Слике страница
PDF
ePub

and that was to burn their vessel and cargo, instantly and in the sight of the people. It was done: and thus the flames consumed at Annapolis, what the waves had buried at Boston: and in both cases the spirit and the sacrifice was the same-opposition to taxation without representation, and destruction to its symbol.

CHAPTER CXV.

COMMENCEMENT OF THE SESSION 1834-85:
PRESIDENT'S MESSAGE.

raised to the highest dignities of the States and of the federal government, happy in their posterity, and happy in the view of the great and prosperous country which their labors had brought into existence. Among these, so felicitous and so illustrious, he was one of the most happy, and among the most distinguished. He enjoyed the honors of his pure and patriot life in all their forms; age, and health, and mind, for sixteen years beyond that fourscore which brings labor and sorrow and weakness to man; ample fortune; public honors in filling the highest offices of his State, and a seat in the Senate of the United States; private enjoyment in an honorable and brilliant posterity. Born to fortune, and to the care of wise and good parents, TOWARDS the close of the previous session, Mr. he had all the advantages of education which Stevenson had resigned the place of speaker of the colleges of France and the "Inns of Court " the House of Representatives in consequence of of London could give. With every thing to lose his nomination to be minister plenipotentiary and in unsuccessful rebellion, he risked all from the envoy extraordinary to the court of St. James first opening of the contest with the mother a nomination then rejected by the Senate, but country: and when he walked up to the secre- subsequently confirmed. Mr. John Bell of tary's table to sign the paper, which might Tennessee, was elected speaker in his place, his become a death-warrant to its authors, the re- principal competitor being Mr. James K. Polk mark was made, "there go some millions." And of the same State: and, with this difference in his signing was a privilege, claimed and granted. its organization, the House met at the usual He was not present at the declaration. He was time-the first Monday of December. The not even a member of Congress on the memora- Cabinet then stood: John Forsyth, Secretary of ble Fourth of July. He was in Annapolis on State, in place of Louis McLane, resigned; Levi that day, a member of the Maryland Assembly, Woodbury, Secretary of the Treasury; Lewis and zealously engaged in urging a revocation of Cass, Secretary at War; Mahlon Dickerson, the instructions which limited the Maryland Secretary of the Navy; William T. Barry, Post delegates in the continental Congress to ob- Master General; Benjamin Franklin Butler, taining a redress of grievances without breaking Attorney General. The condition of our affairs the connection with the mother country. He with France, was the prominent feature of the succeeded-was appointed a delegate-flew to message, and presented the relations of the United his post-and added his name to the patriot list. States with that power under a serious aspect. All history tells of the throwing overboard of The indemnity stipulated in the treaty of 1831 the tea in Boston harbor: it has not been equally had not been paid-no one of the instalments; attentive to the burning of the tea in Anna--and the President laid the subject before Conpolis harbor. It was the summer of 1774 that gress for its consideration, and action, if deemed the brigantine "Peggy Stewart approached necessary. Annapolis with a cargo of the forbidden leaves on board. The people were in commotion at the news. It was an insult, and a defiance. Swift destruction was in preparation for the vessel: instant chastisement was in search of the owners. Terror seized them. They sent to Charles Carroll as the only man that could moderate the fury of the people, and save their persons and property from a sudden destruction. He told them there was but one way to save their persons,

[ocr errors]

"I regret to say that the pledges made through the minister of France have not been redeemed. The new Chambers met on the 31st July last, alluded to in the speech from the throne, no atand although the subject of fulfilling treaties was tempt was made by the King or his Cabinet to procure an appropriation to carry it into execution. The reasons given for this omission, although they might be considered sufficient in an ordinary case, are not consistent with the expectations founded upon the assurances given here, for there is no constitutional obstacle to

entering into legislative business at the first meeting of the Chambers. This point, however, might have been overlooked, had not the Chambers, instead of being called to meet at so early a day that the result of their deliberations might be communicated to me before the meeting of Congress, been prorogued to the 29th of the present month-a period so late that their decision can scarcely be made known to the present Congress prior to its dissolution. To avoid this delay, our minister in Paris, in virtue of the assurance given by the French minister in the United States, strongly urged the convocation of the Chambers at an earlier day, but without success. It is proper to remark, however, that this refusal has been accompanied with the most positive assurances, on the part of the Executive government of France, of their intention to press the appropriation at the ensuing session of the Chambers.

"If it shall be the pleasure of Congress to await the further action of the French Chambers, no further consideration of the subject will, at this session, probably be required at your hands. But if, from the original delay in asking for an appropriation; from the refusal of the Chambers to grant it when asked; from the omission to bring the subject before the Chambers at their last session; from the fact that, including that session, there have been five different occasions when the appropriation might have been made; and from the delay in convoking the Chambers until some weeks after the meeting of Congress, when it was well known that a communication of the whole subject to Congress at the last session was prevented by assurances that it should be disposed of before its present meeting, you should feel yourselves constrained to doubt whether it be the intention of the French government in all its branches to carry the treaty into effect, and think that such measures as the occasion may be deemed to call for should be now adopted, the important question arises, what those measures shall be."

The question then, of further delay, waiting on the action of France, or of action on our own part, was thus referred to Congress; but under the constitutional injunction, to recommend to that body the measures he should deem necessary, and in compliance with his own sense of duty, and according to the frankness of his temper, he fully and categorically gave his own opinion of what ought to be done; thus:

tiating about the payment. The laws of nations provide a remedy for such occasions. It is a well-settled principle of the international code, that where one nation owes another a liquidated debt, which it refuses or neglects to pay, the aggrieved party may seize on the property belonging to the other, its citizens or subjects, sufficient to pay the debt, without giving just cause of war. This remedy has been repeatedly resorted to, and recently by France herself towards Portugal, under circumstances less unquestionable."

"Since France, in violation of the pledges given through her minister here, has delayed her final action so long that her decision will not probably be known in time to be communicated to this Congress, I recommend that a law be passed authorizing reprisals upon French property, in case provision shall not be made for the payment of the debt at the approaching session of the French Chambers. Such a measure ought not to be considered by France as a menace. Her pride and power are too well known to expect any thing from her fears, and preclude the necessity of the declaration that nothing partaking of the character of intimidation is intended by us. She ought to look upon it as the evidence only of an inflexible determination on the part of the United States to insist on their rights. That Government, by doing only what it has itself acknowledged to be just, will be able to spare the United States the necessity of taking redress into their own hands, and save the property of French citizens from that seizure and sequestration which American citizens so long endured without retaliation or redress. If she should continue to refuse that act of acknowledged justice, and, in violation of the law of nations, make reprisals on our part the occasion of hostilities against the United States, she would but add violence to injustice, and could not fail to expose herself to the just censure of civilized nations, and to the retributive judgments of Heaven."

In making this recommendation, and in looking to its possible result as producing war between the two countries, the President showed himself fully sensible to all the considerations which should make such an event deplorable between powers of ancient friendship, and their harmony and friendship desirable for the sake of the progress and maintenance of liberal political systems in Europe. And on this point he said:

"It is my conviction that the United States ought to insist on a prompt execution of the treaty; and, in case it be refused, or longer de- "Collision with France is the more to be relayed, take redress into their own hands. Af- gretted, on account of the position she occupies ter the delay, on the part of France, of a quarter in Europe in relation to liberal institutions. of a century, in acknowledging these claims by But in maintaining our national rights and hon treaty, it is not to be tolerated that another or, all governments are alike to us. If, by a quarter of a century is to be wasted in nego-collision with France, in a case where she is

clearly in the wrong, the march of liberal principles shall be impeded, the responsibility for that result, as well as every other, will rest on her own head."

This state of our relations with France gave rise to some animated proceedings in our Congress, which will be noticed in their proper place. The condition of the finances was shown to be good-not only adequate for all the purposes of the government and the complete extinguishment of the remainder of the public debt, but still leaving a balance in the treasury equal to one fourth of the annual income at the end of the year. Thus:

tory the most favorable for the settlement of those principles in our domestic policy, which shall be best calculated to give stability to our republic, and secure the blessings of freedom to our citizens. While we are felicitating ourselves, therefore, upon the extinguishment of the national debt, and the prosperous state of from those sounds maxims of public policy, our finances, let us not be tempted to depart which enjoin a just adaptation of the revenue to the expenditures that are consistent with a rigid economy, and an entire abstinence from all topics of legislation that are not clearly within the constitutional powers of the Government, and suggested by the wants of the country. Properly regarded, under such a policy, every diminution of the public burdens arising from taxation, gives to individual enterprise increased power, "According to the estimate of the Treasury and furnishes to all the members of our happy Department, the revenue accruing from all confederacy, new motives for patriotic affection sources, during the present year, will amount to and support. But, above all, its most important twenty millions six hundred and twenty-four effect will be found in its influence upon the thousand seven hundred and seventeen dollars, character of the Government, by confining its acwhich, with the balance remaining in the Trea- tion to those objects which will be sure to secure sury on the first of January last, of eleven mil- to it the attachment and support of our fellowlions seven hundred and two thousand nine hun-citizens." dred and five dollars, produces an aggregate of thirty-two millions three hundred and twenty- The President had a new cause of complaint seven thousand six hundred and twenty-three to communicate against the Bank of the United dollars. The total expenditure during the year

for all objects, including the public debt, is esti-States, which was the seizure of the dividends mated at twenty-five millions five hundred and due the United States on the public stock in ninety-one thousand three hundred and ninety the institution. The occasion was, the claim dollars, which will leave a balance in the Treasury on the first of January, 1835, of six millions seven hundred and thirty-six thousand two hundred and thirty-two dollars. In this balance, however, will be included about one million one hundred and fifty thousand dollars of what was heretofore reported by the department as not effective."

for damages which the bank set up on a protested bill of exchange, sold to it on the faith of the French treaty; and which was protested for non-payment.

President:

The case is thus told by the

"To the needless distresses brought on the country during the last session of Congress, has since been added the open seizure of the dividends on the public stock, to the amount of $170,041, under pretence of paying damages, bill. This sum constituted a portion of the escost, and interest, upon the protested French

This unavailable item of above a million of dollars consisted of local bank notes, received in payment of public lands during the years of general distress and bank suspensions from 1819 to 1822; and the banks which issued them hav-timated revenues for the year 1834, upon which ing failed they became worthless; and were finally dropt from any enumeration of the contents of the treasury. The extinction of the public debt, constituting a marked event in our financial history, and an era in the state of the treasury, was looked to by the President as the epoch most proper for the settlement of our doubtful points of future policy, and the inauguration of a system of rigorous economy: to which effect the message said:

"Free from public debt, at peace with all the world, and with no complicated interests to consult in our intercourse with foreign powers, the present may be hailed as the epoch in our his

the appropriations made by Congress were based. It would as soon have been expected that our collectors would seize on the customs, or the receivers of our land offices on the moneys arising from the sale of public lands, under pretences of claims against the United States, as that the bank would have retained blished that any one who chooses to set up a the dividends. Indeed, if the principle be estaclaim against the United States may, without authority of law, seize on the public property or money wherever he can find it, to pay such claim, there will remain no assurance that our revenue will reach the treasury, or that it will be applied after the appropriation to the purposes designated in the law. The paymasters of our army, and the pursers of our navy, may,

under like pretences, apply to their own use moneys appropriated to set in motion the public force, and in time of war leave the country without defence. This measure, resorted to by the Bank, is disorganizing and revolutionary, and, if generally resorted to by private citizens in like cases, would fill the land with anarchy and violence."

The money thus seized by the bank was retained until recovered from it by due course of law. The corporation was sued, judgment recovered against it, and the money made upon a writ of execution; so that the illegality of its conduct in making this seizure was judicially

auxiliaries; so that, on the 1st of October last, the extraordinary spectacle was presented of a national bank, more than one half of whose capital was either lying unproductive in its vaults, or in the hands of foreign bankers.”

Certainly this was a confession of the whole criminality of the bank in making the Jistress; but even this confession did not prevent the Senate's Finance Committee from making an honorable report in its favor. But there is something in the laws of moral right above the powers of man, or the designs and plans of of the bank-the loss of thirty-five millions of banks and politicians. The greatest calamity established. The President also communicated stock to its subscribers-chiefly dates from this new proofs of the wantonness of the pressure and distress made by the bank during the pre-waste and losses, though great, might still have period and this conduct. Up to this time its ceding session-the fact coming to light that it had shipped about three millions and a half of the specie to Europe which it had squeezed out of the hands of the people during the panic; and also that, immediately after the adjourn ment of Congress, the action of the bank was reversed-the curtailment changed into extension; and a discount line of seventeen millions rapidly ran out.

been remediable; but now the incurable course was taken. Half its capital lying idle! Good so; and a general acceptance of stocks in lieu of borrowers were scarce; good indorsers still more the usual security was the fatal resort. First, its own stock, then a great variety of stocks were taken; and when the bank went into liquidation, its own stock was gone! and the others in every imaginable degree of depreciation, from under par to nothing. The government had directors in the bank at that time, Messrs. Charles McAllister, Edward D. Ingraham, and — Ell

"Immediately after the close of the last session, the bank, through its president, announced its ability and readiness to abandon the system of unparalleled curtailment, and the interruption of domestic exchanges, which it had prac-maker; and the President was under no mistake tised upon from the 1st of August, 1833, to the in any thing he said. The message recurs to 30th of June, 1834, and to extend its accommo- the fixed policy of the President in selling the dations to the community. The grounds assumed in this annunciation amounted to an acpublic stock in the bank, and says: knowledgment that the curtailment, in the ex"I feel it my duty to recommend to you that tent to which it had been carried, was not a law be passed authorizing the sale of the pubnecessary to the safety of the bank, and had lic stock; that the provision of the charter rebeen persisted in merely to induce Congress to quiring the receipt of notes of the bank in paygrant the prayer of the bank in its memorial ment of public dues, shall, in accordance with relative to the removal of the deposits, and to the power reserved to Congress in the 14th give it a new charter. They were substantially section of the charter, be suspended until the a confession that all the real distresses which bank pays to the treasury the dividends withindividuals and the country had endured for the held; and that all laws connecting the governpreceding six or eight months, had been need- ment or its officers with the bank, directly or lessly produced by it, with the view of effecting, indirectly, be repealed; and that the instituthrough the sufferings of the people, the legislation be left hereafter to its own resources and tive action of Congress. It is a subject of congratulation that Congress and the country had the virtue and firmness to bear the infliction;

means."

that the energies of our people soon found relief tion was, fortunately, appreciated in time to The wisdom of this persevering recommendafrom this wanton tyranny, in vast importations of the precious metals from almost every part save the United States from the fate of other of the world; and that, at the close of this tre- stockholders. The attention of Congress was mendous effort to control our government, the again called to the regulation of the deposits in bank found itself powerless, and no longer able State banks. As yet there was no law upon to loan out its surplus means. The community had learned to manage its affairs without its the subject. The bill for that purpose passed assistance, and trade had already found new in the House of Representatives at the previous

session, had been laid upon the table in the Senate; and thus was kept open a head of complaint against the President for the illegal custody of the public moneys. It was not illegal. It was the custody, more or less resorted to, under every administration of the federal government, and never called illegal except under President Jackson; but it was a trust of a kind to require regulation by law; and he, therefore, earnestly recommended it. The message said: "The attention of Congress is earnestly invited to the regulation of the deposits in the State banks, by law. Although the power now exercised by the Executive department in this behalf is only such as was uniformly exerted through every administration from the origin of the government up to the establishment of the present bank, yet it is one which is susceptible of regulation by law, and, therefore, ought so to be regulated. The power of Congress to direct in what places the Treasurer shall keep the moneys in the Treasury, and to impose restrictions upon the Executive authority, in relation to their custody and removal, is unlimited, and its exercise will rather be courted than discouraged by those public officers and agents on whom rests the responsibility for their safety. It is desirable that as little power as possible should be left to the President or Secretary of the Treasury over those institutions, which, being thus freed from Executive influence, and without a common head to direct their operations, would have neither the temptation nor the ability to interfere in the political conflicts of the country. Not deriving their charters from the national authorities, they would never have those inducements to meddle in general elections, which have led the Bank of the United States to agitate and convulse the country for upwards of two years."

The increase of the gold currency was a subject of congratulation, and the purification of paper by the suppression of small notes a matter of earnest recommendation with the President-the latter addressed to the people of the States, and every way worthy of their adoption. He said:

"The progress of our gold coinage is creditable to the officers of the mint, and promises in a short period to furnish the country with a sound and portable currency, which will much diminish the inconvenience to travellers of the want of a general paper currency, should the State banks be incapable of furnishing it. Those institutions have already shown themselves competent to purchase and furnish domestic exchange for the convenience of trade, at reasonable rates; and not a doubt is entertained that, in a short period, all the wants of the country, in bank accommodations and exchange, will be supplied as promptly and as cheaply as they have hereVOL. I.-31

tofore been by the Bank of the United States. If the several States shall be induced gradually the issue of all small notes, we shall, in a few to reform their banking systems, and prohibit years, have a currency as sound, and as little liable to fluctuations, as any other commercial country."

The message contained the standing recommendation for reform in the presidential election. The direct vote of the people, the President considered the only safeguard for the purity of that election, on which depended so much of the safe working of the government. The message said:

"I trust that I may be also pardoned for renewing the recommendation I have so often submitted to your attention in regard to the mode of electing the President and Vice-President of the United States. All the reflection I have been able to bestow upon the subject, increases my conviction that the best interests of the country will be promoted by the adoption of some plan which will secure, in all contingencies, that important right of sovereignty to the direct control of the people. Could this be attained, and the terms of those officers be limited to a single period of either four or six years, I think our liberties would possess an additional safeguard."

CHAPTER CXVI.

REPORT OF THE BANK COMMITTEE.

EARLY in the session the Finance Committee of the Senate, which had been directed to make an examination into the affairs of the Bank of the United States, made their report-an elaborate paper, the reading of which occupied two hours and a half-for this report was honored with a reading at the Secretary's table, while but few of the reports made by heads of departments, and relating to the affairs of the whole Union, received that honor. It was not only read through, but by its author-Mr. Tyler, the second named of the committee; the first named, or official chairman, Mr. Webster, not having acted on the committee. The report was a most elaborate vindication of the conduct of the bank at all points; but it did not stop at the defence of the institution, but went forward to the crimination of others. It dragged in the names of General Jackson, Mr. Van Buren, and Mr. Benton, laying hold of the circumstance of their having done ordinary acts of duty to their friends

« ПретходнаНастави »