M
IlALIZian, II. C. WEDNESDAY, IJAnCH 23, IC30. -
VOL.
NO W
ar'e
ninrf (tnt eaeaeding H linee th
!rnr.!.trrtK.n. twenty -fit tent..
Thr ..ItertiwifienTroflerki end SheraTs
HiH WttwrftiHi "r higher Slid ail.
Juiioa of Ml per -nt will.be (rum 'he
Mil.r prit l-r ilerliter. by tl. jwr.
Uiterl to the Klitor mil be put-paid. "
" SPEECH P W. CLAY,'
" on '
.. t ' ' snb-Tretirjr Bill:,
fcljr rrtii the Senatt, February 19, 1S33.
Mr. CLAY, of Kentucky, rose and
adJrrted the Senate jib follows: J
i hive seen some public "service,
parsed thrwagh marly troubled times,
and often addressed public assemblies,
in this capital and elsewhere; but nev
rt before have I rinuti in a deliberative
bodv, under mure oppressed' feelings,
or with a deeper sense of awful res
- pnnsibility. ver before have 1 ris
en to express .my opinions upon any
public measure, fraught with such tre
mendous consequences to the welfare
ami prosperity of the country, and so
peril,,!! to the libcrtiVs" of the people,
as I solemhly believe the bill under
citmidoration will -be. If vou knew,
air, v. list sleepless hours reflection up
on it hascoit me; if you knew with
-wWrerv'of-fcwl wmterrty -1 nawtnt-"
plored Divine assistance to strengthen
and Bustain me in my opposition to it,
I should have credit with you, at least,
f, mt the sincerity jny cnnvjclions, if
I shall be so unfortunate aTnot 'to fiave
vour concurrence aa to the dangerous
i harscter f the measure. And 1 have
thanked my God that he has prolonged
my life until- he present time, to en
able me to exert myself in the service
of my country, against a project far
transcending in pernicious tendency
any that I have ever had occasion to
consider. I thank him for the Health
I am permitted to enjoy) I thank him
for the soft and sweet repose-which !
experienced last night, 1 thank him
or the bright and glorious sua which
ahittes upon us this day.
It is not my purpose at this time,
Mr- President, to go at large Soto a
consideration of the causes which have
ttil to the present most disastrous state
.of public affairs. That duty wi s per
formed by others, and myself, at the
extra session of Congress. It was
then clearly shown that it sprung from
the ill-advised add unfortunate mea
sures of Executive administration. I
now will content myself with saying
that, on the 4th day of March, 1829,
njjrswJackS0iuWLk-4li-Me4lnfff
Gud. was made President of these U.
States; that the country then w as cm
iaeutly prospcrnusf tliat it currency
wj as sound and sale as anv that a
people were ever- blessed with; that,
throughout the wide extent of this
whole 'Union; it "possessed a uniform
value; adfUhat : exchanges were eon
ducted with auch regularity and per
fection, that funds Could be transmitted
from one extremity ol the- Union to the
other, with tht least possible risk or
Ims. I n this encoura,iug rood i tion of
tue business ot the country it remained
fur several years, until after the war.
wantonly waged against the late Bank
fr-Jnitejgtate. P-MMUtoly-"jTuccessTiiU
by the overthrow; of that
invaluable institution. What our pi e
sent situation is, ft is as needless to
describe as it is puinful to contemplate.
First felt in our great commercial
marts, distress and embarrassment
hsve penetrated into the interior, and
now pervade almost the entire Union
Li.J! lJWrrk7 Y ""f
the seandest and most practical writer
that I have had occasion to consult, that
ll convulsions in the circulation and
commerce of every country must origf
nataio tlte operations of the Govern,
ment, or in the tnistaketi views and er
roneous measa res of those possessing
the poer of influencing credit and
circulation; lor they are not otherwise
susceptible of c..nvulioii,'and. if left
j themselves, the; will find their own
el. and flow neatly in one uniform
ir-am." . . r
Yes. Mr President, we all have but
too mvtancliol y a consciousness of the
unliappj conilition of our country.
e all too well know that our n"ble
d Kl!ant ship lit helpless and im
"oveable upon breakers, dismasted, the
beating over her venerable side,
md the crew threatened with instan
taneous destruction. 'How came she
there? Who was the pilot at the helm
"he n she was stramiet? The partv in
poer! The pilot was ittded by all the
cience and skill, by all the charts and
instruments of such distinguished navi
gator as Washington, the Adamses.
Jeftersoa, Madison, and Monroe;.1 and
yet he did nor, or coa'd not, save the
fUic -.tsael, u She was placed in her
Present-wiwerabhi condition by hi
'?ling navigation,- sr bv his want of
aai ja giiin.,jt , impobsible
fc'r Itmwtft cane from one or the other
w of tb.Vt4di!emma. I leave him at
U-it. thoMM. between iheirt. s
-t H endeavour, Mr. President, ill
ntunvt Wfjlie addreta am w a-
bout making, to establish certain jrppo
sition. wliiili I believe ti be incoate-t-ible;
and. for the aake of perspicuity,
1 will state them several! to th Se n
ate, f shall contend- . , ! v
1st. Tli t it was the deliberate pur
pose and fixerdesiu f the late Ad
ministration to establish a Government
bank a Treasury bank to be aimin
istered and controlled by the Execu
tive Department. : - -
2d. That, with (liat view, and to
that end, it was its aim and intention
to overthrow the whole banking system,
as existing in the United State when
that Administration came into power,
beginning with the bank of the United
States, and ending with the State banks.
3d. That the attack was first confin
ed, from considerations of policjj to
the Bank of the United States; but
that, after itsoverthrow was accoin
plishetl, it was then directed, and has
since been continued, against the State
banks. ,
4th. That the present Administra
tli7n71iy its acknowledgments, emana-t
ting from the highest and most authen
tic source, has succeeded to the princi
ple, plans, and policy, of the preced
ing Administration, and stands solemn-
pledged to complete and perfect
m. ,
1ml TI.I iU Kilt ilmlor rnn.
side ration is intemTeVrnr6execuTrthtr
pledge, by establishing, upon the ruins
oi me laxe naiiK oi ine
trie united states,
and the State banks, a Government'
bank, to be managed and controlledly
theTreWryrp
iter the commands of the President of
the United States.
I believe, solemnly believe, the truth
of every one of these five propositions.
In the support of them, I hall not rely
upon any gratuitous surmises or vague
conjectures, but upon proof, clear,
positive, undeniable, and demonstra
tive. To establish the, first four, I
shall adduce evidence of the highest
possible authenticity, or facts admitted
or undeniable, and fair ' reasoning
founded on them. And as tq the lat,
the measure-under - consideration, I
think the testimony, intrinsic add ex
trinsic,on which f-drpend. stamps,
beyond all doubt, its true character
a Government bank, and ought fo carry
to the mind of the Senate the convic
tion Which I entertain, and which 1
feel perfectly confident tl whole eoun-
iry win biibic
l.'Mr first proposition is, that it
was the deliberate purpose and fixed
design of the late Administration to
establish a Governme"ht bank a Trea
sury bank to be artmitiisterecl and
controlled by the Executive Depart
ment. To establish its truth, the first
proof which I offer is the following ex
tract from President Jacksnn'a Annua!
M ess lge-,-of Deeember-r 1 829r.L
"The charter of tha Bnk of the United
SUtes aspires in 1836, and lu atockhoidcrs win
most probably Apply Ar renewal of their priv
ilege. Ia onto lo avoid the evila reuliing
from precipitancy, in a measare involving auch
important principlra, and such drp pecuniary
inlereaUi, I feel that I cannot, in jqtice - to the
partial interacted, too aval present it to the
consideration of the Legislators and tha People.
Both the constitutionality and the expediency
of the law creating this bank ara welt quettiin
ed bg a large perlitn, tur frUow citiient;
and it tausiixjidiiutted Ay nil that it ha tnid
in tha great end of establishing a uniform and
sound currency, i i:!.
"Uixler Uiee circrtiinceB, if roch ti 4iU.
lotion is deemed , essential to the fiscal opera
lions of tUa Government, I mbmit It the vif
Jov - 'mf the Leeitlalnre, whether a national
ment and itt revenue! , night not be devised,
which would avoid all constitutions! difficulties,
and, at tha eama time, eecure all the advantages
to the Government and the country that were
e i peeled to result from the present bank." "
This was the first open declaration
of that implacable! war against the late
bank of the United jStates, which waa
- 11 WMt, ondof the distan
. ,....u ,l- ,i;.
afterwards waned with so much feroci-
t
bulse, to collc-t together the dispersed
and scattered forces, and prepare for
battle. , The country saw with surpise
the statement "the .constitutionality
and expediency of the law creating this
bank are well questioned by a lurgt
portion of our fellow citizens." when.
in truth anil in lact, it was well known
that but few then doubted the constitu
tionality, and none the expediency of
it. And tha assertion excited much
greater surprise, that "it must be ad
milted by all, that it ha failed in the
great end ot establishing a uniform and
sound, currency-"; In this message,
too, whilst a doubt is intimated as to
the utility of such an institution, Pre?
sident Jackson clearly first disclose
his object to establish a national one,
founded upon the credit of the Govern
ment and its revenue. Ills language
is perfectly plain and unequivocal.
Such a bank, founded upon the credit
of the Government and its revenues,
would secure all the advantage to the
Government ad the country, he tells
us, that were expected, to result from
the present bank. .1,
In his annual message ef the ensuing
year, the late President saysi
"The importance of the principle involved in
the inquiry, whether it will be proper to rechar
ter Ihe bank of the United States, require lltst
T should again call Ihe attention of Congress to
the subject. Kolhing' has ocrvrstl to lessen in
oy degree the dangers which many at our ciu
zen apprehend frnm thai iosliiutioo, aa at pre.
sent organized. ' Ira the. a;piril of imptoveotent
and compromise which distinguishes Our coun
try and iu institutions; h become n t iaqoh-a
wbelhar It ha not possible to escur the ajvsn
lages aAmled by the present bank, threofb the,
aaoacy T knk aa U United ifcataa, an omw
6ed ia as prr aiplca) aa 14 abviats eoDstiutiooai
auJ other vjerlKHis, i : -,?,-';'"
"It 1 .aufht prartirable to orrsnite such a
hank, Vilh tba oacessary olDoers, aa a branch of,
tha Trrasary DepartttMnt, tsed 00 the public
and in liiJal deposite, whboot power lo make
loan r purchase property, vhich shall ratait
lb funds of tba ttoveraiaienl; and the expense
of -which may ba paid, V thought adUUe, by
allowing tta officers to aeft biltaof erchange, to
privata indivkluala, atj a moderate premium.
Not being a corporate body, having no atock
baldera, oVUora, and property, and but lew of
ficers, it would not be obnoxious lo tha eoosti
tational ebjecliona which ara arge4aoirwt the
present bank; and having no means' to operate
on tha hopes, fears, or interests of large masse
of the community, it would be shora ef Las in
fluence which makes the bank formidable."
In thi messag, President Jackson,
after again adverting to the imaginary
dangers of a bank of the United States,
recur to nis favorite project, and in-j
quires "whether , it be not possible, to
secure the advantage afforded by the
present bank, through the agency or
bank of the United States, so modified
id its prnripte and structure a lo ob
viate constitutional and other objec
tions" And to dispel all doubt of
the timid, aijd to f onfirm the wavering,
he declare that it is thought practica
ble to organize such a bank, with the
necessary officers, as a branch of the
- V , V.r''-11
of ,!,e . 1 reasurJr 1'P'
As a branch
nartment! , Ihe
verv scheme now -under consideration.
Anil, to defray the expenaes of sOch an
anomalous institution, he suggests that
l!ws ofTicer f tha-Trea&uryDenarl-
inptit may turn bankers and brokers,
and sell bills of exchange to private in
dividuals at a moderate premium!
In his annual message ot theyesr
1831, upon this subject, he was brief
and somewhat covered in bi expres
sions. But the fixed purpose Which he
entertained ia sufficiently disclosed to
the attentive reader. He announces
that, ' T1 '
"Entertaing the opinion heretofore express
ed in rotation to the bank of tha United Statu,
as ai present' organised, ( felt it my duty, io my
Conner messages, frankly to disclaim thvnv, in
ordtt that liia Attention of iheXgtalature land
.hs People - should be eeasonatily directed lo
that imiiortant suhjert, and thai it might ha
considered, and finally disposed of, in a manner
best calculated to promote Ihe coda of the eon
stiiution, andaubeerve the public interests." ;
; What were the opinions "heretofore"
expressed we have already seen. They
were adrcrse'to the bank of the United
States, as at present, orjremfxoil, thw v
totay, an organization Willi any inde
pendent coporate uovernment; and in
favor of a national bank which should
be so constituted as to be subject to
exclusive Executive control.
At the session of 1831-'32, the ques
tion of the recharter ol the bank of the
United States came upi and although
the attention 01 Congress anil thecouil
4ry had seer TfttAr and - delibet -
1 J . . - . I . . .
atelv be!are irtvtrert to the considera-
tion of it by President Jackson himself,
the agitation of it was now declared by
him and his partisans to be precipitate
and premature. . Nevertheless the
country and Congress, conciou of the
value of a cafe and sound uniform cur
rency, conscious that such a currency,
had heen eminent) r sunnlied bv the
bank of the United States, and unmov
ed by all the outcry raised against that
admirable institution, the recharter
commanded large majorities in both
llonaei ToT Congress Falatljrfor "Hie
interests of this country, the stern self-
will of General Jackson prompted, him
On the 10th of July, 1832, the bill was
returned with his veto; from which the
following extract is submitted to the
attentive consideration of' the Senate;,
"A bank of tha United 8ttes ia. in many
respects, convenient for tha Government and
useful tothe poeple, Enlortatningtbis opinion,
an J deeply impressed with tha belief that (time
of the peweraand priviligrer possessed by the
existing bank are unauthorised by the Consti
tution, subversive of lha rights of -tha Stales,
and dangeroua to, tha lilisrlies of the people, I
fell it my duty, at an early period of my admin
istration, to call the attention of Cougres o Ihe
practieihility of organizing an institution, com
bining oil itsadvsntsges.and obviating these ob-!
jeetions. I sincerely regret that, in lha act be
fore ma, I can perceive none of yhoae modifica
tiniii of the - bank charter which ara necessary,
in my ocyiton, to make it compatiblo with jn-j
tice, witn ao'liajd policy, or with tha Constitution
'Ar...w.MM'w i -:., ;--: ' ,--..'(
r tiut jiiuiisiy
Thaiar Baoj6"of h United 8tetee, eempe
tent to alfttiavautirs which may be required by
Government, 'might be so organized aa not to
infringe upon our own delegated powers, or Ihe
reserved rights of the States, I do not entertain
a doubt. ' Had the Executive been called Upon
10 furnish the project of such an insttlMtiiMn the
duly would have been cheerfully performed.-
Ih tha aheenea ol such a rail, it, ia obviously
proper that ho. should confine himself to point
ing out those prominent (futures in tba act pre-,
senled, which, in his opinion, maka It Incom
patible With the Constitution and sound poli-
President Jackson admits, in the ci
tation which has just been made, that
a bank of the United Slates is, in many
respects, convenient for the Govern-'
ment J and reminds Congress IhaHie
Itadj it an earl period of his adminis
tration railed s 'attention to the
priR'lirabtlity of so otganizing such sn
tntitut'nm as tosecure ail its ad vnafages,
without the"rlcfects of the existing
hmfc It is perfectly manifest that he
alludes To-his inevious recommenda
tion
bank
of a Government a Treastrrfjtheliemagedue te tbat eminent ser
"Iii ihesame-ihessatfe he tell Lvke7RA few year' after, 't? became
ConKres,' that if lie had " bee'ai called
lapon t furnish th project f eucb iOjIloU ef Represnttiv, witll th is
institution, the duty would have been
cheerIuiijj.perIomeJ. lhu it appears resentative .character upon" some oi
that he had not only settled in his mind hi proceeding in the. contact of ;the
Uie g''0ral principle, bti't. bad adjusted, Seminole war, whiclt 1 thought illegal
the details of a Government bank, tola", and contrary to The rConstitatior ; and
subjected ' to Rtaeutive r nntrnlt..and..Jhe law of nations. 1 A non-Hercure
Congress ia even chiJed for hotefng) between ui ensned whivh continued
umio hint to present them, r The bill -until the fall of 1824, when he being a
now nnder consideration, beyond all
controversy, i the very project which
behad Jn yiew, and 1t to consummate
the work, which he began.- I. think,:
Mr l'reiidentj that you must now con
cur with me in considering the first
proposition is fully maintained. ; I pass!
to he second and third," which, on acj
count of their intitnater-connexion, 1'
will consider together.: . , ' " j
' 4. That, with a view of establishing
a Government banki it was the settled
aim and intention of the late Adminis
tion t overthrow 'the' whole banking
system of the United States, as exist
ing in the United States when that Ad
ministration came into power, begin
ning with the Bank of the United
States, and ending with the "State
banks. 1
S. That the attack was Crst confin
ed, from considerations of policy, to
the bank ot the United States; but
that, after its overthrow was accom
plished, it was then directed, and has
since been continued, against the
Sjate lianks'- "ZZ "
We are not bound "to TnqnirV"7nfo
the motives of President Jackson for
desiring to subvert ' the established
monetary and financial system which
W found 4pcratiuu ; -ami y et.. 'meJ
examination into inowwnicii ywmmj
influenced his mind is not - without u-lility.-
These are to be "found in-Jiia
it u iar constitution' and character.
Hi esotistn and vanity prompted him
to subject every thing to hi willj to
change, to remould, and retouch evert
thinsr. Hence the posciiption whicn
characterize his Administration, the
universal expulsion from office, at
home nnd abroad, of all who were not
devoted to him ."-anil --the----attempt lo
render the Slxemtive Department of my vote. rancorous war wai ' corn
Government, to use a favorite expr-s-jmenced against me and alt the bnrk
ston ef his own, a cnrnplete" utiin; ing og tet hwt -um -weI .shall
Hence his seizure of7 the public e
posites in the Bank of the United
States, i and his desire !te unite
the purse with the- eworuV"' llem
his attack upon all the systems f pol
icy which he toand in iiractical opera
tion on that of internal improvements,
and bit that of the protection of nation
al industry. He was animateit by the
5 me sort of ambition which : induced
the master-mind of the age. Napoleon
Bonaparte, to impress his name upoti
every thine in FraTice. -When 1 was
ia Paris, the sculptor were busily en
gaged chiselling out the famous N.,
se odioU to tha Burborne tine, which
f' ,a?- VrT v"' carveu 00 tne
I nn tt 4Ks Pli 2 ! t Aa-s saa aa.n.t vr Ail.ub
r'rv "- -' . v...v.
public edifice and monuments in (he
ptoud capital of France When, Mr.
President, shall we see ellaced all t v
ce of the ravage committed by t'
administration of Andrew Jackso? I
Society has been uprooted virtue U"
i.hed, vice rewarded, and talent aiid
intellectual endowment dispised, bru
tality, vulgarism, and loco-foctiti
uplieldj cherished, and countenanced.
Age wlTrroll around before the mor
al and political ravage which have
Iteen committed will, I fear, ee s to
be discernible. General Jackson's
ambition was to make hi administra
tion an era in the history of the Amer
ican Government, and he has acconi
pllshed that object of his ambition;
but I trust that it will be an era to be
shunned as sad and lamentable,"' and
not .followed and imitated as supply
ing sound maxims and principles of
administration. ' " '
" I have heard his hostility to banks
ascribed to some collision which he
had with one of them', during the late
war, at the city of New Orleartsj and
it is possible that may have" had some
influence upon his m.iji!LLT-h imme
tltate cause,' more probably, was1 the
refusal of that perverse and unaccom
modating gentleman, Nick Diddle, to
turn out of the office of rreside'nt- of
the New Hampshire ' branch ; of the
Bank of the United States, at the
instance of his F.xcellcncy Isaac Hill,
in the summer of 1829, that giant like
person, Jeremiah Mason giant in bo
dy, and 'ciant in mind.' War afld
strife, personal or national, foteigri or
domestic, were Ihe aliment ml the late
President's existence. War a,
igaiost
the bank, war ; against France and
strife and contention with a couiivresa
number of individuals. The wars with
Black Hawk add the Seminole were
scarcely a luncheon for his ' voracioa
apii'titef - and he made his exit from
public life, ilenouncine war and ven
seance against Mexico and the' State
banks.f;. ,-:?,; h .
'My- acquaintance with that extraor-
dinary man commenced in tht city,'
in the fall of 1815 or 1810. It wa
short but htghlv Tespeetful, and mutu
ally cordial, beheld in him the gal
lant and successful general, ' who, by
the? glorious virtnry of New Orleana,
had henbrably rlosett the second war
of our independence, and I paid him
f my painful duty to animad vert, in the
dnpendence which belongs f the rep-
member of the Senate, an nee nmmoda
tion' between us -was sought tii- be
brought aboiitbyihe principal part -of
the delegation from hi own 8tate.
For that purpose, we were invited to
dine with them at Claxton' bonrding
Imuse.on Capitol hill.wh remy venera
ble friend ft oti Tenes e, (Mr.
WhiTJ:in I his coll a,ue on the sp nili
cnmmisMon. were' both present. I re
t'redeariy from dinner.snd W;i follow
ed to the door by General Jat kMin and
the ' present minister of the United
States at "the Cotirt of Madrid. They
pressed me earnestly to" take a seat
with them in their carriage. My faith
ful servant ami friend, Charles, was
standing at the door, waiting for me,
with my own. I yielded to their ur
gent politeness, directed Charles to
follow with my carriage, and they sat
me down at my own door. We after
wards treauentlr met, with ' mutual
respect and cordiality -dined several!
tune together, anil reciprocated the
hospitality of our respective quarters
I hi friendly ..intercourse continued
unfitTheircTi6n;tnl1n1ouwnf-lie
resentatiVfS, of the President ot the
United States came on in February,
1825.: leave the vote which, in the
contingency. that-hiMHHHiedr I -trdd-mrj P,JL?,,,---
11 r . ill - arhich 11 rasis, anil wiflTllist apiol of forbear-
V"Kcnguc, i.li . V, Itivil.imay nil. bub
before me, prior to my departure from
Kentucky, in November, 1824, and
told others that t should give. All in
tercourse cease-l between General
Jackson and myself,--We have never
since, except once aecidental'y, ex
changed salutations, nor tnetr except
Alt Aj-rsainti teKon vvSl jusiara riefnemint,A
the last oflirea - toward. dereaselif'h:l:i
members of Cotigressor other officers
of Government. - Immediate! v after
not Irsee it during -its ten year's b'Htvriofiha Te iple. but w should ratoiUct that
ennunaame. uui x iimiiK -my u
tliat 1 stand here, firm ami weet, "un
bent, nhnken; ui'siibIU'it,' ohaedi
ready to denounced the niistliievout
measures of his Administration, and
ready to denouee1 thia, - it legt
iitiate offspring, Uie most pernicious of
them all. ' ,"vH
His administration consisted ot a
succession
of astounding measu res,'
whieh-feB-ewi the public ear
like re-j
pealed burst of- lomLand j appalling:
thunder. Before . the remheration; -
of one peal had ceasetl, another and
another came, louder and louiiitr, i-j- sjeney of great moneyed mouopo
and more terrifrinr. Orj--rathor-itUiharej:nuec.sn.bei.oll ctediarnf convient
wa like a volcanic mouatairr, emittinjt!
fri-htful erupii-ms , of burning lava.
tl 7 1 .. , , , .
Before jniLW4c.ild and crusted r be . I
fore the voices of' Hhe inhabitant , of,
baried villagea and cftie Were hushed -
in eternal ilence another, more desso.
laMlt.wa votnitid firth, et--i d nm wi.
, . . , .1 . , - ,
der and wider the circle of- death and
aeatmctien.' r. t-i-.
Mr. President, this i no unnrcessa
rv discression. The personal char
acter of such a chief as I have been
describing, hi passion' hi rnineni
tier4hfcwac orhiainind4 houJdiapprim tstate 'tjanw Is slow.
be aU thorou'ly studied,: to com pre -
heml clenrly bis measures and bis ad-
ministration. But I will now proceed
to innre direct aniTiirict proolt i oTwTf
econd and third propositions.;- That
he was resolved to break down the Bunk
of the United States, is proven bv. the
same citat ions from h messages i huj
I have made to exhibit his put pose, Art
establish a, 1 1 easury, bank, is pro'
en by hi veto message, and by-lhe
fact that he did destroy it nTlie- war
aginst all other bunks was nut, u initi
ally announced, because he wished the
State banks to be auxiliaries in over
throwing the bank of the United State,
and because mcli an annunciation
would have been too rath and shocking
upon the people f the United State
for even hi8tremend influence.
It was necessary to proceed in the
work with "cautionr and to begin
with that institntioiii against wliicji
could be. embodied the grcatettt amount
of prejudice. The refusal to recharter
the Bank of the United Stales was lo-l-iwed
by . a deteniti nation to remove
from its custody tba public .money,, of
the United states, , I hat tmerimna
t nut was first whispered in this place.
denied, again iutitnated, and finally, in
Septeniber, 1833, executed. J he agi
tation of the American.. Public which
ensued, (he warm and animated dis
cussions in the country rand tin ; Con
gress, to which that unconstitutional
measure gave rise, are all fresh in out
recollection. It was r necessary to
quiet the public mind, and to reconcile
the people to what bail been done, be
fore PresidepV Ja kson seriously enter?
ed upon hi new career of hostility to
the Slate banks. "At the comniencement
of the vision of Congress in 1834, b
imagined a suflicirnt . elm had been,
produced, and, in his annual message
oi that year, the war upon: the Slate
bank was epenedw Ib that' message
Lai ktBta Slt. WfM '. ''"!!.! -(
rW'-m l-..l,i.. ' I .,.-5 1
It saeea dii la tka aautlv' lha DubJlC I
fuada rssaainiag ia aha baas, aad lathakMftadium of webaatMaf aortaie jp
ha tav
ken to seperata tha Government sntirsly from .
an inauiuuon so s iuisciiistuus 10 Ilia , putuul f
prosperity, and so regsjdjess of lbs Coiistiiuuun
and laws. By transferring the. puhli dpos-
ite. by appniiitiog other pension tgei.u, ss for ;
as it ba-l ibe power, by ordering' the d'.sconliq. -j
uanca of lbs receipt of the bank check in paj
men! of the puMie due after . the first .day of .
January uext, the Executive "baa exerted all ha
lawful author! y to raer tlia eonnsiioo be
tweaa ihe Govvrament aud thia failhleaa aor
i
l
po ration. ..ifj - -T ,, , r ,,.
In this quotation it wil be see a that
the first germ is, contained of that-;
separation and divorce ot the Govern
ment from banks, which has recently '
m ide uch a conspicuous figure.' It re-"
lattfa, it is true, to the late. Bank of'
the United Mates, and v lie speak of
separating and severing the eonnexion
between the Government and ': that In-''
stitq im.. ; Bat the idea onre devet;
oK-d, waa eas ly tisci ptible of apptlca-I
tion to all banking institutions.-, In
the"Mesng of the succeeding year,
hi meditated attack, upon the State "
banks is more distinctly disclosed. '
Speaking of a sound . currency, , he
Says! " '" -. ' .. "", .
"In conaijerinir the means of oblainingso .
imHnot aa es), ihat it, a sound curren
cy, we must eel at'de aU oalculatious ef .
lempursry Com enience, and be influenced
by those only that ara in harmony with- lh ;
true, ohsracter and permanent interests of
the Itepublie. Wa must raoiir to 8rt pria- 1
ciples, and hat is it thai hsa prevantctl .
the lepislstioo ot Cougrea and the 3ataafiii
the "subject i'reVeney
puhlia expee.ation. ami realising result coin
responitmg lo those which have altu4
the action of our y'em when truly otmsiatH
aoce mul ial ouneession aiul geiieruu patriot
istn which waa vrigiiikliy, soil must aver cow
ti tie to be, Ihe vital alament of our Union, .
On this subject, I am aura that I cannot
be miaukeniii ascribing our want of anoeesa ,
lot he ntuluc counieiunca which ha been af- ,
forded to . lha spirit af mnuply, - AU l- ,
ierious ,dlfer wbiclH our )iem ha yet ,
encountered imy be traced tq iM roaort to ..
1-1 - ... m ,
impltet
implied powers, ana llie Uia 01 curpia-auoM t
expense of the many,. , Wa hav fell but one)
elaa of tbrse dMgeta 'xUibltil ia 11, a ixm- ,
leM wsgedby the llsnktffhe United Statea ,
agans lite Govrnmrot ,fur tha lt ?four ,
years. Ilappil 4 bey baa been obviated ,j
I'fir ,t, fii-..Mit h. itiiHiili.nMi.Mai.'.iiM
WBnw ,tlB t , ,H IHK WW HBI
tne; prniciJHO wurnce utey nr,ng if an or..
e-.Hcliva one, which will not fail lojenew ile ,
alTuris in ibesama and it) ether lorm, so long1 f
as there jaa Itcpe of ne e. fnunded cither',
on the iua lemion f lbe, rei'ple, or .theA
treachery of thvir represent .lite tej Jhja'.
ai.btM prcyret of ita tnrtuenoe.1' ,
: "W are ho to acehether,
in the preeni forable citiiitioa of iho ,
0011 n try.
1, ki.iati.ftt til ai.iiit f.r n.ift.mtilw an.t hr.r.
ticatly prove, In resprct lottiie currency,, aa
well as o li r iinpuraut interest thai Ibera
necessity for so a,xteni a
J;w, "u fr b5rttufo
; ."' fi ." fceen teen'
lor so xtensi a resort, to,
ore praoti-
lit with-
and ,fely, applied toU tba piirpoe of
th '"V'fr.'--n '"''f-.
ed that, inatead of being nece?eM ily made
a pPmu,e lhe of awnchtfked aper
aJ.ieni. ibe msnskemant of tin revenue can
jbe -madejujjiiisryjii lhe Hcformwhich h
!U'ures oreveral.Tofth StVe hrfe al-"';
.VHppr-:.
stf'i oi viiisii oiiib, nu b iiiLii naa oiny (U p
1 1 i.:; ..1 -vt----.
foattred by proper regulalioi'is on lha part of ,
UOh-eta, 10 sroiire a prscticslreturh, lo the,
extent irqtirrd for ,the security tif fhe cur-'"
renei,' to the cojistitulional mcd'uin." .', 7'
As fa'the iustance.'of the attack jib
on lhe B ink of lha United Slalaa, the ?
VHUV1WV-, ..111 ,1..-1,UIUU ,B ICHIllltlV .
Coi'gVes and the; count rjf , thai ,alt caj !'
caUunjjjir Uniporarj .- convenience
must bewdefiliat
to first principles and that We must
see what it is that has prevented the .'
legislation of Cmreis and tfit Stateii'
on the subject of the. -currency - from,,
satisfying public expectation. H de
clares hi conviction (lint the want'
of auecess has prueerde'd ftoifl the un-due-countenance
which hus- beet f-
forded to rite spirit of nxitloiioly. t"AII
the serious clanger whjch.Bur;fSfptft
has yet encoantered'Hiay be traced te
the resbrt to Implied ;pWeis( find t
the use ' if ' cm poratiwts.l iy S ; hlffe'
fvlt, he' lay i' but enerlnss Ttlve
dangers in"tlie contest with the 'Barftti
of the United States, Intj" he clearly
intimites that -tho 'othsr rl -U th!
SitAte banks.' Wt ate-imw tr-tte h
proceeds, whether in th present fa
vorable condition ef the ountryyi!
cannot take ail efliiereal utand against
this spirit of inaiioply.i Itevertitig te J
hi favorite schemei of a (iverrima(i
bank, he siys It' i ascertained 'that,?'
instead of bing Made necessary ( ero- '
mote the evils of an utichpfk paper-
system, tliemanageme'rrfof the revea
. ' 1.-. -..-r- -i.1,,.!. :
nuc i;na ua-tsnaiie iviiuarj 10 mt re
firm which he is desirous to introduce.
The ulesign ef President Jstkson wT
gainst the State bank srs more" fully
developed rand; enlarged upon clr hial
annual message of 1 BAfi, hh which I
beg leave tojuirt the following passa-
ges v' "t JV- & 1
-I beg leave IdeaU your altrntion to'anerber
snhject ittimauly asttaMaled whh tkd preceding
one ilia ewrency o( tht Cv'iintry.vha ytf'ir
"It is apparent, from tha whole- eonteat of the .:
Cotistilulion, aa wll aa lh history of be. timee.
that gave birth to it thai it wss the purp'os of
thaeonventiiin tflatalilish hr-aey eonsbtinf1
of lha pracioaa metals. These, from Shehr fttikJ
sr praoartias, wbichv redT4 thain aha.MaiMpar
Srd ff valua in aLotber caunisa, wradaptrjt4 ,
n iiiik, a wen Vf esiaousa; lis coqiivcia( stiito-,
rJ(1a Isfrrsnc 10 fyralgb ouairiea. by a par..
10 iBirrsnc i lyivigu poultries, BJ pvr.,
BnaneM-rnh. as MieluJlha asabf si mVl.MA-
of the American Tcaple, that mea-inree
Jt
. "i
...r-asV-".
1 '' '