i. t .... ;- :-v.,-; , ... . . : . ,
't: rj':'f-' r .fti-i -. tt-v r v-X ' " 7 I, ' -j a i i i l av. .Muni I,.,.
r&W MSB jS
: . m i. 1 ; -i v . b a. w ma .'. l- a . . a .j; a a - a- h t a i a . . -a . r- at - a ap, i - l. : a a w : '-,. ..j j f i - 4iM . .
.1 . : ' ' ' ' r r -i.-u .
f"
ff&W$lti&JJ, t thp bresent Session.
I "ufcfepfed In cunsidwn? the
WSfe1 ovil of thf pob-
iWW-.- k. rsiled ov law, ior sk?
1 f
F I
V t short re
I livol! i r!ML14m iSa nrficv of the
l!it, H Stltes v the .Ejects intend
l-1 r LinLKa Mr H and. the ' profiaDie-
lilhKifl thi caAtrjtt wpald ha? teen
tefnot & WtiblbhedMt may
1 i T II -til ll 'T - I '
tiwtlattl SoTerrtment of the Uni-
sqme inslitation
WfSr li able I
ikuhnad thel
mar t6 comparea 10 any moanai 01 iuq .mu w
cartaj; wo na?e.aswy ne' acquiescence, in lae
meas re of 1 a lare; majority; of tb8 s Amerlcin
petjpll for about forty; Jfear3V: all gointo' sjaow
that tABank laonstimtibnal ; that itls ifec.
saiy sni ropeptad JhigblyJexoedient; b lth
thefrifews in l3 V (svpr, why, I mfbe'
language nf Mrt Dalias; snonld. out f the ; confU
tutiuflitjr of a -Rational Dank be , Tegardotltaa
fore-ri titled anpt jret His'i ? questoq of
law; 0 if yoa.wij ijf upfetnel law bat; yet tike,
ail ptHer qaestiooi it oaht to be settled for-oth
ef wil :tKeVMetyitei"a ofjjorernnifnl and all
the lifri nyolyin tfce jrightsl of property will
be exjgosed to thejjranibla iphtoe,' th rwOjl 'Ca
price lirnl often th wfcked;maebinati(Mij f tiajfty
snirit; The taw;oiU country, and . especially
the ailstitot inn orjiarme la w should be fired fjk
deteralined,Sc thelcinnot possibly be any? better
expodfqen 1 ot tpaiawq man in epersons wbo
framed it. '
Wn the act' was passed in; 1816 fo creating
the-prifsenf iBanE; Conjrress ' ;wbhed to aTaard
not only 3 jaitist t&e evils of a depreciate) paper
moneys oai aiso -against me inconyenience ! ana
public! Inoiney - Uwas ubvioasf ibat the jState
v -The commen-e, the geperal prosperity v P:
f.actaf before him;tht the pulilic itionev was
K5Btkiutwi-ouie uanKs anan in the Bank
pmesa of the ewntfy had iWa' pruectin an if the Un itetTSateS.- The saR t'lninrr
uW4uiptw.uc.,, .-r-r: money sajotujiiave been the onlf
President or iteBretaryftbe Treas
the order for the Removal -, the f pobUc Itnooey ;
for in eiibet cae l think? the act as entirely
wrong.: If dore bjf thai president -;ita3 a yio-i
latum of the lawiinifdope bj ipie iSecretary;
of the-Teasaiyrtt wa ' a
a violation nYihe rnsf. re Dosed inVbinlj Llnrihe
paper read Itoihelcabiilet jh -September last, the
eredas hietf'lahd thatbetobk bn fumsjplf
the responsibilityvvMr. Secretary
of the Tiai .thaMtf
dpsciretiti with Vhich he was intested;. belieyed
tfiewid'poaathyriza tfie fefnovalahd;waai.
uh willmgto jsign the order fir tbt purpose.' He
fmltiAranT.'ikl iiaJ n ( ' TinaV Milt ID
aaa lucicuuuu luiucuuutauu ai a tkuvj f
loss i!ch nuarhtyirise frpmhe empl ynienV of hi place,. wild signed tbe,4der; and sted tu
difleri&t State Balk Wplacei of deposit fotha Congress that he reatiVed the- depositesiFNow
there aDDearSlfl beiHUTTet)ancy m the two
statements; - and 1 ! thef whole: i transaction
Banks! which hadl iesued thedphifhiatfHl ntwr Statemt
rnoneyl arid eriirhfeh COTgrlia fiintrol't11 willitoka everyone that! iL thelaw has libt
naiefPrwain'r tprj ucn paipauiy,viQjaiea,ii nw 'ueeiueyauru
capital of.foarirrun
M&Siw'Ar the! old atticlesr oCjcon-
rl f as luprspded by the present eonsti-
. ii' initrrrn . w nirsn iiiih hi - f-f iuiili v
i .aioiiim nil iiiiciAit iiura.tuii. buihuicu
!F?''-.i!iJ.kL4f!r. nFfhrifiNt. Kank rj the
1,
tniembpr jfthe
I kyt cpnsUt iltiaSi amlinrnst be pre-
ibiaja Jfwnsunieth abmt the wprk
convention.
i3 safeie bis leiiawjcilizens. vlV has
U&fiainaiSMt 'n Of the thirty-eight mem-
iJ fce ony enVjQP i Who )adoled and signed
iatloo7el(0asi v of be' President of
(ktbi5ttnW4l:VasHington, i sixteen
RUlM 'linlr bf :179irwhich
US-i-iBalvtKy J tl-ese six
f:i:fltwJ (rwl tUft Rank. and only four
M i&U not' all. ill'ha beet furl her ascer-
iatot of the ijrt jnyie Snemners oi tne
tifrBitW 'whiefi Tiarnil ih Cpristitution, , thir-
artctiaaetf fconautationality of the
iBickWtbfctnt tatea;y It is a corre6t
jlfififetatioffAhat tliosd-whe lived and
MpMUrthhe8V jQflffts. of w
measure
hat was
P6rintrtHe4 i$Jtnisrej- Preposter
mirhMnffdroaId.& be in us, of the
Jthtiipr that I we! know . moreof
have at3ontrol Iiwas, therefiire, provided that ! Acer in lhis Governrnejit, inithiskndof freedom,
the girernmnt jould owo seven millions -of -j Shall exercise a p.wer' of doing itrectly what
dolIars that is, oriifihh of tSe capital istock iH i the 'aw prohibits him from 'ng directly
the, Bakof the Uiited States that the Secrer : tnat wt,n C6ngress have directed by Jaw that
tarv oflfie Treasutv should be authorized to call the public money shall be deposited ?in one place
upon ifieBanic forM statement; not exceediriff'a (oT safe keeping, the Executive shall j . thus indi
weeigfone,ot us fpneerns . that it should not recuy oraer ;uo oe Kepi in anoiner piace,nut ot
suspenf the paymAit IsofVits notes in old an4 ("greater but of less safety j jtfiatithe iExecuiiv
silver Jwithoot hJrihftrerRahlA with' ''iiitoriUit i ' should be tho permitted to Usurp the authority
the rat ofitwelverlnda half per cent, per h& of Congress and unite in hisjowivlidncis the pW
Laseepfiafe) Ibrgotteia iit k&Metbw
F?Jh bpoit the ruretliat it was
f-ira orspicie, land
orcdetocrthere v. zslesa Vpecip This
il palpably absurd tier we Wriow, llBaVthe
&&tlpt the 5aakldepid4"oa the told afid
?e!HdimfropeTli lie courts
ffaVaa you Lave ieen Irornlftne law a-
r5e V dPs all trie Matters in
contes.alipnhpoid thlre trieiand deV
JVPgej jury? and execolipnef at the?RamB
eiIferrrnifthe tatbeS violated;
7X1 I v a a a MrnTu ' a ra aaka. n i ii a ; . . - v
Ti y'r ,Mjw,M-ujwaras one t Citizen, 4
catiflot ten how ; soon it mav fill
tojexprieiicepiesarne fatetior it isl written
-ni' wnatever . measure ye mete
it shall befneasured bnto you ak?aiti.w fn
three hundred and iixteiUt dnll Ua
sixteen i.cehts : Here hen is proof
4 jr?l;
t--if.
and positive.' ;'that1thft i;.V.,i-
not chargeable totheJBaak.il has actually in- ft
creased its tcUl loans bnwark.Vf J rrT
rVWnwMmiittDa'ior argdment salce,
T bS - .!wiIl b! admttfd) that
fhtK ask, jatmshed'jlUI excuse pretext
iyr prooucmg itr. :i answer.! Ihat th(
e Secre
tary prune 'Treasuf jr.his fhrnished itlbe
ca?se if the ; deposites fiad fc iiotl been Ire-
uiutcuir iuere w'iuiq nave oeen
wtm i aa Ktn t v t 1 aa a. . a
tV, 3.1 r tw Tf"r ana tne people of the eona i; -
lianTtof Vaafcingtoo and the Patriotic Bank ia i'4
lf5tr, the Farmers and IdechinicsiBank iak Vf J
CI -T, ana w 1 Wank i or Alexaadriir ira - r c r
thdtricthaTe iIlUTffir5r'i Now theS ZU A.
no excuse.
arid consequently no pressure; The $ec
retaryldf'lBe a'feasrr; usi fierefot i
tuqsiuefea xnernrsi pr irioving cause ot all
the distress 'which has iafe )5poa the coun
try; dntyjsobdt!j4
as tfi uthorf it4ntm hi has
the'pbj niomeat , ifhe
lioijexer he powef he Has to trial eho
ypa'haig a ; nghV to f cntiluri that lie feels
.",wc picasuce man pain mA me, exjstence: ot
the evih,4 wihivwhi'l,l5 i LlU
ave been affiictedii andlhe! murernain
subjected to this iaDutation so IcW as he F
a wui not apply the remedy which he has In
e fti'oWriodsyf $
n i v By' Uie laws Af tfi 1? VnlinW t nnWr
eyry instance the law should be made thenhe U M;JS madffVha hjrcrft fri MrOn-
ruI ofactioq. either when punishments are sioris to! the old soldiersriiThis diitfithas
to be inflicted, or rewards to be bestowed: I perfortned in everv insbtnfTeili :anthrt
ues art ncrtimic ; &,ri j-thin; Ireaoaiwy'
wmcn we must Llr fnp. m1 j'j-'-'Ui
iTSCl'f d e?ery ho,tr a Bank W
is hed tp apprehend that! in a moment wheitr: .
ns iean t expeets it in! the twiaklinl faav
eye, he may lose the wholejamount. SnWia4r '
coavenience and risk pply fr only totayments ?
rfiadabjjhe Post Office.! bat to itfvVy
.menu made by the G .vetnraent. The trwpToC
the United States whea &afy o leave Old Point '
t;orafort, io:the lower; part nf Vlrgmia. inlDe- r
cember last, were paid off in notes of the Bank1 fl
of Viro-Tnisi sirxl tKow a J.t:-l f! l4- '
informed immediately , !to(, tacrifice ' twelv ,
I and a half cents iri every dollar that is orin eighth.;'5-
oi ine amount they had recej red.. When the 1 y
had advanced further to the jSoath, their rnnejr 1 ff V
would.; not piss at all. In tae nanie of cotamori f f j
justice I would ask; are the soldiers of the cgun- ' - v '
try!to be thus treated? . '.A1' 1 1 1
Aat if there were no objecioiia to the caoneyl. '
of the; Statej Banks we cannot depend on! them ' 5 ii 1
oj ciwi ine leasury .rerv conirac5 .
bestowed.! Derformed ' in rVfrv inetrtnro I nntlt AofA('l
. ! -aa i - - "-V a . . r -. w w w.- , m w WW ; T B ft laV - UU1 a. VaV 1 . -1 .
ana 1. greatly mistake your laye of justtceV good; faUh,'and Wv theritireS" satistaaioVi madeWith them mastbe obde te oo&troi ofjthe.
auo yMur convraions 01 outy, ii you do not i.ot the pensioners. It has paid tb them better f rt
pronounce thu. same omriiori. I i mohevi tha rVNnfMnltx Kawitf Kn AUMmxt tX3 mcV withh otl
pronounce thu. same ODidioh.
;. 'fi lnii"7 fibhe to the business!, the trade
and commerce of the country, is beyond
calculation. It. has '. reached all the avoca
tions und pursuits, in which oar fellbw-citi-
- -tk.' i - ;?('; a . . . . L. -.11 A i . -1 P
nam ;,inai it gnoup give tne necessary tacmties, " i'UI3"ia l sworu r Agamsi mis l2ens Jiave been heretofore so ftrtivelv and
without cbar, itransprting the' fuwisofithe act tellow-citizens., the-peoplein almostevery nrofttablv en TW r ' i
UniterflStite ftonl place w plJee; that it shquld qrter of the country have remonstrateujn Oil M Sbrlr, farmer, the me-
rrfbrnltrie duty MllcommLier of loans in -stiongwt terms, and I am ! glad to kn.w that f the merchant, have all snffered,
ihose Slates wheTel branches had been establfstil yur- voic, has also ieanhedi the halls uf Coo ana. greatly auttered. Every article -.of prd
Ir5f imt aw!Jroi tntf i'm p rt jpf f fie Constitotioh
fht 4 rh irirnetf i t ; arid : were "employ
'artB-'Mmiisuaij(m.itf Jt. - Evefyprin
M'T?ffitfi inetdry'iing of reverence
lot thvimb Cwr iief4or8;; fvouM forbid the
ed I that it should fcia lawful, at 'all times, for b.
committee of efther-jlfouse of Congress, appoint
ed for tlat pjrposti tnspert the books I and px
amine iwtheipncdingslof the Bank ; that if
there Aas reason vi Relieve any Violations of
the charter ha j beejfcramitted, a7 Scire fitcidi
should leedf-outlinfi the i matter tried by i
Court adjury, 8toSic. Saclvj were ! somel of
the precautionary plosions contained, iti the
law. Ijutlmore efjtaally to guard thb ' pdoli
money nd the in teres t of the people, it Was furlf
thex enacted in the xteenth section of the law!
" thkt tbe depositesjf the money of the I United;
States, fn places in fyvhich the said Bank and;
Branches thereof, may be established, 1 shall W
mad1? insatd Bank ed Branches thereof ; onlesf
the Secretary of thllfrreasury shall, at any time?;
otherwise order ancjldirect in which case tha i
occrKiary 01 ine t nsnry snan immouiaxeijr lay
before Congress, if isessidn, and ifj not inaitief
diately after the cotrihiencementbf the7 next ses!
sion, the reasons fbtsdehorder; and direction f i
In-obedience;, to this section of the law, all tbo
public mpripy np to me jnontli bOctoberlaM
has,beeol depcisited f jJ safe keeping in the Ban
t .tl : ...ir.L 'l.CT: i .:fej"
oi vue uaiiieu Qiaies: w;ica nas receivea ana
, while they protest as they ought
energy and zeal 2a:nstt all moan-1
Met Mb GuveinnDiBntlf. theoVthe fra
Conirthdaeni Ivttfi I VVashitigtwi at
yaid, kfiev? ian j1 thlrig ahout theiri own
fft,ao tharth,dl,,ieiie caa:-;pretend V
Wfflast adhiitWSththe'bank is; both
llftim pwperuuan wtthouilt the rao-
taTn'tjt.tfaaadctisns! of the ffovern-
ui ae.mupifl, canqQi e well eianaired.
. '.Tin j iri .mei omAiMii .-m. i . t i
(
without com-
talwiihoutipredit I dtttntei of revenue
r to the sppport o? government, the Uoi-
fW.byiw ifstabliihrrJeht-of the first
SRN ne wkeiCor.thatliourandlfivttondrerf
HWAJ6. etefme lwhat should "he.fthe loss to overnmert of one solitary' rein u Tm
has not been the case with the iState Banks, tot
the government and people have lost hundreds
of thousands of dollars, Hy emplotincr them as
places of deposit fb the public money. y
means oi the. United I States Bank, the 'govern
ment ca pay its debtf witiiont charge in every
part of the country.:7 i money has- been collect
ed in Nvy-York orBJSton, and a debt ; cine in K
gress. . While the people ate thus vigilant n
ttifcir rignty
to do, with
inprizeu assumptions ot power, our eyst
government will remain uirii m paired ; and be
transmitted to, the latest ages'. But if the people.
forgetful 'if their rights, and j unmindful of the
glorious heritage, of liberty which they j enjoy,
should become so devoted tu any: Chief .Magis
trate as to Sustain him in a course of error or mis4'
rule, then indeed will our political institution
be in dangei , and the splendid triumphs o($Sie
revolution have been achieved, in vald'Mr.'
Gallatioi who1 was Secretary of the Treasury in
the administration of . Thomas' Jeffeisbn arid
James Madison, and who has' always been pre
eminently distinguished for talents, hai sdid
in a recent publication; ihat'no . President sjnee
the foiindati art of the Governmenti has ever turn
e.J out of office a Secretary, for the independent
exercise of his discretion id matters specifically
committed to him bykhe law of the land It ha
oeen reserved for us of I he present day to disco vt;i
that a public officer commits an offence if he u-
beys the law by ihe - exercise, of the discretion
conferred upoo aim, Whereas heretofore it has
been thought ihat he was guilty el an offence on
y when he 'v plated the law.t .ti 1
The circumstances atteridinff the mea
sure' were alscvcalcalated to'excite surprise
if not alarm. ' It was adopted in October
last, only about six days before the annual
meeting of, ponffrcrr, and . with a view as
has been subsequently made known, tr? putt
ai. vui ui iue power oi congress o ;UP10
i what had been done unless they should be
duce wp have to sell, has fallen in its nnce
ohfyurih, and in some instances neatly
CneTialf, Suppose for example, one person
"v a poutjr wiik'o, insures to you ten
J t'l 1 I- ' aa
aoua s a nunared lor your tobacco while
another pursues acburse.calculated tj bring
ddw ihe price to five dollars; whicfu 1 ask
ought "to be regarded ai the wisest policy?
Certainly that is jibe- wisest fw hich11 cohduces
the)esti price. Now the Secretary of the
Trea1ury,iriiead of pursuing the wisest policy
as in inecase supposed, has adopted a measure
direcly the reverse1 of it calcula'te bring
down the price, of; .everrticle fj reduce
the fanner has to ; sell; . He oughtnbt then
tb regarded the bis-' ?rien jth'efarmer
has but his jivorst enerriy, for it! i$ by the,
sale; of his prbduce at a good bricei that the
farmer j6 enabled lo pay his debts, and pro
gress . comfortably anu successruMyiiu' the
World without sacrifji ing his property
To this viewf the subject every oe mhs
assipt. - $uf in (urtber prbbfof its cWecJ
nesfr lbk at the. situaiiob 'ofjtho; ouiitfy
uciwCiM' iwi-diuro was auupLeqrnfi com-
parajit to bur situation at ttrr- presorit time.
Th6i price of cotton at NrJW Drleanslon trie
which tjuhen act in ecn-
moheybanlaVhaftfbtt fromi SV1 5? the: General
efJal-r.. . !"t " IV " -i ."v!"run trweramentiTlwre are ahead? same mstanceat
1 0,nW.alTO' Jin oweriioweverjof this kind. CThe ."Bank fwlrginJarluidUhe
to excite predjudic,il R entockyactipg sponu-
that the Bank has - either refiisedltb ttyy neoirsly or in bdience iq thej will of) their Iegis
the pensioners Or taken a course calculated ltures,have rescinded tbe'cohtractsj made ndtU
to injarethem. t'Butiit'hasoae'no s'Ucn 4hc feJ . theretaryfte Jrreasur;iand jde-
thin;J .felleVing 'itself bdnndfc hyx laW toel
pay thbtfoionsVi and beTir
tary of War had? no pnwer to make or repeal ; taka. tha mmU: nA L tiit.f2vunWMtr
laws, thb Bank iwas unwj
performance of its usual duties
pect. un!
act
The
mn pi ucteoer, yned trom 1G tonSfcdol
iars;per minSfSd. Now It ranges frm 8 J
to 13 doliar&V In Ohio, in the course "of the
Charleston or iVew-Urleaf.s, the ;.mi!s can br
transpbrkd and ttfel !pa-irre3t njade wihooi
charge t the govelrlnt. VVhile all tnis ha
been done for.Uie ffOvernment. the Bank hsssup-
need trnorev rapidly Ithan anv other tK U.isiL::u. iu- . .i
In l thafl was requisite M I ; r i i?,, J., 2'n
PlfiSperoUSTandfbaV Cnr:-.ia1 bnt!. f ?it" ..2!.;. . r... :H. !:j
Medand exterfHed it4elf to Vhe rhll .iPk.Ji m...., U ;.rA
j Pnii was esiaonsn possible in the nature lf things, to have money
oi circuf i nf j bettor r fired it than this, and what moie
can we reasonably Wait, or expect? Every cit
rzen mufKnow, it io ce me lact, ana uinst i?i
a lirelVff interest in lis continuance, auppose
tbeBaokiobodestiyed ; suppose! the w'orthless
paper mpheV ""system pf the revplutionarv war?
or ine oepreciaieo Fjeirin oi wie lain war oe
returned and tastenedupon the country, whu 1
a3k would be the sdfferers - ? I a ns w e r t he pe-
ple vonld be the sufFeiers, and amon-j thesn ih"
: . . r . . ii i". . - i- '!
poor people wouia saner wun pecnuar seventy
Did thetichor the pborliurTer most bv the total la,
of all tht paper moheyibf the revolution or by the
fct K 1 ''PePP)e. Q nner I those days khdjM expfrtence assure us that the
2as:A anrs'; ly l er cumieicia i poor wem me creaesiisauerers. i in an coun
it4elf to hemosj
.jii
rr:WWiaiifl4Ke teionev
Culfy as ioa sound!
-T'afaitnV State! In Vn a tfmA tmn i.
yrilSUwhen partrpiri
stairibn ts disastrous ai
"vented a ren Wat f tha
tfet iirria A llia'..'lQlie
m me wear luiii. i
rr" lc fj ui i prates can oe
MnJwjlhputfa IBank" incalculable
y.st!fficient toilarinthe minds of
1 According to the,!
iCpngr ess made -iri
between sixty " and
hnji ther late : War,
,offlliHots:
'temmentii lost
ilionipf dollars do
t
Irameiiseiamount. - There was ! trie are int m
fn'i5WW-tBe ftitcu1atinVmediom s!f .terestedfi ha vihsr't. Sdind circniatinir " mediurht
jm: : y"vf:"y"M ' uui ausnu iuc I wuicii will uut ueuiccuie or .un iiJOfc nruiir ill
tate, and the I their haadil add ittSseems to me thatjiany one
1
ifcmavgs ttjeiri money shaved diffetentpolicy. 'deserres- not the confidence or
fS&f0 ;fi! P. WWfn fd :a regard opis lloicitfensJit; -". yS i
4ritB.a& padf tgfnerayjfeus? Incth! :dbbmmjBrmrbp
payraehtCaf d 'theVe was r.opossi- theBanl has ilsb laPHrded . immense faeilitiei
tt.v r r1-""4: uriui mj coiu auu i.io me oeoaie. "i x ne wooie amount oi ecnantr s
able to pass a law to that efTectby a majori
ty of two-thirds of both Hctfsesof Congrew.1
The exercise of the Veto bower irt ordinary
?W0l?s n short, ihe people were I throufihithe Bank is aboat two hundred and til
.?5 Witha'!TatTi-k fJ 2w2lJw.-l :ii:.r j..iil2I' . . ,
- - T T I -,Aly,"H4 1 v uininjKis in uotia.n a jri-ax, ana tais nas oeen
CPfS tyUm of j.hf Te volution ind with aanualll effected atUhi low avera?arate of one
.j-.- . J "pyMuuu i me- cuuuuv. i eievenui or ooe-iwuu oi one per.cenu wnereas
H
r
Vf Abtnp, Air. pladison whose I wUhontlhBaak it:cbld Wjobably be carried
m were eQutl to every exigency I ovat i Uss rate thin;' fironi five to thitty-eyen
ex-
trill r.i I i 12 . 1 'r. 1ST V f ? -y jv w.w i.'.
. twllowed on ftbbi rpcommenrfation. Land ifitJuiptn tweritv ;filrnr. lhnv wimiIcI liatA
same
4U-
subiect. ConffteSs I tin? 'thai the eonimpfcinl or pTrbano-paMAMnital
rmW ;w:Wfatipg Bank of the of the pimle of s the U4ited States. has' bet n
3tlll.'-THiV honjtVlK mMGIITa V. .lA.t ! I It.n.nnrtiul Trnni nl.AK In nlamt kit llin Dinlr rn
-rt r vv una uut- i uausuyiKuiiuui utua. u iiiavo vi uc juaiwi s. i
irom uosion to unarieson or irom xew j xorx to
Jin it 1 s?- 1 iz : o.n . 1 .t- '.i.7:.ji 1 2 t.i?i- - . --. . r
f vu3, f nowever.'inf w i w ioi;v a 1 me ueome woaiu ot osuku w uav. irotu uvo u
liars on very,.han-
sYfewinir the sab
it rjlttent lafvu-inria lnvocliTt.'rtn: I ivt in tlila lirrht it ma Im t3LS:lc and diatinrtlV
. - 1 ,': . . : f r v pwfratvM atK - VMLV " I JV-v m , - fp , aM j iWr ar J : " . T .J-
I 'Ji Jptnents:if th Sniokt distinMishedTwrceiyeihowi
a . - a t - ' t " ' -. A i a v - - h '
lerbStea m tne orjerauonf 01 in-oaaa, wnicu vui
-.i -. i'4 1 - ni.t ! ' 1 i '2i
aoies teem to excnan?e tine . vajoeoi me annual.
prodncellf their land and' labor: at fifty tune;b
perhaps i one; t wb or three hundred times ; less
exoensa ihan tJieV woali otherwise be obliged to
incur, f lit it 'nUhe'le'faaid ttpwple.hvr:
no interest in the 3ahki-itis leyidenton th
2 .22l2 At: '2 2 , J2.n(it 7 mrA ,;iill.
, Jr-2i t r-ei'ii":L.r
power in oramarv
cases of legislation and particularly in 'ques?.
tions relatmo to tne safe keeoinj? of the
public money, is a very great assumption of
responsibility if not of Unwarrantable au
thority At the last session, the House of
representatives decided by ai maionty of
iiiuic iuau inu w uic UMi iun uuuut, aZIO'
pey was sate in the Bank oi the U. St ttes,
and yet the Executive, by the course; pur
Sued, has set at naught the proceedings of
that body. No Member of Congress can
ell where the ptihiic inbisy; mav be-One
rnonth from tins time, oh where it is now
'unless the Executive shall 2: see :fit to inform
hiro. To-day it may be jm one place, tof 1
borrow in another place, and the next day
10 a third place, according to the wilt ojt.the
Executive, till all the four or five hundred -Sute
Banks, broker! and msol(;nt as many ;
qf thein may, and I believe wdl be,ISaH
have become th depositories of the public
money; and the pVople shall " have.Host
thou, and or millions by the bperdtibhllt;
is certainly against the genius and 'spiritfand"
piblicyDf our GoverjimenCj that the -fixnj
tive branch should thus . Control : abd direct
the!di$position ot the'reVenue of thebatibri.l
o ujuiviuudi uowever great ct aisunguisnea
he may behind especially 0n$iwbd cErA't
uittiius tuc iLuuiaiv iuicc.uic army aim navy J
ui uie country, suouiu nave it ip nispqwer
thus to control the ! 'Dublicir mdnera ir1&')chT'
Union of the purie' ind sword has al ways
been destructive of libt rty, and must sooner
or laterrend in despbtisir Washjoffton rrey
2-. ;2.1 2il;l-j?J22kt '..2. " 2 2.
pr, wcneu BjitKo power, ana it not sale id
his I handsj 1 it certainly Jcbuld Jnot be re
garded as sale in any other iianiWl',
i'usbownqulref fellowttiien4 what
good has resulted irotniliemaa
this point ereii nb rbrii
hpt may be the difiereiice of bnibnHifef
gad to the poersMrilaimed by the icu-
year, flour sold at -4 ". dollars per! barrel:
it now sens at dollars and 25 cents. At
Alexandria, in this district, it ;Bold ffor six
dollars per barrel: it now sells for four dol
lars At Albany, fh New Jork, the price
of laoor wasbne dollar and 25 cent! a dav
reWy.dav in the week: now it sixtv-
twpand a half cents.a day, and laborers
canobt geternployment for more than two
daysih;theek at thi reduced j price.
Othpr industrious men, who received one
dollar a day, aronow consent to wofk only
ifor - their tbread. Similiar reductidns in
the I price of all other articles ' have taken
p5 lace, and the shw what an immense a"-
rhbunt of ; loss the country has suffered.
Justei&d of relief, the people have been told
the iiflering it qHqt thejr good, janil they
mugtibearit patiently. Ifjwe are,iosurTer,
Lwouglii "td havetheppor privdegelof se
HecUng the iiie .whfebU apd the :oojlcts on
which ttheacrifjcO is to Be made. , And, at
ess it should h4 'discfiarsed by En showing a dependence on thfrpart of tne Govern- . u- iW
of 1 Congress. , Thil li alliit has doae; I went of the Unitedtatei tm tomtit aathon-. J ft , K
Secretarv of War. wlthbutr authority .W?29WW---4 il ?
5 2i. b I 22 j. oence as repngnanvtotne CKmstituuon1 as to.Ttno:
has as I Onceive, directed the Ban . v
ilfK:PS?; .?btaineii a I'origr tdpmipn hWntrr Inwhtchlecaraed, oald I
from thft AttbrnyBeneral,ln vhich among , be jt aeiili'iIjr- ivly.iiirtictent t , , jj
other tbihgs, that officer Very gravely decij StatVaot underihe gov f I
ded thatithe pensibn -law of lsi was ribneof Congre 4.s,V.'(
, law, .-1 should BS . g!aa to:lfti5w I Ma Mfeffilffi ' 1 ' 1
-. .ii - 1 w 6 -w-. i vj.- . . ot.tnat masaxe? nar nrge many-reasons tot tt- . .
of law it m X Congress itfeugHt it waST ;a i btlrtrsi they, iiy j wa-imde resort iozl, tt
pension lawthe old militiaoldiert metjiHe cdffef BjotTthU is atfaftet ifj v
whbsebehefit it?wa3Mssedf 'have thobp - " i i-L
I u a pension .taw, ana fiiavp, receivea tncxr : " ."purj wiiBn;H?iao jmj-cjwi w;wu , . - y
iiensionsbdeiit Bsbcbi! andtnaaltlr the g- tH tben,sail thStat- Baijkswoaia , i ; : m
sKie-reajtir pension im m ,tje great ana b,j ra4 , v 5
onlyiestion to be deterinmed,. is; whether tentlonVat that tideVtoreiv. ier -t
. the oldsdidjieriould Jbtjbenejtttftd tOtman'eotlf .a- theai jwthfii laejiy.of thkfeasa- X I - ;
Jured by feceivfn ihetrlipe (
&nk tlleUiiitcci ' Sjtates'ratha'inTrbrfl :4't6eissiam th,em lireasKtho femoral, - .VJ;
the Stale BanksJ If gamoney wlirb ;K :
fit therri. or bad monev lmurethem, ittoilows . F rir i f
.7 i i T. . : . 'i p. - -1 . c. d 2-A .-" . . "ffontlna holrinnrlnrr ontfraFff . tft'tftA nrp&anl Tieffrft. -l' 1 1 I
n y tbatlpaymenwsnooia wjm ,heideof a Vi I - . a
i by the Bank of the United btate i s "
then of denouncirij that institutipnf- thoohtof the Secretary; Isiqdally tbebrreef-'and t 1
out theldea that it is an enem impVacaicable Joaf kaovjyeltow crtrzens t M
soldiers. iVshobrd Be esteemed a3 have i always ceen Jn favorjof a 8pecu?parrenqy, 1 f 1 1 ,
.1-" , i 1 ! . II
neccssa
to them
Instead
or. holding
-in thf nil)
An A iofw,;;A if riawa tt ihbrA and for that verv rraoa -toe adrocaied the Bant -
. 6 . 1 , ' ! -.- lufJfTi 'i- of the UnitedState tVhn I had iha honor to
tne oest money, a aim uiwuic u pcioc . . , c ; aU.Jmj! ?2; S rt.4ral
t .i S 2.. 2r tif J K a AUn w luamwi nwiu vuiir wwiiiu v i, v..y.- ,
now imr .'Sflcrpiiirt f 11 ri Hr cuuiu lidic kiicii ; . . . .r- - -
.2 lu . .- . - Li
stlch an order if he
ered the friend
the revolution , Hie appears to have mtsta
ken their interest as much s th Secreary
of theTieasury b!id the interest of the farm
ers when he adopted a j cbrseVthe neces
sary tennybfwhi6h(w4s to baring down
the pried of all kinds ojf producei But who
I ask has invested t .omcersoi tnef n.xecutive
department with 6uch a dispensing power
' (iaiaMijvdeter
tl2filtat1we .haVe in
in It. . : w.
the
artammotiS
or
w22:: -rr "1?
r'knl ui- Tr" ?v"o ior inei
retary of the Treasury -have appeared jtci !rhe
consislebttth T themsves
unisIactuTy; but Uthey jhad beenver sd
'plausible at tlrsithe measbre bughttdliaye
been abandoned; when it ras found ionrb-
fuhi lnjufi to the cbuntryAf tThenu
ticltnoney, instead of being rmbre safaris
less safe in the State Banks thin if wll iA
the. Bank of theMJ-1State; whichHliasI up
wards of tenv millions Wdbliais; in sp;
,l ,erebetwen four U five : huritlred State
Banks and all of them toother havecaa
VVfV" fc.rjlu .ana. stiver as-the Bank d! the U.
wouia oe ca: insult to your, un-
all events1 language of dictation should not
Hnatitheyare InjuraD
. mu pvpio ji uju unueo. oiaes are
yret fran;havba
apniahdk Representatives relief I from all
.njqsl.; and arpohficr f9f d'ngir
jVi1he triendi f oflthe -iTovalinlprllr'fo
toid thcensJire frbiehjthf ytnem
serve prfesa to ,ascribe.al this su flfcring and
distress tblthej' Bahlt:Itseem3"inip.ble
Ior that;in$Utuuonto:escape,censure what-
jerjmayitje5 its cbnduHi Twb y eats ago
its enemies charged it', with loaning out too
X L. , ' : .1 . ' .at ' s 2 a ' ? . .
mucn moneyr ana jnow iney- sav it loans too
ineir q wn purposes wut , what are the tacts?
In! the 'Executive rlwpeir feaditb the cabinet
tb'Pctbber. lfwas staled as a reascflior
wiinarawiogtnefepos ihejfjjank
ought lb be ebgaaed: id windinffVb its af
fairs Tfievaanie iibo was epeitebl ! to the
Se&tahrt! repbrti'llf thethe Bank' has cur-
taiteo ta. ousines iiistne very tmng wnicn
tt it ss intededlshbuld bo done by thb Sec-'
rclafabTthe
wa? wiiuarawn--ait cornpiainttueretore most
c6m&frpmjtbat very "in Irace.
guitarars,! from" f an ofScial statement
madenthe 4tlt or.March,?that durinj.tbe
ovo iu uiiuis anterior -to - inaturae, une
diictiptf of the j loans lf has nbtijeer by i
wards bf fourtniilions of dollars, great is
tlie reduction fcMeposltes; that the with-
:drawMtvuneaHvf.eisbt ;millibnri of those
fdods on which! iheTBank hadbased iu ac-
cbnlnidpadousitbithe communitv, Hs not
Jbf11 bllpwe hy a reductiob'of accom
datiobs equal to bne-halfof the anion nt of
f Und4 thuiwithdriwn; v andltha't'darjnVthe
sadtpcribd :therehi3 theea an! actbal in
To this measure I was then ppposedead orged fa .
... i . . .ri. 2 :':-L .l.li: .
tneaeoate tnai,m my opinion, liio.muiwutsiwyuL
of State Banks .wonld baaiah gold and silver froai '
eircalation, ana the onlyppsihle; xupkivt. profit "
diagi currency,' foanded pia ppecie basis, was ;
tj establish a Bank of tHeUnted Statesr witH V
power to extend branches iatJb the different States. ,4 i
The hnre I have examined thelsubject sjnce;arid
the greater the experience the country;, has had
..' - . . f.r j .21.2'
r
over the laws of ihi -codntry aid the lOr- i the more I am convinced of t&8 correctiiMoi tha.
liiDes-of the peotle? CaA any one or all: of I l thei eaieruinwi tata i ailc hetlipt
the tozeihe" Sake la- Sarely .
belongs, to: , Congress, and ail . attempts, jof . ' -iU f(Jf fhen, wH, teatralnt, Whatev-
tnese omcers to exercise tuai ,puwcruo f-i er, npoa the issue ot notes jorn ub qhw iuu
V
,1 t
11!
tb ihe first brmcibles of the .Go?
ernmebt aiid dangerous to tEej liberties of I sl
free peple-j V I t - 3 ' i f m
. The operktions of all 1 the departments have
been impeded and ejnbarrassed hy tbei iemovalof
the deposites. Iti will ! be i usefdl to j remember;
that the Bank 'of the United ftatesf perforated
for the Government four distinct and thighlyitUr
portant duties: ' coaected the ipaplic mo
ney; 2d, it kept itj safely andlsecaf ely; 3d; :It
transfered it from place to place, 4th it payed Jt
oaM9 persbaa entitled toteceiv It. p ths &
tare of Ihings, these daties -cahndt be as well
performed bythe Stale Banb.fTheirtiote3,wm
rjot circulatelfreelyf beyond, the limits-iof ;the
Statwhhmbw'tt Banks Hf-
:ablished; N i Alreadtl we ha,ve bviderjee of this
fact, for tho notes of the Bank ot Virgiaia and pf
the other deposite ot pet Banks in tbeeoUth iod
west sold in the city of Newlrk jd"Januaty
last at a discodntof 6ve per centa Frdm recent
accounts;! the notes of the Safetf fondj Banks to
the State of New.Ybr'k are sslhng at &ttsbargh,
in Pennsylvania; at ien per ;nW djanat:. arid
the Note4 M orth Nd .South tCaroliha Banks
aresellim Balti rioreat ten pe centdiscouat.
The note of the Urlited States Bank, on the
contrary; , wUI circulate w? ??tel'
among other reasons, the law which established
it extends bver the whde Unwni which cannot
and never will be the case with anj btateLaw.
During the! past winter the notef of the ratnot-
ic.Bank;ui! this district, were remited I ani told
in discharge of certain debts to cltizens'pf INcrtn
Cawlioawhd being uftable to pas3; thm off -i
advantaesent them back: tb jplace froui
vnnce xneT oaa oeen issuw. i kw
venieoand tfbablesdae.an4 rj&ictivel of Belay,
if not of positive lo4 One the palnmore
itaota caliedl the Bank if IMarvland ) kdvano.i
Ham told a considerable sarn to the "Poaf 0f.
which doubtless waspaidt aaj by ihe deparj
ment 4o individuals who nadaenereaservic
the GaVe'ranvent, ot the H Baalc I bat llecentf
failed.? and it'L is mbrelhab probable? the hoH
Mlers ol Ab4 Mes unit lose every Wf?
UnA Bani in Balbrnbre, whlcrt rs noya depu
itJUnk.'au4ho!dW
the 3d 'of Jfe-ruaiy;, according ;tb?an
tatious'.ahd the whole currency after;. a while
will ; come to .nothing Tp t such a. condiuan. .
wa Were rapidly tending , from, 1312 tp-18I7,
when the present Bank of te tfnitei Sates went ;
into operation. Since the .'apprehension that the
charter of .the present Bank of the Uottedl.
States woold not ba renewed, about forty millions1
of bank capital have been created in the different
m
i.l
1 1-
- 5
fltat: without the addition of a dollar; that I
know of in specie tri the 2 cuculating : iaediar.
In th Stati of New-York albnej thtre hare been
rtitir tKa Eerislatare. i within the Jast sir
months; for the estaMis&menjoi j uanarea new
Banks; and more recently, Governor &Iarcy has
recnrnmVnded- and a law hai sahctidned the is
sde cfwtx millions of dollars in p4per aioncy (call
ed State Stock)ti sastaln the credit of the Bank
already in existence; ThelBanksin the.Stato
of New York, included in what j Is falsely called
the Safety Fond, System, amount w tixiy-oiae
and they have a specie capital of about two milp
ions two hanlred thocsand dollars to meet airiatv :
fjrtr two millions of notes and her liapaiUes. -r
The country Banks belonging to and formic part
of this system, have about twp, hdndred and mntv
ty thousand dollars in specia to pay twenty nulip
iobfin paper. Th eBank of Ithaca, atote
snr to thia iystem. has aboat oaa dollar m old
and silverto py one hondredf it. uaaflmes, ,
and tbe BankV Hudson, about e doUar jrj t pe.
cu7topay about fifty diUUaWnea,
With Sis tacts Jrtfore ofif -7
tare of our poliucal irritations,! what estfanate
4rew to fbrm of th aincenty; of these who
profess to advocate Return to a toetabe;rener
l- m. mAmenttiM. when the? attempt to
cy,t r "wr.tm., tt-U c.' r
WestroT tne uanjko Hp vm
r .
?4
4'
r
i!
tr J
v..
1
lone enables ut-io mainiaja aaj aic-f m '
rfrt approximates to the endsin tiewrYoii wui
tKa re,f v tr'rednndancT of
per iaproportion tospecieano. how that to
!remeiied ty fveh Mtrcy's pre;ect b w
creaiitfe the paperi Jcaimoti ?J?Un,l11
orrro .
f i
y ARivQir. hnt sixtv muitons
V -2l '-.k-tr Uradit of lat
nia ti aaTrvnfrLiii'ii hid Afc-aa r- i j
.BaA
:5Xiifrret
- IV C 1 1. mm MAf I
aeput iae prtya nw-pir. -V :"T. d2.a ,ki
hi, i . f lii mTri there was USU Ml t'" i
5timatsl nrrviatiCLl. unui me ay - , . I2 .-I
!1
il
u
r inieresvea m ur oecause y, ?ui j wr Q- crease in the tofal loin, ot the Bank crone
, wo:wiicui.w-u4a- iiv4vv-y. ! t?T.T5 ii f. v-i wwr,1 wiia inesfl r million twrt ImnrfrivU-nrV fifr 1 Kmanrf hl- ht mihSfiterf. onlYalXtl iJ'Wf:"Ui auuiw ".-:. r 2 ' : i T ' - ' 1
2f:r ? i; t t
2:- - . . t: w i
a t . . it i