W-fw533il5S.lI-JW 4.rfi-u. ' U l.h, qouUtUi 4kUW ttu4 j I. A.kk i Wni, tod the -tpirit of iyj.u r u " Jlj but would ..ol U
f r , ,ede w k v . f.o. the last annua! mrtaae of Geo. ttu "" " ?t"T. WLrn til these t1ng tre recollected,; curl determined. W bwm w
ttreto..ru.. it i inW.ble notto comprehend less prtbabU lha", m r twenty
v.H-..uiu.ch.ie jy 5 irnrJr dearly u v.n Burc1 .h,mm,uhik? t pr"-,
afsearteney of which Urn prwee annals ere , . .iihi tue er ! 4 munUt wwd k.10 ibc. ,,,.:., th. .vrWii.leand ml" ia. impossible fur lb twhkt, com-
ot ih. chief ingredient. ,bkh can be ... nk parr. ,0 he ODrntiun. upon the ZJfcZS2 - " ! 'Hh lata AdS atioT No ir few tW p rkr eompeli-
bm aloe extracted wkboul irl taihe priu- aalra vf .public land.' la hi message Bat k will elee steady Ml peeeerin eJ ' h Adnintt'tin. "Sv. it! rt now. er and idfli
iiihtf f.tHU.M u ofsm j tbe precede year, thr ynt . 3B "H
. . ,J.rJ U ih. rc. ,r.Jo of thwoU.'Mlounf ..f-t aaleahad been dwelt '"' rt' Ind that wlU 7 rrqoire him lo break ence the Uovcrameat. to '
WiUrU.kb.e.i,.i..-b.uT . wuhS?.luS cwfplSlct m ZttyXJ2SXZ Uwn the local institution, of the theumlve. with apecie ;,. i-.a.b.
tSapcndetit oathnee joat proportion uf folJnJ ' ur jtnrra pruipcruj m .-rJJTV ,1 4- ul in ! i . V..'Tt-t enmbetlf !ufl Oul.l hae Be
.1., a eiroU,!,:, JUL. which a,. V country, and a. prool l tb wiadom "??JZ SouS t'TiS PPr ,lium ,,,cl1 AJJ?
net hai prol la b ic ry,, aH only in
What ibM proponioo ara not infasrii luin
Uia cireuUlion, and da sot canwnl it. it U mi-i.
UH that pnea ma vary amrding In th ijJe
oTbank iwti, am! tba 1a and aUbitily of
property attut ataaJ tipomei to ail lha utxerr.
uiuty which attanJ lb aJmiuittiation of in
alituuan that ara constant!) liabla la tba ttmp.
Ialla af aa tada dwiiitet froia thai of lha
aaonmiiiity ia whirhlhcy ara eulIUhLH
B it alihonnh ariont clstfrrn tit our Re
imWVii. Ih ituitona been utvLtetl by
th future ttf Ibmt batic. to cxlnrt from
tHa Uovcrnmrrtt a renewal of ha durer, U
ia nbcioua that little itai been acci.miilitlied,
tcept a aalutary clianfe ot putidc apitiion,
loaariti n'atnrinf; ta I'.ia country ihe aitin.l
t'rrrtney prwiiWtl fur ihe'Cvn'dtutiaa.Xa.
the ac af araeral of thai blatra prolribiting
lk crCiUtiait of anl nutea, rd the a:i
Siliary aaetakrnia of tUtngrts at Ibe laat
acatiort, rorb'(l l:rii thrir reception nr pat-
mnt on public aeeaunt, the true policy of
the fxintrr hat bn advanerd, alarewr
"p irU'Mt of the' preeimi metala infutcil into
r cre ilalifjr meiliuni. 1'heae meatiirea
ili prihaMt be f.illowtH up in lnr time by
the etactiirnt of Stale Uwa, biimliinf from
r-irr 'lalDii bank note of alill higher tleiHint
ili' .: a'l l the oTij'ct nny be materially
priHntef by farther acts of' Cgrr; fur
b'cHinj tha ernploym'nt a fiacal ge.m, of
aueh liaitkaiiaiW'ia otra of ! ilenuntina
tiana, aid throw imre(iiraent in tHe way of
tl.e circulation of (fi'd anil ailver.
The cffecti of an cxtenInr of aanfr ere 1
ill aid mrcjuaauaa af nk p-(i.r li been
atnbirirly i!lmiratel in the vt of the nul-
j i . i i - : i .. i
anotia reg-iater and receiver in the early
prt of tact an miner, h a at perceireil that
the rr-eetptt ariainr; from the aalea of piiblle
Unda were inereaainy; t a I nhprrceileiiteil
amntint. In elK tV, liowever, tlica- receipt
inmmt to noihni(r more than Ci-dtu in
It'tk. The baAka lent out their nolca to
;recuUti(( they were paid to the receiver,
'! im ne l atvly reiurnetl to the bank, to
he lent oit a;n, and again, being in re in
atnnrrntj tu trantfer to apecuUtora the moat
valuable p'tMic U'mI, and py the tiort rnment
by a credit on the baokt oflhe banka. Thoae
creditt nn lVi bnoka of aome of tba Western
banki, mrally aalk-d depotrt, were already
greatly beyond theif immediate meant of
payment, and were rapidly increaaine; In
darJ, each apeculatto i fimiihed mrana for
anwihrrt for ho aooner had one inditidual or
eaupany paid In the notea, than thry were
Jmm:diateW lent to another for a like pur
poari end the bank's were extending their
beainees and their ittnevM larKely a to a
I irm eonaiderate men.andfetuler it doubtful
VtietneTTAfle iankwktif permitted it
menmubar, wutd ultimately tht leatl
Vitlut It tht Gtvernmtnt. 'The apirit of ex
panda) and fpecnlation trat not confined to
thdrpofte banka but pervaded the whole
nviltitud of banks thronjrhout the UitioniiHl
, was R vi"T rise to new inttitutiona te agjfrar.
T1iesaA-ty oftliepubUe funds; and the
interest ef the People generally, required
that these operations eltuttld be checked.
and it brtime the duty of every branch of
the Oenerttland State Unvcrnm nls lo adopt
all legitimate and proper mean to product
that salutary effect. Under this view of my
duty, I directed the issuing of Ihe order,
which will be laid before yon by the Scerc-
tnr af tnc T rerv, -re3u;.-isrf payment of
the p iblic lands sokl to be made in specie
with sn exception until the 15th of the pre
aant mou'li m favor uf actual actUers. This
mrasura has produced many salutary conae
qiteneea. It checked the career of the
Western banka, and gae them additional
atrcnifth in anticipation of the presure which
has since pervaded our Keatern as well as the
Eurepean aommcrcial cities, Oy preventing
the eipanaioa of the credit syatersj. it mea
aurably cut ofTiha means of specuhrtion, and
retarded lit progrest in vionopoiuing the
moat valuable of Ihe public lands. It has
tended ta save the near States from non
revid.-nt proprietorship one of the greatest
bstaclea ta the advancem? nt of a new Coun
try and the prosperity 'of an old ana, h has
tended ta keep epen the puble lands for en
try bf emigrants at Government prices,
iitraa of tlieir being compelled to purchaae
of apecuiatorS at double or trcbie pricea.
aunts ia silver and gold, there to enter per ma
neuily into te currency of the country, and
place it an a firmer foundation. It is eauA
leotly beliewed that the country will find,
in the motives which induced that order,
d the happf censequrhces which have)
nsurd, much te commend and natUng to
condemn."
Jt if seen that ke again call (ke at
teDlioD of Congren ta Ihe carrencj
of the cuuntrr. all ere -that it - was
apparent trutn thewhut coolest of
the Cunstitation, aivwellai the hiitorji
tif th timet that gaaeVirth to it, that1
it was ihe purpose T the convention to
establish carrencj consisting uf the
precmes metala ; imputes variableness
and a liability to inordinate contrac
tion aud expansion to the existing pa
per ivatcm, and denounces bank iasuoa
at bag an uncertain atandard. He
feliciutoa himself upon the dangers
which 1ie been obviated by the oyer
throw af the Dank of the United
Bit tea. bat tleclarea that little hat
bean tet dune, except t prtwluce
aalatar change of public opinion to
ward a reat'triaz to the rountrv the
aoand etirretKf provided, for in tht
Conniption f will here tar, in pas
alas. that, all (hit outcry aboat the
ptciet eta Is. gold, and tht con
ttitu.tioo.al carreer r hat been nut
forth todelasle I be People, anil to use
the prreioua metal at an instrument
to break down the banking institutions
af the States, and to thut pave the
war for the ultimate establishment of
.aa ,1
A. treat uovertimrat bank, in me
present adtanced ttate of civilization.
V- the oretent condition of the ean-
rotations of trade and intercourse be
tweea 'taw different aationa of the
jrorld. 14 ia perfect! chimerical to
aoppoe thai the) currency of the U
ir1M Btatet ahould eontlst cxclutiaa.
jt Of' yajoaipaUya df , the. prJoii
of hia
Almio;tntmn. ilujUcow that
which had been announced at a bless
ing ia deprecated at a calamity. . Now,
hi object bring to Mail tUe bankirg
iiiatiiutiunt of t e States, and to jutu
fjrtliat fatal Treasury order, with I
aliall hereafter bare occaaion to notice,
he expresaea his apprvhenainn of the
dtojer '9whichw-e are exposed ofloa
n the pub'ic domain, and getting no
thing for it but bank crtdil$. lie de
st ribt'S, ntinutt-lr, the circular process
bjr w hich the botes of the bankt passed
out of thuae institutions to be emptor
ed in the purchase of ihe public lands,
and icturned again lo thi-ra in the form
uf credits' lo the Government. He
forgets that Mr. Secretary Taney, to
reconcile the People of the United
States to tlie'danng mraaure of remoe
in the pu'jlic depnaitrs. hid stimulat
ed t lie hanks to the. exerrje of great
liberality in the grant of loans. He
informs at, in that mrage, that the
safely oflhe public funda, aud the in
terests uf the People generally, requir
ed that these ciiji'mus issues of the bankt
should be rhecked. and that the con
version id .the public IjikIs into mere
bank credit should bearrrsted. And
hit measure to accomplish Ihese objects
was that fainnua Treasury order, al
ready adverted t-It us pnusehere
far a Moment rand eontentnlaU the fir-
cuinstancea under which it was issued.
The. principle of the order had been
proposed and djacussed in Congre.ss'l
But one Sen a I or, as far as I know, in
tliis branch of the Legislature, not and
a solitary member, within my knowl
edge, in the House uf Representativee,
wat in favor of it. And vet, in about
a w. tK. after the adjournment of Con
gress, the principle, which met with no
countenance from the legislative au
thority, was embodied in the lonn nf a
Treasury edict, and promulgated under
the Executive authority, to the aston
ishment of the People oflhe U. States!
If we possessed no other evidence
whatever tf the hostility of President
Jackson to (lie State bankt of the U.
Stales, that order would supply conclu
sive proof. Ilauk notes, bunk iasuea,
bank crediia, were distrusted and de
nounced by him. It wat proclaimed
to the People that they were unworthy
of confidence. The Government could
no longer trust in their security. And
at a moment when the banking opera
tions were ' extended, and stretched
to their utmost tension; when they
wi re almost all tottering and ready
to fall, for the want of that metallic
basis on which they all rested, the Ex
ecutive announces its distrust, issues
the Treasury order, and entert the
market for tpveic, by a demand of an
crir;ot(!:::ziy amount to supply the
tnrans nl purchasing the public land.
If the talea had continued in the tame
ratio they had been made during the
previous yetr, that is, ataboutthe rate
of twenty-four jtinlliont ;itr annum,
thit unprecedented demand created by
Government lor specie must have ex'
hausted the vaults of most of the bankt.
snd produced much sooner the catas
trophe which occurred in May tatt. r
And, what is more extraordinary, this
wanton demand for specie upon all the
bank! of the commercial capital, anil
in the busy and thickly peopled por
tions of the country, was that it might
be transported into the wilderness, and,
after baring been used in the purchase
j f public land s drramted lo the Credit
ol the Government in the books ol
Western bankt, in some of which, ac
cording to the message there were al
ready credilt to, the Gorernment
creatly beyond ftleir immediate means
of payment.'' Gorernment, therefore,
did not itself receive', or rather did not
retain, the very tecie which it profes
sed to demand at the only medium
worthy of the public lands. Ine specie,
Which wat to uselessly exacted, wtt
transferred from one tet ol banks, ta
the derangement of the Commerce and
business of the country, and placed in
Ihe vaults of another let of banka in
the interior,' forming 6n1y those bank
creditt to the Government upon which
President Jackson placed so eight a
value.
Finally, when General Jacksen wat
tbout to retire from the rarea of Gov
eminent, he favored hie countrymen
with a farewell address. The solemni
ty of the occasion gives to any opinioni
which ne uas exprranen in mm uoca
ment a claim to peculiar attention. It
will be seen on perusing it. that he de
nounces, mora emphatically than in
any of hit, previous addresses, the bank
paper of the country, coiporstintis, and
what he chooses to denominate the
spirit of , monopoly. The Senate will
iitdule me in catlins itt attention to
certain parta of that address, in the fol
lowing extracts:
The CfMiatitalioa ol Ihe Unked Slates ua
questionably intended te eeeure to the people a
eierulaline aneilium of fold and ailver. Hat
the eMahliahment of a national bank by Con-
greaa, villa the privilege nf kMoHif paper anoney
rrotvalila in itav iwent f the imblia doeai and
the anfortenalc eauae of Icgialatina) ia the aever
al Slates apna tba Same aahjeal, drove Irom
Ketteral airealalwa) Ihe eoaaiaulioaal earreney,
and aubMiiMied one of paper m its plate.'
1 ba miKhief apernye fmaa ihe pnwee wlneb
Ihe moneyed inlet-eat tfertvea fmm a papee aor
renav, wbfeb they ara able in eammli treas the
raultitarle nfaarwaraiiana, with txaluaiva pite
legea, wlia-.h Iheybave SocaweoVet ' obmiamg
In be itHtrrewt fdaiea, and wbirh ara ampley
al'tfetaae ear IheV kwaetli and aaWaa yea
ZnZirZ" I i following i. tha footttepa of Preai- banks, the note, of the of whose to- '(a,"k PflHma, rag
,h(i""i,!arer' ,fcri!Jt J"ksr,n. and in peVrecting the liditr ihere was no doub l a I been ba.ont the ymt of n1on..p,,y, ,
aarrenev of rota a4 sdeer! SS aoowtamr, I ........ .... -r.- .....i!,...I ta ke reriveJ in liST- a d the Il0l for t)IJ. ,aid
Iniat,
aaeal
Mirer ara.
baada.
eU.
T
boldly ttyt that the Constitution of the
II-!. I I .. l.l !... I
untteu statea anijursiiuuaui iiiiriiu
ed to secure to the people a circulating
medium ot gold and ailver. They
have not enjoyed, ha taya, that bene
fit, becauae-of theettablithment of a
national bank, and the unfortunate
course
of legislation in the teVeral
Statea. He does not limit hit condem
nation of the past policy of hia country
to the Federal Government, of which
he had just ceased to be the chief, but
he cxlenda it to the States also, ss if
they were incompetent to judge of the
interests of their respective citizens,
lie tells ut that the mischief springs
from the power which the moneyed in
terest derives from a paper currency,
which they "are abled to' control, and
the multitude nf corporations; and he
stimulates the people to become more
watchful in their several States, to
check this spirit ol monopoly. To in
vigorate their fortitude, he tells the
people that it wtlr mjutreateady- and
persevering exertions on their part, to
rid themselves of the iniquities and
mitchieU.onh
check the spirit of monopoly. They
must not hope that the conflict will be
a short one, nor success easy. His hum
ble efforts have not been spared during
hia administration, to restore the con
stitutional currency of gold and silver;
and although he lias been sole to do
something towards the accomplishment
of that object, enough yet remains to
require all the energy and perseverance
of the people.
Such, Mr. Prrsident, are the proofs
and the argument on which 1 rely to
establish the second and third propo
sition! which I have been considering,
Are they not successfully maintained f
Ja.it possible that any thing could, be
more conclusive on such a subject?
I past, to the consideration of the
fourth proposition.
4. That the pretrnt Administration,
by acknowledgments emanating from
the highest and moat authentic aource,
hat tucceeded to the principles, plana,
and policy f tba preceding Adminis
tration, and stand solemnly pledged to
complete and perfect them.
The proofs on this subject are brief;
but they are clear, direct; and plenary.
It it impossible Cor any unbiassed mind
to doubt for a moment about them.
You, air, will be surprised, when 1
shall arrtr them before rou. at their ir-
resistable force. The first that I shall
offer it an extract from Mr. Van Da
ren't letter of acceptance of the nomin
ation of (he Baltimore convention, da
ted May 23d, 1835, In that letter he
tayt:
"I content myself, on this occasion, with
laying that 1 consider myself the honored in
strument, eelected by lha friends of the pres
ent Adminlatration, to carry out its principles
and policy t and thai si ell from inclination
aa from dut), I shall, if honored with the
choice of the American people, endeavor
generally ta follow in in the footsteps of Pres
ident Jackson, happy if I ahall be able to per
fect the work which he has so gloriously be
gun. M r. Van Ruren aunAuncca : that lie
was thehonored instrument selected
by the fiiendt of the present Adminis
tration, to carry out ut principles
and ponrr. ine honored instrument:
That word, according to the most ap
proved definition, meant tool, lie
was, then, the honored tool to do
what? to promote the honor, and ad
vance Ihe welfare, of the People of the
United States, and to add to the glory
of hia country? No, no; hit country
wat not in hit thoughts. Party, par
ty, filled Ihe place ia hit bosom which
country thould have occupied. He
was the honored tool to carry out the
principles and policy of Gen. Jackr
son's Administration; and, if elected,
he thould, at well from inclination as
from duty, endeavor, generally, to
tread in Ihe footsteps ol Gen. Jackson
happy if he should be able lo perfect
the work which he bad to gloriously
begun. . Duty to whom? to the coun
try, to ihe whole People of the United
States? No such thiugi but duty to
the friends of the then Administration;
and that duty required him to tread in
the footsteps of hit illustrious prede
cessor, and to perlet t the work which
he had begun! Now, the Senate will
bear in mind that the most distin-
Cuishinz features of Gen. Jackson's
Administration related to the curren
et ; that be nau denounce a me banking
institutions of the countrr, that he had
overthrown the Bank of the United
States; that he had declared, when
that object was- accomplished, only
one-half the work wat completed; that
he then comnv need war against Ihe
Stale bankt, in order to finish the oth
er half; that he constantly persevered
in, and never abandoned, his favorite
project of a treat Government ' Treat
orr bank and that he retired from the
olfire of Chief Magistrate, pouring
out. in hia farewell addrest. anathe
mas against paper tna-ney, corpora-
r.maioaiT,ui,eailyaiMreaerjy andper-i - tht banka of tl e States, and to done in Sir. JladiUison't Aim n stra iw i h ' i w specchei rf
erect on their ruin, that great Govern- t n. And why. .Mr. rre,i.!eB. nor.o.o memr luenils ol ,ht
MMRHHJMaHiilWH J1" 1 , . . .1.1... .1.1 .nt I Iv-.n VI li I AlllUIIII tl'stlon. Ill thia 1 1 Ml m J .1
il y iMarauM upon h.-' ment Dann Degun Dy hit pi edeceeor, '"" " - ,v t . . , : . . ine-
he mask it now thrown off. and he and which he it the honored instru- shoui i not in a uovernmeiii resr. irr"SilY-: T-
mcnt selected to complete. The next
proof which I shall offer is supplied by
Mr. Van liuren's inaugural address,
from whirli 1 request permission of the
Senate to read the following extract:
'In receiving from Ihe People ihe aerred tru
twice eenAded 10 aay illutuiotia predecessor,
and which ba baa rliiebarged so balifully and so
well, I know that I cannot tipeel to perioral
lha aedueiiB task with eqaal ability ai.d success
But,' united as ! hae been in his counsels, a
daily witness nf his esvlutrre and unsurpassed
devotion la his country's wellare, agreeing with
him ia sen interna ahreb his counirj men bate
warmly aniipored, and permitted to partake
largely al his confidence, I mny h'pe tht tome-
what ot the same cheering approbation win a
found io attend uiran mv path "
Here we find. Mr. Van Buren dis
tinctly avowing, what t';e American
People well knew before, that he had
been united in the counsels of Gen.
Jackson; that he had agreed with him
in sentiments, and that he had parta
ken largely of hia-con fid ff nee. This,
intimacy and confidential intercourse
could not have existed without the
OucJurrenceiifMr..yiUi Bureu.in -all
those leading anil prominent measures
of his friend, which related to the es
tablishment of a Giiy ecn.tnctit.bank.iu
overthrow the of Bank of the United
States, the attack upon the State in
stitutions, and the denunciation nf the
paper currency, the spirit of monop
oly, and corporations Is it credible
that General Jackson should have aim
ed at the accomplishment of all those
objects, and entertained all these sen
timents, without Mr. Van Buren'
participation?
I proceed to another point ol power
ful evidence, in the conduct of Mr.
Van Buren, in respect lo the famous
Treasury order. That order had been
promulgated, originally in defiance of
the opinion ol Congress, had been con
tinued inwperatton in defiance-of the
wiskea and wil of the people, and had
been repealed by a bill passed at the
last orainary-aTssToTrof Congress, by
overwhelming majorities. The fate
of that bill is well known. Instead of
being returned to the House . in which
ra-ortgtnated, according to the require
ment of the Constitution, it was sent
to one of the pigeon-hole of the De
partment ol State to be filed away
an opinion of a convenient Attorney
General, always ready to prepare one
in support of executive encroachment.
On the 5th of March last not a doubt
was entertained, as far as my knowl-
ege or belief extends, that Mr." Van
In" .1 a I .1 I. '
nuren Wulliu icscinu ine ounoxious
order. I appeal to the Svutt?r from
Missouri, who tits near me, Mr. Linn
to the Senator from Mississippi who
sits farthest from me, Mr. Walker,)
to the Senator from Alabana. f.Mr.
King;,) and to the whole of the Admi-
istration Senators, if inch was not the
expectation of all of them. Wat there
ever an occasion in which a new Ad
ministration had so fine an opportuni-
tr to signalize, itt commencement by
an act of grace T.nd wisdom, demanded
by the best interest and most anxious
wishes ot the People r Hut Mr. Van
Buren did not think proper to. embrace
it.: - He had shared too large ty"1ii'lhe
confidence of hit predecessor, ajree
too fully with him in sentiments, had
been too much united with him in his
counsels, to recind an order which
constituted to essential part ot Ihe
system which had been deliberately -dopted
to overthrow the State banks.
Another course pursued by the Ad
ministration, after the catastrophe of
the suspension ol specie payments by
the banks, demonstrate! the hostile
purposes towardt them of the present
Administration. When a timilar e-
vent had 'occurred during the Admin
istration ol Mr. Madison, did he dis
credit and -discountenance the issues
of the banks, by refusing to receive
them in payment of the public dues?
Did the State Goverinents, upon the
former or the late occasion, refuse to
receive litem in payment of the dues
to them,' respectively? And if irre
deemable bank notes are not good
enough for State Governments and the
People, are they not good enough for
the Federal Government of the same
People? By exacting specie, in all
payments to the General Government,
that Government presented itself in
the market as a powerful and formida
ble competitor with the banks, deman
ding specie at a moment when the
banks were making unexampled strug
gles to strengthen themselves, and pre
pare for the resumption of specie pay
ments. The extent of thit Goveru-
ment demand lor specie dues not ad-1
mit of exact ascertainment; but when!
we reflect that the annual cxpendit -
ores ol the Government were at the
rate, includ ng the Tost Office Lepart-j
menl, ol about thirtv-three millions of!
dallars, and that . itt income, made up
. w
entire 01 (axes or loaat, , must be an
rual sum, making together an aggre
gate of sixfy-ais millions, it will be
seen that the amaant ol specie requir
ed for the use of G'ucroment must be
the t.iPie deter iptran f . hch t
is loontl to answer ail the purposes m
the teveral Stale Government? Why
should hey have resorted to Ihe ex-
pedant f issuing an inferior piper
medium, . in the fosm tf I re.iury
notes, and rfusin!f to .receive ihe
beUer notes of safe and. tolil banUr j
Do not nnunderstand me, Mr. 1 tea-
iden'. No man is more averse titan
1 am I" a prriniinent'ineonvertible pa
per medium. It wxuid have beru aa
a temporary measure ut.ly that I
should have Ihoupht it expedient to
receive the. notes ol ;4'i'ii! local banks.
If, along with that measure, the
Treasury order had been repealed, and
other measures adopted to entourage
and coerce the rehumption of specie
payment, we should have been inuih
nijr,her that deirable event than, I
fear, we now are; Indrcd, I do not
see when it is possible for the banks
to resume specie psjrmenf, as long as
rite G ovemment it i n-the field ma kinj;
war upon them, and in the market de
manding specie.
" Anoihtr tn illusive cvldi ticc f (Te '
hostility to the State Banks, nn the
part of Mr, Van Buren, ia to be found
in tiiat extraordinary reciimmvnlation
of a bankrupt law contained in hit
Message at the extra session. Accor
ding to the principles of any bank
rupt system with which I am arcuain-
led, the
banks, by the stoppage of spe
cie payment, had rendered themselves
liable to its operation. If the recom
mended law had been passed, com
missions of bankruptcy could have
been immediately sued out against a IT
the suspend, d banks, their assets
seized, and the administration nf ihem
transferred from Ihe several corpora
tkins to whii h it ia now intrusted, to
commissioners appointed by the Presi
dent. Thus, by one blow, would the
whole of the State bankt have been
completely prostrated, and the way
cleared for the introduction of lhe fa
vorite Treasury bank; and ia it not
in the same spirit of unfriendliness to
thnte banks, and with the same view
of remoViuz all obs aclet to the estab
lishment of a Government bank, that
the bill was presented to the Smate
Iroro Tmnessee (Mr. Grundy against
Ihe circulation of the notes of the old
Bank of the United States? At a
time when there ia too much want of
confidence, and when every thing that
can be done thould be done lo revive
and rtrrrtlrfn it,we rc called up;n to
past a law denouncing the I eaviest
penalty and ignominous punhhmcnt
against al! who shall, reissue Ihe notes
of the old Bank of the United S ates,
of which we are told that about seven
millions of dollars, are in' circulation;
and they constitute the beuf.oriion'uf
the paper medium of the country; the
only portion of it which has a credit
everywhere, and which servet the pur
pose of a general circulation; the only
portion with which a man can travel
from one end of the continent to the
.i:utherM4tJ'4T4Vit''d6uli)'hat''fheSen'
atnr who hat fulminated bear severe
paint and penalties against that ' best
part of our paper medium, provides
himself with a sufficient amount of it,
whenever he leaves Nashville, to lake
him to Washington.
Here Mr. Grundy rop, and re
marked: No, sir j I always travtl on
specie.
Ah! continued Mr,-'Clay, my old
friend is always tpectio:'. ' lam rjuite
sure that members from n ilislatue
in the interior generally find :it indis
pensable to supply themselves, on com
mencing their journey .with an adequate
amount of these identical nntt a to de
fray its expenses. 'Why, sir, will any
man in his senses deny that these notea
are far belter than those which have
beer, issued by that Government bank
er, Mr. Levi Woodbury, aided though
he: be by the chancellor of the ext he
quer, (I beg his pardon. 1 mean Ihe
ex-chancellor, (Ihe Senator fmm New
a-... I- r i - .
ioia.,tt.ur. wrignm i am not coins;
to stop hereto inquire into the strict
legality of the reissue of thcae no!e,;
mat question, togemer with the pow
er of the Government to pass the pro
posed bill, will be taken up when it is
considered. I am looking intn th
motive of snch a measure. Nobody
doubts the perfect safctv of the notes;
no one can believe that fhey will not be
fairly and fully paid. What, then, is
the design ofthe bill? It is "to assail
the only sure general medium which
Ihe People possess
It is because it
! mav comti in rnnihi:..n' -iv-...
nr nnte. ne nti,.r r: ,
Sir. if the bill had not been proposed
bv mv old friend fr..- T.nnr..,. I
t j j " w ww. m vim', -j - -
would say its author better deserved
a penitentiary punishment than those
against whom it ia directed. 1 re
member to have heard of an iUuatfi
ous individual, now in retirement.
having, on some accstior, burfet out
;o!t.e RMttl paliitfiii Indignation U,
ca'jtf a vait:ih iri V plajred jf !
mliiui, lr putting a e.t ofi!lt .
Bnik f the United r fates n... t
silk purse with hit m
Id. ' "
Bit it ia uoneeesary ia AmX
rr on the innuiw rab'e pruuf f il,
tility againn the fctale Jai.ks, ,, J
delilr-rate p.pow td f as i
ovrrtlrow ihem. - We hear nj
it lite Ihruu r'uiot th rsnni..
a f ilrtl conviclion that the destnjc
ii. n i n aiate oanaa is meilnated. -
I have fiilfiiled my promise, Mr,
President, to sustain the first four prol
positions with which I set ot?t. I B0W,
proieed to the fifth proposition:
5. That the bill under ronsideraiin.
"intended to execute M. Van Buret,
pledge, tw complete and perfect the
piinciples. plans, and policy, of 'the .
past Administration, by esiablihin
upon the ruins of the late Bink of th.
United States and the State banks, a
Government bank, to be managed aini
controlled by the Treasury" Depart
ment, acting under Ihe commands of
the President of the United Slates.
The first imj region matlebj tlie per
usal id ihe bill it the nrndigal ami lx and
less dim retiun ti ich it grant to tl.
Secretaiy of the Treasury irrei nncilei
ble with the geniue o 'ur fieeintjlu
ti tns, an l contrary to the former cau
tion practice i f ihe Government,-As
w iginally repot 4dr!ie was-au;hnriTfdr
bv ihe bill to allow any number of
c crks he thought proper lo the vi rout
eeeiec eeneral,- aud fit - their
adarie . It will beborne in mind
that this is the mere, commencement
of a system: and it cannot lie doubted
tiiat, if put into operation, the number
ol receivers geneial and other depot.:
itaries nf the public money w u d te
i. .;..: i. i.:. i! . i ! .
iiiiiiuimci y inunipiieu. lie Is allow-
e I to appoint as many examineis af
the public money, and to Ex their
sa'arics, as he pleases, he is allowed,
tier. ct t jleasure costly build np;
th re is no ttimate fur auj thing; and
all who are toiivertant with the oper..
ations. of the Ex cutive branch ol the
Governmeni know the vi lue and im
P'H innre.ol previous estimates. There
is no otlw r rtiertt unnn wniliTtit
.... ...... .. . - .
pentliiure bit previous estira let; and
that wat apoint always. pa?-ulaily
insisted uron by Mr. Jefi'iajsW Th
Senate will recollect that, a few dat :
ago, when the salary of the receiver
general at New York was fixed, tit
chairman ofthe Committee on Fhanrt
rose in hit place rnd stated that it wsts
suggested by Ihe Secretary i.f tba
Tieasury tiiat it ahould be p'acrd at
83.000 and (he blauk was ar cording
lysofilletl. There was.no statement
of the nature or extent of the dutii-a
to be performed, of the time that ha
would be occupied, nf the
responsibility, or the expense of living
at the several points where they were
to be located; nothing hut the sug
g.stion ofthe Secretary of the Trra
t fy, and (hit vas deemed all-suff
cjent by a mnjoritr. I heie is no,
limit iip-m the appropriation which it
in tde lo carry into effect tlie bill, coa
traryto all former usage. whi h inrs.j
riibly pres ribed a stm not to be
transcended.
Cneludtti in our n'xt.
7oicc or tliti Whlji f Pbilav
telphiu:
At a meeting of the Whigs of ll a
Citf and CoUlllr tf Philadelphia, held "
agrreabfy to iublicmitTPt7Wtits7
before last, at which John Swift presi
ded, and al which . the speakers were.
William IV. Keed, J. G. Claikson.
James C. Biddle, and Joseph R. Chan
dler, t scried f Uesolution. ttioved bj
p. nia ll U'lri itasrtM.l K a..ta....aa.
lion. Amongst these resuluiions, fhose
which rifiind to Natiuiial Politic!
were theXilhiwing: '
llttolvtd. That one les in ofexpfti
encc outweighs all the theories of sel
fish or disinti rested economists; and
i hat, with lull confidence in that les-r
sun, we aputal from the experiment of
to-day to the experience ot yesterdav.i
and find in (he fact that, until lii
government began to interfete mis
chievuusly with what it now prrlrnda
to have no concern, vie were blessed,
with the best currency known in th
history of finance -an argument that
oiiinai logic cannot antwtr.
Rcsolvtil. That the rurrenrr which
the principles and policy of Madison
bequeathed tu us, m what the peopl
know to be constitutional, and have a.
rijit to demand, aud that, in our opin
iou, the currency, which, if paper,-ia
convertible every where and by every
body into gold and silver, it preferable?
to a mixed medium nf s i fH- th
officers, and iiuonvenib arul depre-.
j ciated gtivcruliieut pjter for tha eiu-
aven. :)
Rttofotd, That ihe Irue cause af the
unparalleled distresaanil discredit an
i .1.,-.1 ,i... i.
w 1 .... r..i
i.iterfe. en. es of the Executive with th
1 v. 1 ka.a
- 1 - winriin a at 1 ra sa 1 . way use is rnmiiiru waw
l reaiary.
a tale sic pi'sitnry, and in t th reeotn
memlatioH of th then Secretary of tho
Treasury to Ihe new fiscal agentt to
extend lacititn-a uf ajirlarged creilit to
ted i.r ipg it,
limae wiio IH mco been caiowuia