FEBRUARY, 1833.] Bank of the United States-Sale of Stocks-Presidential Election. AN ACT authorizing the sale of the Bank Stock | of the United States. SEC. 1. Be it enacted, &c. That the Secretary of the Treasury be, and he is hereby, authorized to sell the shares owned by the United States in the Bank of the United States, on such terms as he may deem most for the interest of the United States: Provided, That no stock be sold for less than the market value thereof, or for less than the par value. [H. OF R. ment, that money may lie idle in the treasury? Is not our treasury, at this time, said to be overflowing? Has not the administration told us that the present tariff will yield us at least six millions of money more than is needed for all the wants of the Government? Mr. WHITTLESEY, of Ohio, demanded the previous question; which motion being seconded, the previous question was ordered: Yeas 94, SEC. 2. Be it further enacted, That it shall be law-nays 90. ful for the Bank of the United States to purchase said stock, or any part thereof, any thing in any act to the contrary notwithstanding. The main question was then put in the following form: "Shall this bill be rejected?" and decided as follows: The bill having been read, and the question of course being on ordering it to a second read-len, Allison, Arnold, Ashley, Babcock, Banks, N. ing, Mr. WICKLIFFE, of Kentucky, objected, (which at this stage is equivalent to a motion for rejection;) and the question being then stated in the form required by the rule, "Shall this bill be rejected?" Mr. WICKLIFFE said he was impelled, by a sense of his duty to his constituents and to his country, to do, in this case, what he had never done since he had had a seat on this floor-to move the rejection of a bill at its first reading. There are cases, said Mr. W., in which courtesy should yield to the demands of justice and public duty; and this, in my humble judgment, is one of them. I do believe that the passage of this bill is not demanded by any public consideration. It is fraught with incalculable ruin to all private interest, except the interest of the stockjobbers of Wall street. I will say nothing of the interest which political stockjobbers may feel in the measure now before you. This measure will inflict injury, perhaps ruin, upon many of your honest, and I might say, in reference to the interest which they have in this institution, unprotected citizens. Its immediate effect would be to reduce thirty-five millions of the stock of the country, performing, in a great measure, the functions of a circulating medium in our commercial exchanges, ten per centum in its value. Possibly I may over-estimate the loss; but I think not. This time last year this stock commanded, in the markets of the world, from twenty to twenty-five per centum advance. The ruinous policy which the administration of the country has pursued towards this institution has sunk the value of this capital twenty per cent., equal to seven millions. The United States has sustained a loss in the value of the stock held by the Government, equal to one million four hundred thousand dollars, and yet the Committee of Ways and Means propose a measure by which the Government will inevitably sustain a further loss of more than one million. For what reason? And why is this mad policy, sir, I might be allowed to say this wicked measure, proposed? I have heard none, nor can I discover any, save that the President of the United States has recommended it. Is it wise to sell, at a sacrifice, stock yielding an interest of six per centum to the Govern YEAS.-Messrs. Adams, Chilton Allan, Heman AlBarber, Barringer, Barstow, Isaac C. Bates, Branch, Briggs, Bucher, Bullard, Burd, Cahoon, Choate, Collier, L. Condict, S. Condit, Bates Cooke, Cooper, Corwin, Coulter, Craig, Crane, Crawford, Creighton, Daniel, John Davis, W. R. Davis, Dearborn, Denny, Dewart, Dickson, Drayton, Ellsworth, George Evans, Joshua Evans, Edward Everett, Horace Everett, Findlay, Grennell, H. Hall, Hawes, Heister, Hodges, Hughes, Huntington, Ihrie, Ingersoll, Ir vin, Jenifer, Kendall, H. King, Kerr, Letcher, Marshall, Maxwell, Robert McCoy, McDuffie, McKennan, Mercer, Milligan, Newton, Pearce, Pendleton, Pitcher, Potts, Randolph, John Reed, Pencher, Root, Russel, Semmes, William B. Shepard, Slade, Smith, Southard, Spence, Stanbury, Stewart, Storrs, Taylor, Philemon Thomas, Tompkins, Tracy, Vance, Vinton, Washington, Watmough, Wilkin, Wheeler, Elisha Whittlesey, Frederick Whittlesey, Edward D. White, Wickliffe, Wilde, Williams, Young-102. NAYS.-Messrs. Adair, Alexauder, R. Allen, Anderson, Angel, Archer, Barnwell, James Bates, Beardsley, Bell, Bergen, Bethune, James Blair, head, John C. Brodhead, Cambreleng, Chandler, John Blair, Boon, Bouck, Bouldin, John BrodChinn, Claiborne, Clay, Clayton, Coke, Connor, Davenport, Dayan, Doubleday, Draper, Felder, Ford, Foster, Gaither, Gilmore, Gordon, Griffin, Thomas H. Hall, William Hall, Harper, Hawkins, Hoffman, Holland, Horn, Howard, Hubbard, Isacks, Jarvis, Jewett, Richard M. Johnson, Cave Johnson, Kavanagh, Kennon, Adam King, John King, Lamar, Lansing, Leavitt, Lecompte, Lewis, Lyon, Mann, Mardis, Mason McCarty, Wm. McCoy, McIntyre, McKay, Mitchell, Newnan, Nuckolls, Patton, Pierson, Plummer, Polk, Edward C. Reed, Roane, Soule, Speight, Standifer, John Thomson, Verplanck, Ward, Wardwell, Wayne, Weeks, Campbell, P. White, Worthington-91. So the bill was rejected. Presidential Election-Counting the Votes. The hour of one having arrived, the Senate attended in the hall of the House of Representatives-the President of the Senate taking the chair of the House-and in the presence of the two Houses proceeded to open the votes of the Electors in the several States for President and Vice President of the United States. Messrs. GRUNDY, of the Senate, and DRAYTON and HUBBARD, of the House of Representatives, acted as a committee to read and enumerate the votes; and the whole having been gone through, the result was ascertained to be as follows: H. OF R.] Presidential Election-Death of James Lent, Jr.-Message from the President. [FEBRUARY, 1833. Statement of the votes for President and Vice President of the United States, for four years, from the 4th of March, 1833. 10 Maine, 7 New Hampshire, 14 Massachusetts, 4 Rhode Island, 8 Connecticut, 7 Vermont, 42 New York, 8 New Jersey, 30 Pennsylvania, 10 10 7 14 448 8 Delaware, 10 Maryland, 23 Virginia, 15 North Carolina, 15 11 South Carolina, 11 11 11 Georgia, 15 Kentucky, 15 15 15 21 15 Tennessee, 21 Ohio, 5 Louisiana, 4 Mississippi, 9 Indiana, 5 Illinois, 7 Alabama, 4 Missouri, 12549674 MONDAY, February 25. WASHINGTON, February 22, 1833. I transmit herewith, for the consideration of the House, a letter from General Lafayette to the Secretary of State, with the petition which came enclosed in it of the Countess d'Ambugeac and Madame de la Goree, grand-daughters of Marshal Count Rochambeau, and original documents in support thereof, praying compensation for services rendered by the Count to the United States during the revolu711 tionary war; together with translations of the same. And I transmit, with the same view, the petition of Messrs. de Fontenille de Jeaumont and de Rossignol Grandmont, praying compensation for services rendered by them to the United States in the French army, and during the same war, with original papers in support thereof; all received through the same channel, together with translations of the ANDREW JACKSON. The Message, with the petitions and papers, was referred to the Committee on Revolutionary Claims. - 219 49 11 7 Vote for Vice President of the United States. 7 11 same. Revenue Collection Bill-Nullification. The House arrived at the Senate's bill further to enforce the collection of the revenue. Mr. CARSON moved to refer the bill to a Com mittee of the Whole on the state of the Union. He made this motion, because he thought that on a question of so much importance the fullest and freest discussion ought to be allowed. The present measure was of a similar character to one already reported upon by the Judiciary Committee of that House, and which had been consigned to the Committee of the Whole on the state of the Union; consistency, therefore, demanded that the bill before them should be referred to the same committee. If it went at once to the House, the previous question might concluded by deprecating the present bill as of be called, and all deliberation cut off. Mr. C. a more despotic character than the alien and Death of the Representative, James Lent, Jr., Esq. FEBRUARY, 1833.] Revenue Collection Bill-Nullification. [H. OF R. Mr. WAYNE wished it to be understood, that | by whom is the attempt made to substitute when gentlemen designated the bill as one this sword in the place of the olive branch? which was calculated to dissolve the Union, as By the organs and fast friends of the President a bloody bill, and so on, they misrepresented it on this floor. Can I be mistaken? That I may grossly. He had hoped that something would not be, I desire now to ask of the honorable have been done to compose the country; and chairman of the Judiciary Committee (if he be probably his hopes would have been verified, in the House), I do not see him in his seatif the action of the House had not been delayed [Here Mr. BELL rose from a different part of the by the death of a member. Why, he asked, House, to ask, and the terms of former kindshould that important measure be now set aside, ness between us entitle me to a candid answer, and another substituted? But it seemed as if whether it is the intention of the party with it was not intended that the tariff bill should which he acts, to give precedence and preferpass. The time had now arrived when men ence to the bill for collecting revenue. ought to act together for one common objectto have the tariff reduced, and the country pacified. He knew such a disposition to exist on the part of a sufficient number of members, although others would not suffer the bill to pass. Mr. BELL, of Tennessee, would answer the question in the same spirit of candor in which it was asked: it was desired to have this measure passed as soon as practicable, and, for that purpose, to give it precedence. He exonerated the delegation of South Carolina from all responsibility for the delay of the tariff bill, and approved their course on the occasion. Mr.WARREN R. DAVIS said the House would do him the justice, and those with whom he acted, to own that they were in no way re- Then, said Mr. DAVIS, we understand it now. sponsible for, the snail-pace of the tariff bill; The President is impatient to wreak his venthey had not impeded it by the frivolous amend-geance on South Carolina. Be it so. Pass ments alluded to, or by propositions of any sort. They acquiesced in and followed the suggestions of friends on this floor, and remained silent on this deeply interesting subject, lest to their participation in the debate should be attributed whatever of a dilatory or stormy character it might assume. You have all witnessed, he said, that we submitted in silence to the reading and discussion of public documents, containing false, malicious, and defamatory libels on the State and people of South Carolina; to language of contumely and reproach upon our public functionaries, (friends whom we dearly love,) that shot like fiery arrows through our veins. Yet we were dumb. Still more, sir, the bitter cup was not yet full-it might not even thus pass. We felt it our duty to let the sacrifice be complete. We remained in our places, we kept our seats, and bore the torture. | You all knew, from the beginning of the session, that such would be our course; yet we were baited at the start. What friendly voice of truth or justice was heard in our vindication during those hours, days, weeks, of burning agony? What did we hear from those who ought to have defended us? Why, that South Carolina was precipitate! After ten years of petition, prayer, and suffering; after witnessing all our Southern sister States taken up last summer with the presidential election, as if the shirt of Nessus were not upon their backs. Precipitate! away with such stuff and nonsense. And what, sir, do we now see? The tariff question, that has been creeping, loitering, drivelling, dragging itself through six weeks of the session; the very bill we were desirous to abstain from discussing, lest we might shake too rudely the leaves of its olive branch-a bill entitled, by all parliamentary right and usage, to precedence, is to be shoved aside, and this firebrand to be flung before it. Why? Because, forsooth, the President wills it! And your measure, sir; unchain your tiger; let loose I have intimated, and I repeat, that I will not oppose the taking up this bill by any indi H. OF R.] The Tariff-Compromise Bill. [FEBRUARY, 1833. rect means; I am ready to meet and expose its | I clearly see that the interested passions on one deformity; I only ask that you will not gag us side, and a supple subserviency on another, with your previous question. Vouchsafe me will ensure its passage by a very large majority. that, you may go your ways; but that you can In what I have said, no individual allusion was apply the gag, is but too manifest, since the pretended: I fired at the flock. My allusion cordial junction pro tanto of two hostile par- was to a state of things as notorious as noonties; the one opposed to the President, and day. Our situation is peculiar, and some allowwho declares that he is not worthy of his office, ances should be made. Our representatives on or of the trust and confidence of the country; this floor are small in number. Our people and another that seems willing to grant him love honor as they do liberty: both have been any thing he asks. assailed. We value highly the opinion of the wise and good; many, very many of whom we recognize in the ranks of our adversaries. It is when they show a disbelief or suspicion of the integrity of our purposes, or purity of our motives, that we feel the iron enter our hearts. One word, sir, to the gentleman over the Restore the commonwealth to liberty; And strive to gain the pardon of the people." Introduction of the Senate Compromise Tariff bill into the House: motion to make it a House measure by striking out the whole of Mr. Verplanck's bill, Tariff bill, and inserting the whole of the Senate bill as an amendment. I heard a gentleman somewhere near me say that the whole question is one of dollars and cents. To be sure, it is the very gist and marrow of it; if it were not that there were such things as Southern dollars and cents, we would never have heard the question made; the nefarious system would never have grown up. All governmental oppressions, exactions, and tyranny throughout the world, and through all time, have been perpetrated for the dollars and the cents of honest people, earned by the sweat of their brow, for the purpose of giving them to the powerful or rogueish, who did not earn them. If, however, it is meant to say that South Carolina makes a question of the mere amount, the more or less, to be contributed for the support of the Government, the short answer is, it is not true. What does her bright and glorious history tell you? To coin her heart for money; to drop her blood for drachms! Her objection is to your taking her dollars and cents, not for the support of the Government she jointly made with her sister States, but for the purpose of putting them in your pockets, or of the people or States you represent. The amount, even then, she might have borne as a temporary injustice, had you not declared it a perpetuity. The gentleman from Georgia (Mr. WAYNE) has informed us that this bill will be harmless, as a tariff project, not yet submitted, will certainly be adopted, that is better than either yet proposed. I am delighted to hear it; but why, in the name of liberty, is it not offered to us instead of this outrage on the constitution? Why arm Mr. LETCHER moved to recommit the bill to the President with powers so dangerous to the Committee of the Whole, with instructions peace and freedom; and in the face of a re-to report his bill to the House. corded refusal by your predecessors to give the pacific civilian, the mild, virtuous, humane Jefferson, the much lesser power of suspending the habeas corpus act? Is this thing so coveted by, and gratifying to the President? Is this bloody bill, this Boston port bill, so delightful to him that it is to be preferred to that which is said to be pacificatory? Why, sir, if he must be gratified-must be amused and pleasurably employed, buy him a tee-to-tum, or some other harmless toy, but do not give him the purse and sword of the nation, the army and navy, and whole military power of the country, as peaceful playthings to be used at his discretion. If, however, this bill must pass; if there be no substitute so palatable as blood, I withdraw my opposition to its being taken up, and only ask the privilege of exposing its details; although Mr. LETCHER moved to strike out all the bill after the enacting clause, and to insert another bill in lieu thereof, [the bill introduced in the Senate by Mr. CLAY.] This being objected to, Mr. TAYLOR, Mr. ARNOLD, and Mr. Davis, of Massachusetts, rose together to ask for the yeas and nays, which were ordered, and the motion was agreed to: Yeas 96, nays 54. The question being stated on engrossing the new bill, Mr. DAVIS, of Massachusetts, rose and said: Mr. Speaker, I do not approve of hasty legislation under any circumstances, but it is especially to be deprecated in matters of great importance. That this is a measure of great importance, affecting, more or less, the entire population of the United States, will not be denied, and ought, therefore, to be matured with care, and well understood by every gentleman who votes upon it. And yet, sir, a copy has, for the first time, been laid upon our tables, since I rose to address you; and this is the first opportunity FEBRUARY, 1833.] The Tariff-Compromise Bill. [H. OF R. we have had even to read it. I hope others and when we arrive at the foot, we pass out feel well prepared to act in this precipitate manner; but I am obliged to acknowledge I do not; for I hold even the best of intentions will not, in legislation, excuse the errors of haste. I am aware that this measure assumes an imposing attitude. It is called a bill of compromise; a measure of harmony, of conciliation; a measure to heal disaffection, and to save the Union. Sir, I am aware of the imposing effect of these bland titles; men love to be thought generous, noble, magnanimous; but they ought to be equally anxious to acquire the reputation of being just. While they are anxious to compose difficulties in one direction, I entreat them not to oppress and wrong the people in another. In their efforts to save the Union, I hope their zeal will not go so far as to create stronger and better founded discontents than those they compose. Peacemakers, mediators, men who allay excitements, and tranquillize public feeling, should, above all considerations, study to do it by means not offensive to the contending parties, by means which will not inflict a deeper wound than the one which is healed. Sir, what is demanded by those that threaten the integrity of the Union? An abandonment of the American system; a formal renunciation of the right to protect American industry. This is the language of the nullification convention; they declare they regard the abandonment of the principle as vastly more important than any other matter; they look to that, and not to an abatement of duties without it; and the gentleman from South Carolina, (Mr. Davis,) with his usual frankness, told us this morning it was not a question of dollars and cents; the money they regarded not, but they required a change of policy. They demand the pound of flesh, with the unyielding obstinacy of Shylock, and they require this House to apply the knife nearest to the heart; and shall it be cut away? Is it patriotic? Is it harmonizing public feeling? Is it saving the Union to drain out the life-blood? What is this bill? I will not say it goes at once to such extremities, but it seems to me to contain a principle which works an unqualified abandonment of the protective policy, unless changes greater than we have a right to look for shall take place in our condition. It proposes to descend, by a reduction, once in two years, of two-tenths of the excess of duties over and above twenty per cent. for nearly eight years. It then proposes to divide the residue of such excess, into two equal parts, and to remove the whole in two years, so that all duties on all imports will be run down to a level of twenty per cent. ad valorem, in between nine and ten years. The first part of the descent may be termed gradual; but in the last two years, the strides are, I fear, decidedly too long to be met by any preparation for them. Our course then is down hill during this time, wearing out the American system; from under the protection of that parental benefactor, and place ourselves under the guardianship of the Carolina system. I say from the American to the Carolina system, because duties which are now below 20 per cent., are to be raised to that amount, and all free articles, with the exception of an unimportant list of dyestuffs, are to be subjected to duties. Duties are, therefore, at the end of our declivitous course, to fall on all imported merchandise at an equal rate of twenty per cent. This is the Carolina system. What will be the effect of this bill? The protection will be diminished from year to year. This will check the operations of capital; it will, I fear, stop investments, if it does not crush that enterprising, valuable class of young men who have entered upon business, relying upon their industry and capacity to carry them forward. They are in debt, and I fear timid creditors may fall upon them. Business then will be brought to a stand at any rate, and, if bankruptcies ensue, will be diminished. This is precisely what some interested in manufacturing are selfish enough to desire, for they have money; wages will be cheaper, if a portion of the mills cease to run, and no new ones are erected, and the capitalists will, by this means, in the end, gain more by a diminution in the competition in business, and the reduction in wages, than they will lose by the reduction in duties. But, sir, this is a policy founded in such naked selfishness; it is built up so manifestly at the expense of those who have small capital, and of the laborers; it is so hostile to the first principles of protection which invite the free investment of capital from all quarters, that goods may be made cheap by the competition, and the public be thus benefited, that no friend of American labor can give it his approbation on that ground. It may answer for a time the purposes of a few, if it operates as they anticipate; but should this prove so, it will be an unanswerable argument with the public for disapproving of it, for the causes which will inake the measure valuable to some, will make it injurious to the public. Again, sir, I can vote for no bill which abandons protection. I think this does. It adopts the Carolina system for equalizing duties, by bringing them all to 20 per cent. It abandons the exercise of all right to discriminate, and in that, give me leave to say, abandons common sense, for the system of equalization has never, to my knowledge, until now, found an advocate among financiers or political economists. It is, however, a very cunningly-devised plan, and worthy of its origin, (Gallatin, in the free trade report,) for it contains a sweet poison that will destroy the last remnant of protection. Who ever heard of so absurd a system as equalizing duties? What, impose the same duties on ardent spirits as upon tea and coffee! But why do the free traders desire an equalization? Why do they insist that the duty on hats, on shoes |