. "
.lALKIGIl STAR, , ,I VOUT.U CAROL IN A ( A Z K'l T E
speak favorub'jsif tt, gentleman did notj
H e.ik hi i, cot ot something else some
tlii'ig as jet A n!(!n!u sum undrfine-l
Ovation, U'trC lorui was a let a ytery.,
-After all the long consideration winch had
b.vngivi ti to f'ie general' auiijel, tjrf their
Timtluri-ty itV ;t'tte leaning fmlnfvta--volved.
her, it this da'e hour, . pn.j-ct
was jrc;it( . 4 ;upjifi o tMterme-
. diale gi-ou n ' J.,. nitd all turn alt-par ties
weie ailed upon to runie together an J u
nte to supporting it. , -'i, , o
For a lung week' Mr. it had "p"fldret!
the project, cud had etldvur4?d to divest
hi mind of every feeling but a desire to
find the tru'x.. lie pad -..viewed toe pro-
- poat, Tt tike the itinttho had writ
leu tf'ic report, but, like M honest man
determined n do his nu'v. And he was
compel. ed to come t't- Hie cnciui;n iimi
even in the wtirt of lime th (Jern
mcnt hat! never jet aeeii, .never bad there
een fobidd.ao reekUn a pu4i fur a'jiolute
tower, a u-aa nuw uiiblusliinu;! f made in
-4h jmper leff USe4ittt---li-epet-i
el the nmrrjun iever, never, in I lie
whole liUiorf y( .hia'Goveriimenf. had
(here !'" wijjtiased a puU bHi it
one v b U li, i f ucceiii fu 1 m u t Ue a : t c n il -
id Wib.rn9.env!tBce.t..i't..wU.jJ!dJg.tL.
a i run i to ttte tibcrtieg'iif tii land. Willi
a Goeriient p)peiiig a power of pat
- rage: - hkhrew-ift- tint- fetUlet4ad,
was 14 ilu-rat riling apetti-.tufttv, a pa
trorae whub, spreading iUelf like a pot-1 was it any woinler that men who possess
ypu, insinuatid -i s atti riuat.d fibres el rapia! should lock . up and hoard fhrir
tlimuh all the intertice nf so.if ijfaad,
by iu templing power, operating tosui
tl"a all that manliness id principle, thai
l.anly virtue, wliiih characteii.ed wr fa
thi ra to propose to mprfadd t ttn threat
ming, this, portentous aniount f patrun-
s Ihe vnlicc mjney puwer, and II. is to
be managed ami cotitroiled at ill by those
hands wlisth p'ii! the i es and move the
puppeln of party, if he belitieJ the coun
try was prepared for sixth a measure ai
tills, be should f'fl a .depression of mind
which nolliing c ould cler; he fcliould look
apun his children with tears, and must
despair of the welfare of his Country for
censurie to come,
h it littempt tu achievei - In the f event
oar S. ale Hank, he spoke of that spun-
tiii-nnil moltttodmiTllV berd wliKih- bad
pinj op onderititrniwrttfeTtf r ia;e Ad.-
mtiiiatraiion, mslsiuUoiis rotten ttirougii
t;Ut atttf tottering tr -their -fH-4 r if the Gov
eminent should at once furnish-to the pen
jl a piper curreucy which should be in
Hound and eeneral credit,. those Jiaiiks
wpuid pop, one after another, like gans
dHihargiojt in a burning ship, from orie
end of tlie ,Uniit. to the either. . l'h' o.
vernment machine, fubrica'tng a paperlike
ibis was lo-apring up. amid lie general
. liliahllamrarrynwess t : a tiifyt.g ami
fractifvinif Eerm of.tiublic prosperity, he
uuvtl i ittouMniiu "I titm elm". utli
of the report.) , Yet n doubt and when
it should have germinated sn I sprouted
when it i uld have 'nut loriii its root
downward and borne, fruif upward,' While
the whole lad round about wua a bTn 1 11
,le aer t j w hen t liould havens pre ad its
bianchea fir and widis tod covered tlie
whole land with its shade : then- oh, yes
then we were to lie do n in that Mran-
qjilityaoj repoae', which the writer ofthit
repwt thought io desirable the repose,
the Stillness of an inexorable mean, mer
cenary desiMitism. To such a measure
M r-W neWf ol4 oiisenti lie would noV
should not, Could any mm trace the con
sequence? What was the amount of mo
ney to be placed under the control of this
Dr institution? It was to issue a paper
circulation, to the amount nl blteen mill
innsi Thcn.it was to receive fifteen mill
ions more upon deposit?, : Here was, at
onte.att amount of thirty iiwltiont of dol
lars', enough of itself to overflow Hie whole
fiunirvnand'he-sawnoTr'rarde iir ihii bi If
prevent the amount being extended to
a hundred millions annually by it dealings
in exchans:. Shoald Congress. establish
a big'i. 'ar.ll', "t etett bat a liberal faria;
whose annual is pourings should replenish
the now empty t reasury with an income
of twenty five million dollars, that alone
might 1 nab e the Government, 1 raise Its
brad over the dead sea our prostrate na
tional credit, and waive Jjift,wand i f "s
'power (o fhedestractionof the public pros-
..... . . 11 1
to lhi a new capital of thirtv miliiori,!Hi'
tirpw4tr-i4asy
roTfworundre'innillions nibre, subr"n! 'zing'
every tbiitg to it ewn support, wher-aer
the wide spread machine! f ef thin Kxiae-
- juer should Jtave been eitended over t!.e
Imd. what chance could possibly remain
. for the existence ol public liberty? Flare
a man f even moderate abilltr, nd;4
4birty-five yearaaf agritU
chairj pat in his nanus una miginy concen
tration ilnf power,' political ami Catal. atid
if be did not ride roughshod over this peo
j,le Tor the rest of his life, it must beow
wig to his own virtue, and not theirs who
armed him with such an engine of oppres-
. tion, .a-v "
This Capital was in a sfrange eondition.
Not a mail readied it tronj any rjuarterol
the country whiclt-d'nl not biing the evi-dencf-reiil
d atils, of thel most appal
ling suffering. OJrJfiwuileat t itiee, so lar
fi'om being etemplr from the general lot,
"were the very the res wbeie ratatnitv wai
iuot severely felt, ,lt would be au Hiter-
lnng ii.iiiw U ttK huv a: ilui w s,', e3ee4 nl iun a nwjisur many emu miut
brtiught atomt. Mr M wnuldnt detain I fct'tl rontiuue, lo exist. Nothing could el
tbe Semite, r weary thiMO' who under-' fectualty redeem Ihe natiori, noijnng could
stood the entire case well and better loan j ever restore the palmy daysof her past pros
be iltd, by retracing the course of eciits peril vt bat patient labor, funeral habits of
whit.' bad induced a s'ate of things so de-j economy, ami ihe-retrenchmentof indiiidu
I'lor ilits' Co!iges had s'tirken ilown ihst af expenditure.
ji)titii'iit( which ntil I83ii, bad exerted J Hut now what did we behold? In Ihe
soelfx ient a pow eriii rejiMlattog the icur. f tfistresseil and prostrate condition of the
rentys when, at once, the B.iiik mania had " wjiole business nf the country -a condition
swept" over the land, amlthejr came up, j rendered st'dl more distressing -from the
from ihe dtrucinn of the old institution,' defeat of every plan of relief-we had now
lie If"'' from the watre of the Nilet unJ a project stsrted, o'f which he would again
til ihe country
was covered w till .litem.
The ioIk v f t tie Slate Governments,
meanwhile, lud created an immense debt,
and the means of payment did .not ;
ami ihustl.e People were reduced frum die
condition of (he bcightes'tand palmiest pros
peril yv lo the deepeeTcjisfr eft and despoil-clc-iii.e.
The- expeilieqt which htl been te
sxted ( borrowing foreign capital .had
produced fur a time a. Jictiliogs prosperity,.
Hit wliil!? ihe natioir.was revelling in all
t!iu4 abundance produted by the influx of j
btnrowed wealth white alt
jlorWuslv, and a stranger would have sop
p".id ibat the ( iiuotiy bad attatiu-d to the
li2het pili h of iratiwiaV aireiig'b aitd pub-
itn lic pnnperlir," a sudderu'reverne mi-ex-m,
? p,rienced.,''i,Si' for etn debt was demand-
eu: ti.e n.ean nl meetur 111c ueniana u.cre
nt to be 'found. Individual and public
dt!rs soon apread in c.veij tjirection.
rjiearvmtty f pressure gave hiiilt to
the'rovoliing nlpi nf repudiation. If, lln-n,
to the refluent current, which was fast
Mieeping away the means vf 'wealth,- we
added' this hateful duttrine nf repudiation,
and the-and moean'i Amfiiran docti ine
and, 1 may&dd.in my joJgment tlie atro-J
ctiiiis -loctrine--nf the repral ol clurters.
ami the ili nrtiurt nf vtt1rtiyhta..aBd.
add yt-t to these the tergiversations and
treachery, in public, and ihe f.tls-Innols,
liai 4er frauds, .aad all IhelMiit Xirnii
f dislmnety in the witik of private life,
resouiares, and noi expose mem io. a inac
of population already dec'ply tainted .and,
more and more itobi iii g tlie poion of a
g'rarian principles?- . ,
In n slate i! things like this, orratherup
on ihe approxiination'of t.his s'ate of ihing,
tlie American People hid risen as one man,
"anil thrown oft', by a burst nf indignation,
fheindivdu.il whose inal -administration
had, as they believed, brought about this
tinparollcled stale of cot ruptinn aid ds
tres. I'hey though' that t.hey were about
to substitute for his reckless mtsiule Jheir
own system of remedial measures, livery
one knew how they had been b.iutked in
that expectation. "The history of this na-
ti"rnaierisis would be read by : our jiatriot-
ie cbililren with wonder, as a -page exhiU-
,, ,. Kuwtt-.iiua k c 1 iu n ( 1 e 1
and most urelcss tergiversation which the
wholer Yulisme-.reeordedr- r iwold be-j
Ctoed an 1 pased wT'h loathing and re
pugnance. The People had been utterly
disappointed. The measure proposed by
their friends in Congress as the only
panaiea for the public ills hatj been offer
ed, adopted, and vetoed at the Extra Ses
sion. And here Mr. M. must be suffered
to say, that, although voting for that; Pleas
ure, 'he had always felt great doubt, in re
gard to its immediate rrliiiency. " He hail
bad his own misgivings ' as to its illVcting
at mire all that iroo l winch its mends 111
their uliulue-mttMVnta"j)roTffi
fIv aiul perhaps thoiijtht lely, promts
e I to iithers. lie bad never been a friend
to Hanks; he had never tout bed a Bank
by 'and vote of his until last summer.
The entire system was' bottomed on such
principles that it appeared to him to carry
its own death wiun itself. . -. The inenui e
which the U'higs had prnpo.ed.he believed,
inight indeed mitigate, and for a time
repress ihe evils connected with it, ' it
might withstand something of that surge-
like force with which the mad excesses of
the system were sweeping, over the coun
try. '
-; But there still appeared tohi in io remain
one great desideratum, which nothing had
as yet been able to supply, and that was,
a principle within the system itself which
should operate to check excessive isues,
and prevent thUse fearful alternations of
expansion and contraction whHi so shook
Ihe system of public credit, and spread
such frrcfuent ruin throughout the mercan
tile community. If any such remedy had
j-eTfteeft Nfrfsr-b'.e rVd ;sJ(ir.,""M.t ir ti h
qnainted with it, and It certainty Jtad
ver been applied Whatever miglvt be'
said of the regulating pow er exerted over
tfe -8tate institutions by a Hank of ihe
United States and such . an institution
did exert hat power to a eertain ex'ent -yet
still, in proportion to the degree of con
fidenee which the puhic might rrpnse in
any of these State Danki, Ihey were in
ariitbl.y tlWposeil to pnh their issues to
extremes. Mr. M. was no" BiinK ag;efir
the thiilencj'nf a UnitwiaJejJUnJtin I
aftt'3&tup.ysmottte
tifeak such of ihe .StaIerinsS'tt"e're
essentially unsunil-an opera ion which,
huwerersalulary in the end, could not but be
attended i(ha vast amount of private dis
.resslu their respective vicinities. 'Ihe mere
displacement of capital which was neces
sarily involved in subscribing to so great a
wumtierof Hanks was in itself a great evil,
and m u sFnecr $ si " pf oclu"gl-efil f s 1 1 lev
tore in the money market. Then the t't?
plosion of rotten Banks w hich must neces
aarily acrompany a reform in the currency
would be' productive of great calamity.
On the whole, he believed that the cominu-
tTrltsd gohe soTar in ihe" multiplication
or hanks, and in all (hose nainii to wlucli
this gaverie, thai il would requir a Ions
course of years to living the rountry back
tn a sound monetary condition. For these
extended ami inveterate evils Government
possessed no panacea.' It might do some,
thinz by the estsblishn.ent of a weU-rejru-
tTited
JNJnonan Hjk. tint -eieuamdiir the.
car that it was the boldest posh for abso,
lute power which the people of litis coun
try had jet witnessed; aiuNurther,. whic.li
was the most portcntious bhihe to be found
in tli laiuH j of modei n times, Yrs, a
Urib the Wjif open and barefaced that
ever Was f Jkttis Jf-igjLpai't of the
Country the People were sleeping nn a ol
eanu, 'their condition waninthe bt le
Kfee iliir t aata aail datieriiasj thejr .were.
Hi fact, almiut Uegtfied and when once a
in in utade a bs-ggar, a rerj aligtst ef-
furl was mfneif lit to render Mm a s!ae. In.
rhrir fierrsiity tin-y lifted up thwr eyes
to tl.iv Govn nment for aid. And what
uasil now "prnpitsfd that the Governinenl
fctiuTd flow dn? iiti'p Rjl-w 1 tl ami uflVr
tlicm a bank, with m-ny faiiliiiei fir
greater and Y:ir better caku'ated for the
aiiietniratitni of lhvir ditres and the relief
of their imiiMilia'a want thaHSliy Nation
al Hank which their best friend had ever
devised. .
Mr. M. said that it might be worth while
to o into a britif tomparison between a
Bank (iflhe United Statea and the project
proposed in the rfpnrt.ue'ore the senate.
A UatikVif the Unitcil Slates, when first
starlet!, naturally displaced a targe amount
id siipital) it prodaoaw a gieat iwuin yisiue
ture, and then it went on to bank oo the
cVislinz capital in its bahds and in the
cS.unIry7;.JJjriTar id;.'
ded by a stroke -of-the pen thirty mil-'
ions to its capital, and by dealing in ex
change was epabled to extend it to a hun
dred and fifty millions more; for such
were the wants of the country andsolong
had they continued and accumulated, that
its business would absorb the whole -of that
amount. Let the demon, of speculation
onccbrconjured up and turned loose upon
its wild c he incs of adventure, and no man
could s t limits to its demand. Tonflerto
a famishing; People a supply I ke thisWas
he repeated it, the greatest bribe ninth the
history of modern times couM show. An
ainbuiou President, w ith a term of three
short years to run. hasing at his diipoal a
drilled corps of uflice holders, and hol
ding under his cpntrol a subsidized press,
ratling over a People wi-ose spirit was bro
ken by a long pressure of wan tan! calami
ty, and wiiji die mens of prescnling thcro
ti ght, perpetuate his power in ipite of all
eS'iH-io-reit itim.
Die plan 'propoir to adI Io -Ihe busi
ness capital of the country a sudden arid
vast increase, to be tfle ted Uy a were
stroke of the pen. The immediate effect
would be sudden and univert-a! relief,
comparative ease and apparent affluence;
Rut as IimI been ably show n by the Senator
from Pennsylvania, the entire history of
the world went te snow that while tliis
was always the lint ctJect, ihe certain)
tendency was to depreciation, and th
final issue in every case had belli a gener
al explosion:.
What a spectacle did the Senate exhib
it? When the parties it contained wtie
just urUn the eve ot a great contest, while
the W higs were in a position in which it
was supposed they might dictate terms to
the President, and while gentlemen on the
otber.-side - seemed to- e xhi Ui l a 1 isposi i ion
more yielding to the powers that be, and
when many an adverse at'itude toward
leach 'other who ought to be fast friends,
there came in this project: It wss presen
ted, among others, to the gentleman from
Pennsylvania, (Mr. Buchannan.) and what
was liis course. Though strongly dispo
sed to regard any tiling from the President
with a favorable eve, and though spealung
of him personally in the kindest language,
he still expressed the most decided oppo
sition to the measure, 'lie could not go
for it; and why? Because he held tlie
project, dangerous to the publijf rliberty.
And the honorable Si.ator appfcliendtd
that, should a second Aaron listr mount
the Presidential Chair, an engine like this
mf hT feTrf jfi f Wnt "tn pitfrtu art r -prwrvm j
hl own hn, twf rwtM renWer rittrr xm
most absolute of fillers. Certainly the
temptation would be great the bribe was
enormous. Thirty millions of capital
springing up as exhalation, as sudden and
yet as unotibstantial crancheS Fpread all
over the Union; a proluctie tarifl"; the
Ui iarean power of ifie Post Oflice Itepart'
meat, with i's right millions uf d of;; a
universal svs'tm of railroads and canals;
and a'l this In'WHrarTairalicl mercenafy
age, il did' rei tajfjMUTtjoajtioJ,
IK..i!i!iy
,CSaJtTOWT':,'i!;woW""f'W-'W
aiTdTTTre
entue io war, ol pa
ona"e, lue
ability to confer the 'distinctions ef place,
the more substantial pronts ol i.tiice, anil
all the 'weight of politic! honors and inn
fiilente. Put it all together, and Mr. M,
Would not trust any mortal man wi'h its
posses.sion. , If even the Father of his
country could Teturnzfrom the grave, r.nd
not put it into his hands, unless he had first
received a" revelatiou . Iroiu hcaten that it
would live forever.
He considered If as among the worst
iigns of the times, anil a fact "well calcu-
lateiTTo fill 'lhe5osom of fhe paTnot wltF
dispondenry, and to (urn his eye wiiti
doubt upon the future, that this pn j et
was looked at in the country simply in its
money aspect. It wti examined and dis
eussed solely as a measure calculated to
eive efficient relief ami to remove men
from that cr'ht-ii'oii of suReiinz on which.
thry.'mc now byutnt, CrrtainJr it was!
tUtme weU pitched , to W pienewt
tune ol ine puoiic immi. it exniuitvii a
cl;rewd acquaint.anc with the c harrcter
and present coniltlinn of the American
People. T he manner in which the pro
ject was in some places received, and that
loo wuern lucre .is mi accumulation iiorit
of knuwletle anj of intellectual slrengib,
leemeti, in this respect, to justify the an
ticipations of its author. Even minds like
(lisse could look at it as a money measure
. ...v. , . i . . -1 ! .
aiore, anci seemed entirety to uirrgari)
the deep and dat gerous leniency which
lay concealed beneath .its surface
Bul it was said that the iiroioct was to
be modified, li was to return Irom iVt: moved beiicaih the fiiendly shelter nf the
conmit efc in quite a different shape.1 Now, Treasury building. Mr. M. could pet
if his honorable friend from New Yorkjjceive no points f divmity beiwitithe
Mr. Talhnadge,) wtln was at the head uf two. . The Fiscal C01 pomtin. bill, thnuglt
tjiat convmittfe, and for whom 110 msi en- ; it hnt .been pir tHl at Ina4!tjuiiei,
(crtained a more siiu-ersi rrpet, and on and diaun a!imiV by Kxst-utive d.ctaiioii,
whose puritya-nd pntrioiisin, model at ion ' rtevrTtititi'ss em cane tvt ilie Piesidiiitial
and sagacity, nd msn,couid iiioie implicit- . cti: aml should the pj-esetit bin p .inn f.cu!tie here'4hisrnuiile ws tX-i-1.
tl,.,..i.i 1... .i.i ... .i:n ..,.1. 1. if ......... 1.. .1.1 .. ..... .. "w . .
V . r ui.i iw iui..iiijiinii ,
a modification of il.e x hi me as nhould tr!.
11 ii 1.9 iiii.i iiui.zi Kui ami 111111 11... ;
,.r.i. .!.,.,......., t ...1 .....,:..-r. '
atimnglea-i
lures, Mr. M would not merely re.itVe
inv p, ')a 1 who minor, uui wiiuiu iriip
to its adoption.
His heavt would rejoice;
.i . 1 i . 1 ' .1 . . .
within him at -the thought that such a thins
were possible, but he greaily feared thai il
never could be nccimfi'dUlu-d. That mas
ter mind wh.ch was supposed to have, con
icived and elaborated- this production,
seemed to him. by expressions scattered in
various parts of it. to present to the Se
nate this alternative, either take this or
submit .4nv-th- stib-Twasurv." I f that
were llie alternative, Mr. M. wouSd not
hesitate lor a mnment. lie w ould incom
parably, rather adopt, the sub-Treasury
than this monstrous, Juggernaut, whose
mwrueniws eae wuunr
, . i . . ..
the neck of "a prostrate people.
In regard to the sub Treasury, Mr." M.
observeil jh at he had fi rst formed hi s opin
ion of it while in private life and he con
fessed that it then struck him that, con
sidered fcr.ie, in the language of the
Court, it was a measure wnose benefits
were ninre enhanced by its friends, and
whose evils were more exaggerated by its
enemies, than truth-wuuld justify. .As a
measure lor he restoration of, the curren
cy, he i considered it wholly inefficient;
but his chief ohjectio'n to it had been on
account of that Spirit of solitude 'Mid iso
lation which so strongly pervaded it, and
which he did not deem respectable, and
which went to divorce the. Government
frorri the community. As held up in that
scheme, the Government resembled the
captain of some ship" which was overtaken
in a storm, who, inidead tf sticking to his
ship and his passengers, took to ihe life
boat, succeeded in securing himself on
some rock, unsuhiiicrjtd in the sea, and
on the reels or to founder in the saves.
To-lhis feature of the scheme, Mr.M.
tiadfelt llie utmost aversion. The siren-
uou's opposition which that plan received
from the Whigs was directed not so much
against the plan itself, as it then stood, as
against what Ihey apprehended it would
griiw to be; hut even tiieir utmost feai s
never magnified it into such an overshad
owing ami all grasping inslilutlunjis was
piesenteiL in this bill. True, indeed, it
was of the eatnc species, bat it had not
attained any thing like the same size or
strength. It hid its face modestly behind
a veil, so that its features were but dimlv
seen; but 'this looked out ynpudently whli
the countenance ol a harlot it stared the
public in the face without a blush.
The certain r fleet of the adoption of
this tihem must be to destroy tlie local
banks throughout the United States, with
ihe exception of those in the great com
merciiij centre) and there its r licet would
be so powerful and so concentrated, that
local banks would become extit ct, for Ike
plain reason, that they would be profitless.
Mr. M. did not know tlut he would weep
many tears over them, uclr would be its
elfi'Ct in the great commercial emporium
of Ne w Yor k, and such k might have been
in Cliailestou a city which might have
ei, joyed a similar distinction, had it not
b'en for the fatal malacia and the yellow
fever, lie feared, h iwever, that the cli
mate and the God ef Heaven had put that
forever out ol the question.
One of the most striking things attend
ing this project was, that it should have o
ricinated in the Virginia school of politics:
-wnd- eiiat' ifs 'SiHnieere)-!!!!!,
itfiriuM. be found in that quarter. Mr. M.
felt s deep Veneration for ihe ancient l)o
rsinion. No man entertained a higher res
pect for the piinciples she inscribed upon
her banne r in '98 and '99 a period in
which she had resisted the vices of the
ag. Her politicians'' opposed a TJnited
Slates Bank, because there was no war
rant for it in the Constitution. Her pa
triots had ever -been foremost inconfehd-"
ing not only'for public liberty, but private
rr2irfr
Anil ..illhoiiif'1
;n . the creaiioft o
fetter if-.manacle it-, in inr m.ionrr llu
pTeTfSeTFri
peareii in mcir ,eye so lormiiiauie and
trememlous that public liberiy could riot
live by i's side. But here there emanat
ed from that ancient Hominion a system
in which all Ihe bunking faculties Were ful
ly developed; a monster; which might not
rotfely art upon and influence jbe Govern-e-t-
bt was ftxeei--powTta:"farTaird-parcel
of the Government itself.' Yes, it
was a Virginian a ho could advocate a
scheme fike this.'. How Virginia, whiclt
had felt such dread of a corporation,
whose chatter it coutj- modify as it pleas
'fd, could e v t'Fgo for" aTpriiject lik eTfiTs,
w as a tiling he could not understand. , , But
if he witiiesed a course like this, ie cer
tainly should ce.isc to take lessons in po
litical integrity from the anc ient Domin
ion. Not a single banking power could be
mentioned that was nut fully developed
in this seiume. Here wm ilie powei of
iue. the power of deposilej and ihe puw
e1 l Jtiun hut public- sfmney, the pow
er of discount, eQ'eCted by an. evasion, h
was true that llie kites raisvd under this
rystem would if main less time upon He!
wing, bnl their flight would be extended I
oter a wider circuit. ,j
The wliole plan was. in fact, nothins;
else but the Fiscal Cnpnration of his
friend from Georgia, (Mr.JBerrieiO which
was last summer left opposed liitherpeis
air, witn ail the w inds and storms ol Hea
ven beating upon if, ttrt at last there rame
Ihuo ludap which prcstrated it in alter
j insensibility. Put now1 b hold it picked
on. resuscitated, set upon its feet, and te
iu.i iivusis, iic itruit ns'i'iisn iii inc v(-
on it, but he would not mind liolving a few '
-.11 .. .!...;... 1 :n .1 ....... .1.1 .
1 vii.jii ,
reUyw buys, that tins till aUo would share ;
the same fate. U Confess rnul.i not getivhui, the penult of jbat State mieht Welt
what the l'reaidrnt had expnssly tromis
col tlnmw hat gixitiiid 1mil llity lo eipect
.1 1 . r .... 1. .r 1 1
that of which they had I'lrehtt! 00 proin
ISC? , -. :' ...... ,
The jcourie of gentlempn Jlin the other
side Mr M. regarded as most unkind, in
determining to stand still where they were,
and Compel the friends of this meahure to
come to them. Would it not, have been
more becoming, if a promise must be ef-fWted-lhat
-a h -of - ttie parties should,
yield a little ground? It 'cerme.il veiy
manifest that this nieasute had been Tram-''
ed with the designed object-of sec ering the
support of the honsjiahle Senator from
PeiRlSyl V3r!ta ariilc'C the -genlleiiTan from"
South Carolina, since, iwas an amalga
mation of the original conception of l'resi
dent JacksqjTciiirr and Ktitt' so great is faw
vorite with Ihe first gentlemarrrand a
scheme of the lionoiable Senator from
South Carolina himself. The two seemed
to have been nicely dovetailed inlo each
other. It was very 'trite that When Jack
son threw out ttie intimation ol such a
projecHhe United States Bjtik wa in the
height of its power. Iu although the
power ol General Jackson was irresistible,
not only by the general multitude but by
those who stood at the head of society,
the project met no favor.' li was repudi
ated ion all hands, and in all quarters;
yet that veiy plan was the basis of the pre
sent measure. To this had been superadd
ed Ihe (.chrme of tlie Senator from outh
Caiolina. This lait'-r plan Mr. M. had
never pal ti. ularly examined. As might
be expected, it was. bofd and original in
its character, and might be feasible. This
was. substantially the same cclieuie for,
jdialeiicr-ge n tlemenmig !4ha f Wout-the-difference
between the proposed paper is
sue of this F'Xchequer bank and a Gov
eranient paper money iu a.ll piactical ef-
Lfect there was no diillreni e1; for this new
r..;-. .. r..-, .... .i. r.:,i. . r
lll'IIICJ DUUIII MC yUllOIVSl Oil UlC lailll Ul
Government alone, and woul be as com-plcti-ly
irredeemable as if it were deq'aicd
so on itsfaie. When'it was issued in the
proportion of three (n one when if gtasp
etj every, even the . minutest. coi. cern ol
private life when it insinuated itiself ev
ery where, and intermingled its-elf wi h
ill the rel.itions of society, how could it
be expected that the Government should
i edeeni-.it?. - Was i t- v er - -designed 4ir cx -petted
that it should?
Mr. M. said that here there was an Ad
ministration 'professedly Whig, which
can;e forward 'and phinied iuif uum a
measure which derived its origin in part
from the very highest authority ever clitioi
cd by Gcnersl J;ickon, aud in part from
intellectual ingenuity of another scarcely
less distinguished.' Thus it stood, with
one foot on a he one side and the other on
the other. Under such circumstances he
confessed that he had no -hope of seeing a
riy thing done for the currency. Tin re
remained a barrier jet in the way. W hen
the engeance of heaven descended on the
man of their cho'ce, all their expi ctations
as a party were at once defeated, and they
found in the chief seal of power a man
who hid with the m no sympathy.' Under
circumstanrra like these what hope could
be cherisbed? If, indeed, tiie same venge
ful stroke had dtitcendct! on another hen! ,
and by one blow the fret and the second
choice cl ihe People bud bo'h fat en, it wss
postibl-e -l!a4 ooie tf our -1 lpufrv poli
ticians, fellows of two and a lialf inrhts
higb who were now endeevering to throw
their feeble atienoa.i d, gossamer tin ends
round about the manly limbs and muscles
of one who a-as to them aS an intellectual
giant, might have been 'marching along
with high airs of pride and triumph ifl the
Whing traik and under the' Wbiglianner.
But, ala-! he lived Richard ; C.xur ' de
I.iiin.jet lived, ami tlie Devil was unchain
ed ami King 'Job. tt, Instead' wriuoking'tp
the welfare of the Slate was busy emit. in..
auow was tin own
across these I.illiniiiun heroes, anil Ihev
s -toiik-anil shiveied in the chilling shade.
Though we had a Tiber and a Goose creek,
we 'had no. larpt-ian lock; but. had he
thrown himself, Ciirlius like, into the
gulf, ami nobly perished for the salvation
of his country; rlber might have been some
lieab"iT4ltesa
dueled the Government on the principles
which the People l ad sanctioned. And
who could tell? perhaps there might be a
hope jet.. A laugh....-'"
; When - the Government' treasure was
entrusted
to exitinr rnrrtotauons. (here
was smnething of. a mutual liability be
tween them; but Here, in this bill, w e found
an immense machinery, flooding iherounlry
wih millimi upon million, and nn-power
fly where but in the will of the sovereign
lo control it. ' lis, a free Government Mr.
M would never consent to trust such a
power anywhere. -While pmate claim
of j'tt? tieati'V irMrnWt idobiiable Jutiee
were constantly rejecien imm year to year,
bemuse the Government could not be sued.
would they int est with the like prerngiiiiv
of univeulUiti an inshtuiion with all ihe
Powers lo be enjoyed by this Kxihequer,
ror one, lie never wnutd concent to it, :-,',;
Hejiad ssid that it was not his intention
to go info an analysis of Ihe bill, yet there
wee really one or two.lhings in it which
had so forcibly strui k his mind, apd which
so palpably - demonstrated." the illogical
characterof the much vaunted arrangement
in li e tejort, tl.at lie could not bui 1 !
to them. . " :
... o. , xo vi ine pnii-
ted repurl, where It aa assri'lvd that Ifc'u 1
Kxc4iMiar Baitf bank, bfiaue h
iid not C"l!eVt it capital b)' suUcrlpiM.tw
just b if that feiiiiie rr eikfntial v ,1,4 1
exiatt'ii'cv I a bat.k. M'a'it not a bai.kl ii f
1 H-. . i
ineorp-ated and endowed withal! bank. I
W4llTlng; l flal Weie 1110 j5aAkS'
Alitbania? If iliis reason was a word n
.. . . - ,. . : , .
it,, were tit, Um.ka' ai II fa tL ..riV...
stre to be the case ) I A lauEUT Tliii
was a- rnetnmn of the mtontrovcitibl 4
li gir for which this papvt had been so high- ;
ly priiedy attd-p laired tny by lie Senator
tii.m South Carolina, whose searf bing
any line w ould have tuppnseil noinserutive, f
eoiieluston could have i-s;t aped. But lie
supposetl that "the Senator' liad Lreii se j
mui Unratified aud sit entirely" ijigrossf i I
by the .concessions in the reforf, that he
was tint disposed . t iv hniS" wiih-j Very Tiik" f
croscopit gve opn ita wilier feat urea. ' izJ r
Again, in page 8, it was contended
f)iat this was no bank, because. Tt did lint
discount. Now lu-ie was.a diiuble nm "
twist-J fallacy; the reason given was tin- :,
true itf principle and untrui in fact. Un- t4
true in . fact, for' confessedly ' the BoalTtl
wuiJdrjisciiunXliilla bf xhangc; and jiii-ia
true in principle because a bank may eifit
without "this power. Here was'anothcr 1
ins'ance of the impregnable logic of the 'T.
report, another' eiidence ol that gigantic j
intellect 'whose iinpress.was Said to (lis! in- f;
guisb every word and line. .. - t "s
The third fallacy might be found on ;
pages 5 and 6. where tlie Secretary ini.'
ted thai the bill proposed no union of the j
purse "and Ihe swor.l, because neither the
President nor Iris Secretary, could touch
a dollar in ihe Treasiry without an apprj- !
priation. Why, lud not this always bet; a- f
the rase,? Yet what had been the ground
taken by the W hig party at the time of the !
removal of the cli'posites? W hat bad been
the outcry on that ocriision of litis Soere- ;:
tary himself botli miister and man? ; Al
though every petty I.icof.ico paper in the
counTry had defrptlcd the act 'ml this vei v (
gesJund, that Gen. Jae kitott could not bin'. ;
self -ton rh-i-iriillfc rTinhi'-x'6"' 0 'f "
unless by the approptiatjon of Congress,
tid the Whigrradmrt'lhatTeasouing tir
valid? Did they not stilcontend that tlist -J
act effected a union of the purs and th
sword? And was hot the case ihe sains ?
now? In tliis fal acy there were two un- f
ti u hs involved; nay, th'ree. . In the first t
place, the print iple was unconstitutional, I
It was said that neither the ' Preside if nor
the, Sctretary c-.uld loiu h a. dollar of the
public money. But this Government bad '
fallen into decay, and though commerce
hud becoine quite too mercenary a concern,,
lor this aristocracy of the pieseut day, ai ' f
subst itute they tut ped - their attention fo-
banking, and ai the revtnue Was collected I
at dilleient points, and h.vcl to pass Ihough" '
the hands of subordinate functionai ie',
eierj wtitppr-in 01 a tustom-hruse misht j
appropriate the whole amount lo the pur-' i
chase of exchange. 'Tlie argunnrjt eiitiie- :t
ly overtovked the fact that -live-entire re-
venue might be seized upon without a! I
dollar leing appropriated. If this Was ait
example of the severe, coiineculive, im- I
pregnable logic of the report; he,1 for one,
must have mure capacity before lie could I
be aisle to appreciate it. " ... I
Mi. M said in tonclusion, that the Bank I
in thia-bi lf was ultra,- bey oftd- any UtMeth
States-Bank that bad evcrbe n thought of.
When Cie-ar, at thejiend of his vietoriooi'
legions, broke into the -Temple of Vesta. '
set.ed the public treasure, 4ic bad fiwt in
his hands a power so gigantic as that winch
was conferred by this bill-It was the lon-s 1
sought philosojihet's clone; the lamp of At- I
addin ws no touch tn it. Il converted
reams of pHp r into gold, merely by pulling I
it bttdeHli pfess tfii 'Wvjreme'nT.ff
With all ibis gigantic scheme, concocted '"
& elaborated by the master-mind of the age,; f
backed by all this force of argument; ami ; f
defended by all these illogical conclusion,'
he would not say that there was a man in ' '
this Senate who would not take it, but this
he w uuld say, there was none here bo had I
nere enough Io say 4 1 will take it: Ei- J
pedt llcrtulum." -. 11 ere mighL be seett on ...f
a narrow stripof land, which scparxtcd on 'l
uug-slde-1 h e- ca lm , .dej n .Wue--sea-.cX W'Ug 1 1
pttneiple alld"rltctrTnT;, on whtise-'bosniw -f
from (he raging sea of Democrary, whose
wiiu surges were riianng and dashing oil
ihe other, the foot-print of lerrulej-e
bur not the whole imjijessof the foot; fur
so narrow was tlie frail and sandy' verge, "
and so nearly did the waters c'n the vue ,
sida eorroatlf upon its limits and threaten
to ttiiBg'e .wi:hlbosupm the other-Htatti
mcr M as not room ior ine giant TO ireauT
without hating a portion ol his foot-priiit
obliterated by the ' waves. Ahd finally,'
next to the daring and presumptuous at--:
tempt at the subjugation of the People by "
jctloting Jiiluence.-oflhe . jitope j
power, that whiih most oilViidetl Mr. .M
in tliis document was the spirit of lae and
viit subset tiencj hud flatteiy towsrdsthe
President which, every where maiked its,
pnges, and which presented the revolting:
spectacle, of gross and merceny atlula'ioti,
In (he face and at the sacrifice of pi insiple, .
nobly avowed and defended for twenty'
year. - n u j.r - ;--;-;c?L
tlJut4'a.d::MrV M.V 1 hae too"iig oc-r-cuptrd
the altitilion of the Senate with
this desellory and disintt grated and slis- '
connected ngtnarolts ,1 hud intended to
say more, but as it is always my desire to i
speak with. treat tendeinexs aud respect '
of the functionaries of Government , floud
laughter. I shall fotbear. and will now
resume my scat. .
,C0irifilled. The great railroad chain. ,
front Boston to Roolieter, is now open, '
is a tast .tiidrriakitijr. U 1 , y t ,
!: U'vuuyl.'dtv.trK.iI .''' J- - " ' ,se