Indiana Palladium, Volume 10, Number 28, Lawrenceburg, Dearborn County, 26 July 1834 — Page 4

each other than is essential to the performance of these duties. , .. , - So far as our legislation is concerned, it is precisely as if a United States Bank had been proposed, which should merely receive the public deposites, and by domestic bills of exchange, distribute them as required by the Government. W as it practicable to have such a United States Bank, without the arid it inn of any powers or immunities, every one

who pretends to regard the constitution would be i A n cimnnrt. it. n ohifift inn r.nuld l)G raised UUUIIU IV - ' j- ,.- i hft r.onstitu- i .:-tni.4nCWmpnwQf(.vow.iintl)fim. The , proposed bill is identical with this in principle, and experience has shown it to be practicable. I wish T mnlrt disrn its oneration upon our commercial interests, (mentioned in the two first objeclions ) as clearly as I perceive its constitutionality, j I have thought for many years that some controlling ; rm-vpr wis nprcssarv to check excessive issues ot 1 credit bv the local banks. Our credit system, rest- ' j by ill-conducted banks or the excessive issue of j fictitious alarms, by heated partisans in Congress. , To these evils 110 adequate remedy has ever been ; Fhf Ilnitpd Sfftfs Itnnlr hna crrvpfl mm. . I . .-. a. rtir tiiK nnl l m 1Mftf 1 4 !. .f.rt I M f 11 n I 1 M f although it has been by gathering to itself the power to produce at anv moment fluctuations far more disastrous. One of these we have just experienced. But under the organization which I hoped to have eeen adopted, this would not probably have been in tentionally repeated. Yet, however perfect may have been the organization, the evils could only have been palliated. They are inseparable from thesystern. Until the proportion ot specie to the paper j currency is greatly changed, we cannot be exempt ! from occasional and sometimes ruinous fluctuations. ' - . - r. - ..t Our credit system is a great good, converted by excess into an alarming evil. Mr. .Speaker, I will take the present moment to notice the amendment presented by the honorable gentleman from Illinois, (Mr. Duncan,) which is, in j fact, a re-chartcr of the present United .States Hank; in which there is much to approve, and more to con- j dcrnn. To its adoption, I have insuperable objec- I tions. j r irst. Should Congress present such a re-char- ; ter of that audacious institution, it would be spurned from the Bank as impudent on the part of the Government. Second. I would never serve or court that institution while she stands in contempt cfthe House, the People, the Nation; setting the laws and the constitution at defiance. Let her open her doors, her books, her vaults, to the inspection of our Committee; then, and not till then, will it become the Representatives of the People to acceptor ofTer terms to the Hank. To the amendment offered by the honorable gentleman from Virginia, (Mr. Gordon,) and the proposition of the honorable and eloquent gentleman from Pennsylvania, (Mr. Coulter,) I have an objection equally conclusive to my mind. They propose that the Treasury of the Nation shall be kept by the Treasurer and his agents, until disbursed. This proposition adopted, and the millions of the money of the People, from the time of collection to the period of disbursement, would be drawn from circulation, and rcct as useless as if out of existence. This could but produce fluctuations, and periodical ruin and distress. In reading an ingenious pamphlet, by a gentleman 01 I'uiiadeiphia, aiming to prove that paper notes were better than metallic coin, I could not help noticing the inapplicability of the reasoning used in the exact sciences, to political subjects. .If all the causes which operate upon the result could Le condensed in a syllogism, or stated in an cqua- ' lion, the conclusion would be infallible. But moral influences, in their countless varieties, admit no euch easy estimates or abridgments; and he who relies on having mastered them, will often discover that his mathematical truths are moral absurdities. Jn examining credit, the first point presented is, the lenders and borrowers. The thing lent is uninvested value, which the lenders think it more profitable to loan to the borrowers than to keep it in their own hands. The inducements to lenders are, ltt. The supposed certainty or security that the loan will be repaid. L'd. The interest to be paid for its use. The security, or certainty, consists in the ability f the borrower to fulfil his engagements. The case of a loan on endorsement is no exception; the endorsement is merely a certificate of this ability, for the truth of which the endorser is responsible. In the extreme ease, when the endorsement is thought to constitute the 6ole security, the loan is in effect first made to the endorser, and by him handed over to the borrower. The actual ability of the borrower comprises the following items: 1st. Ilia property when the loan is asked. 2d. His opportunity of investing profitably his labor and capital, both owned and borrowed. These may be termed his "accidental capital." 3d. His physical ability, including health, strength, and mechanical skill. 4th. His intellectual capacity, including industry, judgment, talents, education, and professional skill. rth.- His moral character, the indispensable requisite which ensures the preservation of his capital from waste, by expensive habits and guaranties the punctual and honest fulfilment of his engagements. These thrcelast may be termed his personal worth , or "personal capital" although the 5th item deserves a separate place by the name of "moral capital.". It may be possessed by all, and the young farmer and mechanic may rely on it with perfect certainty for the attainment, with proper exertions, of fortune and reputation. It is the basis of confidence between individuals, and the aggregate of these individual "moral capitals" is the "moral capital" of the community the basis of public coniidence. mi 1 nese components are combined in very different 1 .iimumerem individuals. One of them, list, property, may be entirely -t;n, i. n t"o?r r58 in a Skater oMess degree, and their sum is the ability of the borrower or the - actual security to the lender. A deficiency in anv one of these components diminishes this iecuritv which is one of the inducements to the lender and renders it necessary to increase the other induccmert the interest to be paid for its use. ""cement The better the lender knows the borrower, the nearer will the supposed security approach the actual security, and the interest asked, to the interest which should be paid. Assuming the aggregate of personal capitals such fis to render loans liable to no extraordinary risk, - the investment of capital in loans will Le regulated by the same laws that govern ordinary investments. The lenders will not loan their capital at less proAit than they canobtain at the same risk and with the oarae trouble, by investing it in any other wav allowing for the greater or less facility with which the investment may be disengaged and converted into money. 0 to The average profit upon capital, fixes, therefore, the lowest rate of interest that the lenders will rccanget 7 much ffiorc as thc The interest actually paid depends upon the re'Caiital ' lo-s to the ctmana tor them. When these are -n.,:..-i - average interest artnnli ...;n iT"r w"" ! the lowest rite of imii ;.,.i : ' , 0 Vf.1. many lowest. , of borroivers will be those" wLe Jl CU duircd from their ucaaa,, their fer.onald interest mst mentions! .

ro ,r ennnnrted alone by public confidence, ; may therefore exact the highest rate, leaving to j the lawyer, the doctor, indeed of

a,. .;!. aV0rv r.ause that affects it whether the borrower onlv as much of the profits as will sub- 1 cent the merchant.

ilUl.lUaUS llll VI - - - 1 y - 1 , I ?. ,.oo the excessive issue of fictitious notes, : sist him. These constitute at least three-

their borrowed capital, are barely sufficient to pay the interest and to subsist themselves. If, as is usual, the supply is less than the demand, the lenders can exact a higher interest. The lowest class just named, cannot pay the increased rate, and of necessity thus cease to be borrowers. The next higher class in the scale of profits, take their place with profits diminished, in like manner, tn a bare subsistence. The additional rate of inter

est occasions other less profitable investments to be . . i s . disengaged mio capital lor loans. The increased supply diminishes somewhat the rate ot interest, enlarges the lowest class of borrowers and br 1113s about an equilibrium between the profits of these and otner investments, raising somevvtiai me general average. . Similar changes are caused by every increase ot the disproportion. 1 lie same remarks apply to every individual case Circumstances of position or necessity rnav limit These may vary from the general avc terest, as well as those which are made averasre of in- t under the j spur of some nils: rntf 13 nil of the lender This analysis exhibits the true sources of credit, which enables one man to borrow the value which may be held by another. In every country containing intelligent, industrious, and honest citizens, these sources of credit (exist. That they should be available, theve must ; be two other requisites: 1st, that the country should afford opportunities for the profitable employment 01 the capital borrowed; and that tiiere snouiu be capital to loan. This capital consists of value accumulated in the 1 1 t k 1 . 1 . I til 'country by labor, or accumulated by labor elsewhere and brought thither. This value should be easily transferable, and universally receivable. It should also retain permanently the worth assigned to it when loaned, that the borrower might (if possible) return to the lender the identical value loaned. The metallic coins fulfil all these conditions, and they constitute the transferable capital actually accuniulated by labor. Any fluctuation in the value of this transferable capital, will occasion embarrassment and loss as the borrowers will, in the one case, have to repay more, and the lenders in the other case, to receive less, than in right bound to do. A country possessing a metallic currency, will not be liable to any extrinsic fluctuations, except such as may arise from material changes in the relative prices of the mass of its staple products, compared with those of the countries with which it is connected by commerce; and these fluctuations will be slower and slighter as the metallic currency is greater in amount, the staple products more numerous, various, and valuable, and foreign and domestic commerce more rapid and extensive. The sum of the accidental and personal capitals of individuals to the national capital, and the transferable capital or currency, coming in contact with every species of property, diffuses among the whole an impulse upon every part, and diminishing it as it spreads it into an average efTeet upon all. This currency, or transferable capital should perform two important ofliccs: 1st. Serving as the means of estimating and cxi changing all other values. 2d. As the medium for correcting and preventing the fluctuations arising from sudden changes of relative value. It is evident that the ngent for performing these omces must be in itself uniform, permanent, and sufficiently plentiful and widely diffused to reach every kind of property. If such a currency exist, and co-existent, a credit system, resting on a well ascertained basis of "accidental," and especially "personal" capital public confidence cannot be destroyed, unless some great iiuuonm caiamuy annihilates existing capital. Even if, in a particular district, such causeless distrust should exist, the metallic currency, unaffected itselr, would turnisn the means of checking it at once perhaps in some instances at slight sacrifices by individual debtors. The credit system in itself, is, as I have already said, a great good, when resting upon the basis of accidental and particularly personal capital, and supported by a uniform and permanent currency. In this country we have every element that I have mentioned; we have personal capital in a higher degree than in any other country, and are only deficient in a permanent and uniform currency. Our Banks have coined credit into transferable capital. An adventurous and beardless nephew of a Bank Director, with no "personal capital," obtains a loan of "Bank credit," in the shape of notes, "of promise to pay," and gives them his oic:i note instead. The farmer who sells his corn and pork to this youngster, and receives these "Bank credits" in exchange, little thinks that the eventual means for redeeming these notes, arc really the note of the young man placed in the Bank a note for which the farmer would not give him an armful of husks. But all this would be corrected by clear-sighted self-interest, if the means of doing it were supplied. It is not so much the excess of credits, as it is the want of the metallic basis, which would limit while it supported it. It is worse than nonsense to talk of diminishing credits. They will always, in an enterprising country like this, be kept to the highest point to which the borrowers can carry it. Create a bank in every village, and you will rind persons eager to borrow every cent, and with personal capital as security. But these banks, limited in the real value at their disposal, are unlimited in the fictitious values, the bank notes their own credits far beyond the proper ratio to their means these they can issue to any extent that a gambling calculation of chances may permit. Here is the evil; and its consequences are obvious and disastrous. The first effect is to drive away their rival, mctallie currency, and evidences of credit receivable else where. .These arc taken away, because they will pass abroad. The bank notes will pass only at home, and therefore they w ill stay at home. A paper currency is immediately created as unstable as the varying opinions of men. A bank which will throw into circulation a large quant ity of these bills, and from the public confidence in its notes, or other causes, can maintain them in circulation, has the control of the currency, and necessarily, in a degree, of the commerce of the country. This the Unitetl States Bank has done, and has made most wicked use of the power. It is what the tState Banks did from a fancied necessity, during the war, and for eagerness of gain at a latc'r period. H i : -m mely is not to diminUh the number of mnks: 1 hose remaining will issue more to supply .u.uulu vy tneir notes. Let the Banks bo na n,, as the leaves on they are useful ill. i ..... " ir . . atrents esneciallv nnr St , ,J . A . - -iits ijanus oeiwcen capitalists and the honest and industr in ,s the men tst ! lauiu.r -personal capital." No the remedy must reach the currcnev itsrir and net the credits founded on it. J Jy Make the currency good and the credits will be S, As I have said already, the only permanent benent is to be obtained by increasing the quantity of com in proportion to the quantity of paper I will not now weary you with an analytical attempt ascertain the exact pronortion that timil.u,ii li'Cm,-, tA" that U is n0!v "cc!ssar-v t0 u"" hSpJrfLTtth " CnlpECj !' t0

anRna nonossitv. m which the usuri- ! nnswrr. oven thoujrii t he amounts were larger

r lirnitn.fi hvrtho sntmtpi fnvp.tnnsnn.9S5 m .nw nrdmnri hr nrf. lif) Ul Tiieces OI iiuu

. or the extreme ability of the borrower. cr. and silver dollars, and halves, wita quarters,!

We must change the proportion. There is no fear that we shall have too much coin or too little paper. Every cnansre will make the currency more stable, will dimish the evil influence of the JJanks, while it increases their salutary agency, and will preserve our farmers, mechanics, and merchants, from the periodical losses which they have heretofore suffered. How, 3Ir. Speaker, is this object to be accomplished Commerce comprises two divisions. 1st. Local commerce. 2d. General commerce.

It is necessary that the currency should, by the ; division of its value, be adapted to both ot these. Local commerce comprises all traffic which does net require the (reimportation to a distance of either of the values exchanged. All ordinary purchases and sales which are occurring every moment in every part of the Union, incalculable in number and in amount, come under this head including all the the mechanic, eyery citizen exfourths of the entire commerce of the country. As no transportation Gf the money is necessary, the metallic coins would than tenths, twentieths, (5 cent pieces,) and cents, tor change, would answer every purpose. 1 he propo sition is too plain for doubt. I proceed to the second branch; general commerce. In which one or both of the values exchanged is transported to a distance. I will first remark, as a general principle, that ! when any article of value is transported from the place of production, to the place or transportation, a corresponding value is returned from the place of consumption to the place of original production. When applied to local commerce, this merely means that every article which is bought, is, in general, paid for. To take an example. The western merchants buy, on credit, goods in New York, sell them for produce in the west, ship this to New York to pay fur their goods. This is the simplest possible case, and one v.iucu does not very often occur. Our own farmers ure ! frequently their own merchants take their produce to New Orleans, sell it for money, purchase rroceries with a part, return with the rest, and pay cash to the mercli -fit for his dry goods. This cash the morchant must now transmit to Aew iork, topay for his o-oods. It would be as tedious as it is unne cessary, to trace out this principle in the infinite and complicated varieties 01 us application. It is evident that, as tiic products 0! one country cannot, in most mtstances, be exchanged directly for those of another, that the returning or paying value must be currency, or transferable capital. If there were no currency but metallic coins, a large portion of the coins of one place would be travelling to another, at the same instant that a like portion of the coin of the second place was travelling to the first place. For instance: New Orleans sends groceries to Cincinnati, and Cincinnati sends produce to New Orleans. Supposing no currency but coins, the money to pay for the groceries would be on its way from Cincinnati to New Orleans at the same time that the money to pay for the produce would be on its way from New Orleans to Cincinnati. The inconvenience and expense of transporting the coin, although small in the instance mentioned, would be, in most cases, an oppressive tax upon the People. This would not be the only evil; the coin, while on its way, would be a dead loss of commercial capital, and its removal from local commerce would be deeply felt. The withdrawals and sudden arrivals of considerable amounts of specie, would occasion injurious fluctuations, which, though small in ,1nn-roo m! lln.Itrwl in nvtni.t In onr-1. I.Kt.nw would he deeply injurious in the aggregate. i win not ionow mo inquiry luriuer. n is evident that metallic currency is as unfit for general commerce as it is necessary for local commerce. The question at once arises, what is the proper currency! It must be transferable, and such as, when used, will not withdraw any portion of productive capital from tho community. The interchange of commodities, effected by commerce, suggests at once the means. He who owes the New Orleans merchant for his groceries, applies to the pork merchant, to whom the commission merchant at New Orleans is indebted for his produce, and pays him in money fur an order on the commission merchant. This is sent to the grocer, who, on application to the commission merchant, obtains the money. The same is done in New Orleans, and the debts, all round, are discharged without sending a dollar out of either neighborhood. But, as those who owe debts in distant places cannot easily find the persons who have debts owing to them in the same places, an agency is necessary to do this business. As a matter of course, it falls into the hands of banks or bankers. Those who owe debts abroad, pay tho amount in money to the nearest bank, and receive, instead, an order or bill of exchange on the bank near which the debt is to be paid. Meanwhile, those abroad who ewe debts in this country, have in like manner purchased bills of exchange of their own banks on Banks in this country, anil forwarded them to their creditors here. All the debts are thus paid without the transportation of a dollar; the bank receiving a small premium on each bill, as a compensation for its services. As the debts mutually owed do not exactly balance eacli other in point of time, the banks lind it expedient to extend their business on their own capital, and to ensure greater confidence by becoming responsible for the punctual payment of their bills of exchange. This is the system of exchange now in operation. A more admirable or important one cannot be found in the whole frame-work of society. It is to commerce what printing is to knowledge. It was by deranging this, that the United States Bank produced embarrassment amonjr the mer chants, far more than by the direct operation of diminishing its discounts. Had it merely ceased issue domestic bills ot exchange, the State Banks would have supplied the void. But its operations were artfully directed to prevent, or at least delay the application of this remedy. The attempt has failed, audits effect has passed, or at least only remains in memory, that justice may be done to those who advised and aided it. From what has been said.it is evident that there must be, at least, enough paper money, or bills of exchange, for general commerce. There are branches of general commerce for which paper money, in the form of ordinary bank bills, of a high denomination, would suilice, and probably another increase of notes, for larger amounts, might be made without risk, to be used in the largest payments of local commerce. But every such increase takes tho phiee of the corresponding quantity of metallic coins, i aIul y so much diminishes the stability of the cur rency, aim wnen carried iaruicr, converts it into a power fluctuating at every impulse, and ruinous in every fluctuation. If, then, any paper money is issued, beside bona fide bills of exchange, the notes must be for such amounts that they will not come immediately in competition with the metallic coins. Withdraw all bank notes, under five dollars, and silver dollars and halves will rapidly fill their place. Withdraw all notes, under ten dollars, and the same effect will be produced in a higher den-roe. The excellent proposition of the Committee on Coins, will, if passed into a law, greatly aid this operation, by causing gold to circulate with silver, and

1

1 . . 1 . 1

I

r

thus enabling us to diminish the quantity of lank notes more than we could othcrwh-o do. u ;r,;.c;n tWthrr. md withdrawing nil

banknotes under twenty dollars, gold and eder pieces would soon fill their places. . . We need not fear going too far the danger is in doing too little not too much. We sec the unit fixed by the wants of general commerce, tar ahead of us. It is impossible for us to reach it; Lven it any apprehensions were entertained of our doing too much, the gradual maimer in wJuen mo cuui. is to us cnecieu, win iemuu uium. to. - . . , ...r . -n - .1 l.i rrnriv.s . we shall have full opportunity for examination ami experience, which will, if impartially acted upon, urge us forward to its completion. under tlie system propo?eu. , t

1 1 will not lengthen out a speech already too long .S(i0,m,iiy to iho astonished lircciati?, than Ins tho ! by an investigation of the proportion which should ciml.nlUc0 gathered the opinions and testimony of exist between the paper money and the metallic j d ,tcs Juuj tlnoti-h the gentleman ltum coin, and the proportion which should probably exist . 1 ' ... ,.t,nh, .h.f.-.il.l il..,. mil,,, n-

It may be remarked genera iv, mat tue paper money would bo in far greater "proportion t0 the business done by it, to wit-general commerce-jiloor than the metallic coins to the business performed by it, to wit the local commerce. -m 'IM.o motflllif. rnirts. rr(at in number and Small in

1 H.wvwinw v - - cir several amounts, change hands rapidly and intbm r ccssantlv. making by each change an item of local commerce. While the notes and bills of exchange, few in number, and large in amount, change hands far less frequently, requiring in many instances con

commerce. vany victories, would rum u?. Hippy country, This will account for the disproportion at present I that could thus bo ruined! Although llu gentleexisting between them, which is apparently contra- jl)nn from whom 1 have quoted, no longer advocates dictory of the principles I have stated. j t)0 piinciplcs fur which bo then contended, notMany of the errors in opinion upon this subject , .jjjjjjjpj, ij,js aiuj ollor changed read to lis thu would in like manner be explained away or convert- ll;i;,fmi. i.lu,mi ,!, ,, ...mi., (,v..nis swei n onward

ed into confirmations T ..." I .1. il,.lt 1 I... t ,n I to examine some of the most common, by bringing thorn to the test of the principles which l" have laid down. These errors have arisen almost entirely from the want of a clear understanding of the differences between local and general commerce, and the currency required for each. The merchant engaged in general commerce sees plainly that coins will not do his business, and therefore thinks a metallic currency, the dream of a visl0lUl1 Financiers and writers upon the subject, deceiv ed by the apparently Urge amounts of tho business of general commerce, and not noting the infi nite rills which constitute local commerce, have otrpnrri!ir'i-.ril 1 1 1 r rrmnnriiis rmlniiitw bv in,veillOU3 irumenfs ; lam not aware that the distinction has ever! before been clearlv taken. 1 hope that the novelty S will not prevent'the truth from being Mekiiowl- j edged and acted upon. It is true that tho effect will bo lo diminiah the ! circulition and the corresponding profits of the banks, but a thousand fold in damnification will be 11 V.II.IH .il.M . ...... 1 J O found in the perfect currency which would ensure ir, nnrnnnl wn. lh it ,lnn rr. dli. unA in hrmrst illduslry its proper reward. 1 nr.iwl ii1 c:nv tint I .nriQidnr 1 1 r 1 Tn If fd Bank and the removal of the depositee subordinate to this great question. Thoroughly convinced ! I im of its necessity and importance to the nation, I cannot regard without deep regret llu obstacles which party politics may present to the passage c.f a bill essential to ti;2 interests cf our commou constituent?. Strong indeed must be the prejudices, and bitter tho party feeling which will prevent a western man from supporting it. Those who coino from tho cities, who hive been associated uiihthe stock holders and stock brokers, for them there may bo some excuse, however weak and insuilicient. I lillt U.T. nftl.. iv.cf vlif ;i rr nr,t cnl.lln.l tilfl. ciwl. la moneyed nower, nor yet cursed with tin system

in all its complicated and injurious cxivss we, ! "solution "I this Dank. I giant tnu people ot whose constituents are industrious faimen and j Kentucky may not be entirely exempt hum soino mechanic, whose prosperity depends upon a stable j inconveniences common en such an event. But currency how wc can opposo the measure, pas3cs ; ur produce will fdllrom other veiy dilll lentcruues. mv knowledge. j Interruptions in commerce tt.'gnation in trade "if tho Bank party dislike the financial system of ! laidiiuplcies throughout the commercial part of iho the Government as now cxistinj, they should vote ! Un'u J States, arising from bankruptcies in Hugfor this bill to place it on a belter footing. j l ,.,ul vvhich have occasioned th'j return of many I agree with them, that it is inexpedient to leave ib'3 l"om JCnl ind prutested. These uro tho the temporary arrangement made by thu Treasury canscs which produce distress, and will continue lo as it is. Highly as 1 esteem the ability and in", I produce it, until wo area peeplo less dependent tcL'ritv of the Secretary of the Trcasurv. and tiin i on foreign commerce. But believing as 1 do on

pure patriotism and enlightened judgment of the l'rcsident, 1 would not wish the Slato Banks to re main connected with the Government as they now are, unless an imperious necessity required it. For once let us thrust aside parly barristcis, and move on calmly end impartially iu the discussion and adoption of this measure. If the distressed gentlemen are rr::llv desirous r( rv?! i'iikt i rfrtnivi tw.tif (Inif iimIiiiii iipI-im.i if.u,,L,f,.i,;ifinm c " I,., ",V-J - 111! MHO 1IUII1 I 'a Wily IV.I llll.,'! llliU panic letters, and turn seriouslv to tho business f legislation, an opportunity is now aR'orded of applying that correction. Grant that thu mode of applying it be not tho one they would prefer yet they should lend their aid in rendering it as effectual as possible. I do not myself believe that the. system proposed in the bill, will effect the purpose iss easily and as rapidly as a properly constituted United States Bank would do. But for two years we cannot bring into operation a new Bank," even if we were all agreed as to the restrictions required bv 1 1 m (.nnstlttitirtn Tim t-wicin. ..... ..... ...1 I.. !.. ' - only one which is practicable. It has been shown to answer the purnosesfof the Govcrnmcnt-it can - not notes time provid :inv months have given rise, instead of forcslallin ,1,,.:' inlluenco by binding thm down to an institution which they may utterly reject. U,.t ll.o lnnnf .lir n;M !- . . . "i- pviu . ps, visionary It is he necessary consequence of , Infill PVI'i IliPIlt lli-t llill frlinrr 1 1 .,..... I...; , ' "- t ...v-,.i individual would have gone ' - ' vw-v ffx : " I; r ' grows into a habit; and those who are tainted with ' it read, speak, aru: more probable, i i . if navo none oeie. broucht to bear wl approaeiicd tho tation from a semiennn i.om vv , i nave ultca. y ,UOicd, will . W an .denmy as KnmkaUo aS ,t ,q,ro. uensiuie. IMroct from .Mr. CWs rneccli on tl.e Mil !,, renew i,0 hank f,art r' .,f V.W , Zl III o-, 3 ' iii.fj ij i,an.tp. "I sliall not slop to examine bow fur a Representative' is bound by the instructions ofhis constituents. That is a question between the giver and receiver of tho instructions. Uut 1 must be permitted to express my surprise at tho pointed diHereueo which has been made between thoopiu-

operate injuriously until tho United States Bank 'r'." 1 , " -l"""""7" inar-

are withdrawn from circulation and bv that! 1 . luuier pui a uown.

, if we join heartily in applying tho corrective P 1 '.

ed by tho bill, it will be out of the power ofi Y.5ir' 1 . Ik,;tlllons NVOn'1

. or all iho Rinks, in eorinndv Hn.rt r .,rm.,. I ,u ,tu uij spej.uer 10 iue se;.li(:l tl. members,

I cy. Mcanwhilo it leaves us perfectly free to modi- i wu """ ,l V'y vour Ui I s iinlH fy or abolish it, us experience may direct. A JcJ wouljl intcicept iny Mew m rojas. 'ng ynt. PPlif rnnP, f fn.- nnr rnHelllnnnljwinM ,f C 1 ' Sl hry Would I ISO Up Inkier. UlA illlT.liilO

IU i .. , tint l.i ill. ii.j A I i .01 ii ii w .,......). I i

induce us to support this measure, that wo nnv 7. . l f " i-ut ovti ine uehi.nrn i!,nn!,;mnaiftj1;ri1 ii.n ,.v..,itL ,.f . I ... i..... .bbcialions ol tins House. We Lie told that this

I ihink, of but one side. 1, i, far I "j 7 u . ' ' " . "": " '. 'H T.1

.hat .h .in ,io ,o,e .,f ,lw,!Urj are-,iy 03i; - T

re. mo same mtluencGS were ! I no , I.tAi. i ..' , . ,

icn the last United Stair, Bud; i IV ",WM u 1 u ' ? ate Hank ot

exninlionofits dnrlrr ! ,"n 1 CU)um ' sorry ir it was iH.ta ;

ions and insiruclhiiwt.f Mure Lfi'hhiturcs, i;nd il.f opinions and details of the deputation with whit h wo have been t.uirounded fiom IMiiltcU 1 hia . Whilst the lesolutioiu of there. LrgilThet known, legitimate, constitutional, 'and dchhciato bodies have been thrown in th5 back groui.d, and their interference legarded as Uliciou?, these ih -legations from rclf-crcatcd uocietii, cou:pu: i d cf whom nobody Knows, have been received by i, committee with the utmost complaisance. Their'

r.nmmun cai OlS nave iiiMniiui t.u wiu 1 up wjth th - greatest unigenee. ;evcr om inu w.ip.i.u jm.t 0llcct with more holy care the iranlie ( xpn a.sioin jot Mo aguaicu rywna, or expound mem unu imnu , i1:iii,1!i;:1 ilia i.r i.,imcliat lt--iii-ii , , 7 1 , .1 lalivcs capabh of rxprcssnm r nv.ch upon tho of the other House. It it be improper lor 1 States to ohtruda upon Congress their Fr ninncnts, j it is much more highly sj for the vnauthoriud Jc- !,..,,, nf f.rl.iU.-n& r,-ntrrtrtitIi)H:V lliUiliu iy rii lining jcaY0 10 otiers t10 application o f the quotation. Prophecies of ruin were then made and the prophets worked anxiously fur their fulfilment. The same who prophecicd that the election of Jt fllrson, the reneal of the sedition law. the war, nav, our I'lii'niiini'., "-"ii1 I in one unvarying eh tin of cause and consequence, ilia men who pitriotieally and ably smuggled against them at one time, hecmno their pliuut tool at another. Yet enough of those who were thru foremost in tho democratic caus-c, still lemiiu among u, to aid us with their counsel and e.vpeiience. A speech nvnb ngainst the reclni tcr of the IT. States Bank in 1S11, by my honorable frL'iid from Kentucky (Col. Johnson) then, as now, a distinguished member of this House, furnishes mi e.I pUiiation of the present and a guide to the iuture. This contest is to him but a repetition of tho buttles of his youth, and will but increase tho many obliga- ! lions which this country gratefully acknowledge to II I I uo nuo 10 mm' ThcinlW ortoua. Wo have tin evidence hum the long roll o lUbons now imploring CongrcFs to renew thu ?r. If, in twenty years tins Bank 13 to be Iho M r.Iarm ofthrrs il the folvenCV of so many individuals depend on it-ifrum am devastation will in t!c eveid ol iti d.dution spread 'iuu mine counuy men, wr, u wu vmy rquuu WC!llV VCUrS IhOIC 10 U1UK0 11 SUOIIgCr IlKlll lirJgOV I eminent. To induce us to vote for this institution ! wc have been persuaded, flittered, alarmed, pctii ,loncd anJ ibtvakiicd, and wo have b-en amuse d ! VViUl ,l ,i:,,,,,y (,t V10 lu"4imT ?.vMcnK, , ! "'"y l'" pueui powei oi inn j i a 1(1 . JCCU'K , paidr.ipii m .y app.y i oy to thu entire West as it thsa applied to Ken ,uc.v :. m Again: ".Aly rolleaguc, Mr. .Mckeo) whoso opinions I bad been in the habit of considering ns my own, until this unfortunate question uh.ch divides us, has stated, that in his opinion the dissolution of this institution would be fell bv ihe citizens ' ,jf !,,c western eountrv,and that oursutplus hemp ; wouM 1101 'inand ;:s good a puce. I dilbu iu 1 01)1111011 llOUl III V COllCI'llie, it IlO SUppOSCS til'." UTS1 ,rra country will feel any great pressuio fiotn tho i tllis subject viewing the e!lc cts of this great politi cal moneyed institution with abhorrence 1 would not vote lor if, let the temporary distress be whit it may. 1 would rather see tho present crop of hemp brought to one deposito which would make a bulk larger than ih's eapiiul, and consumed with :t lighted torch, and ascend to tho He avcus iu smoue is a sacrifice, than vote for the passage of this law; . ! " nd sir, the people 1 represent would justify my vole. , 1,ie.v would bear tho los-j without a murmur .1 1 ..I . . j I ,. j 1 ,0' wo.,,KI -t the part ol ieemen uoitl.yoll.ee . i . x . i i . t. aom me-y wouni magnanimously bear ihe i l.nnity without complaint, if their patriotism required the sacrifice. They are a most woilhy people a virtuous people an enlightened people a glorious people descendants of this greal Ameiicau family, inheriting that spirit of independence whub equally sustained ourrause under defeut ami ietory, upon all the bailie-grounds of our revoluiion. I will not be alarmed out of my vote by clamor, tu matter from w h it quarter it may ;issail me. 1 never will 1)2 driven from my duty by jd.miw ami feai. 1 w,,I,,stri,,ul f"m " 1J 1 vw 1' Jt, ! am! l,,c 1 wu.1 ! wa- : iII:tll; im cessury to the relleetion, s-jfo-kivpiii" and the transmisHon of the levenuu to dlfu re jit parts ol the Lmti.d Mates. It U stated that tho S'tO" It Mil's iirn (. wr.. . i, I .1 I v a . , . . , ;,mj r:i(l )t) tru-tc u.with tho depestto if public money sorry tJ hear such u.entimei t. It b s , i . . ' " " " 'lt. 1 r. ui 11 lb d ure,,, a pmic, :m a arm, an ideal d inner T"h .!'"s y-u.muci.j- I-,,:, nr..;,, iu riu, do k., u,, cd StVtw tuIJ v.Vl L , ,bo safe UccmnL.of .he iL, e U "IJut.sir.iho ahrniingconsctpjcnccs which must . , ""' 'g ' ! ' ; , commerce end Droduee bankru

1 .lUJilllu;'l"' l.l-.W- ........... ...v...

mo. iS il.-iti l-h T'niif.r.. 1

. m iiii i iiuu tw i ii i 1 1 r . k . i .

uissuiuiton ot tins corporation. It will fa circulating medium; it will tnteriut0 nd produce bankrunteies? It ict, ...... ""

ducu iho distress of fanners and ihe ruin of metchants; it is to prevent emigration, audit istostiiU the toundalions of the (ioernmcnt. This picluro gives me no alarm. It is the picture of a wild and distempered imagination. If serious injury will be fell by many in the power of this moneyed arLoniiudcd on sirond