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SPEECH OT MH. COLLIER, O F NEW-YORK, UPON MR. CLAYTON'S RESOLUTION, T H A T A C O M M U T E S EE A P P O i N T E D TO E X A M I N E INTO TITF A r i ' A I R S O F T H E UNITED S T A T E S BAMK D E L I V E R E D IN THE U O I ^ E <>F R E P R E S E N T A T I V E S U. 1 3 T H M ARCH", 1 832. BWCHAMtON: P R I N T E D BY CANOLL & is;i2. EVAN'S, S MR. COLLIER'S SPEECH* T h e following Resolution, submitted by Mr. Clayton, of Georgia, was taken up :— *4 Resolved, That a Select Committee be appointed to examine into the affairs of the Bank of the United Ktatcs, with power to send for persons and papers, and to report the result of their inquiries to this House.' 1 T h e question before the House being upon the adoption of the amendment proposed by Mr* R O O T , of New-York, which was, that the Committee should consist of seven " to be chosen by ballot"— of New-York, said that the House stood in rather a singular attitude in relation t o the resolution under discussion. From all quarters of the House, an opinion had been expressed in favor of the proposed inquiry ; and one, inexperienced in legislation, would be apt to suppose, that when all serious opposition had ceased, the resolution, in some shape, might pass without further discussion or delay. However, said Mr. C , we live and learn ; and we have seen, that notwithstanding the call for the proposed inquiry is so generally acquiesced in, the resolution has, as yet, made no progress. T h e honorable mover of the resolution, (Mr. Clayton,) reserved the burden of his argument until after the friends of the Bank had assented to the inquiry. H e has, with great frankness, avowed his motives, and has expressly informed us, that one object he had in view, in extending the discussion, was to " enlighten and instruct the people." Since that time, sir, the circle of deb a t e has been constantly widening; anil it would be difficult to divine, from the course of the discussion, what is the subject before tho House. Among other topics, the House has been entertained, by several of my colleagues, with the subject of New-York politics. I consider the honorable gentleman from Georgia, (Mr. Clayton,) as chielly responsible for this part of the debate. T h e House wifl recollect that the honorable gentleman alluded in his speech to the resolutions recently passed by the legislature of New-York, directing our Senators, and requesting our Representatives in Congress, tt> vote against renewing the charter of the United S*rfios 4&irik ; >uui that honorable tnembnr lias iriven us somr* <rcntJo *ndvjce nud admonition upon M R . COLLIER, 4 this subject* I t w n s in a n s w e r t o his siiffjrestions, t h a t m y h o n o r a b l e c o l l e a g u e , ( M r . R o o t , ) d e e m e d it p r o p e r t o a l l u d e to t h e p »]ni« * o f i ^ J e w - Y o i k , a n i l to the m o n e y e d b a n k i n fliKMins v \ h i e h he supposed mi<;ht h a v e o p e r a t e d , d i r e c t l y o r i n d i r e c t l y , u p o n the legislative b o d y by w h o m these r e solutions w e r e p a s - o d . T h e free r e m a r k s t h a t %vere m a d e by that t f e n t l e m a n h a v e b r o u g h t d o w n u p o n his d e v o t e d hear! a c o m b i n e d att c!c f r o m t h r e e o t h e r o f m y h o n o r a b l e c o l l e a g u e s , ( M e s s r s B -ardsfey, A n g e l , a n d C a m b r e ' e n g , ) a n a:taek o f jjreat, I may a d d , of unnecessary violence. S i r , it is not m y purpose t o b e c o m e a p a r t y t o this civil war. I c o n s i d e r it w family quarrel b e t w e e n »• b r e t h r e n o f t h e <:ime p r i n c i p l e * " a n d a*l c x p e i ieuee a d m o n i s h e s m e n o t t o i n t e r m e d d l e in these f a m i l y feuds, e i t h e r in t h e c h a r a c t e r o f a p a r t y or a p e a c e - m a k e r . It is a h v a v s but a t h a n k l e s s o f f i c e , a n d almost u n i f o r m l y brings u#>on the i n t e r m C d d l e r r e p r o a c h e s , a n d s o m e t i m e s Licks a n d c u l l s , f r o m b o t h t h e beliiiicrent parties. S i r , I wish it to be distinctly u n d e r s t o o d a n d r e m e m b e r e d by the H o u s e , t h a i / d o not hold m y s e l f responsible f o r t h e i n t r o d u c t i o n o f the subject o f the? p a r t y polities o f N e w York* ft is not a subject o f w h i c h [ a m p a r t i c u l a r l y p r o u d * M y h o n o r a b l e c o l l e a g u e s must t a k e the c r e d i t * or d i s c r e d i t , o f raising the c u r t a i n , a n d g i v i n g to the house a p e e p b e h i n d t h e s c e n e s ; a n d , i f something? o f the principles a n d machinery o f t k rVfte P a r t ) " is e x h i b i t e d h e i e , it is n o fault o f m i n e . Siandin;jr, sir, as b e t w e e n these b e l l i g e r e n t p a r t i e s , u p o n n e u t r a l g r o u n d , I flatter myself t h a t 1 a m in a s i t u a t i o n t o j u d g e b e t w e e n t h e m at least w i t h i m p a r t c d i t y * I find s o m e t h i n g t o c o n d e m n u p o n b o t h sides. F o r , vvhilo 1 dissent f r o m s o m e o f the o p i n i o n * expressed by m y h o n o r a b l e c o l l e a g u e w h o fsrst addressed the [ l o u s e , ( M r . R o o t , ) I m u s t be p e r m i t t e d to s a y , t h a t J d o n o t justify or a p p r o v e o f t h e w a r m t h a n d v i o l e n c e o f the p e r s o n a l a t t a c k m a d e u p o n h i m by our other honorable colleagues. I t m a y n o t be i m p r o p e r , u n d e r the circumstance 9, to show to the H o u s e the p o l i t i c a l a l t i t u d e in w h i c h m y h o n o r a b l e c o l l e a g u e , ( M r . R o o t ) stands t o ** T h e P a r l y , " a n d m o r e p a r t i c u l a r l y t o c e r t a i n m a n a g e r s a n d leaders at A l b a n y , w h o m t h e H o u s e h a s h e a r d d e s i g n a t e d as t h e " A l b a n y R e g e n c y " a matter p e r f e c t l y u n d e r s t o o d by all w h o h a v e any k n o w l e d g e o f t h e p r e s e n t aspect o f affairs in N e w - Y o r k . I t is w e l l k n o w n t h a t this h o n o r a b l e g e n t l e m a n has m a n i f e s t e d s o m e restlessness a n d i m p a t i e n c e u n d e r the party discipline w h i c h is t h e r e r i g i d l y e n f o r c e d a g a i n s t a l l , a n d w h i c h it is a t t e m p t e d t o a p p l y to h i m . H e stands e r e c t , l i k e a s t u b b o r n o a k , a n d w i l l not b e n d , w i t h w i l l o w y suppleness, to e v e r y w i n d o f d o c t r i n e w h i c h it h a p p e n s t o b e the p a r t i c u l a r interest o f *' t h e p a r t y " t o a d v a n c e . T h e position of O u t honorable 5 gentleman reminds m e , sir, o f the anecdote o f an old soldier of the Revolution, who, being bus Iy engaged in load* ing and tiring at ihe enemy, without waiting for orders, was asked to what r* giment, or company, he belonged ? ** T o n o n e , " answered the soldier; " I am fighting on my own hook." S o my honorable colleague, unwilling to submit to the drilling of the Regency leaders, has taken the field " up* on his own hook ;" and this will serve to explain the c o m bined attack made upon him by his able and better disciplined colleagues. And, without intending to impugn the motives of either of the honorable gentlemen, I will ask them to examine their own hearts, and see whether in this ussuult upon that old Vetera.t Republican, with the professed object of protecting the character of our Legislaluie, and the S t a l e , some o;h^r motive may not be found linking there ; and whether they are not flattering themselves, that by attacking, and attempting to undermine, the character and standing of their colleague, they are rendering an acceptable service to their Regency friends at Albany. I know that the gentleman has made himself obnoxious to the Par* ty, and that the Philistines are upon him ; but the result may prove that he is not \c*t shorn ojhis strength* for he may yet rise in his might, and break assundcr the green zvtths by which "the party" now seek to bind him. T w o of my colleagues, sir, have spoken of the safety fund system in N e w York, and it has been made a prominent cause ol complaint against the honorable gentleman w h o first addressed the Chair, (Mr. Root,) that he should have assailed this system. I will briefly explain the principles of our safety fund law, and show w hat influence the monied system of the State may fairly be supposed to have* By that law, vxery bank incorporation which shall be thereafter chartered, or whose charter shall be renewed, is required to pay into this fund the half of one percent, upon its c a pital, Jor six years, amounting in the u h o l e to three per ct. This fund, thus created, is invested by the Comptroller, and from the avails the salaries of the three Bank Commissioners are paid, and the remainder of the annual proceeds be* longs to the banks, in proportion as they shall have contributed to the fund. In case of the failure or insolvency of a bank c o m i n g within the provisions of the act, this fund is liable for the redemption of its n o t e s ; and this is all the advantage which the public derive from the law. Upon the expiration of the charter of any bank, they are entitled to receive back from this fund the amount they have contributed, unless it shall have been exhausted by the intermediate failure of a bank. AH the banks within the provisions of this law are entitled to charge seven per cent, interest, up* n all loon* for a period exceeding 6 3 days* It will be s e e n , 6 therefore, tliat it is a good bargain for the banks to a d v a n c e 3 per cent, in t h e whole, for the privilege of charging 7 p e r cent, for the e n t i r e t e r m of their c h a r t e r ; and this 3 per cent, to be refunded upon the expiration of their term ;— a n d it will be also seen that the banks all have a c o m m o n interest in excluding the competition of a n institution which is restricted to six per cent. I t is the duty of these B a n k Commissioners—one of w h o m is appointed by the Govern o r and S e n a t e , and two by the b a n k s themselves—at least o n c e in four m o n t h s , and oftener, if required, to visit every b a n k i n g institution—to inspect their books—ascertain the a m o u n t of their bills in circulation—the extent of their disc o u n t s — a n d t o look into all their c o n c e r n s ; a n d , in case of a p p r e h e n d e d insolvency, it is m a d e their farther duty to a p ply to the Chancellor, who may issue an injunction, appoint receivers, and wind up the affairs of the insolvent b a n k , T h e s e I5ank Commissioners, who have this general superi n t e n d e n c e and power over the banks, arc, from the avow* ed principles of the dominant party in N e w YarU^ parti/ men —for their political axiom lias been promulgated by an hon o r a b l e S e n a t o r at the other end of this H a l l , (Mr. M a r c y ) t h a t " to the victor belong the SPOILS.'* U p o n the s a m e principle, too, when an application is m a d e to the Legislature for the incorporation of a new b a n k , it is m a d e a sine qua non that the Commissioners n a m e d in the bill for t h e distribution of the new stock, are politically orthodox. The question of mere competency is not so material,butthey must be g o o d , sound, thorough-going, orthodox " republicans J* whatsoever the test or s t a n d a r d of republicanism may h a p pen to be—for the time being. T h e y must be s t a m p e d iC genuine 5 1 in a particular quarter, which I will not stop now to designate* T h e s e " r e p u b l i c a n " Commissioners take good c a r e , of course, that the stock of the new banks does1 not g e t into bad hands, and the F a r m e r s ' and M e c h a nics Bank of Albany, which my honorable colleague (Mr,, R o o t ) has, not inappropriately, denominated the *•• Mother 13ank," comes in for a goodly share,— us a brood of country b a n k s , and particularly the B r o o m e County Bank, can testify. T h e r e is now about twenty millions of b a n k i n g capital under this safety fund system, with the power of issuing forty millions of paper currency, and discounting to the am o u n t of iifiy millions. N o w , sir, 1 approve of the fundamental principles of the safety fund system, I should like it m u c h better, if the P e o ple-—the borrowers—did ncit have to pay the whole expense of maintaining it, and this high premium for insurance, by being compelled to pay seven, instead ofsiK, p e r c e n t , upon all loans—and better still, if it were not m a d e , as it is easy to perceive it may ho. a most powerful political m a c h i n e in 7 the hands of a party. T h e present Bank tJommissioners are men of intelligence and integrity, but they are party men, governed by parti/ principles and mingling in parti/ warfare. And, by the way, sir, my colleague near me, (Mr. Caxnbreleng,) has enquired what has become of the old Federal Party ? T h e leaders are principally provided for. H e will recognise at least one of them, among these very B a n k Commissioners—for " the Party 11 pay very promptly with us, and the new converts, laboring with proverbial zeal in the great republican vineyard, although coming in at the eleventh hour, receive " every man his penny." I t will be manifest, sir, that under such a system, this combined monied influence will necessarily diffuse itself^ more or less, into every department of the government— and, without intending any possible disrespect to the Legislature, no man can shut his eyes to the fact, that with personal and political friends about them, in the city and country, who are Presidents, and Cashiers, and Directors, and Attorneys, and Stockholders in our own local banks, who have a common interest in excluding the competition of an institution restricted to six p e r c e n t . , and legislating, as they do, in the very centre of this moneyed power at Albany, it must have some influence in their action upon this particular subject. But, sir, there is superadded to this, the force and influence of party discipline, which has been bro"t to bear upon the Legislature—a power, rigid, absolute, despotic, and controlling, and which requires of all that they should go with their party " right or w r o n g " — a complete system of passive obedience and non-resistance* T h e r e is still another influence equally potent, which wastc dexterously applied in this case—and that is the force of public opinion.1* I do not mean, sir, the opinions of citizens examining the subject, and in honest sincerity forming unbiassed opinions for themselves. N o , sir, I mean the "public opinion 1 ' manufactured by interested political managers, and constituting a part, and no inconsiderable part, of their machinery, which, perhaps, the House may be curious to understand. W e have, sir, only one real, genuine orthodox, " republican" paper in the state, and that is the state paper at Albany. W e look to the columns of the Argus to know, from day to day, what is republican. Whatever opinion is to he found there, upon men or measures, pro or con, is, for the day, republicanism—pure, genuine, unadulterated republicanism. 4t T h e P a r t y " have neither the trouble or responsibility of forming opinions for themselves. T h e " p u b l i c opinion" head is supplied after tiiis wise : An article, expressing the desired opinion, is sent by the manufacturers to a branch republican paper, say at Lockport, another to lt I tica 3 another to Cooperblown, another to Okl Chenan 8 go*™ a n d «o o f o t h e r placear, o n d these a p p e a r i n g , w i t h o u t a p p a r e n t c o n c e r t , a r e c a r e f u l l y t r a n s f e r r e d a n d c o l l e c t e d in t h e A l b a n y A r g u s , u n d e r t h e i m p o s i n g title o f ** Public O p i n i o n ;** a n d thus, w h i l e t h e a d r o i t m a n a g e r s s e e m t o foI~ l o w , t h e y a r e , in t r u t h , c o n t r o l l i n g , a n d a r e t h e m a n u f a c t u rers o f ^ public o p i n i o n / * N o w , sir, I respect t h e o p i n i o n * o f a p a r t y m a j o r i t y in t h e L e g i s l a t u r e o f t h e state o f N e w Y o r k , just so m u c h as it is p r o p e r , or possible, t o respect t h e o p i n i o n s o f just so m a n y r e s p e c t a b l e m e n , a c t i n g u n d e r t h e c o m b i n e d i n f l u e n c e o f this l o c a l b a n k p o w e r , the discipline o f p a r t y , a n d this delusion a b o u t t h e fcl p u b l i c o p i n i o n . 1 * A t t h e s a m e t i m e , I wish it to b e u n d e r s t o o d , t h a t in this, a n d i n all s i m i l a r castes, I must act a c c o r d i n g to the d i c t a t e s o f my own judgment* I d o n o t d e r i v e my p o w e r f r o m t h a t h o n o r a b l e b o d y , n o r a m I responsible to t h e m . I a m only responsible t o m y o w n i m m e d i a t e c o n s t i t u e n t s , a n d I arn w i l l i n g t o a b i d e by their j u d g m e n t in this, a n d u p o n o t h e r m a t t e r s , w h e r e I shall be c a l l e d u p o n to a c t . S i r , it is n o t , p e r h a p s , to be w o n d e r e d a t , t h a t m y h o n * o r a b l e colleagues feel a little sensitive u p o n t h e subject o f N e w - Y o r k politics. W e all d o ; a n d w h i l e s o m e c o m p l a i n o f u n f o u n d e d c a l u m n i e s a n d slanders o f all sorts, I confess, for o n e , that I t h i n k n o t h i n g is m o r e p r o v o k i n g ° r u n p a l a t a b l e t h a n the truth* u p o n pni-its w h e r e o n e feels a little v u l n e r a b l e . I v o r y m u c h a d m i r e d , t h e r e f o r e , the tact o f m y h o n o r a b l e c o l l e a g u e over the w a y , ( M r . A n g e l , ) u p o n this point. L i k e a skillful a n d practised a d v o c a t e , he t o u c h e d l i g h t l y — v e r y lisrhity, u p o n t h e subject o f o u r politics* and o u r p a r t y m a c h i n e r y , a n d d w e l t , w h e r e he c o u l d d w e l l w i t h m u c h m o r e pride a n d p l e a s u r e , u p o n our c o m m e r c i a l e n * terprize ; our agriculture ; our manufactories ; a n d , above n i l , u p o n our g r a n d a n d u n p a r a l l e l e d svstem o f c a n a l s a n d i n t e r n a l i m p r o v e m e n t s , w h i c h a r e b r i n g i n g her rich r e v e n u e s , b o t h o f w e a l t h a n d glory* M y h o n o r a b l e c o l l e n g ie ( M r . H e a r d s l e y , ) has t a k e n t h e t r o u b l e , sir, t o look b a c k to t h e J o u r n a l s o f 1 8 1 6 , for t h e purpose o f i n f o r m i n g the H o u s e that his c o l l e a g u e ( M r . R o o t ) v o t e d originally against the c h a r t e r o f t h e b a n k * I t h i n k , sir, it a r g u e s s o m e t h i n g in favor o f the institution if, after sixteen years e x p e r i e n c e , t h a t g e n t l e m a n has b e e n a* b l e to o v e r c o m e his early prejudices, a n d thinks better o f t h e h a n k in p r a c t i c e , t h a n he h a d o f t h e p r o j e c t in t h e o r y . A n d w h y , sir, since m y h o n o r a b l e c o l l e a g u e t o o k t h e pains t o e x a m i n e t h e ayes a n d noes u p o n t h a t q u e s t i o n , w h y d i d h e n o t g i v e us " m o r e l i g h t " a n d i n f o r m the H o u s e t h a t t h e present Executive o f N e w Y o r k , who,^my honorable col* l e a g u e over t h e w a y assured us, w a s e l e c t e d by t h e ••* g:rent R e p u b l i c a n party,** v o t e d , at t h e s a m e t i m e , y b r the b a n k ? H o w our E x e c u t i v e m a v f ^ I artd a c t n o w , *tr, u n d e r t h e «) operation of the safely fund system ; a n d u n d e r the influe n c e of party discipline, a n d " public opinion,"' a n d in t h e n e i g h b o r h o o d of the " m o t h e r b a n k / 1 it is not in my p o w e r t o s t a t e . But it probably struck the H o u s e with s o m e surprise that aJ/tzv York politician should have set t h e e x a m p l e of looking b a c k t h r o u g h a long period of fifteen or t w e n t y y e a r s , to point out inconsistent opinions in relation to m e n or m e a s u r e s . W h y , sir, in less t h a n half that period, " T h e P a r t y " h a v e traversed every sign in the political z o d i a c , a n d it was b u t the o t h e r day it was their opinion, a n d the " p u b lic opinion 1 ' t o o , t h a t o n e " Mister < ," somebody w h o m it would n o t now be respectful to address,, e x c e p t as " Your E x c e l l e n c y — " had no feeling in common zcith the R E ruBUCAN P A R T Y . " " Mis habits zvere quits too summary.™ T h i s was o r t h o d o x in those d a y s , a l t h o u g h decidedly hetero d o x n o w . I n d e e d , sir, I m e a n n o disrespect t o the S t a t e w h e n I say, t h a t t h e c h a n g e s a n d evolutions of t h e leaders o f " the p a r t y " have b e e n as rapid a n d c h a n g e a b l e , t h o u g h less r e g u l a r , t h a n t h e m o v e m e n t s in an old fashioned country dance. It is " d o w n o u t s i d e , " and " d o w n in the m i d d l e , " a n d " c a s t i n g off," a n d " c h a n g i n g p a r t n e r s , " a n d " c h a n g i n g s i d e s , " and " c h a s s e to the r i g h t , " a n d " c h a s s e to t h e left/* a n d " b a l a n c i n g , " in a non committal sort of a way* a n d ** t u r n i n g half r o u n d , " a n d " t u r n i n g ail r o u n d , " nnd in all t h e s e whirligig m o v e m e n t s orthodox and republican still. T h i s , I believe, sir, is a tolerable correct p i c t u r e of modem N e w York " R e p u b l i c a n i s m . " I 1 hose w h o a r e profiting by t h e s y s t e m , and p a r t i c i p a t i n g in the " s p o i l s , " m a y t a k e the b u r d e n of its defence. I d o n o t h a p p e n t o s t a n d in t h a t attitude. B u t , sir, my h o n o r a b l e c o l l e a g u e over t h e w a y , ( M r . A n g e l , ) w h o has t a k e n it upon him to sing the praises of t h e " R e p u b l i c a n P a r t y , " and has told us of the mighty a n d wonderful things they h a v e d o n e , h a s c o m p l a i n e d , with g r e a t a n d b e c o m i n g gravity, t h a t o t h e r parties b e c a m e t o envious of the n a m e " R e p u b l i c a n , " t h a t they have e n d e a vored t o filch it a w a y from t h e m — i t s lawful o w n e r s . This r e m i n d s m e of u parallel c a s e , which is said to h a v e o c c u r red s i n c e our arrival in W a s h i n g t o n : O n e of the little b e g g a r girls a l o n g the A v e n u e , w h o had a very i m p o s i n g story ^ w h i c h she w a s t u r n i n g to g o o d a c c o u n t in her a p p e a l s to t h e charity a n d s y m p a t h y of p a s s e n g e r s , w a s seen b e a t i n g a n d p u m m e l l i n g a n o t h e r little b e g g a r girl, m o s t u n m e r c i fully, a n d w h e n a s t r a n g e r interfered, a n d inquired into t h e c a u s e of this o u t r a g e , t h e a n g r y assailant cried o u t , in justification, "she stole yny story / " P e r h a p s , sir, c o n s i d e r i n g t h e profitable business " T h e P a r t y " a r e c a r r y i n g on u n d e r t h e " R e p u b l i c a n " n a m e , it is not to bo w o n d e r e d at, that i\i<*y s -y 10 should show a little jealousy, or even anger, u any OUICT party should try to ** steal their story." But, sir, in relation to the United S t a t e s Bank—for the H o u s e may, perhaps,expect that I should, occasionly, g l a n c e at the subject under discussion—I can say, with my colleague, (Mr. Root,) that I am in favor of " a National B a n k " — a n d as the nation can have very little interest in the question whether the stock is held by Mr. A. or Mr* B., and as it would be desirable to avail ourselves of the facilities and long experience of a bank already established, and particularly as the Government own seven millions of the stock, -I will a d d , that I am in favor of the Bank, unless it shall be -made -satisfactorily to appear, that they have abused the powers conferred upon them. But, at the same time, I a m an advocate for the most extensive and searching inquiry, so far as any honorable member of the House shall deem it at all material ; for the re-chartering the bank depends, in my j u d g m e n t , upon the question whether they have been guilty of abuses which show them undeserving of the public confidence. T h e only doubt I had upon this point was, what was the appropriate Committee, or if a Special Committee are to be charged with the inquiry, how ought that C o m mittee to be appointed ? F o r myself, 1 have usually thought it most fit to send all subjects of reference to one of the regular S t a n d i n g Committees of the house, where we have a Standing Committee within the scope of whose duties the subject properly belongs- But since the propriety of a Select Committee seems, in this case, to be generally acquiesced in, the only remaining question would be upon this pointy whether the committee ought to be chosen by ballot, as the a m e n d m e n t of my honorable colleague proposes. I voted the other day against the a m e n d m e n t , because I supposed it to be the proper business and prerogative of the presiding officer of this House to n a m e the committee, and I was not willing to take the powder out of his hands, lest it might be deemed an act of disrespect to the Speaker, or might seem to imply a want of confidence, which I saw nothing to justify. But there are some considerations since suggested, which, as they have had some influence upon my mind, I beg leave to submit to the House : I find* sir, that the 7th standing rule of the House provides for the a p p o i n t m e n t of committees by ballot, and as the rule clearly contemplates the occasional exercise of this power, the question occurred to m e , which I now put to the House.— W h a t special cases c a n arise, or are likely to occur, where this power can more properly be exercised than in this very c a s e ? Will questions arise, or will they ordinarily arise, of a more grave or serious character than the present? I was struck also with what was yesterday urged by the honoru II ble m e m b e r from K e n t u c k y , (Mr. Daniel,) who directed our attention to the phraseology of the charter, which provides* t h a t it shall be lawful for " a C o m m i t t e e of either H o u s e of Congress, appointed for that p u r p o s e , " to inspect the books and examine the proceedings of the b a n k ; and the lang u a g e of the a c t would seem to imply, t h a t the C o m m i t tee were to be appointed, not by the S p e a k e r , but by the H o u s e . 1 submit, whether these suggestions are not entitled to serious consideration ? If the power shall, however, be confided to the S p e a k e r , I shall cheerfully submit to his j u d g m e n t as to the individuals he may think proper to select, and what may be the parliamentary rule as to giving the majority to the friends, or the enemies, of the b a n k . I a m quite certain that he wants not the aid of my opinion, b u t as it was suggested by the honorable m e m b e r from Massachusetts, (Mr. Everett,) if the rule be, that the majority should be given to thos^ favorable to the inquiry ^ it does n o t follow, that it ought t o be composed of those who are inimical to the bank. My only desire is, to have the committee composed of impartial and unprejudiced m e n , who will give us the plain, unvarnished facts of the case. But, sir, I ask the indulgence of the H o u s e for a few m o m e n t s to the consideration of t w o or three c h a r g e s against the Bank, which my honorable colleague, (Mr. Beardslev.) has selected as the most prominent and insurm o u n t a b l e . And first, as t o the issue of the checks or drafts upon the Bank at Philadelphia by the different branches. T h e s e checks were first issued in 1827. T h e y are received by the bank and its branches everywhere, and by the Government itself—to the great public a c c o m m o d a t i o n , and without the slightest inconvenience to any business m a n , and since it would be out of the power of the Presid e n t and Cashier at Philadelphia, to sign the n u m b e r of bills which a capital of thirty-five millions, and the wants of the country would require, it would be a m a t t e r of reg r e t , if a strict construction of the charter should inhibit the issue of these checks. T h e y were issued upon the opinion and under the advice of three of the most eminent counsel, (Messrs. W e b s t e r , Wirt, and Binnej',) who united in a written opinion giving this measure their express sanction. B u t t h e honorable g e n t l e m a n from Georgia, (Mr. Clayton,) has told us, t h a t counsel could be induced to give any required opinion, by ctthe p a y m e n t of a good fae* and added t h a t he had almost experimental knowledge*" that such were the principles and practice of the profession. S o far, sir, as; t h a t honorable g e n t l e m a n speaks of his " e x p e r i m e n t a l k n o w l e d g e / 1 I certainly have no right to question his assertions, l i e may have been a lawyer himself, but he has not informed us whether his " e x p e r i m e n t a l k n o w l e d g e " was in 12 t h e c h a r a c t e r of vendor or vendee* I c o n s i d e r this c h a r g e , g e n e r a l as it is in its t e r m s , us an u n m e r i t e d r e p r o a c h u p o n t h e profession t o w h i c h I h a p p e n to b e l o n g . However, I m e a n t o t a k e n o p a r t of t h e c e n s u r e t o myself. I h a v e often profited by an a d m o n i t i o n w e o n c e r e c e i v e d from a very w o r t h y , but e c c e n t r i c p a s t o r , in m y n e i g h b o r h o o d , w h o , w h e n descanting:, from t h e pulpit, u p o n s o m e of o u r local sins, w a r n e d u s , i n d i v i d u a l ! } , n o t to b e so selfish a s t o t a k e all his remarks to ours* Izes. " Let,*'1 said h e " y o u r zvicktd neighbors c o m e in for their s h a r e . " I shall, u p o n this p r i n c i p l e , l e a v e it to t h e c o l l e a g u e s of t h a t h o n o r a b l e g e n t l e m a n , w h o h a p p e n t o b e l a w y e r s , to d e f e n d t h e p r o fession in t h a t q u a r t e r ; a l t h o u g h I a m q u i t e c e r t a i n t h a t t h e h o n o r a b l e m e m b e r did not g e t his i d e a s of professional d u t y a n d i n t e g r i t y — s o far as h e h a s s p o k e n of his fct e x p e r i m e n t a l knowledge* 1 *—from e i t h e r of his w o r t h y c o l l e a g u e s , I-et m e a s s u r e t h e h o n o r a b l e m e m b e r , h o w e v e r , t h a t n e i t h e r of t h e d i s t i n g u i s h e d g e n t l e m e n , w h o s e n a m e s a r e a p p e n d e d t o t h a t o p i n i o n , c o u l d be i n d u c e d , by a n y p e c u n i a r y c o n s i d e r a t i o n , to certify t h e i r o p i n i o n s to b e dliferent from w h a t t h e y h a p p e n to b e in point of fact : T h e h o n o r a b l e m e m b e r c a n n o t purchase such an opinion. H e may emp l o y t h e m , professionally, t o argue a had cause, b u t h e m a y n e v e r h a v e o c c a s i o n for t h e i r services in t h a t w a v , n o t only b e c a u s e h e m a y n e v e r h a v e o n e of his o w n , but b e c a u s e t h a t h o n o r a b l e g e n t l e m a n h a s given us a b u n d a n t e v i d e n c e , t h a t h e c a n a r g u e a bad cause with very g r e a t ability hints*If* B u t , sir, a s to t h e p r i n c i p l e : S u p p o s e t h a t o n e of t h e m e m b e r s of this H o u s e , h a v i n g a c l a i m for his w a g e s , a n d w i s h i n g t o u s e Ins funds in a d i s t a n t p a r t of t h e U n i o n , s h o u l d ask of t h e B r a n c h B a n k in this city, a draft u p o n a b r a n c h in B o s t o n , or C h a r l e s t o n , or N e w Y o r k , or u p o n t h e m o t h e r b a n k in P h i l a d e l p h i a , p a y a b l e to his order, or t o t h e bearer—would it h a v e o c c u r r e d to a n y h o n o r a b l e g e n t l e m a n u p o n this floor, t h a t t h e B a n k , by issuing s u c h a draft or c h e c k , w a s guilty o f a violation of its c h a r t e r ? I p r e s u m e n o t , a n d t h a t t h e refusal of t h e b a n k t o stive t h e a c c o m m o d a t i o n a s k e d for, w o u l d h a v e b e e n m a d e , a s it m i g h t with m o r e p r o p r i e t y , a c a u s e of c o m p l a i n t * A n d t h e p r i n c i p l e is n o t a t all affected by t h e c i r c u m s t a n c e , t h a t t h e c h e c k s or drafts c o m p l a i n e d of a r e in s m a l l s u m s , a n d in t h e form a n d similitude of b a n k bills, a n d t h a t t h e h o l d e r c h o o s e s to p u t t h e m in c i r c u l a t i o n , i n s t e a d of p r e s e n t i n g t h e m at t h e b a n k for p a y m e n t — o r t h a t t h e h o l d e r s , finding t h e y a r e r e c e i v e d every w h e r e , by b a n k s a n d by i n d i v i d u als," a n d t h a t they a n s w e r all his p u r p o s e s as a c i r c u l a t i n g m e d i u m , a n d a r e , at his p l e a s u r e , c o n v e r t i b l e i n t o g o l d a n d silver, uses t h e m a s m o n e y . T h e p o w e r of giving drafts is e x e r c i s e d w i t h o u t o b j e c t i o n by all b a n k s . It is a n i n c i d e n - 13 tal povrer, within the ordinary course and scope of banking business, and if that be c o n c e d e d , it is not necessary that the power should have been granted in terms. It is sufficient that it is not prohibited. In the old charter of the Bank of North America there was no express power or authority given to issue or circulate bank notes of any description ; (1 vol. U. S. Laws, 672,) yet, whoever doubted the right of the bank to issue them ? T h e act makes the forgery o f these checks a felony* Wherefore this provision, unless the issue of such checks was contemplated? But, sir, it has been objected by my honorable colleague, (Mr, Beardsley,) that the acceptance of the draft or check, or the authority for issuing it, do not appear upon its face. And upon what check or draft, upon a distant bank, did this ever appear? T h e authority, however, for the issue, and the agreement to accept, are in this case officially before the public. T h e President of the Bank has announced it to the Secretary, and the public officers ate expressly authorized, by the Treasury D e p a r t m e n t to receive them, upon the ground that they are placed, by the Bank, upon precisely the same footing as the bills or notes of the Bank* Besides, sir, if this be such a plain, palpable violation of the charter as is n o w contended, how happens it, that with ail the jealousy and hostility towards this institution, no steps have been taken to enforce the penalty ? T h e 23d section of the act gives power to Congress, or to the President of the United States, if he hns reason to believe t h a t t h e charter has been violated, to order a scire facias to be sued out against the corporation, to show cause why their charter should not be declared forfeited. H a s the President been sleeping upon his duty since 1823, with the official information before him, and from the Bank itself, of this alleged forfeiture? T h e second prominent charge against the Bank is usury. T h e honorable gentleman from Georgia, (Mr. Clayton,) relies upon the case reported in 2d Peters, as decided by the Supreme Court, to prove this charge. I will certainly not yield to the honorable gentleman from Georgia, in high veneration for the opinions and decision of the Supreme Court of the United States, and shall be most happy to unite with him in the sentiment, that their decision upon all legal questions, is to be received as verily the lam of the land.— But as to the facts of the case, upon which this opinion of the Court is founded, I do not c o n c e d e that they are necessarily to be taken for true, because the counsel for the plaintiffs chose to demur to the special plea. T h e demurrer, according to its very phraseology, only avers that the plea, and the matters contained in it, in manner and form as they are pleaded, are not sufficient in law, to require the 14 plaintiffs to m a k e any answer thereto, and it merely submits the question to the j u d g m e n t of the court, whether they are sufficient, and whether the plaintiffs are bound to m a k e any further answer. And the question, whether the facts, asj?leadedy constituted an usurious contract, must have been originally d e e m e d doubtful, for the cause c a m e up, on a certificate of a difference of opinion of the Circuit Judges. It would seem to be pretty rigid and harsh, to declare the charter forfeited, and visit all the consequences upon innocent stockholders, for the unauttiorizcd act of one of the officers of a distant bank, in a case of dubious or doubtful character* But the honorable gentleman from K e n t u c k y , (Mr. Daniel,) opposed, as he confessedly is, to the B a n k , has given us a satisfactory explanation of that affair* T h e B a n k , it seems, held a large a m o u n t of the bills of the Bank of Kentucky, which they had previously received at par, and upon which they were then receiving interest, although there may have been a temporary suspension of specie payments. Under these circumstances* the defendant in this suit, probably a debtor to the B a n k of K e n t u c k y , applied for a loan, and as the brancii bank w a s not then discounting, proposed to take these Kentucky notes at par, under the p r e t e n c e or allegation that they would answer his purpose equally well, and the branch bank complied with his proposition, and loaned him the notes of a bank supposed to be perfectly solvent, at p a r — and when called upon to take up his note, given upon this loan, lie sets up usury. If there are no charges of any graver character than these two, it would seem hardly to bo necessary to raise a special committee of inquiry, especially as all the facts in relation to the issue of these checks are already before us. But, sir, if the proposed committee shall be appointed, I b e g leave to suggest that it behooves us to guard against the delay which has been more than once distinctly avowed upon this floor by the advocates of this resolution, to be a desirable, if not a leading, object. This object is disclosed upon the very face of the a m e n d m e n t offered by the honorable gentleman from Georgia, (Mr. W a y n e ) lor he proposes that the committee shall sit " d u r i n g the recess of Congress/* T h e honorable gentleman from Tennessee, (Mr. Bell,) if I understood him correctly, distinctly alluded to the approaching Presidential Klection as the " g r e a t question pending before the n a t i o n / 1 which ought to be first decided, before we passed upon the law for re-chartering this bank. S o , sir, upon a former occasion, when an enquiry was proposed, impeaching the conduct of one of the public officers " behind the t h r o n e " in relation to the Chickasaw treaty, it was opposed by more than onQ honorable m e m - 15 ber, upon the ground that the information sought for, was intended to be used, (or might be used, by poJitical opponents, at the Presidential Election, Sir, 1 am not among the number of those who think ** the world was made for Caesar," and I am weary of hearing questions of great public concern, relating to the financial and general interests of the country discussed as if " her wide walks encompassed but one m a n . " I hope and trust we shall preserve the " even tenor of our way," uninfluenced by any considerations of that sort. But, sir, it is said by the very advocates for delay, that the President does not shrink from responsibility ; and this sentiment has been responded from different quarters of the House* For my own part, sir, I have never heard it alleged that he did. On the contrary, who, that is acquainted with his history, does not know, that he has often assumed great—nay, fearful responsibilities ? Indeed, sir, we have heard it alleged—and recently, too, by some faultfinding, cavilling, and incredulous people—that he even assumed responsibilities that more properly belonged to another^ or which he, at least, was only bound to share with him. N o , ;sir, we have been already told, by the honorable gentleman from North Carolina, (Mr. Branch,) that it is not " t h e throne, but the power behind the throne, that shrinks from responsibility." It i^said, and has been repeated with emphasis, perhaps for the same laudable purpose of " enlightening the public," that the President has the courage to meet this, or any other emergency ; and this gives honorable gentlemen the opportunity of adding—thai the man who fought this and that battle—who distinguished himself so signally at Emuckfau, and covered himself with glory at N e w Orleans—will not shrink from his duty, but will act promptly, and fearlessly, if this much dreaded law shall be presented for his approval, or his veto. I fear, sir—I greatly fear—it is too much the fashion of the day^ when the civil qualifications and civil obligations of men in power, and aspirants for power, are the only legitimate subjects of inquiry, to attempt to bewilder and mislead the public judgment, by pressing into the service, whatsoever of military merit, the parties concerned may chance to have. Indeed, have we not seen, or may we not see, candidates for political preferment, who have no military merit of their own, availing themselves of the popular prejudices in this particular; putting on their military attire for the first time, after the battle is over, and the danger is past, and fastening themselves upon the skirts of some more fortunate military leader, press forward in the train and under 1 6 the banner, o f their leader, in the rub-a-dub and row-de-dom excitement, which, even in this enfightened a g e , it s e e m s n o difficuU matter to p r o d u c e — t o conae in for their share of t h e ct spoils ofthe victor ?™ Naj% more, sir, unless g o o d m e n will unite in e n d e a v o r ing to correct the popular sentiment, and o v e r c o m e popular prejudices upon this subject, is there not s o m e reason to apprehend, that at s o m e future, s o m e distant day, a ** military chieftain" may arise, w h o having lasted of power, and b e c o m e intoxicated with power, and feeling, or fancying, that he is so strong in the affections of a grateful and c o n fiding people, that he c a n ** Ride in the zvhirlzvind and direct the storm," m a y , after providing for himself and his o w n household, attempt to take upon his Atlantean shoulders s o m e Javorit?^ w h o , p e r c h a n c e , has n o merit of his o w n , and bear him, nolens -volens, to the very summit of political power ? 1 appeal,sir, to the g o o d sense and sober j u d g m e n t of this H o u s e , whether these ill-timed appeals to popular prejudices—this blazoning and trumpeting forth of military merit—is not of the most dangerous tendency, and ought not to be both discouraged and disregarded. A single observation upon the doctrine advanced by the honorable g e n t l e m a n from T e n n e s s e e (Mr. Bell,) and 1 have d o n e . H e c o n t e n d s , that if a law shall be passed at this session, re-chartering the bank, yet, inasmuch as the present charter d o e s not expire until 1836, any subsequent intermediate Legislature c a n repeal it, and he asserts with confidence, that no lawyer in the House, or out of the H o u s e , would c o n t e n d otherwise. N o w , sir, I differ entirely from that honorable g e n t l e m a n upon this point. If the charter is n o w renewed, it b e c o m e s , in my j u d g m e n t , as m u c h a vcsteti rights as if it was an original charter. It is a charter for the prescribed period from 1 83G. T h e stock passes into the hands of innocent purchasers, with the e n h a n c e d value that the extended charter may give i t — w h o buy upon the faith of this public l a w : and the charter c a n not be repealed, unless the right to repeal is expresslv reserved. I must therefore beg leave to dissent from this doc* trine* I am a w a r e , sir, that I have tresspassed too l o n g upon the indulgence of the H o u s e , and conclude by tendering m y sincere thanks for their kind and patient attention.
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