North Carolina Newspapers

I - ' - ' ' , - I1 .'V . - - - i I . -t I.' , . - - REMARKS - " . OP . . Hr. tlAHGUin, of nr. Caro!!r:n. v ' Qn the motion of Mr. Talltitadge to refer v f -the plan of a Fiscal Agent to a Select ," Cozitrdttee cf nine, to be appointed by the -1 Chair. . ,. t Mf. ZIakgum, of North Carolina, .who bad obtained the floor- vestcrd.iv. rose and 4 addressed the Senate inanunusuajlyanima- V j ted speech' in opposition to the fproject of 5 -iuo oecretary.ol tho Treasury for an Ex- chequer Board.'. The (Reporter regrets, how"- ever, that, owing to the frequent falling of - , xne, speaker's voice, much that ha said was , -lost at the distant scat from which his speech -:, -was heard and reported. . : , ; t ; :.".( MrM. commenced with a promise very frequently raatTe in, Congress, to. nc9iipy but a short time in the remarks he had to, offer, Itwas "not his design to go ito,anyihing like a regular dissecti9or ;8Cvcrd analysis , of the trerasndousiprcisubniitted .in the Secretary's report ? yet, inasmuch a3 very s, 'strenuous efforts were making to pre-occupy ; , the public mind in its favor, AIri At. did de-' aire to express his views of the scheme ; in presenting! which ho desired ft td be clearly ' understood that" fpbke? for no jiitcVcstj -clique, or party either in the Senate or but .v i of 4Hhe cpiuipns heishdqld exprerfs vcre his own. ;Hs had n:f jly Jatistainedtfrom r i all consultation or cbmnaripnii of vinwsiinnn inc.suDjeci, uii had resisted such epnsuJta- tion when proposed to; him ; .becauseyiooki ini;at all the nast. ho Was disndsm in V lot by.gdaca be by-ffoncs t'! and; resrardincr the actual cute of the country ami, the amount of the public ; distress he was prepared to riie6t gentlemen who hojuld roe ahyfelisjlo measure for its relief in i broad and catholic spirits- On all. this, subject of banking, he held, probably, some peculiar opinions ; ho' did ttotaetTrnacb' value jtpon; jiten:rior.;c(id:. he deem them of any 'great coiisetifcn to others v hutVsueljyuas his. There was onj5 reflection Hvluctj iyildf not but have occurred to everr mini!.; l'hpv had here presented to them a4aper marked !y consbmmate abiljtyj ''ahdiTu'.With great labor,"(ho nrdduction,as it was said; of uuuuecr, or, as outers uaa expres sed tbemsel ves of t he fi rst- in inn i n thisrllc public ; and gentlemen on all suies of the House ba4 vied with "eacli; other In ;tJestdw ing -upon it their highest eiilojrums . ' k Immature,; however, as':h"e va3 in criti cism, he was compelled fo differ in hisiudr inenl on the logical' qualities o this prod uc uon, as well from the astute arid ingenious Senator (Mr." Buchanan) from Pensylvahia, - iiuiu me aoio ana. rearneu senator rtrom : Soutb Caroli na ( M r. Calhoun,) " than whom i no map ... in inis country was better nttedyto judge on the closeness of any specimen of. .jugi&suuuiuieu louun. .11 was very remark able, that tha report pasied oyer, and" seem-, ed studioiifcly tb avoids those points of argu ment connected -with tho general, subject, on which, the ablest minds' had forbears done battle ; rkl in the deductions which it did make, so far from exhibiting the force, and clearness of a logical head, it presented roost obvious defects in; logic, the conclusions drawn from premises laid down being i neon 8ecutive, abrupf, andHn one instance cspe- ciallyi monstrou3. There was one fact,' in -reieren.ee 10 mc pianvsuggcstea in tmar doc ument, which must have struck all who wit- . ne3sed the proceedings of that body. , 'Here . was a project, the production: of a mighty intellect; one of the first minds of the age - a ,roindfamiliar,for twenty yearswith the public affairs of this country,"an'd 'closely identified with a great and glorious, and vic torious pbliUal : party 4and yet,' wonderful to tell, with all this acknowledged ability, all this experience; and ( k n'pwledge of pub 1 ic a f fairs and" all this careTuI elaorat ionfof . a great and all-impprtant subject, when the re sult of its labors is presented to the Senate;' not a man htd been found.who would rise in ' his "place, -iad say 1 ivill take it." A pro ject was 'thbwi of 'intcllectuarjwcto force almost any prin ciple upon 4he -assent -of -other 'rniiid. and yerincre was not lound among all the mem bers of that bodyi io, not one scv poor as to uo it reverence, -and vny i ' i nc case ws plain. It atas an attempt to unite things es sentially incompatible- to1 drink at once, nd in the- same cup, from ' the rnoutb .and from the sources of tbe Nile. - i And hefc; he must be suffered Jo say? that the course of the honorable -Senator, ani of tboso who were on thid occasion associated' with him. j - babitually cherishing, as tbey did, the inon T - exalted respect for the sou rce from .w hence '; this document came, was such as pitlitled " them 46 the respect of evei. candid and tjpf f s right raan3i They stood Imanfultyby tbcir t pnnsipies, oc mey gooti orjjaa, auu were too , honest and two. wary Jo stepJntovthe4ead j; faltwhich had been artfully prepared 16 catch ", '- To the honorable Senator fnh New York ' ..(Mr. Tallmadge) he would say that, although he was iWillihg 16 do "any thing which could consistently be done, to relieve' the' distres ' ses i of Jthe untry, aiid(was prepared to re ,l cei ve and consider rwhate ver that Senator arid his committee might - propose as a sub 1 4 stitute for this" scheme," Vet he greatly feared inai ineir enons to prepare sucn a measure i would be wholly-unavailing : hb feared so. v How! '. d id 5 t 4ia ppeii 1 hat nobody cou Id be . found to cbime into this hew project Tf Was U'nbti;6b?ious1yv;..beca4Ib(priri beerj abandoned ? S Whatever mot i ves might, , have led to the presentation of such a scliemc, " whether it had been' conceived with a i view to secpre, or to hold power, it was al Cogether a hew conception,-and one that feeemedart-fully-suited fd the: feelings oftbe trmeo Such", at least; would-be the opinion of iten- tertained intone part of theUnionilfMr M; were to set abdu k' a dissection of this rc-'l markablc production, .be -did not know' that it wou!d,bc worth the metal which might be worn away in the opration.irqbpypu.t the measure forth as a thing to be adopted ; .. that seemed nbievnhftd JbeHhought of : as it stbci, i t wasr rcpidiated : priTaIl,handsi In . endeavoring:tq speak -favorably pfifj gentle- ; men did! not spe.ak oST.. it," but of something c Is 2 som e t hj.n ?s yet in , nyb'i ikirfsome :n defined I creationV whose form was as yet a mystery. fvVAfter ali lhe'loriff rconsideratton! 7ntchM:ad!;ncengiJ't -1. 1"'.- -''r -rV ::iU tiM. --r'-i liS jectand their familiarity witfi all the .lead, ing points invblyed, here, at this late hour, a project was presented. as qcqUpyyig anjn tcrmediale ground, and all men of allvpar- ,,e? w.cre calledupon to come togethgrajadJ For a long .week Mrr M. had pondered the project, and had " endeavored ' to divest his mind of every feeling but a desire to find the truth. !- He had viewed tho proposal, not like the. advocate who had written thise port, but like an honostinan.'determincd to do his duty. And he was compelled to come to the cpnclusiotthat even in .the worst cf limps mis upvernment had ever yet seen. never nan mere oeen so bold, so reckless a push ; for absolute power, as was now un U8h ?V.nad.e in.i the .paper; before the slnate. He repeated the assertion.' Never. never, i fr tho whole history.oft this Govern ment, nad there been witnessed a push so bold ; orone wJrichrilf successful, Vmusi J)e attended with consequeiices so;yast j and so disastrous to the liberties of this land. . With a Povcrnmcnt possessing a power orpatron age which, even in the feeblest hands, was of threatenting aspect to liberty- a patroni age which, spreading itself like a;polypusi insinuated its atteuuatyd fibres through all the interstices; of society, arid, by its tempt ng power, operating , to subdue all that man liness of principJe, that hardy virtue, which! Characterized our fathers to propose to su peradd to this 'thrcatenintbis iportetous amount of patronago the enfiro money power, arid this .to., bq managed and controlled ' at will by those hands which pull the wires ant mov the puppetsof partv if he believ ed tlje country was pripmre'd for such a mea- ouiu as mis, lie snouia iew a repression ot rniitil which nothing could cheer ; he should loiak upon hi.s children with tears, and must despair of tho welfare "of his country for cen. turies to come.' . mM . What a concentration of power did it not attempt tbfachieyej- frifthe present pros trate and down.trodden! r.ondttinn nf' nnr State Bantis he snoke of that- sourious and multitudinous herd which had sprung up uri dcr the misrule of a late Administration- institutions xotten throughout and tottenng to, their fall if the Gov ermcnt should at once furnish to tfc people a paper currency which should be in sound and ireneralcred. Iff those Banks would pop, brie afteV another,' liKe guns discharging in a burning ship, from one tend of the Union loathe bther. This Government machine, fabricating -i pa per like this, was to spring up amid the gen eral blight and barrenness as " a vivifying and fructifying germ" o public prosperity, (he : used the language of the eloquent au thor of the report.) Yesno doubt ; and when it should have germinated and sprou ed ; jWlierri Should have' put forh its root dowiiwardiand v.bbrne fruit upwartTwhilf the w bole: land round about was a barren d e geriti wheq it should have, spread its branch es far and wide",' arid covered. the whole la nd with its t shade then oh, yes then we if ere - to lie ddwrt in that" tranquility and repose" '. which , the writer of this report thought so desirable-the repose, the still ness of n inexorable,' mean, mercenary des-jrotisra-;T6 such a measure. Mr. M. never could consent : , he would not, should not.' Could any man. trace, the consequences t WhatVas the amount of mcjriey- to be pfa'ced under Mthe control of this new f institution t It astof issue apaperrculatibn to the amount bjf fifteen , mi I UotisThcijJt was to -receiver fifteen millions mbrd upon deposited nere was, aronce, an amount ot thirty mill ions of dollars, enough of it3elf;to overflow the whole" country and ho sawjno guards in this bill to prevent the amount being ex tended to -a buudrcd millions annually by its dealings in exchange. Should Congress establish a high Jariffi or : even but a. liberal tariff, whose ; annual : inpourings phbuld re plenislh"lhe;ndw empty Treasury with an in comer of twenty-five "Imniion" dollars, that alone might enable the Government to raise its head over thedcad sea of our prostrate' national credit, and waivehl? wand of its power to the destruction of the public pros- j perity.. But should there be superadded to inis a new capuai oi ininy mu lions,' anu the power o trade rtpon this to thcamount cf two hundred "millions more, subsidizing ev ery thing to its own supportji wherever the wide-spread machinery of this. Exchequer should, have been extended over the . land. what chance could possibly remain ' for the J Existence of public .liberty 7 Place a man of even moderate ability, and of tbirtyrfive yitTs oi ge, in me jrresiucimai cnair; put In bis? iMLpds -this mighty concentration of power, political and fiscal, and if he did not tiuq rougusuou over mis people ior- ine rest of his life,' it must be owing to hi&own vir tue, and not jbeirs who armed him with such an engine of, oppression. , I i ,k ; ' This capital was in a strange condition. Not aaiiail. reached it from any Quarter of the country whichdid not bringthe evidence! of real distressfof the most appalling suffer ihg. Our: proudest cities so far from beiiig exempt from the genera1ptfc were the very theatres where calamity Was most severely felt.v It- wjould be. an interesting inquiry to a'slt. fiov air this -'Sit$s- brohgh tf abqiitri MirV .M-I; would hot jdeairi thcnSenate, or weary those who understood tlifient&e cas asll andj, bettethan4he didfetjacing tne course of events w hich had i ilduccd a state qfhmga vso SdepTqrable. " - t ogress f Ivad 1 stricken down that institution i which, until 1836, had exerted 80 efficient a; power in regn latirig.the currency t iwhen, at once, the Bank mania JiaweptoveJ they came lip,' from ;thD destruction of; f he oldjrititution like Jfrpgsjfro the Nile, until ihe cVrohtryrwas M Lthem. The Dolicv of the State Governments.' meanwjlef h aridthelmeansipjy and thus thcTeopld' were; reduced: from th condition of tho brightest and palmiest pros- perlty, tol?the)deep dence. ;The. expedient. vhich had), been re sorted to of. borrow;irig foreign capital- had produccfbf r'tim Butwhile'tHenaUon thatabund arice ' prod uced "by I the; i nflux e f -borrowed wealt h---w hileia 1 1 fwas gng on gloriously, and a stranger would hayesuppps eu -iuav uie couniry uaa aisaiueu to iue-Hign- i oi Uie. united States and fhe-timipcl.rfrnr.ric. ,M 1 t. . 4 i L . a ; . f . J -11.:.. Aw I f - r : I prosperity, a -sudden reverse was exnerienc- ed. The foreign debt was demanded : the means of meeting the demand were not to be found. Individual and "pubftc1 distress fooii. spread in every direction. The ex tremily of pressure gave birth tdthcjevolt Jng idea of repudiation.'- If, then, to the re- ucu vurrenr,, wnicn wa3 . last sweeping away me; means ot weali ti, -we added this hateful doctrine of repudiaiion, and tho still more anti-American doctrhic and,' I'mav uu, in my juagment the atrocious doctrine of the repeal of charters, and the destruc tion of vested rights," and add yet to these the" tergiversations and treachery, in public, and the falsehoods, forirerics, frauds, and all tho other forms of xlishoncsty in thej walks of private l ile -was it any wonder that men who possessed capital should lock up arid hoard their resources, andnot expose them to a mass of population ' already dernlv tainted! and more and more imbibing the poison of T agrarian- principles J S j - t In a state of things like this, orather uo on the approximation oflliis state -of things, the American People had risen as one man, and thrown off, by a burst of indignation, the individual whose mal-adtninistration. had. as they believed, brought about thisfunparal- lolA, -i':vr . .! . ' . cio BLaiu ui corrupuon auu disires3.-r-They Uhought that they were about to sub stitute for his reckless misrule Jlheir own sys tem of remedial measures. Every one knew owi ttaytad been baulked in that'expecta tioii The liistory of Atiis nationlal crisis wouW read byour patriotic children with wondcrf asia page exhibiting the strangest; most unacqountable,rand most useless ter- hgiveraation which the whole volume record ed, or it would be closed and passed with loathing and repugnance. . The People had been . utterly disappointed. . The measure proposed by their friends in ConrrGsa as the only panacea for the public ills had beendf- icreo, adopted, and vetoed at the Extra Ses-, siori.;; And here. Mr. M. must be suffered to say, that, although voting for that beasure, he had always felt great doubt in Regard to its immediate efficiency. He hac had his own misgi vings as to its effecting al once all that good which itsriend? irt their sanguine momentspromised themselves, and , perhaps thoughtlessly, promised to others. He had neye'r-bei,.a friend to Banks'; he had never touched a-Bank by ny vote of his until last summer The entire system was bottomed on such principles that it appeared to him to carry its own death within itself. The mea ure whicji the Whigs, had proposed, he be lieved, might indeed mitigate, and for a time repress tiie; efvils connected with it. It might withstand "something of th.-jit surge like force with which the mad excesses of the system Were sweeping over the country. I But, there still appeared to him to remain one great desideratum, which'nothing had as yet beenable to supply, and that was, a prin ciple within" the system itself which should operate to check excessive issues and pre vent "those fearful alternations of expansion anq contraction which so shook the ; System of public credit, and spread such frequent tainly nad never been applied. VVIiatever might be said of the regulating power exert ed over the State institutions by a Bank of the United States and such an institution did exert that power to a certain extent yet stilf;j in proportion to the degred of confi dence which the public might repose in anv j of t!ese State Banks, hey were in variably uispuseuj 10 pusn ineir issues to extremes. Mr. M. was no Jank agent nor 'Bank ma chinist, and he admitted that the; tendency of a United States Batik, in exerting k regu lating power, would be to break such of the State? Banks as', were, essentially unsound an operation w h ich , however salutary in the end, could not but be attended with a vast amount of private distress in their respective viciiutjes. The mere displacement capi tal whicli was necessarily involved in sub scribing to soTgreat a number of Banks was in itselfa Igreat eviljTand must -necessarily produce great stricture in thVmoney market. Then the explosion of rotten Banks which must necessarily accompany a reform in the currency! would be productive of great ca lamity. .jOn the whole, he believed that the community had gone so far in the multi plication of Banks, and in ail those habits to Kwhrch this gavetfrise, that it woulttequire a long course of years to bring the Country "back, to a sound inonetarv condition. For 1 these' extended and inveterate evi 3 Govern might do of a well underthe ment possessed no panacea, it something by the establishment regulated National Bank, but even effect of such a measure many evils must still continue to exist.,! Nothi ngl could lef. fedLually. redeem the nation, nothing could ever restore the palmy daysof her past pros- i:ZZ7,STr ' ? ""ii T . , u penty, but patient labor, general expenditure. . '""H " ''V. 4- ; But now what did we behold 1 In thedis tressed and prostrate condition of (the whole busiricss4f the country a condition render J cu .Bun more uisiressmg irom tne oeieat oi eyer planpf relief-vehad now a project startedvf,whieh Ii w6uldaain pyjthat it washe4bbldest .iishflbribsolateiwer which the people of thi tcounjtry v had; .yet jitnessedj ind; furtheri which waa tltts most iportentous bribe to be found in the, history cmbrn trmesl petian t bafefacied that ever was offered. In many parts of the country: the, People were sjeepuigion a yplcjino J; their condition ;i was in the last degree distressinir and danocrous: Jthdy: tvei-eQin fact; almost beggared ; and wncu once a man was made a beggar, a very sliglitdt skve. Jn their necessity they lifted up their eyes to the Government for aid, rAnd w ha t as jthovproposedjkt should 6wd4)lStpBirn itf bank, wi thmoney facilUi es tar treareVarid fae better calculated their distress . and the relief of their jmmedi atewants thjiriarry i National Ban kj which Ihefrerinerids had evrdevisetl.iifr1 f MrVll stiid" jhat to go into a brief comparison between a Bank of the United Statvhen first started, nat- urally displaccd'a lareramount of capital; it . it went on td bantthe'exislirigcapilai in efficient ; buthis chief objection to' it had "u10verament hbuld redeem it! WM it aJ its bands and in th Country, But this Ex- been on Account of that spirit of solitude " SflFSn .ifV? uho?di aeipw chequer Board pddwJ by alstioke of the pen ami isolation .which so strbrigly, pervaded it: mtwi1"1 nUiratu tmrtMllionsJojcapital, and by dealing and which he id hb deem respectable," and rS0 Phaj in.excbange was.pblcd to-extend it. to a vli ich wen t to dirorce the GdvernmBrit from" eom the-highest authority ever ciaiSb 'V"1 hundred or a hiindrrtfl'andfifT millinne mnri ihn nmraiiniiii hT,t-.,T. i eral Jackson and in n.irt fmm ;...-n.....-, . ' "eo. -for such were the.f jrnts bf the country, 'and the Govcrnmenr resemblei'theeaptairi of ""'rfrfc-dtawiAad. TiS so long had they continued and accumulaed, some ship which.was overtaken -in k storfn, uX&K! '"J that its business wJbfd absorb rtm whnlA f who. inaLAnr .f.n. u.S ..... V! .Uner och umatsnce he confer iuat amount. ux&M demon pt speculation once be conjurdd Vjrahd turned loose upon" - . ytr . ,-T. " us wiiu schemes W adventure, and no man could set limits tb ts demand. To offer to .mi8iiing ropie a suppiy ukb this, i , ne repeated itJthcfffreafest bribe' which ithe hlStorV of modern tl'np.8 r.nntrl hnw., A n Um. 7 T-iir,- .. AAri-., years to run, haviri Lis disposal s drilled vurp ui omce-uoijters, anu noiding under his control a subsi d.presi, rnlinc over a moans nPnrnoontmU l!,nn, ...IiU :!. 1: " ivMi.iii ti&iii tviiu mi iiiiuicui- his power in. spheral! efforts to resist him uic7n,ui;i in wmir.uM.ress:. micrnr nprnprnnio i no pian proposdito add to the business capital i ot the country! a sudden and vast; in- crease, to ue'fC'ffiSUHl bv a riieri? sirnlrp nf to be reutSEfttl bv a mere strnicfi iof the pen,. The Mediate effect would bej sucujen ana unii. relief,. comparative ease, and apparentalllufence : but, as had been ably shown bfetlie Senator from Penn. sylvania,the entiref histor of the world w.ent to show that while -his' va3 always the first effect, the certain fdencywas to deprecu tion,' and the finaBjsaue Jn every case bad been a general expbsioh. I nai a spectaci t iu tne Senate exhibit T When the parties iBeontained were iustluri- on tnc eve ot a gleat Contest, wh e the Whigs were in a 4fsitiori in which it Was supposed; they .'migC; dictate terms to th President, and whi,i4gentlemen on the oth er side see.m6d to C3.Libit a disposition more yielding. to. the.-po&'rs- that be,' and' when many, an adverse attitude towards each other who ought to be faa this project. It v&i ere, to the gentleman from Penngylyariia, (Mr. Buchanrian,) ami what was his cpiiise? though strongly .disposed to regard any thing from the President with a favorable eye, and though sp(ikingK)f him personally in the kindest language, he still expressed the most decided opposition to the measure. He could not go fo it ; and why ? Because he held the projectefcangerous to the public liberty. And 'the.inorable Senator appre hended that, shou'la second Aaron Burr mount the Presidential Chairman engine like this might tempf; hftrj to ; perpetuate bower jn I) is own hand, ar. Unighi render him the most absolute of ruJirs. Certainly the temp tation would bp graj the bribe was enor mous. - Thirty milfns of.capital springing up as exhalation, a 'sudden and vet as un substantial ; 4 branches spread all over the Union ; a productive tariff; the Briarean pow er of the Post. bffi?Department. with ! its eight millions of dKls : a universal svstem ui rauroaas ana 4,1 is; and all this in an e :i i i . cn this must be addedlfie entire power of riat- ronage j the ability 16 confer the distinctions' m.r. .1 ot place, the more bantial profits of nf iice, and all the wgbt of political honors and confidence rut it all together, and Mr. M. would riot t4st any mortal man with its possession. Iferi the Fatherof ihis country could retuM froin the grave, and would ask for sisejm trust, Mr. M would not put it into his pajtids, unless he had first received a revelatigi from heaven i that It would. live forever:-' ? 1 ! xv i-uusuiereo ri;as among the worst sicrnsl of the times, and a pact well calculated to fill the bosom of tM patriot With despon dency, and to tarnseye with doubt upon the future,lhat thiv-jSrofect was looked at in the country simpljim its money aspect. ! It was examined and discussed solelv as a mea. sure calculated' to (Sje efficient relieCand to remove mpri from $t grid-iron of sufferin agrarian ana mercenary age, it did certainly eeipeui a-mopsier, wnicn might not present a mass f Slower difficult to resist, ey act upciiaitiqStlenc vthe; Goverri and appalling to cilemplate. Then to i all ment, but was IrTxef'ljpon Jt as a part and 1 . n m-- r . ! m l on which they wcrr now bound. Certainly Georgia, (Mr. Berrien,) which was last sunl it vasa scheme w pitched to suit the pre- mer left opposed to the open air, with all the sent tone of the pQbJic mind. It exhibited a snrewo acqaintaNC with the character lind L present condition m .the American People. The manner in wljh the project !; was in some places recciVc-ir) and that too where there was an ! accumulation both of know ledge and of inteltual strength, seemed, in this respect; toajtify the anticipations of. its author. Eventinds like these could' look at it as-a mciyv measure alone, and seemed entirely ;t$!iisregard. the deep and uttiigeHHis lenuerj-jWhicii lay concealed ueneain its surtact But it was said feffat the nrmeet wn In be modified. It was 'return from the commit. tee in quite a dihnt shape. :y Now if iis honorable friend m$ NewCXorkMrtfall madgo,) who was! thoc'ad pftibat; com roittee,and for wlSii no man entertairmdJa more sincere resp.nnd oh whose purity and patriotism; mflratiori t and.,sagacitynO' man could more fMdicitly rely, should .: be ablato'accomplispfsuch; a: modification of the scheme as shpfd strip it Jtif its rariro dangerous and aiding featOres, fMr. VI. would not merelylOeceive" the proposal with ca1 whlfap t6 i heart woqld rejoic5iithih him at tho thought that such a thing 1re possible; but '.jbe great; ly, feare4hat -ig.tf could be accompl ish ed. That rnasterind which was supposed to navef conceivecM hd elaborated Hhis oro- Qtib-Vaeeml by expressions orsu the altemativevlWl Ml would? notfc hesitate for a momeri t. -I wbuld incomparablv ra ther adopt the "sufreasuryp than this moni strous - Juggernaf,! whose Imurddrousrcar would make i ts vrj Jy o ve r the neck of a pros trate' DcoDle--' ?fr s ; - dn regard tctip5ubTreM served that be hal. first formed hi? opinioir of 'it while in pratc lifearid lie cbhtsrd thatfthen;stryd fin-tfe Tangtia it was measure whose bine fits were more enhanced Jjy its'lricndsi ahf whose evils were more ex- . -A-jr1. " .aM-jjjrt r-i v. il, io present to the Senate this af fnati. t(oithp isl-n k; omit id thesj3-1 reasury.:Lft If that were aggerated by.tts!erjcmies, than truth would justify As ameasure for the restoration .... uiiu "is passengers, took to, the-lifeboat, succeeded in securing himself orr sonie ' tock,! unsub- rnergedn the sea, and left his.vessel to her fate, to be shattered on thS recfs or td found- er in .the waves. To, this .feature pf. the scheme. Mr.'M.' bad felt the almost aversion I Tho strnnimiio nnnn'tinn nM.). lin rn 1 , -f K'vtji bivii iiuii4iiai yjMii ik" much against the plan iUelf, as it then stdt as against.wnat iheyapprehended:sit,wouId grow to be : 2 but eyh theirs utmost feara na was nr- vprsnannw. onl I., K; tl Ti. Jl it s. :! L-llA: i oi-iucu in iii. uiiifcijjt rue luueeu, u was 01 uiu same sueciesi nut ir nati iinrnifainpn nnv hhjng like the samesie tor strength. ; It hid lls iace;modestlvibehindrfaifeii: so that its leatpres were but dimly seen j buithis look. ed out imnudenllr with thr pniintnricA nf a harlot it stared the public in the face nrithnnt a KImoK i : r -;..-i-i : . , , .4 , v'f ' The certain effect of the adoption of this scheme must be to destroy the local Jbariks throughout the. United States, with the ex- ception of those Jir: the great commercial centres ; and there TKitiect wduld be so powerful and so 'cdnceritratedii that loca banks would become extinct, for the plair 1 ain reason that they would be profitless. Mr. M. did not know that hft wnuld trppn manp tears over them. Such would be its effect -. -"- iporium of New v i j i . ; - . n . York, and such ltmifrhfhar? berinChnrlA;. i mu gn,Bi v,imuciv,iai ci luuuuiii ui hcw ' . . . , " '"7 ."7, .. ...... ..g,.. vvujuuii u.siui- ilar distinction, had it not been for the fatal malaria and the yellow fever. He feared, however, that ; the. climate and the God of Heaven had put that forever out of the ques tion. . . One of the most striking things attending. this project was that it should have originat ed in the Virginia school of politics; and that its supporters, if it had any, should be found in that quarter. Mr. M. felt a deep veneration for the ancient Dominion.-- Nd man entertained a biffher resDect for the principles she inscribed upon her banner in '98 and '99 a ! period ' in which she had resisted the vices of the age. " Her politic ians opposed a United States Bank, because there was no warrant for it in the Constitu tion. Her patriots had eve a. been foremost in contending not onlv for oublic liliRrtw. but private right. And although, -in. the creation of such a corporation, they might restrain a, tetter it, manacle it, in any man ner they pleased, yet still its inherent powjer appeared in their eyes iso formidable and tremendous .that, public liberty .could riot live by its side. But here there emanated from that ancient Dominion a svstem in which all the banking faculties were fully .1 i..r.. 'A ' t i J. parcel of the Government itself. Yes. il was : iai . irginian wnocouiu anvocate a scheme tike this! How Virginia, whiebvhad feltsuch dread of a corporation, Whose Charter it could modify as it pleased, could ever go for a project like this, was a thing he could not understand. But ifhe witnessed a course like this, he certainly should cease lo take lessons in political integrity frcm the ancient Dominion. f Not a single banking power could be mentioned that was not fully de veloped in this "scheme. Here was the, pow er of isue, the power of deposite ; and the power of lending the public money, the pow er of discount, effected by an evasion. ! It was true that the kites raised under thts.sys tern would remain less time -upon the wing, but their flight would be extended oyer a wider circuit. The whole plan Was, in fact, nothirig else but the Fiscal Corporation of his friend from winds and storms of Heaven beating- upon jt, till at last there came a thuhderclapAvhich prostrated it in utter in sensibility; But now; behold it picked up, resuscitated, set upon ita feet, and removed beneath the friendly she!4 ter onhe l-reasury building. Mr M. could perceive no points of diversity between the two. he Kscal qdratio had been ..approved , at ' headquarters,', and drawn almost by Csecutive dictation; riever theless encountered the " Presidential veto : and, should the present bill pass both Houses;' he would not risk his life; uponUfVbiit he would not mi nd i risking v a few. yellow boys, that this bill also would share the same fate. If Congress could not get what the ) Presi dent had", expressly: promised "them-what ground had they to expect that of whicb.tbe bad received rio promise ? , . ; -: j 5 The course of gentleman on the other side Mr. regarded as most unkind, in determining.to stand still where ihey were, and compel the friends of this mea sure to come to ihein. Would it not have teen more becoming, if a promise must be effected, 5 that each of the parties should ; yieLa little" ground f - It seemed very manifest that this measure had been framed with the designed object of securing die support of the bon- ' orabte Senator fron'' Pennsylvania and of the gentle man from South Carolina, since it wns an amalgama tion of the original conception, of ' President Jackson, once and still so great a fovort'e with the first gentTe manTand a scheme of the hooorabte 3enator from South Carolina himself. The two seemed to have been nicely dovetailed into eacli other. :. lit was very true that when Jackson threw oat the inUmation of aucb a project, the United .States Bank was in the height of Us powri But,'aIthoagh the power of Gen eral Jackson was irresistible, not only by; the general multitude bat by those who stood at the head of sode Jty; tbe project met no fato4 $ It wat repudiated cn alt bands), and in all quarters ; yet that very plan was the basisjof e present. mcasu.oftbishad been 1 superauueu trie scheme of the senator from -Sooth iCarolinaft This latter planlMrtM "had never particu larly esmined;Asrmigbtl-expeclediJ.it4 bold and i original in ita character: andmieht be feasible. This wai substantially the same scheme ; Tor what ever genUemen mightaay about thedifierence Wtween the propose I paper issue of this Exchequer bank and a Governmmt paper4nodev.'f o all tiraciieal effi-rf theri was no differani e4 for this new money would de facto test on me iaiq ot Ajroverntnent alode and would be as completely irredeemable as if it were declared so on 1U tace. - When it was issued in 'tho 'DroDortion of three to one'when it grjs)od everyi vm the mlnu- test concern of nrirotn I:r ' l . XI? r'.''' .'"termirigled ftwlf vrithT:' . . vc wuenu insnn..j. w cy, There rexnaineilivbamcr yet mthe Ur" I Whei tho?enjeanee of Heave"descendWaW c iu no nope 01 rccmrranv thinir fA.i.: v f"eaoice an tneir expectauons as a party we efeated, and they found in the chief sej r r circumstance, lii ,Zr"J"lr.v 1 ' : - uvtiu, .iiu uy uue uiaw inn nr.fr 1 .. l r Lvorins to ihrowO:; wwV:0w en1 'mreadiLrDaiid d&t&Jj -eossam,, i wm; m uu .wii in lnom n .- f hiigbt have iSeerf marchinsr at.n. k i.: a Pm f PriuelJoi tnumt)h in' thnt WKi iL'it-.i. W r-ri.'- - . amr-under a i . . . common enemy with barriers and 'phid "Z u jitbu, anu ais eow snaaow was throwaril.rn ,1 ' Goose creek we had.no ;Tarpeian rock W u' thrown hlf, CurUua-like, Jn t&LJ perished for the salvation of h;, have been. some hope that h tu. ulUfy were miEht Conducted the GTnm,n, ,ir:7. . .U,J the People fiad- sanctioned., An.l ZZ .1! perhaps there might be a hoge yet. A .laugh .f ' jrvoen. wc-uovernment treasure was enin,i r1',"?. COr.Pralion' lhere tra wnwthfnsf of a matu-" al iiatuhtv between, them : hnt nAM in . .?ii foand an immensemachinerv. fWt;nr . ... .... - r ' 3 vuuilLTV r . ra'wn."Pon miltioii, and no pAwer any .... .... " . "- wuniry llllAn linnn millim. . . n . tIMiiU;, M. u vtl : - 1-rJ mf. fli. wuuiu jiever consent to truit m.i Ill - i Z . . irusi W "X""cre. w nue pnvaie claims of J the i -uu uiuoi iiiuuiumuw justice' were constantlv "dected from jear to year, because the Govemmfm coma not oe soed, woatd they invest with the like k-pi"buo ui unsueuuuiiy an institution with all the pwers to be enjoy ed by thu "Excheqaer. For one o iicici.wuuiu consent 10 ir. - , He had satd that it was not his intention to rrn an analysis oi tne tW; yet there were rtaHy one oriwo thing's in it which had so forcible struck h;B mu nd which so palpably demonstrated riejllogical cha racter oi the ranch vaunted arrangement in tbe report, that be coaldnobut refer to them. T The first occarred in Dasre 2dof the' "rjiinfeti mh where it wa asserted that this Exche&er Board tin list tvIt luMn wii J!J II . - ' . i . .,nu "uiu iiuicuiicci ii8capuM-uv suoscim- us na u uai reaiore werp essential, to the exis . e i i ..... . . 'i - . . " . oanKi ; Migat not a bank- bo . incorporated rut tnilniiu1 milk -111 I U-T; qaisite was wholly wantine! What were the -R.tj . HVw..v nu wi vauiLiuz lacuuies wnere , tnis re- oi Alabama l ' If this reason was a sonnd one iW were no banks af all fa state of tbinirs which the r. nlA Aflk.lttl.t. - 1-. II I t . i . . . r v luoiuiBic nugni wen uere 10 vo we ease.) laugh . This was a specimen of the incontrovertible l'gic for which this paDer had hecn sa hiohlv nraicp1 and praised too by ftie Senator from 8outb Uaroiins! wnose searenmg eye any one wpuUl have snpooseJ uiocvuti to cunciusion couty oaTe escaped, uuthe supposed that the Senator hatLbeen jo much gtsiM and so entirely engrossed by ihe concession ic there porty that he was sot disposed to look with a mi eroscopic gaze upon its otber features. Again, in page 8, it was contended that this wis no bank, becaqse it did riot discount Now here wm a double and twisted, fallacy ; ihe reason igiven was untrue in principle and untrue in fact JJntrue in fact, for confessedly the Board would discount- bills of ei cbangc; arid untrue in principle because a bank may .exist without this power." Here was another instance of ihe impregnable logic of. the jeport, another evi dence of that gigantic intellect whose impress wm said to distinguish every word and line. .Tbeihird. fallacy, might be found on pases 5 and 6 where tbe Secretary insisted that the bill proposed no union of the purse and the- sword, because neither ' thePresident nor his Secretary could touch a dollar in . the Treasury without an. appropriation. Why, had. not Ibis always been tbe case 1 Yet what had been the ground taken by the Whig party at the time of th removal of the deposite ? What had been the out cry on .that occasion of this Secretary 'himself both master and mant Although every, petty Locofoca paper in the country had defended the act on this ery ground, that Oen. Jackson could not himself touch a dollar of the public money unless by the ap propriation of Congrea. did the Whigs admit that reasoning as valid ! . Did they not still contend that that act effected a union of the purse arid the sword ! And was not the case the ame now ! In this fallacy there were two untruths involved j'nay, three In the first place, the principle was unconstitutional, h was said that neither the President nor the Secrelsrj could touch a dollar of the public money. Qct tb Govern ment, bad, fallen into decay, and, though commetce hatlbechme quite too .mercenary a ..concern for this aristocracy : of thl" present day as a ubstitate they turned their attention to banking, and as the revenue wa collected 'different points, and had - to p ibrough the bands of subordinate functionaries, .every whipper-in of a custom-house might - appropriate lba wbole amount lo the purchase of exchange. The ar gument enUrely overlooked the (act that the entire revenue might' be seized upon without a dollar beinj appropriated. If this was an example , of the severe, coasecuti ye, impregnable logic of the report, he, for one, must have more dpacity before he could be able to appreciate it. " , ' " Mr. M said, in conclusion, that I be Bank in this bill was ultra, beyond any United Slates' Bank that had ever been thoughl.of. ;When Cassar, at tbe head of hb victorious legions, broke into the "Temple of Vesta, and seized tbe public treasure, he had not in hi hands a power so gigantic ua that which was confer red by this bill. ' It was tbe long-sought philosopher's stone ; thi lamp of Aladdin was iio tqurfar to it. It converted reams of paper into gold, merely by 'putting u unuer toe press oi ine juovernoni. . eu on another head, .nd by one blow the fict anTr King John, inatead of Iuokmff to the- wefe of 2 .-T VUlJ.Ut VUD CUOri .IC With ail this gigantic" scheme, concocted anJ elab- i ited by ihe master-mind of ihe age, backed by all v.-' c orated this force of argument, and defended by all these iikg- r i l i- i t' .... . .i . '.i . itai coaciustons, ue wouiu. not say. inai mere was man in this Senate who would not take it, but this hi would sav, there was none here whd had nerve enooga taay I .teltff.take iiExpedk Eercuhtm Hei might be seen, on a narrow strin of land, which sepa rated on one side the calm, deep blue sea of Wbi? principles and doctritir-a- on whof bosom were up borne the destinies of freedom land the hopes of a gai- inland expectant world j from jibe raging ea of De mocracy, whose wild surges were roaring ami dashing on the ether,, the ftwt-print of ; Hercules but not tbe wnoie impress of the Toot ; for so narrow was toe inw and saady verge and so nearly did the waters on the one side encroach upon its limits and threaten to ming'e with those upon ihe otber, that there was not room fa tht giant to tread without having a portion of his foot pnnt obliterated by the waves. A.l ..!l. 't in V Amrtntr anA nrAcnmntOOOS attempt at ihe subjugation of the People by we ea cing influence of the insmey power, that which offended Mr M. in this document' was the spirit base and vile ;sobservjency and flattery towards W President which every where marked ; its pages, whfcji presented ihe revolting speciacle of a gross njercenary aduUiion,in the face and at the w"5"6 prinpiple, ; nfibly avowed and defended for twew years'. ' ' ' ' ' . . . . ,t- -v! BuVaid BTr.'Mt I bava tooMon? occupied m tenUorr of the Senate with thU desultorynd grated and disconnected.rigmarole, , I M101- tb say more, but as it is alwaya .my Jf with great tenderness and respect of the fDH of Government, loud laaghtcrd I ehall to? - will now resume my sett . ' " 1 ; -! .;o. tit r.-,: , . .! 1 is Jt 3.1-. Vi it -t r h i i ' i! i i A X a It tl I si fi ai vl 5. m th to ki hi H eii a t