been raised against the bank of the United Slates. 
Free competition as it now exists between the several banks, is 
highly useful; and there are few things more to be deprecated 
than a powerful moneyed institution, not merely regulated by 
a general law, but kept in its operations under the immediate 
control of government, and liable to be used as an engine by 
those who administer government. 

The laws of the state contain many provisions well calculat 
ed to prevent and to punish fraud, and to ensure, so far as it 
can be done by legal enactments, the ultimate solvency of the 
banks. And the act, commonly called the "safety fund act," 
has provided for annual and intermediary investigations which 
we consider as salutary, and which we wish only to see accom- 
panied by annual, clear and complete statements of the situa- 
tion of every bank subject to the provisions of the act. We see 
indeed no reason why every bank in this state, without excep- 
tion, should not be made subject to the same investigation and 
publicity, and, to all the general laws of the state respecting 
moneyed corporations, save only such as may impose the pay- 
ment of any money, or render them liable to any moneyed re- 
sponsibility, not within the purport of their respective charters. 

But although gross mismanagement may produce some ex- 
ceptions, it is not the ultimate insolvency of the banks which is 
to be apprehended. The great danger to be guarded against if, 
that general suspension of specie payments, which both imme- 
diately and afterwards when such payments are resumed, is at- 
tended with the utter subversion of existing contracts, and with 
calamities which effect every class, and none more than the 
poorer classes of society. 

The fundamental and objectionable provision of the safety 
fund act is that which lays" a yearly tax of one-half per cent, 
on the capital of all the banks, for the purpose of applying the 
pioceeds to the payment of any part of its debts, which any 
bank, by its own misconduct, may become unable to discharge. 

This tax is unjust, inasmuch as it renders banks responsible 
for others over which they have no control: and in that it offers 
a premium in favor of misconduct or unskilful management, at 
the expense of those which are wisely and cautiously managed. 
It is more particularly unjust in reference to this city; inasmuch 

*The tax is for six years certain, and contingent for the en- 
suing years until the charter expires. 



as the lax is laid in proportion to the capital and not lo the cir- 
culation. It will be seen by the report ol the bank commission- 
ers Dial Ihe apparent circulation of the cily banks amounted on 
tin: fust January la.-i to 4,909,000, and that of the country banks 
to 10,500,000 dollars; while the tax being laid mi the capital, iho 
city hanks pay annually more than 63,000 dollars towards the 
fund and the country banks l.-s than titty-one thousand. The 
disproportion would, it is true, be considerably less by includ- 
ing the depostles. But the report does not enable us to state 
the precise amount ol the aggregate of the circulation and indi- 
vidual deposites in the city and country respectively. 

What renders the tax still moie unjust, is the total want of 
reciprocity. The notes of the city banks did not require the 
guaranty of those in the country; and. so far from their circu- 
lation being increased by th.tt provision, it has, in fact, been 
lessened, within the city ilM-lf, by Ihe introduction of country 
paper, to which the guaranty of the city bunks ha given an 
artificial value. 

It is this, last circumstance which, apart from its injustice, 
renders the system unsafe and dangerous to the community at 
large. Instead of suffering the circulation of each hank to rest 
on the confidence lo which il was naturally entitled, each one 
has been enabled to extend its circulation as far as its local si- 
tuation permitted, without icgaid lo its capital, its resources, 
it.s management, and to the degree of confidence to which il ia 
entitled by all those circumstances-, and solely on account of 
the artificial confidence aiising from the guaranty of more re- 
sponsible institutions which has been created by the law. Hence 
the extravagant issues of some of them, the disproportion be- 
tween their specie and their issues, and the imminent danger of 
suspension of specie payments which threatens the whole sys- 
tem, whenever any untoward event, such as must necessarily 
occur in the course of human affairs, may dislurb the ordinary 
state of things. It is perfectly natural that every bank should 
avail itself of the advantages derived from its situation, whether 
natural or bestowed on it by the laws of the land. Each will 
naturally try to increase its profits to the utmost limits;. We 
find. .accordingly, by Ihe report of the bank commissioners of 
the lOih day of March, 1833, thai, while the average dividends 
of thirteen city banks amounted to little more than six percent, 
those of seven of the banks in Albany and Troy were nearly at 
the rale of eighl percent, and the average of the thirty-lwo olher 
hanks, included in the report, was almost nine and a half per 
cent, on their capitals. It is not to be wondered at that, under 
such circumstances, perpetual applications should be made for 
new bank.-; that they should be at last considered less in refer- 
ence to their utility to the community, than as special favors 
granted to the applicants; that there should be a perpetual and 
unnecessary increase of new banks, and that, as has been con- 
clusively proved by the bank commissioners, this should have 
been. attended with a dangerous and immoderate increase of the 
bank issues. 

We think it, therefore, of the highest importance that those 
defects in the existing system, which endanger the soundness 
of the currency, and which may render the rechartering of Ihe 
bank of Hie Uniled States, on any terms, absolutely necessary, 
should be corrected; and the remedies for that purpose are most 
simple and obvious. 

They consist merely in restricting the amount of the loans and 
circulation of each bank, by substantial, and not by nominal, 
restrictions. The suppression of notes of a less denomination 
than five dollars, we believe, is generally demanded. It will 
have, among others, the great advantage of causing all small 
payments, those for articles daily brought for sale at market, 
and those for the daily compensation of labor, to be made in 
specie, and of lessening the injury which the suspension of spe- 
cie payments, or failure of any bank, always inflicts on the poor- 
er classes. But this measure will ati'nrd but a partial remedy 
against the general danger. The amount is variously estimat- 
ed at one fifth or one fourth part of the whole circulation: but 
no inconsiderable portion of this would be soon again supplied 
by five dollar notes. We repeat, that the tru* and efficient re- 
medy is only to be found in a substantial restriction on the is- 
sues and loans of the banks. 

According to the existing laws, the loans are restricted to 
twice and a half, and the amount of bank notes to twice ths 
amo -lit of the capital. The first restriction is insufficient; and 
the last can hardly be called a restriction. There is no bank 
which may not divide more than six per cent, if its loans are 
limited to" twice the amount of its capital. Under proper ma- 
nagement a much smaller amount is sufficient. The total 
amount of notes issued by all the banks of the northern states 
is less than one-third part of their capital. It will be seen by 
the last report of the bank commissioners, that the gross amount 
of all the notes issued, that is to say, the whole of the apparent 
circulation of the hanks under the safety fund amounted to 
15,400.000 on a capital of 22,700.000 of dollars. The dispropor- 
tion between the liabilities and resources is to be found in the 
extraordinary amount of issues by some of the banks. Il is not 
for the purpose of enabling stockholders to make extraordinary 
profits, but for the public good, that banks are instituted. We 
are perfectly satisfied, that a restriction which would limit the 
issues oOvi-ry bank to two-thirds of it capital, would be amply 
sufficiPiit lo secure to each a dividend of six per cent, and, in a 
great degree, to Ihe stale a sound currency, independent of the 
acts of any other legislative body. 

By the inetruction given to the committee at the public meet 
ing, by which they were instituted, il became their duty to en- 



80 



NILES' REGISTER MARCH 29, 1834 NEW YORK REPORT. 



deavor to effect an union of the chamber of commerce and thi 
board of trade. This subject has been committed to a sub-corn 
mittee, and has been brought by them to the consideration o 
those associations. It is understood that no definite plan o 
union has yet been agreed upon; but the committee trust, tha 
as there are so many objects of great and mutual interest, somi 
plan may be devi.-ed by which an efficient action and millet 
efforts of both may always hereafter be secured, without th( 
loss of any distinctive powers which either may desire to retain 
ALBERT GALLATIN, 
JOHN G. COSTER, 
HUBERT VAN WAGENEN, 
RUFUS L. LORD, 
JONATHAN GOODHUE, 
NATHANIEL WEED, 
D. W. C. OLYPHANT, 
JOHN P. STAGG, 
JOHN W. LEAVITT, 
PHILIP HONE, 
THOMAS BROOKS, 
EDWARD G. FAILE, 
DAVID LEE, 
JOHN HAGERTY, 
FANNING C. TUCKER, 
JAMES DOORMAN, 
GARDNER G. HOWLAND, 
CHARLES H. RUSSELL, 
ISAAC CAROW, 
JOSEPH KERNOCHAN, 
JAMES BROWN, 
JAMES G. KING, 
JOHN A. STEVENS. 




Before the preceding report had been read and unanimously 
accepted, by the meeting (more than 3,000 in number) 

John Ji. Stevens, a member of Hit; committee, came forward, 
and, in the name of jilbert Gallatin, esq. their chairman, pre- 
sented the report prepared by them. The advanced age and 
feeble health of Mr. Gallatin, he trusted, would be a sufficient 
apology for the absence of that gentleman, who was particular- 
ly desirous on this occasion to meet his fellow citizens, and, by 
his presence, bear testimony to the deep interest he took in the 
present momentous state of affairs. Philip Hone, after some 
preliminary remarks, read the report. Pelatiah Peril, esq. then 
offered the following resolutions: 

1. Resolved, That this meeting, concurring in the views and 
opinions of the committee on the causes of the present distress, 
its proper remedies, and the measures of alleviation they have 
suggested, approved and adopt this report. 

2. Resolved, That the city banks be requested to take into 
earnest consideration the several propositions submitted to them 
by the committee, and to adopt all the measures founded on mu- 
tual forbearance and assistance, and on concert and harmony 
of action, which may enable them to afford the greatest relief 
to the community. 

3. Resolved, That it be earnestly recommended to the board 
of brokers to discontinue, in compliance with public opinion, 
sales of stocks on time, in the manner proposed by the com- 
mittee. 

4. Resolved, That the thanks of this meeting be given to 
the union committee for the faithful discharge of their duties to 
this lime, and that they be requested to continue their patriotic 
labors and to report further to a public meeting, or otherwise, 
as they may deem expedient. 

After some remarks by Mr. Peril, the resolutions were una- 
nimously adopted. 

Then the following resolutions, sent to the meeting by Mbert 
Gallatin, esq. were proposed in his absence by John Ji. Stevens: 

1. Resolved, That the removal of the public moneys from the 
place where they were by law deposited and declared by a late 
vote of congress to be perfectly safe, in virtue of th sole order 
of the president, issued only two months before that body was 
again to assemble, and with the avowed object of being enabled 
thereby to interpose his veto, if congress persisted in its opi- 
nion; 

The unexampled interference with the officer to whom the 
public purse is intrusted, in the performance of duties by law 
exclusively assigned to that officer; 

The appointment, during the recess of the senate, of a tem- 
porary officer, for the special purpose of doing an act, which no 
secretary of the treasury regularly appointed with the advice 
and consent of the senate would have performed; 

Are an abuse of the powers vested by the constitution in the 
^resident, and encroachments upon the legislative authority of 
congress, upon the laws and upon the constitutional participa- 
tion of the senate in appointments to office, which, unless ar- 
rested, must give to the president alone, the exclusive control 
over the public purse, over the currency, and over private and 
public credit. 

2. Resolved, That these acts, and others of a similar descrip- 
ion; the frequent and indiscriminate use of the president's 

veto; his belief in bis own infallibility; his fixed determination 
that his will alone shall govern; the avowal that, whatever that 
may be, he must at all events, be sustained; or, in other words, 
'that the king can do no wrong" the substitution of the worship 
of a man for our ancient notions of entire freedom of opinion 
and love of liberty, are subversive of the principles of our in- 
stitutions, and lend, ultimately, leaving us hardly the name and 
"onus of a republic, to convert it substantially into a monarchy. 

3. Resolved, That there is a redeeming spirit in our free and 
[lorious institutions, which guaranties their perpetuity; and 1 that, 
or the true and only remedy, and with a perfect conviction of 

ultimale success, we fearlessly appeal to "the people of th U. 

States," pur and their own legitimate sovereign. 

All which were unanimously adopted. 



Hundreds of meetings of the people are yet just held 
or holding to adopt various proceedings with relation to 
he state of the currency, and effect a return of the public 
leposites. They sometimes meet in huge masses. The 
anti-bank meeting at Jllbany was succeeded by what is 
said to be a much larger one on the other side; and the 
spirit of it is running through the west with extraordinary 
rapidity and force. Similar meetings are going on, es- 
pecially in Massachusetts, Vermont, Rhode Island, Con- 
necticut, New Jersey and Pennsylvania, and a good many 
n Kentucky, Ohio, Virginia, N. Carolina, Mississippi, 
jouisiana, Alabama, with some in nearly every other 
state. The movements of the people have no precedent 
n our country nor perhaps, in any other; but we regret 
o beljeve, that, comparatively speaking, the pressure is 
only just beginning to be felt. There already has been 
some occasional relaxations, and others, it is to be hoped, 
will happen, else "credit must perish, "and one wide 
uin over-shadow the whole lnd which ought to be 
iright and flourishing and happy, as it was until politi- 
cians meddled -with the currency. ' 



JV1L.ES' WEEKLY REGISTER. 

FOURTH SERIES. Ne. 6 VOL. X.] BALTIMORE, APRIL 5, 1834. [Vol.. XLVI. WHOLE No. 1,176. 



THE FAST THE PRESENT FOR THE FUTURE. 



EIIITED, PRINTED AND PUBLISHED BT H. JULES, AT $5 PER ANNUM, PAYABLE IN ADYANCE. 



\JCj*We publish this week a large collection of scraps 
illustrative of the present state of the currency and ol'tli 
times useful for present notice, and important to th 
history of "the experiment" that is making. 

An abstinence from the publication of any long articli 
this week, has given to the present number of the RE 
BISTEII a great variety of articles, though most of therr 
relate to the all-engrossing subject the state of the cur 
rency, and the pressure on the money market. The spe 
cial message of the governor of JVew York the accoun 
of the great meeting at PhiladelpJua, and the letter o 
Dr. JMacneven, will claim much attention. Dr. Macne- 
ven is among the last survivors of the grand rally of the 
Irish patriots, and of the associates of the Emmets, the 
Orrs, the Tandys, the Keoghs, the Oitrrans, the Samp- 
sons, the Tones, the Rowans and the JWoores, and others 
a race of giants in intellect, with a purity of principle 
and firmness of purpose, worthy of leaders in a sublime 
contest for genuine liberty. In early life, we had the 
pleasure of being personally acquainted with three or 
four of those named, and considered them as among the 
most splendid specimens of the human kind that we hac 
ever met with. But Dr. JMacneven needs not our hum- 
ble testimony of his devotion to democratic principle: 
and the power which he possesses to support them, will 
be seen in his letter. 

It is added that counsellor Sampson, and others of like 
high character and standing, agree with Dr. J\facneven. 

Baltimore has met wifh two severe losses within a week. 
On Monday last, the remains of Talbot Jones, esq. were 
returned to the earth, and on Thursday night Alexander 
JSroten, esq. died! These were two of our oldest and 
most valued merchants persons beloved for their private 
virtues, and esteemed for their public conduct. The 
first was among the most extensive of our traders with 
the interior; the second of the most important in our rela- 
tions with Europe. It was the house of Jl. Bro-wn 
Sons that took the late loan required by the state of Ma- 
ryland of 500,000 dollars, and if he. the deceased, had 
not moved in that business, it is said that 1,000 poor la- 
borers on the Baltimore and Washington rail road would 
have been discharged and, at a time like the present, 
to suffer! 

We present gov. Marcy's special message to the le- 
gislature of New York, and submit it to the cool consi- 
deration of our readers whether he is not at the "head 
of the heap" of the "panic makers?" What is it? to bor- 
roto money, in fact, on the credit of tlie state, in Europe 
[!)Cf*foreiffn money!] to lend to the banks in the city of 
New York, that they may lend to the country banks, that 
they may lend to the people! If "all who borrow money 
ought to break" here is a "pretty kettle offish," and a 
big one too! And what are the "four or five millions" 
proposed to be borrowed? As the "small dust of the 
balance!" The banks in the city of Xew York have 
lately increased their discounts 3^ millions, and the mo- 
ney-pressure increases! And it will, until CONFIDENCE 
is restored. We have money enough, and, with confi- 
dence, would soon have credit enough. 

[We have since received the report of a joint commit- 
tee of the legislature of New York, to whom the gover- 
nor's messnge was referred, and shall insert it next 
week. It concludes with a bill providing for the creation 
of a five per cent, state stock, amounting to six millions 
of dollars, redeemable in twelve years. Four millions 
of dollars of this stock is proposed to be loaned to the 
banks in the city of New York, and two millions to be 
sent to the loan offices in diffierent parts of the state, to 
be loaned when the supervisors of the respective counties 
determine that they are in need of such aid. It iilso pro- 
vides for a bonnl of officers, See. 
VOL. XLVI -Sin. G. 



This novel and very important measure has, probably, 
been already passed into a law! for the first section of 
it was passed by the assembly before certain of the 
members had had time to read the bill. For whatever 
reason these things have taken plaee, we think thatevrrv 
reflecting friend of a sound currency will view them with 
alarm. The precedent is dangerous the practice alto- 
gether unsound in our opinion; and we think that this 
is a subject on which we have some right to have and ex- 
press an opinion.] 

We have received the officially published lists of 
names attached to the petitions from Baltimore, for and 
against the restoration of the public deposites. We ob- 
serve many mistakes of the printer in spelling them 
but they are unavoidable.* 

These lists of names have been looked over, and we 
note the following facts: to the petition for a restoration 
of the deposites there are signed 183 business firms, of 
which number 176 are known to us: on the other there 
are only six business firms, of which only one is known 
to us. 

Of the first hundred names on the petition for restora- 
tion, eighty-four are those of persons known to us and 
of the remaining 16 there are several so misspelled that 
we cannot surely identify them. On the other list, of the 
first hundred names only twenty-two are identified a 
being known to us. 

Ot the last hundred names on the first list we know 
fifty-one persons answering thereto of the last hundred 
names on the second list we can, in like manner, identify 
only seven persons. 

Each page of the lists contains about 150 names. Let 
us see how this sort of knowledge extends to some of 
them, taken at random. 

On the 2d page of the first petition we know one hun- 
dred and seventeen persons and firms, as they are put 
down: on the same page of the second list we know only 
eleven persons. 

On the 7th page of the first list we know 66 persons 
on the same page of the second list no more than 8 per- 
sons. 

On the 12th page of the first list we know 93 persons 
on the same page of the second, we cannot undertake to 
say that more than three persons are identified bv us 
:hough the name of "Martin Van Buren" is on this page! 

On the first list one person has made his mark with an 
>"i, and six names were "illegible:" on the second, 24 
are marked with a cross X, and 27 are reported "illegi- 
>le" six being in "German." 

The last petition has the names of "Geo. W. Freas, 
esq." "Stephen Gates, esq." and "John Freas, e$q," 
We have not the pleasure of being acquainted with either 
f these esquires. 

Such are the results of a hasty examination. We do 
not pretend to perfect accuracy, but are sure that no great 
mistake has been made. 

We have been doing business in this city since 1798, 
nd came hither permanently to reside in 1805, and have 
mixed much with the people since the latter period. We 
efer to individuals, in both cases, that are personally 
inown to us, or whom we otherwise know are in the 
'land of the living," and can be found. 

If the decision of the question concerning the public 
leposites were left to the judgment of the business-men 
)f Baltimore, at least seven-eighths would say, restore 
hem! And if, with the knowledge obtained through ex- 
icrience, they were called upon to decide, shall the de- 
osites be removed? we think that 49 out of every 50 



It is impossible to (It-cypher many signatures for many, like 
r^rlves, have acquired a wrrtehed habit of making certain 
rfrs, standing for our names, that are unintelligible to persons 
lot familiar with them. 



NILES' REGISTER APRIL 5, 1834 MISCELLANEOUS. 



would give a loud and emphatic negative. Indeed, ve 
can sincerely say t!i;\l we have not met with n single man 
who, when pushed ta give an honest answer, that has not 
pronounced the measure an unwise one a "mistake;" 
but, as it was done, why // couldn't be retired from, 
some said; i. e. the party must not -waver in a course ad- 
mitted to be unwise, though ruin shall folloio a perseve- 
rance in it\ By hus'mess-men we mean merchants and 
other dealers, shop keepers, mechanics, of all sorts, em- 
ployers and journeymen, artists and trades-people pro- 
perty holders and rent payers, anil all persons who have 
had a settled home and citizenship with us two years, 
excluding however office-holders, who feed at the public 
crib, and t!ie miserables who hope to get their share of 
the fodder for all these like "mother Carey's chickens," 
lean, lank and hungry, delight in the storm. Il is their 
"glory" to be in the whirlwind! they have every thing 
to hope tor, and not/ting to lone. 

Mr. Me Kim represents the 5th congressional district, 
which is composed of the five first wards of the city of 
Baltimore, and the county of Anne Arundel. At the late 
election the votes stood thus 

JMcKim. Stewart. 

5 wards of Baltimore 2,049 1,678 

A:me Arundel county 1,132 1,114 

3,181 2.792 

Now an instruction has been forwarded to Mr. jilcKim 
that ha shall vote fora restoration of the public deposites. 
The exact number is not known to us but it has been 
signed by more than 3,300 -voters of the district not per- 
sons who appear on an election-day and are not there- 
after at all to be found; but individuals who have fixed 
residences with us, and probably being not less than 
three-fourths ol the business-men, with the same propor- 
tion of the stationary and regular working people, me- 
chanics or farmers, &c. 

The committee who had this matter in charge, are ho- 
norable men. They personally obtained most of the names 
subscribed, and declare, that, to the best of their know- 
ledge, there is not one person on the list who is not a voter 
of the district and, as the vote, as stated above, was a 
high one, (5,973) it unquestionably appears that there is 
a clear majority of several hundred votes in favor of a 
restoration of the deposites,* and yet several populous 
districts had been neglected by those who had them in 
charge. Indeed, we understand that in the 3,300 is not 
included any names from the city of Annapolis, and from 
a whole election district of Anne Arundel county. 

[P. 8. As this paper was going to press we nre told iliat the 
figners of lh<: instruction, compared with the whole number of 
votet shew a majority of 715! Others lists were expected.] 

The New York papers are filled with accounts of ward 
meetings, and meetings of different trades, or callings, 
to bear upon the ensuing election of corporation officers. 
Never before were such movements made in that city! 
For instance, a meeting of the carters opposed to the 
removal of the deposites, See. was called by 300 or 400 
of them, the numbers of whose carts being attached to 
their names and there has been such another call and 
meeting of landlords and seamen another signed by one 
hundred and eighty stone cutters, &c. &c. Powerful 
committees have been appointed on both sides for an 
example, the anti-Tammany carters have appointed a 
committee of twenty to attend the polls of each ward, 
(dressed in their frocks), during the whole period of the 
election; and it is recommended that the friends of a re- 
storation shall close their stores and work shops that they 
may attend to the business of the election! The "Tam- 
manies" are equally busy. They have the benefit of an old 
organization the respect of party for "regular nomina- 
tions," an army of officers of the U. States, and of the state 
and city of New York of about 1,/itK) men, \\lio have 
many dependents, whose persons and fnirtes arc at the 
command of the party, and the "spoils arnoant to a mil- 
lion of dollars a year! All these will bu on "duty." 
Besides this the "Tammanies" have that powerful in- 

Wliole number ol votes 5,973 the hnlf of which i< 2,986, or 
lp9 by 300 than tin- number of the sign.'rs. Tin} ilisirid- n<>( 
heard from might have n#ily furoUhed from 4 to 500 good 
namw. 



fluence which proceeds from the possession of fomer 
majoritiesof about sixthousand votes. Mr. I'erplanck, late 
a member of congress from that city, is the candidate of 
the "independent democrats" for the mayoralty, and Mr. 
Lawrence, a member of the present congress, will be 
supported by the "Tammanies." Mr. Lee, the present 
mayor, declined a poll. 

The excitement is not confined to the city of New 
York. Great masses of the people have met at Albany, 
Troy. Utica, Rochester, and, indeed, in most of the 
chief towns, and warmly expressed their feelings against 
the removal of the deposites, &c. , and the local elections 
held in Poughkepsie, Hudson, Newburg, Schenectady, 
Rliiuebeck, ClaVerack, Lansinburgh, Sic. shew the effect 
of this excitement. The first for example, had a "Jack- 
son" majority of 150 last year, now of 144 anti-Jackson. 

At one of the great meetings lately held in New York, 
fifteen associations of different mechanics, &c. connected 
with commerce, sent in resolutions against the measures 
of the general and state governments. 

A friend has asked, why we fixed the commencement 
of the "experiment" as the period at which we supposed 
it possible the hank of Maryland might fail any day, as 
stated in our last say ing that its issues had long before 
been excessive. In return, we said, "We also so be- 
lieved but until the removal of the deposites, money 
was 'plenty,' and confidence great; and, in case of a pres- 
sure, it was easy to obtain redeeming funds on good secu- 
rity offered: soon after the credit of the best of our citizens 
availed little, and money became scarce." We reasoned 
on this subject as Mr. Duane had done in his letter to 
the president of July last though then we knew not that 
such a letter had been written but supposed that every 
one who had considered the nature of the currency held 
the opinions which we oftentimes freely expressed, and 
also acted upon, to a considerable extent. There are 
several who will bear testimony that we cautioned them 
against entering into new engagements to pav monev, 
if rightfully to be avoided until the effects of the re- 
moval of the deposites should become manifest to them. 

The pressure on the money market does not arise 
from any real scarcity of money, nor has it any sort of 
connection with the management of the affairs of the bank 
of the United States unless local. 1. The specie capi- 
tal has, probably, been increased more than two millions 
since the 1st October last, and there is no demand for 
money abroad, exchange being really 8 or 9 per cent, be- 
low par; and besides, the reduced price of almost every 
commodity has lessened the want for money to make 
purchases, in the amount of tens of millions of dollars. 
For instance, a cargo of 1,000 barrels of flour may now 
be obtained for 4,000 dollars, which would have cost 
5,000, a little while ago and t ,000 dollars less of money, 
or credit, is needed to carry on ibis small operation; and 
when we regard the diminished value of cotton, tobacco, 
rice, lumber, &c. See. it may be easily believed that;no?it/ 
millions less are now needed than svere required before 
the "experiment" began. This is a matter of consider- 
able importance, and the political economist will easily 
appreciate it. 2. But while the bank of the United 
States has increased its circulation, and the line of its 
discounts is not reduced so much as that of its deposites, 
it appears l>\ the report of the New York committee, in- 
serted in the last RKKISTKH, that the banks in that city (for 
an example) including the office, have increased their 
loans more than 3,500,000 Feb. 19, 1834 being com- 
pared with 1st October, 18.33. 

Why then is money "scarce'" It is because con- 
fidence, the corner stone on which a wholesome cur- 
rency rests, has been destroyed by a wild "experiment," 
and the hostile attitude \t hich "the government" of the U. 
States has assumed against the bank; wlnrehy industry is 
paralyzed, m.-w enterprises abandoned, the Circulation of 
money n-ndered a sluggish one, and a thousand bankrupt- 
cies happened. And so it is that though money is really 
more plentiful than it was in October last, and though 
much less of it is needed to carry on the operations of 
business, than before the removal of the deposites there 
dues not appear to he a circulating medium sufficient to 
satisfy the common wants of the people!* We foresaw 



'Thi- paradox is sulvcd in the ej/'tcl before us. 



WILES' REGISTER APRIL 5, 1SS4 MISCELLANEOUS. 



83 



these things they appeared as plain to us as they Ap- 
peared to Mr. Duaiie* and on this principle it was that 
we thought a failure of the bank of Maryland miff/it hap- 
pen on any day since the 1st October, 1833. 

By the vote in the senate on the 28th nit. see page 88, 
it will be seen that Air. 'fancy's reasons for removing 
the deposites would have been pronounced "unsatisfacto- 
ry anil insufficient" thirty to eighteen, had Messrs. Hell 
and Chambers been present, in the senate! We are in- 
clined to believe that never before since the organization 
of the government of the United States, has so large a 
majority appeared in the senate against any leading mea- 
sure of the executive branch of the government. And the 
present senate has a decided majority of those who -were 
among the powerful supporters of the first election of ge- 
neral Jackson to the presidency. 

Th history of the existing administration bears an 
extraordinary character one that has no parallel in our 

*Tlie 4lh letter of Mr. Duanc addressed to the people of the 
United States contains a letter from him to the president dated 
July 10, 1833, from which we make the following brief extracts 
n purl of which we have taken the liberty to present in italics. 

"Credit, like female fame, is of such a peculiar nature, that 
its blossoms may be blighted even by the breath of inquiry; what 
then, might not be the consequence of the blast of the indigna- 
tion of government against an agent, in "hose interest it was 
itself so deeply concerned? Much more tricial changes than that 
proposed by the president, hare produced great commercial con- 
vulsions. Such a measure, as is urged, would he regarded by 
the hank, so decidedly hostile, as to ati'ord ii an excuse to shake 
the fabric of credit, for the purpose of throwing odium on the 
government, and producing a persuasion, that in the extension 
of the charter would be found the only remedy for the mischief. 
That it would not hesitate to do so, the president believes that 
it ought not to have an excuse for doing so, the undersigned is 
tain. 

'It is, indeed, mentioned, in the letter of the president, that 
the United States bank will not be able to effect any such pur- 
pose. But the undersigned is not satisfied, that an institution 
with so large a capital, with branches at so many important 



certain. 



points, acting with one accord, and for a single end, with specie 
equal to half its circulation, has it not in its power to affect the 
operations of local batiks, with specie equal to about a sixth o 
their circulation only. If the bank is really so harmless as this 
part of the president's letter supposes, then the alarm that the un- 
dersigned has at all times entertained, at the existence of such a 
power, is unfounded, and one of the most serious objections to the 
renewal af the charter is obviated. But the undersigned is not 
nble to arrive at such a conclusion; he is convinced that it is in 
the power of the United States bank, so organized and so se- 
cured, grievously to affect the local banks and the community; 
the undersigned thinks that the trial ought not to he made. 

"Beyond doubt, the power of the United States bank to con- 
trol the local banks, and, through them, masses of the people, 
and through those masses, some of the constituted authorities 
of the country, is of such a character and tendency, as to ex- 
cite alarm. But the very existence of such a power teaches ex- 
treme caution such an adversary should sain no advantage from 
an abortive experiment to limit its influence. 

"The struggle, to be made, is not to see, which can do the 
other the most harm, the government or the hank. The govern- 
ment has hnt one duty to execute, to inform the people and 
their representatives of the apprehended danger. It is not call- 
ed upon to maim the bank, lest the bank should muster the 
country. In any attempt to maim, the aoents of the bank would 
be those likely to escape: the wound would he felt in the cottage of 
the farmer, rather than in the palace of the banker. 

* ; On the other hand, if the suggestion of the president is 
sound, that the United Stales bank dare not operate oppres- 
sively, because the state banks having government deposites, 
might run upon the branches, then there is a check at all times, 
in the hands of the government; and the bank, during its legal 
existence, will be careful not to do or omit, what might warrant 
a total removal of the deposites. 

"So that the United States hank is represented fty some of the 
local banks as an engine so pan-erf ul as te be tin object of universal 
alarm; and, the next moment, so utterly feeble, that by the simple 
operation of a treasury order, the entire branches may be broken 
u;i one after the other, and the paper flung upon them in masses, 
which they mil not be prepared to redeem! Which of these is 
the true picture? If a treasury order has such talism.inic in- 
fluence, can there he a better pledge for the safety of the public 
deposits? But, if it has no such power, is it discreet to com- 
mence the war? In nil such calculations, as those referred to, 
the flinging back masses of bank paper, and breaking up th^ 
branches, are items, that seem to have caused no compassion 
for the ultimate sufferer*. It appears to have been forgotten 
that a larye portion of the ood and pnre people of the Ininl >'-nntr 
he ruined and why mined! brcnnp the government of thci 
country hnd put the power to ruin them in the hands of corpo 
rations, intent alone upon their own nssrnnrJlBoment! Whctlip. 
it is wise to make such experiments, the undersigned, with con 
fidence respectfully submits."' 



nnnals. The vice president, with the secretaries of state, 
war, navy and attorney general, and we think, also, the 
inst master general, (which takes in ail the "cabinet pro- 
per," except the secretary of the treasury), were of those 
who most decidedly rejected the "pretensions of Mr. 
Jackson"* in 182i but the latter supported them out of 
opposition to Mr. Adams, because that he, in the opinion 
of Mr. Taney, had deserted the federal party; and, if we 
are not mistaken, there is not, in what is called the 
'kitchen cabinet," more; than one "original" friend of 
the general! The "eleventh hour men" have gathered 
the "spoils of the victory" gained. And of the eighteen 
senators who voted on ihe occasion above stated, we can 
count up five or six, and, perhaps, there are more, (for 
we do not know the original opinions of several of them), 
who stood in the same hostile position, even at the elec- 
tion of 1 824. 

And again with the exception of the "force bill," 
which depended on other considerations than such as re- 
lated to the support of the executive, (for it was earned 
by the votes of the opponents of the administration), only 
one favorite measure of the executive (the Indian bill) 
has been sanctioned by congress, and that by a weak ma- 
jority (obtained we shall not sav how), though in both 
houses there were large majorities of loud and lusty pro- 
fessing friends of the president. The exercise, however, 
of the hateful and despotic power of the veto, a power 
which a king of Great Britain has not dared to exercise 
for centuries, has placed the will of the senate and house 
of representatives at defiance, with respect to certain of 
the most important acts ever passed upon by these legis- 
lative hodies;t the first representing the states and the se- 
cond the people. 

Every one may make for himself reflections of the sim- 
ple, but singular, facts presented. Never since constitu- 
tional governments began has the like happened before 
never will they happen again. 

With the result above stated, will Mr. Taney restore 
the deposites, or retire from the place which he holds? 

It is stated in the official "Glohe" that the president 
will not receive any more committees, sent by the peo- 
ple to carry their petitions to Washington, praying for 
relief from sufferings inflicted by the acts of "the go- 
vernment." And on this subject the "by authority" pa- 
>er, at Philadelphia, the Pennsylranian, observes 
"Would not the uses to which the bitter enemies of the pre- 
ident pervert every thing which falls from his lips, justify him 
n closing his doors against the intrusion of the vulgar herds 
that daily infest his apartments?" 

Who is the editor of the "Pennsylvanian?" a foreign- 
r or a native? We must suppose the former, and of a 
resh importation, and hardly naturalized certainly not 
civilized. "Vulgar herds'" of the people !| 



* Albany Argus. 

fAII the great Pennsylvania measures have gone by the 
joard 

1. Internal improvements; 

2. The protection of the national industry: 

3. The bank of the United States; 

4. The public land bill, as proposed by Mr. Clay. 

All which had had the almost unanimous support of the poli- 
ticians, as well as of the people of the slate. 

The 1st, 3d and 4th were put down by the veto of the presi- 
dent the -3d partially yielded because of a justly entertained 
belief that the party in power would wholly destroy it. 

J Doc tor Franklin in hi* historical review of Pen nsy Ivan in, 
holds the following manly and spirited language, in relation to 
the refusal of the proprietaries to recieve "deputies from the 
people who asked for a redress of grievances. 

"No king nf England, ns we can remember has ever taken 
upon himself such state, as to refuse personal applications from 
the meanest of his subjects. Even sultnns, supines and other 
eastern absolute manarchs will, it is yaid, sometimes sit whole 
days In hear the complaints and petitions of their very slares; 
and are the proprietaries of Pennsylvania become too great to 
he addressed by thn representations of the freemen of the pro- 
vince? If they tmjel not be reasoned with, because they have 
aivfn instructions, nor their deputy because he has received 
them, our meetings and deliberations nre henceforth useless, 
we have only to know their it-ill and to ofcciy." 

Dr. Fra* l;iin concludes his review with the following advice 
to thn proprietaries, "that if they follow the advice of Reho- 
honm's counsellors, they will, like him, absolutely lose, at least, 
Mr nffrrtioni of HIP jirnplc. A hiss, which, however they affect 
to despise, will he found of more consequence to them than 
they setm at present to be aware of." 



84 



NILES' REGISTER APRIL 5, 1834 MISCELLANEOUS. 



We are not disposed to find fault but claim, and wil! 
enjoy, the right of uttering the thoughts of our heart, in 
respectful terms, on all occasions. "Truth is a victor 
withont violence." 

Is it true that the acting secretary of state, and acting 
secretary of the treasury, have not yet been nominated to 
the senate? Did it ever happen before, that a congress 
had beenybwr months in session, and two appointments by 
the president, of officers of such high dignity, remain in 
office, nnapproved by the senate? We think not am: 
one of these important appointments, at least, would have 
been promptly ratified, by the concurrent power, if it hac 
been offered for approval. 

If we regard lite power of the president, in the recess 
of the senate, to appoint persons to office, as being abso- 
lute it is not less clear to our mind, that, while the se- 
nate is in session, such appointments are only acting, un- 
less they are ratified. Such was the principle and prac- 
tice of the old "democracy. " 

The reduced price of commodities and of wages, with 
the discharge of thousands of persons from employment,* 
have a powerful tendency to relieve the pressure of the 
money market on business-men but at the cost of pro- 
ducers, farmers and other working people, in great sa- 
crifices of private comfort and of the public good. Wheat, 
at Zanegville, Ohio, was 44 cents per bushel, on the 26th 
ultimo at Batavin, Ohio, 37^ cents flour at Cincinnati 
275 @ 287; and the Hudson, (N. Y. ) Republican says 
that two oi the cotton factories at Klnderhook have stop- 
ped work that a large quantity of butter which had been 
sent to New York from Poughkepsie, had been brought 
back, because a market could not be found for it and 
that hay had been sold in the city of New York at "two 
shillings and six pence," that is, 3lJ cent* the 100, equal 
6J dollars the ton adding that a quantity shipped from 
Catskill and Athens, (towns on the Hudson river), had 
been brought back. Bring back hay one hundred miles? 
But such things must reduce the amount of money want- 
ed at whose cost? 

The state of things at Providence and its neighbor- 
hood may be partially estimated from the following brief 
notices of a memorial about to be presented to congress 
from the mechanics and artizans, a convention of whom 
(208 strong) was held a few days ago: 

50,000 spindles are already stopped, and so have many 
of the machine shops as for example, 2,475 tons of iron 
was used in the last year, but the present rate is less than 
350 tons per annum 300 men were employed in the fur- 
nacesnow only 50. At this time last year, contracts 
for lumber amounting to $70,000 had been entered into 
now only t,400 dollars. The master builders are now 
without contracts, and so sortli. 

A profligate idea has been thrown out that if the senate 
and house of representatives shall not agree on the time 
of adjournment, the president will dissolve the "refrac- 
tory" body! If so this is the last congress that will be 
held under the present constitution. t 



A Canada paper says "Under the monarchy of (England, 
the right of petition is held sacred. However tumultuous, or 
even danjerous the crisis, the avenues to the throne are kept 
open that the voice of complaint may he heard. In Denmark, 
we have been recently informed l>y Mr. Whcatoti, the, Ameri- 
can charge, where the Government is an absolute monarchy, 
the kin? holds open coilrt every Monday, where he receives 
petitions and applications for redresses of jrievanees from every 
class of the people, from the lowest lo the highest. All ap- 
proach his majesty freely, and are received with the utmost 
courtesy and attention." 

*They ware often discharged by hundreds at a lime. 

fMr. John Ciuiney Ad.im, in some late remark* in the house 
of representatives, snid, among other thin;:-: 

"It has, indeed, been freely surmised around this pnpitnl, and 
circulated in whispers within this hall, that con-ire** itself it 
not to be indulged with a session iinrca-miably long; but, when 
the deliberations of the house shall be sufficiently matured, ac- 
cording to the jii'lument of the chairman of the committee, 
then, by hi* fiat they art: to cease, and as we have not had er- 
nmptes sufficiently signalized with arbitrary power, a disagree 
ment is to lie cot ten up between the two houses of congress, in 
the result of which this homo the immediate representative 
body of the whole people of tt,K union is to he nitide the ser- 
vile instrument of ministering to another exercise of royalprc 



The Philadelphia papers say We understand that the 
Girard bank redeems the notes of the Union bank of 
Tennessee made payable at the bank of Maryland; and 
that funds amounting to 100,000 dollars have been re- 
ceived for that purpose. 

We lately published an article on the circulation of 
values; and see it mentioned that at the Suffolk [Boston J 
bank, the exchanges were eight millions in the last year, 
of country notes only. 

In former times, the fashion of bank-making was, that 
those who had money associated that they might Itnd \\; 
but the fashion has latterly been for those who have not' 
money to make banks, that they liorroiv its credits! In- 
deed, in times not long past, associations of knaves were 
made, who, among them all, had not money enough to 
pay for the paper and the plates for the purpose of mak- 
ing it, until they had in circulation a sufficiency of their 
own manufactured rags.' As the beginning of such 
banks was rags, so will the end be. Are we not to have 
another huge crop of "rag barons?" Well if so, we 
are ready to fight them again ! 

In 1826, Martin Van Bnren, W. L. Marcy, B. F. But- 
ler, C. E. Dudley, N. Sanford and others, the chief* of 
what was called the "regency," very earnestly petitioned 
the bank of the United States to establish * branch at Al- 
bany; and, among other inducements, said that the loeal 
situation of that city "would, in a great measure render 
the bills of a branch established there the circulating 
medium of the extensive regions whose produce would! 
be brought to that market!" If the bank is an "uncon- 
stitutional monster," these gentlemen, surely "commit- 
ted" themselves wofully. 

A letter from a gentleman of Ohio to the editor of this 
paper, after speaking of the general distress, says "I 
will state to you a single fact with regard to myself (and 
I am only one of thousands in the same situation) I am, 
and have been for several years, doing a considerable 
business, and have now on hand 5,000 dollars worth of 
wheat, at its average cost to me of 57 cents a bushel but 
the best offer that I can get for it is 40 cents. The spring 
season has arrived, and my means to continue business 
are vested in wheat. Now I must submit to a loss of 850 
dollars on my wheat, for which 1 have paid out my mo- 
ney for no other reason than to gratify the of 
persons in power; for no man of common sense can de- 
ny that this state of things has been brought about by the 
attacks of the government on the currency. But for this, 
my business this season would have been as prosperous 
as ever. " 

Letters from Mr. Black, a senator, and from Mr. Cage, 
a member of the house of representatives of the United 
States, both from Mississippi, are published in the Nat- 
chez papers, and shew the determination of both to op- 
pose the administration in its projects concerning the 
bank and the currency, kc. but neither of the gentlemen 
hold out * hope (hat relief may be expected from con- 
gress. 

It is mentioned in the Pittsburgh papers, that reports 
prevailed in Baltimore prejudicial to the credit of the 
Merchants & Manufacturers bank. We had not, before 
seeing the Pittsburgh papers, heard of any such reports. 
The credit of the bank stands fair in this citv. 



rotative. I am not disposed to give credit to idle rumors, of 
which, there are, no doubt, now, us at all times, many in cir- 
culation without this house, and sometimes within it; bin, from 
what I have seen and heard this morning, I cannot but cast, 
within iiiyx-ir, ominous conjectures upon the humiliating uses, 
of which this house is to be miide the submissive instrument." 
Mr. H'tHe, said "In the opinion of his honorable frVnd 
"roin Missouri, (Mr. Ashley), that we ought to proceed to the 
ippropriation bills, he could not concur. The moment these 
iMU were passed, congress was no longer necessnrv lr> tht; "go- 
vernment," and there wns n measure which iniehl ho resorted 
,o which had been mooted and which would effectually pre- 
clude all further disriusion. as the favorite remedy of the ma- 
ority for that great evil, freedom ofdebntc. Bt need not be 
nore explicit. Every one understood him.-' 



NTLES 1 REGISTER APRIL 5, 1834 THE BANKS, CURRENCY, Stc. 85 



We have astonishing' accounts of the product of certain 
of the gold mines in Virginia! Some of the rock ore of 
Mr. Boocker's mine is said to be worth from 250 to 300 
dollars a bushel; other parcels weighing 100 Ibs. worth 
1,000 dollars! The mining business is also said to be 
good in North Carolina, as a regular employment. 

The extra allowances made by the postmaster general 
to contractors for carrying the mail, though often slight- 
ly spoken of, have not yet excited much attention the 
public mind being filled with other and more immedi- 
ately important matters. The committee of the senate, 
however, will soon present as full a view of the affairs of 

f ten or 

eleven different contractors in Virginia,\\\io have receiv- 
ed about $60,000 for extra allowances, on contracts 
which amounted to only about $90,000! One of these, 
Mr. W. Smith, editor of a paper published in Culpepper, 
has three contracts, for a compliance with which he was 
to have received 8,100 dollars but the extra allowances 
made him are presented in the sum of 9,550 dollars, or 
nearly 120 per cent, for extra services! 

It will be seen in the proceedings of congress, that Mr. 
Elair, of the house of representatives from South Caro- 
lina, is dead. He shot himself, in a fit of insanity. He 
was one of the stoutest men that we ever saw. 



the department as circumstances will permit. 
The "Telegraph" of the 28th ult. gives list o 



A young Baltimore mechanic named James Mills, made 
a beautiful ascent from Federal Hill on Wednesday even- 
ing last. It is thought to have been a more splendid one 
than either of Mr. JOurant's but we are rather "used" 
to such tilings. The balloon, and all the preparations 
for the voyage, were made by Mr. Mills himself. He 
ascended a little before 5 o'clock, and landed at ihe Bod- 
kin 16 miles, in 70 minutes after his balloon was let-go, 
without accident or injury. 

Canada remains in a very agitated state- -the represen- 
tatives of the people resisting and protesting against the I po.-ites: 
acts of the governor-general, against whom they were 
also preparing articles of impeachment. 

Two Austrian frigates have arrived nt New York with 
245 Polish exiles. They have come to us in evil times. 
Thousands and tens of thousands of our own people are 
hard put to it to get a living, and make heavy claims on 
those yet able to do deeds of charitv. The Poles at 
Harwich, in England, and Havre, in France, and also 212 
who lately arrived at Portsmouth, Eng. on their way to 
the United States, have obtained liberty of the French 
government to settle in Algiers. There is a great field 



truth is every where becoming manifest, thai it if the war of 
politician! against the Lank of the United States, which hai 
caused the oppression under which the people "groan."* 

Petitions have been presented to the legislature of Pennsyl 
vania, praying for the interference of the slate to prevent gen. 
Jackson from assuming despotic power! 

The best flour was recently sold at Maysville, Ky. at 2J dok 
lars per barrel. Great consternation among the buoinepK men 
of the west prevails, on account of the embarraasmeuu and re- 
ported bankruptcies at New Orleans. 

A committee of the common council of Philadelphia, ap- 
pointed to inquire into the effect of removing the deposiles on 
the interest of the city, shew a loss of the large sum of 312,304 
dollars the cost of various bank and canal stocks in charge of 
the city for different public purposes, being compared with the 
present jirices of them. They also speak of the depreciated va- 
lue of the real estate left them by Stephen Girard. They advise 
that the city councils shall petition congress, praying for a res- 
toration of the deposites, &e. 

We hear of many more manufactories that have stopped 
work in others a part of the working people are discharged, 
and those who remain have submitted to reduced wages, which 
are paid rather in a good feeling on the part of the employers, 
than in a hope of profit. 

The rates of exchange are rising. "Virginia money" is at 4 
anil 5 per cent, in Baltimore, southern and south western 8 to 
JO. New York (country notes) 6 to 8 per cent. Ohio (i>nod 
banks) 10 per cent. Pennsylvania (interior) from 2 to 5. New 
England 2A lo 3. District of Columbia 1 to 2 unsteady. 

These rates of shaving are extensively paid, tor the people 
must have "Baltimore money" to pay their notes, unless of the 
hank of the United States, which is "current," llioush issued 
t Portland, in the north, Si. Lour?, in the west, or New Or- 
leans in the south. 

In an interview of one of the committees, the president, on the 
authority of "Henry Horn," of Philadelphia, who, as he said, 
"could not lie," declared thai John A- Krown, et-q. of the city 
just named, had been "bought up by the U. S. bank, with a 
million of dollars." But the matter charged being totally taint, 
and without a shadow of foundation, has given rise to a sharp 
correspondence whieh will, probably, be soon laid before the 
public. Somebody has "lied." 

The following arc among the names signed to a petition pre- 
sented by Mr. Luinbreleng, approving of the removal of the d- 



for honest labor in that country >as well as military em- 
ployment, if preferred. 

At a great riot among the Irishmen employed on the 
canal making near New Orleans, they had the presump- 
tion to resort to force, and to fire upon the city-guard 
sent out to restore them to order! They were quickly 
fired upon in return, and some of them wounded and 
23 leading ruffians were made prisoners. They had 
committed very great excesses. Such poor men, made 
mad by oppression at home 'too often have to be brought 
to the necessity of submitting to the law in America. It 
is a misfortune that they are employed in masses. Se- 
parated, they soon learn to reason if disposed to listen 
to its dictates. The time was when every good Jlmerican 
citizen considered himself as a special constable to pre- 



serve the public peace, 
turn to us ! 



We hope that that time will re- 



THE BANKS THE CURRENCY AND THE TIMES. 

Among the curiosities, of the present times is the publication 
of a letter signed Reuben M. Whitney, in which he denies a 
statement made concerning himself by WILLIAM J. DOANI: ! 

Meetings of the people, because of the embarrassments of 
their business and on account of the general ruin which seems 
to impend, are yet holding, in undiminUhed numbers, and in 
many cases attended by persons who were among the most fir- 
dent supporters of the present administration. They assemble 
in multitudes. More than three thousand attended a meeting at 
Newark, N. J. and great movements have lately been made in 
the rich and populous western counties of New York. The 



Hilly Crthill, 
Tom Noles, 
Jim Crow. jr. 
Teddy O'Rooke, 
Dtift'Green not dcvl, 
Col. Pluck, 
Black Hawk, 
Hurrah for Jackson, 
Peter Pocuck, 
Peter Parley, 



Nick Corshoar, 

Peter Goircrow, 

Bull Burk, jr. 

Port Luvi, 

Bryon the Brave, king of Leinster, 

James Twaedle, 

Jirn Cunnon, 

Tim Floomly, 

Hugh Toughy, 

Peter Scrap. 



A Harrisburg paper says "The state loan, of n little more 
than $729,000, was taken on Tuesday, by Mr. Most, of Phila- 
delphia, acting as agentof tlie.Ro/AscAi/<is, of London. The pre- 
mium given, is one fourth of one per cent, or two dollars and 
fifty cents for a thousand dollars. The premium promise)] by 
Dr. Burden on the same loan, was thirteen and fifty-one 
hundredth* per cent. The premium now received, is about 
$1.823; makings loss to the state of more than thirteen and a 
quarter per cent, or a portion more than $96,564. ll is said lhat 
the Messrs. Aliens, who purchased the loan of Or. Buiden, 
will pay the difference to the state. Whether they arc obliged 
to do it we do not know." 

It is added, that the same party has offered to take the two 
million loan which is required at one mill above par that is, 
one dollar premium on 1,000, or 9,000 dollars in two millions! 
The same, at this time last year, would have been gladly taken 
at 130 dollars on the 1,000, or 260,000 dollars premium on the 
two millions. So works the "experiment" for which the 
politicians of Pennsylvania have changed one of the late most 
cherished principles of the people of the state, and thrown up 
their hats. The difference is nearly 350,000 dollars against the 
people of the slate in one year. And yet, on the 21st ult. the 
following resolutions passed the senate of the state: 

"1. Resolved, That he present bank of the United States 
ought not to lie reckaitered by congress. 

"2. Resolved, That the government depositet which hare been 
withdrawn fioin the bank of the United Slates ought nat to b* 
restored." 

The first of these wan adopted by a vote of 19 to 13 ihe 
second by a vole of 18 to 14. A resolution offered as a suhsti 
lute, to the effect that a bank of the United State* ought to be 
established during the present session of congress, was lost U 
voting for, and 21 against it. Two other resolutions for the r- 



*Mr. Forsylh, of Geo. lately said in the senate, when speak- 
.ng of the committees who had visitud Washinglon "Certaki 
gentlemen who come here complaining of the public distress 
may well be compared with a Methodist preacher exhorting bit 
congregation groan.' sinners,' groan.'" 



86 



NILES' REGISTER APRIL 5, ib34 THE BANKS, CURRENCY, 



charter of tlie bank and against the removal of the deposites, 
were rejected ayes 10, nays 2:2. Another for making the bank 
the depository ol the public funds, was nryalivtd by 20 votes to 
12. 

The project of establishing a (en million bank has, however, 
been promptly put down in llic house of representatives of 
i'ennsylvunia. 

The "pressure" is only just beginning to be felt, as it were, 
in the south-west; and many doleful letters are published from 
Louisiana and Mississippi. A considerable amount, in draughts 
of the Planters bank of Natchez, on one of the banks of New 
York, have been dishonored and returned Hie solvency of the 
drawer was not then doubted, but an instant regard to means 
forbade accommodations. "Save himself who can, "is the prin- 
ciple on winch the banks most commonly act, ami now must 
act. 

With respect to the petitions presented to congress, Mr. For- 
tyth. lately said in the senate of the United States! "Our tables 
axe loaded with miserable jietiliuns, got up by miserable means 
and for miserable objects, and oiganized iu pot houses." 

A large part of our trade will) China has been carried on hy 
liills ot'tlif bank of the United Stales, drawn on London, which 
were better than dollars, even at Canton, without considering 
the risk and trouble and cost of their exportation; and with this 
advantage also, that if the ship, wilh all on board of her, goes 
to the bottom of the ocean, or is captured hy pirates, Sic. the 
amount of sue It bills are still safe for the rightful owners. Such 
was the credit of an institution which has been denounced as 
an unsafe depository ol the public money! 

The effect of the "experiment" on real property may be ap- 
preciated from tiie following It is mentioned in the Lancaster 
(Pa.) Examiner, that a two story brick dwelling house in that 
city, within a few doors ol the court house, \vns offered at pub- 
lic sale a short time since, and not a single bid obtained! A year 
ago it would have sold readily lor five or six thousand dollars. 
The like has pfVibably not occurred befoie since Lancaster was 
u town. 

It is stated that the work on the fortification, at Newport, 
Rhode Island, has been suspended, and a great number of work- 
aien tui ned adrift. While the work went on, there was a month 
ly disbursement of about $12,000, a great part of which went 
into immediate circulation in the town. 

From what we see in the various papers received by us, it 
would appear that tens of thousands of dollars in draughts, 
drawn by certain of the local banks or others, have been pro 
tested, within the period of the past month. We frequently see 
the notice of fresh incidents of this kind. The stale hanks 
cannot carry on the exchanges of the country. The "experi- 
ment" has already most miserably and oppressively failed. 

from seven to eight thousand spindles have been stopped ou 
Fall Itiver. 

The economical and, heretofore, thrifty state of Vermont is ir 
a high degree ot excitement, on account of the general distress 
produced by the measures of "the government." The late th-re 
jiurlies in that slate are lapidly uniting into one, in u sense o 
common danger. 

The official "Globe," lately speaking of Mr. Duane, as secre 
lary of the treasury, and with relation to the public deposiles 
called him a "REFRACTORY SUBORDINATE," fur not do 

ing, at the command of the president, that over which, tlic I,A\\ 
gave Aim the sole discretion! This is the ne plus ultra of inipu 
ence a submission to power that a Russian boor might blusl 
M. 

H it supposed. that 35,000 bales of cotton less than in the las 
year, will he consumed in New England, in the present. 

The petition from the 3d congressional dislrict of Pennsylva 
nia for the restoration , of the depo*ites, &.c. contained 4,67; 
names, and was 240 feet 9 inches long. 

One to two pe.r cent, premium is paid in Ohio, in exchange 
of coin for the bills of lite, hank of the United States, and fou 
per cent, in north Alabama! 

BANKS AND THE CCRIlIiNCy MISCELLANEOUS. 

| Deferred iicms.J 

A late number of the Providence Journal contained ninety 

nint applications, to the court of the county for the benefit of th 

insolvent laws. 

In the present emergency, many of the wholesale dealers o 
Boston have entered into an agreement, not to sue for, or tak 
security of their debtors, except in r.i.-ei, of clear necessity, an 
then only for the benefit of all the parlies so associated. 

The "Boston Couriur" with reference to a letter published i 
the "Globe" as .if written at Boston, which says the "mom; 
pressure is very much exasperated," observes "No accou 
can exaggerate it. The types are not yet cast, thai can reprc 
sent things worse than they really are." 

Many and heavy failures are taking place. We have no hear 
to give detailed aeeonnls of them. Tnere is another "sign 
tht) times." It seems that the individual frauds of IHiy 20 
are about to be revived b> persons in whom much tontidcnc 
4ias been reposed. 



Seventy piotesu were recorded in one bank of New York, 
on the 3d ultimo. 

The importation Of foreign goods will, probably, be very small, 
this spring many orders have been countermanded, rind some 
large lots actually sent back, rather than pay or secure thu du- 
es upon them, in the "prospect before us;" and yet all sorts 
f goods are very low, because of the appreciated value, and 
revailing scaicity of money. Bills on England are U percent. 
below par," as it is called that is 438 cents for the sterling, 
le legal par being 480, and the average real par, for many years 
ast, about 483. 

In corroboration of the above, a letter from Manchester, Eng. 
ecently published in a New York paper, informs, that "an im- 
iense number of countermand orders" have just heen received 
lere. These orders foibid the shipping of another piece of 
oods and direct the sale of those that arc ready for shipment, 
iid adds thai, us money is plenty in England at 3 per cent, the 
writer hopes that it may be employed through private bankers 
lithe United States. This would be a thriving business just 
ow. Several millions sterling might be loaned out on the best 
ossible security at 12 per cent, per annum, or more. 

Ten new banking institutions with an aggregate capital of 
!4,400,000, were incorporated at the late session of the If-uisla- 
nie of Ohio. The bank of Kentucky, just incorporated, is lo 
lave a capilal of rive millions. Indiana has also established a 
tate bank. Very strict conditions appear lo be provided for 
he good and safe management of these institutions. A friend 
as transmitted to us a very interesting view of the organiza- 
ion of the latter, which we shall yet endeavor to make a place 

r, at a future day. A ten million bank is asked to be in- 
*orporated in New For/c half of the stock lobe held by the 
tate. The project is said lo embrace a borrowing of money 
from foreigners. Oughl not such a bank to "break?" But if 
ill persons who trade on borrowed capilal should break, how 
nany dealers would stand firm? The members of the first con- 
^re.-s and president WASHINGTON, were the lathers of the credit 
system in the United Stales, hy allowing lime for the payment of 
luties on goods imported, and the avowed object was to furnish 
i borrowed capilal lo favor the merchants and dealers. And 
even yel, though the period of the credits on duties has been 
considerably reduced, the United States is a great lender of ca- 
.lital for the duties pass into the value of the goods when sold 
ly the merchant, in the >-ame manner as his own original invest- 
ne.ui of money in them. 

It is said that the safety fund banks are rapidly reducing their 
discounts. 

At Boston the tariff of bank notes was as follows on the 10th 
nil. Bills of the banks of NVw England (generally) par bf 
New York city 1 per cent, dieeou it, others of New York 3a5; 
New Jersey 5alO; city of Philadelphia 2; of Baltimore 2; of the 
District of Columbia 4. The eastern bankers deserve great cre- 
dit for keeping their own notes at par all over New England. 
It is not so in any other dislrict of country in which there are 
many banks, though "specie paying." 

A very large public meeting of the citizens and merchants of 
New Orleans was held at the Planters' hotel, in that city, on the 
evening of the 19th ult. S. W. Okey, esq. presided. The reso- 
lutions, which weie adopted with great unanimity, state that 
tin: "people of New Orleans, from a state of high prosperity, are 
reduced to one of misery and distress, by the pressure on the 
money market, which has depressed the value of produce and 
ofrei.i property, and increased the rate of interest lo 18 and 24 
per cent, per annum, which is grinding every portion of the 
community, and, unless relief is soon afforded, must be produc- 
tive of the heaviest calamities" and attribute this condition of 
thin j-i to tin: unfortunate collision between the government and 
the bank of the United Slates, and more particularly to the re- 
moval of the public deposites. The New Orleans Bulletin 
states that the assemblage was overflowing, and without dis- 
tinction of party. 

And a late letter says that some loans had heen negotiated at 
five per cent, a month! And adds it is reported that the pay- 
ments to be made iu this city, on or before the 3d day of April 
next, will exceed two millions of dollars, and tn.it one million 
of dollars are due on real estate in the city or suburbs. 

A letter from Pottsville, Pa. published in the Philadelphia 
papers, dated March 10, says "I have In en in business for 
many years, but I never saw such times. There is no business 
doing here. About two thousand men are looking for work, 
and everything is at a stand. A great many men with their 
families have to go to the house of employment to keep from 
starving. Hands can be got for their boarding." 

Thfi bank committee in the satiate of Massachusetts hava re- 
ported that, in thr.ir opinion, it is inexpedient to grant any new 
bank charters during the present session. 

It is stated that "one bank in N. York \ in possession of two 
hundred and forty houses that have suspended payment since 
the removal of the public deposites. 

The Philadelphia "Commercial Inlellieencer"obsnrves "we 
have never been the apologist or champion of the bank of the 
United states; but own that we are struck wilh surprise at the 
blindness of those who piefer one hundred United Stnt-es hanks, 
equally corrupt, and, as organized, far more powerful. Such 






NILES' REGISTER APRIL 5, 1834 CONGRESS. 



87 



an engine will be enabled to rule the country with a rod of iron; 
and it will be in the hands of those who will not leave it unem- 
ployed." 

The cotton planting states are beginning to feel the pressure, 
and are holding many meetings, and petitioning lor relief; say 
in Louisiana, Alabama, Mississippi, and some in North Caroli- 
na and Georgia. 

The N. Y. "Journal of Commerce" has lha following para- 
graph We understand that specie has been imported fiom 
France, which cost in Paris five francs and a quarter per silver 
dollar, and lias been paid for in bills of exchange purchased 
here, at a fraction less than five francs and three quarters for 
a dollar. This calculation exhibits the actual rate of exchange 
as nine per cent, in favor of this country. A favor however 
which costs us rather too dear. At this rate a bill of exchange 
on Paris which costs one hundred dollars in New York, will 
purchase one bundled and nine just such dollars in Paris. Af- 
ter deducting all expenses of freight, interest, insurance, &d. 
there is good room for profit on the importation. In France at 
this time, money is cheap and every tiling else dear. Here, 
the opposite is the case; money is near and almost every thing 
else cheap; especially ail manufactured articles, whether of our 
own or other countries. But few articles in all the range of 
fabrics of wool, cotton or silk can either be made or imported 
at this time, and sold by auction, without a loss of ten to twen- 
ty-five per cent. 




JICT cent, yer annum; aiiu me ueinanu was lar irom ueing 
lied at that precipitous usance. Fires acyuirit eundol 

Doctor Franklin, in his will, providing a fund for loans to in- 
dustrious young men, remarks: 



[Franklin was a fool! The moment a man borrow 
that he may make money, he "ought to break." It in the "un- 
pardonable (political) sin" to doubt this and the proof is, that 
no small number of t