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FAYETTEVIIXE, SATURDAY, AUGUST s 1840.
PIANO FORTES.
lT0Wop"n,n- an0- or SALE, at the Female
3 Seminary.
One Extra, Grand Action Piano Forte, eleeant
I'rotch Mahosonv, Gothic Architectnre, w ith every
Dodern Improvement, manufactured by Wake and
Glenn, -470
One ditto, Rose Wood, 6 j Octaves, by Wake and
,i,nn ------ V J O J
Oneditto, Mahojony, by VV ake & Olenn, $340
0:ie ditto, by Geib and Walker, - $3 0
Oneditto, Common Action, by Dubois, Bacon &
Chambers, '-'
itl... r;r,n Trirtcs have been selected rnrefnllv.
. 1 . ...ctxra in IVpw VnrU. and will be held
at a liberal discount from the resurar prices, and a
credit on jroou paper, 10 s.ul mc imm.
A L S O
Several PIANO FORTES, which have been in
, ?e jn the Seminary, are ofifcred at great bargains.
R. W. BAII.KY.
TaTetteville, June 13, 1340. C--tf.
fayctleville
FEMALE SEMINARY.
AVIXG declined further supervision of the
FE-M IT V. RKMLVAtlV. it is hist iiwt tr,at
should express to its former patrons and friends
h co:ind''nc, t"at in me nanus 01 iir. Spencer, it
'I K i-a tiliietpfl w i'h nh.'Iitv nnH fiithfi'lnpsa rm
t:t jcneral p'an heretofore pursued. Mr. Spencer
a leacher, is laborious, accurate and persevering.
It. W . liil.Il-.fc. 1 .
HE Subscriber wiil open the Seminary on the
lat'i ot Oetr b t next, and hopes by giving
sent re and rxc'u ive attention to the business
d (1 in each dep irrment by comoetent, efficient
r'EMALE TEACHERS to mem the patronage
heretofore bestowed. In r2ard to the plan he in-
iiis to pursue, h h s only to say, at present, that
ieis Dt-l tti.ui L.U to ive a course 01 msir-ie-:ion
in each department as TIIOROUH as possible..
The Academic year will be thesarne as before; com-
lcrcms on tlie Intli October, and closing on the
"th J .fy, arid divu'ed into two sessions. Pupils
iaed from time i f entrance to close of sessicn,
id no d-cluetion inudj for absence, except in cases
sicknss.
Til
TEtUlSIn .Advance.
ementary Department, or Se
cond Class.
irt CI .S3,
rench Lan 7ua ire.
Jrawinj; and Pnintip".
lus c rn the Piunr. Fort nc
companieit tiv tlie Vnirp
lusic on Guitar,
se of Piano,
icidentas,
Aujnst I. 1840.
S3 00 per session
16 00 "
10 vo
10 00 "
25 00
25 00 "
3 tiO "
50
G. SPENCER.
75-r
Speech of 31 r. Davis,
OF PENNSYLVANIA,
t the House of Representatives, June 2.1th,
1840 On the Independent Treasury Bill.
Mr DAVIS said: Mr Chairman, before I
roceed to the consideration of the great and
iportant national question now before the
mmittee, I will read an extract from the
hstou Courier, a modern whig paper. It is
tollows:
"As well might a blacksmith attempt to
Nnd a watch as a farmer to legislate. What
ischiets are sure to be enacted, when a man
m to nothing but the ploujih tail, undertakes
legislate."
Mr Chairman, I am the kind of person
erein described. I WAS BORN TO NO
MIERITANCE BUT THE PLOUII-
AIL: AND I HAVE PLOUGHED
!LL DAY FROM STT1V 1TP 1TIVTII.
PARK, SINCE I HAVE BEEN ELECT
ED TO A SEAT ON THIS FLOOR.
knnV Var, vunll - 1 .. . i Z nn, nn . . n
opinion in a certain quarter. It is as.
''da3 the Constitution nnrW whir.h we live.
PVhether I am qualified for this station or not
fj question alone lor my constituents, wno
five sent mo Ura
As I have not heretofore consumed anv of
7 -
feumeof the House, I now ask the mdui
Ijjnceofthe committee,-while I present some
I . tle reasons that will influence my vote on
"important question.
ine gentleman from Massachusetts, (Mr.
ed,) who has just taken his seat, the gen
"6Ien from Pn
Cooper,) and the gentlemen from Ken
aclsy (Messrs. Pnra. W'hito .nnrl Anrlrews.
Jh ell as most other-gentlemen who have
"veil m onnriKlllon tn hia hill, hnvft rhnrired
Present Administration with being the
use of the suspension of specie payments
r l87 and 1S39, and all the evil conse-
doranoA-
lIno. r-.. "6 """1 " &-
uloi me currencv. the issuinsr of shinDlas
h . e eduction in the price of produce, and
fting the Door laboring man out of emolov
Lj r me gentleman trom r ennsyiva-
lDaiit, r An i
3 say have r.nmo nnnn tho rnnntrv hv TVTr
lanP' . . r " . "J J -1
hi u 8 ,a"ipenng with the banks; lor
n,cn ho Kit n j i;i,r
ui.vii canv;u iuiiciiy 11111K1
and other odd names. Now if this be truej
as charged over and over again on this floor'
and in the opposition papers, it is the strono-!
est reason that has been offered why a sepa
ration of the Government from tho h.n-L-
should take place. Nothing that the friends
v. luc uui uave saiu m 11s iavor can be more
striking to the public mind than that if the
President has the power to do so much mis
chief, it should be taken from him. Had I
Deen opposed to this bill when I came here,
(which I was not,) I have heard enough from
its enemies to convince me that itbhould
pass.
I am pleased that my honorable colleague
from Philadelphia (Mr Sergeant) has at length
maae known to us the principal cause of the
opposition to this bill. He, of all other gen
tlemen on this floor, has had the best.oppor
tunity to be informed on that particular sub
ject. He represents the bauk interest of
Pennsylvania, and of all other men is best ac
quainted with their views, wishes, feelings,
and interests. In examining this bill, the
gentleman said that the amount of money ap
propriated in it was $21,000. This appeared
on the face of it; but there was something, he
said, that was covered up in it, which was hid
from public view, but which would be perfect
ly apparent when he mentioned it. The
Secretary of the Treasury, and the friends of
the bill, he said, had admitted that it would
require five millions of dollars to be all the
time in the Treasury. Here, said Mr D., I
think the gentleman has misunderstood the
Secretary. He said that there would not be
likely to be more than that amount in the Trea
sury at any one time, nnd not that that amount
would be all the time in the Treasury. The
interest on that sum, said the gentleman, at
7 per cent., will be three hundred and fifty
thousand dollars, to which add the twenty-one
thousand dollars, makes three hundred and
seventy-one thousand dollars; but you may
double this sum, said he, for it will take ten
millions of dollars instead of five, and that
will be seven hundred and forty-two thousand
dollars per annum, drawn from the tax payers
unnecessarily by this bill. This, then, said
Mr D. may be said to be the reason given by
the bank interest 101 their opposition to it.
I have taken some trouble to look into this
interest account, by examining the monthly
returns of the Bank of the United States for
the sixteen years that she was the fiscal agent
of the Government; and then taking the an
nual returns of the deposite banks from the
removal of the deposites to the suspension in
1837, and the following has been the result of
that examination:
Amount of deposites in the United Stales
Bank according to the monthly returns:
ISIS S7,6U9,501 90
1519 2,960,718 08
1520 2,965,018 58
1821 2,337,071 46
1822 3,4S5,118 30
1S23 6,874,41S 31
1824 8.0S 1,076 98
1S25 6,393,360 74
182G G,993,350 45
1827 7,623,22S 13 -1S23
S,032,255 SO
1829 S,1GS,025 59
1830 7,699,904 29
1S31 S,l 86,241 21
1832 11,337,722 21
1833' 8,529,040 61
The average annual amount in the Treasury
during the above period was $6,717,191 17.
Upon this I had calculated an interest of 6
per cent., but as the gentleman, who under
stands interest better than I do, has charged 7
per cent., he will not complain, I trust, if I
should adopt the same rule for his friends,
which will make $7,523,254 1 1 whole amount
of interest received on the deposites. But
this ia not all. I am informed that the rule of
banking is to issue two dollars in paper for
every dollar of deposites, and loan that out
also. If this is the fact, then the interest ac
count of the United States Bank alone is
$22,569,662 33.
In the deposite banks, 1 have taken the
amount reported to be on hand at the end of
each year. I now show the balance in the
Treasury as presented to Congress by the
Secretary of the Treasury.
1834 $11,702,905 31 Interest $702,774 31
1835 8,892,858 42 533,571 50
1836 26,749,803 96 1,604,988 23
1S37 45,968,523 86 " 2,758,11143
$5,599,445 47
Tf this amount was all the time in the banks,
the interest accruing on it at 6 per cent.
would be $5,599,445 47 ; Dut at per cenu
It will hfi Sftfi.524.986 40. Apply the same
rule to this that we did to the other, viz: that
thfiv issue two dollars in notes for each dollar
r rWosite. nnd loan that out also, and you
, --- -
hnvp th Rum of f19.074.0 21. AQQ inis
to the profits of the United Mates jsanK, ana
thn round sum- of $41,144,420 44
realized by less than one hundred banks, by
their having the custody ana use 01 uie puu..u
Vhia Avnlains the reason, to a great
IIIUIIW I -M. ... 1 . - j
r iha onnosition to the Bill now under
consideration. Those gentlemen who Hye
by their wits, . and not Dy tneir moor, uuue
stand all these things. .
it. u W;n ho nmiMr to remark that a por
of the United States Bank
fund, under the act of
March 5, 1817, setting apart ten millions of
dollars to pay the interest ana aiso 10 reuuw
h nrinoinnl of the debt of the Revolution and
late war. On the 12th of February 181 6, the
whole debt nmoiinted to $123,630,692 95.
On the 30th September following it was re-
dnrrd to S 1US,740, 1 1 lie wnoie avomso
annual amount in the bank for sixteen years
was $6,717,191 17. Of this sum I think it
is fair to charge $2,000,000 to the sinking
fund, leaving $4,71T,191 17 as the amount
applicable to ordinary expenses all the time
in the Treasury for sixteen years. From this
it would appear that the sum of $5,000,000,
as estimated by the Secretary of the Treasury,
is not much out of the way, and not $10,000,
000, as the gentleman from Pennsylvania
(Mr Sergeant) supposed.
The worst times, said the gentleman, that
the country has ever seen, has been under the
Sub-Treasury system! Now I am certain,
said Mr D. that my honorable colleague does
not intend .to mislead the committee or the
public in this matter, but he has surely for
gotten the distress in the couutry. about 20
years ago. T will here relate my own personal
experience at that period; and experience,
we all know, is the best of teachers. It is
not necessary, therefore, for me to go to the
statistics of the country, when my own expe
rience is a component part of them. -
In 1816, wheat brought in the Philadelphia
market, where the gentleman lesides, $3 per
bushel; com from $1 75 to $2; oats 75 to 80
cents.
In 1S21, prices sunk down so low thai
wheat brought only 62 1-2 cents, corn 31
cents, and oats only IS 3-4 cents per bushel.
I ploughed the ground, and sowed the seed,
cut it, threshed it, and hauled it to market, at
both those periods. The land on which this
grain grew, cost, in 1815, $125 per acre, and
at that time it w ould not bring more than $50.
Mechanics, who had received $1 25 cents per
day, and were found, were how reduced down
to 62 1-2 cents, and many were out of em
ployment altogether, and other laboring men
received wages in the same proportion. Land
fell from $125 per acre to S50, and in some
cases lower. Hundreds and thousands of
honest farmers who had passed the meridian
of life, and, by a long course of industry, had
accumulated a little property to make them
comfortable in old age, if they were one-fourth
in debt for their land, and were pushed for it,
the w hole was swept from them. Or if a man
had one farm clear, and a second one for
which he owed one-half the purchase money,
it took them both to pay the debt. As ren-
tlemen of the bar generally fatten on the mis
eries of the people, I presume the gentleman
did not experience any embarrassment at that
time.
What will the farmer say at this time? Why,
his produce won't sell for as much as he for-
merly got tor it.
Here again 1 will give you my own practi
cal experience. My last year's crop brought
me more money than any one crop of die
last three years. The increased quantity more
than made up for the diminution of price. This
is the case also with many of my neighbors.
I recently received a letter from a farmer in
my neighborhood, who informed rue that he
had sold from his last year's crop 437 dollars
worth of hay; and that he had four or five tons
yet to spare, which would make it up 500 dol
lars. He had beside this, his wheat, corn,
and oats to sell, and he owns and works only
about ninety acres of land. We farmers know
that when we have an abundant crop (all otner
things being equal) the price will be lower
than when the crop is short. It is therefore
not always the best times lor farmers wnen
prices are very high, because it is generally
owing to a short crop. It requires a certain
Quantity of crain for the use of his family and
stock, and if he consumes it all, the high price
is of no advantage to him. Ve had better
have 200 bushels of wheat at $1, than 100 at
$2 per bushel. For example: say that it
takes 50 bushels for bread and seed. In that
case we would have 50 bushels left, at two
dollars, making $100, and in the other
case we would have 150 bushels left at $1,
making $150. But, sir, we are like other
men we like big crops and high prices too.
We have, however, heard ot the country neing
ruined so often from the opposition within the
last few" years, that we understand their object.
You want, gentlemen, to get our votes, and
then you could control our money; but your
whig panic speeches tall stui-oorn upon us.
I will so to the laborer, says the gentleman;
and what will he say? Why, I formerly got
money that answered my purpose; but now 1
am out of employ and my family is starving.
' - - r ...
Men starving in Pennsylvania : ir, mis
is news to me. 1 thought the complaint was
that grain was too low. This is certainly
what was said to the larmers. oince a panic
has been attempted to be got up here, I have
frequently heard from home on the subjeci oi
labor and wages, and find that our mechanics
are well employed in my immediate neigh
borhood at former prices.
This is, perhaps, an exception to tho gen
eral rule; and the reason is obvious. We
have no bank near us, nor have we any thing
to do with them. Every man keeps his own
money, and no bank marks our checks good
without paying the money. We don't build,
nor employ mechanics of any kind, until we
are able to pay for what we get done, without
going to bank for the money. Our business
is, therefore, regular. I have been watching
the course of events for the last few years, and
have noticed the changes and fluctuations
that have taken place, and am of opinion that
the embarrassment of the country is owing to
overact ion by banks, or to their unsteadiness
in their accommodations to the business com
munity. I find generally, where men are
thrown out of employment," that it is for want
of a continuance of bank accommodations to
carry on business. Too many of our busi
ness men depend on bank loans to carry on
their business; and when that is withheld,
they are compelled to discharge their hands.
VOI.. 2. KO. 23. Whole Number 76.
It is a lamentable truth that the banks have
too much control over the business of the
country, and therefore can produce a panic
at pleasure. . .
"I donl like hard money," says the gentle
man. "I would rather have paper; it dont
wear out my pocket so much. Why, shall
the people be compelled to buy silver to pay
their debts? We have too much gold and
silver in this country. We have erred in this.
as in every thing else. Fifty-five millions of
your ioreign debt is occasioned by the impor
tation of. gold and silver. Send back your
fifty-five millions and pay your debts, on which
you have to pay $3,300,000 interest."
From the gentleman's account, we have
erred in this, then, said Mr D., as in every
thing else: that is, we have committed an er
ror by bringing gold and silver into the coun
ry instead of merchandise. Times change,
and with them gentlemen's opinions change.
W hen the gentleman received twenty thousand
dollars for going tc England, as agent for the
United States Bank to bring in specie, it was
all rigln to bring specie into the country; but
now it is all wrong..
One thing I presume is certain; no man
that heard the gentleman will charge him with
being a hard money man. The only thing for
our consideration, on this subject, is, was it
better for the countr to bring this money
in gold and silver, or merchandise? The
States have created stocks since 1S20,
amounting to $174,696,994, and over which
the general government have no control.
They found their way 10 Europe. . The above
amount was all that wes brought over in spe
cie, and the rest was biought over in merchan
dise. One of the greet evils that has afflicted
this country has been an over-importation,
and yet the gentlemat would have imported
fifty-five millions mo-e in preference to the
precious metals, such is his aversion to hard
money. Perhaps this exportation of hard
money is advocated to justify the U. States'
Bank in exporting specie as she ha3 done,
to the amount of $8,712,000, in about fourteen
months. This seems to be carrying out the
gentleman's principle in full. At the same
time that the gentleman advocated sending
this fifty-five millions of specie out of the
country, he also advocated a National Bank,
as well as some six or eight other gentlemen.
Now, sir, I want to ask these gentlemen wheth
er their bank is to have a specie basis ? and
if so, where is it to come from ? From the
best estimate that can be made from the sta
tistics of the country, the amount of gold and
silver in the United States is about eighty-five
millions. Of this, $33,105,155 is in the
Banks, as is shown by their last return, and
the rest is in circulation, or in the hands of
the people. The project of the gentleman
from Kentucky, (Mr Pope) and the only one
submitted, was for a seventy million bank,
so restricted that it should only issue tw o dol
lars in paper for one in specie. Under this
plan, one of two things is certain : either that
your circulation will be small or. you must
have a large specie basis. And where, I ask
again, is it to come from? Can you get what
is in the hands of the people? Or will
you, after all your professions of friendship
for the state banks, receive their notes in sub
scription for stock, and then call on them for
their hard cash ? Or will you go to England
for it, and increase the indebtedness of which
the gentleman complains? These are ques
tions worthy of your consideration, and I, for
one, would like to have them answered. Creat
ing more banks is like feeding Vesuvius with
oil; you only increase the (lame.
The gentleman has furnished us with a long
account of the expenditures, and also of loss
es by the agents of the Government, from its
commencement. In this the gentleman has
imitated his party. He has dealt in generals,
and not descended to particulars. I have al
so looked over document No. 10, of the pre
sent session, and find that the amount lost by
disbursing officers, exclusive of the trust
funds, and payment of the public debt, are as
follows, to wit:
General Washington's first term, 13 cents
per $100; second term, 27 cents per $100;
John Adams's, 83 cents per $100; Mr Jeffer
son's first term, 32 cents per $100; second
term, 64 cents per $100; Mr Madison's first
term, 130 cents per $100; second term, 112
cents per $100; Mr Monroe's first term, 205
cents per $100; second term, 216 cents per
$100: Mr J. Q. Adam's, 66 cents per $100;
General Jackson's first term, 19 cents per
$100; second term, 26 cents per $100.
It will be remembered that Mr Madison's
administration was during the embargo and
war, and therefore more agents were necessa
rily employed. Mr Monroe's administration
met with less opposition than any administra
tion since the adoption of our Constitution.
Now, sir, look at the pattern administration
of the venerable gentleman irom iuasswtiiu
setts, (Mr Adams;) the loss per hundred dol
io, , 66 cents: and the prodigal and waste-
ful administration, as his enemies term it, ot
General Jackson, only lost 1 cents per nun
ArA Hollars the first term, and 26 cents the
second term. This is always the case, gen
tlemen; when we draw you into particulars,
you make a most tremendous noise about
others, but always waste the most money
..n.ironlffPq.
Now, gentlemen, we will look at another
item I mean the whole amount of loss to the
each Administration. It
VlUVCIlii"" o
is as follows:
Woohinirton's 1st term, from
. iTftQ to 1793. - - $686 46
OTochincrton's 2d term, from
iVaatolTOT. - - 82,359 84
TU- .1 Adam's term from
1707 10 1801, - - B5,179 98
Mr Jefferiion's 1st term, from
1801 to 1S05, - ,- : 61,872 69
Mr Jefferson's 2d term, from
1805 to 1809, - - 122,478 61
Mr Madison's 1st term, from
lS09 toIS13, - - 374,654 23
Mr Madison's 2d term, from
1S13 to 1817, . - 6S8,836 61
Mr Monroe's 1st term, from
1817 to 1821, - - 880,111 67
Mr Monroe's 2d term from
1821 to 1825, L - 1,568,476 17
Mr Adam's term, from 1825
to 1829, - . - 2,278,558 47
Gen. Jackson's first term, .
from 1829 to 1S33, - - 299,798 51
Gen. Jackson's 2nd term,
from 1833 to 1837, - 1,305,305 45
Now, gentlemen, what do you think the
hard fisted, honest farmer, for whom you seem
to be so much interested, will think of this,
when they see it? Out of $7,748,318 89 of
the earnings of their industry that has been
lost to them in 47 years, your pattern admin
istration of Mr Adams lost $2,278,558 47 in
4 years, being an annual loss of $569,639 61,
and leaving but $5,570,960 42 to be appor
tioned among the other administrations for
43 years, making an average annual loss
during the whole 43 years of only $129,557 2 1 .
And yet you are the men who are loudest in
your professions of economy.
The gentleman from Adams county, Penn
sylvania, Mr Cooper, told us that the decree
of party had gone forth, and this bill was to
pass. He says in 1833, when the experi
ment began, we had as good a currency as
any country ever had; but the bank was to be
broken down, and therefore the deposites
were to be removed.
The decree of party has gone forth, is the
language of the gentleman. If he had said
the decree of the people had gone forth, he
would have been correct. If there is any one
question upon which the people of the district
that I have the honor to represent, is more
united than another, it is on that of an entire
separation of the Government from the banks
of the country, which has been an unprofita
ble partnership. 1 hey desire that their money
shall be collected in the legal currency of the
country, and be kept in such manner as that
it can- be at all times controlled by their rep
resentatives to pay the honest debts of the
Government. They have seen with deep
humiliation that, whilst in the midst of peace
and prosperity when our land was flowing,
as it were, with milk and honey with an
overflowing Treasury, their representatives
could not control it. They have seen the
banks, who had the care of it, close their
doors and place the Government at defiance,
professedly to keep the precious metals from
going out of the country; when, in the same
year, 1837, the exports of specie exceeded
the imports $4,510,165. Therefore, the rea
sons given could not have been the true
cause. They have seen an additional ex
pense created for the people to pay by calling
Congress together to provide for the defalca
tion of the banks; and, when met together, the
President was importuned to recommend to
Congress, at the earnest solicitations of the
merchants, too, tograntthem idulgence in the
payment of their Government dues; tor des
truction, they said, awaited them, it he did
not, because they could not pay tnem in sucn
money as the Government would receive. He
did recommend the indulgence asked, and he
did not stop to inquire whether the merchants
were his personal or political irienas; or
whether by such recommendation, he would
strengthen or weaken himself. No sir no
. , ... i i i :
such thing. le acted HKe a iauniui puouc
servant should do. He looked at the interest
of the whole country without regard to party.
On the 10th of October, a bill passed tne
House of Representatives unanimously grant
ing the indulgence asked for. This act
dried up in part the sources from which the
Treasury was supplied, and it Decame indis
pensably necessary to provide for the deficien
cy to meet the engagements of the Govern
ment under laws passed by Congress. It
was proposed to use the credit of the Gov
ernment by issuing Treasury notes. But,
sir, what was the conduct of the merchants,
the banks, and their friends? Every paper
under their control, and all the W hig orators
in and out of the House, commenced a war
upon the Government as soon as they were
K . . . rii . 1
relieved from destruction, xuey mmcu
round I had like to have said viper like to
stino- to death the hand that had saved them.
The vote on supplying the lreasury witn
means to pay its debts, was a strict party
vote or nearly so. If there could be found
the same number of farmers in Pennsylvania
that would act with such ingratitude, I would
A isowri . them.
To show that this measure is popular among
the people, I will give you the election returns
for the years 1836, 1837, 1838, and 1839, the
last three years when this Independent Trea
sury bill was made a test question.
Mr Van Buren. Opposition
1S36 761,963 .744,350
744,350
1839
17,918 maj.
1837 819,203
927,213
819,203
108,010 maj.
1838
955,715
1,066,245
955,715
110,530 maj.
1,004,004
962,5S6
42,418 maj.
962.5S6
Opposition majority in' 1838,
Mr Van Buren's majority in 1839,
Error in Pennsylvania return.
110,620
. 42,418
18,000
170,948
The above calculation was taken from ,a
Whig paper, except Pennsylvania, and there
fore they, whose organ it was, cannot object
to it. . .
This statement exhibits some curious facts.
In 1836 Mr. Van Buren's majority was
17,918 votes. When Congress met in Sep
tember, JS37, the politicians foresaw that the
suspension would produce an embarrassment
amongst the people, and especially those de
pending on banks to carry on their business.
A war of extermination was waged against '
the Administration. The Whig orators pre
dicted great distress, and made many panic
speeches, and circulated them amongst the
people. The banks, to aid their friends to
fulfil their prediction, put the screws on the
people, as will appear by their own returns on
the first of January, 1837, when their loans
and discounts in the United States amounted
to $525,115,702, and on the .first of January,
1838, they only amounted to $485,631,687;
beiug a contraction in one year of $39,484,
015. Such a sudden withdrawal of accom
modations of such a large amount of money
could have no other effect than to embarrass
business men. This was all charged to the
Administration, and therefore had some effect
on the public mind in 1S37. The change
against Mr. Van Buren on the popular vote
at the election was 125,928 votes. At the
extra or called session, Mr. Van Buren re
commended the Independent Treasury sys
tem. It then became the subject of attack
by the Opposition. In 1S38 there was but
little change, only about 2,520 votes. " This
subject was canvassed freely by the people,
and in 1839 the "sober second thought of the
people" made a change in favor of the Ad
ministration of 170,948 votes; and yet with
tViis fact staring you full in the face, we are
told that the people are opposed to this great
national measure. The gentleman from
Kentucky Mr. White informed us that he
would prove by all. the modes of attaining pub
lic sentiment, that the people were opposed to
this measure; but how did he fulfil that pro
mise? He took up the returns of 1336, 1837,
and 1838, and then stopped. The returns
of 1S39 did not happen to answer his purpose,
and were omitted by him.
We are charged with being enemies to the
banks of the country. How is this charge
made out? We are desirous to confine them
to their legitimate business of banking, and
then they will be regular. They can always
calculate with certainty, the extent to which
tbey can accommodate the public; but while
ever their accommodation depends on the
public deposites, and commerce fluctuates as
it has done, we must expect those sudden re
vulsions. But, sir, the banks may well ex
claim, "save me from my friends." They
have charged over and over again that we
will destroy them by refusing to let them nave
the public money; and also, refusing their
notes. What lnierence is to be drawn trom
this? Why it is, that the banks cannot stand
without being propped up by the Government.
This is what their professed friends say of
them here, and I think great injustice is done
by it to such of the bankss are sound. But
if this be true, that they are in this condition,
so rotten as to be unable to stand alone; it is
another good reason furnished by yourselves,
gentlemen, why a separation should take
place. 1 would prefer the specie clause, and
ca?h duties, going immediately into effect, so
as to prevent foreign merchants from trading
on the credit given them on duty bonds to the
great injury of our own merchants and manu
facturers. If the Government was to con
tinue to receive the notes of banks, every -
bank in your large seaports would be subject
to its will, for it could destroy them at plea- .
sure, by receiving their notes, and then call
ing on them for specie, when they must either
comply with its dictates or be so crippled
in their operations as to be neither able to
benefit themselves or the public.
In refusing to receive their notes, the Gov
ernment does nothing more than the Bank of
the United States did towards the other banks.
It received but few of the country bank notes
in payment of Government dues; but this was
all right, because it was done by the bank,
and no political capital could be made against
the Administration, and therefore nothing was
said about it.
But it is said that we want a bank to regu
late the currency, exchanges, &c. I have
looked into this matter and find that the ex
changes have been more deranged during the
existence of the United States Bank than
since.
In 1821, when the bank had been in ope
ration five years, the notes of many, of tho
banks in Pennsylvania were from 10 to 60
per cent, under par; New York country banks
from 10 to 75 percent; Massachusetts 12
per cent; District of Columbia 70 per cent.;
Georgia 40 per cent.; Ohio from 50 to SO per
cent. In 1827 there was another pressure
when Pennsylvania country banks were from
5 to 75 and 80 per oeut. discount; Delaware,
from par to 25 per cent.; Maryland from par
to 80 per cent. In 1833, when it is said we
had as good a currency as any country ever
had, Pennsylvania was from par to 2 per cent
Alabama was from 10 to 20 per cent; Louisi
ana from 6 to 8; Mississippi from 5 to 6;
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