Indiana Palladium, Volume 10, Number 28, Lawrenceburg, Dearborn County, 26 July 1834 — Page 1

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By S. V. CitBIev & V. 3tt. Cole. 3EV?ri3l S3 W-K r.-lA 33i PJHJ CJS.YT. DISCOUNT 3IADK O.V AJPAACi:, OA' 105 OA J.iW 17.tr JUV-VJAVX in. (IA.) ATOM BAY, JUIiY 8, ISS-fl

Remarks of Mr. ILanc, J the House of Representatives, June 2 1th ilic hill regulating the depositcs in the lucal bunks being under consideration. Mr. Lane obtained the floor, and said Mr. SrEAREit: The few remaining' davs for the

action of tho House upon the numerous bills yet upon your table, admonishes me that no portion of that time should bo devoted to preliminary observations. I shall, therefore, without preface or apology, submit to the House some of the reasons which induce mc to support the bill under consideration. My opinions upon the general question, as expressed repeatedly to my constituents during the last canvass, remain unaltered. I thought then, and still think, tbatan United States Bank furnishes the readiest means for the collection, safe-keeping, and distribution of the revenue, and that its notes, discounts, and exchange agency arc important conveniences to the community. I believe also, that its influence in checking excessive issues by other banks, though sometimes arbitrarily and unequally exercised, had a happy effect upon our currency. In as far as it is beneficial, it is of course desirable; but under the present organization these benefits are coupled with evils, enough of which are already known to condemn utterly condemn the existing Bank. As its agency was deemed essential in conducting the operations of the Government, I felt in common with many others a strong desire to re-organize it, in such manner as whilst it preserved its usefulness, would lop off the evils which experience had made manifest. The standard by which I measured the institution remains-unchanged, and subsequent occur

rences have only shown that the evils were more !

moval of the depositcs, has been formed since I

not cxprcs3 my opin-

cntcred this house. I did

ions, when it was before us for discu-

a;

on, because

I then thought it our dutv to allay the public ex

citement by legislative action, rather than to irritate it by angry and useless discussion. I have always been, and hope I shall ever be, opposed to the unnecessary exercise of even acknowledged power. In this country, the very basis of all our institutions is, that power should be neither created nor exercised unless it is absolutely necessary. Does the constitution delegate more power lo tho government than is required? I would curtail the excess. Arc there any powers granted, whose exercise, in ordinary limes, is not essential? Let them rest. Tho broad and well defined basis of society is the plainest teat. All laws are restraints on individuals for the mutual or general good. A grant of power to the Government is a negation of power to individuals. Disguise it with what sophisms you may, there is no considerable advantage, power, privilege, that does not, in its exercise, or operation, injuriously effect some members of the community. It is an universal law, and one whose strict observ

ance can alone preserve our Government from the '

certain pollution of loo much power. At this period it is peculiarly important that we

should keep this principle constantly before us.

The him infant stale

increase of numb

despotism

the eloquent

ALcUume,) in pruning tno tree as it trows. Oa

ed by this measure. It has snatched them from ! the common ruin in which they wero about recklessly to involve the country. But for that measure, and their anticipated victory would have been the ruined fortunes of an indignant People, and their fancied immortality infamy. Permit me to recur to the past, to explain the i present. The gentlemen on the other side will ! unhesitatingly acknowledge tho authority from which I quote. March 2d, 1811, Hen. Mr! Clay, of Kentucky, made a report on a memorial asking for a rcchartcr of the then existing United States Bank--the paragraph I shall quote is the last and the principal one. "Your committee are happy to say, that they learn from a satisfactory source that tho apprehensions which were indulged as to the distress resulting from a non-renewal of the charter, are far from being realized in Philadelphia, to which their information has been confined. It was long since obvious that the vacuum in the circulation of the country which was 1o be produced by the withdrawal of the paper of the, Bank of tho United State, would be filled by paper issuing from other banks. This operation is now actually going on; the paper of the Bank of the United States is rapidly returning

and that ol other hanks is taking its place.

rectly opposite result; and if tho proposition be truc,it would of course be the duty to modify impost?, eVc. accordingly. In other words, admit the argument to be good, and it becomes our duty cither to order by law tint the prices of all articles shall be the same throughout the United States, or to vary tho amount of duties, occ. with tho incessant fluctuations of relative values. Although, is 1 have already said, I am in favor of an United States Bank, it may well bo supposed that I do not think any one of the objects mention edt sufficient to justify the charter under the constitution. So many appeals have been made to lint corner stone of the Government, that the wcrd unconstitutional has almost acquired the meaning of distasteful. As I am unadorned with tho local obscurity or hair-splitting acutcness of many of its honorable expounders, 1 shall refer to it solely for instruction and guidance. We all agree that substantive powers must be distinctly granted in the constitution. But as to

adjective or implied powers there r.ro all vauetics

to it, except the one already mentioned. These may be termed tin components mccossiry to con stitutc a bank. Tho other duties, powers, and privileges, depend upon the laws which create thetn. The mere incorporation gives thetn a high dogroei of credit, which may be called their moral capital, that raises them at once above competition, and en aides them to serve cr to injure tho community in wh'ch they are heated. Tho temptation to ex cess, tiddrcf :nj themselves to tho covctuusncss and tho ambition ofihi? dircctois, arc often too pivverful lot their sense of light and dutv. The groatrr the amount of credit, in cverv department id bitsinews, the gt cater th-j profit; the greater the influence of tha l.u.k, and the greater the numboi of persons interested in upholding it. The present hank has, unfortunaU ly, well understood and skilfully applied those truths. In any institution to bo now created, I should jealously ufmin from euv blingjtto fullow tho pernicious example. The guaids must be in tho chatter; t luck upon its ope

rations, however pl ausible, mu.sti w I be nu ll .ctual.

i.

irom i ne ucmers ci their existence, through e very t 1 no cxkt.s on ol M.sincss is always made unuvr

shade coloiing, to the extreme?, who regard the j the lining gins: of accommodating the public, and constitution as a mere conve nience, to be consult-; no occasional tha k could i est ruin it. t (1 as z atheist consults his bible, to find an excuse Of all the propositions for a bank, that will receive

for tho violation of the plainest command. J my suppotl, as 1 have i.hvady sjid, which neifouns

The

.tuuuv 10 euuigu men ctceoinmouaiions is pror-or-; 1 Lose real v des'iotas o ol soi vnxr t ho rnn- iiin-s the i.oik j reouni il ! it lv- I i: ( Im . i ii.;nn! un h

y powers that scarcely held together the j tionately enhanced; and when it shall be farther in- ticn, wilt readily admit that no adjective power the smallest amount of pJwer and pmih-o. Wo s, may strengthen and harden with the creased bv a mnnral h.to their rmsl's of t1r. ,.nn i,rt , .i,,,,i . ;., ,1 , i i i... i.,.,. .v i '.

ers and wealth, into tho bontl.-s of !.;? ihr .i.-io-iovV r-ftr,, 7.,,,7. .-..i i . t . . . . . i . ... :.' . .. . ...

! l.ii, ------ jtu.w co...... ... c v ....ccc-.w.. .7 i,j ; w,ani,u oowri, wiistu is noi an ii liuu mix- .-ous oi pio huv oi tin laiowcit n; v. i, wo 1 am ready to lend my humble aid to i the Umtnl Shitnt. the ininrinps rm-ria nf il.o i ;i:.,v.. i iiw. . ,! . i :rr. i ... ! vi i. V,..n .. .. . .1. :..n..

gentlemen Horn teouln Carolina, (.Mr. hition of ih rnmnrntion will lo fi-nd in rr.c?ct in 1 .).-r,n.A .nw,,.;,! .i... .... t .... .1.,. r... .i ..........i. .i i . ..

' , v. . - - .'.t.. , v v.'i'ti iii iui iiii u ici uii'ii. i ii lu i. ii:;i:iii;ii'i i ii' ii i n i ill t i 1 ; 11 i i:u i ih hi :i i ' i it .

an accelerated disclosure

T 11.1 .1

41 I - P I . v . -. vvi.M.iiw.i , uiuk iuv.iw j.iMiiiU" ill lis IU1UM7 II I C 4 1 i I HUIU IMiiHhi tu Ml d JiU lv.lUiM.silhl 1

U1U f"4u co-.suucuon, my opinions Gt those who have been supported bv tho cre dit ofSdcncv at variance with the rer.nal i, r.o, t.t .!.,. i 1 u,dd . n.tail W, o.,.,i.v1 rv

.1 i . ... . " 1 .

i immunity with seiuj uKAis can'. 1 should heeilalo necessary consequence, if any ii.&titution j to grunt it a ( hnrt j msihangcable for a teitain pc-

eemed essential to the exercise of any power, , lieu. 1 doubt the power of one CVngrcM to bind

agree very nearly with those so powerfully urged ; others, but whose insolvent or loitering situation, I stituticn by that gentleman. I cannot repress the hope that 7inoim to the Bank, has been concealed from the j As a 1 may have tho pleasure of acting with him at some public at large. "LVm.fc llhtonj,v. 419. j be deen

, " J c i i . . ill , . , . ! I Ci - "VI i ' -.w. uv uiiiiivii i.;:v.iilul III mi. l.U 11 l.'l. 1)1 nil) IUHliil"i I UlHllll lilt I HI numerous than 1 supposed. Recent events have j ull5,e when time shall have abated the v.o- j How exactly descriptive of the present position or tho perfoimance of anv duly, it should be en-1 Fticccedino .v

tinnilnlitca the bone that the Ban :. or anv of !s ma iJieiumces anu ui2 viviunessol iusuna

ultra supporters, wtll assent to any arrangement i g'"uuon

concur luny m mo opinion, that tlio powers

an rureeuient wi

th a

which will quiet the public mind and restoro pub

lie confidence. Whatever may be their professions, their acts demonstrate that relief must come not from them, but in sjrite of them. The last few months furnish an instructive and remarkable history. We have seen the Bank on the eve of its charter's expiration, building up a vast system of credits, on which were founded commercial transactions involving ihc trading interest of

the whole country.

I

possessed and exercised by the various Depart

incuts of the General Government, and especially by the Executive, are greater, much greater, than a sincere wisher for the permanency of our institutions would desire and I wish to God the Daniel oi' our day, (pointing towards the Senate,) would propose some plan to diminish its powers, yctprcscrvcits efficiency and usefulness.

I concur also in the reprobation that has been

ot our aliairsi liow cleat ly it points out the j (lowed with such, ;.nd only such, poweis and pri- j en alure of itj own mAii.g. But, in this iiututico course to be pursued to avoid, or at least diminish, ! viloges as will enable it to i fleet that f pccillc j I thouhl 1 o espi dally doubtful. The touitilutiui similar evils! Suppose a stranger to tho present ! purpose; ind if it appear that any of the powers uives us tho rivld to V fii.late the ( mreiicv. i' tho

party divisions, was to be made acquainted with ! conferred are in their tendencies mcontiastrnt with ! value of coin.-', .c Bv cnatin:' an Unikd r:tatea

the politics of 1811, and 161, ami was to bo told j the constitution, they fhould be at once withdrawn. ! Batd:, as pirposd, wo tluow tliis power into iu ihat the person who made this report, still occupi-; If improvrmf nts in political science, or anv oth-! bauds. 1o tho d'-nm alien cfsucccediiiM tVnfiecsies.

. 1 V ..: '111- .1 r. ... . . . . - - I - i , . . t v

eu a uisiiuguisueu juaco in rue erena ot politics, would ho not at once say, that I t must have been the adviser, certainly the warm and able supporter.

v at

We have seen a party rush to its standard corn- pronounced against corrupt and irresponsible au-

posed of individuals of every variety of political

complojuon. We may well suppose that a witching charm was needed to unite in harmonious cooperation such opposing elements. "Black spirits and white, Blue spirits and gray, Mingle, mingle, mingle, Ye that mingle may." Casting their political crecels into the cauldron, and lashing themselves into excitement, we have seen them turn from the business of legislation, convert the Hall of Congress into rostrums for the delivery of inflammatory harangues against thai credit system, whoso excessive growth was the creation of their own artful management. They knew that the giddy superstructure was supported

by public confidence "alone their cries were long and loud that public confidence was destroyed and the groundless assertion was tho father of the unhappy truth. The vehement clamors here acted on public opinion elsewhere, and public confidence and mutual credit was instantly shaken, and for a lime, even destroyed. With what purpose was this destruction attempted and consumatcd? The answer is inevitable. The excess of credits was created to be destroyed. The people would sufler; but that very suffering was calculated upon as the means of forcing the People to support the bank. The same art that governed tho preparations, directed tho execution. A pretext was wanting for this ruinous attack upon the people. The removal of the depositcs was siezed upon; and the panic-makers exerted themselves to tho utmost, to cast upon the President ihe bhmc of that puttering which it had been their sole object to create and continue.

Neither principal nor ally has flinched or faul-

...-... r! 1.1 ,.1.1.. .l. ... ' .1..

i i iuiiui., .i.uuiu ijiaiiu wii.; ;vj oi I.IIH'IH lo im.i.i-jii 1

thority whether it be domiciled in tho kitchen of

the President or iu the vaults of the Bank. But while I agree with these gentlemen in all those abstract positions, although anxious to follow an opening so auspicious and undeniable correct, I am unable to agree with them in their applications or their conclusions. Nay, sir, despite my utmost exertions, I cannot fill up the gap between the cor

rect premises and ialse inferences. But for the peculiar circumstances; the question of "tho power to remove the depositcs" never would have been raised. But it was essential for the parly to have some rallying point for their clamor, and like boys w ho scream round a branch that they have thrust into a wandering swarm of

bees, to alarm them into settling on it, did the leaders hope that their parly would cluster about this question they had started. Tho right to remove

the depesites so clearly existed, that argument is entirely unnecessary to establish it. Whether it should hare existed is another question. But that it did exist, the gentlemen admit even in their denials and tho absurdity of this part of their tactics appears from the very mode in which the attack is made. At one moment, tho illegality of the removal of the deposites, rests upon the quo animo with which the President removed Mr. Duane anon, upon his intent in appointing ?dr. Taney an instant after, because the President was (say they,) advised to it by a "Kitchen Cabinet" then because it was announced in a newspaper, &. 1st, because it was officially announced, and yd, because it was not officially announced. Like a will-o-the-wisp, it flits to and fro over tho marsh, settling on each projecting tuft just long enough to show the deceitful footing beneath and the darkness around. The gentleman (Air. McDullic,) should leave such

attacks to his light troops. lie may amuse his au

cisc the powers, end pciform tin duties, without! IhIrouss I am fur an United States IV'. til;, I the aid cf these institutions, it would bo the duly 1 should whh its chalk r lo bo mi! 'n e t to mu-Ii modifi

of the measures which he had so cleat ly and cor- j of the Government to dispense with them. If se- cations as the pec J lo, through their n prccr.tatiu'S, rectly set forth; and would not the stranger sup- j vcral auxiliary ; gents are proposed i:S means of ex- mirht fieni time to time think ticcchsaiv. Nor

poso n;m eieligiiicet to observe tnc good eiiects ; erasing u certain substantive powe r, that one i would I roll tins powe r far u bonus. 1 would not

p.t-wil-tho

and most bitter and uncharitable opponents of the ! ating an cfiice. All the power essential to perfoim ' States of the nir: !r.s profits, beyci.d a rate lixed bv

very course tuiviscu m too report liiat iney

ed in ccslacy1' over the misery which an opj

poso mm ueugiuxu to oDservo tno good eiiects ; erasing u certain substantive powe r, that one i would I roll this power lor a bonus. 1 would which these measures produced ? What would be j should be chosen which effects the purpose vilh the ) ield the light to re lieve the people for a pnbiy his astonishment, if told that the author vi' this re- j rmaUest utnouKt ef power at.d privilege. 1 should j lance to the Gove rmm tit, although 1 would port with all his personal adherents, were the violent . be governed by precisely the same principles in ere-; lingly vote for an tquitalledistiii.utien anion

, "gloat-j the duty, and all emolument mecssaiy to procure law. A bank thus uplifted, which the power of opposite j an officer competent to discharge the duly, I would . the People could irnch, liable to such amendments

(their own) policy had prodoced and turned away 1 freely grant, but not an iota of superfluity

disappointed and disgusted from tho return of peace If wo examine the several plans by these rules, ' not and dare and plenty so accurately described in tho paragraph ' w e find the present Bank clothed with pow eis, not ' community.

as experience might show to bo necessary, coii'd

not tamp'jr with tho iulereits of ll:u

I have read? I shall not enlarge on this, perlnps ; merely essential to perfoim the duties of the Gov-; But, sir, this bank could not go into eperatieu my remarks have already unconsciously savored of j eminent agent, but with such as have made it the ' for two or thteo years. Meanwhile, that our lebilferness. There needs none in this instance. ! antagonist of tlio Government, and the aibiler of ! gMalivc act', n upon it should produce any good It is its ovrn severest comment. lour commercial prosperity. Sir, this vast power, J liect, re quires the t'nci ro and active co-operation Tho removal of the depositcs lias conferred j incautiously granted at a period of great distress, is of the pre sent B; nk. But, sir, veiy onu iu and great positive advantages, as v;ell as prevented dis-: now urged as a reason for its re-charter. i out of this IK. use knows tint "war, war to thu

a;iaui

:t all who will not

light under

Us

i . ml . .... ! m a

tressmg evils. A system lias I ecu established bo much has been said, and so much w ill bo Unite, 1

that renders the Government and the community said, of this institution; the proofs against it are so I standard, is the pi Mtive dc termination. It has si l independent of the United States Bank. That il j numerous, so well known, and so decisive; and the us and our Secretary, President and Conimi.tco, at

will operate as rapidly, or as conveniently I do not i final verdict of condemnation so universal, that 1

tered. The approaching distress was announced i dience, but will never benefit himself by struggling

in this Capitol with vehement exaggerations. 'I he ; powerlully and hopelessly through tho mbt and

Bank strained every nerve by breaking up tho entire system of domestic exchanges; and by skilfully withdrawing its discount accommodations to keep pace with the prophecy. Soon, a faint echo arose, lo tho cry ofdistress that had one forth. Rcdoub-

. i ii tt

powerlully and hopelessly through the mwt

mire of false reasoning. But, sir, the power to remove the deposites is one thing, and ihc expediency of removing them is another. Its consequences are twined closely with the

led cb mors, artfully supportcel by Bank intrigues, present question. Unable to charter a new Bank

shook public confidence, and distress spread like 1

wild hre over tho whole country, 'i ho vast fabrick of credits, which the Bank had built, was by the Bank and its political allies pulled down upon the heads of the people. To this moment of confusion and suffering.

they had eagerly looked forward as' the harvest of

until 18o7, it seemed impossible to escape the

embarrassment and suffering threatencel by the closing of tho present Bank, except by perpetuating it. Had we chosen to request the Directors to accept a modified rcchartcr, we might, during the pe

riod ot sullenng, have been humble petitioners at

ail their exertions. They fondly honed to bieak up ! its doors, bcmiiui? il to make a bargain wilh us, by

thQ great constitutional party, and to lure from. its j which its own powers would bo restricted. What ranks every individual whose signature could be ! would have been the language of the Bank wilh obtained to a memorial. Hence the countless dc-j the whole treasury in its vaults, the State banks vices to swell the list, and enrol cn it all who could j holding their existence at its wtll, and the pecuniabe prevailed upem to enlist in the new narty. But rv concerns of the country in its gripe ? How

believe; but that it operates at all, is a great point

gained, that relieves us from the danger which menaced us, and gives us time to examine carefully, and decido impartially, upon tho plans proposed. Before discussing those plans, it is necessary to determine the standard by which they are to be measured. If we create a bank lo regulate the State Banks and supply us with a proper currency, bo it so. Let the supporters of it avow this as their object, and we can examine tho constitution

to ascertain whether we have tho power to create such a bank. If the object be to furnish banking accommodations io the merchants, let this be avowed, and we can search for tho authority lo create a bank for

their especial 'convenience. If the object bo to obtain a convenient mode of cflecting exchanges, or transfers of money, or of its shadowy partner credit, from one place loanother without cost, let it be avowed; and when we discover this power to incorporate a company to transport, almost free of cost, tho capital and

produce of the merchants, I shall ask for a similar provision for the transportation of the implements of labor and the produce of the farmers. In principle there is not much difference between the two, although habitual association has separated them willed v. No one would risk his reputation by asserting that cither of these objects was of itself an object which, under the constitution, would justify the incorporation. But its supporters have artfully mingled them together and covered the violation ofthe constitution by the arguments of short sighted ex-

d

defiance; and however ninth we may pity and regret the madness, we cannot burner it by yielding the eountiv to lis sway. The heps v. hit h 1 (in common, I believe, with very many members of this 1 loose,) entertained, that the friends cf ihc bank would eventually aid us frankly and zealously in set king a nmedy for the present, and asafe-guaul for tho future, is past. 1 hoped that a strong sense of public duly, thatiympathy lor their constituents, would induce tlu m to turn from the unworthy employment of deceixirg their constituents as to the cuu, us of their embarrassment, to their rtsj etisible r.pd appropriate du

ties as legiMHtr?. J fiss couiso mi their put would have done much to turn i.s'dethe stri ng current of public indignation, which is now lisirg i i.d will soon set irresistibly agaht l!.o:-e who trcnted public calamity for selfish political puiposes,aud attempted to abuse ihe public mind with npcahd and excited statements of wrong causes. But, sir, the motives and the destinies efi.n so ultra devotees ofthe bank, will be judged of and decided by their

i own constituent?. Had 1 ikeuHit a little while

! ago that thcirdeuiticn would be so unrelenting, 1

should have regretted it fur more than 1 do now. The change which Irs taken place so well described in the quotation I have read; tho improvement in the money maikct; the improved and gradually improving condition of business; and, moro than all, iho return of confidence and calmness

render their co-opcraticn lcis essential than 1 then

need not weary you by discussing it. All agree iu

tho necessity of restrictions, except the ulnar, redanptionlcsf? fiicndsof the Bank, and if a Bard; is to be established, the only difficulty among the sincere supporters of tho measure, will be, aa to tho nature and extent of these restrictions. Thedutits required ofit by the Government are, that it should receive, keep, and transmit the revenue. It must of necessity receive de pesites, and buy and sell bills of exchange. As it would not at all interfere wilh the duties of the Bank to the Government, individuals might depositc money, receive bills of exchange, and do business wilh the

Bank on the same terms as the Government. For the safe keeping of these deposites, and for their transportation, or for the bill of exchange, which is

equivalent to it, the Government and the indvidmds should pay a fair compensation to the Bank. This is actually done by giving to the Bank ihc use of the depesite, and by the payment of premiums cn bills cf exchange. But the Government, instead of paving for these and other acts ofaeencv, ini.no-

ry, pays it by the grant ot additional powers and privileges, which are converted by the Bank intofiuitful sources of piofit rial it llue i.ee. Itis true that ihe greater portion of there powers anel privileges are ordinarily grnmcel to every

Bank, anel so intimately have they become associated, as to be deemed essential the cue to the other.

A Bank, in its simplest state, is merely an agent, deemed it.

which eegjges lo keep safi Iv the moncs d po.it- .Meanw hile, the temporary expedient adopted by . . . . , . .. . . ,1 . Ll .......... . I .. I I 1 .1

cd, issuing to the depositor a coitincatc ol iho do-: i'' l t

the grand experiment of

recruiting

has failed! J would it have answered the congressional petiiion-

With a new name and new associates, they honed to j ers? Bccent events show what it would have been.

drown all memory of their former condition. But ; They would have unhesitatingly rejected the charit will not do. The play has been played out I tcr which limited their powers and profits, and demost injuriously to the people, and has failed of j manded all or nothing, its effect. I Had we refused, its vast and unchecked power Enough has been done to please them with the I would have swept over the country like a tornado,

delusion of hope. The penance is to follow. The i and the public treasure would have been the wcap-

the TieaMirv has weathered the

nositcs. on the nrt senlation of which the monev is ; "crm, roar in Ourg u nas gaeu me ieu prooi vi iu

restored. Kvcn in this stage, a species ofcunency ! practical stubihty. i- i i .i r . ! ,' I tav Irai.klv, .rlr. Speaker, that when tho plan is supplied by ihc transfer or assigmnen ot thi , WM v'dope.l, serious objection., presel.fM certificate. It is soon found that the Bank is the tl:CU.ccivcs t0 my mind. .My experience had been most convenient rcsoit for tho transaction of busi- ...ci, s to render n.o eveeodhv.W distnwir.il ,.r

. - ----- - - - n-j -

masks are even now being torn oil. And however late-the decision may come, it will rest heavily and darkly upon the memories of those who have

dared to use the influence cf elevated station and ! acknowledged abilities, to create suffering among the People, as the means of perpetuating an institution for political and selfish purposes. Even now, if I mistake not, ihere are some ofthe supporters ofthe Bank who recoil from the course ihey have pursued, as its consequences unveil themselves. They were urged on in this crusade

against the public interest, rather by their habitual party sympathies, than by any preconceived in

tention to inflict suffering upon the country. 1 hey cannot fail to regard the arguments of their excited leaders, which impute thissuflcring to the removal of the depositcs, as flimsy and almost wicked sophisms. . For one, Mr. Speaker, my opinion as to the rc-

on for manacling public opinion.

peoicncy. Fiom the first and last objects mentioned, inferences have been drawn in favor of its constitu

tionality. The power to regulate tho currency, ncss between those who wk h to borrow and ihc se state lianl-. Under good management, which 1 tin-

make s njraetion of the charter constitutional. A strange mode of regulating! We charter a company that iwti'cs a currency, and so far from regulating it, we give ihe power one of the most important that the government can exercise to this company, unconditionally, for twenty or thirty years. We have tho right to regulate commerce, and on the same principle we shculd charter a commercial company, with important and profita

ble privileges, that it mmht first create, and, by

1 1 .1 1 1 IS I

who are able to lend. 1 lie bank becomes me common agent, and is soon induced, by tho opportunities of loaning, to obtain a capital of its own, and actually loan it at interest, receiving, instead, the notes of the borrowers. The circulation of the certificates, and the long timo elapsing between their issue and their return upon the Bank, suggests the idea of loaning fictitious certificates of depositc, receiving ihc notes ofthe borrow ers as money. This business has no limit, save in the nc-

Perhaps in ihe contest the universal necessities! tap f,0m rendering even a fraction of the charter

might have urged us to grant all the demands ot i constitutional, it leaves the whole wilh a power

its monopoly, indirectly regulate commerce. So j ccssity which tho bank is under to preserve the ?p

pearance ot solvency, lest its ccrtiiicaie should uc

tho Bank, and thus rivet upon us a slavery from

which a revolution could aloue have Irced us.

But the removal of the deposites, while it look from ihc Bank a large portion of its power to do evil, by the disposition which was made of it, relieved the State Banks from ihe vassalage in which ihey had been held, and enabled them to supply, in a great degree, the place of ihe United States Bank, both as a Government agent, and as a mercantile convenience. But for this measure, the storm would have been as destructive in its results as it has been wicked and wanton in its causes. The disappointed factions which conspired with the Bank to produce it, may thank God that tho consummation, of their fiendish purpose was pro vent-

too vast to bo delegated, even hud we the right to dispose of it. It is said by others that a bank must be created to furnish, net only an uniform currency, but a moderate rate of exchange, in order that the con

stitutional direction may be observed, that "duties, imposts, and excises, may be uniform throughout the United States.1 Those who present this argument, should remember that specie is ihe only money known to the laws, and all that lhev laws can do, is to require that the same amount of specie shall be every where paid. This was the only uni

formity contemplatedany other would be impracticable. If food is assumed as the standard, vou will find specie worth more at Cincinnati than

at New York; if labor is assumed, vent have a di-J

it tncir oufincss io me wants ot the community, they may unquestionably be made ingtruiinMts of much usefulness. But I have seen them by adventurous dealings, create a false prosperity, which crushed in its fall the w ell earned properties ef the honest and industricus. Peeling all thU as an evrnt of yesterday, I v. a unwilling to advocate any ineaM.re which would place in their power the pecuniary interests ofthe country; ftium!atc their business bryond the proper limit; "or band them together under Executive iniluence. Even if the fm-t objections had been ebvia-

! ted, the lat,t was fully sufficient to guide me m tnrni-

As tho operations extend, certificates of ; nK opinion. J he same renson inui woa.u p. - ' 1 . . . Paid' li1 I IllViVil lii.ll u

vent me lrom suppouingn i-" r-v.c-r,

wtuld induce me to oppose miy urrangeuiei.t whu h would bind the State Hanks together, and i ubjcot them to a common intbiciico. I would net r.s$ itt in cutting olf tho Hydra's head, that twee'y mb;l t springVroin tho wound. At the first gku'uv, this seemed to me tho neoennry result of tho i-Vi-toih, But the bill ri'portcd by tho Uomiuitteo if W iy and Means, and now under consideration, obvintoi this objection. It places tho banks out of tho reach of Executive control rcspon.iblo to Gorgror??, urn! merely requires that they should perform the duties of tafely keeping and properly transmitting the public moneys. All tho duties that we would create it bank to perform, ro performed by tlu so StMo Banks, and they incur no responsibility, uud hava no more connexion with tho Government or w.vh (Corfinued on Vh I'agc.)

nrcciate

.IniiA.nln !n liqill'l! ririllli!i)lil'ri9 1 .llilHIWl

U t" 1 lJ III U.llliU, v. i" nil aiinvi.-) 111 ci UlOlblll c )

are received in payment ot debts, ccc. As these obligations arc mutual, though not coincident, the bank becomes the agent of the exchanges, and finding it profitable, draws, and permits to be drawn bills of exchange on its own credit, when more convenient than the purchase cf bills actually held by others. Tho organization of the Bank is now complete. The only difi'erence between that whose growthhas been sketched, and the present banks, is, that, instead of certificates of depositc, the present banks liive their own notes in exchange for the notes

of borrowers. As tho discounts are thus made a mere tralic of the credit of individuals, for the more current credit of Iho bank, there is no limit