JUNE 24, 1834.] The Deposite Bill. [H. or R. abuses charged to exist there? The officers, in its manage- bate which had occupied the attention of the House, on ment, had been charged by a committee of the Senate. this subject, during most of the session, he had taken after a laborious investigation, with squandering the peo- no part. From the first he was satisfied that, owing to ple's money for electioneering purposes; with gross vio- the opposite opinions entertained by the President and lation of the constitution and laws of the country, in bor- Congress, nothing could be done for the relief of the rowing near half a million of dollars (as admitted by all country. The President had vetoed, at a former session, on the committee) without the color of authority, and the recharter of the present bank, and had since declared various other abuses and general mismanagement, which that, upon no terms would he ever consent to its recharhad involved the Government in a heavy debt; yet there ter: and from this ground, we all know, he will never reis no recommendation to arrest its useful operations, or cede. Thus, the fate of the bank is sealed. On a recent destroy the establishment, in consequence of these alleged vote in this House there was a majority of fifty-two against abuses, which, if true, furnish an example, if not check-its recharter in any form, and this majority has no doubt ed, a thousand times more dangerous to liberty than a been increased by the refusal of the bank to submit to hundred banks, with the most vicious managers. the investigation required by a resolution of this House. It is the duty of wise legislators, he said, to preserve For his own part, he had not prejudged the question of the Government pure in all its parts, and, as experience a recharter; he had reserved his vote until he should see pointed out defects or abuses, to rectify them, and guard, the evidence which the proposed investigation might by timely checks and limitations, against their recurrence, elicit, and while this was refused by the bank, if called and by every possible means to keep the political and on, without this information, to vote, he should unbesimoneyed institutions as distinct as possible. tatingly vote against it. But he contended that, under He regarded the Bank or a Bank of the United States the existing state of things, a national bank, with such reas intimately connected with, and in fact a branch of the strictions on its powers and capital as experience might Government; though but remotely under its control, it suggest, was indispensable. The Government could not was almost as valuable, in the porformance of its peculiar get along without it. It was now alike demanded by all functions, as any other department, and more intimately the great interests of the country. It was indispensable connected with all the wants and interests of society. But as a fiscal agent in the collection and disbursement of the being an institution that required the jealous care and sup- public revenue, and in the transaction of the diversified and port of the National Legislature, it should have nothing increasing commercial interests of this great and growing to do with politics or political partisans; nor should they, republic. Such an institution was also required to pre under any circumstances, be permitted to control or mo- serve a sound and uniform currency, by checking the exlest it while acting within its proper sphere. The politi-travagant issues of State banks, and to restrain their cal wheel, he said, was in motion, and no one could tell natural tendency to multiply and, inundate the country what party may be placed in power by its next revolu- with a worthless and depreciated currency. On this subtion. If the party favorable to the present bank shall ject, the experience of the country in the five years that succeed, they, like most parties elected on a particular intervened between the expiration of the charter of the question, may recharter it without those wholesome guards old United States Bank in 1811, and the chartering of and checks which experience has shown to be necessary. the present bank in 1816, taught every one a lesson that On the other hand, if another party rises into power, could not be forgotten. How many hundred worthless much is to be feared from the establishment of a political swindling banks had sprung into existence in this brief bank, managed by and subservient to the ambitious period? How many millions were lost by the Governviews of Government officers-a power more to be dread- ment and by individuals while these State banks were un ed than the brandished sword of a tyrant. The one controlled by a national institution? Such was the dewarns you of danger to come, while the other embraces rangement and depreciation of the currency, that Mr. but to corrupt and subdue. Dallas, then Secretary of the Treasury, informed ConThe present he thought a most auspicious moment for gress, in an official communication, that the State banks settling this great question. The parties were nearly had proved "utterly inadequate to the collection and balanced, and nothing could be done by either except by transfer of the public funds;" and that the financial affairs the consent of the other on the principles of a compro- of the Government imperiously required that "Congress, mise. He appealed to the patriotism of both parties to in its wisdom, should effectually provide for the restora settle this important question of the currency without tion of a uniform national currency." The present bank reference to former prejudices. It should have nothing was accordingly established, and its effect in restoring to do, he said, with politics; and now, before the candi- the currency, and in facilitating the collection and disdates for the presidency were brought out, he thought a bursement of the revenue, was known to all. The curbank might be established on such a basis as to secure rency was soon restored to a sound condition, and not one the confidence and good will of every party and every cent had been lost in the collection and disbursement of citizen in the country. He would not appeal to that por- 450 millions of revenue by the United States Bank. The tion of the House who had constitutional scruples on the same evils and the same difficulties, then experienced, power of Congress to create a bank: they, however, will recur again. They are, in fact, already felt; and we constituted but a very small portion of the body. Three- shall soon be again told, by Mr. Secretary of the Treasufourths of all the members who had expressed an opinion, ry, that the experiment of employing "State banks to and it was believed more than four-fifths of Congress, collect and transfer the public funds has failed," and that were in favor of a bank, and he called upon them to sacri-Congress, in its wisdom, must provide for the restorafice their prejudices and party feelings, and join him in tion of a uniform national currency." He was oppoadjusting this much-vexed question now. He had carefully sed to banks, and always had been; and this very reviewed all the opinions of the President, and believed his opposition furnished his strongest motive to favor a nabill or amendment met and obviated all his objections to the present bank charter, and could not doubt, should the amendment pass, it would meet with his approval. This, however, to him was a secondary consideration; he had discharged his duty according to his best judgment, and would leave other public servants to do the same. After Mr. DUNCAN had concluded, tional bank. It was the only instrument this Government could employ to check and restrain the increasing of State banks to a most ruinous extent. Destroy this bank, and refuse to create another, and what is then to restrain State banks? Will they not run wild, as in 1815-'16? Has not the mischief already commenced? More than fifty new State banks, some of very large capital, have been inMr. STEWART observed that, in the protracted de-l corporated since the commencement of this session, and H. OF R.] The Deposite Bill. [JUNE 24, 1834. the work is still going rapidly on; and how can you re- Mr. S. expressed the opinion that this measure never strain it? Gentlemen talk of gold and silver, of specie originated with General Jackson or his disinterested and currency, while they are adopting the very plan to destroy sincere friends. He had vetoed the bank, he had given it. Those who wish to expel specie, and again flood the it its death-blow; but it was not in his nature to rob the country with depreciated paper, should go for this "ex- dead; it was not characteristic of a brave and magnaniperiment;" they will be sure to accomplish it. The idea mous soldier, as all admitted General Jackson to be. No; of specie currency is absurd; you might as well talk of it was the cunning contrivance of ambitious men, seekrestoring specie currency in France or England as in Penn- ing their own elevation at the expense of the fame, the sylvania or New York. You have just as much power to peace, and happiness of the President, and the best inrestrain the incorporation of banks there as here. The Sec-terests of their country. It was a measure adopted conretary of the Treasury does not dream of restoring specie; trary to the advice of all his Secretaries at the time; and he does not desire it; he tells you so, in so many words, that he affirmed that, in all his conversations, public and priwe have not bank paper enough; his plan is to substitute vate, with the friends of the President in both Houses State bank currency for United States Bank currency. of Congress, he never met with one who approved of He says, in his late letter to Congress, that it is not the the removal of the deposites at the time it occurred. object of Government to dispense with bank paper; it He had heard no man on this floor say that he would cannot be dispensed with; that no "commercial or manu- have advised the adoption of this measure at the time; facturing community can dispense with a liberal system of but as it has been adopted, they were compelled, from a credits and loans;" and this can only be attained by "a political necessity, to "make the best of a bad bargain." paper circulation founded on credit;" and he further says The step had been taken, and it could not be retraced. that the amount of paper now in circulation is not as To turn back was worse than to go on. Who, then, adgreat as is required; that the States cannot be controlled in vised this unfortunate measure? Look to the time, place, the creation of banks by Congress; and that they will not, and circumstances, to its objects and its motives, and the and ought not, to surrender their right to do so. How reply could not be doubtful. Was it recommended by absurd is it then to talk of restoring specie by destroying any of the Secretaries? No; they all opposed it at the the United States Bank. This is the very plan to expel time it was adopted. The Secretary of State, of the specie. When the United States Bank was destroyed, Treasury, of War, of the Navy, not one of them recomand State banks substituted, specie disappeared, and spu-mended the adoption of this measure before the meeting rious bank notes took its place. Specie was hoarded, or of Congress. The best and most enlightened friends of went abroad. So it will be again. Destroying the na- the President opposed it. They foresaw and foretold its tional bank to expel paper money was like killing the cat consequences: but secret, selfish, and irresponsible to keep away the mice. The national bank was the only check on State institutions. We have now 450 State banks, with nearly 200 millions of capital; destroy the national bank, and the number may soon be doubled, as in 1815-'16. councils, by fawning and flattery, unfortunately for the President and the country, prevailed. I hesitate not to declare, said, Mr. S., what I firmly believe, and what will meet with a response, if I mistake not, from a majority of the President's best friends on this floor, that, if GeneThis experiment had been tried, had failed, and would ral Jackson had an enemy who wished to destroy his popfail again. This bill provided no new security for the ularity, his fame, and his happiness-who wished to prospublic money. It gave to Congress no supervision or trate his friends and strengthen his opponents, that enecontrol over these State banks; it could give none. It my could not have devised a better plan for accomplishsecured to the people not one cent of compensation from ing his purposes than this very measure. Look at the these favored banks, for the perpetual deposite and use state of the President's popularity, and the condition of of at least seven millions (the ordinary surplus) of pub-the country, before this measure was adopted, and look lic money to discount on. It imposed no restraints as to at them now. But for this measure, and there would now their issues; it did not require them to receive the notes have been no opposition to General Jackson, except a of each other, or to pay in par paper; it leaves the de- few southern nullifiers, and their numbers would have posites precisely where they now are, and as they now been so small that they would have soon sunk into siare; it did nothing but transfer the responsibility of this lence; and General Jackson might have gone out of the measure from the Executive and his Secretary to Con-executive chair one of the most popular Presidents that gress; so that, if loss or misfortune occurred, the cen- ever went into it. Opposition had every where ceased. sure would rest upon Congress. He maintained, there- When on his journey through the Northern States, where fore, that to legislate would destroy the only security the the opposition had been strongest, he was every where people now had for the safe-keeping of the public mo- received with acclamations by all parties. All parties ney, to wit: the executive responsibility. While he is were flocking around him, and vying with each other in responsible, care will be taken, as far as possible, to pre-expressions of confidence and respect. There was likevent loss. He took "the responsibility," and is, of ly to be but one party in the country; party conflicts were course, now bound by every obligation of interest and about to cease; and men were to be distinguished, not by duty, to see to the safety of the public funds. But re- their devotion to men and names, but by acts of patriotmove this responsibility, let Congress assume it by pass-ism and of substantial public service. But this was ing this bill, and where is your security? It is gone, it destruction to the hopes of a certain political aspirant, is destroyed. The public money is given to the four who could live and breathe alone in the midst of the fire winds; you have no security left. This alone would be and smoke of party excitement; who saw clearly, that if sufficient to influence his vote against the proposed meas-party lines were obliterated, if other men came into favor But he could, under no circumstances, be induced with the President, and he ceased to be the exclusive to sanction a measure which he so much disapprovel in friend of General Jackson, then there would "be an end its origin, and dreaded in its consequences. The public to all his greatness." He saw that other men were fast money was perfectly safe, as all admitted, in the Bank of acquiring favor and confidence at court; a distinguished the United States, where the law had placed it, and Senator from Massachusetts was regarded with jealousy where it would have remained safe, and the country re- and apprehension; something must be done to drive him mained tranquil and undisturbed until the expiration of and his friends from the President, as was, on a similar octhe charter of the bank in 1836, when the deposites casion, another distinguished Senator from South Carolina, would have been safely transferred to such other depos- who was supposed to stand in the way of a certain other itory as Congress in the mean time might have provided. | distinguished aspirant to the succession. A quarrel was ure. JUNE 24, 1834.] The Deposite Bill. [H. or R. It has brought about in this case, as it was in that. How was it creditor; the merchant to the bank; the borrower to the to be accomplished? It could only be done by inducing lender. The miser and the stockjobber, who now lend the President to do some act that would drive these men at fourfold interest, and speculate and feast on the from him, force them into opposition, and thereby give miseries and misfortunes of mankind, are alone benefited the President again to the exclusive control of these false by this unfortunate experiment. It has, all admit, pros and insidious friends. General Jackson might take the trated many of the President's friends here and elsewhere; blows in the battle which might ensue, and he appropriate especially those elected by small majorities. The politithe "spoils of victory," should a victory be achieved. cal changes it has produced are all one way. No one who will look to the time, the circumstances, and drawn down the curses of thousands, who have been the motives of this measure, can for a moment doubt its ruined by it, on the President; and their curses, instead origin and object. Where and when was the letter order- of their blessings, will follow him into retirement, and ing the removal of the deposites signed by the President? mar his peace and happiness forever. And why and It was done when absent from his constitutional advisers: wherefore all this mischief? Why remove the deposites in the city of Boston, whilst confined to a sick room, with from where they were safe, and place them, without the none but a few of the interested near him, just before the authority of law or the concurrence of Congress, where meeting of Congress, at the moment when he was receiv-they are less secure, and less accessible for the public ing the most flattering manifestations of confidence from service? Was it to promote any interested view of the all parties, and when the indications of a general if not President? No. But to promote the ambitious views of universal support by all parties, for the balance of his term, one who aspires to the succession, and who will reach it, were no longer equivocal. This was the danger, and if he must, over the ruins of his country. hence the alarm. Some decisive and immediate move- Mr. S. said he had not intended to have said so much ment, to counteract this result, must be made. It was when he rose. He felt it his duty, however, to express therefore determined, against the opinion of all the heads distinctly his opinions as to the origin and purposes of of Departments, before the meeting of Congress, to adopt this measure, which had occupied so much time, and this measure, so uncalled-for and so injurious. The mo-produced, here and every where, so much excitement, tives of this measure were obvious: they were not such as and so much mischief. Its great object, he repeated, on could have influenced General Jackson, but might well in fluence one who wished to restore party, and ride on it into power. What were the objects to be accomplished by this premature removal of the deposites from where the lawhad placed them, and where Congress, at the close of its last session, by a vote of more than two to one, had declared they were safe and should remain? The objects and ends of this measure were these: 1. It would force from General Jackson many men who were coming into favor, and who were regarded with jealousy; it would restore party lines and party feelings, so indispensable to the success of a certain aspirant, and give him again the exclusive control of the President and his followers. 2. It would also give him the control of the money as well as the patronage of the Government, by which to purchase the mercenary, seduce the ambitious, and corrupt the venal and profligate portion of the community. 3. It would retain about fifteen millions of dollars now collected in New York, in that city, to sustain the safetyfund banks, instead of sending it to the United States Bank at Philadelphia. the part of its real authors, (not the President,) was to prevent a political millennium, and apprehended political calm, so fatal to the hopes of a certain political aspirant, whose ship was at sea, freighted with the presidency, and a wind must be created to carry her into port; and the only danger now was, that, in raising a wind, the magi cian has excited a storm which will dash his vessel on the rocks, and sink it, with all his hopes, to the bottom of the ocean. The object was to produce a battle in which General Jackson was to take the blows, and another the benefits of victory. It was, as Mr. Duane was told, "a flag to rally the party by," run up to promote the objects of party, not of the country; to create a party warfare for the presidency, and the people's money taken to carry it on. For one, he was not prepared to rally under this banner, nor under that of any of those who were active in promoting the party conflicts of the day. He hoped some honest and independent man could be found to take the helm, who would sooth and assuage the angry passions of party, and restore our distressed country to a condition of peace and tranquillity. He believed that the integrity of the Union was more endangered by the angry conflicts of party than from any other cause, or from all other causes combined. it was, therefore, the part of patriotism to sooth, rather 5. It would divert the attention of the people from the than excite, those dangerous conflicts which weakened, true and great points, the merits, qualifications, and pub-and might ultimately sunder, the bonds of our happy lic services of men, and fix it on a false issue between a Union. popular President and an unpopular bank. 4. This blow at the bank might, it was supposed, recover some of the popularity in the South which had been lost by the proclamation. For some years past, party spirit had taken a new and 6. It would destroy one bank, supposed to be unfavor-dangerous direction--parties were no longer organized able, and establish some fifty or a hundred others as de- with reference to measures and principles, but with refpositories of the public funds, with a perfect command erence to men and geographical lines; parties now take and control of their political action, as was exerted over the names of their leaders, and follow their fortunes and the safety-fund banks of New York. obey their orders; one thing to-day, and the opposite toExamine these motives and objects, not one of them morrow. To this subservient and slavish spirit, the most could influence the course of General Jackson, if left free valuable and important interests of the country have been and uncontrolled by that magical spell which seemed to sacrificed. Has not the tariff, so intimately connected impel him, against the advice of all his cabinet, to the with the national prosperity, been sacrificed and destroyadoption of measures destructive alike to his friends, his ed, by connecting it with the party politics of the day? It fame, and his happiness. Who has this measure benefit- has been made the sport and the victim of party. So of ed? It has benefited the bank, increased its friends, internal improvements, another great and valuable branch and may revive its hopes of a recharter before extinguish- of the national policy; this has also been sacrificed by the ed. It has united the opposition, impossible without it, same causes. And what but the spirit of party, and elecstrengthened the opponents of the President, and made tioneering for the presidency, has now involved the enemies of thousands who would have otherwise remain-country in the gloom, embarrassment, and dismay, that ed his friends; and who has it injured? surround us, and threaten to involve the national cur It has sacrificed the poor to the rich; the debtor to the rency in disorder and ruin. Has it not sprung out of VOL. X.-298 H. OF R.] once. the conflicts of party, and is it not emphatically a party inquiry and silence investigation until it might be too late measure? The bank, we are told, has connected itself to remedy the evil. For one, he was free to say that he with party politics, and must therefore be put down. came not here to promote the objects of party at the exWho will doubt that, if the tariff and internal improve- pense of his country and his constituents. He never had, ments had found favor with the dominant party, they would and he never would, follow any party or any man all now have been triumphant? But, unfortunately for the lengths, right or wrong; he was sent here for no such country, their cause was espoused by men who were not purpose. Nearly three-fourths of his constituents had strong enough to carry them through, and the men and voted for General Jackson; yet they all knew that he had the measures had fallen together. And who will doubt never so voted except once, in his representative characthat, if to-morrow these measures were taken up by those ter, when he voted for them and not for himself. When in power, they would again rise triumphant, and elevate representing the people, as a republican, he felt bound to the country to a condition of unexampled prosperity and represent them truly; but his constituents, as high-minded power? In 1832, under the late tariff, the surplus reve- and honorable men, would despise him if he tamely and nue applied to the national debt amounted to more than meanly surrendered his own judgment for the sake of $18,000,000. That debt is now paid, and had the tariff conciliating their favor, or the favor of those who hold remained, we would now have $18,000,000, paid by for- patronage and power here. And, on the other hand, be eigners for the privilege of importing their goods into our would despise himself if, when his constituents, who were markets, to divide among the States to promote a system nearly three to one in favor of General Jackson, had electof general education and internal improvement. What ed him to represent them, he could basely betray that would $18,000,000 not accomplish in a few years in the generous confidence, by lending himself for a moment to mental, moral, and physical improvement of our country, a factious and indiscriminate opposition. He differed with which constitutes, after all, the only true cement of our the President on many of the great and cardinal points of national Union; while ignorance and vice will be found public policy, to wit: the tariff, internal improvements, &c. to contain the seeds of its dissolution. The most fatal But his invariable rule of action here was to support the measure to the prosperity of this country was, in his opin- measures of the administration where he could, and oppose ion, the late revision of the tariff called the " compromise them only where he must. bill." This bill, if not soon repealed, will lay the axe to I believe (said Mr. S.) now, as I always have believed, the root of the national prosperity. Agriculture, manu- that General Jackson is honest and patriotic in his purfactures, and commerce, will sink together under its with- pose; but I also believe that he is a man of strong pas ering influence. It was worse than the administration sions and prejudices, and is therefore often led into error project of reducing every thing to twenty per cent. at by those who have acquired his confidence and who take This carried its remedy with it. The country advantage of it to accomplish their own sinister and selfcould not, and would not, have submitted to it for a single ish purposes. I know of no man who has bad more freyear; but this bill brings us to the same result in ten quent occasion to repeat the proverb, "save me from my years from its passage, and the destruction will be the friends." When I hear his friends here-the gentleman more complete and fatal for being protracted. This bill from New York [Mr. CAMBRELENG,] Mr. PATTON of Vir. is, throughout, an inversion of every principle of sound ginia, Mr. Joxes of Georgia, and others, rising daily in tariff policy. The true tariff principle is to select the ar- their places on this floor and eulogizing General Jackson ticles we can and ought to manufacture, and impose a to the skies for having, as they say, destroyed the tariff gradually-increasing duty, so as to invite the investment and internal improvements, for having crushed the Amer. of capital, and finally to exclude the foreigner when the ican system-when I see the "Globe" itself come out domestic competition has supplied the home demand, and openly declare, but a few days ago, that "the Amer leaving the country to depend for its revenue on the du- ican system (that triple-headed monster) is in its last ties levied on luxuries imported and consumed principally agonies under the blows of the hero of New Orleans”— by the rich. But this bill is just the reverse of this; it I think he has reason to exclaim, "save me from my exempts all the luxuries of life from the payment of any friends." Is it by such appeals as this they expect to duty, and throws the country for its revenue entirely on conciliate the support of Pennsylvania, whose measures the importation of the necessaries of life; which, accord- and whose men are alike proscribed and denounced by ing to true tariff principles, ought to be manufactured at these hypocritical friends and fawning flatterers, who have home. According to this bill, we are compelled for ever (from jealousy or some other cause) expelled from the to import our woollens, iron, &c. from Europe, or have cabinet and the confidence of the President every Pennno revenue at all, as these articles now pay the whole sylvanian, so that there remains not one of her sons who revenue; and, to keep it up, the importations must in- has the slightest influence in the councils or policy of the crease as the duties decline. This bill will deprive the present administration-an administration which owes Treasury of 15 or $18,000,000 a year, which might be more to the early and continued support of Pennsylvania applied to the most valuable objects: and for whose bene- than to that of any other State in the Union? Neverthefit! For the benefit of the foreign manufacturer and for-less, her measures are proscribed, and she is for the first eign importer alone. Instead of putting this sum annually time left without a voice in the cabinet. Why is it so? into our treasury, they now keep it in their own pockets. Is it because she has not given in her adhesion to the heir Foreign goods have not fallen, although every thing else apparent? It is not, I am sure, because she has justly has; we pay the same price: and the $15,000,000 hereto- forfeited the confidence and favor of the President. As fore paid by the foreigner for the privilege of our market, a Pennsylvanian, in principle and feelings, and he trusted is now added to his profits. And when our manufactories a faithful and true one, he felt mortified at this state of fall, as they soon must, under this ruinous bill, the for- things, and could not forbear to express it. For himself, eigner, left without competition, will demand and receive he had nothing to ask or expect. There was no office he whatever price he may think proper to exact. would accept, save that which he held under favor of his Is it possible the American people will silently submit constituents, and now held for the last time. But in the and perish under the slow but fatal poison contained in this bill? It is time the people should be roused from their lethargy before it is for ever too late, and it was to call their attention to the subject that he had adverted to it on this occasion. But from what he had seen and heard around him, he feared that party motives would suppress] retirement to which he was going, he would never cease to take a deep and lively interest in the deliberations and doings of this body, upon which so much depended the prosperity, the union, and the liberties of the republic. When Mr. STEWART had concluded, Mr. JONES said the gentleman had fairly and dis JUNE 24, 1834.] The Deposite Bill. [H. or R. tend the arrangement, it would be productive of greater safety to the public treasure. tinctly avowed the true ground of his opposition to the the banks where the deposites were to be placed; and bill, viz: that it was a death-blow to the scheme for a when once placed there, they could not be removed but national bank. On this ground the gentleman took his by an act of Congress. Now, he was opposed to repostand, and called upon others to aid him. Mr. J. was sing this discretionary power in the Secretary, because it glad to hear it; it was an upright, honorable course, and went to augment the executive patronage and power; far better than fighting under the bush. He wished all the discretion of the Secretary must be, in effect, the the opponents of the bill would come to the combat with discretion of the President; for the President could rethe same honesty of purpose. Mr. J. declared it as his move him if he did not exercise it in the way he approved. firm conviction that, on this measure of making the State He was for taking away all such discretion. Let the banks the depositories of the public money, depended banks share the deposites according to their several the ulterior question of creating or not creating a na- amounts of capital paid in. This would multiply the tional bank. If the present bill should be suffered to places of deposite; and that would recommend the bill, take effect, and the deposites once placed in the State in his apprehension; for then no one bank could get an institutions, it would soon appear that there was no ne- amount of the public money equal to its own capital. No cessity for a national bank. It was on the ground of difficulty could arise from this increase of the number of necessity alone that the Supreme Court had placed the deposite banks, save the necessity of employing one or constitutionality of such a bank. If it could be shown to two more clerks. Thus, while no perplexity would atbe unnecessary, it was, of course, unconstitutional. The gentleman held it to be constitutional; and urged that Congress had chartered it as a corporation, but had then Mr. MILLER said he would not detain the House a made it their fiscal agent; but if the gentleman would put single moment at this late and important period of the the case upon its true grounds, he would soon become session, if he did not discover some disposition to indulge satisfied that such a corporation was unnecessary as the members in stating their views briefly on the important fiscal agent of the Government; and then its constitutional subject before them. He rose principally for the purplatform would be taken away. Mr. J. wished to have pose of protesting, or rather objecting, to the issue which the question tested in that manner; he only wished that his colleague [Mr. STEWART] and the gentleman from every gentleman would come fairly up to the mark, as Georgia [Mr. JONES] had attempted to form on the bill the gentleman from Pennsylvania [Mr. STEWART] had under consideration, to wit: that it shall be considered a done. Then he should see whether there would not be test question in relation to the views and opinions of the the same transcendental overwhelming majority in favor members on the subject of a national bank. He, Mr. of the present bill, as had been found to declare that the M., did not so understand it, nor could he perceive that bank should not be rechartered. His colleague [Mr. it had any necessary connexion with the question. What WILDE] had said that this was a bill to regulate the cur- (said he) are the circumstances under which we are now rency; and that Congress could not do that indirectly legislating? The public deposites have been removed which it could not do in a direct manner. But this posi- from the Bank of the United States, in pursuance of the tion was not true, either in politics or morals. Congress reserved authority of the Secretary of the Treasury, in laid a tax for revenue-none ever disputed their power; the 16th section of the bank charter, in consequence of but so far as such a tax operated as a protection to the alleged misconduct of the bank; and he had no hesi manufactures, they did that indirectly which they had no tation in believing that there was much in the conduct of power to do directly, and the tax was still unconstitu- the bank, if not to render it absolutely necessary, at least tional. to justify the course that had been taken. In this opinion a majority of this House had concurred, by declaring that the public moneys ought not to be restored to it. Mr. SELDEN here inquired of the Chair whether there was a quorum present? Mr. PEARCE, of Rhode Island, remarked that Mr. S. could not interrupt the gentleman speaking to interpose that question. The recent conduct of the bank, in refusing to permit an examination of its affairs except in its own way, had strengthened the correctness of this decision. There are Mr. JONES replied, with some warmth, that if the many men in this House who, in the early part of this gentleman from New York [Mr. SELDEN] did not like to session, were in favor of a restoration, that have since hear what he had to say, he might retire. He then pro- become dissatisfied with the course of the bank, and are ceeded to insist that the currency might indirectly be now in opposition to that measure, amongst whom he was regulated by the employment of other banks as places of happy to find his colleague, [Mr. COULTER.] What, then, deposite. The bill provided that no banks should be are we to do with the public deposites? is the question so employed which issued notes of small denomination. now presented. They are not to be returned to the This was an indirect mode of regulating the currency of Bank of the United States. The idea of locking them the country. Yet, had not Congress a right to make up in an iron chest, where the community can derive no such a provision? Might it not choose its own places of benefit from them, in the shape of discounts, is hardly deposite? This, however, was the part of the bill to seriously entertained by any one. There is no place, which his colleague seemed to object, although he had then, for them at present, where they can be deposited himself reported a bill forbidding the issue of such bills, with any advantage, but in the State banks; and the only for the purpose of increasing a specie circulation. One important question left for us to determine is, whether we remark of his colleague deserved notice. As the gen- will leave them at the entire and uncontrolled discretion tleman was opposed to the places prepared by this bill, of the Secretary of the Treasury, or whether we will and was in favor of restoring the deposites to the regulate, limit, and control his discretion in regard to Bank of the United States, he seemed not to feel any ob- them, by law? ligation to take charge of the public money, unless that Surely, said Mr. M., gentlemen who have been so loud object were to be effected. Now, Mr. J. did not under- in deprecating executive influence and patronage, canstand that the act of the President, in causing the de- not hesitate which alternative to choose. He had not exposites to be removed from the bank, did in the least ab-amined the details of the bill very minutely, but from the solve any member of that House from the duty of taking examination he had given, he did not perceive any insucare of the public revenues. After some further remarks, perable objection to it. He would therefore vote for it; which escaped the reporter, Mr. J. proceeded to remark but he was very far from considering its adoption as hav that there was one item in the bill which ought to be ing any direct bearing on the question of whether there amended. The Secretary had the discretion in selecting should be a national bank hereafter established or not. |