0 &
r
UNION. THE CONSTITUTION, AND THE LAWS THE GUARDIANS OF OUR LIBERTY.
Vol. XI III.
FKlDAY, JlARt'II S3, l38.
DEBATE IN THE SENATE.
ctth of .'Or. Clay, cfKy.
Oa D3 a-Treawy
Hiraarj 19. tSi. ,
f Cut roce and addressed the Sen
. Juhmn I " PubIie
pwsed through many troubled
and ofiea addressed public assen
ts' ". , , t,..
' . r . 1 riten in deliberate
sere oti
liba Jeep" r wfu! resPoa,"
vi ! ty . Never bpfor0 n" ri lo ex
wiiay."r,"1. r-;v ,
r f frht with auch uemendous con
Laencei the welfare and prosperity
ur lie emintrjr, end ao penlou to the
rLjut of the people, aa I aalemnly be
the bill under cinsiJeratioo iil be.
if i4 k9-. ntl alrepless hour
ftart w ,MJ, ,x h" co4J 0,e if
I,,., with what fervour-and amccnty
I ki i nplored Divine assistance - ti
pjjjheo and uMiia me in tnjroppo
lt . w it, I ihould bate f red.t widt you,
,t letft. for the aiacerity of my convic
W1s if I shall be so unfortunate as not
j, lutt y.uir eoneorrenee a to the dan
, .a. character of the measure. And
I ,,, thnked my G il that he ha pro-
Iks"! tn M n" ," rrc,eni u,n
l en o:a m' " v " - "
tff of fcy country, ginst a project Ut
fii.feaiig h perniciou tendency any
trfl hsve ever had occasion to conid
. I thatk him fr health I an
Jfau'eJ to enjoy; I thank him for the
-fiandeet repose which I eipenen-
Ul night: I thank him for 'he bright
vsl ;i trious ua which shine upon u
dir.
It is not my purpoe, at thi ttne,
M. Preiidfni.togo as large into a con-
t. Walton of co' whic, ,,aTe ,cJ
' nreent mot diatrou state of
n.b'ie a.Tair. That dut? was perform- :
i a I . .1 . f
wiiai of Con2res. It was then eleir-
!rVatht it sprung from tha ill ad
i l and unfortunate reaure r.f exe
fu:i sdminisiration. I now will con
tent nv-tr wit'ti ylrt; tSat. m the ti!i
tit of Mitch, I8J9. Andrew Jackson,
sat Hr the Wcmj if Gol, wa rrnde
Pw4iJent ( llfse U.iited Stues; that
the emntry was their eminently pros
perous that it wrrency onnd
nWe a ft? thu a people were ever
bled with that, throughout the wide
er. ntof this whole Union, it pisiespd
a uiifjr.n value ml that exchange
tn conducted with auch regnUrity and
pr rfection, that funds eoul I be transmit
4 from one extremity of the Uoion to
tie other, with the est 'poihle rik or
!. In thi encouraging rondiiion nf
;!; buiine of the country, it rem iincd
fit ifveral year, iintil after the war,
wantonl waged agin the hie Hink
sf th United Slate, was completely
sa:cMful, by the overthrow of that il-1
M-oawe institution. v nat our present
situation is, it is a needles to describe
it is painful lo contemplate. First felt
in our great commercial marl, ditres
M'l embarrassment have penetrated into
it interior, and now pervade almost the
imire Union. It has been justly remark
;J by one of the soundest and most
practical writers that I have had occa
sion to consult, " that all convulsions in
i!w circulation and commerce of every
c-wntry mnsl originate in the operations
of the government, or in the mistaken
and erroneous measures of those
pmrsjing the power of influencing credit
anl circulation for they are not other
wise susceptible of convulsion, and if left
to themselves, they will find their own
level, and flow nearly in ooe uniform
sUfjot,"
Yes. Mr. President, we all hare but too
ro-'UaclioIy a consciousness of the on
tap? condition of our country. We
all too well know, that our noble and
(Hint ship lies helpless and immovable
u?u breaker, dismasted, the surge bent
n? over her venerable sides, and the
crew threatened with instantaneous dis
trunim. lliw came he there? Who wa
i!ie pilot at the helm when she was ttran
kd? The party in power! The pilot
"a aided by all' the icience and skill, by
nil the chart and instruments of such dis
I'njuUlied navigators as Washington,' the
Ailames, Jefferson, Madison, and Mon
to?; and yet he did not, or could not, save
le public vessel. She wa placed in her
FMcnt miserable condition by his bun
g'tn; navigation, or by his want or (kill I
and iudement. It ia imnossiblc for htm lo '
"cape from one or the other horn of that
dilemma. I leave him at liberty to choose
. - . . ...
taiwecn them.
I shall endeavor, Mr. President, in the
course nf the address I am about making,
to Publish certain propositions, which I
Hcc to be incontestible; and, for the
se of perspicuity, I will state them se
'Mly to the Senate. I shall contend
li. That it was the deliberate purpose
and fixed !eia f the (ate adnvnitra-'
linn to establish a Government Bank a
Treasury Bank to be administered and
control! J by the Executive department.
21 That Kith that tie, a it J to thai
end, it wat in aim and intention to over
throw tha whole banking system, aa ex
isting id ihe United fcUates, when that
administration came into power, begin
ning with t!ia Dank of the United Stab.
3 J. That the attack w first confined,
front considerations of policy, to the bank
of tha United State, but 'that, after iu
overthrow wa accomplished, it wat tbeo
directed, and Lit since brea continued,
gainst the State flank.
4th. That tha present administration,
by it acknowledgments, emanating Irmo
the highest- and most authentic source,
liaa succeeded to tha principle, plans,
and policy, of the preceding administra
tion, and stand solemnly pledged fci coin
p!c?e and peifeet them.
And 5ih. That the bill ander contid
er-U')i is intended ! execute the pledge,
by establishing upon the ruin f the
late Rank of fie United States, and the
State banks, a C overnraenl bank, to be
managed and controlled by the Treasury
Department, acting under the commands
of tha Prcaident of the Untied Suites.
I bclicre, solemnly beltere. the truilt
of every one of ihee fire proposition. In
the support of them, I abalt not rely upon
any gratuitous surnjiies or vague conjec
tures, but epoti pro its, clear, positive,
undeniable and demonstrative. To es
tablish the first four, I shall adduce evi'
dence of the highest possible authenticity
or facts admitted or undeniable, aud far
reasoning founded, on them. And as to
the last. '.-ha raesvue under considera-
tion. I think the testimony, intriasie and
extrinsic, on which 1 depend, stamps,
beyond alt doobt, its true character as a
Government bank, and ought to carry
to the mind of the Senate the convic
tion w::i 1 entertain, ana in whic!i 1
feel penVcly cjnfiJent the wliiila coun-
la i
try
I. My first proposition is. that it was
the delibenw purpose and fixed design
f the late alrtiimstrj'.'nn to e-tahli-h a
(Jocfntert Uiok a Treasurv l!.i il-
to be aJ'nittivered and cmtrolio I ny th
Executive department. To etiblish its ;
truth, the first proof which 1 uuer u ! ?
following extract from IVsi lent Jtck
un' annual message of Deeeinin-r. IS 9:
"The clnrter of the Hmk of ine U iit.-d
States expires in I S3G. and its l-k
holder will most probably apply for a
renewal of their privileges. In order to
avoid the evils resulting from precipitin
cy, in a measure involving such impor
tant principle, and uch deep pecuniary
interests, I feel that I cannot, in justice
to th partie interested, too soon pre
sent it to the consideration i.f the Le
gislature and the people. Both the con
stitutionality and the expediency of the
law creating this bank, are well question
fd hy a large portion of our fellow eiti- l
7n; and it must be admitted by all thu
it h failed in the great end of estnMish-
ing a 'uniform and oand currency.
"Under thee circumstances, if such an
institution is deemed essential to the fis
cal operation of the Government, I sub
mit to the wisdom of the Legislature,
whether a national ooe, founded Upon the
credit of the government and its reve
nues, might not be devised, whii-h would
avoid all constitutional difficulties, and,
at the same time, secure all the advanta
ges to the Government and he country
that were expected to result from the pre
sent bank.",
Thi was the first open declaration of
thatimplvahle war against the late Bnk
of the United Stales which ws after
ward waged with so much ferocity. It was
the nnnd of the distant bugle, to collect
together thedispersed andscaiteredfirce,
and prepare for battle. The country sr
with surprise' the' statement that "the
constitutionality and ' expediency of ihe
law creating this bank are well question
ed by a large portion of our fellow citi
zens," when in truth and in fact, il w&s
well known that but few then doubted
the constitutionality, and none the. ex
pediency of it. And the assertion ex
cited much greater surprise, that "it must
be admitted by all that it has failed in
the great end of establishing a uniform
and sound currency." In this message,
too. whilst a doubt is intimated as to the
utility of such an institution, President
Jackson clearly first discloses his object
to establish a national one, founded upon
the credit of the Government and its re
venue. His language is perfectly plain
and unequivocal. Such bank, founded
.. ....
upon the credit of the Government and its
revenues, would secure all the advantages
to the Government and the country, he
tells us, that were expected to result from
the present bank. '
' In his annual message of the ensuing
year, the late President says: "The im
portance of the principles involved in the
inquiry, whether it will be proper to re
charter the Bank of the United States, re-
quire that I should again call the attea-'
tinn f Congresa to the subject. No
thing has occurred to lessen, in any de
gree, the danger which many of our csti
zena apprehend front that institution, as
at present organized. In the epirit of
improvement and compromise which dis
tinguishes our country and it institutions,
it becomes us to inquire whether it b
not possible to eecure the advantages af
forded by the present bank, through the
agency of a Bank of the United States,
so modified in iu principle a a lo obvi
ate constitutional and other objection.
It is thought practicable to orranize
such a bank, with the necessary officers,
aa a branch of the Treasury Department,
based on the publie and individual de
positee, without power to make loans or
purchase property, which shall remit
the fund of the Government, and the ex
pense of which mar be paid, if thought
advisable, by allowing it ouifrr t aell
bill or exchange, to private mdi vidua!,
at a moderate premium. Not being a
corporate body, baring no atockbolder.
debtor and property, and but few offi
cer, it would not be obnoxious to the
constitutional objection which are urged ;
againn the pref nt bauk; and having no j
means to operate on the hopes, fears, or I
intt-reat of large masses of the comrou-;
nitv, it would be shorn of the inll leoce ,
which makes the bank formidable." i
In this message. President Jackson, af-
ter again adverting lo the imaginary dan-!
gers of a Bank of the United States, re
curs to hi. favorite project, and inquire
whether it be not possible to secure the
advantage afforded by the present bank,
through the agen"? of a 8ok of the Uni
ted Slates, to modified in iu principle
and structure as to obviate the constitu
tional and other objections." And to dis
pel all doubu of the timid, and to con
firm the wavering, he declare that it is
though,! practicable to organize such a
bank, with the necesaary officers, aa a
branch of the Treasury Department. As
a branch of the Treasury Department!
The aery chem now under considera
tion. And M defray the expense of micIi
an anomalous institution, he toggest that
the otui-ers of the Treasury Department
nav torn hank"- and brokers, and sell
bills of exeliinje to private individuals at
i inolnte premium:
in Ins n:ui,i! mesiMge of the year I83l,
upon this nubj rt, he wa brief and nome
wh.it covered in his expressions. But
th fixl purposn wii.eh h entertained is
sufficiently dc.med to the attentive read
er. II announce that, "entertaining
the opinions ln-rtofire ex.wsai'd in re
lation to the Binkoft'ie United St3'es,
as at present org miz-d, I feb i ny duty
in my former messages, frankly to dis
close them, in order that the attention of
the legisdaiure and l!ie pt-ople lmutd be
reasonably directed toilrji imporUnt sub
ject, and that it might be ronsidf red, and
tin-ill v disposed of. in a mannrr bt Mi
culaled to promote ihe end of the con-
atituiion. and aubvrve the public inte-
rests." What were the opinions here-
tofore expressed, we hive clenrly een.
They were adverse to the Ba ik of te
United St.ites. as at prrsei.i organized,
lhat is to say, an organization uh any
independent corj orate govern nent: sn I
in fiv'or of a national bank which should
be so constituti J as to be subjed lo ex
clusive executive cn:rv.
At the ei hi of 1831, '32, the ques
tion of the rcehirler of the Batik of the
United States came up; and although the
attention of C..nre and the country had
be. n reneaiedlv and deliberate! v before up in all the systems ol policy wnicn lie s man my uoa man suna nere, nrm ana
invited l.uhe consideration of ii"bv Pre- ? found in prartioal operation; on that of i erect, unbent, unbroken, unsubdued, un
Bident Jackson himself, die agitation if it intern il improvements, and on lhat of the I awed, ready to denounce the mischievous
was n iw declared hv him ami hi pant-: protection of national industry. He was ! measures of his administration, and ready
ans t be pr-" ipt"ta'e , and premature. ! animated by the same sort of ambition : to denounce this, its legitimate offspring,
Never heles, the country and Congress. which induced the master mind of the j the most perniciou of them all.
,nri.,n f ih value of a safe and sound 1 ai?e. Nanoleon Bonaparte, to impress his His administration consisted of a suc-
uniform eu Teocy, co iscious that such a
currency had been emmen'ly supplied by
the Bank of. the United St.ites. and un
moved by all the outcry raised against
that almirable institution, the reeharter
commanded large majorities in both
houses of Congress Fatally fo the in
terests of this country, the stern self-will
of General Jackson prompted him to risk
every thing upon its overthrow.
On the 10th of July, 1832. the bill was
returned wiih his veto: from which the
following extract is submitted for the at
tentive consideration of the Senate; " A
Bank of the United States is, in many
respects, convenient for the government
and useful to thu people. Entertaining
this opinion, and deeply imprrssed with
the belief that some of the powers and
privileges possessed by the existing bank
ace unauthorized by the constitution, sub
versive of the rights of the states, and
dangerous to the liberties of the people,
I felt it my duty, at an early period of my
administration, to call the atteninn of Con
gress to the practicability of organizing an
institution combining all its advantages,
and obviating ail ihese objections. I sin
ccrely rcgrej lhat, in the act before ine, 1
can perceive none of those modifications
of the bank charter which are Decenary,
in my opinion, to snake it compatible
with justice, with eouod policy, or with
the constitution of our country".
"That a Bank of the United States,
competent lo all the duties which may be
required by govern rent, might be so or
ganized aa not to ii'fiinge upon oar own
delegated powers, or the reserved right
of the states, I do not entertain a doubt
Had the Eiecuiive been called upon to
furnitla the project of such an institution,
the duty would have been ebeei fully per
formed. In the absence of eurh a call,
it ia obviously proper tUai be should coo-
fine Limself to pointing out ihoe promi
nent features in the act presented, which,
in bis opinion, make it incompatible with
the constitution and sound policy.
President Jackson admit, in the cita
tion which has just been made, that a
Itank of the United cute is, in many
reaped, convenient f.r die government;
and remind Cingres that be bad at an
early period of hia administration, called
ila attention to the practicability of o or
ganizing an institution, combining all it
advantage, without the detects of the ex-
isting bank. It is perfectly manifest that
be al'ud' to hia previous recomwnda
tionsof a Government a Treasure Bank.
In the same message he tells Congress,
that if ha had been called upon to furnish
the project of auch an institution, the du
tv would have been cheerfully performed.
Tiuia it appears that he bad nut only set-
lled in his mind the general principle, but
had adjusted the detail of a government
bank, to be ubicted to Executive con
trol; and Congress is even chided for not
calling upon him lo present them. The
bill now under consideration, beyond all
controversy, is the ery project which he
had in view, and istoconsummaiethework
which he began. I think. Mr. President,
that you must now concur with me in
considering the first proposition as fully
inainUtned. I pass to Hie second and
third, which, ou account of their intimate
connexion, I will consider together.
1. That, with the view of cstablihing
a Government Bank, it was the cettled
aim and intention of the late administra
tion to overthrow the whole banking sys
tem of the United States, as existing in
the Uni cd Slates whtn that administra
tion came into , beginning with the
Buik f the Ui.ied States and ending
with the Male Banks.
3. That the attack was first confined,
from consideration of policy, to the Bank
of the United Stales; but that, after its
overthrow was accotuplised, it was then
directed, and has since been continued.
anainxt the State Banks.
We are not bound to inquire into the
motives of President Jackson for desiring
t subvert the established monetary and
financial system which he lound in ope
ration; anil el some examination into
thoe which pioh ibly influenced his mind,
is not without utility. These are to be
found in his peculiar constitution and clia
taeier. Hi ego'ism and vanity prompt-
cd hnn to su4lf' every ihing to his will;
to rh oige, to remould, and retouch every
thing. Hence he proscription whicn between Gen. Jackson and myself. We
charaeienzed his a Iminisiraii n. the uni- hve never since, except once accidental
V M d exp.ilion from o:Tic, at home and j ly, exchanged salutations, nor met except
abroad, of all who were not dev.ned to j on occasions when we were performing
him. and he at'emjo to re-i lr the Exec- the last offices towards deceased members
" nine department of goverume ', t- u-e a : of Congress, or other officers of Govern
! favorite expression of his own. a com- roent. Immediately after my vote, a
plrte ii'ii ." Hence his eizure of ihe ! rancorous war was commenced against
public depnsites in the Boik of the Uni- ; me, and all the barking dogs let loose
ted Sutes, and his deire lo unite the . upon me. I shall not trace it during its
pure win ihe sword. Hence his attack
nane upon every thing in France. When
I was i i Paris,' the sculptors were busi-
ly engaged chiselling out the famous N.
so odious to the Bourbon line, which had
been conspicuously carved on the palace
of the Tuilleries, and on other public edi
fices and monuments in the proud capital
of France. When, Mr. President, shall
we see effaced all the traces of ihe rava
ges committed by the administration of
Andrew Jackson! Society has been up
rooted, virtue punished, vice rewarded,
and ulents and intellectual endowmenU
despised; brutality, vulgarism, and loco
foeoism upheld, cherished and counte
nanced. Ages will roll around before
the moral and political ravages which
have been" committed will, I fear, cease
to be discernable. General Jackson's
ambition was lo make his administration
an era in the history of the American Go
vernment, and he has accomplished lhat
object of his ambition; but I trust that it
will be an era to be shunned as sad and
lamentable, and not followed and imita
ted as supplying sound maxims and ptin
ciples of administration.
I have heard his hostility to banks as
cribed to some collision which' he had
with one of them, during ihe late war, t
the Mty of New Orleans; and it is possi
ble thai esy hoe had some ir.flVi.-e
apoa bis mind. The immediate c.
nor probably, was tbe refusal of iht
perverse and snaewmmouaiinf eer.i .
man, Nick Diddle, to turn out of tne of
fice of President of the New Hauu-ltire
branch bank of the United Sum-, -
instance of bi excellency Isa&e Hill. Ia
the summer of 16??. that gunt-hU i , r
son. Jeremiah Mason giant in body.
and giant in mind. War and strafe, red
lets war and strife, personal or national,
foreign or domestic were the aliment of
the late President existence. War
sgainat the bank, war against Franee, and
true and contention with a counth-se
number of individuals. The wars with
Black H;k and the Seminole were
scarcely a luncheon for bis voracious ap
petite and be made bis exit from rutlio
life denouncing war and vengeance
against Mexico and the state banks.
My acquaintance with lhat extraordi
nary man commenced ia this city in the
fall of 1815 or 1316. Il was short, but
highly respectful, and mutually cordial.
I beheld in him the gallant and success
ful general, who, by the gloriou victory
of New Orlran. bad honorably closed
the second war of our independence, and
I paid him ihe homage due to that emi
nent service. A few year after, it be
came my painful duty to animadvert, in
tbe House of Repreenutive, with the
independence which belongs to the repre
sentative character, upon some of bis pro
ceed.ngs in the conduct of the Seminole
war, which I thought illegal and contrary
to the constitution and the law of nation.
A non-intercourse between us ensued,
which continued until the fall of 1824,
when, he being a member of the Senate,
an accommodation between us wa ; ught
to be brought about by the principal p,n
of the delegation from his oan -state.
For that purpose, we were invited to dine
with them at Claxton'e hoarding house,
on Capitol 1MI, where my venerable
friend from Tennessee (Mr. tVhite) snd
his colleague on the Spanish commission,
were both present.
I retired early from dinner, and was
fallowed to the door by Gen. Jackson and '
the present Minister of the United Stales
at the Court of Madrid. They precied
me earnestly to take a seat with them in
their carriage. My faithful servant and
friend, Charles, was standing at the door,
waiting for me with my own. I yielded
to their urgent politeness, directed Char.'t g
to follow with my carriage, and they sat
me down at mv own door. We afterwards
frequently met with mutual respect and
cordiality, dined several times together,
and reciprocated the hospitality of our
respective quarter. This friendly inter
course continued until the election, in the
House of Representee, of a President of
the United Stale came on in February,
1S25. I gave he vote which, in the con
tingency lhat happened, I told my col
league (Mr. Crittenden) who siU before
i me, nrior to rav departure from Kentucky
in November, 1824, and told others, that
I should give. All intercourse ceased
l ten year' bitter continuance. But I
' cession of astounding measures, which
fell on the publie ear like repeated bursts
; of loud and appalling thunder. Before the
j reverberations of one peal had ceased, an-
other and another came, louder and loud
er, and more terrifying. Or rather, it
was like a volcanic mountain, emitting
frightful eruptions of burning lava. Be
fore one was cold and crusted, before the
voices of the inhabitants of buried villager
and cities were bushed in eternal silence,
another, more desolating, was vomited
forth, extending wider and wider the
circle of death and destruction.
Mr. President, this is no unnecessary
digression. The personal character ef
such a chief as I nave been describing,
his passions, bis propensities, the charac
ter of his mind, should be all thoroughly
studied, to comprehend clearly his mea
sures and his administration. But I will
now proceed to more direct and strict
proofs of my second and third proposi
tions. That he was resolved to break do wa
the bank of the United Slates, is proven
by the same citations from his messages
which I have made to exhibit his purpose
to establish a Treasury bank; is proven
by his ve-o message, and by the fact lhat
he did destroy it. The war against all