. ' V, ' vr' . - -. . ' "V .... -( . -
RALEIGH, N. O. WEDOTAY, PimRIJABlr. 20," 1S30;
THOMAS
TBBXHS. ..'
HLt "'"8 ""'' '
C-oire m pay Hie ' amount aa "
11 ,,.,, i:... H.U
tnie) fir iiwrtion, mnt Jullaf, neb ub-
A-T The lertitementi of Clarki and Shrnffi
Km be et..riH I" ,ihe7 "d
wr one! lur aavartiaara h yw. ,
' Ulan w the Ji.lilor. moat b po.i-p.irf.
j--. of S ner em. m iu wm -hc
nrinarki of Mr. Talimadc,
u Je fence if thtpeapte tfJITem York, egainti
Aartt of bank injlumct in tht remit tf
the
their eiretian
Dlirel in " of he U-8- Feb
l38, In" "1''y Mr.. Hubbard of N. If.
The 8u-Treury ,JliU ,beii(t unJer poiuid-
Mr. PreiidentTlie ' Senator riom
Ktw Uinphire,;,7Mj-. 'Hubbard,)
who lia just Ulcen hi seat, iotroiluc
ed in the coure of lU rctnaiks, tlie
ubjuct of the late eWlinnn He
tM, with approbation, that pnrtitii
(1f the Presidents Messag which
chrgr Jhe. resiijt of UmgeeleCtion
U the .'inter-f-ISaanllXftiLS"
of the Hankgj and h , undertook,; by
thin means, to.eitplain the result in
New York. Sir. 1 am not in the
habit of interfering with the concerns
of other States, or of attempting to ex
plain the causes of pi.liu l move
ment in them. But, when I find one
poaching ti port hiy mannr,-" - and en
deavoring to account for inaiters which
hecan butillj cmnprehenU, I feel it
mv duty to interfere,
I rise therefore, not to enter upon
the immediate merits f this Sub-Treas
nry scheme, bit for tlie sole purpose of
setting the gentleman- and the country
riu-hr. upon thi allegation of H;ink in
terfrren'ce or bank mfl'ienre in the
recent eJectioti -f the St New
York.
Sir. I saw wfth bain t is
r)rfi in
the President's ' Mssg. I felt hv
imiliitted that it should emanate from
him. I felt that the honor of my na
tive State was wounded, and that the
wound was inflicted by one of her sons.
Had nv other man occupied the Ex
ecutive Chair. I would have lost.no
time, after the delivery of the Message
containing that unwelcome and unmer
ited aspersion, in repeUinj? it in a man
ner aqd w'rth a spirit beaming the oc
.riainn Hut. Kit, the relations which
nave always existeu, net ween mc c
sideat and mysetf, rendered the tak
one of leluctahce aiwl f dtdicacy; and
but for the YnfrodreUn f f it into this
debate, by, tleti Senator ' 6 om New
Hampshire, .t might have uliHted to
the mortiftcation ttf the charge, from
thy" u n willi ngnestrlo WtrM nter ft from
such a source. As tf lias been thus
introduced, I will ' emlevr to show
that it has bren made' without the
slightest possible foundation, and whol
ly unjustiGaMe, let it come from what
quarter it may,, or let its endorsers be
whom they may. In saying tliis, I speak
fiain my own personal knowledge and
observation to a gn-ai eatnt, aiid from
an intimate aciuuititni e with the con
cerns uf thtf ''Ute, . aiul , the causes
which influence "the niiiul of her citi
7.ens in politii al ihatt'TsV Previous to
the extra session of OngresS.'when the
Globe, the reputed organ wf the Ad
miiiistritioh; iiut fftlt GoUe's Sub-
-treaTory -Schvmei'wiih hrs-wony drw
ers and Jiyilrostatic balance, ami all
the other paapp,rya1ja'.' wJiicb acconv.
panied it, and si-ripuidy recommended
it to the public consideration,' St was
received and treated aa mere matter
of burlesque as the dream of a vision
ary. "So one, for a single moment,
sapposed, tlut it would, ever be broug)t
forward by .ihe 'President for the cob '
sideration of Congress. The whole
country was astounded, when the Ex -ecative,
, at tl, estri sesirion slid
recommend it. Thf . people ,Uun
pfnce,ived. . Jbat- tlo 'untried ex
tedient" fromj (e, banks of the St.
'wrence. liad . been pox forth in the'
official organ, as a Nier fieri. And
wn tteJcirrptaif(sjc( boltWess of all
experimenters,", it.was etvniitaed, that
fit did not conform tit,ihe'public pulse,
the public "pulse should be made to
conform to it; .... To. accomplish "thw
there raat be ou sppa cnt force nor un
necessary rahoesv Hence, r the Kx.
.ecative, with great mtknecs and ho.
.W'lityrexpTessetl his entire willingness
to oo4iperat in any other measure, if
this should, not wet the approbation of
Congroa. This declaration was re
ceived with great satisfac ion by hose
. who foresaw,' from their knowledge of
the business . wants of the country, that
auch a measure would be- destructive
.of its bet interests.- ' They';: hoped to
be able to demonsti at tti titter imprac
ticability an( inapplicability io nhe
state-of ite times.and tt then the
President would cheerfullr unite with
4wtn in tome' plan which would afford I
reiieitoa suffering, and alinost drspi
rtte commanity.': j It was, however,
wnperoeived, from the pertinacity
with wtVich' thht unetoeeted i measere
was urged forward by ita advocate,
that the whole power of executive in
Hueoce was brought into: requisition in
r to force it through in the shortest
possible period and before, the people
! timeto del.berate apon it, or to
send their rrmonstranees against a pro
ject so fatal 1o, the'u interests and so
destructive of their hopes. , I iU not
detain the Senate with a history of its
progress.- it i Umiliar to us all taf-
hce it to say, that the bill parsed the
Senate, and was laid on th table in the
other House by a decisive vote. This
was deemed equivalent to a rejection
ot me bin. it couia not have been cat
led up again at this session if it had
beo desired. Many voted againat.tlte
State Eaok d posite system, which was
offared as an amendment, Joi the ex.
press psrpose et . killina the bill in its
original shape. After all this th Pre
sident, in his next Message, seems to
think tbaf Congress, at its extra ses
sion, made an. expression against a
National bank; against the State banks;
but not agaiost, the Sb treasury pro
ject! And as tii e la'e elections were
carried by 'bank influence, he deems
those, overwhelming expressions of the
popnlar will as no. evidence that the
people are against this w ild and vision -archeme!
He considers his elec
tion as evideuce that a majority of the
people of the ' U. S. are against a NaT
tiotial Bank, because be had expressed
himsvTTKlJyTTiogffla
institution. 1 tm free to adniit fliatl
his inference is as f.iir as can be drawn
from a popular election where a thou
sand other considerations enter, into
the canvass. But it can.iot disgui
sed that many electors, who were in
favor of a National Bank, always voted
for Gen. ackson. --notwithstanding his
avowed hostility to it. He had a per
sonal popularity which scarcely any
man before him possessed, and which I
hope to see no man hereafter enjoy.
Often have I heard it said by in'afiyV
that although they disapproved of his
measures, they would still support
him, because they believed him honest,
and would not suffer him to be abu,sed
for the honest exercise uf his opinions:
though they led to the adoption of bad
measures. Mr, this teelmc was ex
tended to tlif present Exertive in his
election. He was knnwn t be the
favorite Candidate of the late President,
and many electors supported .him on
account of their ancient prepossessions
in favor of Gen.' Jackson. I say (hen,
that the success of a Candidate for of
fice, who is 'for or against a particular
measure, is not ' conclusive evidence
that the people accord with his views
on that measure. K""
The State lectiong(t. In my judg
tnenf, were more conclusive; against
the Sub-treasury, than the President's
election was against I National Bank.
There were, undobtedly; other causes
which -minglfd " So, the contest. But
still, the expression of the popular will,
in evi-ry gtife where an election was
held after this project was first recom
mended by the Executive, was such as
ought to have commanded his respect,
And prevented him from again urging a
measure so odious to the people, and if
.carried outt so fatal -to their prosperity.
'But, Mr. President, this hard mon
ey policy must be persisted in. The
Exectitive had embarked in it, and ha
seemed determined that no obstacles
should impede his progress. He there
fore,' charged all- t.hia 'outbreaking of
the people to the influence of the
Hanks, and considered it as no evi
lence of an honest' opinion against this
itl-fated measure-- notwithstanding
tle,- decisive vole against " it ..tn
the
ilouse- of-Reprsnttiies55ISiK
standing his declared willingness tt a
dopt any sulnrtitute for rt. it ts agairt
brought forward with- the same ex
pressed deference to public opinion,
nd again urged with the same opefi
contempt of it.-
Sir; thi charg, .though general in
its terms,, seetii peculiarly intended
for the State of New York.. ' Aa j
representative -of' the -people of that
stale,- I repel if, as.onworthy of the
Chief Magistrate, as it is andeserved
by them.' v In the1 lawful exercise of
by t
the
e elective irttncntse, tney nave seen
fit to rebuke the administration for its
disructive policy, and their action' is
attributed to the influence of the
Banks!' 'They aw industry paralyzed,
the energies of a whole population fro
zen npi business of all kinds at a stand,
the wives and childem of a portion f
them famishing foe wast of bread, and
suffering for want f clothes to cover
them, and they resorted tothe ballot
bor as the only means in their power
to express theiF appVbbatton, and that
expression; thus made; is charged to
th influence of he Banks! i Sir, the
President' has fo gotten the diaracter
of the ' people of his' owa State, t He
treats them as mere slaves-as men
born to nbey-ath Executive mandate,
nil not to think, or act for themselves.
Sir, let me tell you thaMNe people of
Newt York .kow Mheiru rihta and
knowing dare maintain them" and as ;
Inn? as I remain here i they shall not '
want a representative to assert them on) is now termed Lbc Focb, and which,
this floor. No man, be he high or low, in the pure day t, of the democratic ire
shall go behind the ballot box to canvass - publican1 aarty, was turned' out-, of
the' motives of my constituents, with-'( Tammany Hall, 'and held their meet
out being rebuked for his present'tire- ig in lh pe.n;air,hehever;,'iti waf
tnnvplion.' I care nof what tho result necessary to take measures to reduce
of; an election mayi have been ji when the price uf flour, orjiarry out'any'o
he people have spoken, their voiceiis, ther gWaTprinciple in' political econ-,
to be resptcted iwt obeyedrand ft'ier piy! j- After their principles' recejved
shall not lie called to' ansccooatiwithiUw conntenance-of ibf administrstioB
m v consent, by an oflicer of the Otne-. they again returned to the old wigwam
I ' . I. . I, ";
al Government," for their conduct
their local elections. No matter what
party succeeds, such a dirge is an in
dignity to the whole people. ! am ut
terlyastonishetl lo hear if from uch
a quarter.' I knew fhat the "ofBcUt
organ here, and otfter Loco-foco prints,
had, io this way, attempted to account
lor tins overwelming result in New
York but I also knew this charge;
from such sources, had been indisrnaiit-
fy repelled by the Democratic press of
tlie Stale and notwithstanding all
(his. the President, as In the Case of
the Sub-treasury, adopts the repurfia-
teu explanation or tne u lobe, and ush
ers it lortiT totne worm. "r-t
mi-, i nave asm mat there was no
pretence of foundation for his charge.
it will demonstrate' by statistics and
by figures, a clear a aay proposition
in Euc1id,"the truth'bf 'my assertion.
New York has 5$ counties all, ex
cept 13, have one or more banks of
those thirteen, five are opposition; and
eizht are administration counties.
These eight counties gave (he adminis
tration a mojonty at the Presidential
election in 1856, of 6,781. In 1837
they gave 2,617 making an opposition
;sin oi 4,104 in a net vote or lets
where there "are no bahkf. It is an-
other remarkable fact that the trpposi
tion gain in these eight counties is
nearly double w hat the other counties
in the 8tate averaged in their gains.
Now, sir, if the banks influenced the
results of the election, why do we find
the administration losing more, in pro
portion, in counties where there are
no banks, than in those where there are
banks? The truth is, the-influcnee of
the banks, as such, was exertedon
neither side but SO farTls there was
an influence exerted by their 'officers
or those connected ' Wrth- them it was
greater on the part of the administra
tion than the other. -There never was
a charge made which is so entirely des
titute of any one circumstance to justi
fy it, and which so entirely; fails.
Coming from such a source.-it is an
assault upon our, free institutions. . It
is impeaching the, principle of self govr
ci nment. What becomes of our boast
ed liberty if the peUy incorporations
of the States can so far influence the1
exercise of the elective francliise.jthat
tUa cipresition of. the ballot box is not
tp be taken for what it is intended to
represent? What will beeurcharacttr
abroad? The eyes of all Europe are
turned to our experiment of self-eov
ernment, and are confidently expect-
ing a tailureot the system, which we
have .predicted would jregenerate the
civilized world, t Wliajt will they now:
think," when they haye the authority ,f
the, Chief Magistrate of. this nation,,
that in the great .State of New York,
the ' Empire State,'? tlie influence of
her local banks has controlled her elec
tions, so that, jtheig rem) tf cannot .be
relied on as anjr. evi denes of 'he popu
lac 'will?, Sh under sucli an imput
tatirfn as this, a citizen" of "the". United.
Statet in: a 'fore'gn land,4 would blush
for his country. And should lie repel
it. he would be conirontea witn tne
President's. JMessnre. as ebneluive1
evidence in support of the charge. ... As
9 r ,
to my own State, so lar at my- action
will go,1 I will endeavor to' wipe out
the blot from the faif1 escutcheon of her
Mr. President, having shown'' tha
the election in "New York wai'iii' no
influence of the; Banks, 'it may not be
amlsa to Inquire .what cause produCefl
those results, "which were So astound'
ing to the, whole UhionP Sir, It was
the prmaptt$ vndervooa to o eMer
tainetl by the" administration and Its
prominent friends,' and the measurer
which the.f were pursuing to carry out
those principles.- What 'were iheyri
They are to be found in the Creed 'ol
a faction', which had H origin in the.
city of New York in 1829- I do not
say they embraced the whole creed,
but 1 do say they were a part of it.
And if any manual that day, had pre
dicted that va , democratic republican.!
administration would have countenan
ced any portion of the principles of this
faction, h would "have gained M more'
credence, hot" as mttch as he now would,
if he predicted that.in an equal period,
the' administration would adopt the o
ther part of 4b'e same creed.: v"".
V&M 1s hardly to be 'believed by the
Seople of other" states that any portion
f those doctrine have been adopted
by' the administration ind" its pro rbi
nent friends. i'l I do not say that they
have bcenj but I shy their course of
measures has been such as ' to impress
u)mmi the people the belief , of their aw
dopti6n,'' K4 1 -jwiil siot ndertake"to go
into the docarnentary evidence at this
itimev as the ground of that belief,, al-,
though 1 may deem it not - inappropri-
ate qn some other occasion.' wThis tac .
tion was the Ariein of that party which
I "" f -" 14 'fl f,"' "I ,-!;, i
displaced tbencient sachems, and
.1 .1 '! I ....... 1 " '
incieicj no.wjijiusiraiB inejr t.ueas oi sec in tnaauti-tTeasurjr sctieme nougiit
freedom ofapeech and free ducusMn. but ruTh) tVey tinik with'horrofupon
by violent inroads and forcible inter- j its adoption as a consummation of w
ruptjph.of the assemblages of quiet jti in j they look f. the. State bank depo-
ordtrfiy'citizens, w IwfiappeFTo euter
taiu opinions on matters of public poli-i
cy,, contrary to their own. ,They are
now the leaders of the party! and, are
the prominent candidates lor Execu
tive favor. , .
The leading feature of their creed
was the destruction vl. the whole bnk?
ing system of the country tlie repeal
of cfiarlers, and the abrogation of vest
ed ihts. This was a part vffk'tir
uoctrines, anu was unuerstood, py:iJle
ieop1e to be the policy oHhe adniin
islratipn. '- "
-.'Vby, wi i't so understood? I will
endeavor Uo answer the question, ,
k 1 After the. war on ; the . Bank of (he
United States Tiad ceased, ' a miVe
ruthless and ' unrelenting warfare was
commenced and carried oa against the
State Banks. -The success which had
attended the former emboldened the
assailants, and they supposed t bey
could make a,n easy conquest of the
latter. It never occurred to them that
they miiht not be able to brinr the
m 4ttoffioldiiltheu.ue
case as in theotlier. 'i hey nevTTsTojr-
peu to inquire whether the people en
tertained any different views in regard
to tne state institutions ami a national
bank,' They Seemed to have forgotten
that during the progress" of the first
war, they had persuaded the people
that there were monatroa tyils 'con
nected with the one," ami equal bene
fits to be enjoyed with" the others.
They left out of view all their promises
of a sound currency, and an equaliza
tion ol the domestic exchan a of the
country by means of the State Banks,
I hey toriiot the ott repeated . pledges
and.assurances that the State, iiistitu
lions could perform, equally, well, all
the duties which the Bank of tlie 'Unit
ed States had performed for the gov
ernment. , In short, they had no re
collection ' that those institutions were
to give eveni i "Belter currency'' than
we had enjoyed under a national Wik,
' But, sir, although they had overlook -
ed all these things,! tlie people had'nvt
forgotten then).1 i'hose who opposed
the re-charfer ol the Bank of the U
nited States, were honest in their p
Mvait'ioa. Tlie present generation has
principally grown , up , and come
on to the political stage, since the in
corporation of the Bank of the Unitei
State in 181 C. --"-.Tliry have enj'.yet
its benefits and that it. possessed irrea
benefits, iio rational man has cv r de-
tiled but they were not ffble fully to
appreciate mem, wiuui in iiieiuii iru
jtion of themr 1 hey could see wfaat
seemed' to 'them o''be its' dangerous
t lowers,' Jnd . ...w.i tKl tfi.eia ssura ti ce thai
he State Bank could pet fwmalTlfs
auties to me government, ihi comer
.'! "J i . i I ' ! ' : ; . ' . . - ' a . ; '
all its benents on tlie people, without
possessing mose powers, tne y were
content that It should eo down, and
that the State Banks should be substi-
tuted in tts place. Another cons, di r
at ion which 1 influiencetf-their aetiob
was the popularity of Oen. Jackson,
. . ... . . . .... ... .- . . . .
who led the fore es ihlhis contest. Ma
ny believed in his saga'city in this mut
ter,' and pfnned their faith ' upon him ;
ana others, aitnoagii tney ciouDtea the
policy of the, 'measure, still believed in
his honesty of purpose! &n&- thefefort
Went with him right: or' wrong. j'But
State institutions. Ton"h!Tfh'afcljr'CBn;-f
necieo, as tney oeneveq tnem to dc
wltTi We business' -wants of the whole
countryj and wheh these attacks were
made on those; institutions; 'the people
pie began to sVspctt that they had been
used as the instruments 7n assailing the
national.bank,' withia view of destroy-
ng the others in tneir turn-sucnincy
thought they discovered to li the1 poli
ty of the adminisfratidn?"1" - ' "
How'dld ther discover it?' Bv the
principles' whichf Seemed to be ;niain
talned by 'the administration and its
leading friends. ' illy the niahney in
which'they rerryudiatetf the State Bank-
depoiiw system aflef they had susprh-
deil specie payments ft' suspension
brought about by tauses beyond - their
conkol.'rfnd which f'cer"tailii measures
of the Executive had esenti'ally!icon
tributetl to'" produce ano tbfr -tobse
quent infVodoction'of an ontried ex
pedient," the ahape of ' tlie lab-trcifi
sury scheme ichenfe1 fruglit wilh
more mischief to the c6mmurrity, wfth
mbre hszard to khe'jpuWic' funds, with
a 'morl dangerous r sugtneRtation and
cirrtCeBtrition of Etecotive' power, thari
has ever been auggelte:d In The history
of this or any other fcovern"rte-nt'Ahd
Jieresiri permit nte to say that when
the friends of thfsabominable measure ,
for Ican characterise it by no ttrifder
term preaent the alternative of it-or
a national bank, test assured that there
are thousands and thousands who, have
been oppose! -ttsurlt krt' institution,
whoi will, "without heitatMmeW"if
their preferfnee; tott, airthaf alter
native is not yet presented. I Gentlemen
re attempting-t"maktip a false is
sue; rhey yaiitiy Imagine that tney
can conjure up the' ghost f the .told
Bank of th United States to frighten
men fik'thet would frichtert children.
Sirrth)il day has gone by. '.The peo-
pie are looainz tor rsuei ait uu
' J-.'-f i.;;r :) E ;.',it-Vrr U, L..-''
disasters which surround thenw-.Tbeyi
' ' . ' i 1 . . I
sne STStem as tne means ol present.
and
il the anucipalions of its li lends
oe realized ol permanent retel. Boiwe
of the friends of ti national bank
ha v . proposed plans fr State .in
stitutions, which they think, will aU
perethVneceMity of a Bank or.tie
UnuecJ States. A all 'events,' those
who are in favor uf a national ' bauk
know that it ciiii.of'W had, if it be
had at all,' for some time to cOne; and
they kqow' that something' must be done
for the relief of the co'untry. There
is no other Un whieh"c'n be adopted
but the one' propose by the' Senator
Oom Virginia.' If it answers, Lis ex
pertatiohs,; it may satisfy the Country
if it does jint. the' public" mrrt.( wilt
then be settled down $ to what th
remedy should bo. 'As to the sut)
treasnry, I say With "the Senator.fnWi
Massachusetts, give me any thinj;, oi
give me nothing, in' preference tolf'.'
'What farther evidence had the peo
ple that the tUts'ti'uctii.n' of the fetafe
Banks was a part of the poIic'V of the
AdiuMUBti(jh?Jleetin held
iljrnrhir-tiTcnrf nrtnt, -at - New York,
Philadelphia;-' Cincinnati,- and olhrr
places"where resolutions' were adopted
against the ' whole' banking syjtem,
and in faVor of mf.exclosive inetalic
currency. These proceedings were re-'
sppnded toby men in high ofliicial sta
tions, and. their response were per
fectty latisfactory Being thus sane
tloried by men iirauthortty.thvse wild
and 'visionary' doctrines " besAn 'to
spread. Many iho had viewed 'them'
as destructivf'ttf the! best intertsts of
society, begat)' to renribhee fiirmer,,'b
pinions,1 and adopt this radical creed,
beraushey believed it met the a'pproi-
biitiiin of those who lield the reins of
party discipline", arid who luiil the'piiw
erof party dispensathtn. t' f i
The next evidence of the prev.l'f nCe
of this radiril sivirit was the manner if
which the subject of th suspension of
ceie paymeofs was trvateu. ny xne
law ot New yoritf when HahU' negw
lects ur refuses tu redeem. its notes in
specie lor ten-ilays,f tti "ChitilrelWi
tlirected io issue hi injunction, close
its doors, appoint1 receiver"; to ' tiike
charge of its roncerns,f whose duty' it
is to proceed to collect the amount duei
to.ih jnniuAAay the. mount ty
by it aad fiii;dlir under-the diroction
of ttie criaareflor to1 1 1 i Bt r rUu e -1 v lis
stockholders th residue of its effects,
acoorrling to their respective iateresl.
There was due to the banks-, at this
time, by -thi people of the State, a boo!
seventy millUms of do lar. A fort ed
cidlecuon of this amount, by receivers,'
would have spread euih mid d. i.laii
throughout tlie?-whoU4slattt The most
valuable estates would have been sold
to' salufv' ' these 1 demandsi ii- There
would have been no competition at the
sales foivveryffW indeed could nave
commanded' the means hi become 'the
purchasers. : Tho-'Tesult, would have
been (list the nst defiiable property
must iiave betn itaci-ificvd, and bought
ineby some -miserly hard men tti man
who had hojtrded his Vile trash ior.4he
pui pond of preying' upon tha-miafop
tunes of his, follow .citizens, r by.the
receivers Iwr llie-benefit of, tire sIihV-
loldet'Sk lo either event, the cuomioni-
woiild have been- the aeaeiers, and
a hnpft nf preftf nt hinders or nf fu.
toreprosimlyjA'.o v id. Jia ve been u ttely
blighted Kveiy; rat ivnuJ manpTraW
this resul t, a 'J he Ijegislsture wastlhcH
n sessiony and a law as fmithwiifi
i.. i ......
to-suspend the lot uitute, of the ehar
lersot the Banks fwf one vVfr., his
acfrf Ut? I-egifcUtnre Avs iPpily..de-i
nounceu uy, puiiucit nieimns iu tuc ciiy
of New York comyoedi of, .bote claim
ing to b exclusive Xricnds uf, the t ad-J
-tun un all important public matters,
'Why was this, act, thus denouaxelr
Because, if 4hn had 4jeen no surb; in-j
terfervnee,, the Banks wijuld; haM all
benr. proftrated, ( ., t, have,,. already
showu, end wc ahpuld . at ,mqe(( have
Beenvbi-qughVittt ,.tlif goldr, ,ngy
which has been. so jop'z desired It is
true, tJjtt great interests of the eoromtl,,
nity would have been sacriuced. K
hatflf hatt , should have fad
n .fqnutftntionaL, Currency'rr-r.';
Hatj money, government'" fysticccs
Cu.l experiMfenUj'aiKi jet, e,adwL,
prostrate jcountryapd a rfiined pepj
tha peoplesyerc avedi; fropiJ this,
I vful calamity, by, the; patriotisnj.pl' the
LeirisUture. ..The susoeiiston act. was
9 a.jbooik ti,th Banks; jwas a favor f
4 .1 s '! . . - I aI IT
iqjHe people ,y pist n,ave(i tne
B4nk. charters from fai feituf-e it ayei
the feopt from t4f I'rucMoprt, ptl,r
Statea passe similar Iaws snl,thua
we e .frustrated j thcfdns ( of. ihoe
who 'deetneit e,.nspc 9'nn ! iff ,',"Pf
paymeti the.propeVoccaijion, tfl cajry
ut-beirfavurite,' vfrnut V?1
down, jtjie wholeBenng fyslenx f .the
States. J, will,, p,, mv Hiatjnr j
dent entertainriljlhia Wesizn.., ,Jjut fhe
entertaiiied.ftjiia design
,W!;1'fw.iW.,w
p?pp
emuieu ai tne extra session totane ui
rpiniatratlvn i And. this denurt. -iaUon.''Knt P. was, i,,RV;,o', anen.qrji
wa reiferated,:,bj ihOiOllicial orgattjtd:, ? origin
the , Government,., bene, , sfajiPM'g .s-tttiLf 'Pnsj"i;,cl? Pffrt ,TPnm
speak the scntHaenta, il the, aduiisit:iu M1rV ,X a" rei ;in. w? rB,Ff.ia
r
to consideration the "great and weighty ,
matters" which he was to submit to fc.
the"m.ThB1niesae;w:tf delrvCred, and
the people no longer; doubted tnat, th
President and the administration: jn-
temled to destroy th',Banka.. ;taJI,
events they could pot doubt that suclf
woIO be the efiect'of the pleasures re
comminded by him. , They could oMy
infer the intent from the result ' whan "
mist inevitably follow, , ,' ' "' n - "'"T
By (he Coushtutijn, it is in
duty of the President, from
a'ife (,hi
it
ie, to give in congress inlormatio
tlie state of the Union, 'arid redom
mi.htt fi, llivir nnt,LfBy,tn"'aiiK ini.
seres as he haff ' judge" iec,essary i'ntl .
expedient. I!T can rtcomehdlio''
others an J if lie .deetps sfich as he "
does reeommepd, both Jiecessaryand
Vxpedie'nt,' he of coiire, desires tht '''
Congress , "ball' adopt' thCm,tftlta
they shall, be carried; Inlo full execu-1''
...... - ii.. 4,. ,1 ki.. i ..w .,:.
the intervention"' of the S,tatf :LegTs1i "
tares the bahk charter of the' ditferent'
States had been 'saved from' twrrelfureT
and that the ifesighs of f hp'Se' who wjfch- '
cd to destroy' them, had beehTurnWieo?
by thi acts. WeTI noW," itr, 'idliat
were his: recommendafionaHd What !'
their Inevitable r'esuffs? Tie recotn-' '
Kendein i,"'junirorK
bankruptcie't of eorporatinml, and othr ' -
bankers, as" a' measure 'Tully author-
zed 'by the'- C6nstitution.'?'T!,Scfc a
law, under his oath of olnVfei he irfuat'
have deemed "necessary and papedt' '
ent.':-''And he mustr too, have deilr
ed-its enaciiiieiit b' Coni;fesi,fi tftltef. '
wise ht wmild not "hsve feeomntetided" "
it Wlrat wiiulir ha ve been 'Us elf. IS
its practical opration.if Congress hitd '
concurred in tne1 view oi tne rresi'
dent, and passed a bankrupt lawat rv.'
commended bv htm?' Wht;iiii',,evf ; '
bank tn the.' ;Uhion)Uld ;1iav Tben v
forthwith handed over to commission J' '
rs to he appointed by tlie'ExecWive "
under such' av law,' and th"tr'oncet'nk'';
t.iAit mm: Lf..M ixm'm JtAull .tt flUtn.oil.il' t j
saeoie payments, ano wi courae wouirr
have coiive' within it rbvltionsv' TMs"
Voold have 'accomplished ;'wliat--waS' 1
pfevrntod by the sctionof fTie Legslai
trtres, namely J? a forfeiture of i th4r,''i
charters and a cmisequent destructioii
tif . the ba n k B thenise 1 f eiV it, 8i tp 1 1 ad o ' )
aifit- state this' case n loo atrftng'yU !
such -would have been .the invuau4'
result throughout the Union -thfrt iai
it)' escapo Irouv tt : Ihiri'esidau"i.'
ceuid ! not but hsve, lavesceiti it.; It
Was Umj unavoidUle ;Conqwne of i
JiisivscoiBiBendrttiiH.f H most fcave;--niade
it witlt his-,.eyv open, atid,' seta r
lts.f fllctsublefs he Wis blinded sad
bewildered by llhis ignis fatuus f Xeiit
re Focoimr' IN hlt-wnuld have been in
tlieeffect upon the busiqesa and rejtij
tif the ctiantrj ? Utter ruin a ad deaii
truction. Jrtun one extremity of (he Uo-itm
ion to the oilier." .Sir, itvarpestilencefli
and. faroloe'Vcmild notor ed'ectuair to
ly have dofie theirilrtadlul woik -iv
' iFortuaalely,' fof thei.cuuntrr. fionn
tress did tit adopt j th's recommendaa t
? f . a -' V . i '. . - 'a. ' .
tion ,-wf.tli President,; although it wasuj
uriij i with gr I ptfiver by:MHe p( th,r
rrjojit piomipet friends lif -the sdmiuifins
traiiou, (.MA. . BltjNw)il'A wa .t ijebjiaai
i j Sir, thore ia anothef tea,urnt thji ..:
measure "HiKh deserves copsidwatiotw,.
,'i'his aubjr-'cit was put. new to jtlif Pjra;
liPttlent, r It-liad iteceive! ) Mft vCf Ml'aa
einat)on and ull deliberation, an a,,
foitncc cxasiof Jn;46,it.w)en, f )a
tood upon this ilmir, as a Senator ft;titn,m
thy 3tate of Newr V ork , he niiufestttl rf
In ,,tlns
suoji'c; tii j iimr. ptH,',"i?l!.i.")
wtiii-h- l am- OMW-DJeaviuini? let majru. ,
tain, ,. j,l a '"jo nj ri'presenled 5 aH,ue;
greijnwrests ol, the )'?itate,.ias 4nx
commerce, stimulated aizj'irulture. aid-. .
edie mecha,niCan maiu fact? j Injun. -
JH'ry vf, HnjrJft'.n'lp
.healthy acUon . in ihei whole vtKly.polii,.
iyefm-4 tie Senate, onpospin.ts applicar':.
oiiipus.excrcifte oi .power ims, tiinu.
by tlie Co
I'll' h
nsptji
tar' Van ftorrn nrmoiPS a bankrupt I
kruptta
i, M' ZHn vi TJiTi ,l t7j,'t'l .-'.( H'-XiL i'ti
ti
m
poses. v, mW !Wi7Vr"Avrn P"1
id
St
diinTt " not f.lM
.1 flU aa ni
enpe fo bank incorporator!!'.' II m'tlst1.
have revieWed his tfoiuier' opoinioni on
that subject. :'' Ur"must have Meeine'
I the crisis, ao tmphrlant.U: to Wrcofne;'
i "r i .1
mknav n,t (hita rhra th V.n
tidtial tufrehcy," 6rgW and aiivcr, "
funf atjtewpt jf,, .to, represent ,tnem,.j-.
Thfi bankins interest, rwas' on'e yof,'.t'pis.,t
most imbiirtantr, bdcauseU gave life ' t cT..,
i i r it .... nA I., 1 1 k f , a
Klln Ul IMP liailKIUUL LHIIo all 1 1 1 n V 1 Ill's
I ruptcj
ized b'y the, Copstittitmn;; 30; lir,1
'p!.mU PS ioyskXsuch a mcasurp.wsi ""
(ii!H!r,!,i:;;
commenuatiotLOi , tne rtesiuei min ,
it;.Vmsiituio;aIjooyr?5'l
the Cpn8Ut(ition,!
"whether it ,doe( or not, is mimitenal to
'the preset
ni 010 consillliuoiiai iu"ra, aiiu ,loi
it was how ' nirr'elsarV, indtpeiHeht
that sucira faw'siiould!pass, kn therW?
bf riiljhe f 'ou,titry bf the curse of piiperi'
. . ... "I a r.. IL.k"'
nslitil."
i;
I7J-