Full text of Letters to George M'Duffie, Esq., Chairman of the Committee of Ways and Means, in the House of Representatives of the United States, in Answer to His Report Sustaining the Bank of the United States

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LETTERS
TO

G £ O R O E M'DIJX'F'IEJ, ESQ^
CHAIRMAN
IN

OF T H E C O M M I T T E E
T H E H O U S E OF

OF W A Y S

AND MEANS,

REPRESENTATIVES

OF T H E U N I T E D

STATES,

IN ANSWER
TO

HIS REPORT,
Sustaining

the Bank of the United

States.

mw> wm,wjwwj&*
"What s t r o n g e r b r c a a i *)li,.ieAij:m \ i hexr-t

untainted?

" T h r i c e i * h e :*r\ii'd t h a t h a t h h i s q u a r r e l juaV*
- " A n d h o b u \ h a k e d ^ tho* l o c k ' d u p in s t e e l ,
" Who'ae ^ N a c i E N ' ; E v - * r ; < Ij>\ j ^ s r i * * ^ i.t ' C O R R U P T *«i>f,V
S/tuA y£/?**e.




rJlII^AOF-I-PIIIA
1* HI N T K 1>.

IboO.




ADVERTISEMENT.
TO T H E P E O P L E .

I T m a y a p p e a r s o m e w h a t e x t r a o r d i n a r y , that a b r i e f d i s cussion of a public m e a s u r e , such as is e m b r a c e d in the f o l l o w i n g L e t t e r s , should be published in the form they here a s s u m e ,
in an a g e that so exuberantly abounds with those popular j o u r nals d e n o m i n a t e d Alewxfia/iers.—The
fact is striking* and m e r i t s
an e x p l a n a t i o n ; not, however, as a m a t t e r of curiosity, b u t
b e c a u s e it involves c o n s e q u e n c e s of the most serious m o m e n t t o
t h e liberties and happiness of the A m e r i c a n P e o p l e , — T h e n e w s p a p e r p r e s s of t h e United States is no longer t h e o r g a n o f
p o p u l a r opinions, nor the c h a m p i o n of the P e o p l e ' s R i g h t :
It
h a s ceased to be t h e channel of rational discussion, o r t h e
v e h i c l e of i n d e p e n d e n t opinions and p u r e principles. D e g e n e rated in its character and sordid in its views—it has sunk t o a
condition of utter prostitution
on the one hand, and helfile&9
dependence on the o t h e r . — I speak from e x p e r i e n c e , and a k n o w l e d g e of facts, not to be refuted nor j u s t i f i e d , — T h e r e is no daily
fiafier in this city, that will, or dare publish one line a g a i n s t a
JMonied Institution,
or an Aristocratic m e a s u r e . But observe t h e
c o n t r a s t — w h e n M R , M ' D U F F I E ' S R E P O R T a p p e a r e d , all t h e
D A I L Y P A P E R S i m m e d i a t e l y issued an Extra
Newspaper*
to
publish to t h e world, what not one in a hundred of their s u b s c r i b e r s ever will, and which few, when they do read can u n d e r stand, b e i n g confused in its science, and a Hieroglyphic
in i t s
Politics ! ! I W h y this p n x i u y \n •brow Greek to t h e P u b l i c ? —
I t was not a m a t t e r of -.tews: K coulc! not be an object of curiosity,
e x c e p t to t h e initiated I n t r i g u e r s — t o .be, cnllepe of
Financier*
and Jicono.nUtai and t h e honourable t h e D O A B D o r B R O K E R S !
W h u ' then p r o d u c e d this S D e « ' y publication of a very v o l u m i n o u s public paper? I^ct t h e k A : ; x a? T H E U N I T E D S T A T E S
ansv/er. F a r be it from m e to declare that bribery was r e s o r t e d
to; a p a y m e n t of e x p - n s ^ s rnaoe—-It ^ s ^ k ' t n t to know t h a t
t h e immense montcd injlucncc vf t)ua Hunk cau lay the w h o l e
*\*civ8fiafier Press of the United Stutes u n d e r subjection to it,
c i t h e r t h r o u g h the h o p e s of its favours, or the dread of its v e n g e a n c e ! L E T T H E F A C T B E N O T E D , and let every A m e r i c a n
lover of Liberty lay his hand upon his h e a r t and say, w h e t h e r a

*• »
111

Corporation composed of E N G L I S H N O B I L I T Y * shall e x e r c i s e
an influence so i m m e n s e , and so frightful, over t h e public P r e s s
of t h e Country? I cannot, however, believe the r u m o u r s o m e t i m e c u r r e n t , that these distributors of the Presidential Ilicroglyfi/iicy received from the Bank u douceur of S 1000 I I do not
believe it, because a p r e s s so imbecile is not worth t h e price of
bribery Inj u s t i c e d e m a n d s that I should m a k e an honourable exception
t o t h e s e r e m a r k s , — M R . G R E E N , editor of the U N I T K D S T A T E S
T E L E G K A F H , printed at Washington
City, has given honourable
proof of i n d e p e n d e n c e and patriotism upon this subject, which
entitles h i m to the thanks of every Republican, and the applause
of all who estimate t h e futrity of the Press as a m e a n s of t h e
preservation of our L i b e r t y . t T h i s honest patriotism of M r .
G r e e n is t h e m o r e to be c o m m e n d e d , as he is the decided friend
of both M r , Calhoun and M r . M'Duffie, who favour t h e Hank;
besides being P r i n t e r to C o n g r e s s , which C o n g r e s s hold in t h e i r
individual capacity, so lai^ge a share of the stock! For thus defyi n g a double inti?mdationy he o u g h t doubly to be applauded, and
t h e P E O P L E should knit him to their h e a r t s with " hooks of steely"
-whose R I G H T S A N D S O V E R E I G N T Y he t h u s boldly and fearlessly
m a i n t a i n s . T h e splendid contrast he presents to the snivelling
imbecility of the Philadelphia Press, is alone a wreath of honour
t o t h e honest E d i t o r of t h e T e l e g r a p h *
•Who

h o l d a l a r g e s h a r e of t h e S T O C K O F T H E H A N K : OT T H E
R e a d t h e following- q u o t a t i o n from M r . M*JHifIie/»
R e p o r t ! — " W h e n t o t h e s e c i r c u m s t a n c e s w e a d d , t h a t t h e s t o c k of t h e
B a n k w a s p r i n c i p a l l y h e l d by B U I T I S K S U B J E C T S , a n d A m e r i c a n s of t h e
u n p o p u l a r p a r t y , t h e H o u s e will r e a d i l y p e r c e i v e h o w g r e a t w o r e t h e n a tional and party prejudices, which must have been arrayed against t h e
p r o p o s i t i o n to r e n e w its c h a r t e r . I t w a s s t a t e d by M r . Clay, in a s p e e c h
d e l i v e r e d in t h e S e n a t e , t h a t s e v e n - t e n t h s of t h e s t o c k b e l o n g e d to British
subjects^ a n d t h a t c e r t a i n E N G L I S H N O B I . E M K X a n d a late L O R D C H A N C E L L O R , -were among- the 'very largest of the
stockholders"
UNITED

STATES.

•J- I t is a s i n g u l a r fact, t h a t M r . G r e e n is t h e only e d i t o r w h o lias h a d t h e
sagacity t o d i s c e r n , a n d t h e temerity t o a n n o u n c e — t h e identity
existing*
b e t w e e n t h e B a n k of T H E U N I T E D S T A T E S -And t h e C I - A Y P A R T Y . —
W h e t h e r h i s i n d e p e n d e n c e will allow h i m to e x t e n d h\a r e a s o n i n g l o t h e
Report of Mi*. JWTiujjfie* a n d t o v i e w it as a m e r e PvnchimnAinn
of .'It*
Uance b e t w e e n J\lr, Ctdhoun and Ah-, Vhiy% t i m e will s h e w . — T h e o l h ^ r
Jackson Papers
of the Union^ a r e too s t u p i d a n d t w o v e n a l , t o s e e , t o
a p e a k , o r even t o hear!—Oort c r e a t e s few t h i n g s for no e a r t h Iv u s e , b u t
E D I T O R S , s u c h as t h e s e — y e s , t h e y m i g h t act as JMutes to the Grand
Suttant or Spies upon the Ladies of the Jfare m.







iv
T h i s state of t h e JSfeivsfiaficr Press*) i s c a l c u l a t e d to a w a k e n
d e e p reflection in t h e m i n d s of t h e P e o p l e . — I s this t h e boasted
P a l l a d i u m of o u r L i b e r t y ? — S a d , i n d e e d , w o u l d b e t h e fate o f
the R c p u M i r , if it d e p e n d e d on this b r o k e n r e e d ; t h i s r o t t e n
s c e p t r e of D e m a g o ^ i s m , to p r e s e r v e it from c o r r u p t i o n , e n c r o a c h m e n t and dissolution 1—Let u s h e a r n o m o r e t h e n o f t h e
F r e e d o m o r I n d e p e n d e n c e of t h e American
J^cnvsfiafier
^ress!
L e t u s h e a r n o m o r e of t h e silly and w i c k e d a r g u m e n t t h a t t h e
e x i s t e n c e of this Bank is c o m p a t i b l e with o u r L i b e r t i e s .
BRUTUS.

To Col. RichUl JtW. Johnson,
OF

KENTUCKY.

SIR,

A DEDICATION* to a small Pamphlet like this,
Would be equally singular and absurd—but I have a
desire to express to you, through this channel, my ardent admiration of your POLITICAL INTEGRITY, and
warm attachment to your sound Republican principles
and undaunted Patriotism.—From my first hour of
consciousness, I have loved Liberty, and venerated its
champions, even to wearing them in my heart's core.
In classing you among tliem, I do but record an historical fact known to all.—By your moral daring, you
arrested the jiernicious anion of Church and State, in
a country whose constitution is the thunderbolt that
rends asunder the fetters of Superstition, as well as
the Manacles of Slavery—twin Children of Ignorance and Barbarity. You have conferred a blessing
on your country, which will be remembered and applauded to its latest breath; and for which the People,
who never overlook such services, owe you a lasting
debt of gratitude: nor do I overrate their virtue, when I
affirm that its payment may eventually exalt you to
the highest station in their gift—at any rate, you have
eternally secured the grateful attachment of your
fellow-citizen.
BRUTUS.

L E T T E R I.
T O G E C m a E HE'DUFFSE, E S Q . ,
Chairman of t h e C O M M I T T E E of W A Y S find M E A N S of t h e H o u s e of
R e p r e s e n t a t i v e s of t h e U n i t e d S t a t e s :

On his Report * sustiahuig

the Hank of the TJ* States.

Sin,
I H A V E read your R e p o r t on the HANK OF T H E U N I T K D
S T A T E S , with that solemn attention and deep concern, which
s u c h a subject, involving the liberties and happiness of the A m e r i c a n People, was necessarily calculated to excite; and I now beg
l e a v e to a d d r e s s to you, a few r e m a r k s upon the same, with all
t h a t respect, which your station, as a representative of the Peop l e , e n t i t l e s you to; but witli that freedom and boldness, which the
Sacred Rights of the People, whom I think you have b e t r a y e d ,
o u g h t t o i n s p i r e , as a p a r a m o u n t consideration far above all
forms of ceremony and all deference for s t a t i o n . — T h e liberty
a n d p r o s p e r i t y of the people is a solid substance, more precious
t h a n life, and never to be compared to that shadow of
vanity,
called " C o u r t e s y / ' which stalks among the columns of palaces,
a d u l a t i n g at the expense of t r u t h , and sacrificing the People to
t h e ambition and g r a n d e u r of their R u l e r s .
You have divided your R e p o r t into the following three a n a lytical propositions—
1. Has Congress the constitutional
power to incorporate
a
bank, such as that t»f the United
States?
2. Is it expedient to establish and maintain such an
institution?"
3- Is it expedient
to establish a " JVctttonal liank^
founded
upon the credit of the Government and its
revenues?
You meet the discussion of the first proposition, by an argum e n t so e x t r e m e l y fallacious, and so palpabl}'
anti-repubticany
t h a t you are at last compelled by the full consciousness of its
futility, to beg the question^ and s u r r e n d e r all your p r e c e d i n g
chain of reasoning to the frail, contested and confuted a s s u m p tion 3 t h a t the measure is beneficial^ and therefore the bank is
a m o n g the constitutional powers of the g o v e r n m e n t . — B u t , s i r ,
I cannot consent so speedily to dismiss your consideration of
this p a r t of your report, notwithstanding your prompt r e c a n t a tion of the doctrine that usage proves rights and that P R E C E D E N T
converts and C O N S E C R A T E S abuse into Justice!—-You seriously







6
a n d s o l e m n l y open y o u r a r g u m e n t with this e x p l o d e d d o g m a o f
t h e m u s t y m o n a r c h i e s of E u r o p e : you p r o n o u n c e t h e
"Constitutional POWER OF CoKOUKS-) TO INCOHPOUATE A B A N K AS A POSTULATE x o I.ONCTFR O P K V TO CON I K o VKUSV :*' a n d vou a l l e g e
t h e Sanction
of tiro C o n ^ r e - < e s and two C a b i n e t s ; a n d t h e
Fsage of t h i r t y - t h r e e y e a r s out of forty of our
Constitutional
e x i s t e n c e , as sufficient to justify vour a s s u m p t i o n , a n d f o r t i f y
by p r e c e d e n t , w h a t you felt you could not confirm by s o u n d a r g u m e n t and logical d e d u c t i o n . — T r u e . Mr. vou e n d e a v o u r to a m p l i f y
t h e s a n c t i o n of tiro C o n g r e s s e s and tiro C a b i n e t s , i n t o the c o n c u r r e n c e of t h e nation* and the a p p r o v i n g voice of the e n t i r e p e o p l e ; b u t s t i l l , sir. it is s i m p l y the opinion of two Presidents
and
two Cabinets, t h a t you can allege in favour of y o u r U s u r p a t i o n ,
a n d o n e of those p r e s i d e n t s , M r . M a d i s o n , waived the
question
of its Constitutionality*
und*_v the pressure of a financial
crisis, springing
out of his men imbecility:
after h a v i n g , w h e n h i s
r e a s o n was u n p e r t u r b e d by fear, a n d his j u d g m e n t u n c l o u d e d
b y t h e e m b a r r a s s m e n t s of a d i s t r a c t e d a d m i n i s t r a t i o n , c a u s e d
by t h e d i s a s t e r s of our u n h a p p y c o u n t r y — r e a s o n e d , v o t e d a n d
p r o t e s t e d a g a i n s t it. in a solemn Convention
of the People of the
Zjnited States^ in which it w a s s o l e m n l y d e c i d e d not to
grant
the Power
to Incorporate
to the Federal Government!—It
was
c e r t a i n l y an e x p e r t d i s p l a y of vour professional skill, to k e e p
o u t of view this side of M r . M a d i s o n ' s a n t i - f e d e r a l c h a r a c t e r ;
a c h a r a c t e r which he n e v e r forfeited, so long as he r e t a i n e d h i s
self-possession, and p e r m i t m e to affirm, t h a t e v e n w h e n h e
waived the q u e s t i o n of Constitutionality
for expediency,
he h a s
given no e v i d e n c e to the w o r l d , that he r e c a n t e d those a r g u m e n t s
which his Federal opponents
found it impossible to o v e r t h r o w ;
which you, sir, now t h a t you are a r r a v e d on the s a m e F E D E R A L
S I D E with Jllexander
Hamilton and John .Idams, have n o t v e n t u r ed t o m e e t , a n d which I might fearlessly c h a l l e n g e y o u to c o n f u t e
b y a r g u m e n t , or confound by s o p h i s t r v .
I t is to this f e a t u r e of y o u r r e p o r t , as w e l l as to t h i s g r e a t
c h a r a c t e r i s t i c of t h e Federal party, t h a t I n o w solicit y o u r a t t e n t i o n , — a n d as you have become an ally of that party
which
c l a i m s u l t r a p o w e r s a n d r e a c h e s after a c o n s o l i d a t e d g o v e r n m e n t , I shall c o n s i d e r you identified with its p r i n c i p l e s u p o n
t h i s s u b j e c t , a n d a d d r e s s you as t w i n b r o t h e r s of t h e s a m e
p a r e n t s , n o u r i s h e d u i t h t h e s a m e a l i m e n t of a m b i t i o n , a n d a s p i r i n g after the s a m e magnificence of p o w e r . — T h e c h a r a c t e r i s t i c

7
I allude to is t h i s — i t is common to y o u , the F e d e r a l P a r t y a n d
t h e British g o v e r n m e n t , to defend those Usurpations
by Precedent
a n d Usage, t h a t you c a n n o t justify by Reason a n d the C o n s t i t u t i o n ! T h i s is ever the p r o p e n s i t y of men and g o v e r n m e n t s ,
w h o lose sight of right and justice, when g r a s p i n g after i n o r d i n a t e a u t h o r i t y , or rioting in projects of splendid d e s p o t i s m . —
T h e e n t i r e system of i3riti»h abuses ant! t y r a n n y is defended on
t h e ground of usage and p r e c e d e n t . T h e rotten boroughs
are
justified ou the g r o u n d of usage, a n d have the s a n c t i o n of a g e s
t o confer v e n e r a t i o n ou t h e i r i n i q u i t y , injustice a n d o p p r e s s i o n .
T y t h e s and t h e c o n j u n c t i o n of C h u r c h a n d S t a t e , a r e s u s t a i n e d
b y t h e s a m e fallacy, a n d have no foundation on which to r e s t ,
b u t the e r r o r s of a n t i q u i t y and t h e d e s p o t i s m of r e m o t e a g e s ,
w h e n m e n t a l d a r k n e s s s h r o u d e d m a n k i n d in t h e m o r t c l o t h of
p o l i t i c a l s e r v i t u d e - Y e t I can e x c u s e an Englishman
for b e i n g
w e d d e d to his own g o v e r n m e n t — a l t h o u g h b u t an i m p r o v e d form
of feudal d e s p o t i s m , and could overlook his d e l u s i o n , should h e a t t e m p t to vindicate the union of C h u r c h and S t a t e , on t h e g r o u n d
of usage and a n t i q u i t y . 15ut you, sir, a r e an A m e r i c a n , b o r n
u n d e r the Sun of L i b e r t y , which t h e valour and g l o r y of y o u r
f a t h e r s caused to shine upon the l a n d ; — y o u profess the s t e r l i n g
d o c t r i n e of equal llights
to all m e n ; a n d a p p e a r to t h e w o r l d ,
a s far as professions pass c u r r e n t for v i r t u e , as a R e p u b l i c a n
a n d a F r e e m a n ! H o w , sir, shall I e x c u s e y o u r — H o w , sir, will
t h e P E O P L K excuse y o u , for this r a n k d e s e r t i o n of y o u r p r i n c i ples- in o r d e r to p r o p i t i a t e the g r e a t M o t h e r of C o r r u p t i o n , t h a t
sits e n t h r o n e d upon the r u i n s of the C o n s t i t u t i o n , a n d the rags
of P a p e r Credits?—Vt h a t , sir! shall the o m i n o u s a n d s t a r t l i n g
p h e n o m e n o n be p r e s e n t e d , t h a t as England
is r e c e d i n g from t h e
d e s p o t i s m of Charters,
the A m e r i c a n P e o p l e a r e b e g i n n i n g t o
a d o r e t h e m ! — S h a l l we p u t on the R a g s of h a r l o t r y and s h a m e ,
which s h e , with p e n i t e n t i a l blushes, lias c a s t off! A n d in this
c o u n t r y t o o ! — I n this c o u n t r y , the child of M o d e r n Philosophy
a n d the M o t h e r of H u m a n Rights and L i b e r t y — w h e r e e v e r y
P o w e r is limited by a R n j u r , as it was created by the will a n d
voice of a free C i t i z . c n — w h e r e J u s t i c e is the basis of all gove r n m e n t — a n d R e a s o n a n d P r i n c i p l e the only P i l l a r s t h a t s u p p o r t it—in such a c o u n t r y , and in such an era as t h e m i d d l e of
of the n i n e t e e n t h c e n t u r y , to find a s t a t e s m a n of y o u r reputed
p a t r i o t i s m and established t a l e n t s , p r n m u l g e such an a r g u m e n t a s
the following, excites i n e x p r e s s i b l e w o n d e r , p i t y a n d regret*







s
*• If t h e c o n c u r r e n c e of all t h e d e p a r t m e n t s of t h e g o v e r n - 1
men** a t different p e r i o d s of our h i s t o r y , u n d e r e v e r y a d m i n i s t r a t i o n , and d u r i n g t h e a s c e n d a n c y of both t h e g r e a t p o l i t i c a l
p a r t i e s into which t h e c o u n t r y w a s d i v i d e d soon after t h e a d o p t i o n of the p r e s e n t C o n s t i t u t i o n . , shall be regarded
as hav?in***
the authority
ascribed to such scuictiuns
by the common
consent
of all well-regulated
communities,
the constitutional
poiaer
of
Congress to incorporate
a bahh* may be assumed as a
postulate
no longer open to controversy 111*'*
B u t as I before o b s e r v e d , you n o s o o n e r p l a c e d y o u r f o o t
u p o n t h i s g r o u n d , t h a n feeling it to q u a k e b e n e a t h y o u , y o u r e t r e a t e d from it with t r e m b l i n g p e r t u r b a t i o n , a n d t h u s r e n o u n c e
o n e f a l l a c y , in o r d e r t o h u g m o r e c l o s e l y o n e e q u a l l y d e l u s i v e *
*' N o l e n g t h of p r e s c r i p t i o n , or c o n c u r r e n c e of a u t h o r i t y , c a n
c o n s e c r a t e the u s u r p a t i o n of p o w e r s s u b v e r s i v e of p u b l i c l i b e r t y , a n d d e s t r u c t i v e of p u b l i c h a p p i n e s s - But^ where the
power
exercised
is clearly
co)iducive
to the public welfare,
and its
c o n s t i t u t i o n a l i t y is m e r e l y d o u b t f u l , * it w o u l d s e e m to be o n e o f
t h e m o s t obvious d i c t a t e s of p r a c t i c a l w i s d o m , t o r e g a r d t h e
d e c i s i o n of t h o s e w h o had t h e b e s t m e a n s of a s c e r t a i n i n g t h e
i n t e n t i o n of t h e c o n s t i t u t i o n , a n d w h o w e r e a c t u a t e d b y t h e
m o s t u n d o u b t e d p u r i t y a n d d i s i n t e r e s t e d n e s s of m o t i v e , a s o f
sufficient a u t h o r i t y a t l e a s t to o v e r r u l e t h e o r e t i c a l o b j e c t i o n s
a n d s i l e n c e i n d i v i d u a l s c r u p l e s / ' — I n t h i s p a s s a g e , sir, w h e r e
y o u p r e t e n d to r e n o u n c e t h e d o g m a , t h a t usage creates
right?
you v i r t u a l l y a d o p t it; modified o n l y by t h e o p i n i o n of t h e tendency of the m e a s u r e which e m a n a t e s from t h e disputed
power;
thus, at one stroke* making every P o w e r constitutional, w h i c h
t h e opinion of a m a j o r i t y m a y d e e m i n n o x i o u s , or a t t h e t i m e
n o t pernicious* Y o u , s i r , p o s s e s s a m i n d too s a g a c i o u s a n d d i s c r i m i n a t i n g , n o t to p e r c e i v e , t h a t t h e c o n s e q u e n c e of s u c h a
d o c t r i n e is the a b s o l u t e p r o s t r a t i o n of all C o n s t i t u t i o n a l l i m i t s !
W h e n , sir, in a n y a g e , a n d in a n y c o u n t r y , d i d a majority
who
u s u r p e d u p o n the Peoples* Rights,
deem that usurpation d e t r i m e n t a l to t h e c o u n t r y ? — W h e n , sir, did a w i s e p e o p l e e v e r p e r m i t opinion
to be s u b s t i t u t e d for organic law, in m a t t e r s t h a t
* T h e sang frotd of this expression is indicative of t h e minor i m p o r t a n c e which M r . M'Duflie a t t a c h e s to the Constitution, and w h i c h , u n happily, is t h e c h a r a c t e r i s t i c of t h e a ^ e , and t h e p r e s a g e of our declining 1
f r e e d o m . — F r o m being- *' merely doubtful,** it will at lust g r o w to be merely

unconstitutional
happiness,

and Liberty will expire in her sleep, amidst dreams of

9

c o n c e r n e d their Rights, their p r o p e r t y , and their happiness?—
N e v e r , s i r , n e v e r ! — A n d w h e n t h a t d a y s h a l l a r r i v e , if it e v e r
s h a l l , ( w h i c h G o d forbidl) w h e n t h e opinion of t h e m e a s u r e t h a t
flows from a d i s p u t e d p o w e r , shall h e s u b s t i t u t e d for t h e
vi^ht
u n d e r the Constitution to exercise that p o w e r — o u r C o n s t i t u t i o n ,
o u r L a w s , a n d our L i b e r t y , will n o t be w o r t h t h e poor w o r n d o w n s t u m p w i t h which I i n d i t e t h e s e w o r d s , in t h e h u m b l e eff o r t t o a v e r t t h e m . N o , s i r , y o u a r e t o o m u c h of a l a w y e r , a s
w e l l a s t o o m u c h of a l e g i s l a t o r , t o b e l i e v e in t h e l o g i c of t h e
f a l l a c y y o u p u t f o r t h , w h e n you d e c l a r e a P o w e r w h o s e c o n s t i t u t i o n a l i t y is d o u b t f u l , t o b e c o n f i r m e d a n d s e t t l e d b y t h e opinion of i t s u s e f u l n e s s , — W e r e y o u a R e p u b l i c a n in principle^
to
d o u b t i t s l e g a l i t y , w o u l d b e to d i s c a r d a n d r e j e c t i t ! — F o r o n
w h a t t e n u r e tloes t h e p o w e r d i s p u t e d t h e n r e p o s e ? — U p o n y o u r
opinion
t h a t t h e B a n k is beneficial; a n d u p o n mine, t h a t i t i s
pernicious a n d d e t r i m e n t a l to the C o u n t r y ! — T h i s , sir, is t h e
p r e c i s e i s s u e of y o u r a r g u m e n t — i t l e a v e s t h e p o w e r a s u n s e t t l e d
a s e v e r — e x c e p t in t h e o p i n i o n of t h e m a j o r i t y , w h o c h o o s e t o
e x e r c i s e i t ; w h o w o u l d c h e r i s h t h e s a m e o p i n i o n , e v e n if t h e
m e a s u r e w e n t m o r e i m m e d i a t e l y to d e s t r o y t h e l i v e s a n d p r o p e r t y of t h e c i t i z e n ! — S i r , y o u r a r g u m e n t is a felo cle se—it d e s t r o y s itself; atid if it d i d n o t , t h e good s e n s e , a n d s o u n d m o r a l
p r i n c i p l e of t h e A m e r i c a n P e o p l e , w o u l d r e s c u e t h e m from a
s o p h i s m a s r e v o l t i n g t o r e a s o n , a s i t is d e s t r u c t i v e t o L i b e r t y
a n d the Constitution.
T h a t t h e B a n k of t h e U n i t e d S t a t e s is jierJiicioits,
and not
beneficial t o t h e c o u n t r y , a l l o w m e , in t h i s p l a c e , t o a d d u c e o n e
a r g u m e n t , which is f u r n i s h e d by y o u r o w n c o n d u c t o n t h i s o c c a s i o n , a n d w h i c h , if t h e B a n k w e r e a t h o u s a n d fold m o r e p r o d u c t i v e of fiscal benefit t h a n it i s , ( a n d I d e n y t h a t it p r o d u c e s a n y )
w o u l d in i t s e l f be sufficient to c o u n t e r b a l a n c e a l l . I a l l u d e t o
its being made a P O L I T I C A L E N G I N E t o R K A C H T H E P R E S I D E N T I A L C H A I I I ! — D o n o t s t a r t , sir, w i t h t h e s u r p r i s e of o n e d e t e c t e d
i n t h e p u r s u i t of u n l a w f u l g a m e by u n l a w f u l m e a n s ! — A n d yct9
s i r , 1 d o b e l i e v e , t h a t y o u a r e n o w e l e c t i o n e e r i n g ; for y o u r C a n d i d a t e , t h r o u g h t h i s Report
in favour
of the Hank;—that
you
s u p p o r t i t , from no conscientious
convictions
of i t s C o n s t i t u t i o n a l c h a r a c t e r , o r i t s fiscal benefits t o t h e g o v e r n m e n t o r t o
t h e c o m m u n i t y ; b u t b e c a u s e y o u behold a R i v a l to y o u r f a v o r i t e
C a n d i d a t e , in o p p o s i t i o n to t h e B a n k ; a n d b e c a u s e y o u b e l i e v e
t h e p r e s e n t a favourable m o m e n t , to prove to the M O K I E O




10
ARISTOCRACY of the Country* that your friend
has s u p e r i o r
claims to their support to the Presidency, than the I n c u m b e n t ,
who in his Message to Congress recommended its d i s s o l u t i o n ,
at the instance, and on behalf of the POPULAR VOICE, a n d t h e
LIBERTY OF HIS COUNTRY.—Yes, sir—There are two or m o r e
powerful factions, and three or more powerful Candidates for
the Presidency, electioneering the Bank in their favour; s o m e b y
espousing, some by opposing itl—Why is this?—Because i t i s a
disputed power; because the people are divided in opinion a s
to its utility and its destructiveness;—its constitutional, a n d
unconstitutional tenure; and because, therefore, large p a r t i e s
are to be influenced in their votes fur a President, (not in c o n sideration of his fitness or unfitness,) but because he is for, o r
against the Bank!—Thus, this monstrous fungus upon our f r e e
Constitution, has at last degenerated to an apple of d i s c o r d j
and has become a weapon that demagogues may wield to a c h i e v e
their way to the Presidential Chair!—You appeal to the JMonied
Aristocracy, through their avarice, pride, and cupidity, to s u p port your Candidate, because he supports the Bank!—His R i v a l
appeals to the People, because the Bank is pernicious to t h e i r
Liberties, fatal to their Rights, and injurious to their p r o p e r t y ;
because it nourishes a dangerous Aristocracy in the bosom of
the Commonwealth, which threatens to destroy all they hold
dear by the influence of Money, Rank, Pride, and Power; a n d
which nothing but money can destroy.—The gold of Philip was
more potent than the arms of Philip in subduing Greece,—It
seems your Candidate is determined to tread the same path t o
power, but I predict it will not be attended with the success of
Philip, for he has to deal with a People more inflexibly virtuous,
and not less acute and intelligent than the Athenian crowd t h a t
bowed to the eloquence of JUemostfienes, or were enticed by t h e
buffooneries of Clean; who even in this age is so flattered b y
imitators!
Jf no other objection existed to the Bank of the United
States, this one alone, in the opinion of the true lover of his
Country and his Country's Liberties, would be all-sufficient t o
demand its removal from our statute books, and its total dissolution, never to be resuscitated from the ashes and embers of
corruption.—What, sir! shall this Bank for ever be held up a*
the pander of an Aristocratic
Faction* bordering upon the JW»bility of a Monarchy, and having a virtual affinity to all the




11
detestable trumpery of its pride, c e r e m o n i e s , luxury, v i c e , and
prostitution?—Shall our very Constitution be violated, merely
to aftbrd a theme for Demagogues
to climb to power, and to
pander to corruption?—Shall the People for ever be kept in
agitation and turmoil, as to the organic laws of their own Gove r n m e n t , in order to afford E N G L I S H S T O C K H O L D E R S * a Dividend^ and E N G L I S H L O R D S and T Y R A N T S , a safe i n v e s t m e n t ;
far from the volcano of revolution which every moment threatens
to burst under their feet, and fling its smothered fire of ages to
the s k i e s , and roll its lava of human passions over the earth,
till the very blood it sheds shall suffice to extinguish it? Shall
all doubtful powers
of the constitution be only in favour of
POWER and A M B I T I O N ; and none in favour of the People and of
Liberty?
N o , sir; you mistake the American people, if you
either calculate on their corruption, or presume on their stupidity? if yon either hope to dupe them by federal
arguments,
or
purchase them by federal gold; if you either design to subdue
them by aid of the monied aristocracy, or to fascinate them with
ambition by gilding it with wealth and the lustre of a pompous
g o v e r n m e n t , reflected from a hierarchy of directors, presidents
and cashierslf
D o not imagine, sir, that I have lost sight of the main argument, in thus dilating upon what you have assumed as the very
principle and fundamental basis of the legality of the Bank
itself; but which I rather esteem as the collateral and incidental
feature of the question. B u t as you have made the utility or the
• The nobility of England, and the royal family, are large stockholders
in the Bank of the United States.
fl-^st the reader should be ignorant of the general character of
Cashiers and Presidents,
1 d e e m it n e e d f u l to p r e s e n t h i m a brief profile of
t h i s s p e c i e s o f inflated Humbug.—Ignorance
and P r e s u m p t i o n mark his
P e a c o c k s t e p ; as o n e s u d d e n l y lifted from l o w life, or an o b s c u r e alley
practice
of larw% into t h e d i s p e n s i n g chain o f u s u r y , — I m p o r t a n c e , c o n c e i t ,
inanity, and a total a b s e n c e o f Conscience* mark t h e w h i n i n g , c a n t i n g ,
s n i v e l l i n g h y p o c r i t e , w h o , w i t h u n w a s h e d hands p a s s e s from t h e m o n e y
t a b l e to the a l t a r — w h o in h i s heart is a ^Monarchist, and a l o v e r o f arbi*
trary p o w e r — a g r e a t c h a m p i o n for Church and State, and i\s gruat a
sycophant t o L E G I T I M A T E G O V E R N M E N T , o f w h i c h he i m a g i n e s h i m s e l f part and par-eel—a pillar o f t h e ** Scruple Shop,** and a c o l u m n of t h e
C a p i t o l — h e is bursting- w i t h the c o n c e i t oi I m p o r t a n c e , and ready to
ride r o u g h - s h o d o v e r t h e P E O P L E , w h o s e s u b s t a n c e he p l u n d e r s , and hy
w h o s e I N P U S T R Y h e is p a m p e r e d ! — S o m e t i m e s he is a Y a n k e e s w i n d l e r ,
w i t h a Priest
at o n e s h o u l d e r , and t h e Devil l o o k i n g o v e r t h e o t h e r —
w h o w o u l d c o n s i g n t h e Patriots o f t h e Land t o t h e Overseer*
nf the

JParish, or vote for a decree of infamy upon the memory of J E F F E U S O N '







12
B a n k the te?t of its c o n s t i t u t i o n a l i t y , you m u s t abide t h e c o n s e q u e n c e ; and if its inutility
and even perniciousness
is d e m o n - '
s t r a t e d , y o u r position is vulnerable* and a c c o r d i n g to y o u r o w n
declaration* this fungus upon our liberties is as rank a u s u r p a t i o n as T y r a n n y ever p e r p e t r a t e d in the old world: u n d e r a p r e t e x t as plausible and s e d u c t i v e as coy and timid Ambition e v e r
p u t forth in the netc, to cover d e s i g n s inimical to liberty, a n d t o
c l o t h e t h e h y p o c r i t e in unreal p a t r i o t i s m , or feigned d e v o t i o n
t o t h e c r e e d of p o p u l a r s o v e r e i g n t y .
I have touched but slightly upon t h a t d e s t r u c t i v e i n f l u e n c e
to L i b e r t y , which the Bank* as a weapon of Electioneering
in
t h e h a n d s of Demagogues*
p r o d u c e s when the question o f i t s
renewed Charter comes before the P e o p l e : a question t h a t g e n e r a l l y c o n t i n u e s in agitation six y e a r s p r i o r to its e x p i r a t i o n ,
a n d six y e a r s s u b s e q u e n t to its r e n e w a l , leaving but a brief p e riod of t r a n q u i l l i t y t o the public, a n d to the D e m a g o g u e s , o n l y
b r e a t h i n g time sufficient to devise fre>h s c h e m e s to e n s l a v e t h e
m u l t i t u d e . T o that topic, however* I shall a^ain r e t u r n * — P e r m i t me now to call vour a t t e n t i o n to a n o t h e r , s c a r c e l y l e s s , i n ferior evil, which m a k e s a a a i n s t vour t e s i of C o n s t i t u t i o n a l i t y
T

t

x mean the creation of a M O N O P O L Y , a n d the erection of a P n i viLRGKu CLASS. You c a n n o t be i g n o r a n t , t h a t Chartered
companies, even in England,
have g r o w n so odiou*, as to e x c i t e a
g e n e r a l spirit of d e n u n c i a t i o n , and to p r o v o k e an o p p o s i t i o n ,
t h a t t h r e a t e n s to explode this whole s y s t e m of injustice upon t h e
c o m m u n i t y . — It is c e r t a i n l y c o n s i s t e n t with y o u r c h a r a c t e r o f
an Advocate,
to overlook the fact, l h a t the. Monopoly to trade
upon CRE&J? o p e r a t e s as a Tajc upon the industry
of the productive classes: 1st, by the e x t o r t i o n of i n t e r e s t , and s e c o n d l y ,
the e n h a n c e m e n t of p r i c e s ; but it is c e r t a i n l y d e r o g a t o r y to y o u r
fame as a s t a t e s m a n , that you should suppress facts, in o r d e r t o
make out your ca^J You maintain the p a r a d o x that the Charter
gives no n e w power or privilege to the "individual
corporators/"—You
liken the case to that of an i n d i v i d u a l b a n k e r , a n d
d e c l a r e t h e r e would exist no difference, if the «* F e d e r a l G o v e r n m e n t had provided that Ins bills should be r e c e i v e d in d i s c h a r g e of its d u e s / * — S u r e l y , sir. von c a n n o t be serious in a l l e g i n g so absurd a p r o p o s i t i o n ? — N o individual can t r a d e u p o n
Credit; for w h e r e individual
property
is responsible, the p u b l i c
t a k e care n e v e r to t r u s t even to the full a m o u n t of p r o p e r t y ;
J e a l o u s y , E n v y and Suspicion are all a w a k e , to w a t c h him w i t h

13
n a r r o w e y e s , a n d assist S e l f - i n t e r e s t to p r e v e n t public d e c e p t i o n . B u t a C H A R T E R from G o v e r n m e n t is a L I C K N S K O F C U K I > I T ; a n d a t t h e s a m e m o m e n t t h a t it l a k e s off i n d i v i d u a l r e s p o n s i b i l i t y , it i n v e s t s the c o r p o r a t o r s with an artificial
credit
a s b o u n d l e s s as the e x t e n t of P u b l i c Vaith. F r o m t h a t m o m e n t
t h e p o w e r to e.vpnnd the JWitionnl Currency is u n l i m i t e d ; a n d ,
i n c l u d e d in this p o w e r is t h a t of r e d u c i n g the p r i c e of e v e r y
m a n ' s p r o p e r t y , at p l e a s u r e ; and c a u s i n g It to rise or fall, for
p u r p o s e s of s p e c u l a t i o n , a t t h e o p t i o n of t h e s e h a r m l e s s a n d
i n n o c e n t "corporators.7*—AYhy,
sir, t h e r e is no more s i m i l i t u d e
b e t w e e n an i n d i v i d u a l R a n k e r a n d a C h a r t e r e d C o r p o r a t i o n ,
t h a n t h e r e is b e t w e e n an h u m b l e m e c h a n i c ami t h e TCing of
JCngland!—Your
profession, sir, m a y e x t e n u a t e y o u r p e r v e r s i o n
of facts; but n o t h i n g can j u s t i f y y o u r a t t e m p t at a d e c e p t i o n so
g r o s s ; a sophism so ilimsy in itself, a n d so baneful in its effects,
h a d i t s u c c e e d e d in d u p i n g t h e public m i n d into t h e belief, t h a t
a C h a r t e r from the U n i t e d S t a t e s confers no p r i v i l e g e not p o s s e s s e d by a P r i v a t e B a n k e r ! — S i r , it confers t h e p r i v i l e g e of
t r a d i n g upon u n l i m i t e d c r e d i t — o f m a k i n g e v e r y m a n p a y s o m e t h i n g o u t of his i n c o m e for e v e r y n o t e he hold* of that
Hank;
for it d e r i v e s an interest from
every dollar it it as in
circttlation> a n d t h a t i n t e r e s t is paid by the producer of wealthy by t h e
h a r d w o r k i n g m a n , who is t h e victim to c a p i t a l i s t s , b a n k
c r e d i t s a n d b a n k e x t o r t i o n . T h e s a y i n g is old, b u t n o t t h e
l e s s v a l u a b l e , for time confirms
w i s d o m , t h a t those whom fate
means to destroy^ it first deprives of u n d e r s t a n d i n g - H a s y o u r
f a v o u r i t e c a n d i d a t e for t h e p r e s i d e n c y no t a l e n t , no p a t r i o t i s m ,
n o public s e r v i c e , on which to rely for his s u c c e s s ? S h e w m e
t h a t h e is ft a n d icurthy9 a n d a friend
to t h e people^s
rights,
a n d he shall h a v e m y h u m b l e s u p p o r t : b u t as t h e champion
of
hank usurpation,
never!
Y o u , sir, a r e a p o l i t i c i a n ; a n d yet y o u
t h r o w y o u r g r e a t f r i e n d ' s d e s t i n y i n t o a golden scale, a n d w o u l d
r a t h e r a b i d e t h e chance of money t h a n the free a n d w a r m affect i o n s of a w a r m a n d g e n e r o u s P e o p l e ! Xt w a s a fatal e r r o r in
y o u r j u d g m e n t , a n d fatally will he a n s w e r it*
I shall c o n t i n u e to c o m m e n t u p o n j o u r further p a r a d o x i e s
a n d i n c o n s i s t e n c i e s in m y n e x t p a p e r ; in the m e a n t i m e , I r e *
m a i n , with d u e c o n s i d e r a t i o n , yours^
BRUTUS.




11
LETTER U.

To George .WDiiffie, Ksq.,

$c.

SIR,
T H E c o n c l u s i o n of my fi»st l e t t e r m u s t n o t b e u n d e r s t o o d
a s an e v i d e n c e of p r e f e r e n c e or o p i n i o n , u p o n t h e q u e s t i o n o f
t h e nejct President;
for a l t h o u g h t h a t is e v i d e n t l y the s u b j e c t
n e a r e s t t o y o u r heart* y e t m i n e is of a different i n c l i n i n g ; f o r t o
be c a n d i d with y o u , I h a v e c o n t r a c t e d so g r e a t a d i s t r u s t o f a l l
Public *T/i?u, Politicians
a n d Statesmen,
t h a t I should find i t e x t r e m e l y difficult in w h o m to fix a choice for t h a t h i g h s t a t i o n *
P a t r i o t i s m a n d V i r t u e a r e t h e c o m m o n a t t r i b u t e s o f all d e m a g o g u e s w h o a r e u p for office;—but w h e n t h e y a r e in office^ i t
w o u l d defy t h e p o w e r of t h e m o s t p o t e n t i n t e l l e c t u a l m i c r o s c o p e , t o d i s c o v e r t h e t r a c e s of t h e i r e x i s t e n c e , or t h e f r u i t o f
t h e i r p r o d u c t i o n . — I will n o t , h o w e v e r , a n t i c i p a t e t h e d e s t i n y o f
P u b l i c L i b e r t y , by d r a w i n g t h e c u r t a i n from t h e v i c e s of p o l l *
t i c i a n s , which w h e n o n c e b e h e l d , m u s t e x c i t e u n i v e r s a l d i s m a y ,
a n d p r o b a b l y lead to g e n e r a l l i c e n t i o u s n e s s . — B u t if y o u r c a n d i d a t e , s i r , can s t a n d t h e t e s t of i m p a r t i a l s c r u t i n y , l e t h i m
s t a n d forth n a k e d a n d u n d i s g u i s e d as he i s , a n d I shall n o t d i s p a r a g e h i m , if his principles
uphold hint.— Is h e a friend t o t h e
U N I O N ? T h e n will he n e v e r a t t e m p t t o s e v e r it, by p r o p o s i n g
N U L L I F I C A T I O N L a w s b y t h e States,
to o p p o s e a tariff t h a t p r o t e c t s A m e r i c a n I n d u s t r y , a n d is o n l y o b n o x i o u s t o E n g l i s h
a v a r i c e . I s h e a friend to the C O N S T I T U T I O N ? T h e n w i l l h e
n e v e r a d v o c a t e its p o l l u t i o n , by c o n t e n d i n g t h a t a private
comp a n y of E n g l i s h S t o c k h o l d e r s was e v e r d e s i g n e d to be e m b r a c e d
w i t h i n t h e p o w e r s of a c o n s t i t u t i o n c r e a t i n g a National
Republican G o r e r n m e n f ^ A n d h e r e sir, p e r m i t m e t o r e m a r k , t h a t if
t h e p o w e r of t h e s t a t e s to nullify
an A c t of C o n g r e s s , b e a
l e g i t i m a t e p o w e r in t h e c a s e of t h e Tariff, it will be s t i l l m o r e
a l e g i t i m a t e one in t h e c a s e of a B a n k , w h o s e c o n s t i t u t i o n a l
c h a r a c t e r , a c c o r d i n g to y o u r o w n d o c t r i n e , d e p e n d s u p o n t h e
opinion
of its
utility!
In w h a t p a r t of v o u r r e p o r t you a t t e m p t to prove t h a t t h e
B a n k of t h e U n i t e d S t a t e s w a s t h e c a u s e of r e s u s c i t a t i n g t h e
c u r r e n c y of t h e c o u n t r v , I a m u n a b l e t o d i s c o v e r , a n d m u s t
t h e r e f o r e t a k e y o u r assertion
of t h a t fact in lieu of i t s d e m o n s t r a t i o n . I n a n s w e r to t h i s a s s e r t i o n , i t m u s t b e o b s e r v e d , t h a t
w h e n t h e B a n k c a m e i n t o e x i s t e n c e , all its materials
were
lying




15

Teady prepared for it; and any bank with the s a m e l a w s to
b a c k it, could have produced the s a m e effects. T h e charter
n e i t h e r created money, as you c o n t e n d , nor revived c r e d i t , as
y o u w o u l d have us believe; but it did excite Jlvarice, at w h o s e
t o u c h Speculation
a w a k e n e d to c o m m i t d e e d s that e v e n y o u ,
s i r , s e e m to have forgotten, but in reality have shrunk from, as
t o o appalling and disastrous to be recalled to public r e c o l l e c t i o n .
S h a l l I a t t e m p t , sir, to draw a picture of that dreadful era o f
g a m b l i n g , when private morals and public credit sunk in one
c o m m o n ruin—when opulence b e c a m e s u d d e n l y impoverished,
a n d n e e d y deception was as s u d d e n l y e x a l t e d , to riot in u n r e s p e c t e d and unmerited wealth; when the s c a n t y pittance of the
tvidotv
was shorn to add to the hoards of the c u n n i n g broker,
o r the unprincipled adept in s t o c k s — w h e n the happiness of the
orphan became the last stake of the gamester
on *Change, and
m i l l i o n s were lost and won, without the intervention of a c e n t
o f v a l u e ! — N o sir, I will not sketch it; that era is still too vividly
i m p r e s s e d upon the public mind. T h e people have not y e t forgotten
t h a t Senators
in Congress abstracted millions from the v a u l t s
o f y o u r favourite B a n k , without l i c e n s e , and in violation o f
m o r a l i t y and law; that the fever of fraud spread like a c o n t a g i o n , and finally left the bank stripped of its last dollar of
s p e c i e , naked and d e f e n c e l e s s , and lying at the mercy of a
private
banker to strike it into annihilation! Y e t have you v e n t u r e d t o ascribe to a B a n k thus pilfered, impoverished and
b a n k r u p t , the reform of the currency of the country! W h a t
w e r e the f a c t s ? — T h e B a n k of the U n i t e d S t a t e s w a s
formed
out of the T r e a s u r y of the U n i t e d S t a t e s , and the s p e c i e a n d
bills of the State B a n k s ; and where they were unable to pay the
balance due to the G o v e r n m e n t over to. the B a n k , an
interest
account was substituted, until the amount was liquidated! N o w ,
w h a t was the a g e n c y of the Bank in restoring the currency to
comparative s o u n d n e s s ? — I t was surely that of an
ICjcecutive
Officer of a National
Late; it did nothing but what any bank,
or a n y individual could have d o n e , so assisted and backed by
the l a w s of the c o u n t r y . — W h a t it d i d , therefore, cannot be
c o n s i d e r e d as a merit peculiar and exclusive to itself, and as
g i v i n g it any claim, such as the harlot puts forth to heal her
reputation, that her usefulness in society ought to blind the e y e s
t o her p o l l u t i o n ! — N o sir, let not the Constitution
he violated to
furnish so baneful an e x a m p l e ! L e t not accidental and extra-







16
n e o u s good, which a n y b a n k , or the Treasury
itself
could
p r o d u c e , be alleged as a justilication of a radical w r o n g , a n d a
vice i n h e r e n t in the odiotis and oppressive m e a s u r e t h a t y o u
have u n d e r t a k e n to champion- B u t h e r e , w h a t h a v e y o u e m braced? A bag covered with filth, rags and d e f o r m i t y I
•'Aspassia\s fascinating- cliarms,
" C o u l d lure a Hero t o her arms/*

Pericles was pardonable for that; but had he fallen e n a m o u r ed of a sluttish and ugly slave, the A t h e n i a n s would h a v e t o r n
one-half of his laurels from his brow; a n d lie would have s u n k
e v e n below t h e dubious infamy of t h e notorious C l e o n : — I l e a v e
you to d r a w your own i n f e r e n c e .
, A s you have, ( w h e t h e r through ignorance or design I l e a v e
you to d e t e r m i n e ) in common with the « S e n a t o r from
J\Zarylandf* adopted and p r o m u l g a t e d , p r i n c i p l e s the m o s t h e t e r o d o x
and d a n g e r o u s , and opinions the most crude and u n t e n a b l e i n
relation to Currency, Exchange*
and Political Economy y I s h a l l
humbly a t t e m p t to confute the fallacies of both a t the s a m e
t i m e ; and to beg you to receive in c o m m o n , w h a t I m a y h e r e
a d d r e s s to either of you r e s p e c t i v e l y .
T h e R e p o r t of the Honorable M r . Smith, of M a r y l a n d , u p o n
National
Currency,
m e r i t s a few r e m a r k s , e q u a l l y a p p l i c a b l e
to y o u .
I t c a n n o t be perceived upon what principles
the Hon. S e n a t o r r e a s o n s , in d e d u c i n g his c o n s e q u e n c e , t h a t Exchange is i n
favour of this c o u n t r y , in r e s p e c t to E n g l a n d ; because the p r i c e
of Silver is lower in L o u d o n than in the U n i t e d S t a t e s — a f a c t
t h a t has often been the case, and p e r h a p s often will c o n t i n u e
to b e — o r what connection subsists b e t w e e n t h e r a t e of E x c h a n g e
on E n g l a n d , and the s o u n d n e s s , or d e t e r i o r a t i o n of the C u r r e n c y
of the United S t a t e s .
Silver is not considered as the standard of value^ e i t h e r in
E n g l a n d , or this c o u n t r y .
T h e price of Silver proves n o t h i n g , or proves too much: for
A m e r i c a n Gold bears a p r e m i u m of 5 p e r c e n t in E n g l a n d , a n d
t h u s , a c c o r d i n g to his criterion of the c u r r e n c y , ours m u s t b e
r o t t e n , for this a d d e d to 8£ will m a k e t h e r a t e of E x c h a n g e
against us IS J per c e n t . — I f t h e a r g u m e n t is good one w a y , i t
is equally good the other w a y . *
• It is of no consequence to the purchaser of Bills here, what amount

17
B u t it is presumed that the H o n . Senator has fallen into a
fallacious mode of reasoning; and that Exchange has no possib l e bearing upon a sound currency; however an unfavourable
s t a t e of Exchange, by causing an exportation
of Specie, may
s h a t t e r and destroy a rotten paper system!—It is equally diffic u l t t o conceive, how the Bank of the United States could produce a favourable state of Exchange on Europe, supposing it to
e x i s t ! — B u t if it can produce a favourable
Exchange, it can
a l s o produce an unfavourable one; and as the latter is more to
i t s profit than the former, so will it be more inclined that way.
T h u s t h e n , we arrive at this singular paradox in the argument
of t h e Senator from M a r y l a n d — t h e Bank of the United States
p r o d u c e s a sound currency by reducing Exchange on England;
b u t it is the interest of the Bank to keep up the Exchange; which
i t does 19 years out of 20—ergo, the Bank deteriorates the
currency, by causing an unfavourable state of Eacchange!
T h e currency of England is incomparably sounder than that
o f the United States; because—1st, Silver is of less value than
p a p e r — a n d 2d, because G O L D is her only standard of value9
h e r only legal tender in payment of debts, as well as a chief
p a r t of her circulating medium!—Her paper currency compared
t o Gold is in a state of depreciation;
but it is above par, in rel a t i o n to Silverl
B u t what has Exchange to do with a sound
Currency?—It
c a n n o t make Bank Bills equal to Golden Eagles!*—-What is the
p r i c e of the American Half E a g l e ? — S 5 : 2 5 , or five per c e n t
premium-—shewing a depreciation of so much in our Bank pap e r . g l 0 , 0 0 0 in Gold is worth S10,500 in Paper Credits! or you
o f money 8£ p e r c e n t p r e m i u m will give t o t h e m e r c h a n t in E n g l a n d : a n d
»o long as Gold could be remitted at par* and we pay 8^ per cent p r e m i u m ,
s o Iongf will Exchange he unfavourable, or against this c o u n t r y . — T h e vast
a m o u n t of* British capital now seeking investment in this country, h a s
p e r h a p s t e n d e d to r e d u c e the rate of Rxchange. A. wishes to invest in
A m e r i c a 100,000/. which he places in the bunds of Havings who a u t h o r i z e s
h i s a g e n t in t h e United States to dr*ui& Jhr and invest. Hence t h e r e d u c t i o n ! B u t when this capital is tuk-en buck -tvitfi Interest^ then will c o m e t h e
gujg' of Credit* and t h e shock of cuvvency.
W h y will he a u t h o r i z e Hills t o
b e drawn?—because by remitting* Gold h e r e , he would lose, it being ut a
p r e m i u m lens than t h e cost of f r e i g h t , Insurance, & c but by Bills h e
g-ets g>108 for g l O O . — ^ ° silver is imported from Knt^land, a conclusive
p r o o f t h a t it is not so low as it is alleged by the Senator,
* I am a w a r e t h a t t h e JWint p r i c e of gold is too low; b u t this does not
affect the principle of t h e a r g u m e n t ; as it is, i n d e p e n d e n t l y of t h a t circumstance, at a p r e m i u m above p a p e r , as well as silver!







18
must pay in Bank notes 8 1 0 , 5 0 0 for 8 1 0 , 0 0 0 in Half E a g l e s * ^ .
P r i c e s , ant! the relative value of property, is never affected b y
foreign
Ex-change—per
se—but if that E x c h a n g e is u n f a v o u r a ble, and involves the consequence of an abstraction of s p e c i e
from the country, then a shack is felt—but the shock i s f e l t
because the currency is unsound—if
it was healthy, it w o u l d
remain immovable.
I t seems a self-evident fact, on its very face, that a C u r rency whose wholesome action is poisoned by foreign E x c h a n g e
being unfavourable; must of necessity be spurious and v i t i a t e d
in character.
B u t let us even admit, that the par of Exchange
is e r r o neous in law and in fact—what bearing ought a question s o e x raneous to a -violation of the Constitution,
to have in r e c o n ciling public opinion, to an outrage so gross upon the P e o p l e ' s
Rights, and a measure so pernicious to their i n d u s t r y ? — I t h a s
no more relation to it, than the question of Freights to
London
or Insurance to Japan; or the Tariff of Russia, and the C o l o nial Won-American Importation
A c t of Great Britain!—L.et US
leave fables to children, and attend only to facts which t h r o n g
around us on every side!
T h e next most remarkable feature in the Report of the H o n .
Senator from Maryland, as well as your o w n , sir, is that w h i c h
relates to Domestic Exchange,
in which the same error i s r e peated, that the rate of home Exchange is a criterion o f t h e
soundness of our Currency.—Speaking of the difference
of
exchange
between Baltimore and B o s t o n , immediately s u c g
t,,e Peace
^
> Mr. M-Duffie alleges that the difference.

y

c

so muchTesTd«tts :rG r

a b , e d the B ahimorc importer topay

x

«r»n« nf o
? •
Government
W c are astounded at this
want of sagacity in the Chairman. T o the Baltimore Importer,
Baltimore
money ^
at par, a m , h e p a i d a g m u c h d o t "„ t h e
Jloston Merchant!
O h f y e ! M r M<n„«;
- *u» #-,- /
ET
, „ t
?, *>Jr* ™ f u m e , is this your
Political
EconomyJ-But
such will always be the fruit of small
Lawyers,
pretending to assume the colossal magnitude of great
States.
m e n — P a c t s confute this- and the slightest discrimination w i l l
expose the hollowneas of his theory:—It appears that the B a n k
sells bills from one port or city to another, at from $ to $ths p e r
cent premium!—Now what relation has the purchase of such
bills, to the fact of a depreciated
currency, and the fictitious e n hancement of property, caused by such depreciation?—A t r a d e r

19
t r a n s m i t s his funds, i n a bill, from R a l e i g h to N e w Orleans
o r from N a s h v i l l e to P h i l a d e l p h i a , and pays J p e r c e n t
will
t h a t fact enable him to purchase Real E s t n t e ^ r a n y other
c o m m o d i t y , at its real -value?—Will
it reduce the
fictitious
p r i c e which paper expansion has g i v e n i t ? — U n d o u b t e d l y not!
X h e n w h y is it i n t r o d u c e d , as well as Foreign E x c h a n g e , t o
p r o v e the s o u n d n e s s of our Currency? B e c a u s e there exist n o
s o u n d a r g u m e n t s in favour of the C u r r e n c y or the BankfT h e Honorable S e n a t o r , as w e l l a s yourself, sir, insists that
t h e Bank has been solely instrumental in producing the p r e s e n t
s t a t e o f the C u r r e n c y . One acquainted with the subject, or p o s s e s s e d of the sensibilities
of science9 would have shrunk appalle d from s o perilous an a s s e r t i o n . I t s t a n d s u n c o n t e s t e d , as a
first principle^
that Paper
Credits,
by a n y modification, c a n
n e v e r improve the C u r r e n c y of a nation; for B a n k s can o n l y
o p e r a t e upon t h e real stock of money, already in the
country—*
t h e y c a n n o t c r e a t e , or add to the stock of recti money—and
ever y expansion of Paper C r e d i t s w h i c h they p r o d u c e , is s o m u c h
d e p r e c i a t i o n o f the C u r r e n c y !
X o i m p r o v e a National C u r r e n c y , the only m e t h o d is, to add
t o its stock o f industry, and confine its circulation to the actual
responsibilities of a S/iecie^ or what is the s a m e thing, an Indus*
tryy C a p i t a l ! — B y this I do not m e a n a total abolishment of fiaficr
credit*) but a restriction of t h e m , dollar for dollar, to sfiecie responsibility*
A n d this is the real s y s t e m of useful currency; w h i c h
n e v e r allows o n e dollar's worth of industry to be idle or unproduct i v e ; but k e e p s the w h o l e m a s s of wealth in a constant stream o f
a c c u m u l a t i v e circulation, without i n c u r r i n g any possible d a n g e r
o f insolvency. H e r e l i e s t h e real doctrine of National C u r r e n c y ,
c o m p a t i b l e with the true theory and beneficial practice of National W e a l t h . A n y e x t e n s i o n of the Paper Credit s y s t e m , beyond
t h i s actual s p e c i e responsibility, is baneful and dangerous; bane•f A f e a t u r e p e r f e c t l y c h a r a c t e r i s t i c of t h i s a g e of J/f/rnbr/jr, s t r u c k u s
in t h e R e p o r t of t h e Honourable Senator—the basis of which a r c a s t r i n g
o f a n s w e r s r e t u r n e d by t h e President of the Jia7iki t o certain interroga*
tories put to himself? / / — T h i s is a p u r e l y ex-parte p r o c e e d i n g , — I t is t h e
R E P O R T o r T H E B A N C , not of t h e C o m m i t t e e ! — T h e s a m e r e m a r k will
e q u a l l y apply* sir, t o t h e ^financial'part of y o u r Report!—Ton have w a s h e d ,
s t a r c h e d a n d d r e s s e d u p t h e foul linen of t h e M o t h e r of F r a u d , furnished
y o u by t h e P r e s i d e n t of t h e Hank, in o r d e r t o k e e p alive a S P I R I T ojr
S P E C U L A T I O N , w i t h o u t which his 'very dear friends > p o o r and rich, c o u l d
n o t s t e m t h e c u r r e n t of t h e s e hard times/—Paper,
sir, and I^oans and I*lnn~
dcr, a r e t h e real w e a l t h , (for it is all t h e y h a v e ) of t h e idle% t h e proud% und
t h e Itucuriou*/—







20
ful b e c a u s e it e n h a n c e s p r i c e s , and s t i m u l a t e s to s p e c u l a t i o n !
a n d d a n g e r o u s , b e c a u s e the variable r a t e of c o m m o d i t i e s p r o d u c e d by i t s e x p a n s i o n and c o n t r a c t i o n , leads to t h e ruin of p r i vate fortunes, and very often to national i n s o l v e n c y — a l w a y s t o
t h e d e t r i m e n t of c o m m e r c e , a g r i c u l t u r e , and m a n u f a c t u r e s , a n d
t h e i m p a i r m e n t of t h e Public C r e d i t , and p u b l i c r e s o u r c e s !
A l l C r e d i t is a fiction, as well as a fraud:
It is a s u p p o s i t i o n ,
in p l a c e of a r e a l i t y . B u t the C r e d i t s of B a n k s , a r e t h e m o s t u n real of all fictions, and t h e most wicked of all frauds, when t h e y
d e p a r t from t h e s p e c i e scale of dollar for dollar; for o t h e r fictions a r e i n n o x i o u s ; b u t t h e s e c a r r y desolation and dismay in
t h e i r t r a i n ; — t h e y n e v e r can b e r e a l i z e d , a n d t h e m o m e n t t h a t
d i s p e l s t h e illusion, r e d u c e s t h o u s a n d s to p o v e r t y and w a n t ,
m i s e r y and d e s p a i r , — T h e c o m m o n a r g u m e n t is t h e very e s s e n c e
of fallacy, that B a n k s , t h o u g h t h e y m a y not h a v e s p e c i e , still
p o s s e s s property;
for every m a n k n o w s t h e difference b e t w e e n
h a v i n g in his possession one thousand Spanish dollars* with which
to pay his p r o m i s s o r y n o t e s , and t h e s a m e s u m , in
property^
w h i c h h e has to convert to s p e c i e : — t h e l a t t e r will n e v e r realize
t h e s a m e s u m , and g e n e r a l l y not m o r e than o n e half, or t w o t h i r d s ! — B u t in t h e case of B a n k s , t h e r e is t h i s additional disadv a n t a g e , that t h e i r insolvency creates a still further
depression of
property;
and t h e v e r y act that c o m p e l s t h e m to fall on t h e i r r e s o u r c e s , also strips t h e m of half t h e i r v a l u e !
After such an e x p o s i t i o n , sir, h o w shall I t r e a t y o u r a r g u m e n t
t o p r o v e that by " C o w " is m e a n t currency;*
that specie means
leafier?—Were
you s e r i o u s in t h u s s h e w i n g t h e p o w e r of t h e
s o p h i s t to u n s e t t l e l a n g u a g e , confound t h i n g s , and g a i n a m o m e n t a r y victory o v e r t r u t h , by t h r o w i n g d o w n all t h e b a r r i e r s
that p r e s e r v e t h e intellectual world in h a r m o n v and o r d e r ? — O r ,
did you i n t e n d that t h e word « Coin" s h o u l d only m e a n C U B R M C Y , and B I L L S O F C R E D I T , w h e n r e a s o n i n g on t h a t c l a u s e of t h e
* T.,cst t h e r e a d e r should imagine I am Quizzing M r . G e o r g e M'Duffie,
I h e r e append lus words to prove the solemnity of his absurdity.—I w a s
at first disposed to laugh heartily at t h e idea, and still feel a very risible
propensity,
if the sensation is compatible with t h a t r e s p e c t w h i c h e v e r y
41
humble c i t i z e n " ouglit t o feel for an exalted S t a t e s m a n .
** T h e p o w e r to " coin money and fix t h e value thereof,'* is e x p r e s s l y
and exclusively vested in C o n g r e s s . T h i s g r a n t w a s evidently i n t e n d e d t o
invest Congress with t h e p o w e r of r e g u l a t i n g t h e circulating- m e d i u m .
" Coin" was r e g a r d e d , at t h e period of framing- t h e Constitution, as syn o n y m o u s with " Currency?' as it was then generally believed t h a t bank
notes could only be maintained hi circulation by b e i n g t h e t r u e r e p r e s e n tative of the p r e c i o u s metals.**

21
-Constitution, which g i v e s to C o n g r e s s the p o w e r to coin money
——and that Coin should not mean Hcink J\o£e& w h e n reasoning
upon Currency?—But you have overlooked, or forgotten a corr e l a t i v e clause of the Constitution, section 10, article 1, which
ordains that " N o State emit Sills of Credit^ or m a k e any thing
but G O L D and S I L V E R a tender in payment
of D e b t s . "
Now,
sir, do you maintain that G O L D and S I L V E R here m e a n s JPafier
Currency? or that this clause of the Constitution g i v e s C o n g r e s s
t h e power to C H A R T E R A P R I V A T E B A N K of Knglish Stockholders, w h o s e P A P E R C R E D I T S shall be a legal t e n d e r . —
A d e p t as you are in all the little trickeries of the sophist,
and the still smaller chicanery of the County Court A d v o cate, do you not blush for your perversions, and will you not
y e t live to repent of your fictions?—Surely if the high power to
charter a National Bank, can be rendered constitutional by c a u s i n g the word " C O I N 3 * to mean P A P E R , surely the s a m e word
" C O I N * * can be construed to mean JJa?idJ Houses, and JWerchandisc; for it would be absurd to have Coin, without property; and
h e n c e m i g h t be deriued the power of C o n g r e s s under the C o n stitution, to regulate the prices of H o u s e s , Lands, and M e r c h a n d i s e ! — But I must not anticipate.— You have covered too m u c h
s p a c e in empty illusions, not to justify m e in using the advantage
o f diffusion, to refute your errors, and e x p o s e your absurdities.
Y o u have made general admissions of facts which entirely o v e r - *
turn all your laboured edifice of sophistry in support of the Bank
o f the U n i t e d States; and here allow rne to turn against you
y o u r own weapons, and if they pierce your vitals, the deed i s
that o f your own h a n d s . — I shall quote your a d m i s s i o n s — b e h o l d
them——You s a y —
** H a v i n g endeavoured to explain, thus briefly* the general
depreciation resulting from a redundant currency, the c o m m i t t e e will now proceed to point out s o m e of the injurious c o n s e q u e n c e s which have resulted from those great c h a n g e s in the
standard of value, which have been unavoidably produced by the
correction of the redundancy.
" A n individual w h o borrowed a sum of m o n e y in 18 16, and
paid it in 1820, evidently returned to the lender double the value
r e c e i v e d from h i m ; and one w h o paid a debt in 1820, which h e
had contracted in 18 16, as evidently paid double the value he had
stipulated to pay, t h o u g h nominally the s a m e amount in money*
It is in this way that fluctuations in the quantity and value of th«




22
currency interfere, in the most unjust and injurious manner, between debtor and creditor.
** And when banks have the power of suspending specie pay*
ments, and of arbitrarily contracting' and expanding their issue*,
without any general control^ they exercise a more dangerous and
despotic flower o-ver the property of the community•, than was ever
exercised by the most absolute government.
In such a state of
things, every man in the community holds his property at the
mercy of money-making corporations, which have a decided interest to abuse their power.
u
By a course of liberal discounts and excessive issues for &
few years, followed by a sudden calling in of their debts and con~
traction of their issues, they would have the power of transferring
the firofierty of their debtors to themselves, almost without limit.
Debts contracted when their discounts were liberal, and the cur*
rency of course depreciated, would be collected when their discounts were almost suspended, and the currency of course unnaturally appreciated; and in this way the property of the community might pass under the hammer, from its rightful owners to
the banks, for less than one half its intrinsic value. If the committee have not greatly mistaken the matter, there is more of
history than of speculation in what they have here presented to
the consideration of the H o u s e . "
And why, sir, does not all this frightful picture of the necessary consequences of Paper Currency apply to the Bank of the
United States? Sir, you well know that it doe* apply. You well
know that the President of that institution, has boasted in the
public papers of the power of this Bank over the fortunes and
property of the community; a power which they exercise in the
daily performance of their functions, and which is always ./W/ by
society, when necessity compells them to contract their issues.—*
Unfortunately for you, sir, and still more unfortunately for the
Bank, not an argument you have brought into action to sustain
that Corporation, but bears with resistless force and direct efficiency against it! Plausible, sir, as I must admit your sophistry
to be, yet will it fall harmless on the understandings of a Public
who still have sense to perceive, that if a Paper Currency is thus
pernicious in the hands of State u Corporators^* it loses none of
its perniciousness when exercised on a mightier scale, and with
multiplied power, by F E D E R A L "Corporators!"— Strange, indeed,
would it be, if the more an evil was augmented, the less oppres-




23
s i v e l y s h o u l d it b e a r u p o n t h e p u b l i c ! — M i r a c l e s , s i r , h a v e hacf
t h e i r d a y ; and w h y s h o u l d not p a r a d o x e s and a b s u r d i t i e s h a v e
t h e i r s ; e v e n w h e r e t h e p a r a d o x is a m i r a c l e , and t h e a b s u r d i t y a
v i o l a t i o n of t h e laws of n a t u r e I
T h e r e a r e s o m e a n i m a l s , w h o in t h e i r efforts to m o v e forw a r d ) c o n s t a n t l y r e t r o g r a d e in a d i r e c t i o n o p p o s i t e to t h a t t h e y
i n t e n d to r e a c h . — - E x c u s e m e w h e n I say, t h a t you r e m i n d m e
o f t h o s e u n f o r t u n a t e c r e a t u r e s w h o n e v e r can fulfil t h e i r d e s i g n s *
A V h e t h e r you b e c a m e b e w i l d e r e d in y o u r own s o p h i s t r y , a s h i s t o r y h a t h r e c o r d e d of m a n y of y o u r e m i n e n t fellow a d v o c a t e s ,
a n d f a n c i e d at o n e t i m e t h a t you w e r e / ^ e d to argufy against t h e
B a n k ; o r w h e t h e r , as I a m t h e m o r e d i s p o s e d to s u s p e c t , t h e
Sterility o f y o u r s u b j e c t d r o v e y o u r i m a g i n a t i o n t o w a n d e r in
p a t h s u n k n o w n a n d i n e x t r i c a b l e : E l s e , how w a s it p o s s i b l e t h a t
y o u s h o u l d h a v e p a i n t e d so faithfully all t h e d i s a s t r o u s c o n s e q u e n c e s of t h e e x p a n s i b i l i t y of a P a p e r C u r r e n c y , and yet n o t
p e r c e i v e t h a t y o u w e r e d r a w i n g b u t a too faithful p o r t r a i t of y o u r
i m m a c u l a t e and infallible B a n k !
By y o u r o w n s h e w i n g , t h i s f u n g u s on o u r C o n s t i t u t i o n a n d
o u r L i b e r t i e s , p o s s e s s e s t h e e n o r m o u s and i n t o l e r a b l e p o w e r , t o
t r a n s f e r to itself at any m o m e n t , A L L the firo/ierty of its
Debtors!
— N o t m e r e l y t h e i r j u s t d e b t s ; t h a t would be n o t h i n g o u t of t h e
c o m m o n t r a c k of t r a d e — b u t to obtain thousands for h u n d r e d s —
a s y o u j u s t l y o b s e r v e , t h e B a n k of t h e U n i t e d S t a t e s h a s t h i s
p o w e r "almost without limit."—When
you a l l u d e to t h e r e g u l a t i o n of t h e standard of-value, as b e i n g w i t h i n t h e action of t h i s
B a n k ) w h o s e p a p e r c u r r e n c y is t h u s r u i n o u s to all stability in
f o r t u n e s o r p r o p e r t y ; h o w , sir, a r e y o u to be u n d e r s t o o d ? — I s t h i s
fluctuation
of p r o p e r t y , t h e r e g u l a t i o n of t h e standard of ~vatucy
f o r w h i c h you so e x t r a v a g a n t l y e x t o l t h e B a n k ? — I n old-fashioned
t i m e s , it was t h e c u s t o m to refer to C O I N a l o n e , as t h e
standard
qf -value} a n d e v e n S i l v e r was e x c l u d e d from t h i s h i g h p r e r o g a *
t i v e . B u t t i m e s a l t e r , a n d m a n i m p r o v e s in t h e march of ntind$
** in d o u b l e q u i c k t i m e . 1 * — Y o u , m o r e e x p e r t at t h e s t e a m - p o w e r
of p r o p e l l i n g an a r g u m e n t , can c o n v e r t a fluctuating picture^ ( a
B a n k Bill) i n t o a s t a n d a r d of v a l u e ; and p e r c i e v e in t h e e x h a l a t i o n t h a t s u r r o u n d s a Ootd Coin, t h e m y s t i c p o w e r to g r a n t incor*
p o r a t i o n s t o p r i v a t e c o m p a n i e s of Trailers in Hags,
T h e r e is always a c h a r m in JSTo-uelty that p l e a s e s ; a n d w h e n
S c i e n c e c e a s e s t o be i n s t r u c t i v e , in h a n d s unskilful in its d i v i n e
uses> t h e r e is a l w a y s s o m e consolation, if it yields a m u s e m e n t . - —







24
I s t a n d y o u r d e b t o r , sir, For s o m e diversion* a n d a l t h o u g h you m a y
n o t s e e m fluttered by t h e a c k n o w l e d g m e n t , 1 a s s u r e y o u , \ y o u r
science h a s a m u s e d m e m o r e t h a n y o u r p a t r i o t i s m h a s p l e a s e d .
B u t a l a u g h to you is n o t h i n g , if your favourite
can gain the
JPresirtencijj t h r o u g h t h e v a u l t s of t h e B a n k , o r t h e v o t e s of t h e
A r i s t o c r a c y . — T r u e — I F — b u t if t h e P E O P L E r e t a i n t h e i r v i r t u e
and t h e i r s e n s e s , t h e R e p u b l i c is safe, a n d t h e B a n k %vill b e
dissolved 1 W i t h d u e c o n s i d e r a t i o n , b e l i e v e m e , y o u r f e l l o w citizen,
BRUTUS.
JVbte to letter
2—The
n E s u M P T i o ^ o f S P E C I E P A Y M E N T S has b e e n
a s c r i b e d t o t h e B a n k o f t h e U n i t e d S t a t e s , but f a l s e l y a n d w i t h o u t reason*
— T h a t e v e n t t o o k p l a c e anterior to t h e c o m m e n c e m e n t o f b u s i n e s s o p e r a t i o n s by t h e B a n k , a n d w a s s o l e l y a c c o m p l i s h e d b y t h e S t a t e I n s t i t u t i o n s ;
i t o c c u r r e d on t h e 2 3 d o f F e b r u a r y , 1 8 1 7 . I f m d t h e f o l l o w i n g n o t i c e o f i t ,
t a k e n by t h e E d i t o r o f t h e A u r o r a , Qwill t h e A m e r i c a n P e o p l e e v e r ^see
s u c h a n o t h e r F R E E P R E S S : ] " T h e B a n k s in t h i s c i t y y e s t e r d a y c o m m e n c e d and c o n t i n u e d t o pay s p e c i e t h r o u g h o u t t h e d a y , as in f o r m e r
times; t h e r e was a more than usual n u m b e r of d e m a n d s , t h e d o o r s o f t h e
B a n k s being 1 c r o w d e d during- a c o n s i d e r a b l e p a r t o f t h e f o r e n o o n ; b u t
e v e r y o n e w e n t a w a y s a t i s f i e d . — T h e d e m a n d Was, after alJ, v e r y s m a l l ,
l i t t l e m o r e t h a n in p e r i o d s a n t e c e d e n t t o t h e s u s p e n s i o n , " — T h e fact i s ,
t h a t t h e Hank of the Untied States h a d no n o t e s o u t t o r e d e e m ; and w h e n
i t d i d b e g i n o p e r a t i o n s , s u c h w a s t h e spirit o f g a m b l i n g : a n d fortune*
m a k i n g that p o s s e s s e d t h e P r e s i d e n t and Directors, that t h e y i s s u e d
JP<z/>er Credits w i t h o u t a n y r e g a r d t o t h e i r a b i l i t y t o r e d e e m t h e m , a n d
h a d . n e a r l y produced a second suspension o f Specie payment*y
from which only
t h e y w e r e s a v e d b y t h e Cashier o f a p r i v a t e I n s t i t u t i o n !

L E T T E R XXX.

To George M'I}v$ie9

Esq.,

§7r.

SIR,

I T is t h e p r o p e r t y of l i t t l e m i n d s to s e e only t h a t w h i c h
l i e s i m m e d i a t e l y before t h e m , and to lose s i g h t of r e m o t e c o n s e q u e n c e s and g e n e r a l effects in t h e b u s t l e of trifles, t h e i m p o r t a n c e of a c c i d e n t a l a s s o c i a t i o n s , a n t i t h e e x c i t e m e n t of t h e i n a n e
m o i u e n t , I n t o t h i s w e a k n e s s w e r e you b e t r a y e d , w h e n c a l c u l a t i n g
t h a t a majority of the S^Itmhcrs of Congress w e r e e i t h e r S T O C K H O L D E R S O H D E B T O K S of the Bank
of the United States; y o u
h a s t i l y a r r i v e d ut the fallacious c o n c l u s i o n , t h a t by a r e p o r t in i t s
f a v o u r , s u s t a i n i n g its frauds and g i v i n g s t r e n g t h to its i m b e c i l i t y *
y o u could s e c u r e to your favourite
Candidate t h e g r e a t o b j e c t of
h i s w i s h e s , and t h u s C R E A T E H I M P R E S I D E N T in defiance of t h e
P K O P L K , whose R i g h t s you treated with c o n t e m p t , and whoso
S o v e r e i g n t y y o u so p r o u d l y o v e r l o o k e d , in y o u r h a s t e t o f o r m a

25
coalition with H E N R Y C L A Y !
N o , sir, t h e Congress
of the
United States m a y be i n t e r e s t e d , selfish o r v e n a l — i t m a y sacrifice P u b l i c l i b e r t y to p r i v a t e i n t e r e s t , as t h e Roman Senate did
before it—it may prefer individual gain to the g e n e r a l p r o s p e r i t y — a n d a fat dividend to t h e freedom of P o s t e r i t y — b u t it c a n n o t m a k e y o u r favourite P r e s i d e n t , in defiance of the P e o p l e ,
and in -virtue of b e i n g t h e A d v o c a t e of this B a n k , t h e flatterer of
i t s t a l e n t e d m i n i o n , Mr* Clay! It is the P E O P L E , sir, not t h e C o n g r e s s o r M r . H . Clay, w h o a r e to decide that question—-the
h o n e s t u n s o p h i s t i c a t e d Y e o m a n r y of t h e c o u n t r y — t h e i n d u s t r i o u s and u n d e b a u c h e d M e c h a n i c , the intelligent T r a d e r , and t h e
p a t r i o t i c , but fntfered W o r k i n g M e n , w h o a r e to decide by t h e i r
votes at t h e polls, t h e P r e s i d e n t i a l Klection of 1833 and 1837
Y o u m a y ride t h e B a n k , sir, as a hobby; and it m a y e x t e n d its

w i n avun nuLiiiii^—me jxiiuxQ-n cannot be r e a c h e d by its m o n
n o r i n t i m i d a t e d by its f r o w n — t h e P E O P L E will r e m a i n t r u e ^
t h e faith of their R e v o l u t i o n a r y F a t h e r s , and resist alike venality
sophistry and adulation, w h e t h e r wielded s i n g l e - h a n d e d by y o u r

t h e M o n i e d I n f l u e n c e of t h e s e "Federal
CorfioratorsS'
is o n e
t o o b i g with frightful c o n s e q u e n c e s , to be overlooked or slighted*
and it certainly f u r n i s h e s an invincible objection to that institution in t h e mind of every P a t r i o t , w h i c h you, sir, could n e i t h e r
a n t i c i p a t e nor r e m o v e ! W h a t m o r e formidable evil can b e
b r o u g h t upon a F r e e P e o p l e , than a V i o l a t i o n of t h e i r C o n s t i t u tion, in a form that injects a m o n i e d infection into t h e body of
t h e National L e g i s l a t u r e , to influence it to defend a u s u r p a t i o n ,
w h i c h , i n d e p e n d e n t l y of t h i s sordid f e a t u r e , u p u l d be i n d i g nantly r e p e a l e d , as a w r o n g upon t h s P e o p l e , as well as a blot
u p o n t h e R e p u b l i c ? W h e n we look back into t h e v o l u m e s o f
h i s t o r y , what do w e b e h o l d , but t h e ruin of all free g o v e r n m e n t s
p r o d u c e d , or a c c e l e r a t e d by t h e influence of M O N E Y ! T h e fact
a l t h o u g h it has b e c o m e familiarized into a t h e m e for school-boy
d e c l a m a t i o n , is not t h e less m e l a n c h o l y in its forebodings, n o r
t h e less worthy to a d m o n i s h u s of a similar destiny! Shall w e
too, be added to t h e list of R e p u b l i c s , o u t l a w e d by t h e p o w e r of
E







26
gold, and the prostitution of duty to interest? I s it wise, p r u d e n t
or patriotic, to cherish an institution, admitted to exist under a
doubtful, a forced and a farfetched
construction of the Constitution—whose ordinary and every-day
action infects the R e p r e s e n tatives of the People with the poison of m o n e y , and cheats t h e m
from their duty, in spite of conscience and an oath?—And whilst
on this topic, sir, do not start, when I p r o p o u n d 4 o you the interr o g a t o r y — A r e not Y O U , sir, a Stockholder, or a DEBTOR to t h e s e
« Federal Corporators?"—-Ave
your hands, sir, free, piif^and u n tarnished by the accursed touch of that metal, which betrayed
our Saviour to his Cruczjiera^ and caused the soul of Shylock to
pant with thirst of the heart's blood, and the pound of flesh from
his debtor?—Will you answer to this, that it i s not a Parliamentary question—that
it is unworthy of your regard—that you soar
above the suspicion of such vile and debasing m o t i v e s ? — W i l l
M r , Clay answer to it?—And yet, sir, it was G o l d that seduced
Arnold from his country's banners—it was Gold that obscured
the fame of the immortal Bacon—that e n g u i p h e d R o m e , that
ruined G r e e c e , that restored the Bourbons, and that now fills
the British Parliament with obedient m e m b e r s from Rotten
B o r o u g h s , whose glorious privilege it is to k e e p the House of
Brunswick on a throne w h i c h totters, because it is reared upon
the heaving hearts of an oppressed people, w h o s e substance it
pilfers, and whose sighs of famine it drowns in the drums and
trumpets of a Handing army!—And
w h y , sir, should you and t h e
American Congress be e x e m p t from an influence that has d e s o lated the world?—Are ye infallible?—Are ye flesh p r o o f ? — A r e
y e Eremites, or Anchorites; or P i l g r i m s to the shrine of M e c c a ,
or Jerusalem?—Fxcuse m e , sir—noi Y e are A m e r i c a n flesh and
blood—and with heaviness of heart I proclaim it, your C o n g r e s s
i s corrupted by these « Federal Corporators"—Ask
you farther
proof? 1 have it before rue. It is the Report of G e o r g e M l Duffie,
E s q , , franked
by a Member from this city, who is a stockholder to the amount of 2 0 0 , 0 0 0 dollars, and who is now so t » dustriotisly active in the distribution of your fustian, your P r o c lamation of A m i t y with Henry Clay! T h a t M e m b e r , sir, is also
a worshipper at the shrine of the "Federal
Corporators;**
and
had he been Chairman of the C o m m i t t e e of W a y s and M e a n s ,
instead of that of Internal I m p r o v e m e n t , do you i m a g i n e he,
would have reported again*? (Ac Bank?

27
I f you require m o r e proof, sir, direct your e y e s to the H o n .
Senator, at the head of the F i n a n c e C o m m i t t e e , and enquire of
h i m how m u c h he is indebted to the ** Corporators,** and how
m a n y millions he has obtained from their vaults whilst tottering
on the brink of the g r a v e , — And do you require of the P e o p l e that
t h e y shall repose confidence in such advisers, whose hands are tainted and w h o s e tongues are bribed by self-interest?—Impossible,
sir,
utterly i m p o s s i b l e : the people will n e v e r credit your s o p h i s m s o f
constitutional construction,
nor swallow your falsehoods of the
b l e s s i n g s shed abroad by your « Federal Corporators J9 You m u s t
a p p e a r pure and disinterested
before the Bar of the P e o p l e ,
before they will g i v e you a h e a r i n g , or d e c r e e you a triumphs
and you m u s t c o m e in better c o m p a n y than H E N R Y C L A Y , before
you can stifle the hiss of public indignation and c o n t e m p t !
W i l l you p e r m i t m e , on a t h e m e so cold and selfish as that
o f Politics, to i n d u l g e in the l u x u r y o f a sentiment, and pay a
tribute of gratitude to virtue, for the b l e s s i n g s of l i b e r t y ! W h y
i s it, sir, that w e all look with such unspeakable adoration upon
Purity and V i r t u e , t h o s e attributes so allied to our ideas of
h e a v e n , and so hard to find illustrated in the human c h a r a c t e r ! —
W h y , but because they are o f such rare occurrence, and require so
s u b l i m e a combination of e x c e l l e n c e to produce t h e m ! W e l l has
glory b e e n d e c r e e d to the P A T R I O T ; for how few are w e destined to
b e h o l d ; and how hardly does he earn the m e e d , w h o plays the part
o f the Sacrlficer of self to hi* country! H i s renown is purchased
by self i m m o l a t i o n upon the altar of Liberty; anxious that after
a g e s shall enjoy its s w e e t s : — H a s h e an interest incompatible
with either? he tears it from his heart, w h i c h only throbs for the
c o m m o n g o o d . — I f A m b i t i o n b e c k o n s h i m from the straight
p a t h , he turns not aside, but resists the t e m p t a t i o n . A c t i n g upon
p r i n c i p l e , h e overlooks all questions of expediency;
and k n o w i n g
h i m s e l f to be right, h e h e e d s neither public censure nor popular
a p p l a u s e , satisfied that Posterity
will d e c r e e bim the r e c o m p e n s e
o f his toils, by a fame as brilliant as it is durable. A l t h o u g h you,
sir, did not sit for t h i s p i c t u r e , it may yet teach you s o m e t h i n g
o f i t s v a l u e , by the force of contrast;
H o w different the portrait
of a
Demagogue,
T h e s e r e m a r k s , sir, naturally introduce m e to that part o f
y o u r report, in which the n a m e of J E F F K H S O N stands in bold
relief, and in w h i c h you have given an invincible a r g u m e n t
a g a i n s t the Bank, by a m e r e s t a t e m e n t of facts, which no s u b s e -







28
quent effort of your sophistry could counterbalance; and in w h i c h ,
m u c h as I have seen, cause to execrate the occasional folly of
P A H T I E S , you more than reconcile m e to them—you positively i n duce m e to grow enamoured, once again in my old age, of the old
democratic Party*—You will, I trust, excuse the liberty I t a k e ,
in quoting your own words against your own position—rightly
construed, I could not desire a more triumphant paper A G A I N S T
the Bank of the United States, than your Report!—Your account
is historical, and I admit its t r u t h ; so will not H E N R Y C L A Y J
your coadjutor and new ally.
" W h e n the charter expired, in 1811, Congress refused to r e new it, principally owing, as the c o m m i t t e e believe, to the t h e n
existing state of political parties. Soon after t h e bank was c h a r tered, t h e two great parties that have since divided the country,,
began to assume an organized e x i s t e n c e . — M r . Jefferson and M r .
Madison, the former in the Executive Cabinet, and the latter in
Congressr had been opposed to the establishment of the bank,
on constitutional grounds, and being placed at the head of t h e
party most unfavourable to the extension of the powers of t h e
G o v e r n m e n t , by implication, the bank question came to be r e g a r d e d as, in some d e g r e e , the test of political principle.
" W h e n J\fr. Jefferson came into power, upon the strong tide
of a great political revolution, t h e odium of the Mien and Sedition laws was, in fiarty communicated to the Bank of the United
States; and, although he gave his official sanction to an act, c r e ating a n e w branch of that institution, at N e w Orleans, and t o
another to punish the counterfeiting of its bills, yet, when t h e
question of renewing the charter c a m e before Congress, is was
discussed as a party question.
And, though some of the m o s t
distinguished republicans, including M r . Gallatin, then Secretary
of the T r e a s u r y , and M r , Crawford, then a m e m b e r of the S e n a t e , were decidedly in favour of the renewal, sustaining t h e
m e a s u r e by able a r g u m e n t s , the votes in both branches of Cong r e s s were distinctly m a r k e d as party votes. At no t i m e , since
t h e c o m m e n c e m e n t of the G o v e r n m e n t , has t h e r e existed a m o r e
violent party e x c i t e m e n t , than that which m a r k e d the period u n der review. It was the period of t h e e m b a r g o , non-intercourse,
and other commercial restrictions; when the undiscriminating
opposition of the leaders of the federal party to the m e a s u r e s
adopted by the administration, to vindicate our r i g h t s against
British aggression, had caused t h e great majority of t h e A m e i i -

29
c a n p e o p l e to view these leaders as the apologists o f a nation,
a l r e a d y r e g a r d e d in t h e l i g h t o f a p u b l i c e n e m y * "
Y e s — h e r e i s i n d e e d a p i c t u r e upon w h i c h t h e P a t r i o t , t h e
A m e r i c a n , t h e D e m o c r a t , m a y g a z e with p i i d e , p l e a s u r e , a n d
e x u l t a t i o n ! — Y e s , s i r — i t w a s to Jefferson w e w e r e i n d e b t e d for
that great achievement, the dissolution o f the old Bank o f t h e
U n i t e d S t a t e s — t o h i m , and o l d G E O R G E C L I N T O N , t h e Cassius
o f t h e P a r t y o f h i s C o u n t r y — w h o g a v e t h e finishing blow to t h e
T y r a n t . — Y e s — i t w a s t h e O L D D E M O C R A T I C P A R T Y , that t h e n
r e s t o r e d t h e violated i n t e g r i t y o f t h e C o n s t i t u t i o n ; and t h e same
J*arty% h e a d e d by a m a n p r o f e s s i n g t h e firinci/iles^
and i m i t a t i n g
t h e p o l i c y and patriotism o f J E F F E U S O X , w i l l again d i s s o l v e t h i s
s a m e band o f C L A Y I N T R I G U E R S and ** F E D E R A L C O R P O R A T O R S . "
T o that P a r t y , s i r , y o u h a v e turned R e n e g a d e ; — e v e n after
d e s c r i b i n g t h e i r o p p o n e n t s a s t h e A P O L O G I S T S of the
Public
Unemy,
a n d t h e f o e s o f f r e e d o m o f s p e e c h , and t h e L i b e r t y o f
t h e P r e s s ! — I t i s t r u e , that t h e odium of the allien and
Sedition
JLaws w a s t h e n c o m m u n i c a t e d to t h e old B a n k ; — a n d i s it n o t
n o w t r u e , sir, that t h e influence o f t h e p r e s e n t o n e i s e q u a l t o
all t h e odious and pernicious features of those L a w s ? — W h e r e
i s t h e / r c r t / o m of the netvsfiafier firess?—Locked
u p in t h e v a u l t s
o f t h e B a n k ! — W h e r e i s t h e liberty of sfieech?—But
why ask
q u e s t i o n s s o s u p e r f l u o u s , w h e n e v e n t h e old Federal Kditorsj e x u l t i n t h e g e n e r a l venality o f t h e t i m e s ; and join in a d a n c e u p o n
t h e grave of JvjferfiOU^ X\\\ t h e dust r i s e s in c l o u d s about t h e m ,
a n d a t t e s t s their d e m o n i a c t r i u m p h ? Y o u j u s t l y r e m a r k , that
-with t h e old De?tiocratic Party
" t h e B A N K anestion
came to be
regarded
as the T E S T O F P O L I T I C A L P R I N C I P L E ; 5 ' — - a n d b e l i e v e
m e , sir, it will still b e s o r e g a r d e d by e v e r y m e m b e r of that
fiarty
w h o i s n o t d e t e r m i n e d to attach h i m s e l f to t h e A p o l o g i s t s o f t h e
A l i e n and S e d i t i o n L a w s , or d r a g t h e c h a i n of M r . C l a y ' s a m b i t i o n till t h e y sink w i t h w e a r i n e s s i n t o d i s g r a c e ! — Y e t , i s it n o t
m a r v e l l o u s that y o u , s i r , with a full c o n s c i o u s n e s s o f t h e g l o r y
o f t h e J E F F E R S O N S C H O O L of S t a t e s m e n , b e a m i n g in full radia n c e in y o u r f a c e , s h o u l d t u r n to e m b r a c e that c o n t a g i o u s a n d
fetid b a g , w h o in an h o u r of death and p e r i l , w o r k e d h e r h e l l i s h
c h a r m s in favour o f t h e Public JEnemy?-— T r u l y h a v e y o u s a i d ,
**///<? Bank question is a T E S T O F P O L I T I C A L P R I N C I P L E ; ' * a n d
m o s t s u r e l y m u s t y o u abide t h e act o f h a v i n g A V O S T A T I S E D
Jrom the C R E E D O F J E F F E R S O N ; and l i k e C a i n , c o m m i t t e d t h e
c r i m e , that b r i n g s d o w n t h e c u r s e u p o n an e x c l u d e d w a n d e r e r .




30
u

Y o u r e m a r k , fe*& administrations
w o u l d h a v e the
firmness
to resist an application to establish a Branch c o m i n g from a n y
quarter o f the U n i o n , h o w e v e r i n j u d i c i o u s the location m i g h t b e ,
u p o n correct p r i n c i p l e s of c o m m e r c e and b a n k i n g . " One w o u l d
i m a g i n e , that y o u had written from an actual intimacy w i t h t h e
e n o r m i t i e s and i n t r i g u e s of t h o s e "federal corporators*** so f a i t h fully h a v e y o u d e l i n e a t e d t h e i r m o v e m e n t s towards c o r r u p t i n g
t h e P e o p l e into a r e n e w a l o f t h e i r Charter, T h e Bank a l r e a d y
has s o m e thirty Branches e s t a b l i s h e d — s o m e in t h e most r e m o t e
and u n c o m m e r c i a l p l a c e s ; and is daily e x t e n d i n g them, t o c o n ciliate t h e P u b l i c , and debauch those w h o are c o n s c i e n t i o u s l y
o p p o s e d to t h e r e n e w a l of its charter!—I>id you write f r o m a
knowledge
o f t h e fact, as practised by the ** Corporators;9*
and
apply that k n o w l e d g e to a p o s s i b l e c a s e that n e v e r can e x i s t .
T h e r e is s u c h a t h i n g , as a c o u n s e l b e i n g too intimate with t h e
c r i m e s o f his c l i e n t . I s not t h i s y o u r misfortune?—You
apply
y o u r a r g u m e n t s , by a \ e r y forced
analogy against the B a n k ,
w h i c h the m i s d e m e a n o r s o f t h e B a n k have enabled you to c o n struct f r o m their o w n m i s d o i n g s . I s t h i s l o g i c a l , just, o r i m partial.— B u t I forget; you are a C o u n s e l l o r , w h e t h e r ^ f t * or un~
feed, i s not g e r m a i n to t h e m a t t e r .
In m a n y parts o f y o u r Jifemoir on the next Presidential
JSlectiony for s u c h I a l w a y s find m y s e l f c o m p e l l e d to consider y o u r
R e p o r t , I a m p e r p l e x e d by p a s s a g e s that are contradictory, a n d
arrested by p a r a d o x e s that b e w i l d e r t h e j u d g m e n t to assign y o u
a definite political c h a r a c t e r — i n o n e p l a c e a p p e a r i n g as the S a tirist of your own fiarty^ (I do not m e a n that w h i c h takes its a p pellation from t h e P r e s i d e n t ) and in another, as t h e Censor, p r o *
n o u n c i n g irrevocable c o n d e m n a t i o n upon the m e a s u r e s of t h e
E x e c u t i v e . — B e a r with m e — b u t are not t h e s e , sir, your o w n
w o r d s , d e s c r i b i n g your friends
in PennsyH*ania% and the
Pennsylvania Delegation^ the noted E L E Y E N , w h o dictated an Incubus^ a s
a Cabinet M i n i s t e r , and a d e s p e r a t e adventurer i n t h e dirtiest
p a t h s of P o l i t i c s as a District
jittorney^ and a Government
JMkna*
ger of y o u r ** federal
Corporators?"—**
H a v e n o t o u r political
c o n t e s t s too frequently d e g e n e r a t e d i n t o a selfish s c r a m b l e for t h e
offices o f the country? jtre there not those who sincerely
and
honestly believe that these offices are legitimate
objects of
political
warfare^
and the rightful
reward
of the victorious
party?
And
d i s i n t e r e s t e d and p a t r i o t i c as t h e g r e a t body o f e v e r y political
party is a d m i t t e d t o b e , t h e feet i s n o l e s s t r u e than i t i s l a m e n -




31
tablet THAT
VERT

THE

OFTEN

POLITICAL

MOST D E V O T E D

MERE

SIGNS,

SOLDIERS
AND

OF

ENLIST,

AND ACTIVE PARTISANS
FORTUNE,
AT

THE

WHO

WATCH

ELEVENTH

ARE
THE

HOUR,

under the banners of the fiarty most likely to prove successful***
W h a t a faithful d e s c r i p t i o n o f y o u r M r . D a l l a s — y o u r M r . I n g h a m — y o u r M r . l i . — a n d a host o f o t h e r s , w h o w o u l d d u p l i c a t e
t h e l e t t e r s ot t h e alphabet fifty t i m e s o v e r , to e n u m e r a t e t h e m .
— A d m i r a b l e satirist i — I i u t y o u had c a u s e for y o u r v e n o m
a g a i n s t t h e s e bold traitors of their f r i e n d s , their candidate, and
t h e i r party. T h e y b e t r a y e d y o u r g r e a t favourite in his hour of
need—they
sacrificed h i m as t h e y do all, to their c u p i d i t y and
l u s t o f office, and u n d e r the shallow p r e t e n c e of d o i n g h i m
h o n o u r , b u r i e d h i m forever in that g r a v e o f P r e s i d e n t i a l aspirat i o n , from which there is no resurrection—the
Vice-1*residency
of
t h e U n i t e d S t a t e s . — W h a t a l e s s o n i s h e r e p r e s e n t e d to a g r e a t
and g e n e r o u s m i n d — t h a t t a l e n t s , fortune and office are n o t h i n g
w i t h o u t D I S C R E T I O N in t h e c h o i s e of l^riendsy and a k n o w l e d g e
o f h u m a n c h a r a c t e r , to direct y o u w h o m to s e l e c t ! H a d
Antony
b e e n Ceesar*s e n e m y , instead of friend, Casar n e v e r bad b e e n
slain I — B u t I m u s t crave liberty to finish y o u r p a r a g r a p h — t h e
climax: is to c o m e : — " S u c h b e i n g , m o r e or l e s s , t h e c o m p o s i t i o n
o f all political parties, what would be t h e probable u s e m a d e o f
fifty m i l l i o n s of bank p a t r o n a g e , by a political fiarty
which conscientiously
held the doctrine
that all the offices in the gift of ihe
executive^
should be divided among the P A K T I Z A N S OF A S U C C E S S FUL POLITICAL U A D R K ?
W o u l d not t h e s a m e p r i n c i p l e b e
e v e n m o r e applicable to bank loans? and w o u l d not t h e T r e a s u r y
o f t h e U n i t e d S t a t e s , under t h e sanctifying
influence of party
delusion and fiarty infatuation,
be literally plundered
by
mercenary
retainers^
bankrupts
in fortune^ and adventurers
in politics***
A n d n o w w e h a v e r e a c h e d t h e c l i m a x , I p a u s e in a d m i r a t i o n
u n c e r t a i n o f y o u r m e a n i n g ! — I s it p o s s i b l e , sir, that y o u have
already s h a k e n h a n d s w i t h t h e g i a n t s of t h e Hartford C o n v e n tion? Is it p o s s i b l e that y o u already d e n o u n c e the P r e s i d e n t ' s
D e m o c r a t i c P o l i c y o f R O T A T I O N in O F F I C E , and t h u s squint
y o u r awful c e n s u r e at t h e a p p r o v e d and p o p u l a r policy of this
administration? W h a t , sir, is it y o u w h o d e n o u n c e all r e m o v a l s
a s " P A R T Y D E L U S I O N ? " A m I a w a k e ! — I s this t h e
adjunct
Jackson Party of the South? D o e s t h e ~4nti-jTa? iff banner
spread
s o far and wide its a m p l e folds and b l a z i n g m o t t o ? — - D o e s t h e
J C u t U F i C A i i o N P O W K R e x t e n d to t h e P r e s i d e n c y o f t h e U n i t e d







32
S t a t e s ? — T h e n be it so 1 — T a k e s i d e s at o n c e — l e t the lirte b e
drawn B E T W E E N B A N K R U P T S I N F O R T V N E ) A N D AnvENTUttitits
I N P O L I T I C S , * ' as y o u d t s c r i b e t h e P H E S I D E N T A K D H I S P A H f f ,
and

the

STOCKHOLDERS

and

S L A V E H O L D E R S of

SOUTH CARO-

knit in Jirm alliance with t h e G o l i a h s of the East——the
h e r o e s of a treasurable C o n v e n t i o n — " T H E A P O L O G I S T S OF T H B

LINA,

PUBLIC E N E M Y / '

;

E x c u s e m e if t o n c e again q u o t e y o u r o w n words, in *con+
demnation of the P r e s i d e n t ; and as if vindictively striking a fata!
blow at our distinguished
District
Attorney,
recently appointed a
Hank Director*
on t h e part of G o v e r n m e n t
" E v e n if the a d ministration should be e v e r so m u c h d i s p o s e d to restrain t h e
a b u s e o f this patronage, it would be utterly
impracticable
to ejeer*
cise any efficient control over the great number of bank
director*
*who would be scattered over the Union* and who> ufwn all Ihk
known principles
of human nature, it may be confidently
predicted^
Hvould principally
consist of busy and officious political
partiz&ns**
W i l l n o t h i n g a p p e a s e your a n g e r — w i l l n o t h i n g satiate y o u r
vengeance?
M a y I h o p e , sir, that you did not i n c l u d e our Hoc-Mayor
in
t h i s p i c t u r e . A laudable ambition is n o drawback to acknowledged merit; but as a d e v o t e d friend to t h e District
Attorney * it
w a s i m p o s s i b l e not to b e l i e v e that you had p u r p o s e l y e n t w i n e d
the t w o . E x - M a y o r s of the era o f the flood, w h e n , as a p o p u l a r
writer o n c e e x p r e s s e d it, t h e ofTalls of t h e s t r e e t s w e r e w a s h e d
e v e n into the S a n c t u a r i e s , and u p o n t h e altars of t h e T e m p l e s — *
and m e n g a p e d in admiration at so extraordinary a proof o f t h e
" e t e r n a l fitness of unfit t h i n g s . "
The era of my faith, in p r o m i s e s , sir, has l o n g since p a s s e d
away, l e a v i n g not a w r e c k b e h i n d , to tell o f m y o n c e c h i l d i s h
c r e d u l i t y , or r o m a n t i c h o p e s in t h e p u r e patriotism of P u b l i c
M e n . T h u s far, I can s e e no reason to y i e l d i m p l i c i t a p p l a u s e
to the head o f t h e nation, for r e c o m m e n d i n g a non-renewal
of
t h e Charter o f the " Federal Corporator*?*
or a n n o u n c i n g t h e fact,
s o notorious and so palpable to e v e r y practical m a n , that they had
failed to p r o d u c e a uniform
currency
a g r e e a b l y to t h e t e n o r o f
their bond, w h i c h g i v e s t h e m the right of the pound of fesh
front
the heart of the industrious
people.
A n d w h y , sir, do I s e e none?
l i c c a u s e with a l a r g e and d e c i d e d majority in both h o u s e s o f
C o n g r e s s h i s r e c o m m e n d a t i o n has b e e n m e t w i t h a V E T O from both
your FINANCE
COMMITTEES,
s t r o n g l y , e a r n e s t l y , and z e a l o u s l y

33
e s p o u s i n g t h e very m e a s u r e h e had d e n o u n c e d as a violation o f
t h e Constitution and a detriment to the country* W h y t h i s zeal
i n opposition to the C h i e f Magistrate of your own choice;
no,
I b e g pardon,—of your comftelled c h o i c e ? — I t is usual in s u c h
c a s e s , I b e l i e v e , to act with concert, and understandingly, b e t w e e n the E x e c u t i v e and the party who sustain h i m . P a r l i a m e n tary organization is the e x a c t arrangement of the machinery s o
a s to firoduce motio?i^ apd to attain its proper e n d s . N o w , sir, o n e
o f t w o suppositions m u s t b e t r u e — e i t h e r the P r e s i d e n t was too
s i n g l e in his ideas, and acting from the simplicity o f personal
p e r c e p t i o n s , n e v e r d r e a m e d of the political necessity o f this arr a n g e m e n t of the w h e e l s , c o g s , and w i r e s — o r , h e did s e e k t o
a r r a n g e t h e m , and they snapt in his hands, from the corruption
o f t h e materials, and their adaptation to yield to a m o r e
expedient m a n a g e r ! — I f the latter supposition b e t r u e , h e stands e x c u s e d for having the prominent
act of h i s administration n e g a t i v e d by a nominal majority of corrupt s u p p o r t e r s ; but i f h e did
n o t s e e k to act tinderstandingly,
and permitted so p e r i l o u s a r e f o r m to take its own chance upon t h e winds and w a v e s of C o n g r e s s ; it r e m a i n s to be s e e n hereafter^ w h e t h e r h e r e c o m m e n d e d
t h e m e a s u r e to acquit h i m s e l f of a former
-vow and there e n d
t h e task, ( a s casuist sinners would e a s e their c o n s c i e n c e by a s a c r i f i c e , instead of a t h o r o u g h repentance,) or, w h e t h e r h e will
s u s t a i n h i m s e l f throughout, with that sincerity and
firmness,
against the Charter, w h i c h the nature of the question d e m a n d s o f
h i m * F i r m n e s s h e has; but the sincerity of all m e n m u s t b e
tested by deeds^ not believed in advance; and i f h i s sincerity and
firmness
stand the trial, the D O O M o y Y O U R F E D E R A L C O R P O R A T O R S IS SEALED FOR E V E R !
H e will RETURN THE BlI-I- TO
E X T E N D T H E C H A R T E R , w i t h h i s V E T O , upon your h a n d s ! —
T h e n will arise t h e question, Can your Bank corrupt and p u r c h a s e T W O - T H I R D S O F B O T H H O U S E S ? — T o this question, I shall
at p r e s e n t content myself, by a s i m p l e n e g a t i v e ; and r e s e r v e
f u r t h e r r e m a r k s to a future o c c a s i o n .
I n vain, therefore, do you strive to sustain a Corporation,
w h i c h , d o what y o u can, m u s t bow beneath the final stroke o f t h e
E X E C U T I V E V E T O ! — T h e President stands p l e d g e d to t h e world,
t o g i v e y o u r " JFederal C O R P O R A T O R S " t h e Cou/t de Grace! H i s
f a m e and his glory are involved in t h e a c t ; and his n a m e , for

a g e s to come, must command veneration, or obloquy, as he fulF




34
fits or violates the solemn p l e d g e publicly made to the nation, i n
t h e name of Liberty and the Constitutioni—Yet, before that
e p o c h , this question must be passed upon by the Sovereign
People in their primitive meetings; where they will decide, w h e t h e r
the Stockholder* and Debtors of the F E D E R A L C O R P O R A T I O N
shall be elected to represent them in Congress—*If the P E O P L S
p o s s e s s the virtue and sagacity 1 accord t h e m , they will elect n o
candidate to represent t h e m , w h o shall be in favour of this r e g a l
institution, or has his faculties paralysed, and his virtue prostituted by its sordid influence*
T h e effect your Report is calculated to have upon the spirit
*tf gaming* i s , after all, of but minor importance. If after t h e
t i m e l y warning given by the President, Guardians, T r u s t e e s and
E x e c u t o r s , shall continue to invest the funds of the widow and
t h e orphan in this stock, the l o s s they must incur will be w e l l
merited; but the probability i s , that it is now exclusively monopolized
by Brokers, Speculators and large Capitalists!—You
have enhanced the Stock T E N per cent, but this is merely nominal; as it is presumed none would buy for investment
at that
price; and scarcely a mad man would touch it at its gambling
.Maximum of Speculation!—There
was a t i m e when its black teg
feature was t h e most prominent evil of the Federal
Corporators*
but that has dwindled into insignificance, since it b e c a m e t h e
stake, and t h e stalking horse of the Presidential
Gamester?
Y o u r solicitude to produce the i m p r e s s i o n , that your ardent
devotion to this Institution, proceeds from no inimical f e e l i n g
towards the E x e c u t i v e , has attracted m a r k e d attention, and y o u
h a v e awakened a suspicion of your attachment to him which be*
tore slumbered in the stifled m u r m u r s of an ambitious faction,
w h o s e skill to dress the countenance, enables t h e m not merely t o
s m o o t h the brow, but k e e p down the soul in the soft fetters of a
selfish stimulation, even whilst you most hated h i m . — B u t n o ,
sir, I am w r o n g — y o u have not awakened a suspicion—you h a v e
produced a conviction^ m a u g r e all your protestations of amity
that you are no l o n g e r his friend!—and
on what principle, sir,
can friendship endure, when all your opinions of public m e a s u r e s
conflict; when ail your principles are repulsive, and all your p r e j u d i c e s hostile?—Under such a relation to such a m a n , it is w o r s e
than folly to profess friendship;—it would be t h e h e i g h t o f madn e s s to avow your e n m i t y ; i f you are resolved, as appears manifest
from t h i s R e p o r t , to start your candidate for a Presidential
Can*




35
-vass, at t h e e n d o f the present S e s s i o n of C o n g r e s s ; aided and
assisted by H E N R Y C L A Y , and the entire host o f t h e A R I S T O C R A C Y , w h o s e concentrated e s s e n c e centers in t h e B a n k , which
y o u have made the p r e t e n c e , as it i s the cover of your JZlcctioneering
Report.—
It was utterly at variance with all the affinities o f p r i n c i p l e s ,
as well as s y m p a t h i e s of t h e heart* that you should proclaim t h e
doctrines that distinguish your R e p o r t , for ell that has rendered
t h e Hartford Convention party infamous, and yet o m i t , in direct
terms^ to e u l o g i z e and admire H E N R Y C L A Y - — T r u e , y o u r pre*
sent advances are similar to those of a coy m a i d e n , w h e n s h e
d e s i r e s a reconciliation w i t h herjirst
lo-vej—but like h e r s , t h e y
indicate m o r e affection than is e x p r e s s e d ; and our only w o n d e r
i s , that she should desire a reconciliation after so fatal and l o n g
an e s t r a n g e m e n t . — W i t h what soft c o m p l a c e n c y do y o u refer t o
h i s opinions! with what m i l d forbearance, half inclined to praise
h i s apostacy, do you notice his dereliction of principle, under t h e
xnollifying term of « change of opinion***—This
reminds m e of
t h e conduct of Casar, w h e n Cataline and h i s conspirators w e r e
tried before the R o m a n S e n a t e — h e , Caesar, having the l i k e d e s i g n s against the C o m m o n w e a l t h , w h i c h he desired to turn i n t o
a Monarchy,
advocated the mildest p u n i s h m e n t to b e inflicted
on the Traitors;—which
reasonably brought Caesar into suspicion
of b e i n g implicated in the d e s i g n s of Cataline; and that h e e s p o u s e d a lenient s e n t e n c e , lest he should h i m s e l f be detected in
t h e s a m e w i c k e d s c h e m e s to subjugate the liberties of his c o u n I refer you to Sallust for the truth of the parallel. U n l e s s
try#
y o u labour to bring M r . Clay into fashion, what h o p e s can y o u
c h e r i s h of your favourite, w h e n they so closely r e s e m b l e o n e
a n o t h e r ? — W h a t a pity, that your favorite cannot further imitate
t h e R o m a n s in their worst qualities, and c e m e n t your new alliance by a matrimonial c o n n e c t i o n : W e r e Mr. Clay a w i d o w e r ,
and the V . P. had a sister unmarried, A n t o n y by taking to wife
the sister of Cassar, could adjust all differences—principles c o u l d
b e surrendered on both sides, instead of provinces;
and in place
o f e x c h a n g i n g legions of soldiers^ "bankrupts
in fortune, and adventurers
in politics** could be easily s u b s t i t u t e d — M r . Clay can
surrender the T A R I F F , and raise the N U L L I F I C A T I O N B A N N E R ,
as you have g i v e n up the J E F F E R S O N S C H O O L , and embraced t h e
Aristocracy of the B a n k , and the ultra p o w e r s of a Federal C o n structive Constitution.







36
I t w a s Plato, was it not, sir, w h o c o m p a r e d the soul t o a
w i n g e d chariot, drawn by two h o r s e s : I n like manner w o u l d I
c o m p a r e a politician to the chariotteer; w h o can only mount b i s
seat by the aid of the fieofile^ who must /dace the reins in his hands!
— H e may vault into the car by force, but h e never can get c o m m a n d of the r e i n s , without the consent of the p e o p l e ; and w i t h out t h e m he drives at random, and like the elephants of D a r i u s ,
c o m m i t t i n g m o r e destruction on his friends than his f o e s ! — S u c h
sir, is your present position. Y o u are driving a headlong c o u r s e
w i t h o u t lines to g u i d e your s t e e d s ; and in defiance of the P E O P L E , w h o m y o u hold in c o n t e m p t , as is natural to all S L A V E *
H O L D E R S , and as I shall shortly show, is peculiar to greater m e n
than yourself—and over w h o s e R i g h t s and Liberties, H a p p i n e s s
and P r o p e r t y , you are dashing w i t h the fury of an a m b i t i o u s
m a d m a n , to reach a point o f honour and of glory, denied to all
w h o violate Justice in their c a r e e r : — U n d e r t h e s e c i r c u m s t a n c e s ,
y o u may easily anticipate your fate—it will be that of Phaeton!
Y o u r favorite i s in his last t e r m of the V i c e - P r e s i d e n c y ! — L i b e r t y has consecrated the u s a g e that d o o m s him to e x c l u s i o n !
T h i s work was not of m y doing: H i s friends have done what h i s
e n e m i e s would have forborne, as an i n j u s t i c e , and an i g n o m i n y .
I now find m y s e l f at the conclusion of m y third letter; a n d
y e t have scarcely t o u c h e d upon your three Analytical
Propositions; this will not appear s t r a n g e , w h e n you consider, that I
have b e e n m o r e intent u p o n d i s s e c t i n g the inner substance o f
y o u r a r g u m e n t , than parading round the e m p t y crust with w h i c h
you invested i t . — M y d e s i g n in t h e s e letters has b e e n , to d i s a b u s e the P E O P L E as to your real m o t i v e s and objects; and i f I
have s u c c e e d e d in that, my end i s o b t a i n e d , — B u t I have still
m u c h to say, not a little o f w h i c h relates to your golden sheti^
that contains the golden e g g of the P r e s i d e n c y !
Before I t a k e
m y leave of y o u , permit m e to present a small picture for y o u r
c o n t e m p l a t i o n . — F a n c y it is H E N R Y C L A Y w h o thus addresses to
y o u the words of an immortal p o e t : —
" When I am forgotten, as I shall be,
" A n d sleep in dull cold marble, where no mention
*c Of me more must be heard of,—say t I taught thee;
*' Say Wolsey, that once trod the ways of glory,
€f
And sounded all the depths and shoals of honour,—
** Found thee a way, OUT o r H I S WRECK, to rise in;
** A sure and safe one, though thy matter missed it*

37
** M A R K B U T M Y F A L ^ a n d that, that ntriN*i> M E .
« C
Ambition;
A I c h a r g e t h e e fling a w a y
** B y t h a t , s i r , fell t h e a n g e l s ; h o w c a n m a n , t h e n ,
** T h e i m a g e o f h i s M a k e r , h o p e t o w i n b y ' t ? —
" L O V E

THYSELF
HATE

LAST:

CHERISH

THOSE

HEARTS

THAT

THEE;

** Corruption
iviixs not more than honesty^
** S t i l l i n t h y r i g h t h a n d c a r r y g e n t l e P e a c e ,
** T o s i l e n c e e n v i o u s t o n g u e s . — B E J U S T a n d F E A R N O T :
** L e t a l l t h e e n d s t h o u a i m ' s t at* B E T H Y C O U N T R Y ' S ,
" T H Y G O D ' S a n d T r u t h ' s ; t h e n if t h o u fall'st, Oh C r o m w e l l ,
** T h o u fall'st a blessed
JVlartyrP*

L e t this, sir, be printed on satin, and suspended in your favorite's study—it will avail h i m m o r e than a Presidential
Measage
Vale!
BRUTUS*
E D G E H I L I - > Philada* County—JVTay 59 1 S 3 0 ,
POSTSCRIPT
Lest I should b e s u s p e c t e d of t h e possible
and unpardonable sin of having fallen into the vices of a D e m a g o g u e , I have carefully abstained from those professions of regard for the P e o p l e , which actuated to the production of t h e s e
L e t t e r s ; But it has b e c o m e needful to point out the fact to t h o s e
for w h o s e civil and political benefit they were written—that I
have, and can have no motive but the good of the P e o p l e , the
defence of their R i g h t s , the vindication of their S o v e r e i g n t y ,
and the Integrity of that Constitution* upon whose I N V I O L A B I L I T Y depends the firesewation
of the U N I O N . — T o m e , the performance of this act is a sacrifice of all those temporal and s e n sual pleasures, which m e n most c o v e t — a c c o m p a n i e d by S L A N D E R , P E R S E C U T I O N and R E V E N G E , in all the forms which m a l i g nity can d e v i s e , and w h i c h can only be rendered abortive by the
concealment of the author* under a fictitious n a m e . U n d e r t h i s
shadow, I am comparatively safe from the Proscription of an
A R I S T O C R A C Y , w h o s e J^ride, Selfishness,
and Vengeance, k n o w
Do bounds; and whose JHoney enables t h e m t o gratify every passion, even to the life o f an offender against their h u m o u r , interest^ or caprice!
W i t h this explanation I conclude the present brief s e r i e s o f
L e t t e r s ; so defective in themselves* and so disproportioned to
their o b j e c t ; — a deficiency, h o w e v e r , w h i c h the author h o p e s in




38
s o m e m e a s u r e to r e m e d y , b y t h e s p e e d y publication of the S K C O N D S E R I E S , w h i c h will contain T H R E E A D D I T I O N A L L E T T E R S
to G E O R G E M ' D U F F I E , Esq,, Chairman o f the Committee o f
W a y s and M e a n s ,
BRUTUS.

TO

THE

PEOPLE!

| C 7 ^ T H E D E L A Y that has o c c u r r e d in t h e publication of t h e s e
L e t t e r s , furnishes an instance o f the all-controlling influence o f
t h e Bank of the United States^ o v e r the P U B L I C P R E S S , and t h e
i n d e p e n d e n c e of individual p u r s u i t s , too s o l e m n and too p e r n i c i o u s to be passed over in s i l e n c e . U p o n t h e a n n o u n c e m e n t o f
t h e s e L e t t e r s b e i n g in the P r e s s , the P u b l i s h e r was i m m e d i a t e l y
assailed from m a n y quarters, to dissuade and I N T I M I D A T E h i m
from their p u b l i c a t i o n — a n d w h e r e an industrious m a n toils hard
for an h o n e s t l i v i n g , it r e q u i r e s m o r e f i r m n e s s than g e n e r a l l y
falls to t h e c o m m o n lot, to resist the m e n a c e s , withstand the p e r s e c u t i o n , or defy the threat that holds out g a u n t Poverty, as t h e
p r i c e of Patriotism
E v e n this robust R e p u b l i c a n paused; for I
h a v e sane reason to k n o w that h e l o v e s f r e e d o m , and has m a d e
sacrifices for the L I B E R T Y O F T H E P R E S S . — H e s u s p e n d e d t h e
a d v e r t i s e m e n t of i t s p u b l i c a t i o n : — H e faltered—and what t h e
I N Q U I S I T I O N d o e s in S p a i n — t h e C E N S O R S H I P in France f and
t h e S U S P E N S I O N o f t h e H A B E A S C O R P U S A C T in E n g l a n d , t h e
B A N K O F T H E U N I T E D S T A T E S did in t h i s boasted land o f
L I B E R T Y A N D E Q U A L R I G H T S . — I n what s h a p e , or by w h a t
m e a n s this effect w a s p r o d u c e d , I do not k n o w ; nor i s it e s s e n tial to the q u e s t i o n . It is enough to know* that the D R E A D o *
T H I S B A N K ' S I N F L U E N C E , e v e n w h e n it r e m a i n s passive and
inert, i s s u c h a s to stifle t h e V O I C E O F L I B E R T Y , and p l a c e a
p a d l o c k on t h e P R E S S ill
I s s u c h an Institution t h e natural
c o m p a n i o n , the l e g i t i m a t e offspring, t h e c o n g e n i a l m e m b e r o f a
F r e e G o v e r n m e n t , and a R e p u b l i c a n P e o p l e ? — I w i l l not i n s u l t
y o u r understandings and slander y o u r p a t r i o t i s m , by d o u b t i n g
y o u r a n s w e r to this q u e s t i o n . T h e r e can b e but one
feeling—one




39
cftinion upon an anomaly s o m o n s t r o u s and frightful to f r e e d o m !
W h a : ! t h a t all fiublic discussion of a National
Kngine of o p p r e s s i o n shall b e eupfireseed^ firohibited
and P U T D O W N , u n l e s s i n
favour of t h e F R A U D , t h e T Y R A N N Y , and t h e C O R R U P T I O N ! —
Sha*i w e s u c c u m b t o t h i s d e s p o t i s m of t h e M Q N I E D I N F L U E N C E
o f t h e JEngiish and American A R I S T O C R A C Y ? — F o r o n e , I a n s w e r ,
n o , n e v e r ! — D e a t h itself w o u l d b e p r e f e r a b l e to s u c h s e r v i t u d e ,
d e p e n d e n c e and m e a n s p i r i t e d s u b m i s s i o n : — a s u b m i s s i o n t h a t
w o u l d be a s u n w o r t h y of A m e r i c a n s , as it w o u l d p r o v e a L I B E L
on o u r g l o r i o u s R e v o l u t i o n — o u r e v e r - t o - b e c h e r i s h e d D e c l a r a tion of I n d e p e n d e n c e ! — B u t t h e difficulty is at last s u r m o u n t e d .
I h a v e s u c c e e d e d in p u b l i s h i n g t h e s e T H R E E L E T T E R S . — M a y
t h e / p r o v e as favourable
to I^iberty^ a n d as d e s t r u c t i v e to t h e
B A V K T Y R A N T S , as t h e l a b o u r and e x e r t i o n t h e y h a v e cost m e
to p u b l i s h t h e m , g i v e s r e a s o n to h o p e t h e y m a y . — W h e t h e r t h e
R E M A I N I N G T H H E K will e v e r s e e t h e l i g h t , d e p e n d s on t h e p u b lic v i r t u e , and on t h e I N D I V I D U A L E N E R G Y and U N D A U N T E D
F U K E D O M of s o m e d e v o t e d P a t i i o t , w h o w i l l , in d e f e n c e o f
L i b e r t y a n d t h e C o n s t i t u t i o n , c o - o p e r a t e with
BRUTUS.