increase in a short time; and to show that, not nominations were made-Henry Clay of Kento affect individuals, but to show the necessity tucky, for President; and John Sergeant of of practising what we all profess-economy. I am against keeping up a revenue, after the debt Pennsylvania for Vice-President: and the nomiand pensions are paid, as large, or nearly as large, nations accepted by them respectively. Afteras the expenditure was in 1822, 1823, with these wards, and according to what was usual on such items included. I am for throwing down my occasions, the convention issued an address to load, when I get to the end of my journey. I the people of the United States, setting forth am for throwing off the burden of the debt, when I get to the end of the debt. The burden of the the merits of their own, and the demerits of the debt is the taxes levied on account of it. I am opposite candidate; and presenting the party for abolishing these taxes; and this is the great issues which were to be tried in the ensuing question upon which parties now go to trial beelections. So far as these issues were political, fore the American people. One word more, and I am done for the present. The senator for they were legitimate subjects to place before the Maryland, to make up a goodly average for 1822, people: so far as they were not political, they and 1823, adds the expenditure of 1824, which were illegitimate, and wrongfully dragged into includes, besides sixteen millions and a half for the political arena, to be made subservient to the public debt, and a million and a half for pensions, the sum of five millions for the purchase party elevation. Of this character were the topics of Florida. Sir, he must deduct twenty-two of the tariff, of internal improvement, the remillions from that computation; and that de-moval of the Cherokee Indians, and the renewal duction will bring his average for those years to agree very closely with my statement." of the United States Bank charter. Of these four subjects, all of them in their nature unconnected with politics, and requiring for their own good to remain so unconnected, I now notice but one-that of the renewal of the charter of the existing national bank ;--and which was now presented as a party object, and as an issue in the election, and under all the exaggerated aspects which party tactics consider lawful in the prosecution of their aims. The address said: It was something at the time this inquiry took place to know which was right-General Smith, or myself. Two millions, more or less, per annum in the public expenditures, was then something--a thing to be talked about, and accounted for, among the economical men of that day. It seems to be nothing now, when the increases are many millions per annum-when personal and job legislation have become the frequent practice-when contracts are legislated to adventurers and speculators-when the halls of Congress have come to be considered the pro-economical policy of the country, is that of the per place to lay the foundations, or to repair the dilapidations of millionary fortunes: and when the public fisc, and the national domain may consider themselves fortunate sometimes in getting off with a loss of two millions in a single operation. CHAPTER LXIII. BANK OF THE UNITED STATES-RECHARTER. In the month of December, 1831, the "National "Next to the great measures of policy which most important question, connected with the protect and encourage domestic industry, the bank. This great and beneficial institution, by facilitating exchanges between different parts of the Union, and maintaining a sound, ample, and healthy state of the currency, may be said to supply the body politic, economically viewed, with a continual stream of life-blood, without which it must inevitably languish, and sink into exhaustion. It was first conceived and organized by the powerful mind of Hamilton. After having been temporarily shaken by the honest though groundless scruples of other statesmen, it has been recalled to existence by the general consent of all parties, and with the universal approbation of the people. Under the ablest and most faithful management it has been for many years past pursuing a course of steady and contion which the President has gone out of his way stantly increasing influence. Such is the instituin several successive messages, without a pretence of necessity or plausible motive, in the first instance six years before his suggestion could with any propriety be acted upon, to denounce to Congress as a sort of nuisance, and consign, as far as his influence extends, to immediate destruction. "For this denunciation no pretext of any adequate motive is assigned. At a time when the institution is known to all to be in the most efficient and prosperous state-to be doing all that any bank ever did or can do, we are briefly told in ten words, that it has not effected the objects for which it was instituted, and must be abolished. Another institution is recommended as a substitute, which, so far as the description given of it can be understood, would be no better than a machine in the hands of the government for fabricating and issuing paper money without check or responsibility, In his recent message to Congress, the President declares, for the third time, his opinion on these subjects, in the same concise and authoritative style as before, and intimates that he shall consider his re-election as an expression of the opinion of the people that they ought to be acted on. If, therefore, the President be re-elected, it may be considered certain that the bank will be abolished, and the institution which he has recommended, or something like it, substituted in its place. friends, without whose aid the recharter could not be got through Congress; and the result produced which was contemplated with hope and pleasure-responsibility of a veto thrown upon the President. The consent of this wing was necessary: and it was obtained as related in a previous chapter, through the instrumentality of a caucus-that contrivance of modern invention by which a few govern many-by which the many are not only led by the few, but subjugated by them, and turned against themselves and after having performed at the caucus as a figurante (to make up a majority), become real actors in doing what they condemn. The two wings of the bank friends were brought together by this machinery, as already related in chapter lxi.; and operations for the new charter immediately commenced, in conformity to the decision. On the 9th day of January the "Are the people of the United States prepared memorial of the President, Directors & Comfor this? Are they ready to destroy one of their most valuable establishments to gratify the ca- pany of the Bank was presented in each House price of a chief magistrate, who reasons, and ad--by Mr. Dallas in the Senate, and Mr. McDuffie vises upon a subject, with the details of which he is in the House of Representatives; and while conevidently unacquainted, in direct contradiction to the opinion of his own official counsellors? Are the enterprising, liberal, high-minded, and intelligent merchants of the Union willing to countenance such a measure? Are the cultivators of the West, who find in the Bank of the United States a never-failing source of that capital, which is so essential to their prosperity, and which they can get nowhere else, prepared to lend their aid in drying up the fountain of their own prosperity? Is there any class of the people or section of the Union so lost to every sentiment of common prudence, so regardless of all the principles of republican government, as to place in the hands of the executive department the means of an irresponsible and unlimited issue of paper money-in other words, the means of corruption without check or bounds? If such be, in fact, the wishes of the people, they will act with consistency and propriety in voting for General Jackson, as President of the United States; for, by his re-election, all these disastrous effects will certainly be produced. He is fully and three times over pledged to the people to negative any bill that may be passed for re chartering the bank, and there is little doubt that the additional influence which he would acquire by a re-election, would be employed to carry through Congress the extraordinary substitute which he has repeatedly proposed." Thus the bank question was fully presented as an issue in the election by that part of its friends which classed politically against President Jackson; but it had also democratic demning the time of bringing forward the question of the recharter, Mr. Dallas, in further intimation of his previously signified opinion of its then dangerous introduction, said: "He became a willing, as he was virtually an instructed agent, in promoting to the extent of his humble ability, an object which, however dangerously timed its introduction might seem, was in itself as he conceived, entitled to every consideration and favor." Mr. Dallas then moved for a select committee to revise, consider, and report upon the memorial-which motion was granted, and Messrs. Dallas, Webster, Ewing of Ohio, Hayne of South Carolina, and Johnston of Louisiana, were appointed the committee-elected for that purpose by a vote of the Senate-and all except one favorable to the recharter. In the House of Representatives Mr. McDuffie did not ask for the same reference—a select committee-but to the standing committee of Ways and Means, of which he was chairman, and which was mainly composed of the same members as at the previous session when it reported so elaborately in favor of the bank. The reason of this difference on the point of the reference was understood to be this: that in the Senate the committee being elective, and the majority of the body favorable to the bank, a favorable committee was certain to be had on ballot-while in the House the appointment of the committee being in the hands of the Speaker (Mr. Stevenson), and he adverse to the institution, the same favorable result could not be safely counted on; and, therefore, the select committee was avoided, and the one known to be favorable was preferred. This led to an adverse motion to refer to a select committee-in support of which motion Mr. Wayne of Georgia, since appointed one of the justices of the Supreme Court, said: "That he had on a former occasion expressed his objection to the reference of this subject to the Committee of Ways and Means; and he should not trouble the House by repeating now what he had advanced at the commencement of the session in favor of the appointment of a select committee; but he called upon gentlemen to consider what was the attitude of the Committee of Ways and Means in reference to the bank question, and to compare it with the attitude in which that question had been presented to the House by the President of the United States; and he would ask, whether it was not manifestly proper to submit the memorial to a committee entirely uncommitted upon the subject. But this was not the object for which he had risen; the present question had not come upon him unexpectedly; he had been aware before he entered the House that a memorial of this kind would this morning be presented; and when he looked back upon the occurrences of the last four weeks, and remembered what had taken place at a late convention in Baltimore, and the motives which had been avowed for bringing forward the subject at this time, he must say that gentlemen ought not to permit a petition of this kind to receive the attention of the House. Who could doubt that the presentation of that memorial was in fact a party measure, intended to have an important operation on persons occupying the highest offices of the government? If, however, it should be considered necessary to enter upon the subject at the present time, Mr. Wayne said he was prepared to meet it. But when gentlemen saw distinctly before their eyes the motive of such a proceeding, he hoped that, notwithstanding there might be a majority in the House in favor of the bank, gentlemen would not lend themselves to that kind of action. Could it be necessary to take up the question of rechartering the bank at the present session? Gentlemen all knew that four years must pass before its charter would expire, and that Congress had power to extend the period, if further time was necessary to wind up its affairs. It was known that other subjects of an exciting character must come up during the present session; and could there be any necessity or propriety in throwing additional matter into the House, calculated to raise that excitement yet higher ?" Mr. McDuffie absolved himself from all connection with the Baltimore national republican convention, and claimed like absolution for the directory of the bank; and intimated that a caucus consultation to which democratic members were party, had led to the presentation of the memorial at this time ;-an intimation entirely true, only it should have comprehended all the friends of the bank of both political parties. A running debate took place on these motions, in which many members engaged. Admitting that the parliamentary law required a friendly committee for the application, it was yet urged that that committee should be a select one, charged with the single subject, and with leisure to make investigations ;—which leisure the Committee of Ways did not possess and could merely report as formerly, and without giving any additional information to the House. Mr. Archer of Virginia, said: "As regarded the disposal of the memorial, it appeared clear to him that a select committee would be the proper one. This had been the disposal adopted with all former memorials. Why vary the mode now? The subject was of a magnitude to entitle it to a special committee. As regarded the Committee of Ways and Means, with its important functions, were not its hands to be regarded as too full for the great attention which this matter must demand? It was to be remarked, too, that this committee, at a former session, with little variety in its composition, had, in the most formal manner, expressed its opinion on the great question involved. We ought not, as had been said, to put the memorial to a nurse which would strangle it. Neither would it be proper to send it to an inquest in which its fate had been prejudged. Let it go to either the Committee of Ways and Means, or a select committee; the chairman of that committee would stand as he ought, in the same relation to it. If the last disposal were adopted, too, the majority of the committee would consist, under the usage in that respect, of friends of the measure. The recommendation of this mode was, that it would present the nearest approach to equality in the contest, of which the case admitted. "Mr. Mitchell, of South Carolina, said that he concurred entirely in the views of his friend from Georgia [Mr. Wayne]. He did not think that the bank question ought to be taken up at all this session; but if it were, it ought most unquestionably to be referred to a select committee. He saw no reason, however, for its being referred at all. The member from South Carolina [Mr. McDuffie] tells us, said Mr. M., that it involves the vast amount of fifty millions of dollars; that this is dispersed to every class of people in our widely extended country; and if the question of rechartering were not decided now, it would hazard these great and complicated interests. Mr. M. said he attached no importance to this argument. The stockholders who met lately at Philadelphia thought differently, for, by a solemn resolution, they left it discretionary with the president of the bank to propose the question to Congress when he saw fit. If they had thought that a postponement would have endangered their interests, would they not have said so? This fact does away the argument of the member from South Carolina. The bank question was decided by the strongest party question which could be put to this or any House. It has been twice discussed within a few years. It was rejected once in the Senate by the vote of the Vice-President, and it afterwards passed this House with a majority of two. It would divide the whole country, and excite on that floor, feelings of the most exasperated bitterness. Not a party question? Does not the member from South Carolina [Mr. McDuffie] remember that this question divided the country into federalists and republicans? It was a great constitutional question, and he hoped all those who thought with him, would rally against it in all their strength. But why refer it to the Committe of Ways and Means? It was committed before to a select committee on national currency. If the question was merely financial, as whether we should sell our stock, and, if we did, whether we should sell it to the bank, he would not object to its being referred to the Committee of Ways and Means. But it was not a question of revenue. It was one of policy and the constitution-one of vast magnitude and of the greatest complexity-requiring a committee of the most distinguished abilities on that floor. It was a party question in reference to men and things out of doors. Those who deny this, must be blind to every thing around them-we hear it every where we see it in all which we read. Sir, we have now on hand a topic which must engross every thought and feeling-a topic which perhaps involves the destinies of this nation-a topic of such magnitude as to occupy us the remainder of the session; I mean the tariff. I hope, therefore, this memorial will be laid on the table. and, if not, that it will be referred to a select committee." Mr. Charles Johnston, of Virginia, said: "The bank has been of late distinctly and repeatedly charged with using its funds, and the funds of the people of these States, in operating upon and controlling public opinion. He did not mean to express any opinion as to the truth or falsehood of this accusation, but it was of sufficient consequence to demand an accurate inquiry. The bank was further charged with violating its charter, in the issue of a great number of small drafts to a large amount, and payable, in the language of the honorable member from New-York [Mr. Cambreleng], "nowhere;' this charge, also, deserved inquiry. There were other charges of maladministration which equally deserved inquiry; and it was his [Mr. J.'s] in tention, at a future day, unless some other gentleman more versed in the business of the House anticipated him, to press these inquiries by a series of instructions to the committee intrusted with the subject. Mr. J. urged as an objection to referring this inquiry to the Committee of Ways and Means, that so much of their time would be occupied with the regular and important business connected with the fiscal operations of the government, that they could not spare labor enough to accomplish the minute investigations wanted at their hands. We had been further told that all the members of that committee were friendly to the project of rechartering the bank, and the honorable gentleman [Mr. Mercer] had relied upon the fact, as a fair exponent of public opinion in favor of the bank. He [Mr. J.] added, that although he could by no means assent to the force of this remark, yet that it furnished strong reason for those who wished a close scrutiny of the administration of the bank, to wish some gentlemen placed on the committee of inquiry, who would be actuated by the zeal of fair opposition to the bank; he conceded that a majority of the committee should be composed of its friends. He concluded, by hoping that the memorial would be referred to a select committee." Finally the vote was taken, and the memoria! referred to the Committee of Ways and Means, but by a slender majority—100 against 90—and 24 members absent, or not voting. The mem. bers of the committee were: Messrs. McDuffie, of South Carolina; Verplanck of New-York; Ingersoll, of Connecticut; Gilmore, of Pennsylvania; Mark Alexander, of Virginia; Wilde, of Georgia; and Gaither, of Kentucky. CHAPTER LXIV. BANK OF THE UNITED STATES-COMMITTEE OF INVESTIGATION ORDERED. SEEING the state of parties in Congress, and the tactics of the bank-that there was a majority in each House for the institution, and no intention to lose time in arguing for it-our course of action became obvious, which was-to attack incessantly, assail at all points, display the evil of the institution, rouse the people-and prepare them to sustain the veto. It was seen to be the policy of the bank leaders to carry the charter and from the city, a friend to the bank, and from his locality and friendship supposed to be familiar with its wishes, raised the question of consideration—that is, called on the House to decide whether they would consider Mr. Clayton's motion; a question which is only raised under the parliamentary law where the motion is too frivolous, or flagrantly improper, to receive the attention of the House. It was a false move on the part of the institution; and the more so as it seemed to be the result of deliberation, and came from its immediate representative. Mr. Polk, of Tennessee, saw the advantage presented; and as the question of consideration was not debatable, he demanded, as the only mode of holding the movement to its responsibility, the yeas and nays on Mr. Watmough's question. But it went off on a different pointa point of order-the question of consideration not lying after the House has taken action on the subject; and in this case that had been done first, and quietly through the Senate; and afterwards, in the same way in the House. We determined to have a contest in both places, and to force the bank into defences which would engage it in a general combat, and lay it open to side-blow, as well as direct attacks. With this view a great many amendments and inquiries were prepared to be offered in the Senate, all of them proper, or plausible, recommendable in themselves, and supported by acceptable reasons; which the friends of the bank must either answer, or reject without answer; and so incur odium. In the House it was determined to make a move, which, whether resisted or admitted by the bank majority, would be certain to have an effect against the institution-namely, an investigation by a committee of the House, as provided for in the charter. If the investigation was denied, it would be guilt shrinking from detection; if admitted, it was well known that misconduct would be found. I conceived this movement, and had charge of its direction. I preferred the House for the theatre of investigation, as most appropriate, being the grand inquest of the nation; and, besides, wished a contest to be going on there while the Senate was engaged in passing the charter; and the right to raise the committee was complete, in either House. Besides the right reserved in the charter, there was a natural right, when the corporation was asked for a renewed lease, to inquire how it had acted under the previous one. I got "Mr. Clayton, a new member from Georgia (who had written a pamphlet against the bank in his own State), to take charge of the movement; and gave him a memorandum of seven alleged breaches of the charter, and fifteen instances of imputed misconduct, to inquire into, if he got his committee; or to allege on the floor, if he encountered resistance. On Thursday, the 23d of February, Mr. Clayton made his motion-"That a select committee be appointed to examine into the affairs of the Bank of the United States, with power to send for persons and papers, and to report the result of their inquiries to the House." This motion was objected to, and its consideration postponed until the ensuing Monday. Called up on that day, an attempt was made to repulse it from the consideration of the House. Mr. Watmough, a representative from Pennsylvania, very little action to be sure-only postponing the consideration from one day to another; but enough to satisfy the rule; and so the motion of Mr. Watmough was disallowed; and the question of consideration let in. Another movement was then made to cut off discussion, and get rid of the resolution, by a motion to lay it on the table, also made by a friend of the bank [Mr. Lewis Williams, of North Carolina]. This motion was withdrawn at the instance of Mr. McDuffie, who began to see the effect of these motions to suppress, not only investigation, but congressional discussion; and, besides, Mr. McDuffie was a bold man, and an able debater, and had examined the subject, and reported in favor of the bank, and fully believed in its purity; and was, therefore, the less averse to debate. But resistance to investigation was continued by others, and was severely animadverted upon by several speakers-among others, by Mr. Polk, of Tennessee, who said: "The bank asks a renewal of its charter; and ought its friends to object to the inquiry? He must say that he had been not a little surprised at the unexpected resistance which had been offerred to the resolution under consideration, by the friends and admirers of this institution-by those who, no doubt, sincerely believed its continued existence for another term of twenty years to be essential to the prosperity of the country. be found shrinking from the investigation proHe repeated his surprise that its friends should posed. He would not say that such resistance |