Richmond Palladium (Weekly), Volume 12, Number 4, 29 January 1842 — Page 1

JP jf-JLs jfij Jiliik. Ji jI if J.

Two LoIIars--ad vauce.J He just and fear not: Let all the ends thou aimVt at be thy country's, thy God', and truth's. -Henry I'll!. Three IJol lars expintt on. Vol i' me All. o. 1 . S A T U It D A V 31 O It XLG, J A IV U A It Y '2 'J , IS 1 J I HOLE .M'.MUCil 570.

T II i: i A S fj A I I 5 31 , IS fiHII 4S rUBI.ISIIKO KVERV SITCKIIAV, BY u. r. hoIjLOway, tfr Lite Siiilh-ctul corner of Jliin and Front street, liirlnnondy li'aine county, Indiana. Tcrm.--Two Iollars--in advance; and Three loll:iri at the expiration of they far.

I X I I A X A I. K (i I S I. A r t; It K Wi;d.i:sda, January l'-i, l'il'-i. The motion of .Mr. (iormon to re-consider .the vo e, repealing the act of Feb. 7, Is)!!, in vesting certain funds in hank stock, and author .zing the state batik of Indiana to issuo notes lelow thi denomination of Five dollars, being under consideration, Mtt. JMaushali.. -iiJ: That ho had entertained hut little idea of addressing the house at this time upon the question he for o it, but the conduct of tho member from Fountain, Mr. II innegan, seemed to call lor eotnu response on his part. Why ho had been taunted by that gentleman publielv to a discussion ho knew not; ho Here Mr. II innegan roso nnd remarked thit ho would explain to tho gentleman from Jtlf ;rson. It was in consequence of language which ho had heard attributed to him on the night before, charging him, Mr. II with a dread to meet tii.it gentle-matt in dilute. I do not covet personal altercations on this fl inr or tdo whore, but when ihey aro thrust upon me, I urn the last man to decline them .Mr. M trail ill resumed. Tnosn who kno.v me, .Mr. Speaker, at least will s iv of mo tit it my habit is neither detraction nnr abiiso. I set k personal conflicts with na man. I abhor and detest th;j i lea o a mure gladiatorial display. I! it I am ready f.r defence alwnyn, mi I an. toady now; an! I iiu't re-e!y i:i that spirit of eal.iiocjs a:rl firhcanneo which becomes tfiis Hall and thoso assembled iti it. I again inquire, why that taunt? Is there a desire to witness a mero bruto cuiiilnt hot ween nnv member arid mysjlf? Personal friendship and gnetlematily iiiter.'ourso I covet always and always seek. .M v mind is not 10 bo pois uicd with vague rumors. If mv ear is abused with alleged attac ks made upon me, I seek tho reputed author of thoso attacks, and privately ascertain their truth and character. Ifih'i member from Fountain hid sought mo ou', as, uti ! r tho s into circuuutiiii o s I should h ive so ight him, ho wnu'.l have learned that no su 'h languago as he utters had escaped my lips. It is not mv wont to deal in such. True, sir, 1 was m aeli excited on last n'ght. True, air, it is that 1 said then what I now ay and will forever say, that I despised tyranny in all its forms , whether it appear in tho despotism ; Iho arbitrary acts of a m il r.ty j of one man or

on this fl ...r. I fo.t deeply then, sir, but I thank wag jt ,ha, (his lmrj,.lln wag m.l(!a between the i Suppose, sirthat voa adoot the cha'n of argu(iod that however much tho passion of tho mo- , peopJ , Indiana, speaking through their cor.sti menf, for the solution cfa vvondermr peoole's moot may overwhelm me, I ever honestly seek t(lte(, R(,nreSentaiives, and tho U.nk, after the doubts, resorted to in part , br the gentleman from amid its struggle for tho mastery, to as9i.rttl.e preliminaries had been settled between them, in ' Fountain, (Mr. Hinnean ' Suppose, that in a uprem.cy of reason and judgment I Ins it is lh m uu)Cr befure aI(Ie(I to. ! j-istincation of th s breach'of all I nv an I of all which alone could guiJo man safely. Lit the, UVlf sir tho bank his gone on in compliance 1 onscienco yott stv t--i them.divi Jin" your ar-u-wavrs of popular fury run mountain high; let ; whh ho b;,rr,.ain. Sho his proceeded to collect 1 ment into appropriate di. is.en,. " taeni live the walls of tho cap.t.,1; lot thirn run ! (ho fuU,3 of ,ho 8,ate illlo 8,ocU, and has issued ! First, That there was once in the city of Phil riot over the entire land, and tho sober voice of an,, cl,CllIato,j ttl0 s;n i!1 notes relying, of course, I adclphia a bank called the bank of tho Uo.-ed reason, if its struggles f .r nn audience can be UpOII ,ha honcstv of the state to fulfil her share j State. That the pillars of th it bank were of IV he-rd, will speedily convert the tempest to tho f lha 0h!iff ttioti; to extend this privilege to herj ri-.n marble, of tho luxurious order of C.rin thian cilm. In that spirit I would discuss, brief! '. this r... r,.. ...'., ..a , ur K,r.,i3 ,..- 1 ,k;.. tk.. 0 o : .,, 1 1

measure. We hive slent noon it. Tho cool re , . f flection of the night has belter fitted us for proper views. Wa have taken a step hastily ; taken it in ex asper iteif foelmg, on.l wo propose now to re consider. Let us, in good futh then, review whit we havo done, arid the nrg im.iits which han induced os to do it. Why is it, Mr. Speaker, if all ho right, and our reasons bo convinced, anil our motives bo pure, that this, measure was hurried ihiough tha House with f.in i h preeipilanev ? Why the previous question ? Why no moment for further argument ? Why resolute refusal, upon the part of tho mi";J u l . ,n,,,JS,u m'ffni uieivener w ny nn m.s ,. gent.emen he agreed uiai reason ntiu political integrity demand trio passage of ihe bill before us? That which has propriety nnd reason to recommend it; that which is found in truth, is not apt to shrink from the closest investigation . In this course of things, there is indirect evidence that tho proposed bill is cf doubtful merit. What havo we done, into tho prcpriety of undoing which I am now eno lirin;'? Bv a nartv vote this House has repealed a portion of the 1 r 1 l,,r. ,1. , .. . 1 1 .- 1 i l i tv li'erm strong ground, all mist admit. ' Why h i teen taken? It-f.r., . r ;a ' , . i laKcn: uetoro nnv measure is resorted to the most ;....! lr.f' a . . ' ; iuom inionsi jeraoiti as well us ltie most i.nportant ' iho in.v.irv nfilL nrnt.ri.nii . ' . ' JccteJ 1 tho Z r; f Ihrn. .ri.T" 13 1 '; 1 may be furnished with data bv which to act. - l, ..01 iiii iiiiiu I .Pt ll I il M l ri f l r . . I r c . . , . I. - . - involving our dehherati.V, 3' inole a, ic can ! that the mind may discern clear'ly tho en tiro ground which it covers. 1 p .1 r ... . Incurii hfi ii iiii.m m r,. .....1. . - r i ly slated thus: The last Legislature adopted an net, which was approved Feb. '.), ISI1, to provide in part for tho payment of tho interest on the public debt; to increase iho stock of tho stale in the stito b ink. and to authorize said hinkto issue notes of a denomination less than five d .11.. rs. By the sixth section of lhat act it is prov ided, that tho state funk m iv issue nols of a denomination less than five dollars, to an amount not exceeding one million of dollar, subjecting this privilege to issue, to a restriction, n, p,,mt of ti-oe, to three years, nnd requiring the bank, in considei a! ion of this right given her by 'he state, to pay one per centum to ihe state, which would be ten thousind dollars. Tne bank declined this proposal. The legislature then passed a second act, approved leb. L, 1S11, converting lha surplus revenue fund received by the stale, the college and other funds, into bank stock; providing bv iho ll:h section of tho act, that tho counties ia the state hall be so converted intosto. k. Tiiissct further provides that tho right to issue small notes shall' be extended for five years to tho bank, nnd that the state wi.I Uot require her to Pav any bonus for the reason, .h4t, by these terms, if they bo accepted, he will cg!;CCt, aud pav cut and be- :

c.-.mc responsible to the peop'o f.r the manageincut ,f th statu fund converted into stuck by

i hi: act- whi'-l. I .bur ami resnunsib lily the It'jjijlature conceived to ho a fair equivalent for ihe

privilege extended tu tho bank to issue the small It proposes thus to violate tho hank charter; to I hills. This uct was accepted by the bank, and break the fai'h of the State, solemnly pledged; to I became a portion of her charter, four years of be guilty of a revolting mora! outrage. Itpro- ! which remain unexpired. ' poses to force tho hank to suspend issuing small

Just here, .Mr. "Speaker, it may bo observed, that I he batik had certainly the right to decline the contract proposed to her by the btate, if the I did not see fit to accept it. She had, most tin ! (leniahly, the power of will. Sho could say, as u' . ' I i J . 1 . I. .1 ,-,! n r..i pieasu ner, inn biiu vua uuniiiu i--. thousand d'llirs for tho franchise, and equally; unwilling to ernhatk in the enterprise for so short a spice of time as three years. This, as an independent r.ogot iating nartv, sho had the right to

say, and dd say. Equally clear is it that tho ears, why is it that their representatives, after state was then authorized to submit more accep- having entered into a solemn engagement with table propositions, and to agree, ns she did, with tho bank to perform certain duties fir five years the hank, thither notes might run five- years, and upon certain terrn, should vow, when that eonthai sho need pay no bonus, provided sho would tract is barely sealed, seek tu set it a" at d.-fi.nre assume the responsibility of converting into stock and force the hank either to loso the labor ami and seeunn'' to her, important funds, the proper- money sho has invested i i discharging her por-

ty of tho state. This proposition the hank had the right, as sho did, to accept, and her o was ro.npleted, between tho state and tho bank, whit honest folks would call a bargain, and which tho law rccennizris tis such. N jw a ivorJ as to the reason for this bargain. I'y a series of governmental experiments too people wore left, and aro now, to a great exten', without a currency. To answer thj purpose o" trade, ihe p!a::iest mm in the land lias now been taught by cxpcricnco that gold and silver are out of th-J q aestion. That delusion has had its day, and facts have opened nil men's ev 3 to the conelusion, that a delusion it was. Wo have no national currency, and hence have been forced to submit to such reports as tho ti lies created. O: theso exjie -Iietits tho country has hid every v,v rii:tv. in tha sh-.no of individual s-hiupta:cr?. troasurv notes and state- bank paper. In the way of c!rtne sin ill corren-cy great difliMlty was experienced by all of our people, tnnicularlv the farming and laboring classes. This portion of our community, having noun of tho l;:io-.v!edgo of the broker, and bsirig unable to keep pace wiui the broken and the depreciated batiks f foreign states, w ere inces intlv imposed up ui v.-sth worthless or depreci ;t.:d bil's d" small den-oiiii.i.iti ms. 1 no ci:., the rot-.re, became genera!, (as n .tes must bo had.) that, as the act, of s s-ola. fer.ee, wo 6-hou!d havo th.nn of o;ir own; that our own hank, under the in.me.j i t a eyo of our pooplo and in whoso solvency they confided, j should furnish lliiq kind of currency, and relieve ! ,ho 8tata thereby of tha worthless "trash pouring j . ft -11 ll in,la ,.nnn l,pr r.Urr. Therefore 1 I'M llU J C'llPj HUH il"l O IL'Jiiiu .11 in:, imiiuj in-, i

payment of that ton thousand dmlars which sue its walls and dazzled tho eyes of heh ters. That refused to pay. And who, sir, let me ask, com- gorgeous fret-work embellished its iiterior, and .lain of this bargain? L)j the people complain ? : scu'pture vied with painting in adorning its exWiicro nro their petitions asking that tho state terior, arid that tho pavements belonjing to that bank bo prohibited from issuing snnll notes? ; fairy creation wero of the most vanegatd nnd D jcs the farmer complain, because ho receives ' imposing workm inship, reflecting ic their brilli-

in livdimaorio dollar hill, instead of on Ohio or Michigan note, of tho same denomination, with which bo could not purchase sailor oilier neccssiries, without submitting to a discount? On this -ubj -ct is there any popular movement'nr clamor ? Aro not all parties united in favor of tho action of last winter conferring this privilege to the . jhank? Is there a want of confiience in that in. iMilulion ? Whv eir lf even ,he honorable j Speaker were to assert that tho terms bank di rector and scoundrel had becomo well nigh synonymous, or should answer each of these interrogatories unfavorably to the state bank, in tho face of such authority, I should have the temerity to differ. The people aro satisfied, nay grati fied with that act. To them it is a great measure ! of expedience and relief. They hav o confiience ; in its solvency; and were you, sir, to assert that , r., .0 1;. .,;., ,t,. t,,if .J . . . .v, ...u .L..i--,wwn u,.'n o.m inuni h of bank, her issues, it, ihe P,,b,.,c """'"i " n:bQ wo,r'ha ff' 1 8noU,d have ,ho hardihood to reply that the v?. . -1 iri i . fct.ite is m no wise bound for their redemption ; 1.1. i.u u e 1 u 1 1 atid that, although she is a rncro stock-holder in th iuo, Pee?e with nn further rm-i r-i ii i ti i v. . i h n r. ., o . o i, i . , . , i. . . .-. ! r jniinT in i. iiisj j; juuiltJJ "I 'OW. uiiuil llJ'll, aro eager and anxious to procure her notes. Sir, " f Vn th lt ,he brm8r lb ht, '" C" 0,y "ltCrf,1 ,a "Ur e, confides ,n 'o-nuu.oi greeon oiirp.s iii liie perieci . as-u i .1 ii. t; ui uieir si toy no un ionv, 100, 7 1 f. that such is tho character cf tho iastitutian abroad. I would desire to be understood in regard to what I utter in reference to tho solvency of the state there That sho is now reputed solvent.! is no djuot mat sho wi.I so continue, ii in the womb of time. No man mav sav ;i whit the morrow will bring forth. At this ti:n her credit at home and abroad is a source of p.-ij? to us ;,s a pe. pie. We have then, sir, arrived nt tho fact that the neopU-.s represent itivcs, by the act of Febru .ry loih 1-11, iolemniy contracted with the Slate B'.i.k. making that contract a part of the charter, to permit her, for five years, to ts-uo small notes, to the amount of one mideon of dollars, with ut tho payment of ten thousand dollars or nnv other sum for that privilege, in consideration thai the bank should protect certain funds converted into stock by that net. We have seen ii, t hn hir.Lhas entered upon tho fulfilment of her part tho blig ilicn. Wo have reviewed tho reiser of , ns for that contract, and wo have seen that the people d. not complain at. but on the contrary nre. gratified with tho legislation which rave it birth. Now let cs inquire what the till lefore the IIjuso proposes to dj?

Tho till he for o tho Huiifc proposes to repeal the act provi led February 15th, 1 11. It propo-

scs to repeal the auta-vrity to issue note?, vested in tiio bank thereby, fur four years yet unexpired ! notes unless she will accept the provision of the act of February l;, limiting tho issue to three years, and requiring her to pay a bonus of ten thousand dollars, which, as has been seen, sho positively refused to accept! Is this honesty ? I j ihij I i it; 7 I cthu o rftanatirn npuift nliid hi' ..... I ho people of the country, Mr. Speaker, rca soning in a common senso wav, which deserves emulation here, will a' themselves and each other, whon tins nroposi.' on sd ill reach their tion (f tho obligation, or to pay ten thousand" dol lars to tho Slate and litn.t the issues to three years, w hich she solemnly refused to d , when tho proposition was tn:u!o to her by t':u legislature? They will mk themselves and each other if. in their private dc iltngs, a birgaiu s-bould !)e proposed to them which they d- rimed, but, upon additional inducements which brought tho bargain with in what they thought correct, they had ngroe 1 to tin bargain so taod ii-d, whether it w ou'd bo law or honesty in tie person with whom :hev had contracted, r.fier t fie contract had been ratifl '1 an 1 ihey had discharged their .-h uo of it, to pronounce it no contract at all, unless they would agree to accept the tu nn w i i i ; l thev had utterly refosed to accept ? "t thoir pl ' iu way of thir-king this would loed: neit icr hon st nor j i-t and hence when the maj rit oti t'oi llo.-.r seek t d the very same thing, tf.ey will naturally asl for tho "why end the whrrAnd what will yo a the rn !"- IO. Mr. P ,.--,!; e, ? iti no i fir soeh Wdl vou ur".i Will voi s v that th o e v ir.v 3 utjtr an net? Tnis vv.t.i!-J tii -it iho bill of I .i ; t win They will anr.vcr you :! sing. Wei y,e: -, y to th !er is n i ' it ;i .s ; e.u ' hat ti:. . to t' i, tn i ro.-r- I t, sv.to Snr.l; i ii th T n in i 1 -:- to sp ire ! ! . v e n ! ' 1 ii v e. i will beg i'.'i 0U, est '. their into. of ail thai is dear nnJ foster t .i-xt currency, the little, trie a! reccv, the lit whi'-h iho havoc of thy lime' has left them, pray v u to nveit th curse of nnv They will legist a t i v e action, which shall tern' to irnpuir the credit or to shatter tho fortunes or th i institution. If vc then, sir, will you answer the inquiry of an hon-r-cnslitiicnrv. in ibis nvo.i, . ? .in tin. .i.UL'. I li'll t'll.-Cll IIM ' lil'liill ilU.H III Ii ancy, as a sheet cf gold, tho beauty of the overhanging heaven?. SjppJaO tliit thtJ wero your first position. Suppose, secondly, sir, yrei ossome, that in that same city of fraternal love, n-ro lived a wealthy and benevolent man , named Stephen flirard, who has long since been gathered to his fa thers. A man whose richly ladon ships imported tho wealth of foreign shores. A mm whose rent roll listed tho fairest portion cf that goodly city. A man who owned his bank, and whose tellers and cashiers were daily clinking his ingots and his gob! . That united with his great wealth was a richness of philanthropy, which rendered tho vault of his heart his chief treasury and that ho left as a legacy a vast amount, with which to found a college and asylum for tho education and maintamanre of tho orphan chrd: and let this coni an 1 U 10 our secouu position. Suppose, then, thirdly. Mr. Speaker, you pre- ' 1,16 C!!ege ,JJnJfc'Lh' 'enevo!ent Girard is in part erected. That its found t on lit , . has been laid and tho supers!, tore commencf d. 1 -r., - - .. . . . Thit thu college bade fur to outvie :i solidity j and grandeur even the bank itself; bit .hat now II 13 11 U' "1 1 1 f I i c I C, H n J W 1 1 1 I il 0 1 'ni )S I n 'T C T CC I I 1 0 ; . : , : I . I .. unroofed the melancholy dirge of winter sighing through its unfinished hails, salutes the eye of the stranger, a sid monument .f defrauded ph.lanm ropy : and thai tni3 saoaid tie your third po sition Suppose, fourthly, by way of argument in this respect, you wero to urge, sir, that in that beaulilul and romantic bank I here presided the "demigod of whiggery,1' one NichVas Bid Me. Tnat that man had stood first in the heart-of the friends of that s iperh bank, as a financier and patriot. Thit his iii'l lenco hid bade fiir to over-had mthe entire republic; to corrupt, sway and control the elective franchise of tho American pr .o!e. That he was a vidian as polished, yet as f !, as ihe Arch-angel who betrayed oaradiip, an J that ihi should be your fourth n S;ti n. Suppose. finbJy, .Mr. Spe -L'T, that this lejnk and th;s Bid ile, exercising a in i-t unholy Moneyed power, bv means ( bribery the fuuVsi. hid P lascd, tor their politic. ! u-, the members r.f the Pcnnsvlvar.il legislature: a .id lhat this were your fifth p isiiinn. S.icriose. in the sixth nlare. vnn wcru ti urirn ! that thit bank had tx.oloied, s 'Mtt ig ruin nut; desolation in its path; and. to cap the climax. th ot this "demigod r.f whiggerv was a di'i'-ac if".; man. witn an indictment su?t-nded above his head. And, I isi'y. Mr. Sp-akf r, suoooso v.rj wcr- to .u, . .51. , , .in. v7il-J-ltli- , SJ. !! Vil-J VVCri I'll !J to all ihese considerations bv wav of re.a v.n I f - r the passage of this bill, thit 'a dor.-' and m. accLo! procession of orphans, c!a-J i:a thy hului-1

roenta of mourning, hJ marched in procession : through the streets of the city of I'hil ide'plua, ex-

1 citing on ail h inds deserted svm;alhv, and Lear

; ? emblems and banners appealing to the ho an.- : pri liege Vet unexpired, utth -s, as I -h.ll pre--ent-' warmest sources. Suppose all these pictures foliv ly more fuHy shw', the bai.k . ill sulinil lu terms drawn by voj, sir, with the breathing pencil of ! which tho has solemnly refused.

j,ne grille". ,r,, l 0"nl'lin- ftnJ 1,ti J 'h o the ne gentleman trom l ountain, nnj helu up to the yes of o or dispassionate people as an answer to !.e.r inquiries, m this respect, and think you that aese a. I would satisfy then, that the Mate Link 1 r 1 ' the : tht should not issue small notes? Hero nppliuso from the members and lobbies called forth a re quest that order should bo preserved vvhieh was s inn restored. They might say that there was ; truth, that there was beauty, thit ihero was doe1 mi ation in the sketch, but it wuu! 1 convince tbe:u that we have tho right, moral or leg il, to violate the constitution? to break a solemn contract, nnJ j to rescind an unexpired chartered right vesttd it. tho bank, by tho Voluntary action of the Suto herscll? ! If these ho no reasons f, r tho ptissige of this hill if al! t !i i s be but foreign to tho purpose and in extrinsic appeal disigned to enlist the- passions an.l not tne j u'gmentsot men, in a wild crusade they know not why nor wherefore w hat other cons nit ration s are i-tll-reJ in its favor? We are told, sir, to ho s ira w o are tolJ, (and gentleman may till many thing,') that tho obi -ct of this bill is not to interfere with the privilege of the bank to issue sniiii notes; that the design of gentlemen is, simply, to prevent iho surplus revenue, tho school nt.J college funds, tho property of our peoplu for tho purposes of edoeati t;, from being vested in hank s'.o-k under the provisions of thi act. They tell os that they nre fearful that nil that sicred a jp ropri a t ion , by stndi investm-ti', unv forever bo lost t j the orphan hv an explosion of iho bink, nt,d the re fere the v wouij o! th'ise finds witho.it her reach, and be llll' tho ri.,. -ihilit v of harm. It' I con;, believe tins, Mr. Speaker, this bid tion at mv ham's. if this eious atid plausiide, I wool l ional modifi -ation of th i I wouhl it -j i in op-Mii-wero true as it is spe1 go fir any con--! itut w to secure , pn (ar as I liti ex--iti ois can, beyond the p esihility of hi, irl, that which is so lU-ar to the taut and ia 'ligent interest of our people. I h ivo chililreti, sir, iv ho m y he i.s'e'-, .-j.,1 .n iht fun !. 1 hive and :, 1 w a v s h 'e t- h ivc a ho-li su;-I h :! v 1 1 ird f .r e.i a ti a i: I or ;..! . .-p, ! i v V III IV re r r-. onm ui ho the ti i.' i: ed our . t. ,-,! edoe i! T "right tir.n oi is that its gx o I, i-i -n il r,,e-',.;" , ;t victories im o 'rati nation tl fame and our national stand ird wherever tho A.ogeio S isan rare is known or recognized among men. True it is that our bravo soldiery challenge the world's invasion and command the werld's respect, all this is a proud and an honorable truth but tho common schools of the land arc, nt last, tho sword and ihn shield of tho republic. As one member of thrse halls, if all el-c be neglected, t ha I interest, above nil other int. rrsis, would I seek to nurture nnd protect. But in my honest npprecia t ion of lha importance of this gieat cause, I am not to be deluded, sir, into a moral wrong, hidden beneath a mantle bo viituous and so ennobling. The o! j'-ct cf the bill before tho IIouso is not the protection of theso school funds, although artfully mane to wear that appeal ance. That object is ulterior and strictly pai tisati ; and its deformities show in horrible contrast vviih the virtuous livery it has endeavored to put on. These funds are so interwoven with this project, now attempted to bo corned, os to require a short cxaminaiion to winnow the pretence from ilie real ity. nnd to show clearly to the worlJ that this affected regard for tho interests of orphans, .s but a bail with winch to entrap tho unwary into tin; support of a party thirsting for political snprcmaey that this regard for the common school fund,

is attempted to be used as a hobby to enlist the pis rency. Wo havo further demonstrated that tho sionsof men for sinister and selfish purposes. LtI - object cf this bill cannot be for the protection of us cnimm3 tha truth of this profession, but Lricf- ; .jie school funds eok-ly, since thatot ject would at ly. jor.ee bo ifTectcd by a repeal of that portion of iho Tho surplu.3 revenuo fund is among tho ntim- i law, and that alone, which invests thoso funds in ber vested in bank stock, by the act now sought the bank; whereas this measure wuld wipe out to be repealed but is that fund in danger, from : the entire enactment. Wo havo seen, further, tho bank, Mr. Speaker? lias the state absolute- thai, now to require the bank to pay the bonus ly vested that fund in tho bank? Turn your eye which was rejected by her and waived by tho to tho eleventh section of that law, nnd you will state, for I ho reason that tho slate sees fit, by a read a provision which forever must settle that j withdrawal of the funds, to prevent her from perquestion. By that section it is provided that un-i forming that portion of her contract which he is less the counties consent, through iheact.f their ready to discharge, is a position alike untenable several county boards, their portions of the s ir- n conscience and in law. Why is it, then, that p'u3 revenue cannot be converted in'o stock. ' . t.ss unreasonable, illegal, nnd uncalled f..r ui"athis score, then, there is no necessity 1 r legisl.i- s ue is sought, by excitement, party drill, ii.fl.nntion. Each county may legis'nto for itself. There ' rnan.ry declamation nnd tho screw of ihe priviis nothing compulsory all is discretionary. In oos qucstim. to be forced opf n us with rash prereferenco to this fund, further argument would ' cipituncj ! This qupstion, w ith no wish or dtsiro fie supererogation. He whorutis may understand to bo person-it, I wi'i next endeavor ta answer, the provisions of tho law. There i now, r.t.-l h is ber n for years abroad in There are other funds, however, mentioned in '. this Inid, as w e all know, the unchained spirit cf the first section of that act, the college, Fuline, t-Aiirv, ravaging as a destroyer, nnd silencing iho and state bank srhool finds; which are absolute- voice of reason nnd patriotism, by appeals lo iho ly vested, by its terms, in stork. Of these funds bad passions ar. i hasty prejudices of mrn. That the ban!; his collected but little, nor is th"ir col- -pirit pauses to consult no interest of ihe country, lection a matter of cms nuenco to her. Would nwa'rd. nnd still onward d thj crui-hmg wheels

gentlemen, fearfol of th ii arrest those funds on their i i sb, go leg -slat e r-.s p iss ige t tho va ti of the bank? If this be their ul-jct, and ihiv so avow it why is it, sir, I repeat why is it, that th loll before us pr vi les f .r the re:ea! of th? .ii n -ii. .'i i.-joic wr ns we irei! n ,r ..in wo,ie ti VTi': in 'he bank ihe privihg$ to is-ue streill notes fivo years with cut the payment of that section whifur.. Is in bar.k st-n h ve-tj t!iee mu-h talked i f k? If r.ae.rioers h-j sincere in their profes-i n, h w ea-n o! i it ii ive Loen to have int rod ucf-J a w-ittj Jr iwing theses ho: ;uti C ;i Is tr rn lha hir.k. fur.hvss the counties sot;' ent to there r-m .in ng thrr-,) whtfe the vrs i. rem u i i O : l.-ec : I I-i re is i!iei"?i-,er-ev to-iiD-nrent f.r the. crc-.'e j ft crei.u ifjTi.in-.l n rou! ! be If u Tcasure r . n tinoit co.i s ' i t o ' n . i mo :o n v.-:.ii;ii i that rt i in o; tne law r(u: i te rr;f-i-co we nres- ntea. 'or mv rnrt, I w 1 cor ji s.iv s op eor: ,o t It. I tVD'l'd ll WO theso fl .ds placed 'Uii d' r the ; exel sive control f the diiT.-rei.t c-tunties. to b ai.pr iriatea n :ne v i.i : v s,-t n: . in, p;- "o-s io Tf ai the tr'i.'iu- law. It i? nr.t .ri.n - ' . - ,t with withdrawing tho orphan fan-i fr-.rn :.u bii;K. ( w:.;en wntin: require tna repei! of ot a ijoxti-.-a cf tLs tt-f,) but :his fct.l imocrufly r - i

J q tires, hen it demands a t.,ta! repeal, tint tho .h..rterv.l riLt of tho hank to issue stn.tll notes, h

ihre tr ided.h ili reiso now t..nr v...i .,( ih, j Wa al once and concluvely observe, thn, Mr j Wa al ncc ..J concloiively observe, thn, Mr , Speaker, that .1 iho protection of ihe rhol fund, j wcru ,,10 8llItf ol,ject of emIt?mcn ,,. if Coll:,, bo attained by a repeal of M.ose sections of ihu 'u ! law which pruviJo for thir investment and by i a repeal of those sections alone. Why gentlemen have not chosen to submit such a proportion, i but insist upon this sweeping rnactmen', I will endeavor to explain satisfactorily before 1 risumo , tiiy scat. i Suppso this act repealed, ns is attemptrd , Mr. i Spci-.ker, and the resjlt is ohvious. With its re- ! peal "wttpTprR'COi!rsc, the priv.lrgo c-f tho be.iot i t- issuo srnad notes, free id" any bon is, for iho j five years. Tho result is obvious. The bank, in . that event, will hue no legislative right to issikj oieh notes, unless under iho act of Ft luuarv tih, ; tS11 h-elmnlv extends to ber t he right f. r'thre,, I vcaM, anj ,-, u Hres her to pay therefor the sum of '.en thousand .hdh.r. Thes.."ier,... -, hv ..--.. j aj, ai()nj,f thfi i,.,,lk f(j:Cltl!) wlicn first made t her by the legislature. It has been contnide-.l one wouhl not i.-nigino seriously that the wholu law is iouj;ht In lie in-pe-iled, lor tho rcusiMi, that if theso school funds ha drawn from the bank, the consideration feu which the right to issue small notes wasgikenby tht? state, viz: the collection and preservation of those funds hv the batik, has failed ; and that therelore she thou! 1 be required to pnv tho boi us of ten thou- Mid dollars, or ab iu-J.ui tho issue of tho notes. This is singula r re si n; fcif ig. Tho jdaci: g was the v oluntiiof those f, onus in tin; ban ry net of the st ate the withdrawal of I lu c f-.:i.-', is lo r voluntary act also. The bank is not in default ; she is ready to collect and convert these funds ns she agreed to do, when iho Unto tai l to her, that if. -ho would so collect mid con v rt then, she might, in consideration of such mt jet iss io her notes fiee of any bonus. Y .n t ke fi mil i!:e hw U the means of f. !li ig her eoiilricl. ,whi h ri.e ts realty ration. to I vvl.i. ft'!, and lin n insist ih at c.iii.-iJ.-ration, w t.i'-h yi,u y mitsi i s i.avo withdrawn, his f.n'ed on In r pan! Think 3011 it IS J I -5 t I An anaUorou case may ! louiol hero : I 11 i y a 1:0 ele: me, in adv inee, 1,11a thousand dol l-irj to build a house. The mechanic councs uj.on mv ground and I order him to leave, telling htm that he shall not build it. Alter wards su it is brought bv 1110 rgnnst him to recover hark iho money paid, upon the ground thit the coiinilvratiot. lor which it was given, viz: tho building of tho house, has failed. I) 011 think, that in that Cise, my money bbou'd bo recovered look? All men, we know, would s av that the fault is nut id the median ic he stands read v to fulfil his bargain ; but yon, who now sue biui. have, by your own act, deprived him of the means of i's fulfilment: the blamo is, therefo'O yoiir, and the man should reiain the money. And so vvi;h the hank. She is ready lo pel form vv ha t t he s t nt e r qu ires of her as the pi ice of her right to issuo these notes, when tho Ktnto withdraws from her the means of performance, by withdrawing the fund; nnd then, complaining of her own default, tho stato would urge that by her oi" e.ct tho bank has failed to pay considei ation for the vested privilege. Then, wo have seen, Mr. Speaker, that this hill proposes to treat, ns a nullity, an obligation of tho highest character. To force tho bank to nccept terms she has refused, or to abandon her contract. Wo havo seen that no reason exists for tt. is t hat the people have not atked it; but that on tho contrary thev desire tho small currency, now afford ed, to remain ji tu ng them. We have seen the tieCfS;ijiy which h-ss forced us to adopt such a cur of its impetuous car move on, over a proslrit currency nnd well r.igh prostrate peop'e. Tho fires of f i's- I,--- d and calumny m.rk us track, i while public loftiness find virtue nre made to toti tcr at it r. ro .ch. No'birig connect--d with tho tioblic policy is sofa from its destructive shafts. I) Tn.ogueisni has airi-st wrested the scr-ptru from Patriotism, nnd I ruth lrimbi;i at the oictati .-n of Pos'i n. It ght hearted and right rniu.h d ,r.n fear the overwhelming tempest, a to! but few ' u .h dare io become pihits ur.on the haz ird-uj o-e in. Inr.essar.tiy deceived by its delusions, tho hoaest end correct meaning mass of our peoplu kno v not where or how to loek for fact', fro::. wh.'.th to slnac liicir conduct. And f-ti I! . unapneased and nn,in..romi.iriff. that mint dirhcs L'mdlv i.i,! B -f- re (I i l, I firmly behevp, I hal I most, fir. said I kno-c. lhat unless its waves bo vlVr.l :d that speedily, the Republic will bo i'f.:r-rtci; by r.'l of conservatism, honesty , n ' i-trf-i'is.-n yrt remaining in her counci'. and nirrer. : r d t o a horde of heartless plunderers hi. wot: id ravage, f r th spoils, tht very sepulchre of l.,hrr!r I m.lin these remarks ir. the genera . , j I ,,.d f r this. orr.e men may coil rne a pooiicul trimmer. I rs.s i the r-pmici nti"'ir r hydra u:i---a ail vhu rsfss recklessly und s!avih-

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