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ON IUS MUTION
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HE REPORT OF T1
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REMOV L OF THE DEPOSITES .
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OF TENNESSEE.
I
HOU3E OF REPRESENTATIVES.
been to sliBe aU inquiry by an investigating comM OND AY, D e c. 3 , 18"3 .
mittee of this I- Ollse, both into tl'l e truth of the,
The House proce eded to con 'rder the motion fa t5 sta.ted by the Secr tary ofth Treasury, and
of loll'. POLK. to re-commit to the C o mmittee of l aho. into the truth of the charges made agains
Way a.nd ~ eans the ]. port of th e S cc l'etary of he 1 ank b y the 0\' 1"111n nt .Direc~ors. a majo~
the Trea. ury on th e remoV!ll of th e depfJ ites tf) _1 ty of lhis ll o lJse, IIp n full wscus Ion and con 1gether with the foll o \ ln g in<;tructio llS to the c m- del'. tion, by heir otes, detcl'mined to take the
mittee, mov d by A ll' • • lcnUFFlE:
subject out of the Committee of the Whole on the
., ~ 0
rep ort a joint 1 e lUlion providing that S teof the Ilion, nnd bl'ing it into t.b 1I0llse, for
the Pu b lic R t:venue h r e., ft ~ l· collected. be d po. the nvow d pdJ'PO <:! of committing it also to the
sited in the B~nk of the UJl ite d States, in eonf"ol'- sam e investigatll1g committ e of the House , to
mity with the public faith p1edge d in th e charter which the two mC'mori~l.ls of tJ
Bank nn.d the Goof the said B:mk."
cl"JIment Dire ctors had been committed.
A moHr. POLK. ofT nn . , aid, in entering upon the tion to thnt cH"ect i m~cl • and th.ough th e sense
discus:;jon of this gre nt subj ect, he b e~ged to he ofth lI ou e h d b een. thrice express d, the genpermitted to remind the HOllSC of the pr ~ent ~ t1 mnn from. ollth 'arolintl. sub mits, (a.,> he is p er·
state of the q e ion) nnd of the manner in which mitt d to do by the rules of h e Hou se, and Parits consideration b!}(l, in hi judgment, b en thus . lia.mentar u age, ) hi s proposition of instructions
prem;.turely forced upon the H an . Th S
to t h
' om mi ttee , to r e port R bill to r storc the
cretary of the Tre
r , aid Mr. P . , has r mo\'"- depositcs;" hich, if ca.rried, p 'eclude all inves' ied th c public depo i~e, In the l etter now b fo r e galion, by 3. Committ e ,
nd thus, against the
us, be has commnnicat d hi reasons for the net. expressecl will of a majority of the House -soThe Bank of the
lut ed State ha sent to this l l elnnl Y pronouncecl--opt"ns the ·w hole di cussion.
Hou its m e morial. omplalning of the act of the
The gentleman pl"OpO e s, by a p remp tory 01'Secreta.l'Y. and askin
a r storation of the depo- d el', in the f.'lC of the charge brought against the •
sites. That memorial, by the vote of n majOl-i.ty of l 'auk, to instruct a committee · oft ~_s Housc to
this House, has, upon fllll onsideration, b en briJ ~ in a bill to reeto 'e the deposites, :lIld thus t?
committe d to a committee of th is Hou e for inv sJ pl'e-j uclg;c the qu ' tion, and pre ent 3011 exanutigation :l.l1.d r e port. :rhe Go e rnm e nt Director nation in to their truth or false hood. I must ?e
of the Bank of the UOlted 9tates--offi e er pbced permitted to say_ sir. (tou e the language of a dis·
in the Bl\nk as the publi
entinels of th e public ti ngui h e d g-e ntl cman in the other nd of thc CIlinterests-ha e nl~o ent hel'e th ir memori al, l>itol, )that {eonsid 1" this as u flight, on the pal·t of
maki.ng grave cha~es again ..t th e B ank; harg-es the B nk and its friends, fl'o:n the light of t.ruth.
ofmulpracticcs in tJ1.c administra ion of the Bank; Th differenc between us is thj : the Secretary
charges of the corrup u e of the public moneys of th e Treasu ry, an those who sustrun him here,
nt.r\.~9tcd to its kee pin g; and
harges. if true. sIn-ink from no crutiny, ho-.; ever s v~re. but, on
amollnting to 1\ clear foJ"f~ iture, no t only f the the con ary. invite it; the y invitc it Wl~ II pc:rfeet
public confide ne • but of the h arter itself. T '
onlld nee that v e r'Y fact a.bled by hun waU be
mcJ1'lol"i al, too. h.a.s, up on full onsidcl'ation, b n sustained by p r of; in ont stlblc. 'Vh..'l.t 1w"e w nt
committed b a larf.fe majot-ity of t.h.j., House . to is:\ tho1'oul;h sifting investigation of n comm'ttce of
the same committ e (01" investigation.. Th l e tter this House.
ol t.Ae Secr t..'U"Y of the Tl'en!'UI'Y, now b e fore u s,
The friends of" the Dank S:lY no: oh! no! w e
W3.S by m isapP l'eh ns' on o f the obj ect of th mo- cannot h ave a committ e to investigate and report
ver: p e rmitted, in the fi rst ins nee 0 go to th the f."l.cls; we choose to force tll.is discus ion on
ComJllitt e of the ,"V hoI
110u e on ~e stD..te or noW', ;vhcn each ~en Uem!l]l may by bold :l erthe UI.'ion;. but
soon, p.s it ~'a mder. tood ~ tion .
~ume II h f:lct as m . y suit his ~aste, or a~
be th e antentll!n of the frlcnds of the Bank: to dl • swer hiS purpos best. I am n<)t aUaberty to a
CU~II the subJ ct at once in Committ e of the tribute motive for this xtraordi na ; y proc eedin •
"'\Vhole. the effect. of which n)u t neccssmily h. vc 1-<1"0"1 0 do SO.; bu.t it is e asy to conceive thC\t it ma.y
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be deemed important, before any invesrtigation by a
committee can be had, to send out spe ches to the
country, cbarging the Secretaty with mi repr entation and falsehoo 1 in order to break the forcc
of the Secretal'Y~ letter upon thc public mind.
1~ may be deemed importan to' infh.1 . , by cliscu Blon here, the public I.ind and add '0 th t panl
wl?i~h h.as been de cribed
us a exten ivel. pre.
vaillng III the eommcl'ci"l citic
anu thu to aid
the tremendous power of thc Dank of the United
States in n"l king the Statc B.tnks in its vicir;Uty,
the commercial' community, and all under its cen·
trol, petitien C ogres for a restoration of th dePO'sites, with ci. hope to alarm the Representath-cs
of the people, and, if pess ble. in uce th m in the
panic of t h
mmncnt to do that which their sober
judgmcnL<i would no approYc. -' l'C we hildrcn
sir? De we not all und l'stand wha t i gain on
out of this HOll. e to produc alarm ",;th.in i ~ But
't is said We m tst haye 51)ecdy action. an~ therefDre, we 'In 1St ha'\'e immediate discussiDn. And is
tllis the mode of arri'i"ing cither at a s~ . rac ory or
speedy decis:oll. of the question? It i cDntrary to
ow' whole xp r:' nce 'n tb proce dings Df this
body.
To ceme to a. satisfactDry and speedy result, :'l committee hould present ~Ln th fac . and
pre ent some tnngible ruld definite propo ition .
J3u t no, nOLhing but eli. cu s'on, und disc~ion now,
to'
;
will&.
.
One Gther preliminary r e mark, ,\fro P. suicL ) e
woul(i ma.ke b efore preceeding to the m:Jlrl que tion.
,\>Vb,en the Pl'C"jou . Question wa demand·
ed, the other day, upon a. pr limjna.ry que tiOD
c nne ctcd with tlli subject, not ...vith the vi ew to
prevent. ultilTlat..e discus ion, but to d la.y it ntH
aft r an investigation and r pDrt ef a comlllittee
had been mad , gcntlcm n asked. ])0 veu wi h t
gag u? Do you wish to prevent ~ dj~cussiDn.?
The e questiO'ns ... ere asked by :entlernen ,dlO e
n.a.lll s are record d on :'lour joul·nals. t the S sSlon b fore thc last. in f: vol' of 'forcing twice in
the S:.lmc day" by th.e applica ion of th Pre~'iDu
Question, the pa. age of the bill rechartering the
Ban k. of the nited States. The gentl m.'ln :from
Pennsylvania [Mr, Denny] and the gentl'man
frDUl SDulh C 1'0lina [Mr. McDuffie]
e alllDnothDse whose nalnes are found r corded in fi VOl' ef
the "Previo IS ucstion H On that occasion.
Th:\.t.
too~ was Ule final actiDn of the lIon _ uPO'n the
subj ('ct. ltnd tho e whO' w~' opposed to thc p ::t. ,
sa.ge of the bill wer not pCT'mitt d to open tl~ ir
moutJ against it. On othcr questions, also, Mr.
P. said. when th Bank had a m:ljorlty in the
House , the fl'iClld of the Dank had no
rupl s
'n resorting fre e l. to the Previous Qu e tion, or
questiDns of like import. such a p eelude d uismISSion, as in the en. e of th bill r pOl' d £ T th
sale of' the GUl"ernm nt stock in th Bunk of the
nited . tates, reject d n i fir-t l' ding. And
when th::- cel br. ted l ' olution, declaring- th~ t the
publi d POffilcs were safe in the B:Lrtk of the
United St:~te9; was bcfO[' thi Hou
the Pre iou
Qnes·ion w
mD oed. The
ntlemtUl who moved
it was asked to withclr w it, and I e r fu eu 0 dO'
co.
A g ntl ' mal"l cnt r :lin ing simil::..r ,je :\.' - "itb
him self c n 'rlling the B:mk, the n ask (1 him to'
withdr w it; nn e , on an
u rance that he rould
'\{ new t]ic motion before be sat dO'\1n, that indul-
,
to
gence was reluctantly granted
him . . Yet, ..
w e are charged no ,~th a desire ~o a Old ~c
sion! The charge annDt e su tamed. It IS
true, ir. "\ 'e de ire
iftin 7' developement
the ::Uf~t"S of the B
k, terminate u it may.
e '
a full exrunin tiOIl of all the clL.'U'ges
ag. inst it, '\>" c nre ready for a full discussi
when ,,- r we hall h . n r e port from the Com
t ee On thc ubject.
But 1 ma.in s i n tl,tat th~ iD.I' etion ;..-luch it i s n W pl'OpO ed to glve 1:.0 the
Cemmittee in adl-:.ulce. is one that ought only to
be given. if" 3...t all after full xamil1ation.
FDr ced as he, and those " ith' hom he acted.
,,-ere, p elll tut'e ly into thi - di cu sion.
r. P.
said, h. u ted h e should be pardonerl for octupying the time Df the House in answ ling a Ceow oE
the argum en
of the gentlem:l.n who h3.d intradue d thj r:li u i n.
If d e l. y be th
consequence-if ruin b e the on c que nee, said 1'.11', P. •
the respoll 'biLit re
nDt upon us; and if it would
be 0.110' 'ed s n o w to take:l. ote upon tile qu~
. on I -oul r ume my seat, and let the qu stioft
be U -cn.
know not. sir, how thi discull8lOD
may re ult. Its protot ·pe. moved by the ~ntle- -.
lnan from l"'entucky. the mOYer . . ,,·as
.
allowed to
hang a pe ech upon, and then it was withcb-awn.
, hether this p opo ition i to take tlle
me
cour e, . iI', I have no mcan of knomnga-event v.r • 1 ho
::
The gcn leman from South Carelina. (said r.
P.) op ned l"li argument by ~suming that
public d po it s had been unlawfull 7 r IDOVed"':'
from the B. nk of thc - nite d tate; that the Pre. len is, bv reason th reof, an usurp r t and a tyTlt; and h~ infDrnled us, that thi
w
the grea
constitutional qu.e tion " ' C were about to exaJDiDe·
~et, Sir, th
entlcm:tn did nDt think it proper to
furni 'b u ,,'th any of the argum nts by ""'hich he
Inaintains tll se prDposition but
erned to regard.
th.eIn:.a5 5 If-eYlde nt, It is true, the gentlem.......
w
unme:: ured in th e violence of hischargea •
g-ain t the Pre sident. IT e told llS that he had t:raI&
pled the CDn titution in the dust; and he seem
to be a much enraged on the Dccasion as the
utch bully he spoke of ,,- a.s with the lotk..,.
wheel, :ind readY to strike the administration in_
3
C< TTLU lur ; an:( with about as much reason.
The
poli ical '\vh 1 had Df hte turned Dut badly, perhap . for th g ntleman and hi. political .friends.
But lf, per hance, 1t took anothrr turn' If' a star
hDul be in the sse ndant from a new quro-te!", if'
hold d < , . - the high po 'tical prize, in a. word, hy:.
t.hell~ sir, it "'",0 tId b C as fair a thing as e,-er
,.
It IS asy; 511', to' 3y hard thin • or to u.ke
~ar ' ~ harg
agaip an' public functi~l1ary. •
1 - f Drtun ate. hO'~ e~·er. for th
pr ent Chief Laprate of 1 country, that llis c hat' cter is placed at
S'I hal e l "un o n tho t it r e quires·no aid from the
epresent 'yes of the p e ople n this floor to.uat. in it ' ben as ail d . H is :l.bove the reach apd
power o f ::my re n :u-ks I'll de here. _~" hole life de' -0 d to' ~i - CDun . -' .
r\·iec. j his best shield ••
gain t assaul S ll!>on hi publi c Ch:.ll·actel·. made
itl: '1' her
r
:i w her
u t • _lx-. it j ,aj 1 tha tIl Pre .iclcnt is.
usurpCI' t nel a tv ant, for h \ ill." 1'Cmo,' t1 f)'om office
the 1 te . ci-e 'cry Df th e T1.· asu~r . TJ'
m(;ut 'upp oses thnt t he Sc l' tary of the Tr aul"f
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idcred to hold their officcs at plc3sure.
If it
w re not so, indccc4 who. t ·w ould be the Consequence? If tIl
crct:l.r of th Tr aSIJrv could
b lllad in I p nelcn
f the Pr id. . nt., still there
n list b ' a po,'- .1' sam wherc to l'ctnov 11:1n. lfnot,
lntL t hold hi~ oflice dl1ri 19 lif.. W lich J ha c
air ' aeiy _how 11 J is in on ist 1t " ith the Constitution_
T1
H .d
nt's
f Dea.rld l'e-
•
en ad 5 the whole
tlle big-be t possiaU the CA:eclltive
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a?-ing- sOl~e other passa.ge .. from tbc
III r tabon
l' and elsewhere
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amine one or
9
exercised without obj eetion from the very £ound~- be ab.l e to show you th~t from the d~ys b£ Hamiltion of the Governm nt to th present hour. The ton till now, as well before as since the e lla.ctpow6r is exercised limIe r bis 'csp ousibility to the ment of the bank charter, the power of fixin the
countI.y. It is not to b e c- l'cised c apriclou Iy p lace or the public d e posites ha.. been claimed by
though i may be Wi.Ul0 t the a signment of any all the ec 'etnrjes of the Treasury, and n ver has
re~on.
If it is !\obused, the corrective is ' found been considered dther by CongoI' -55, by the bank
in the fiu:.t t11at the ;,Executi't'"e po"\,,.-er reuu'u
"cIT or by the, people" ~l.9, any .vio~!ltion of right.. 0;'
TOlU' Y :\l'S to the hands of the p opIc ' an , if u"3.nsgresslOn of the Constltu.tion .
On thC' 'c onth:lt he too loner to "Hlit, the President ca
b
trnry, it has e \' C1' been h ld nccess:u' fo' that
r ached by impeachmcnt,
.
officer to poss"'s . such a pnwer, i~ or~ler that he
]Jut it i .. aid tllS.t til
eer !lory of the Trea- 11::ty P
crv a j 1st quilibrium in th circ~l:tting
sur, is bo ncl to ID!lk '- hi· annual report
'on- mediu 11 of th
ount!' ,
I all tl),c at el tion. of
gTe~s; an 1 t)1.at. if 1 sh::tll rcmoy ULC d posit , th Hoo e to , 'hat is tJie pm" I.' 0 th
Pr sident
he IS to asSIgn hi rc:\.-- n-, not to the Presicl 'nt, in th..is lllatt r, ·tlll as to what wns the und rstandbut to ongre~. All why is tbis, i is u~ked . un. in" of those -ho 1 fll't red the b::l.l1k, :l.S t.o the
]
'> he b~ ind ~pend nL of he I rc-idcnt
. ir. 1 p' wcr o f th'"" 'cere 1" in reia 'on to it, and the
'wi11 not r peat ~ -b.o.'lt l htlxe alres.d\r a.i,l btl t T wi1l PO\\ r of th Pre iden1. over him . I I YC the
'- ay, th~lt ir th net inten~c(l h.' this p'l'oYislon to book at ban. • b It, for lTI:, . ~'lteT
nn!lli nee,
conn·o,l the Prcsi [cn ... ·., OW'I' or rcmo'- 1, it i,'1 h:Y"e den.wn uffeopie. of those p~s-n.g: to which
uncon' ' tu i nal!lIl ... oid .
lh t w11.', 1 ('n, lUU t . I wish to I'efer, ~l.nd which I ""LU no\\! read to tho
be submit hi anuual r 'port t Con~r:ss) I ~ln_ W '1",
nusc .
~,s , l)~cau~e ConVlTss is th ...'uanli.L n of - 1 flU he first ~o v.'hich I shall enll th-;. ttclltion c·!'
Le pm c; lt p
e he Ltws by WhiC tl~e r \" nu
th ' I rouse. 1. :111 c'>:tl'act of ~ lett "" ... irOTIl J Ir, Scis c tJ,t!c. ed, undo by"" hich :.1 ne it i, disbn'5 d: crctary
l'awfpj'cl to he lank Qf tll
United
and It IS P eullarly pr
r t' I .lt th 11 ! u of th
tate " .J [Lnua'Y 1 • 1 -:>] 7. The cel'et~ 1'::0' speakTr . '\Sur:;
' partnlcn' h u'd~' P,Ol' to
at po -.- r in~ in rt..l tion t th t"ansf r f be d p s:t 'f)·om.
V:111 'h on1 roL the lDonc;.
f II e
ounU.,. It j ' ~L th..;
th~' Unitcrl tat's ll:.Lnk, 1>. y.:;: <There
m:l.tter of C r mYcrUe;!1c('- anu fllciliti <.:s the puLlic • (':111
n uhj· -tion to the Goaru of' D ' cct01.·S
bllsin cs,
But j his in on-;i.' L'nt 'with 'hi" l' SpOI - < m. king propo!iit.on to 1he
te Bnl 1-. , duel!
Rillilit. ,t the Presi:h:l ) ~ o.t at nll.
.l~O in. the • sh 11 be !": bj , t to the " ui.,';'m "fide Pr,..~id(!I1t.J
least dCf."1"cc . Bul he i ... r (pllred to giv t
,\ gain, • :vhich '\\~ill be . ubn,itlea' fa tlu P"('J:oi idenl
gr ~sshi5J"a~oll<; [orrct1l[)vingthcdcp os;les
Ye. , ." for;'I:~ ~dlimf!le ,-!tc;s£ml . '
Thus clearly tldmitiT. ~nll wh' ~ 'I'll fil'st ~:L;) • r ha:",.: al' .•00y g-lY- 'ing- t he Sll per -i.'ory 1 0 'C]' of th..: 1 'e -i. lent ovo.::r
cd; :lnd a s~concl IS, til it "lvitI1 lit til en ctm nt, th e' ~ubjC'ct, :'lS I' lldt r;,1nocl b.- '1', Cr, wfi)rd,
.an 1 pI·jor 0 it, - n,rr ... .., h:l<l tit ri·rht 0 call 0
1 ~lr. ';1". ,\· rol , . k tl:1' of2Hth Jand::tl'Y, 1317,
hjm f r hose r '[l' On: ,DIlI'in::,' th
xist ~ llC' ofl to he st: tc II: k - of I' -nlls,· l ,. 1., & ' h e as. crts
til,. olel Ban.· of til
I cd, \
",-n 'n th 'C' - • tll p'lW r of the 're. l1l:y ])rp::1.l' tm-:,·nt 0 conreinlT wao; lQ!.l'eqn;.l"l byll\ () pI.lC t
pnL!i
" '01 i B [the Unit 'il St'lt·S Htlnl.:.] PI'OCC din':\
mon
in tho. t ban -, but pLLced the
hel'c !if'le
any mcment. by h. nciu o• tl e .d"C.P Osit<;, to the
tllOUg;ht Inos eondllc:'c L) til [lublic
nyeni - ,1('':, < '- 'tat ~ Banks,"
Con~"e s had a. l'igh to in lui;"
h: l'€:ason,,; the
In hi l cth.:r of Pebruarr 1", 1817, to the ]''lcm01l1 nt be ch 1l00Cel til
p .: c 'of d..:posiLc.
' h :s
h 11; , B .tn l :: ('f
L"\.\ ' .... 11·1;:,< 1.1'.
l'llwfurd 6.1YS enn.e l n1< nt is onl..... a stul!ling- call 0
him, in 1.c~\d I . The l'i~'ht to withdl tloW U1e depnsite . • Witll a '4,.'i!:. w
of a pce'nl 'nq 'I-Y, Lllt \ Th.' ~5 he to gh'c tll;.-; ~ (n tq./ . t ':;~ IIJ" li, 111:fi./V res ! l tillg frum litem om(} (lg
a connt to Con;.:;l"C>:> } 'I ha "'e lil!ly kno\\- "hcth- l ' lli f' b ,1 ~'i'lt; c{ m·n tJl,',Y. (t , lILi~ :;:tuaiiull of ( he ~e
ex: he h:v n.ctCll 01'1· lpth- 01' no .
That \' Tnf\\ • ~"i'ld b 'l,.k~·lIIfvh t 1'1'1 tirl' w rrs e.l'pr • ,tv 1'" r""ed!'
kno v w1 .tt he la rl
\.-ith the pub1;
() 1<-':"
~ o.rr: in , (p'
1 8 .) f In ll':lctcd b the 1..)re3ident
and wh re he. 11::1. p I It
1 C.lU " tho.: ffiODlC,H ' uf tIe . J i
l. 't.at·~i. ha'c ill,,!"u tctl th -I 'rcah ~ h •. src {)\."edth..:
"')0&' ,:.fl·omt~!t~H;)nk()Ct b'
. ~ur-r of t.h
l1itql '-'utes to dl'.w n on the
nitcd, 'ta. c., , - ~ J!. n.: II iI'\! con 0 1 ov I' the 10- '[Lu,l" s
:Tew Y)rl
vith wltich tl l! p\tbEe InoC!.l. '011 of lh m.
H .c· r<..'porls t.o us, for the-" r 'a- ( nev is d'(1 sit ·d, ~Ln.( I cner~d ly tlu'o ,~.:;h the Ulltsons.
1.:\lt tIoes thb make him 11 d ~p '11 cnt of ' t ;1 Stu C • in £lVDI' of' th Rank of' h'
l1.itcd
I ( . t, :t('-'>, f; r the luuount or th..; pubJ...;c mono y 1 pothc= ::. . cuti\ e ~
nut, sil', the.: po\.-er
rcis ·d hy the Se r ta . ' • sit -u in th sHanks.' And in tl~c p'h_l'ipt to.
eClns to I e LO 11.-" h ~n .... 1· ~:lt1.'- ITli ....l pI t::h "1,1I.!d • t11.3; /e.ttCl· lC S:l.y~: • 'he ,-C C1" t. ry of the Tre :\in ;'111 thc (lisClls-s'on'> I b"" • yet h ("ru'cl I) thie; . nll- • Sill')' wi]] fllwn.v,," be di pnscd to support th
eject. .An imp"css' n: 'cm: to Pl"~'l':til tlmt !]Ii ,' is " it of the ~tate B anks,. :lI~tl ",;1 i1n.L)·iably.clircct
tL no c I proccuUl' • WIt. ur. ,11::' PI" cd nt 11\ h
' tr~ill f T::i h'o ln th· d ,pmatcs (.If th publIC Jnohi .-tor" four Gon.: 1I11H:nt. • or, I hal"
tt. mpl- • ne. ' in aid of their Jcg-a.:; ,f. C ex ItiollS to In::lineel t -tr'::lC the hi ory 0 ~ h.:, po';-.· r or the St ' - , "ill their C1' dit.
But " th prop sition
f t he
retal'y of the Trcp;s 1",', < ncl.~ hm .ofty~ Pr,~s' dent's • Bank of the, Uni ! ,1!-.!:It '8 excl t '1 1h i.de OJ
control O'i'Cl' the Sec "\I.' 111 dlrectlng_ t}a:' place 'PI' ssnr on Its p:lrt, no m astll'e of tJl:tt n~ture
vhe:- 111" puhl. I on~ y :.lun be dC'po. :tc d. and I: p (' m's to bc TIC' "~1'V at to ti.mc.'
wh..'l.t L aha. 1 .:;ty 01\ i shall nt t l' ~ t on mere u S'1"
In his 1 ·tt l' of 17th Mar 1 18-7 h
:tt. B that,
ti011,
Hi an jnten:~sti n,- P:J' of he ~locllmen1.3.~·Y ' b, the chart ~ tlw pu lie mon~y depo .. ited in
h ist.ory of our c un.t,·,. \ hI -h ~e Tn to h . YC bm 'pfa cs Whet· the n::mk of lh Unl 60 cu ~'tat s 01,'
io. g'T at degree l~ldd("n fl.·om ~c vi<:w of most of ' ~t. ' branch s are est...'tblhlhed. must be (leposited
those wh.o hoxc , Il.t:!cl'ed 0 . this subject . 1 sh:.1.l1 ' J l l UH~ mJ ex, ept wIl.e n tbel'e 'are urgent 'l·ea.,ons to
..
I[
I
L
'.'5
,
.
jl ,
l
lie:'
.
10 '
to tr;l1
f .... · the.:
11
• {ions of the public, to the' preserv~tion of credit.
by m~intaining' the equilibrium between the mOlle eyed in' ti.tutjuns of the co lI1t~· ,'
Again.
«From my p,-rso :ll inter QUI';';.! w it h II'. Gale lati n, I know he en ert in d tho.! senti men's COlle tain .·d ill th·s ]e t er, and. 1 pl'(': S~Ull ,
1hey b y e
f been CI tel'tn.iucd by all of
his PI' -c.lcccs3tks. and
'sllcces aI's in offioe , a.nd netcel upon ""hen vel
• ca'i eS occu)'rc
" ' rueh r 'ndcrL'(l it IH~CCSS3.!,V _H
Again-p:lg-e 8.
•
'In t 1. R port, ' (D cc . l0 1817.) ~ It is sbt« cd that u dep(. itc of : 7 -5,003 11.4.(' L n rn. d<... :n
~ the F :u'lIlcrs' :~m~ . .[c~hanic > l:~ln:,;: .of G or;{eto'Wfl, to sustain It.ln 1 ope r~ tlon . Jlmnedi: ~ h
£' after :LS.il..U~lin:; sped - p ..y;n..:n .. ,
7~. t.. jJr'-lIe: ,(
I
#
, and pradll;; (~r tl.:.£: Tr., .~'ll-!J ill
~c~'cdll of B'.lll/;.":, rli"'fJ~("d /11 (c
cintlti.
CJIJVIl1I/I'cai'o' ,
'grr:s y, w/u;"
I:
,6T
S 'T~l';l" r ln -
TIll';
"'- .\
~'iSI(',"f/il,,( l:1
:-;rr, cl,t:'ll.:ii'''.
f.- /j/.. ~'1 d .• lv,t')
~IL]lIlI"l-l. 'r
,111, -,-IFt. ST'I .n,
tu
l";I'r"II',r
Ol~
Til l:
. cOR. 1'1\0[,111&"1"10' OF T;n: ,,·,t.l.\:'1'"CI: C' \"Ll.l.~
.c LY Oll t ~1I1'tI:C,; T.Y I . ' QlJ ....~TYO:,.
(:01-
(F 01:>j
l.J:T
])JIU:CT-
o th a. n,r, Cr:: wfi>r infi rmt.: II
fHl ....:.lq,·,S
hr t
h e h ad in 1 ( 1 7m~dc h'sdepositc;; in the 10 !illJanks
alld that th e. ct 'la 1 not 'h'n b e
....ll"'d in ques!ion,
!l.n,- otlg'l'
".
removed the depo ite, acting in perfect llnison
with the s ntiments of the IC)l-esident
How had
the co tract been viol .. ted? it was a part of the
contract tInt the Secl'~t.·\l·Y of the TreMllry might
remove the depo ites whenever he pleased. Tha
was pa ·tof til contract. It ~'a 'xpr s-1y state 1
in the contract tha.t th S cretarv . hould h~vc the
. right to rcmo e tile dcpo itcs, rl'd to thi • ll.S W ·n.
to eyer. othcr part of" the co tract, the Bank a·
greed, "hen it
ccpted tJle charter.
There was anoth r part of the conU'[1 e"4 to
which the lIou e mi ·1 t r ~fer. n
the 14th ection of the ae of harter, it wa agre d on th
part of the Gov rnment that the no t e of tl c
United . t tes Bank should be rec i,-ed in paJ"
Dlent of' the [·el·enue. 'unl"8 otite'rwi.'le dincit.d
, by act of CongrONf,' To thi p rl of the con·
tract, also, t.he B nk. rced. On the other h. nd,
tile B ~mk of the
ni
t.·'l.t
tipulat
to tr~ I1S·
fel' public mon ys fI'om point to point.
Th" 0,
verllmeni thus • gle d to
eive the notes of
the Bank in p. yment of tJle public re,· nu . Suppose that 'ongr
p
. 1.1.\. prOhibiting
th • receipt of th -e not s, Ditl. n • one d ubt
tha.t Congre s had !lrig'ht to do this witl Ollt con.
sulting the Bank, and "'itl out bing' subj et to
the ch· l' c of, iohtion of cont.r:lct, if, in their
opinion, the public inter t r qwr d the prohibition. Congress mit{ht P3. "S a 1 w r fusing
to recei e the not
of the
unk in pa.yme~t
of reyenue, ,"vithollt
ignillg to he Dank any
reason :for the act, and it would be no violation
of the ontract. Yet this wa a much a contract, !lS any other provi ion in th ch rt r.
He \\'ou[d request the att ):tio~ of the Hotl e,
before he came to an
x mtnatJ.on of the re.·
lIOns of the Secretal')', while he put out of the
way a eh rge , hich had b n m de ago ins~ the
c:1[i tinS' dministratio of the .. ovcrnmenl, m a
celebrated paper which. h d been put in irculation by he United tate
~l.nk , and which he
would not 11a e notic u, b~l.d not om thin lik
it been stated by the gentl man from
outh
Carolina.
fro IJ(l K here r ad an :x.traet from the B
manifesto. as follows:
6 It was in tbe midst ofthi
efuJnes , 'Th n, soon aft l' the :\CC
c po\'..'~' of the
re ent Exec It.ive, th
PU1'POS
• C wa
di -tinct1y I'e ealed t.h
oth r duties than
c those to the country ~ ere r
UIT d. nd 1h tit
'",a n cessary for the bank, in adminlstcring its
e
irs, to con ult the politicnl vi,.
ot those
C who h:vl noW' obtained the
celld ncy in the
'Exec tive.'
Now, s.id Ir. p.
pronounce ~.ll t:h'
f:use, and I chilleng the proof. LIT•. It cannot
he pl'ouue d. ShOl'tly after tb. pre nt Executive
c::amc in o po... er,tbe Bank I n I Jlsady c. Le untruly
..,. r timt he comm nc d this 'ar of persecution.
whi~h is. id to ha,- recoiled so trOI gl. on the
Govern
nt. In his first m
g
? 01 .-1' es.s,
the }Jrcsid nt had committ d the helD U Sill, III
tIt e es of the n. nk. of infOl'mi.lg' th t b~d.-. th:lt
r bot!'
t.h eon -titutionality :mu he xpcd 'r:cy of
• the 1:tw c' . ting thj - Bank, .1'(' ell quc~ loned
C by a I r 'e. portion
f <?ur f. ]]ov{ c~li z 1- .
'Vas
thi .. V- new Ie "J one ",IlL h U PI' d nt Ju u ha '.
am
tily and suddenly formed. a. wa insinuated by the
Uank mnnifc to?
t Wa
eiT w II known that
the opinion of th. PI' id nt, ad
to the United. tates Bank, wa not of rccent origin. W ('n
tbe Judgment of the upreme C Ul·t, in the celebrated case of _Ic l1110h t·s. the S.tate of M:,u'Y1. n ,
a pronounc d. hc ntcrh med
e same
opinion, At the Hermitagc. before he prepared
hi inau<>"urul addrc ·S. he h ..cl con'lmunicated hi
opinion-a filct which OWL
lsceptibJe f" proof;
but it was p rhaps thought mOre ::tppl.'opriate that
this well
tt.kd opinion of he President, should
1 e commullicated to Congress, in hi first aauual
m s·:\ ,n.thc r lhnn. in the inaugural address. n tIli account it was not introdue d in his inauw'al ::uldress. The Pre 'ident, therefore, had
acted th. oug-hout w'th p l'rect. consi. teney ; yet it
had be 'n f:.tIs ly ch. rged again_t hUll that he end avor cl to negotiale , i h the Bank, and because
h could not buv, d tcrmin d to break it.
This was the 'chargc \ hicl had be.en distinctly·
ma.d
gain 1 im ill th· public gazett s, and is
here reiL r!ite d in tIle Ban - manif4 sto.
It had
be~n alleged til t he S e r t.'lry of the TreliSury
had, in the year 18_9, enclosetl a let er to the
Bank f th
nited. tate, from lr. 'VoodbllI'Y,
compbini
of the onduct of the PI' id nt of
the B. It at POl'tsm nth, N. lI:unpshire, the 01>jec . f whic1 .it i now un rue1y aid, was to IDake
terms , ith the Bank. It w:t.S not orclin!\l'ily required to f,rive proof of a negative, but from the
correspond n c itse~fbet\\· n the PI' sident of the
Dank:l.J1d the ecrctary of the Treasury, the contr l')r could be esta.bli hcd. The ccr t:\f'V of the
Trca urv had cnclo e
to the President" of' th
E!U1k a fetter fron ~lr, ""oodb
" parts of'which
had be n t01'n £l'om their Co] text, • nel mad the
ground of a cusation.
He I' ad t the lou e the following e tract from
th letler of :rtlr. \Yoodbw·y. to which he had referred;
~ The objection to the continl1ance of Mr. :\Ia.
• son in office. are wo·fold-first, the want of
~ conciliatory manner' • and intimate acquaintance
'with our bu inc men, and, s condly, the flucc tllatin
poli y pursucd, in reb-tion to both loans
, and c lIe tion 3. the bank, together with Ule
, partiality a.nd harslm s~ that a company them.'
In hi 1 tter to the pJ'esident of the
nit d
tates Dank, the Secreta..ry ot- the Tl' 8., ury had
d emed it PI' dent 1..0 use the followinS' Inngu ge:
~ Allow me, therefore, to assure you, th:\t tho e
, charged with the admini "tion of the
overn·
e m n
rcl ;ng for support only on the intelligence
~ which 811." n eli cern !.l.nd j ustl
apprecia
the
• char:lcter of their ~lcts, disclaim aU desire to de6 rive
politi 11 aid through the operation of th.c
e
ank. .And thou It under oth r circumstances
C
an tho e ... hieh ,ist at prescllt, such an a,YOW, al would be UI1nec ss ry. I find myself c licd
I upon expliciU_
to tate. that they would learn
• witl ~10 1 s r ~t"et! 1h. n til t which h s promptc d 1111 commnrucullol. timt any 'uppo ed polit.icaIrc} ti ll- hi • eithcr t:l'Irorable or ad ene toe \ ", ~u th e m , h a d ?per ~cd vdth the R.c nk or nny
, f 1 bran hes . clt b I' In gl'tlntiub or ithhold, pecuniary facilitie .• which, a .rt fL'om th t con-
1
~ "dera.tion,
would have been differen y dis• pensed.'
Mr. "Biddle. in hi reply to the Sec e !J.Ty orth~
'I" as "'Y, (lated J u]y 1 S -" 18~9. , ~
:
c Your 0\'0'1'1 good j\!dgmen
has indicRcd ~e
c tru\: theory of - <-1 ministering he Bank. w\uch -
16
the People? Thjs se~ms specious, But, Jet it be
remembered, that COIlgt"e s. by the Chl rter of the
B:lnk~ had div st<.d i s If of all power or controul
over the public depo it 's, ~ nd had ve!.-te.;:\ it
e]u i\'ely in the Secretary of the Tr 3..' urYi and,
theretol', bad Congress been in sessiun t the
time the order was given, it would h e h:1.d no
powel'to interfere,
""hy, tl en, ought the ecretary to h ve waited?
And fur wb:\t! To
-send a lettel" to Congrt _ , and
k our ad vic ?
Sir, wou~d he not h~ve b ~en 1. ug hed to sCOl'n, had
he taken uch ~L cour e? ';VOI Itl it no l\ c been
said-why, here is a high finai-tcial Hic r of t1::e
go",,:er lment 'l.dl~ fe rs to take he re pon , ibility
'v~uch the law devolves upon him, and who applu::s to othC'rs to tand b fore ) im ~s hi shIeld
while in thc diich rge of his duty? <::h', it would
justlY,h,n'e b en s. id, Bu.t . h.llJ he d n<:: A , the
depo 1t s could not have been r moved unt il he
?ccid. d to g:ve tl e order
Cong-J'e s could 1I0t do
It, HIS r asonsIor r(;n 0 ing them :.lre r 'q lil'ed by
tbe charter to be gIven to Co gre s. not prior but
Htb el)uenJ. to the ol'der of I' moval. "' 1Ia. bett'r
time could he ha.... e select- d thall lh olle he did
s(;lect? Llad he remoy d thec1eposit·s threc days
after COllgress 1 ad adJollI'ne 1 at the h ~ S\!:isi n.
we hOllh.l) aye ueen told that he had onl waited till the Reprc entatives of the P upl h~,d di _
persed, and when re~\. y months mllist lIec s .-al'ily
elapse b f l'e l i r e OilS for til
ct auld be
8ubmitte
to them; ancI thi
ould have been
said with still more re !>on than tht: obje<..ti n ~~
to time which 1S llOW urge.:i.
Suppose !'IgRin that he J a,l waited until three
days ·J.flt'r CongT( ss had R semble . The popular Ilrgumcnt then WOl 1,1 hav been (though th ere
would haxe been nott ing in it) that I el'c we had
a mere
cretary, i the v ry filce of the P op) '~
Repr sent.atives, venturing. ,,,i:hout their onc -II'.
renc or :llh ice, upon this hi,.,h handed measure,
(for such it would ha e been call d.)
0 that, as
it seems to me, objection :J to the time of the I'emovd mig-Itt have been UI'ge with qllal, jf not
with gre. t r fore , h~u! ~ n other pel'i \ b en selected than that which w'" actll lly eho e for the
removal.
I thi k that the time
1 ctcd was a
f"ortuu ' te on ; it enabled the P opl , " hose Repres n l atives we aI' , to COJ1!,ider the u~jt!c, 'and
to give at 1 ' st some
Xpl" s iOIl of tho::it· will to
these ho
they should en 1 bet'e.
I 'T"e are Representali\' elO from all pOt·tion~ 0 the
nion. who
eave now all
ppol"tunity (If bring'ng with them
IiQm . expre sion of the public entiment on the
m ,lire.
So much for tbi obj ction, whic , to
a m t ely ca ual obsern>1". might appe, r 10 hve
JIlOI'e in it th n it r ·ally cont ·~iIls.
I COl P now 0 wha.t the S cr tary gives as
his fil''lt
on for this me. surE-. viz: the probablc expil'ation of the Dank Cbal'ler two yenr-s
hence.
It Vias no part of the
overllment's
contract , ' itb the Bank th t t.he d po ite
hould remain in it Cll to ly during the whole period ot its exist nee: 011 the contr".lry, it \ ' as expr
ly stiplllato::d th t they might be witbdmwn
by the Secl'etary at 'Till, It \ ::LS a power expressly reserved to the Secl'etary, Nor did the act r,-~·
quiTe an particlIl r contingency to ju tify tbe exercise of the power; it was confided to the discl'e-
-.
tion of the Secretary. It was not necessary. to
render the r . m~val lawful, th:..t the deposite.s
iibould be un afe 1Il the hands of the Bank· other
ons might justify it, This W3S co'nceded
the argument of the gentleman from 'outh
J'Olina-he g[' nted that thel'e might be ether
_ufficient rea.,ons fot, sllch a measUI·e. The Secretary 11a.. a igned a one reason. thc probnble
expiration of the Bank cha\"ter in 1836 and the
n c s 'ity, in unticipation of th~ state of things
which n ust necess. I'ily t:lke p1ace at that timc~ of
pl'oviding aculTency for the public usc, Ilnd a.
pbce ot afe ke ping for the publiC moneys,\ ithou
tli turbing the channels of trade;>, or occasioning
the gl'eat h':tck to the coulIt!")' which would utherwi e be inevitable,
Sir, the gentleman from
o uth Cal'olina has not attempt 'd t meet the argument of the SeCI'et1\l'Y.
i~ whole :ll'gument is
b: sed on the. ump ion that the Bank charler is
t be I'en wed ,
The gentl man spoke of the emb:wrussmcnts
of the country. the do.:!preciated currency, . the
condition of thin s in 1817 and '18, and "hat
\ o ulcl be th,' tate or the CU1'l'encV if the.e were
no Bank of the Uuit,t.l States. 'The eel'etary
prnc e lls Oil a diff.,.l·ent as ·, unp ion-he supposes
tlt::rt the B.lnk is not to be re,chartn'cd,
He consid r hims If boun.1 to take the laws a!'l they are.
in additiun to \ hich, he has thc f"lIrthel' ground of
the public
ntiment to a pretty grcat extent.
n
that point. I m,1Y boldly appeal to Kentlemen here.
iI', how m ny of these Repr 'sentatives of the
People's, ill do belie e that tht: B ..mk will be r'1.!chartEa'ed? How many, with the knowle<lge they
p',sse of the public opinion, will e. pI' 55 uch a
belief? But f< w gentlemen on this floor will
stake th e ir reputat.ioh un such an opini n, The
dift I' Ilce b tw en the SecL'elary anu the genU&m n from South Cllrolina lies in tili. ! that the one
assumes tha.t the Bank is to be rc-charter~d. and
till! olher t1 e cOlltrary-whicll has the right of the::
question? , -:t'ime must deter'mine,
Th e st· te ?f
pulJlic opllllon we all know.
If the n .l lk 19
not to b '~ e-ch rtere d) then I. k when could the
depo 'tes have been removed at a better time than
now? ir, the 9.t·gumr.nt of the gentlcman ~mount
to :l.n assumption that the Hank ell" rtel' t to be
pcrp tual. nu~ it ill s id that th . removal ?t
the deposit(' s h.l.S bei:'n proclllctive of g-reat diStr ss. and an unusual pecuniary pre . ~ll'~' I.shall
con I-overt that positio.; but, • dmltting- lt to
be tru~. I ask , at wh:\t time would theh· r moya(
have been prcductivc of Ie ' ?
If this B:ln~ is toexpire, if"it is not to be re-ch'lrtered. ancI If. the
dcpos~te9 must have been withdl'awn at lome time,
I beg gentlemen to
oint to the time wben the
pre l!"t: (which t.h ·y assume to be ti"
effect ot
the withdl"a\Tal alone) would have been ~ny less
th:m it is now?
ay, Sir, when wo\.' Id it nnt have
been l:re.ater than it is now? "V ill gentleme n an·
.""~r, that the removal houhl have been p stp uned until at the m.oment 'I. heft the B!\nk c~\art.er
shall expire? ,"Vllat, Sir? Whl::11 the eighteen or
nineteen million ef it circu ~tion hall ,.U be re~urning upon th Hlmk, and the institution shan be
~r. t11e act of ~.... inding up its affair's and calling- in.
Its vast debt
"\Vould less pressure be caused
thenl
6
Hut, Sir, an this subject of pecunbry pressure times h:lppened, that t\ T -draft on Boston
let me call the attention of the HOll
to the ac, b negotiatec1~ ann thus a do lble e ch. ngt',am.
tual t~,te of facts, It appears from the tatement ing to 1 or 2 per ent " W l!ld CCl'Uc to
of th SeCI'etary of he Treasun", and his tate Ban -. in additi on to the ]~g- mterest,
It
mentisverified'by tb eD nk r e tut n~th em elves, happene th ta. n t<~ Ii c
ned:, W
1.- ke
that altkough the charter of the H:l.1I - was bo t by draft, a d a druft by 3 n t G!icounted,
to expire in 1836, y t the n n
contmued to equ lly clIns i u 'ns- h loan and discount bu •
ext:nd its discounts, a d
laO. ctuaUy i cre s- of be ~a :-one being as much a loan tr
ed lts loan from the 1 t U cemher, 1832, 0
:mk a the 0 her, 1 tll'luf:"h thi' was so
1:he 1st Au u t, 1833, th e urn of -2,588,723 48. r.d
] t ; t prin inle, that
co l1d not h
e
For reasons bt:"st known to the
ank. about
e po d it wa nec' s· ry to ent l' in 0 .m·
pl
l-st of August I t. 1 he policy of the in itution .. ",
ion about i .
he Pre i enl oft~ e B rtk. i
totally changed. and a curtailment of its accommo- Ie er of 16th Apt'il, 18"2. him elf, ttl e to the
nation took place, more TaIlid thall had e\.'c C rnrnittee f IIlYestig-:J.tion. that h domestic
ill
been .k nown since it w nt into opera ion, an
bu in <; arno nteU to 4 .562,' 8 5 .,1, ill a .sinS'le
a proportionnte pI
Ilre was fj It throug-hou the ear, (1 "'1), The , in fact, con titu e the I rger
country, But to be more accurate. and r feel thi portionof be loans of the Bank, but the gent
the more necessary, because tl e gen lernan from w ')J ha,"c i ,t11 t th '. re nottli coun s. iI", i"t i
South em'olina, in nO ver measured tQ:rm • had e bhJi51 d. ril ciple with all m e ~cb' oU', tl):l.t
charged the SeCl,.:tary, in his r port to
i ' dOnal' ~'I ich goes out is
d '" t, :md every d
House, with being gUilty of a misrepr s n lati on, \ 'hich come in. a credit.
0 every dol
and of a gross attempt to impo e 'Upon Congl'ess, go es 0
of he ban -, -hethel" for
es disco
t~o " Sir. I stand before 1 i
House and tl e na· ed ot' bills discoun d, i a 10. n to the cummunity.
tion, pledged to' pt'o~e to the
t; faction of e ....ery an t e one
m ch!l loan 9. the oth l".
human being that the s atement of the Secretary
But.it i
aid b Y" he gentleman from South
of the Trea~ury is true to the lett '1' ,
Carolin t , the· ecretary of th 'Treasury
The statement of the 5ecl' a1T is, that the cur- been guil y of a gr s auempt to impose upon
tailments of the (iscuunt o f the Bank from
uongre, b. mj ~pre en in g
he
mount oC
gust 1. to etober 1, 18.>3, amonnted to '"'4,066,- cUl'tai Jments by the
ank, d ring the month o(
146 21. r ha.vehere b fore me the returns ofdlC August nd
eptembe-, 'Yhat the S-:cre ry
Hank, and they how the sh emcn to be accur te
es on th's point is, that the l' ceipt lnto the
to a. cent, acco;'ding to the Hank's 0\ n statemen .
reo ury uring those month h
bt'en unU8U Uy
Th;C
nk statement b~fore me hows, til. . t he 1 rge. and th~t in con q ence of tbi the aDM?unt
curtallment from the 2d A' gust to t.he2d October, of the public deposites in the Dank of. the U~~cd
were of notes discounted
1,010,8,,0 7": St:l e h· d incrc;lsed 2,268,504 11 10
dation
.of domestic bills of e change di .
I to its incrc e of means bv i Cll tuhne
or
count~,
3,555,315 49 more th n four rniJrons ot'" doll. 1'5, making tJae
agg-re te amount, thus coll c cd fl'om the comMaking,
unit,
6 3.>4,650 2,
'VeIl, ir, i th· not
.
tru e? 'I he n n h d increased its means.
nd
being the precise amount s lated by the
ecre- coul ave accomrro ated the community,
iatary.
The Secl'C'tary attempts, and in point
counting to, at the Ie' t
he e tent of the
. f'nct has ma.de no mi ~aternent. He e pressly says, crease of" the public depo ite "
n tead ~
that the amount consIst eel "of loan'! an.d eJome8- it I d curtaikd it
i counts within the 8 me
t!C biJ13,H Hut the gentleman ft-om outh aro- riod
066 000. And
ir is there
~y
~nlL lnsists t~lI~t dom stic bills are not to be con, mi tate~en~7 Has not the S~c1"l'!'tary of the T
•
5ud ere d as Q.\scoun A strange doctrine ind~ed, uty sated the ~ ct as it is? The terms
d
a.n totally new. The stateme t of' th e B an k"I t , sure whIch the gentleman has ~\Pp I'le(I
ilelf! sho,~'s the amount of domestic bins tli count- ecl"e\:&.n,- ., -ere unmea ure(' and nut e")lpec
ed 111 a slngle y ar, tf) be furty-ei.gbt mill~on of If hey '1{3-d flot be n 1TI:<ld ,
1 hould not
dollars ; and ye,t the gentleman wall hav Jt tha troubled the Hou e with these tatement
these al'e not dlscounl .
fl".>m the "nk d
ts
berore me
~'
'tl
I h .
b b
....
oellmeu no'
I'
•
Tb C "act.
I ,
. lat t le
uSllless done y ~ ank', III
Th e gentleman froIn
ollth Carolina
en on
?omes~l~ bJl1s,_ls g enera)Jy the mo t profitable; for to ay. sir, th t he never in his life had een 80
In addlt[o~ to mterest. tl! y are entitled to l'eCeJ \"e nne. ndid, 0 unf: ir, and jesuiticaJ • s atement !or
the premIUm u ually p ld. exchange between the p rpo e o f thrnwing the blaw of the e I tone city and s.nnther, and this 1)1"06t is too often ing pre ure upon h B:.U \k of the Unit
St t~8,.
greatly incre3sed, by the pr ctice ofdra\\-ing nd tho n that f th
ecrelary of the Tret 8Ury.
al".
redrawing, a bu il ess done to a great e ent by th salU _fr.IO, tlu. GovernmPll did not make til
urBank., of the United tates, and it branche ,
t:tilme It of di coun , If there be any p.~
re
eslabh hed by e id en ce ber. e a
ommitfee ofl in con equence of it. hen tile . re.. pon I lh~ for
Congress, during tl'e last se sion,
ir.it is t h e it rn 1St r f.t \c\."j h the ank, hicll cJid make I t : favm'ite business of the B ank b C3U e the m o'\. The eor!": rv t~ cs tha.t t "re wa no occ Ion
profitable, Qf!u bec, lise 10::1.1\ 0 lJ.is ch rne er -an for the n n ~ ~lO hnve Pl'OC nced t1 i , PI' _.1 J O~
the more 'lsalY,be COl.vcr\ed in 0 cas . The sys- pu Slled thi gl 'n l in
policy; u'1 tho. t,
,th act.ern was ~hl1s l1ln trated : a m reh t in B L ton cUlnul. ted deposite • nnd :tn ullusual amount 0
llad old ]lIS dr ft on, e
Or e:\ns~ di counted by speci
it
a in, 'i power to, h _ v: eco.,on"\elh\the ]lank: to pay thlS draft at l)l. tUi'it), it orne- ted tile cQmmumt. -~ and u . ban d It n~ilU\st the
J
no
,
It,.
Ofl
so;.
.'
17
pressure. The Bank. ifi own statement be true, prod~ce a 10<:al ~res"u1"e. fi1"st at New VorK:, the.
was under no necessity to make the rapid curtftil· at Phl]adelphLa probably; and next in the or~er of'
ment it har~ made. On the 1 t of October, the time, I dou,?t ~ot, Baltimor~ is to be visited by itl
Dank hau. 01 lit u of spl.!ci , $10,G63,000, ha'Vhat,
lr, lS the <'peratlon oftbis businessof
ving incre3.Sed its pecie $640,000
ithin the discountingbiUsofexchange.which the gentlemaa
two month preceding. antI this t ken chiefly from from Soulh. Carolina c~nllot cunceive to be a part
the State lla.nkso
11'. Bi dIe, in his letter of of the loans of the Bank? Let me agaj" refer
April,1832.spcak of the B:\Ok h2.ving parted with upon this point, to the letter of ~{r. Biddle, i';
its surplus "pecie to the :lmount of five millionso April, 18'32, whcre he says: CIt may not be unAccording to the ,oiew which hc ther takes of it, C interesting to illuatrate this mm;ement of the inall over $5,700,OUO of specie, on h nd on the 1st of ~ teton 1 exchange, by howing the points from
the pt'ece~ing
ch,
surplus: and . ' t the
hich this $20,776,916 of bills come, lind where
Bank contmuecl to coUect sp<:cie floum the tate 'they are tending. This
ill be seen ill th(" an.
B:\nks. at the s me time that it made its own . ee - 'nexed tabl t mark d A: among the objects or
sive curt:lilments, until it had on h, nd 10,600,GOO "intere t ploesented in it, it will be seen th t the
of specie, b e ing::l urplus of
,86" ,687 8 more 'amount of bills f,'om the wnters of the Mississip}Ji
than the preSiident of the Bank said in 1832 were 'aInount·o $10,212,905, and that the amount
its want, Tbe
eCl"<!u l-y of the Treasury ex· 'p:1ynblc within an average, probably, of sixty
presses the opinion that, in the months of Au- • days, nt Tew YOlok, is $4,09n,410; and at Haltigtl"t and September, the curtnilments bv the 'more, Phibd lphia, Providence, and Boston,
Dank of the United btes :lI1d State Bank did 'It 4,..>27,059, m~killg an aggtoeg:lte of $8,483,not fall much E-hort of nine million of dollars; C 469, The extent of the e operaticms, dllring
and he make a predictiun, further, that in two 'the bSl ye r, amounted to 48,562,185 32;'
months more the additio 1al curtailment by the one balf nearly of this ,,'ast amount being pa.ya.ble
Bank of the nit e d St tes would have been fi\·c in the city of New YOI'k, and nearly an the resimillions, and by the tate B~nks an equal 11m aunt, due in Baltimore, P il deJpl1ia, Pro\,idence, and
and that thi curtailment from t!:.e 1st of August Bo ton,
to the lstofl>ecember, to the ggl"cgate of ni'leiI', the bAnk statemcnts do not shoW' where
teen million of dollar. would ha,,-e almost pul the bills plll'chaseu by it are pa.lfabie, but only the
.an end to the coul"Se of trade. An.'!. SilO, the Se- ~ggregate amounts, purchased at p:u'ticular placretary has predicted Admirably wr;~ t would h ve ces anLl datc
Dut we hAve conclusive evidence
been the con e quence. if the deposites had not before us tha the Bank timed exactly its reducbeen removed when thllY were. We find that tion~ so as to produce !l. local p,oessuloe in t.he comthe curtailment, '" the B, nk of the Unite d States , me oCl. I cHi s about the meeting of Congress, i~
during the months of October an~ Kovember. orde r to induce the Sl te Bank to come fOl'W rd.
amounted to '5,461,098 26, of which the notes and appeal to Congl'ess, as has been done by the
discoun ed :Lmauntefl to-mo: e than three millions very same Bank, and \l ing the Same arguments,
of dollars and of biJls mOl' than two rnillionso- . s tWd year ngo m e morialized u in favor of a
This aH\O~lnt of cllrt ihl'lent, added to the cur- re-chal'ter of the Bnnk of the nited States, Yes.
tailments in Augl.ut and eplemhel', made an aso. Sir, the State Banks and the whole mereantilo
r;regate curtailment in the- four month by tbe community ar to be pressed lIpon to come torBank of the Unite Sl2.te. of $9, 707,244 ~7.
ward an solicit for the Bank orthe United St1tcs
If the. b te Da k had, as they probably would an e,.;te sion of its monopolyo Jf you will turll
have done, but fi r the tran fel' or the deposite , to the memorial fr m these anks -two _yean; ago.
curtailed their discount. in th same proportion, you will perc i e th exact, similitude of the Innthe whole curtailment in the fOUlomonths would guage enlployed then and now, the same commoJllnot ha,oe tallen much SllOlot of the amount preclict- place about a sound currency. and n11 tha.t; &nd
cd by the Secret ry. The .. ovcrnment dcpo ites that the country ca.nnot exist withou a Bank, &tc.
in the State Dank') howe .... 'r, huye enabled.othem, \Vith re P l! ct 1:.0 t is P
S UI
Sir. it is impos£ibJe
pro tanto. to mitio At th pressure: !>l\t, so far as that the mere remo"-al of th~ d c posites cnn baTe
t:oncel-ns the B, nk of th Unite d ta.t . , not a dol- pl<oduced it
f the :LmOllnt of th S~ dC'po8itea
1.1' has been permitted to come out of its vaull:.i to had becn anll:tlilatcd, it could not have prodllced
relieve the community.
it. The curtailments by the Bank. oftbe United
All to the exi tinl? pl'essure, 1\.11'0 P.
icl, it It d States, ince the fit'st of Augu t, have in .fa.ct been
beer. pl'oduced byo tho Bank of ~he u.
itse lf, gr ater th- n the whole :,moUnt of the public deby its sudden curt..:ulmcnts; by which It had sought posites; it ha \\rithdr wn fl-orn the busines or the
to prouuce!l. p'anic~ and ~f) tTl "ke the ~eople be. r.ollntry, in th s way, mot' 7 by One and It half
lieve that the pl' ' sstll'e \: hlch they fe 1 15 the on· million of dollars, tha.n the whole :lI')')Qunt of" the
8ellqence of tl
rerno,p:-tl of the dC'posites from
ov(!rnmcnt d po it So
that Bank. To mIke this preliStlre f>! the mol',
It cannot be obj e cted to the local Bank that
Mro Po ail]1 the cllr ,ailm nts hall been in a. great they h v e CI' :Ltpcl the pl-es \11'e, bec:luse they are
dpgree local, onfined to the c.omm c r.c ial c Oti ~. but PI'. t ding .Ih inC; Ives f"om the effect of the
We find. said h , that, .. hortly be"o~e Congress e . ceSSlVe ,c,urlallm .. n.ts b • the Rn.nk of the Unite~ •
eel by the .ov l"nmenl Dlrectol's, the l ateso
11 · m~1"e trail fer of the public moneys
n"lct, as $
Dank: of 1)
nit 'd t al fI , Ot r:...lh r
e.~ret com- co Ilet not h ye pl'o dll c the pre surc.
1
the
milte
f tha
:.ll\le., ins "'let d th
'e t 1'n bl~nch. 1 money Ill'e n • port d? r<; it no till in the coune to blly in 110 bill , f c. ell[ n ge but those 011 th..: tloy?
- h Ih.nk of the United St(\tes h~c1 no tin.A.tlal)tic citic J havmg
ninety
d
ys
t
o
ruo,
liO as to tended by th
cpu.ose
hich it bas pU"sued, to
-
c,
0
O
•
0
0
O
.
i
I
9 .
". r
d any
its 1
out
ll np:-t:'
e Banl- .
1...
III
• [lY.
III ~
'1'
20
'Off' by the Gov e r n m ent., l he B ank had. the u c o f
coune w s c e arly ap parent~ H e m jnt ined
~e public 1unus t o a g r eater a mo unt th n he held it '\loa alto~tller o~ a p o l iti c al ch~racter; for by
~f the pnblic sto.;k . ",V hen the p3._·rnent .. as thu extendmg their accommOd:l.tulO s, t~l~Y._ at
'nUll e, the money was imp} , tl ansf,~rl"l d from the he ycry mom n t when th~y w re p ttttolung
credit of th e U. S tate l o the cr dit of he Bank;
n ~ for r ~Ae .. ·. 1 of thei r c harteT. w-ere en- ."
but the fllnd s w re before, as
eU as ub equent l~rging theil·. b"sine~. . i n o r der to bring the ~n1:0 t~e payment, in po e
io~ of the, B'. nk, :md tire co tntry .tnto theil' debt, and t U5 c re ate n II?talbJ e c t to its us . T he publiC depo!oltc In J . .nu . fiuence. ~rtncll tl ey sought,
necessary to tbeul"Y, 183 1, exceeded nine nlillit}n . in ::\lay, 1&:?2. future e.xl tencE' .
_
"Was u pward!> o f ten millions, and at no pel'l~l
T ha the object 'n po itlcal~ nnd n o l to 1'elieve
between these ates w r e they 1 S~ t an s -\"en m ll- the CO\! try, as is upp
d by t he ge ntleman~ a~
lion s . Not" ith standing the fact, le:l1:ly pro\" d pear frotn the f!lct t h~t the exten ion ~ I f t.11e bU!IIby t.he 1" c o rd e iuenee of the Bank Its 1f.nd n
oftb ban ,during 1 831 , and up to
fly 1832.
X chall enge allY glntleman t
con t ro,", l·t or dell. - \"\
chiefly in t he we tern st. tes, nd coukl not
it-the ge nt1em~n ~rom ~Oll h _Car,o~lO!l ch.al'ges I th r .fore haT e b el~ to re ie e th'~ i m p ort.ing' merthe Seci e t ary With mtentlOnal .1 e Ullical m r p - chan
of the At! nt c cl ie',
ho bad c~'cate the
rese n tation, nd suppre ion of the uth. The,;e
cbt abro!l!, The e I l"ge i 5'ueS immedl .teJy pre.... erl! ce rtain ly round charges I d bol dl y m!lu~, ce (.
the conte ted Presiden tial eIecltoil, and
and the best ~ns w e ', as 1 h ... , e .ai:-clldy • ted, IS whil they were rna 'ing, (he B:mk p re nted its
the p r o of w l lCh I n w hold I n _ my I:~ Id-~he pe' ti o
to be rcch::lr~ in Decembe r. 1831. nd
public ?ocumcn ts fl' m t he B ank~ ltscl~- l n. which it is m nife t tll!) the object wa politi~al, a.nd to
e-v:ery s .ntement m ade by th~ ecretll1.
'
us- procure arc-charter .
taln d, a nd n o man an COlltroY rl th lrtruth. It
t
tl
- "<1 1
Hie 1 opin'
s '
But th e g e ntle m a.n n t bing enabled to disprove
W;J. . no
0
le.n "'1 ua po I :
_
Ion
~be tat ement o f the Seer t:lrv of ~he Tre ury of the officers of the . n k t.hRt a ny ?bJ e ctlOn WruJ
iii t o tb
.ce i"\'e increase of the hlL_in _ oftiie ..r.~ l~, but to. ~he cor~upt use o f It s corporate
B :mk: d u ring that p l' iod has an :lpology to fl' l' W a til
: polthcal ~gH~e; the gen tle,!, n chose to
:for
B ank fo r thi ,-a 5t't: - t e l ion 0 ·t· bus' n 55; uppo,;e thnt the obJec 10:\ as to th~ lO~errel"ence
and w hat is t hat a 01<1 . ~ ",Vh,
l at 1831 ~ 8 a of th e Ean~ \'as :LS. t o the personal e .e ctl? n of the
p
gy .
"".
pre ent Cillef I ' ~I&h-a
.l\d hI:: a k ed I f the ofyear o f u llllsually 1 rge ImpOl·t a l:ons·
h~t the r
f th B Ok
' t
b d' f :mchised i£
-country h ad contr:l.c ted a Inq;-e debt in Europe, ~cers 0 t ~ c:i.'l.n ~ t " . I'~ 0
e
I r of maJ"esty 1
:and that t h ere wa.sgrea t
ommerc i I di r~
in .....~eymu
.a]n trnluI~In . .le tp r scnce oneelse-bas
'
d ...,,0 one, nel· r le reS!uen no]' a ny
•
TIle B nk-~ 1j~ a ~y s,. t e pp c d I n an
tlle c od
u ntry.
- ·ta·InCt1 t lUI t th e oln c el"s 0 fthe I~ank
bad
"
eyer tn:lln
~
exten e d I t.~ ~~l sme.· t o S!l,oe the country :J.lld 1.0 not (' ua.1 ri hts to the free e x t J'cise o t t.~.eir politdo that W hIC ,"), th e G o er !llent ought to han~ le.l oQinlon{!; nS other c i tj z e ns ; but the objectior.
don e . I kn o w n ot w .h at . thIS lmeans,
u le
I at I \\"lIS Pth :l t t'"
ns n~ g~. ea,
t .U'l'Cspon 'tble9m
......
'
uC B !l. n k , .•
"'"
th e over n men t h :1.(,
1 agam \ t le JU gmeh of e
d' t
h 1 thr
.
If' to the poBan1>, d irected its publ ic debt to be p ·d. The l~e.)'el :11';, ocmc.... e °due '
to'''' ItSC 'ts1llmo,'ey to
.
t
d
. 1
. h
1
I'
Ihca. r_ na. an
n a"\ or 0 U e 1
,.
OV lll mc n
a c I·t:un y nelt er mac: e t 1e 1m ·
1 d' e.
·t
l"t" ,
ortations nor marie the I..'ommercial di tre.
co.ltro an In uence p3.1 Y po 1 lC ,,.
r
_ But it w as aid by the memb r from . C. th t,
The pre ent Bnnk has follo~ved t h e example °t
h
In that ye ar~ lh r c w as a n i m m e n
and incrells- the former Bank o f t he
mt d
tate s"
W!'
tng i~portati on of goo us h'om nbrond \vhich Wa3 he 1,. rge n . i n~t t he old Bank of th~ UOi
Dlade It n e c snry f o r tl,e B. nk to e. tend its bu i- ted tates~ Wh y , that It w as deem e d a prostl~te
3leJJ to enabl~ tlle m erc ha.nts t o sustai n thems .tv
e"~ine o f p olitical pllrty, that i t h a d arr&~ecllue1f
and the credit of lh.e COlLntry .
i\~cl\. H' t hi w as again t the pol icy o f ~ladison-wd identt6. d and
a g o od and. fmfficlcn t r u on for iocr~ iog he \ look part with t he p.rty opposed to a ll tbose mea·
accommodatIO n ufforded by the Bank . t o th e JO u r", of rc tri lion which im m edia t e ly -preced·
amo un t of 28 IT.illi( n in sixteen mo ths-woul
erl the W:l....
Tn tl ~ cl bt\tc o f t he . c j.m of
it not see m
~ I13.tUl'al c on equen e. th t :l ill 1810 and 1811 upo n t he q u estion of rene_ing
:furth e r jncre~s d impol·l!l.tion woo I? tn ... ke it in- the c1 ru tel" o f th o l d B n k, it f ul ly appeared that •
cu~bewt Oil th e ~llnk t,? extcnd 51mllar ace mmo ~he$e. cha~ges we;e m de; n d th a t!t had p~'pably I
datlOn s t o th e Im portm. m rcha ts. ,\V!l.S hat Identifi ed It elf With a p Olitical f ucn o n which w
how ev e r th ecsse? No . it would!Je een by the dtn erol\ S to t.h e country. In t b tdebate
annt1 a l l' p ort o f th e Secre t :n'Y n the ~.te of the
{ t WM f epictea both in t he cnate and ROllse
!inance , t il. t the importatlol for the 'c:J r > ~d. ' of Re~r.e ent:u i v
a.!
~ p r o t itu!e<l t!'aehine
mg 30th S (ltem~~I'. 1 8..)..), c e d tpat ofl831, • of poht.1c I rarty partial in a llOWing: dlBCoun~
~)' more t han 8 m il llo lL • .and th t b • the cusl~ (l.u· 'to thos
who pr'o f, sed the fKYOI'I,t~ t eftets,
~Ie s. as w e ll 3S bond T' a 'a!J I at th~ S I me tl m t C i nft llencing
I ction
nd je~pardi'!lng ~be
t~ e C Oll n h y too m o r e in ne d of nccom oll libcrtie of' the land· it ",-as !'laid the i nfluence
1::011Notw i\h talH l i '~g" this, it ':1 a thi Vel','
of this
,nk was p!l.l pab le a.n d Jlotorious~ and
tIm e , a nd ~lldcl' SII h il'C Im,.tan cc. , I~<· th B n - ~ although the
charS" s ~ere e nco\l~t r ed at tt.e
oC t l. e
~ I trd tat S 11 Uec. 0 )- nct. d l' 5 c:ll"eer of
lim~ . by p~di 1 assertIons of pllrtt
n d" ex·
p el"s c: c utlon, and had be ,n t tnI':) i s t· I lleS& c .m~tion f~ politic_. all t h e v i'Vidly d scnbeci
screws u pon the com unit '. In 1 ' ~1 it
a ' dan ers of d f m olition W I'e bold l ' hparded
g ood reason to. .·t ml-:. 18.3, aceo ding '0 c ra her 111 n prolong- fOe mere fi nan ci al faeilitiea,
t h e gentlcm?-n, It w
'\ .ro d l!c on to e lrtaiL • the exi tence of !\ corp o ration whose alleged
"\,\Thal the obj e ct flbc B Ilk W·. i < ll)pf g such • operations \! e re in
te~dy hostility t o the m
j
I
I
I
I
th
I
d
L
21
~nd
ttb.ersive of \vas a muc1~ greater ~um . This they repcyrted.
to t ,e Pl'eSlCl nt.
The B ~\1ll: is ues its manifesto, and if th at m anifesto be not al1theutic~
L ca ll {.m the member n ' O H':, P h ih d e Jrlli, to
I·i-.e in his plact' all 1 sa. so. In th a t m :ln ifesto
.~ lIe,l to VII di(,"lt " ~ts ·If• . the ~m.o~ lI1 t of prj ting.
101' 183 1, ami rOl' Cl!'cul.dlll~ politIcal pa mph let.9
and (> "~ys, ,":113 st~l!ed by 11 <.: U.l nk to be $ 4 3201, 79, 1TI111: n;'" :l diffl:l"e <'..:: under t h e head ~f'
pr:ntill:", be~\v 'en til :-,tat 'm"Ill of t h is m :lIlif';'sto
lme\. t II.! I c'l ort t " the . ' enn ~ in ! 33 2 , o f if ._
n noul1t pa" d for booles
of";:-:-wlo l.h Ihn'~." h\:win~ a. l ift:tt ,Tlell fOI" pl'i n tillt" alone f ol"
~ 1831-::
'='11,95~ 59.
'VII\'lw'l tile TI m:.: thll9 con c.l <land m: stIl t e d
h~lt 'xl>I::ndillP" to til ~ ,e l:1t· il l 1 8" ~?
Why
did tht,y o· f(n 1he "h'>lc t'ut l ?
g.ther tl"e
in.,llIn",'" of ! l lit 1\1 1I;1~ :.1 "; or tu' le i ter' to t!1 ~C11' "'t', must
;t'
,!,t,i'el b· f.1.,·, Bltlleml1 t ,(' IIIl
Ih:le \\"(!'e t he
becon 'II'" a t ... 0 hll':k • Sl \."' 19:' t'I,l !l lell mi.stn men's \\. re
1,11(', an l Ii; ~'Jl' the B·lt.k OJ' ils f,·;(·o..]s to l'eC In 'ile. if tl ey
:~a d)
0, t~1 I ' COllt!':\flictory
b'e p Ii
f~:I'~' e -
la
('In
:11 t H.:
nt.; .
CI',
r1l\
III " :1 ll!tn 'itv of the
('01'1' 11 )
: pe n rli-
:h.Lt Ihi "
23
B nk had n
of COl tr
.. r
loBed
~n
'r <·ct t.' lcll_ to
th
C'l
gr und of i-de-
25
troW the truth u, that thi! Go- guvernment bad sought the postponement, and
wished to make t his potpon emellt~ but ret this Bank 1?lanifesto unblushinglx affirms wha.t
«mId not do it, wit/lOut the aid oftlu~ :Rank. H
IS s o clearly disproved by the testimony I have
the
GOTerll'Blent :
,e"-,m~t
just r~ferl·. d t o,,, amI asserts that the report of the
commlttee III lSj2, at the head of which was the
gentleman fl'om corgia, ( Ir. Clayton.) " as in
decided contradiction to the a ssertions I.! f the Preiden" o f the U . S . in the st3tement mttde by him
to his abinet on tl e 18th September.
ffAil·. p~
had n t ufficiently .'pos tl the misrepre. cnt tioD
and false stlltement impu d by the m3.nifesto to
the committee of 1832. whereby they :1.1 e m~rle
to S~ directly the r v rse of wh t they do say,
le trust J. the gentleman from Geol'gia, wh~ made
h· t repOl·t would, inrlical tll. work of 11,5 own
h nds, !In' supply the defect.
And !lner all this.
",·11 it be prct 'nded that the postponement was
sou ....1 t by the go crnmc.:.nt, bec:mse the g-overnm nt hnd not fUI ( s .
Ilt "en so, the ,uk vould
rna ~e the ri') '(:l'nmcnt ~ppen.r to ue guilty of the
mis~rable folly f fil,:;t :\(l\'ertising th~ t lhey '\.v re
l' ad· to
ay :If this port' n of the debt, nd yet
th t they" re not pr P;l1' d for it. payment,
It 'a.. u9 ful (.11' . P. :litl) to SCl'utinize closely
he" a:-e s ,te mcnt • fOl' tll • COl c1 1 i ·c.), sho d
hat geller, I credit lwnld b paie;' to t 11 the
other st. ' mel t50
anlf sto, \v hiclt
sc me to be r :tn1.:u as lru , b the gcnLI mnn from S. Carolina. The truth ;vas, dHlt sl1cll
b ad b en the e CI.' si,-c
·t nsion of lh bU.'ines
OfU1C n:ml-~ to th·~
I10t
OllS' mal Ilt
r 28 millions, (wi Lin a Jl riod
f si ·teen mCl1 th ) ~h t
it fo I~d it il. ·on,~cni.. t , if not impossible. to COl lract ns bl ·,ne S 1I1 tmlc to me t th pa) ment c:.le m.n·, db ll.e ov Inme ,al dtl Lrd'ol'eit.,oll h t
he postp nemellt . I ; 'inn- sougl t IHI 0 tainLd
tbe po" ponemcnt upon f: sc pretence. it no
UI bIu hin. ly, !lnd'n the fdce of th
e\'idence of
it
'n l>irl!ClOl·.", den;cs the fact an -1 eh I g
the Pr(' s;dcnt" ilh h .... ins com rnlln icatcd to hi
C. binc.:t :.lo1 J the nl-lt:on a ~talemt!nt whi It ·a not
tlue.
Y 'II'lt's o.he tl.Ollrrht. of:m in t itulion c p_ blc of lhus etm. .
,\1\ It be a pI' r I' dt:po'i ory uftl publi ~\II {1s?
In r gall t tl e secon pos ponemf'nt to the
amoun of 5 million. f le:> per cent . rlcgl)tiated
by a sc r t agent h ·o.ld. the Ibnk had r 1 0
mptec1 to
hl'OW the
I'~spon 'ibility of the
'1 e upon
1 c S Cl' tary tlf the TI' flblll'}. ;
so oneil .i '0 :tntl irl' sistihle was the tcsll0
ll\l" po· nt, ber; re t .
.( mmiUee ~r
and _ ean of the lai.l. c <;ifJD, til
It
n t
r sis' e 1 cv n by th Bt\ 1 m:\ommiltc. The m~jo l'ily or th t
in qa:ir r port,
crxpr. sly s tate
'v r to th COl- rom I1t to expre S
tl!!. opinion.. tb: t the al'rnng<:n1t:'l1t m'ld hy the
.... C1.t in En
an I, for the put·chasc of tl 3 pel' C t ck, aod the d \ ('nt' on of the c.erti~cut s (wbich
m ll.<;ur
wei' I'lUbsequently d1!.. cblmed by t he
B: I.k.) th in litulion c:cued d ,I.~ legili'unle Utltlloril.lJ, Q/,d ha 120 warrant in tILe corr 8pond~n e
oftltc ... cretat·y t1' fhe TreaflH'J',lj." And yet this
po~tponefJJ nt WlU()n ill part of tl.e Bank. andu'as Banle m~ nife to, IInb!u hingl · ~ 1111 untruly
C- _
t'PranteB by 'he Kuvernm ent, wI! h, cau 'e of an.'! ap firm r th t the]' ··l)Ol't of he ommittee of ,"Vay.
pre}U::'1l.Siun of want of fllnd 10 me,;' III inl{nd~d and ~ leans is "in decided contt'arlict lon .to the
'J.IG.ymcnt on Ihl! 1st Ju.ly l1Lcn
3.:t }01l0u 'ng. "
assertion of the President" in relation to tills veIl was thu clear, that t h e B~nk antl not tbe ry m th.:r.
NoW', sir, (s. id 1\.lr. P.) I affirm and will prove,
Ilotwith sta.nding the st tement of the Pre ident
of the Bnnk, that the flank . 'neither ought for
~()r uljuut.dH IL postponement. that the n nk
did in fact, through its Presiuont. eo k that vcry
postponement; nd I will prove hi, by the cv-idence of
r . Beyan and [r. . yl , directors of
the Bank, and memb 1'8 of tIl
Exch~nge Committee, and by the evidence of A.
ickt!ns, Esq.
Chicf eter in t e TreaslIr) Department, t
en
b efore the C mmittec o f ' ay
< 1 d
1 ans, at
the last cs ion of Congress. O-nth.lt e arrun.,tlon,
the foll0 ing interrogatory \'3,8 prop und ~l to
Mr. Bev n. to wit. "On the ~M,th fro-ch 18J2~
the :acti ~
. retary of the Tre:\sun-. nctified the
President of th e B~Ulk of t 0 intol; le p&:mcl t
by the Govcrnm nt, 01 the 1 t July f Uawing, of
one ]l:),lf of tb ~ p~I' cenL. Did not ~Ir. Bid Be,
immedi tely upon r cehing- thi.. inform tion,
orne to W:lshin ton, and solicit the G,n-ernment
to postpone this intended p::Lyment fl'om 1st Ju1
to 1st October?'
Ir,
evan al s -er. ~
Biddle came to Va hins-ton sctmc time in the 1. t-I
tel' end f 1tlai"ch, :lnd all 31'1'. ngen el t was m~\cl.c
with the Gove nment: to postpone the pa m n to
thelstO«;:tub er,theBankagr ingto,Uo\vthegov.
ernme t the interest. .1 "Ql'e tlO do ubI., tlti$ arra,,:, ment was 'IIlfldc bv tILe {;ovc.rnment, at fhe ~olicitation of the Bank . " Mr. yr on his xaminati n,
Wa as' , •• , rb~n ~ 11". BidrlL left I"hib "e ~hia
for IV. ~bingtol , did Y u not kno'w t] at the obJ et
o"this '~it, Wfl toa kofth
v r m nt. bepos on m(.)lt 0 t1 e intend d pa) m nt from July to
bctober~" lie :\nsw 1's, " . 'Ilew tltat wus tJ cob.
Ject of his ,,-i.-::it.
,Mr.
ick~n, in I i exa.min3. it-Dt
ill
nSWC1' to n intclTon:tt ry of simi!.
imp rt,
.atates .. Wl"ote the I . ' term ntioned in the intel'r at~"v to ]\r 1·, niddJ as t l el ein dcscrib"c; he
re~rese' t d , ...~o.l1y. nnd Ipl-n go.I·OU. (ls simibr to
those ~t: ted In hIS I tt r of tl e 29t !-rI. rcb, th t
it would b e de ii, ble to postpone tl e pa)'mcnt f
the 3 p l' eel t for ant,th l' quart l' :.11 d I 1 inK it
'l\'as upon m. ugge tion tho t lie p I h· 5 ug. c_·
'tiG'l1 in the furm of 1 II
Hi 1<:ttcr 0 the ... S? h
, ch was aCCO~( tngl
ated at the B .. n!, \', . y rit el by "l'. i hUe: t
the Tr :;>.Sur'. During the intd'\ iL'.· ".·ilh ~lr. D. I
1". ll'L. 111:', the
eCi ctu.ry, am to til· d p' l't·
mentj he had b n COl lin L to I' hou~e by indi ~posit' 011' and :1. 'well;.'\, I r_ oIl ct, he c. me Ollt
for tl e pUI'POS
fein,,,
., idJI. The po tpo-nemellt l'a, aguin urga1. h.' .fr.
.- ~Hld j.J 0
grounds imila .. to lhost! prc-:;e \~ d in his lelter.
11.". ~ ['j~t n • hOWCVf>I', dirt not at th~lt til . gix
~y positi
an wel". 1 beli v it wa
or \ \'0
dAys, before tile m. tter W~lS fin:l.lI ' 'cltled· : nd t1 e
consen of 1'111'. }'l'L~lIle \! as commllnic. ted to , Jr.
B iddle, , . l' all,·, on conditi
th t l' c
auk
bould p 3.), the qUarter's intel-e t which would acCl'Ut:: by the pn t , oncmcnt.
TI,e £.Lpp/icatlon far
lr.
j
<
·7
pres( n~
e["
was
:t.lr.
nous question, twice in tAe sam e day, to cO:'lfer up(Ml". P. here presented the statement to which
on the p t"esent tockholdel"S the 1'."ne1i 3.1 of the p.-e- he referred. to the House, which is as follows:)
"ent charter. for a period of 20 :rears for a h07Jt13 Pricu at which Upla nd Cotton katie bun 1I0/d at
of th r~e millicns; he d id t~,i too, when other ('n'
lhe anlle~ed prices in Liverpool s/lOwing tDhat
pit. lists, by their memm'; Is before Congress ofit ndb! 1'n til/I United fates at the dijf.ea.t E»fered a much larger bonu~ for imilal' prlvileg~8.
.Jlanfjec,
"rhe dFects of rn ki go depo 'te' in II eState
August
S, 14 a 15 cents per pound..
Banks will be, (aid ... iIr. P.) that the profits
H
"
10, 14 a 1 7 "
will n~t go, as they now' do~ jot the pock€ts
,
1:,
14, 14 a 16 .,
of foreIgne r, but ,,·ill rem in in tbe country
,.
.1
14
a
16
"
17.
for the b ne6t of our 0'>' n citizens. It is we t
,e
"
24, 15 :l. 17 "
known that a large amollllt of B ilk stock is owned
c c:
14..
a
17
S
eptemb
r
4,
abro;u:l, and a large am uunt in pecie is annually
"
H
&,
7
,
14 a 17 "
transported fl'om the country.
"
141' 14.. 3. 17
",
He \ '0 hI now come to he cotton illHsu·. tion.
c•
,"
25, 15 :L 17
The gen lem n from Soulh. u~lrolina ha S 3ted
n
15
a
17
Octobel'
9.
it as. his opinion. that in can eq lence of the
"
12, 17 a 18
"
scarCity of money, which he attributed to the re••,.
c'"
16, 17i .l 18 .,
moval of the pub1ic depositcs from the B. nk of
e.
26, 16 a 17 "
the United
tates to the tate
anks, th t the
.,
~O , 16 a. 16!
"
Southc !'n planter had from the 1 t of
ugust
"
I'
~ ove-mb er 2 , 15 a 161\
(although the deposit .os wer!'.' not removed until
"
<C
16
a
16"
9,
two month aftC'l'w rds) 10 ' five cents per pound.
"
"
16, 1~3. 16
on cotton, comp3.red with tl:e Liv ' rroo1 p l'ices of
,e
Cf
23, 13 a 15 ~
••
the a.rne article which regultes lle rna 'ket of
"
30, 13. 15 cc
the w rId. .M r. P. said, wIlen he heard this
"
p-ositi"e verm nt Ina e. he ~':'lS :lstounded, and
IiIUppO ing it po ible, (for he had not cX:lIl1"no::d
the f:lets,) he bad
t about to inquire t~l e true
reasGn.
Th
sCllrcity of money he knc v,
cou ld not be the true rea on, fol" 11
couto.
not conceive ho"l.''' the simple remo~-al o:f :l.
given :lmount of money from on~ Bank to another
1:QS •
,U
could make money eitlJel'liica rcc or moreabundant.
sIns:;).!
The rooney had not been, he ktlew. t1'l n POl't d,
amI he lm e w~ tll't it had not been annihilated; he
reflected, that th ere had been two succes ive short
cr()plI in the United S t'ttes, and he ha.d understood,
th at the lock. of cotton on hand, in the EngrlOh
m:lrket, in the month of July. w s short, an .l that
specu!ation had had IIll1.ch to do with the enha.nced
price 1Il the L'ive1.'pool market; and he suppo ed,
if the f:lcts so confi dently sta ed by the member
From South C ~trolina, 0 wit, th:lt the pl·ice of the
lIll,ticle was five c ents lower in the uni.ted
tate
than in Lh-erpool at the same dates, it must
have ar·i;en f l'om a WA.nt of confidence on the
p!ll."t
the Ame~i.can ~l t'.ler in the stabi iLy of
the Ln' ~rpool prIce. , III co ns '"que nce of hicb,
be m ig1 t have been un villing to hazard I:l\"ge
investments in the p lI·cha. e of the at-ti le.SinCe" the gentlem~ n had so expres eel himse lf,
however.. Mr~ p, ~id ~e hn
been furnitihed by
i)ne of hIS commel'cml fl'l e nd , :fl'OIIl ~ :ll·yla.nd, and
one of hi.:; c(Jlleagn e3. ( lr_ lil'Kim) o n the Committee of Ways nnd Xeans, wi h a. statement of
the relative '11J.aXimutl"" prices of lpla.nd cotton in
the m ark ets of ~ew York and Li 'el'pool of the
same d..'l.te_. during the monC.s of
u ust, September
ctober, and. ovember, whi h statement
be und~t'StooJ. was received fl'om a respect ble
bouse in Philruielphia, who were large- dealer in
the articlt-, from, hich it would appenr that at
C:OIT~spondiHg
ate~ there had been 110 pcriod
since the 15lh
ugtl '>t) at which the difFerence in
the Americ!11l . nd oL'eign mM·ket had been equal
th fientlernaQ
to three ct:nts per Fund. and generally much
..
.
..
.,
,.
..
of
less.
I
,
,.
he
be
@FedFRASER