Vincennes Gazette, Volume 7, Number 43, Vincennes, Knox County, 24 March 1838 — Page 1

"TKIT1I WITHOUT Fi:AU.' VOLUMC Vil. VLXCEAAES, SATURDAY MORXLVG, 31 ARCH SI, 1S38. NUMBER 43

MR. CLAY'S SPEECH

In the donate, on the lth IVbni.uy, on the Sub-Treasury Hill "establishim-- a deliberate design," on the part ol the Tate ' and present Lxeeutive of the U. States, : nritii! I v,'.ntit'o n 1 1 o 1 si'iiim to break down the whole banking system , of the United Sta cinntuctifijitj wnli the Dank of the United States, and terminating with the State Hank?, un.l to create on their ruins a Government Treasury Hank, under the exclusive control of the Executive; -jii J in reply to the speech of the Hon. J. C. Calhoun, of South Carolina. Mr Ci.av rose and addressed iho as follows: I have seen some public se vice, passed through many troubled times, and often addressed public assemblies, in tli ii Capitol and elsewhere; but never before have I risen in a eleiiben t.- body, under more oppressed feelings, or with a deeper sense of awful responsibility. Never before have I risen to express my opinions upon any public measure, fraught with such tremendous consequences to the welfare and prosperity of the country, and so perilous to the liberties of the people, as I solemnly believe tin; bill under consideration will be. If vou knew, sir, what jdeepless hours reflection upon it has cost 1 me, if you knew with what fervor and sincerity 1 have implored Divine assistance to strengthen and sustain me in my opposition to it, I should have credit with yen, at least tor tho sincerity of my convictions, if I shall be so unfortunate as not to hae your concurrence as to the dangerous character oi the measure. And 1 have thanked m Cod that he has prolonged my life until the preseitt time, to enable me to exert myself in the service of my conn try, against a pi"jct far transcending in pernicious tendency any that 1 have cvir had occasion to consider. 1 thank lam for the health I am permitted to enjoy; I ihank lam for the suit and sweet repose whii a 1 experienced last night, I thank linn lor the origin anil glorious Willi: thines upon this day. It is. not my purpose, at this time. Mr. PreMdeti to go at large into a consideration uf ihe causes which have led to the present iun-t disastrous state ot public affai;.;. That duty was performed bv oilier-, and myself, at the extra session ot Colo It was then clearly shown that u sprung trom the tl -advised and un fortunate measures oi exeeuuve administration. I now will content myself w ith sivitif that, o:i the lib day of .March, 1 K2U. V.-.drew Jackson, iioi by the blessin" oi lit CI, was made rie.MtJe'nt of ttiese Cr.rc 1 fiiiiti'iii! was s v. as ever that ill! country then was currency pro-if r Oils that its una aim sale as any that a prop a messed wit:i; tuat, throughout the wi le extent of this whole Union it po-sfc.s. icu a uiiiion.i value, ami that extatics were e.vuhtete.l with such regi! lari'y and perfection, that funds could b, tiansual'ed l':oin one exire.nity of tin Cuirui o o'lier. with the 1 lu this CUeo, b-isiae.-s, of thc several years, ist pflss.l.C. ragmg (n ncsuirry, it instil afiti risk or loss dr.i.m of the l entJic.ed I.' the vtr, late Hank of intoriiV W:i"i'i waged against the the I'm 1 States, w as eo:n- ! V -il"C--tV, 1 y the overthrow ot that

-r nv.-ii .!:

institution. WJi.it our present ait,j.iti-':i is. it is as needless to describe -vs it is painful to contemplate. First fill in .;,ir givat commercial marts, distress and en1) u ra-siueiit have penetrated in the interior, and how pervade almost the entire Union. It has been justly remarked by one of the soundest and most practical writers that I have had occasion to con sult, that "-ill convulsions in the euriiilatioa and eoar.ii'Tco of every country must TigiaiUe in the opeiations of the Government, or in the mistaken views and erro--.e.'.us measures of those possessing the Miv.-cr oi influencing credit and circulation; tor t'aev are not otherw ise susceptible of convulsion, and if left to themselves, they vvi-i Jind th-irowit level, and llow nearly i. one nr. if nn stream."' Yes, Mr. President, we all have but too melancholy a consciousness of the tinhappy condition of our country. We all too well know, thai our noble and gallant shio lies helpless and immoveable upon breakers, dismasted, the surge beating over her venerable sidcs, and the crew threatened with instantaneous destruction. llow came sue there. v. no was the pi1 Jt at the helm when she stranded.' The parly ill power! The pilot was aided by id the science and skill, by all the charts and instruments of such distinguished navigators as Washington, the Adams;;. Jefferson, Madison, and Munroe; and ve lie uiu not. or couia not, save the vessel. She was placed in her present tr.Uerabh ron-nurm iy ins mingling navigation, or by his want of skill and judgement. It is impossible for him to escape from one or the otaer born of that dilemma. I leave Iran at liberty to choose between them i -1 . ..ii i f ik -i l snau euueavor, ,nr. i resident, m the course of the address I am about makinsf. to establish certain propositions, which 1 believe to be incontestable; and, for the sake of perspicuity, I w ill st ite them severally to the Senate I sha.l convend 1st. That it was the deliberate purpose and fixed design of the late administration to establish a Government bank a Treasury bank to be administered and controlled bv the executive department. '1. That with that view, and to that

, end, 't was its ami anil intention to over-

Uimvv G " hoiH banking system, as ox . ..... isfdig m the United Mates, when tiiat ;ui ministration came int Wllh thc ,J;ink of tho into power beginning i-..:. . i v.. j v i w i iiiu uaiiK 1)1 uiu riintu i-iiuic!, uiiu cll;l111? vvllli c "amis. 3d. That the attack was first confuted from considerations of policy, to the ! Hank of the 1 nurd States, but that after ' its overthrow was accomplished, it was Men directed, and has since been continu ed, against the State banks. Itli. That tie; present administration, by its acknowledgments, cmenating from the big-best and most authentic source, has succeeded to the principles, plans, and policy, of the preceding administration, and stands solemnly pledged to complete and perfect them. And, 5ih. That fae bill under consideration is intended to execute the pledge, by establishing upon the ruins of the late Hank of the I'nited States, and the State banks, a Government bank, to be managed and controlled by tho Treasury Department, acting under the commands of the President of the I'nited States. I believe, solemnly believe, the truth ot every one of these live propositions. In the support of them, I shall r-'-v llVoa ail' gratuitous surmises or vSe conjectures, but upon proofs, clear, positive, undeniable and demonstrative. To establish the tirst four, I shall adduce evidence of the highest possible authenticity, or facts admitted or undeniable, and fair reasoning founded on them. And to the last, the measure under consideration, I think the testimony, intrinsic and extrinsic, on which I depend, stamps, be yond all itouln, iu true character as a Government bank, and ought to curry to the mind of the Senate the conviction which I entertain, and in w hich I feel perfectly confident the whole country will share. 1. My fust proposition is, that it was the deliberate purpose and fixed design ot thc late administration to establi isti a Government bank a Treasury Hank to be administered and controlled by the exeeuuve Department. To establish its truth, the first proof w hich I offer is the followinj extract from President Jackson's annual message of December, lS'Jlh The charier of the Hank of the United States expires in lS3ti, and its stockholders will most probably apply fur a renewal of their pm ilexes. In order to avoid the evils resulting from precipitancy, in a measure involving such important principles, and such deep pecuniary interests, I leel that 1 cannot, injustice to the parties interested, too noon present it to the consideration of thc Legislature and the peopla. Hoih the constitutionality and the expediency of the law creating this bank are .'' jiirit:ui-U lj a Lire p.irti.tn of uitr ftiwc citizen: and it must be a Lnitte.d inj nil that it ha.-failed in the great end ot establ.saing a uniform and sound currency. ' nder there circumstance-', if sta-1 -! institution is deemed essential to tin tiscul operations ol the Government, xu mi! to I 'it ivitdoia of Ihe L iWattrr. w hether a national one; founded upon the credit of the Government and its revenues. might not be devised, which would avoid all constitutional difficulties. :d al the same tim?, secure all the advantages to the Government and the country tiiat were expected to result from the present bank."' This w;u the tirst open declaration of that implacable war against the late Hank of the I'nited States which was afterwards waged with so much ferocity. It was the sound of the distant bugle, to collect to- . t . .-, - . I . a : 1 i , eeuiui me uisporseu ana scattered forces. and prepare lor battle. The country saw with surprise the statement that "the constitutionality atul expediency of the law creating tins bank ai well questioned ty a large portion of our fellow citi zens, when, m truth and in fact, it was well known that but levy then doubted the onatiuaion.dity, and none the expediency ot it. Ami the assertion excite; much surprise, that '"it must be ti linittc l lu that it has failed in the great end oi' tslishinrr a uniform and sound currency." In this message, too, whilst a doubt is intimated as to the utility of such an institution, President Jackson clearly fa.-a discloses his object to establish a national one, founded upon the credit of the Gov ernment and its revenues. His lantruaire is pcriectly plain and unequivocal. Such a bank,tounded upon tae credit of the Gov ernment and its revenues, would secure all the advantages to the Government and the country, be tells us, that were expected to result from the present bank. In his annual message of the ensuinir year, the Lite President says: "The im portanec of the principles involved in the inquiry, whether it will he pioper to recharter the Hank ol the United States, requires that I shall again call the attention of Congress to the subject. Nothing has occurred to lessen, in anv degree the dan:ers w lucti many ol our citizens anprebend lrom tl arptivazrd. In the spirit of improve u.t nt and compromise w hich distinguishes our country and its institutions, it becomes us to inquire irlrthi r it be not j )isililr tj secure the arfvunfuprr offered In thc present bank through the (tgtnr, of ,, fiaiik tf the I'm'liJ State, so utmliicd in its prinripUs as to obviate constitutional and other objections. "It is thought practicable to organize such a bank, with the necessarv olHccrs.

u.s a brancli of the Treasury JJeptirtacnt, based on the public and individual deposites, without power to make loans, or purchase property, which shall remit the funds of Government; and the expense of which may be paid, if thought advisable, by allowing its otlieers to sell I ills if fxchui)n, to private individuals, at a moderate premium. Not being a corporate body, having no stockholders, debtors, and property, and but few otlieers, il would not be obnoxious to the constitu

tional objections which are urged against thc present bank; and having no means to operate on the hopes, (ears, or interests of larire masses of the community, it would be shorn of the influence which makes the bank formidable." In this message, President Jackson, af ter again adverting to the imaginary dangers of a Hank of the I'nited States, reurs to his favorite project, and inquires 'whether it be not possible to secure the , ,s- i , t I T . advantages ottered bv the present iianiv, hrough the agency of a Hank of the Uni ted Sta'es, so modified in its principles aid structure as to obviate constitutional mil other objections." And to dispell all doubts of the timid, and to confirm the wavering, he declares that it is though' racticable to organize such a bank, with the necessary otiieers, as a branch ol the I'reasury Department. As a branch of he Treasury Department! The very scheme now under consideration. And, to defray the expenses of such an anomaius institution, he suggests that the of ficers of the Treasury Department may turn bankers and brokers, and sell bills ol xchange to private individuals at a mode rate premium! In las annual message of the year 1 S3 1 , upon this subject, he was brief and some what covered in liis expressions. Hut the fixed purpose which he entertained is suficirdy disclosed to the attentive reader. He announces that, 'entertaining the opin ions heretofore expi essed in relation to the Hank of the I'nited States, as at present organized, I felt it my duty in my for mer messages, trankly to disclose them, in order that the attention of the Legislature and the people should be seasonably arreted to that important subject, and that it Plight be considered, and finally disposed oi, in a manner best eaeulated to promote the ends of the constitution, and subserve the public interests. U hat were the opinions '-heretofore" expressed we have clearly seen. They were adverse to ihe Hank of the I'niteu States, as at present organized, that is to say, an organization with anv independent corporate Government: and in favor of a national bank which should '-e so constituted as to be subject to exclusive executive control. At the session ot IS.il, the ques tion of the recharter of the Hank of toe i nitei! Spates came up; and rainouii the attention of Congress and the country had been repeatedly ami deliberately hetore i n l'.ed to the consideration ol it ly rresidciit Jackson himselt, the agitation oi it was now declared by him and his partisans to be precipitate and premature. Nevertheless, the n try and I ongress. D.iirinus oi tae vuiue oi a sate ana sound uniform currency, conscious that such a currency had been eminently supplied bv c Lank of the United States, and un moved by all the outcry raised against that admirable institution, the recharter com manded large majorities in both Houses of Congress. Pat illy for the interests of this country, the stem self-will of Gene ral Jackson prompted him to risk every thboj -upon its overthrow. Gil the 10th of July, the bill was returned with his veto; from which the following extract is submitted to the attentive consideration of the Senate: ' A Bank of the United States, in manv respects, convenient for the Government and useful to the people. Jaitertnining this opinion, anil deeply impressed with the belief that some of the poweis and privileges possessed by the existing bank are authorized by the constitution, subversive of the rights of the States, and dangcrous to the liberties of the people, I felt it my duty, at an early period of iny rfduiaiistralion, to call the attention of ('ongress to the practicability of organizing an institution, combining ail its advantages, and obviating all these objections. I sincerely regret that, in the act before me, I can perceive none of these modifications of the bank charter" which are necessary, in my opinion, to make it compatible with justice, with sound policy, or with the constitution of our country." "That a Hank of the United Slates, competent to all the duties which may be required by Government, might be so or ganized as not to infringe upon our ow n delegated powers, or the reserved rights of the States. I do not entertain a doubt. Had the Gxeoutive been called upon to tnrnish the project of such an institution the duty would have been cheerfully per formed. In the absence of such a call it is obviously proper that he should con line himself to pointing out those promi nent ieatturcs in the act prcsentei which, in his opinion, make it incom patible witn the constitution and soutid policy." President Jackson admits, in the rita tion which has jnst been made, that a Uank of ihe united States is, in many respects, convenient for the Government; anu reminds Congress that he had, at an

early period of his administration, called its attention to the practicability of so organizing such an institution as to secure all its advantages, without the defects of the existing bank. It is perfectly manifest that he alludes to his previous recommendations of a Government a Treasury bank. In the same message he tells Congress, that if he had been called upon to funxiah Ihe project of such an institution, the duty would have been cheerfully performed. Thus it appears that lie had

not only settled in his mind the general principle, but had adjusted the details of a Government bank, to be subjected to executive control; and Congress is even chided for noi calling upon him to prevent them. The bill now under consideration, beyond all controversy, is the very project which be bad in view, and is to consumate the work which he began. I think, Mr. President, that you must now concur with me in considering the first proposition as fully maintained. I pass to the second and third, which, on account of their intimate connection, I will con sider together. ' Til. ltif l-in,,.- .-f Oiln!,!!i!iinr a Government bank, it was the settled aim ana intention ol the hue administra tion to overthrow the whole banking system of the United States, as existing in the United States, when that administra tion came into power, beginning with the Hank of the United States and ending with the State banks. .'. That the attack was first confined from considerations of policy, to the bank of the I'nited States; hut that after its overthrow was accomplished, it was then directed, and has since been continued, against the State banks. We are not bound to inquire into the motives of President Jackson for desiring to subvert the established monetary and financial system which he found in operation: and vet some examination into those which probably intluenced his mind is not without utility. These arc to be found in I: is peculiar constitution anil character. His egotism and vanity prompted him to subject every thing to his w ill; to change, to remould, and retouch, every thing. Hence the proscription which characterized his administration, the universal expulsion from office, at home and abroad, of all who were not devoted to him. and the attempt, to render the U.xecutive department of Government, to use a favorite expression of his own, a complete "unit." Hence bis seizure of the public deposites in the Hank of the United States, and, his desire to unite the purse with the sword. Hence his attack upon all the systems of policy which he found in practical operation: on that of internal improvement, and on that of the protection of natio ail industry. He was animated by the same sort of ambition w hich indueed the master-mind of the age Napoleon Honaparte, to impress his name upon every thing in l'rance. When I was in Pans, the sculptors were busily engaged in chiseling out the famous N., so odious to the Bourbon line, which bad I, ecu s.j conspicuously carved on the i r.iinpaiace oi tnc i marries, and on oilier public edifices, and monuments in thc proud capital of l'rance. When, .Mr. President, shall wc see effaced all traces of the ravages committed bv the administration of Andrew Jackson! Society has been uprooted, virtue punished, vice rewarded, and talents and intellectual endowments despised; brutality, vulgarism, and loco-focoUm upheld, cherished coun tenanced. Ages will roll around before the moral and political ravages wide! nave oeen commiiieu w ia. i lear, cea-c to be diseernable. General Jarksm's amition was to make his administration an ra in the history of the American Gov ernment, and lie has accomplished that object of his ambition: but I trust that it w ill be an era to be shunned as sad anil ameutuble, and not followed and imitated as supplying sound maxims and principles of administration. I have heard his hostility to banks as cribed to some collision wnieli lie Had with one of them, during the late war at the city of New Orleans; and it is possible that may have had some influence upon his mind. The immediate cause more piobably, -was the retusal oi that perverse ami unaccommodating gentleman, Nick Hiddle, to turn out of the office of President of tho New Hampshire branch of the Hank of the United States at the instance of his excellency Isaac Hill, in the summer of 1 that giant like person, Jeremiah Mason giant in body, and giant in mind. War and strife, endless war and strife, personal or national, foreign or domestic, were the aliment of the late President's existence. War against the bank, war against Prance, and strife raid contention with a countless number of individuals. The wars with lllaek Hawk and the Srminoles were scarcely a luncheon fo.- his vorai ions appetite. And lie made his exit from public life denouncing war and vengeance against Mexico and the state banks. "My acquaintance with that extraordinary man commenced in this city, in the fall of 115 or 1 S I 0. It was short, but highly respectful, and mutually cordial. 1 hr.hf.hl in him the gallant and sueeesstul general , who bv the glorious victory of New Orleans, bad honorably clostd th second war of our independence, and I puid him the homage due to that eminent

service. A lew years alter, it became my painful duty to animadvert, in the House of Representatives, with the independence which belongs to the representative character, upon some of

bis proceedinirs in the conduct of the Seminole war, which I thought illegal and contrary to the constitution and the law of nations. A non-intercourse be tween us ensued, which continued until the fall of LV1, when, lie being a mem ber of the Senate, an accommodation be tween us was sought to be brought about by the principal part of the delegation horn liis own Stale. Uor that purpose, we were invited to dine with them at Clax ton's boarding-house, on Capitol hill, where my venerable friend from Tennes see j Mr. Wjiitk and liis colleague on the Spanisli commission, were both present. "I retired earfy from dinner, and was followed to the door by General Jackson and the present minister of the United States at the court of Madrid. Thoy pressed me earnestly to take a seat with them in their carriage. My faithful servant and friend, Charles, was standing at the door, waiting for me, with my own. I yielded to their urgent politeness, directed Charles to follow with my carriage, and they set me down at my ow n door. We afterwards frequently met, with mutual respect and cordiality; dined several times togethe r, and reciprocated the hospitality oi our respective uuarters. I his inenclv intercourse continued until the election, in the Houso of Representatives, of a President of the United States come on in Pebruaty, 1S-J3. I gave the vote which, in the contingency that happened, I told my colleague, Mr. Crittenden who sits before me, prior to my departure from Kentucky, in November, Iho I, told others, that I should give. We have never since, except once, exchanged salutations, nor met except on occasions when we were performing the last offices toward deceased members of ("ongress or other officers of Government. Immediately after my vote, a rancorous war was commenced against me, and all the barking dogs let loose upon me. I shall not trace it during its ten years' bitter continuance. Hut 1 thank my God that I stand here, firm and erect, unbent, unbroken, unsubdued, unawed, ready to denounce the mischievous measures of his administration, and ready to denounce this, its le gitimate offspring, the most pernicious of them all. His administration consisted of a succession of astounding measures, which fell on the public ear like repeated bursts of loud and appalling thunder. Hefore the reverberations of one peal had ceased, another came, louder and louder, and more ter.ilying. Or rather, it was like a volcanic mountain, emitting frightful eruptions of burning lava. Hefore one was cold and crusted; before the voice of the inhabitants of buried villages and cities were flushed in eternal silence, another more desolating, was vomited forth, extending wider and wider the circle of death and destruction. Mr. President, this is no unnecessary digression. The personal character of such a chief as 1 have been his passions, liis propensities. describing, the charac ter of bis mind, should be all thoroughly studied, to comprehend clearly his measures and liis administration. Hut I will now proceed to more direct and strict proofs of my second and third propositions. That he was resolved to break down the bank of the United States, is proven by the same citations from his messages which I have made, to exhibit his purpose to establish a 'I'reasury bank, is proven by his veto message, and bv the r -. . t .i . i i t . t iaci inai lie ma destroy it. 1 he war against al! other banks was not originally announced, because he wished the Stale banks to be auxiliaries in ot enhrowing the Hank of the United States, and because such an annunciation would have been too rash and shocking upon the people oi the I mtf d States lor ever; his trrmeu duns lnlluence. It was necessary to proceed in the work with caution anil to begin with tkat institution against which could he embodied the greatest amount of prejudice. The refusal to i echai ter the bank of the United States was followed by a determination to remove from its custody th? public money of the United States. I hat d; 'termination was first whispered in this place, denied, again intimated, anil finally in September, ls.'i-'i, executed. The agitation of the American public which ensued, the warm and animated discussions in the country and in Congress, to which that unconstitutional measure gave rise, arc all fresh in eur recollection. It was necessary to quiet the public m and to reconcile the peo pie to w hat bad been (lone, belore President Jackson seriously entered upon his new career of hostility to the state banks. At the commencement of the session of Congress in 1HU3, he imcgined a sufficient calm had been produced, and, iu his annual message of that year the war upon the State banks was opened, in that message he says: It seems due to the fafety of the public funds remaining in that bank, and to the honor of the American people, that measures be taken to seprrnte the Government entirely from an institution so mischievous to the prosperity, and so regardless of ihe Constitution and laws.

ny traiisleirin the public deposites, by appointing other pension agents, as far a it had the power, by ordering the discontinuance of the receipt of bank cheakt in payment of thc public dues after the first dsv of January next, the Executive lia

exerted all its lawful authority to sever tho connection between the Government and tliis faithless corporation." In this quotation il will be seen that the first trerme is contained of that separation and divorce of the Government from the banks, which has recently made such a conspicuous figure. It relates, it is true to the late Hank of the United States, and he speaks of separating and severing the connection between the Government and that institution. Hut the idea, once developed, was easily susceptible of appli cation to all banking institutions. In ths message of the succeeding year, hi meditated attack upon the State Banks is more distinctly disclosed. Speaking of a sound currency, he says: "In considering the means of obtaining so important an end, that is, a sound cur rency 1 we must set aside all calculations of temporary convenience, and be influenced by those only that are in harmony with the true character and purmanent in terests of the Republic. We must recur to first principles, and see what it is that has prevented the legislation of Congress and thc States on the subject of currency from satisfying the public expectation and realizing results corresponding to thoso which have attended the action of our sys tem when truly consistent with the great principles of equality upon which it rests. and w ith that spirit of forbearance and mutual concession and generous patriotism w hich was originally, and must ever continue to be, the vital element of our Union. "On this subject, I am sure that I can not be mistaken in ascribing our want of success to the undue countenance which has been afforded te the spirit of monopo ly. All the serious dangers which our system has yet encountered may be traced, to the resort to implied pnwers, Vni theuse ofeorporations clothed wiih privileges, the effect of which is to advance the inter ests of the few at the expense of the many. We have felt lui one cla.ii of these dan gers, exhibited in the contest waged by the Hank of the United Stales against the Government for the hst four years. Happily they have been obviated for the pres ent by the indignant resistance of the Peo ple, but we should recollect that the prin ciple whence they sprang is an ever-active one, which will not fail to renew its efforts in the same and in other forms, so long as ther is a hope of success, founded either oil the inattention of the People, or on the treachery of their representatives to the subtle progress of its influence." "We are now to see wheth er, in the pre sent favorable condition of th country, we cannot take an effectual stand against this spirit of monopoly, and practically prove in respect to the currency. as well as oilier important interests, that there is no necessity for so extensive a resort to it as that which has been heretofore practised." "It has been seen that with out the agency of a great moneyed ninopoiy the revenue can be collected, and conveniently and saftly applied to all the purposes oi the puoiic expeiu'.i.ure. It i also ascertained that, instead of being necessarily made to promote the evils of an unchecked paper system, the management of the revenue can be made auxiliary to the reform which theJLegislatures of several of the States have already commenced in regaid to the suppression of mall bills and which has only to be foste red by proper regulations on the part of t ongress, to secure a practical return, ta the extent required for the security of tho currency, to ihe constitutional medium." As in the instance of the attack upon the Hank of the United States, the approach to the State banks is slow, cautious, and insidious. He reminds Congress and the country that all calculations of temporary convenience must 'bo set aside: that wa must recur to first principles; and that w must see what it is that has prevented the legislation of Congress and the staten on the subject of the currency from satis-, lying public expectation. lie declares his conviction that the want of success has proreedej from the undue countenance which has been afforded to the spirit of monopoly. All the serious dangers which our system has yet encountered may be tra.-f d to the resort to implied power, anil to the use rf corporations. We have felt, he says, but one class of these dangers in the contest with the Hank of the I'nited States, and he clearly intimates that the other clas is the Slates banks. We are now to see, the proceeds, w hether in the present favorable condition of the country, we cannot take an effectual stand against this fpirit of monopoly. Reverting to his favorite scheme of a Government bank, he says it is ascertained that, instead of being made necessary to promote the evils of an unchecked paper system, the management of the revenue can be made auxiliary to the reform which he is desirous to introduce. The designs of president Jackson, against the State banks are more fully developed and enlarged upon in his annual message of 1 S-lfi, frum which I beg leave to quote the following passages: "I beo- leave to call your attention to

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