1 :
i :
TAe fcndmct; of JitmoerDcy in toward the titration oTtht induttriou elattn,th inert of their tomfort, the atrtto of I heir dignity, tht establithment of thtir jtmief.
BY ROBERT WILLIAMSON, -Ja.
LIXCOLSTOX, N. C, JULY 7, 1841.
VOLUME V, NO. 6.
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Tivcnty-scvcalh Congress.
JiEPEAL OF THE INDEPENDENT
TREASURY LAW.
DEBATE IN THE SENATE.
Wednesday, June 9, 1811.
REMARKS OF MR. BENTON.
Mr. Benton, after wailing some minutes
'fir the noise in the galleries to cease, said
the lateness of the hour, the heat of the
Any, the impatience of the majority, and
"the determination evinced to suffer no du
lay in gratifying the feeling whicli demand
ed the sacrifice of the Independent Treasu
ry system, should net prevent him from
discharging the duty which he owed to the
friends and authors of that system, and to
the c untry itself, by defending it from the
unjust and odious character which clamor
and faction had fastened upon it. A great
nd systematic effort had been made to cry
down the Sub-Treasury by dint of clamor ,
and to render It odious by unfounded repre
sentation and distorted descriptions. It
seemed to be selected as a subject for an
experiment at political bamboozling; .no
thing was too absurd, too preposterous, too
foreign to the truth, to be urged against it,
and to find a lodgment, as it was believed,
in the minds of the uninformed and credo
Ions part of the commiitviy. It was paint
ed with every odious color, endowed with
every mischievous attribute, and made the
source and origin of every conceivable ca
lamity. Not a vestige of the original ap
peared; and, instead of the old and true sys
tem which it revived and enforced, nothing
was seen hut a new and hideous monster,
come to devour the people, and to destroy
at once their liberty, happiness, and proper
ly. In all this the opponents of the system
copied the conduct of the French jacobins
of the year '89, in attacking the veto power
reserved to the .king. The enlightened
historian, Thiers, has given tis an account
these Jacobinical experiments upon
French credulity; and we are almost tempt
ed to believe he was describing, wi h the
spirit of prophecy, what we hwe seen la
king place among ourselves. He says thai,
in some parts of the country, the people
were taught to believe that the veto was a
tax, which ought to be abolished; in others
that it was a criminal, which ought to be
hung; in others again that it was a mon
ster, which ought to be killed; and in oth
ers, that it was a power in the king to pre
vent the people from eating or drinking.
As a specimen of this latter species of im
position which was attempted upon the ig
norant, the historian gives a dialogue whicli
actually took place between a jacobin poli
tician and a country peasant in one of the
remote departments of France, and which
ran in about these terms: friend, do
you know ivhat the veto is?" "I do no."
Then 1 will tell you what it is. It. is this:
You have some soup in your porringer;
njou are going lo tat it; the king com
mantis you to empty it on the ground, $
you must instantly empty it on the
ground: tint is the reto V This, said Mr.
B. is the account which an eminent histori
an gives us of the means used to bamboozle
ignorant peasants and to excite them against
a conMitutiouai provision in France, made
for their bartGt, and which only arrested
legislation till the people could speak; and
I may say that means little short of such
absurdity and nonsense have been used in
ar country to mislead and deceive the peo
ple.; and to excite them against the Sub
Treasury here
It is my intention, said Mr. B. to expose
and to explode these artifices; to show the
folly and absurdity of the inventions which
were use. to delude the people in the coun
try, aid which no Senator of the opposite
party will so far forget himself as to repeal
her; and to exhibit tha Independent Trea
sury as it is not as a new and hurtful
measure just conceived; but as an old and
eaUtary law, fallen into disuse in evil times,
ami now revived and improved for the
safety and advantage of the country, :'
Jhatis it, Mr. President, which ennsti
tu:es the system called and known by the
name of the Sub-Treasury, or the Indepen
dent Treasury? It is J wo features, and
two features alone, which constitute the
systemall the rest is' detail and these
two features are borrowed and taken from
the two acts of Congress of September first,
and September the second, 1789; the one
establishing a revenue system, and the oth
er establishing a Treasury Department for
iliS,nVlS30ih "7eciiiTnrioiraTi("riI
ver coin alone was made receivable in pay
ments lo the United States; and by the se
cond of them, section four, the Trea
surer of the United States is made the re
ceiver, the keeper, and the payer of the
moneys of the United States, lo the exclu
sion of banks, of whicli only three then ex
isted. By these two laws the first and the
original financial system of the U. States
was established; and tbey botii now stand
upon the statute book, unrepealed, and in
full legal force, except in some details. By
these laws, made in the first days of the
first session of the first Congress, which
sat under the Constitution, gold and silver
coin only was made the currency of the
Federal Treasury, and the Treasurer of the
United States was made the fiscal agent to
receive, lo keep, and to pay out that gold
and silver coin. I his was the system of
Washington's administration; and as such
it went into effect. All payments to the
Federal Government were mada in gold &
silver; a'l suclr money paid remained in the
hands of the Treasurer himself, until he
paid it out; or in the hands of the collectors
of the customs, or the receivers of ilie land
offices, until he drew warrants upon them
in favor of those to whom money was due
from the Government. Thus it was in the
beginring in the first and happy years of
Washington's administration. The money
of the Government was hard money; and
no body touched that money but the Trea
surer of the United States, and the officers
who collected it; and the whole of these
were under bonds and penalties for their
good behavior, subject to the lawful orders
and general superintendence of the Secreta
ry of the Treasury and the President of the
United States, who was bound to see the
laws faithfully executed. The Govern
ment was then what it was made lo be a
hard money Government. It was made by
hard money men, who had seen enough of
the evils of paper money, and wished to
save their posterity from such evils in fu
ture. The money was hard, and it was in
the hands of the officers of the Govern
ment those who were subject to the or
ders of the Government and not in the
hands of those who were subject to requi
sitionswho could refuse to pay, protest a
warrant, tell the Government to sue, and
thus go to law with the Government for its
own money. Tlie frarners of the Consti
tution, and the authors of the two acts of
1789, had seen enough of the evils of the
system of requisitions under thj confedera
tion to wai n them against it under the Con
stitution. They determined that the new
Government should keep its own hard mo
ney, as well as collect it; and thus the Con
stitution, the law, the practice under the
law, and the intentions of the hard money
anil Independent Treasury men. were all in
harmony, and in full, perfect and beautiful
operation under the first years of General
Washington's administration All was
right, and all was happy and prosperous at
the commencement. But the spoiler came!
Gen. Hamilton was Secretary of the Trea
sury, lie was the advocate of the paper
system, the Banking system, and the fund
ing system, whicli were fastened upon
Eng'and by Sir Robert Walpole, in his
long and baneful administration under the
first and second George. Gen. Hamilton
was the advocate of these systems, and
wished to transplant them to our America.
He exerted his great abilities, rendered still
more potent by his high personal character,
and his glorious Revolutionary services, to
substitute paper money for the Federal cur
rency, and batiks for the keepers of the
public money; and he succeeded to the ex
tent of his "wishes. The hard money cur
rency prescribed by the act of September
1, 17S9, was abolished by construction,' &
by a Treasury order to receive bank notes;
the fiscal agent for ihe reception, the keep
ing, and the disbursement of the public mo
neys, consisting of the Treasurer, ami his
collectors and receivers, was superseded by
the creation of a National Bank, invested
with the privilege of keeping the public
moneys, paying them out, and furnishing
supplies of the paper money for ihe pay
ment of dues to the Government. Thus,
the two acts of 1789. were avoided, or su
perseded; not repealed, but only avoided
and superseded by a Treasury order to re
ceive paper, and a Bank to keep it and pay
it out. From this lime paper money be
came tli3 Federal currency, and the Bank
the keeper of the Federal m mey. It is
ne?d!ess to pursue this departure farther.
The' Bank had in privileges for twenty
years was succeeded in them by local
banks they superseded by a second Na
tional Bank it again by local banks and
these finally by the Independent Treasury
system which was nothing but a return to
the fundamental acts of 1789.
This is the brief history the genealogy
j rather of oar fiscal agents; and from this
it results that after more than forty years
of departure from the system of our forefa
thers after more than forty years of wan
dering in the wilderness of banks, local &
national after more than forty years of
wallo'ving in the slough of paper money,
sometimes sound, sometimes rotten we
have returned to the points from which we
ukrru,16,fiTl o"wi"6Tlicers to keep it. We
returned to the acts of '89, not suddenly
and crudely, but by degrees, and with de
tails, to make the return safe and easy.
The specie clause was restored, not by a
sudden and single step, but gradually and
progressively, to be accomplished in four
years. The custody of the public moneys
was restored to the Treasurer and his offi
cers; and as it was impossible for him to
take manual possession of the moneys ev
ery where, a few receivers general were
given to him, to act as his deputies, and the
two mints in Philadelphia and New Or
leans, (proper places to keep money, and
their keys in the hands of our ollicers,)
were added to his means of receiving and
keeping them. This return to the old acts
of '89 was accomplished in the summer of
1840. The old system, with a new name,
and a little additional organization, has been
in force near one year. It was worked
both well and easy; and now the question
is to repeal it, and to begin again where
Gen. Hamilton started us above forty years
ago, and which involved us so long in the
fate of banks and in the miseries and cal am
ities of paper money. The gentlemen on
the other side of the House go for the re
peal; we against it; and this defines the po
sition .of the two great parlies of ihe day
one standing on ground occupied by Gen.
Hamilton and the Federalists in the year
'91, the other standing on the ground oc
cupied at the same time by Mr. Jefferson
and the Democracy.
The Democracy oppose the repeal, be
cause this system is proved by experience
to be the safest, the cheapest and ihe best
mode of collecting the revenues, and keep
ing and disbursing the public moneys,
which wisdom of man has yet invented
It is the safest mode of collecting, because
it receives nothing but gold and silver, and
hereby paves the Government front loss
by paper money, preserves the standard of
value, and causes a supply of specie to be
kept in the country for the use of ihe peo
ple and for the support of the sound part
of the hanks. It is the cheapest mode of
keeping the moneys; for the salaries of a
few receivers are nettling compared to the
cost of employing banks; for banks must
be paid cither by a per centum, or by a
gross sum, or by allowing them the gratui
tous use of the public money. This latter
method has been tried, and has been found
to be the dearest of all possible modes.
The Sub-Treasury i the safest mode" of
keeping, for the receivers general arc our
officers subject to our orders removable
at our will punishable crimiiiaiiy suable
civilly and bound in hc.vy securities.
It is the best mode; f.tr it has no interest
in increasing taxrs in order to increase the
deposites. Banks have this interest. A
National Bank has an interest in augment
ing the revenue, because thereby it aug
mented the public deposites. The late
Bank had an average deposit for near twen
ty years of eleven millions and a haif of
public money in the name of the Treasur
er of the United States, and two millions
and a half in the names of public officers.
It had an annual average deposite of four
teen millions, and was notoriously in favor
of all taxes, and of the highest tiriffs, and
was leagued with the party which promo
ted thesd laxes ar.d tat iff. A Sub-Treasury
has no interest of this kind,, and in
that particular alone presents an immense
advantage over any bank depositors, wheth
er a national institution or a selection of lo
cal banks. Every public interest requires
the Independent Treasury to be continued.
It is the old system of '89. The law for
it ha? been on our statute book for 52 years."
Every cttizen who is under 52 years old
has lived all his life under the Sub Treasu
ry law, although ihe law itself li3S been
superseded or avoided during the greater
part of the time. Like the country gentle
man in Moliere's comedy, who had talked
prose ail his life without knowing it, every
citizen who is under 52 has lived his life
under ihe Son-Treasury law under the
two acts of '89 which constitute it and
whicli have not been repealed.
We are against the repeal; and although
unable to resist it here, we hopo to show
to the American people lhat it ought not lo
be repealed, and lhat the lime will come
when its re-establishment will be deman
ded by the public voice.
Independent of our objections 1o the mer
its of this repeal, stands one of a prelimin
ary character, which has been too often
mentioned io need elucidation or enforce
ment, but which cannot he properly omit
ted in any general examination of the sub
ject. We ate about to repeal one system
without having provided another, and with
out even knowing tvhal may be substituted,
or whether any substitute whatever, shall
be agreed upon. Shall we have any. and
if any, whai? Shall il be a National Bank,
after the experience we have just had of
such institutions ? Is it to be -4 nondescript
invention a fiscality or fiscal agent to
be pbnted in this District because we have
exclusive jurisdiction here, and which, up
on the same argument, may be placed in
all the forts and arsenals, in all the dock
yards and nary yards, in all the light-house
and powder magazines, and in all the Ter
ritones which the United Slates now nos-
. . -T ... . j nr.iciici mijuiic i lit ilai'(!
exclusive jurisdiction over all these; and
if, with this argument, we can avoid the
Constitution in tfiese ten miles square, we
can also avoid it in every State, and In eve-'
ry Territory of ihe Union. Is il to be the
et bank system of 1836, which, besides
being rejected by all patties, is an impos
sibility in itself! Is it to be the lawless
condition of the public moneys, as gentle- !
men denounced it, which prevailed from
October, 1833, when the deposites were
removed from ihe Bank of the United
States, 1 i II June, 1836, when the State bank
deposite system was adopted, and during
all which time we could hear of nothing
but the union of :he purse and the sword,
and the danger to our liberties from the
concentration of all power in the hands of
one man? Is il to be any one of these, and
which? And if neither, then are the two
acts of '89, which have never been repealed
whicli have only been superseded by tem
porary enactments, whicli have ceased, or
by Treasury constructions which no one
can now defend are these two acts to re
cover their vitality and vigor, and again be
come ihe law of the land, as they were in
the first years of General Washington's ad
ministration, ami before General Hamilton
over powered ihem ? If so, we are still to
have the identical system, which we now
repeal, with no earthly difference but the
absence of its name, and the want of a few
of its details. Be ail this as it may let
the substitute by any thing or nothing we
have still accomplished a great point by the
objection we have taken to the repeal be
fore the substitute was produced, and by
the vote which we took upon lhat point
yesterday. We have gained the advan
tage of cutting gentlemen off from all plea
for adopting their baneful schemes, found
ed upon the necessity of adopting some
thing, because we have nothing. By their
own vote ibey refuse to produce the new
system before they abolish the old one,
By their own vote they create the necessi
ly which they deprecate ; and having been
warned in time, and acting with iheir eyes
open, they cannot make their own conduct
a plea for adopting a bad .neasure rather
than none. If Congress adjourns without
any system, and ihe public moneys remain
as they did from LS33 lo 1836, the conn
try will know whose fault il i.-; and gentle
men will know what epithets lo apply to
themselves, by recollecting what they ap
plied to General Jackson from ihe day the.
deposites were removed until the deposite
act of '36 was passed.
Who demands the repeal of this sj'stem?
Not the people of the United States; for
there is not a solitary petition from the far
mers, the mechanics, the productive clas
ses, and the business men, against il. Po
liticians who want a National Bank, to rule
the country, and millionary speculators
who want a Bank to plunder il these, 10
be sure, are clamorous for the repeal ; and
for Use obvious reasons that the present
system stands in the way of their great
plans. But who else demands 11? VV'ho
else objects to either feature of the Sub
Treasury the hard money feature, or the
deposite of our own moneys with our o-vn
ollicers? Make the inquiry pursue it
through its details examine ihe communi
ty by classes, and see who objects. The
hard money feature is in foil force. It
took full effect at once in the Soutfi and
West, because there were no bank notes 111
those quarters of the Union of the receiva
ble description: it took full effect in New
York and New England, because, having
preserved specie payments, specie was just
as plenty in lhav quarter as paper money; J
and all payments were either actually or
virtually in hard money. It was ppecie,
or its equivalent. The hard money clause
then went into operation at once, and who
complained of it ? The payers of the rev
enue? No, not onjp of them. The mer
chants who pay ihe duties, have not com
plained! the farmers who buy the public
lands have not complained. On the con
trary they njoice; 'for money payments
keep off the speculator, wiin his bales of
notes borrowed from banks, and enable
the farmer lo get his land at a fair price.
The payers of ihe revenue ihen do not
complain. How stands it with the next
most interested class the receivers of mo
ney from the United States ? Are they
dissatisfied at being paid in gold and silver?
And do they wish to go back 10 the depre
ciated paper the shinplasiers the com
pound of lamp black and rags which they
received a few years ago ? Put this inqui
ry to the meritorious laborer who is work
ing in stone, in wood, in earth, and in iron
for you at this amount. Ask him iT he is
tired nf hard money payments, and wishes
the Sub-Treasuiy system repealed, lhat he
maj; get a chance to receive his pav in bro
ken bank notes again. Ask ihe soldier and
the mariner the same question. Ask the
salaried officer and the contractor the same.
Ask ourselves here if we wish it we who
have seen ourselves paid in goM for years
past, afier having been for thirty years
without seeing lhat metal. No, sir, no
Neither the payers of money to the Go
vernment, nor ihe receivers of money from
the Government, object to ihe hard nwney
clause in the Sub-Treasury. How is il
then with the hodv of the neopl" '" e"
mass ol the productive and business clas
ses? Do they object to tins clause? Not
at all. They rejoice at it; for they receive,
at second hand, all lhat comes from the Go
vernment. No officer, contractor, or labor
er, eats ihe hard money whicli he receives
from the Government, but pays it out for
the supplies which support his family; it
all goes 10 the business and productive clas
ses ; and thus the payments from the Go
vernment circulate from hand to hand, and
go through ihe whole body of the people.
Thus the whole body of the productive
classes receive the benefit of the hard mo
ney payments. Who is it then objecis to
il? Broken banks and their political con
federates are the ciamorers against it.
Banks which wish to make their paper a
public currency; politicians who wish a
National Bank as a machine to rule the
country. These banks and lliese politi
cians are the 6ole claoiorers against the
hard money clause in the Sub-Treasury
: they alone clamor for paper. And
how is it with the other clause, ihe
one which places the custody of the
public money in ihe hands of our own of
ficers, and makes it felony in them to use
il? Here is a clear case of con'.wilion be
tween the banks and the Government, or
between ihe clamorers for a National Bank
and the Government. These banks want
the custody of the public money. They
struggle and fight for il, as if it was their
own; and if they get it, they will use it as
their own, as we all well know. Thus,
the whole struggle for the repeal resolves
into a contest between the Government and
all the productive and business classes on
the one side, and the Federal politicians,
the rotten part of the banks, and the advo
cates for a National Bank on the other.
Sir, the Independent Treasury has been
organized I say organized for the law
creating il is fifty-two years old has been
orgnniiPfl in obedience to the will of the
people, regularly exptessed through their
representatives after the question had been
carried to them, and a general .election had
.intervened. The Sub-Treasury was propo
sed by Fresu'ent Van Buren in 1837, at the
called session; il was adopted in 1840, after
ihe question had been carried to the people,
and ihe elections made to turn upon it. It
was established, and clearlv established,
by the wiil of the people. Have the peo
ple condemned it : y no meanns. Ihe
Presidential election was no te st of this
question, nor of any question. The elec
tion of Gen. Harrison was effected by the
union of all parlies to pull down one party,
without any union among the assailants on
the question of measures. A candidate was
selected by lite Opposition for whom all
could vote. Suppose a different selection
had been made. , Suppose a different candi
date had been chosen, and he had been bea
ten two to one : what then would have
heen the argument ? Why, that the Sub
Treasury, and every other measure of the
Democracy, was approved two to one
The result of the election admits of no in
ference against this system; and could not,
without imputing a thoughtless versatility
10 the people, which they do not possess.
Their representatives, in obedience to their
will, and on full three years' deliberation,
established the system in July, 18 i0: is it
possible lhat, in four months afterwards
in November following the same people
wutiM condemn their own work ?
But the system is to be abolished, and we
are to take our chance for something, or
nothing, in the place of it. The abolition
is to lake ptace on the instant of the passage
of the bill such is the spirit of hatred
against it; and the system is still to he going
on, after it is abolished, for some days in
the nearest parts, and some weeks in the
remotest parts, of the Union. The Receiv
er General in St. Louis will not kiow of
his official death until ten days after the
even'; in the mean lioie, he is acting un
der the law, and all he does is void. So
of the rest. Not only must the system he
abolished before a substitute is prfsented,
but before the knowledge of the abolition
can reach the ollicers who carry it on, and
who must continue to receive and pay out
moneys for d.iys after iheir functions have
ceased, and when all their acts have become
illegal and void.
Such is ihe spirit which pursues the
measure such ihe vengeance against a
measure which has taken ihe money of the
people from the hands of the banks. It is
trie vengeance of the banking spirit against
its enemy against a system which depriv
es them of their prey. Something must
rise no in the place of the abolished system
until Congress provides a substitute, and
that something will be the local banks
which the Secretary of the Treasury inay
choose to select. Among these local banks
stands that of the Bank of the United Slates.
The repeal of ihe Sub-Treasury has restor
ed lhat institution to its capacity to become
a depository of the public moneys ; and well
and largely has she prepared herself to
receive them. The Merchant! Bank, her
agent in New Orleans; her braneh, under
the State law, in New York; and her bran
ches and agencies in the South and West,
enable her to take possession of the publis
moneys in all parts of ihe Union. That
she expected to do so, we learn from Mr.
Biddlo. ftrl wcuIcicuV l .
resumption in January last as unwise, be
cause, in showing the broken condition of
the Bank, her claim to the deposites would
become endangered. Mr. Biddle shows
that the deposites were to have been reslor- .
ed; lhat, while in a state of suspension, hi
Bank was as good as any. In the dark all
the cats are of a color, as the Spanish pro
verb says; and in this darkness the Bank
of the United Slates found her safety and
her security, and her light to the restora
tion of the long lost deposites. The attempt
at resumption exposed her emptiness and
rottenness showed her to be the whiled
sepulchre, filled with dead men's bones.
Liquidation was her course the only hon
est the only justifiable course. Instead
of that, she accepts new terms from the
Pennsylvania Legislatu re pretends to con
tinue to exist as a bank; and, by treating
Mr. Biddle as the Jonas of the ship, when
the whole. crew were Jonases, expects to
save herself by throwing him overboard.
That Bank is now. on the repeal of the
Sub-Treatirj on a level with the rest for
ihe reception of the public moneys. She
is legally a public depository, under the act
of 1836. the moment she resumes; and
when her notes are shaved in a process
now rapidly going on she may assert and
enforce her right. She may resume for s
week or a month to get hold of the public
moneys. By the repeal, thtn, the public
deposites, so far as law is concerned, are
restored to the Bank of the ' United States.
When the Senate have this night voted the
repeal, they have also voted the restoration
of the deposites; and they have done it wil
lingly and knowingly, with iheir eyes open,
and with the full view of what they wero
doing. When they voted down my propo- .
sition yesterday a vote in which all con
curred on the other side, except the Sena
tor from Virginia, who sits nearest, QMr.
Archer," when they voted down that pro
position to exclude the Bank of ihe United
States from the list oWeposite banks here
after, they of course declared that she ought
to remain upon the list, and avail herself
of her rights under the revived act of 1836.
In voting down that proposition, they voted
up the prostrate Bank of Mr. Biddle, and
accomplished the great object of the panic
of 1833, '34 lhat of censuring General
Jackson, and restoring the deposites. The
act of that great man one of ihe most
patriotic and noble acts of his life the act
by which he saved forty millions of dol
lars to the American people, is reversed.
The stockholders and creditors of the insti
tution lose above forty millions, which the
people otherwise would have lost. They
lose the whole slock, thiriy-five millions;
for it wit not be worth a straw to those '
who keep it; and the only effect of suppres
sing the rotten list of debts a suppression
in which it is mortifying to see a Southern
gentleman concurring is to enable the job
bers and gamblers to fliove it off upon
innocent and ignorant people. The stock
holders lose the thirty-five millions capital;
they lose the twenty per cent, advance up
on lhat capital, at which many of the later
holders purchased it, and which is seven
millions more; they lose the six millions
surplus profits which was reputed on hand,
but which, perhaps, was only a bank report:
and the holders of the notes lose the fifteen
or twenty per cent, which the notes of the
Bank are now tinder par. These losses
make above forty millions. They now fall
on t!.e siockholJcrs and note holders :
where would they have fallen if the depos
ites had not been removed ? They would
have fallen upon the public Treasury up- ,
on ihe people of the United Slates for'
ihe public is always the goose whicli is
to be first plucked. The public money
would have been taken to sustain the Bank;
taxes would have been laid to sustain her;
ihe high tariff would have been revived for
her benefit. Whatever her condition requi
red would have been done by Congress.
The Bank, with all its crimes and debts
w ith all its corruptions and plunderings
would have been saddled upon the nation,
its charter renewed the people pillaged of
the forty millions which have been lost ;
Congress enslaved; and a new career of
rrime, corruption, and plunder commenced.
The heroic patriotism of Jackson saved us
from this shame and loss; but we have no
Jackson to save us now, and millionary
plunderers devouring harpies are again
to seize the prey which his patriotic arm
snatched from their insatiate throats'
The deposites are restored, so far as the
vote of the Senate goes ; and, if not re
stored in fact, it will be because policy and
new schemes forbid it. And what new
scheme ran we have. A nondescript, her
maphrodite, janns-faeed fiscality, yclept
the fiscal agent I or a third edition of Gen
eral Hamilton's Bank ? or a bastard corrt '
pound, the obseene progeny of bniU f
Which will it be ? Hardly the first tii(V
It romfs forth with the feebk and5 r
symptoms or an nnnpe coneep ""ije
evidently destined to take the ' . ('? ao