V.
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tii..t j-QaiTe wf our national faith, and
honor, for any object, of whatever
magnitude. lore especially would
1 have our intercourse with Me xico
chaxteri?44J fair dealing awl mbd
eiation, on account of her unfortunate
. condition, resulting from a long-continued
aeries of intestinal dissensions,
' Which all who hate not been born tu
liberty mint inevitably encounter in
-7?rtiyfof U. As fn7TriieyeP.feV"i
the pretentions of Mexico are attempt
ed to be asserted by actual force, or at
, lung at there U any reasonable pros
pect that the hat thT power ad the
will to retu'ijoyite Teiat, ido " not
"propose it. interfere. Mjr own delib
rrate conviction, to be aure, it, that
that period hat already patted; and I
beg leave to say, that, in my judgment,
there it more danger of an iuvasiwn
and conquest of Mexico by Texas,
than that thit last will ever be rean
neted to Mexic". The entertaining
of thit opinion, .perhaps, cont Kate
the only difference between mine and
fie views of the Ktecu live, as declar
ed in (he Correspondence with the
Texian minuter, General Jlunt, 1 he
negotiation it declined by (he Secreta
ry of State becaute it would involve
oar relationt with Mexico. Now, sir,
1 do not conceive that Mexico, in the
o'muua hopelessness of operations a
gainst Texas, should to consider it. I
admit, however, that the Kxecutive
bat the most leirjtiniite jurisdiction of
this uelion, and it doubtless in pos
session of more extensive and rxact in
formation apon it than we can have.
It is, therefore, avoided iir the resolu.
tiona, which Import a declaration of o
pinion in favor of the annexation of
Texas, only when it canbo eft'ected
without a disturbance of our relation
with Mexico. I do not understand
I should be very unwilling to believe
-that the administration hat taken de
cisive ground against my proposition,
in every contingency. Indeed I be
lieve, 1 canKow that I ain warranted
--JA.entejwninjthe opinion that the
oppotite is the m"'Sf 'probably ttie trulU:
It wat obviously proper for the Secre
tary of State to avoid, in his corrct
pundence with a foreign minister, any
indication of the policy of the Govern
sent in the contingency contemplated
tjy my ret'dution; but what that opin
mh would W, if it were proper to a
vow it, may be inferred fiom the tact
that the President himself hat hereto
ifijrti at Secretary of State, while car
rying into effect the policy of hit pred
ecetsor, to whose great meaturea he
it devoiedaod pledged, exerted all his
ability to accomplish thit object) that
Mf. Poinsett, the Secretary of War,
-hat been sedulously engaged in the
earn enterpriae, tinder the auspices of
two da)inistrations and that Mr.
Forsyth, tJia Secretary of State, it a
Georgian by birth and allegiance, and
wilt not, therefore, be tnspected of
ntortaVnw tliHerenf opinions. It is
not tofce tuMvosetl that the "remainder
vot tbeeaWuf!re4tdefTufBc1ent1
influence to overcome the ' aentiments
of these three gentlemen, or would, fur
a reoment, entertain .a purpose of re
versing the favorite policy. of General
Jackton. ;'J.-' " -.
I disavow", Mr. President, all hot
lile purpose's, or even ill temper, to
wvarot Mexico: nd 'i trwst that I im
ipugn neither the policy nor principles
ol the administration., I therefore
feeXlmyjielf at liberty to. proceed to
the divcassiojt of the points made in
the resolution, entirely disembarassed
of any preliminary obstacle, unless,
indeed, the amle by. which to iinpor
Hot act js to :ee.iTeete4..may;..)('.
cnnsidereJ a interposing a dilliculty.
ir tiie OBjeet itsclt ue within the com-
netencT of this Got;-niuent.as I shall
hereafter "etuleawfr s tSuw, and both
tpartiet content, every meant mutually
agreed upon would . stablili a ' joiut
obligation.- Th arquitition of new
territory hat heretofore been effect
ed by treaty, and thit mode of proceed
ing in.reiar4TfdexaT;1
I . I " ' . . . . T I. I
potea oj tier mimsieri oui i ocucte u
would comport more with the inpnr
ttnee of the measure, that both bran-
, ches of the Government should con
cur, the Legislature expressing a 'pre
vious opinion sndMhia being done,
all difficulties, of all kinds whatsoever,
real or imaginary.. might be . avoided
by a treaty tri-parf e between' Mexicn,
' Texat, andthe United States, in liich
the assent and confirmation of Mexico
(for a pecuniary consideration if you
choose J might DC ha, Vifhot infi tng
ing the acknowletlfted independence
and free agency of Texas. ' -
1 will now proceed lo show that the
ferritor actually occupied by the 're
public of Texas was at one time a part
efha-United States. ' -
In 1762. Franc) ceded Louisiana
teSoain; In 1800. by .the treaty of
lldefonso, Spain re-ceded U to France.
(See the words bl the treaty.)
In 1 104, France ' by. the (realy of
jouisiana, ccueu ii in. ine v"
States. The United States thus ob
lained title to whatever wat conveyed
ta Snaiav bv the treatv of 1762. the ef
fect of the intermediate conveyance
Li- i- i. . :r ,k.
veyatice by the treaty of 1763 had teen
made directly to s instead . of to
Smunv The uextenf "of the French
Claim,, therefore, 'determines ours. .
" The title ( France to tM Mississippi,
and td the territorv draiaed by its
western tributaries' has meve.r been.
disputed. It rested upon the discove
?l S7 made by La 5a le in 1685, who
penetratea from Canada by land, desi
' . vended the Mississippi, an4 establish
wd ivJcw;poUotu
banks. "
Ahor
time afterwards, La Sslle.enJeitoring jnrcteJ with Louitiani, expressed liim
to enter the Mouth of the Mississippi self in the most positive manner.
from the "Gulf, passed it unperceiveil,
and, sailing westwarjuitcovered jne
bajrf Sf. Bernard, now called Mata
gorda, where, penetrating a short dit
tanee into the interior, he established
a military post on the bank of the
Guadaloupe, fwhote mint exist to
thit day,) and took possession, of the
country ii) ine name oi nit. tovereign.
-The discovery and the possession
were precisely such at gave title to the
Mississippi, made by the ttma enter
prising, individual, about the,, tame
time, and the occupation fot-Jrrance
wat attended by all the circumstances
andjncidenl which characterized tlfif
d St. Louis or the Island of Orleans.
It was thit perfect similarity of the
muniments of title which authorized
Mr. Monroe and Mr. Pinckney, in
l"801, to hold this emphatic language
to the Spanish commissioner "The
facts and principle which justify this
conclusion are so natisfactory to their
Government at to convince it that the
United Statet have not a better riht
to t!ie island of New Orlf.in. under
tne cession relerrreil to, than they
have to the whole district of tcrnitory
west to the Hio del Norte." '
The extent of territory .which should
enure to the French Crown, by virtue
ol this discovery and occupation, was
determined on the east by the discovn
l ies of La Salle or the Mississippi,
with which those on the St. Bernard's
were uf course connected. On the
west the extent wat determined by the
application of a principle recognised by
the P.uropean Povvera making settle
ments in America, viz: that the divid
ing line should be established at a. me
dium distance between their various
settlements. At the period of La
Salle's settlement, the nearest Span
ish possession was a small post called
Panuco, at the point where a river of
that name fall into the bay of Tampi
co. The medium line between Panu
co and tho Guadaloupe, on which
was La 8aHet fort,- was the IlinGnni
du del Norte, which river wat there
fore atsumed at the true boundary be
tween France and lfpain7 France
never failed to attert her claim to that
boundary from 1685, . the period of
La Salle's discovery, up to IfGa,
when, by the cession of Louisiana to
Spain, the countries were united and
the boundaries obliterated.
. 'It it thus that- Mr. Adams.in hit
conclusive letter to Don Unit of March,
1818, recapitulates the testimony in
fator of the French title.
On the part of the United States:
. 1 .Tilt discovery - of Mississippi, from
near Its sonre to the ocean, bv the Pmirk
From Canada, in I68J. .
2. The posaesiioii taken, and entahlUh
meirt made, liy f jij"Sattt ST the bay of St.'
Hi rnard, ett of the rivers Trinil v and Color
ado. by auilturlty from Uwia XIV, in 168J.
3. The charter of Louis XIV lo Croaat, in
IN3. ....A - -
4. The historical authority of llti Pntm i
l Cliampigny and of the Count de Vtrgen
HCa.
1
"1.1 ... .. . 1 ' t ; .1 1M ..f r- !-
le's map, and eapecially that of tlx man of
linn 1 homas l.opea, reorrapher to the King
of Spain, ptibtiaheil In 1762? 'These docn.
niei.H were all referred lo in the Irllcr from
iteasrs Pinclcney and Monfoe to Mr Ccvgl
hV)f 20th April, 1805. . Since which time,
and in further . confirmation of the tame
claims, the porenmienl of the United Statet
are enahled to ref?r '" to the follow Injrt
6. A map published by Human n, i KyV
rembtrg, in 1712. '
7. A peographfcal work published in
1717,, at tendon entitled "Atlas Rrogradii.
en, or a Coirplete System of 0oirranhy.
Ancient and MKlernr" in which the map of
uniniiia uiars i extern irom 1110 IIIO
Bravo to the Perdido. In both these maps
the fori built by I.a "Julie iaJaid down on thf
apot iiny eatted Mataxortla. "
8; At "fticial Hrilisli wap, pnbltihett-in
1755. by Uowen. intended to point out the
boundaries of. the British., ..Spanish, and
french colonics in North America. .
" -9. 'fhe narratives published at Purls, of
lleooepin, in 1683 of Tonti, hi-1697t apd of
J out el, in ITU. ; i '
IV. ' A letter from Colonel La Har'pe to
Don Marlui a'Alarcoime, of 8th July, 1719,
(A Nos. t and 2.)
, lljTJie order from tire French Governor
Of Louisiana,' Bienville, to XJ I'Harpe, of Aug.
giiot IU, UZl. lt Wo. J J
VI. The geogrnphical ork of Don Auto,
nio do A Ice tli i, a Spanish geographer of the
highest enYmwnee. .This work ami the, map
oI'Loprs paving been publUhrd after the
Ctsaioii of LmdwInl to-Spain in 1762, a(Torl
decisive' evidence of what Spain hrrself con
aidered as the .westrrn botnular)' ul I juniisii
. when sltf had nojnlerest in contesting., it
agmirtst another Ute- (UNa. 4)
"Mr. Adam wat pot content to rest
our title upon this imposiiii; airly ol
p wi live tesloinnny.f but caaiuineu and
disstpited all the objections o jtlaketi
by "the Spanish mioUter, atut, by a
-j-mastetly vefuUtion of the-Spanish pr:
tensions, .3IIBHCII, (as ii' uaf ueerr
since understood, the SpanUh ntgoti
a (or himself so. thoroughly that he
would have been; willing lo have char
acterized the result of the . negotiation
at a ''treaty for the exchange of terri
tories,'.' . &c, between Spain "and A
merica. ' ;
Thit fienate, Mr. Presid"ent, it not
a fit place for. a minute eianjination. of
all the particulars, or the Weighing or
all the opposing arguments in the pro
gressofthis controversy. But I may
be permitted to add, to what 1 have
indicated at to- tho ground t of our
claim, the fact that all our statesmen,
whose attention has -been turned to
tho investigation, have with one con
tent expressed the clearest and most
unhesitating conviction of the validity
of our title, from tho first ; moment at
which it was agitated down to the un
fortunate treaty or 1819.- Mr. Jeffer
son,' whote turn "of mind led him to
such intestieationMnd whose thouebtt.
ss, every -oneltoows, were long and
deeply jengaged upon . all matters con-
Messrs.
Monroe and Pinckner. in
f . nrtr I .1.. 1 1 I I - L.ui
quoted, in obedience to instructions
from. Mr. Matluon, at that time Seer
tary of State. MrJll
!aHtiYpirfratj ttrong lang
uage, througb Alr, Adams, his Secre
tary:: of Slate. Thus. lieTT-we have
Monroe, and Adams,ofhciaTly and em-
fhatically announced" to as. General
ackton it known to have entertained
the tame opinion. And lo these Jet
me add the very high authority, of an
other " distinguished name; thai of the
honorable Senator froml Kentucky
near we. When the treaty, with
Spain in 1819 wn- concluded, it is
well known that some delay occurred,
on account of the iotcrnnl dissensions
of Spain, in the ratification , of it.
While it was thus tuspended, the
Senator from Kentucky, then a mem
ber of the other House, taking the view
of the treaty which I am now grging
that it was a cession of a portion of the
territory of the United Statet which
wat incompetent to thet reaty-making
power offered the following resolu
tions: "
. .1. Iteaolvad. .That the constilulino
of ihe Uniieil States vrts in Congress the
power to. depose of the territory belunging
to them; and that no treaty purporting to al
ienate any portion thereof is valid, without
the concurrence of Congress,
2. Itctalved, That the equivalent pro--posed
to br given by Spain to -Ike .Hailed
States, for that port of Louisiana I) ing went
of the Sabine, was inailrquste, and it would
be ioexpedieitt to make a transfer thereof iO
any foreign Power." '-j-
I shall have occasion, by and by, to
advert to the resumption for Congress
of power to alienate the territory of the
United States. My present purpose
in quoted thesx resolutions is to show
that, whiltj the treaty with Spam Was
yet pending, it wat considered as a
cession of our territory. The resolu
tions presuppose the lact and take it
for granted. They proceed upon the
grou nd "thaT a i" pa .rt of" Lonisaiia was
ceded, and in advocating these resolu
tions their distinguished author holds
this emphatic language: 'He pre
sumed the spectacl- would not be pre
sented of questioning, in this branch
of the Government, our title to Texas,
which had been constantly maintained
by the Executive fur more than fifteen
years past, undei three successive ad
ministrations." HealBo said; ln
the Florida treaty it was not pretended"
mat me object was simply a declara
tion of where the,weteru -limit ef
Louisiana wasjit was, on the contrary,
the cast of an avowed cession of tetrl
try from the United States to' Spain.
The whole id the correspondence
manifested hrTfierftpectTveT parties
to the negotiation were not , engaged
so much in an inquiry where the limit
of Louisiana , was, as where it. should
be. lichee we find various limit r. I
posed andHitcotetU . - Fi-
naltyHhe' Sabine is fixed, which nei
ther of the parties ever contended was
the ancient, limit of Louisiana.
And the' treaty itsclt proclaims its
purpose to be a cession of the United
States to Spain." Such were tht o
ptiiions and statements of the Senator,
in 1820; of which I gladly avail my
atlf. It it unfortunate for the whole
coui 'r," that Congress did hot concur
with i.un in the declaration that it
wouldL inexpedient to make a trans
fer thereof to uny foreign Power; and
I cannot but trust that the wisdom and
patriotism which warred against that
rash treaty of 1819, will now be ex
erted to . remedy its great and growing
e.vils, on the earliest opportunity, and
by the only means-left, vizj the reatr
fiexation of Texas whose transfer the
honorable gentleman eloquently de
nounced as inexpedient Jnd unconsti
tutional. -
But, Mr. President, I fake a higher
ground than Mr Clay on the occasion
alluded to.' He retted the constitu
UuTjaloUject ion upon- heneopttecy
ol the treaty-making power to alienate
the territory of the United States. I
fake the; ground that it is incompetent
to the whole Government; that it does
no( belong to its granted, powers; that
its assnmpMon is of the most alarming
consctpuences," The constitution vests
in Congress tne power to "dispose of
tne icrniory or otner proerty ol the,
United States," The true exposition
of this clause is found in the vast and
wise land system adopted in pursu
ance of it, at- te tfistitutinn of t lie Gov
ernment. Large cessions of territory
had beeir made by; several State! ; to
this Government, as' properly, for cer
tain general purposes; a lid this clause
of the' constitution was inserted to
give the necessarjqwwe 1o effect the
objec ts of these grants. The. clause
has thhy" ; extent, no more: the power is
exhausted When these purposes are sc
complUhed. It was never 'dreamt
that Congress could dispose ofthe tov
ereigntyof any portion of the territory
of .the United States; aid we Way
well imaeine with what feelinirs Vir-
ginia would have contemplated the pro
position to endow this tiovernment
with a Pper to transfer the North
wett Ttrritoiry ,to Great Britain or
Russia, "he tlautedoet not discrim
inate between - the power of this Gov
ernment to dispose of territory Vithln
snd withoat the limits oflhe 'States,
tt is general, and applies to all territo
ry belobging-1o the . United States,
wherever it is found whether it . be
Point Comfort in Virginis, or the vi
cant lands in Arkansas, or those within
tj Territory o Florids. The power
granted within the Slate atfd within
the Territories is iJent'u al; and if one
can be transferred to a foreign Power,
i . . .r, - - p .1 .
Dotn can. - liui the
protection ol .the
its wild piwer ol
Territories tsainst th
alienation is enforced in every instance
by the high guarantees of solemn corn-
acts. v tscootfin is protected by tne
terms of cession from Virginia Hon
da is protected by the tet mi of cession
Irom ' spam anil Louisiana was pre
rm - W n. . . I I ............. u, m m
vis uimiii ouu uuuiiiius ii-
tcte4 by the tewna -tif cesgjo- frow
France. Tltey were al on the same
C....4 ,A t ..
iuuiiii, siuuer ine guarantee r-iiw
same faith and Wisconsin or Florida
may be . alienated under the . same
right. . - f-
-Will any one at th'ta time f day claim
for Congress the power to dipos- of
eivher ot these Territor ies to a foreign
Power? If it be sahl that, having pur
chased 1 them, we may sell them, the
proposition is equally true of the
States of Louisiana, "i kaphas, and
Missouri. Can we sell thrm, or ex
change them for Canada? If such a
doctrine were countenanced fur a mo
ment, would any man sooth of the Po
tomac fell himself safe from rale or
exchange, while the wild f.tnatiism of
the abolitionists is hunting so large a
portion of our fellow-citizens upon
measures less extravagant, and infin
itely more fiaught with all thoie disas
ters that make humanity shudder?
Will that spirit which demands the
exercise of political power for the con
fiscationoi' property, and -spurts j.telf
upon the very brink of' fervile war
wtjl that spirit pause in its reckless ca-,
reer, at so obvious a measure as ihe re
trocession of Southern territory? 'Ihe
treaty, Mr. President, of 1819, was a
great oversight on the part in the South
ern States. We went into it blindly,
I must say. The great importance of
Florida, to which the public mind was
strongly awakened at that time, by pe
culiar circumstances, led us precipi
tately into a measure by which we
threw a gem away that "would hae
bought ten Florklas. Under any cir
cumstances Florida would have been
ours - in-sV-tl tort U me j. -but ..u ut . i mpa -.
nonce induced us to purchase it by a
territory ten times as large, a hundred
times as fertile, and to give five mil
lions of dollars into the bargain. Sir,
I resign myself to what is done; I ac
quiesce in the inexorable past; I pro
pose no wild and chimerical revolu
tion in the established order of thingst
for the purpose of remedying what 1
conceive to have been wrong original
ly. : But this I do propose; that we
should seize the fair and just occasion,
now presented jo remedy the mistake
which was made in 1819,-that wc
should repair as far as we can the e"i
vil effect of a breach of the constitu
tion; that we should re-establish the
integri ty of no r d ismemberrd terrhorr.
and get back jnto our Union, by the
just and honorable means providen
tially ottered to us, that, fair and
fertile prvincjiLJwhid W-sr awrtl
we" severed from the confederacy.
(Tm b Continued.) .
COXGKCSSIOIVAL.
Saturday, May 1$.
The Senate did not' sit.
In the House of the Represen tatives,
the lion. Linn Banks appeared and
took his seat. His majority 13 votes.
Mr. Cambrelcng laid before the
House communications from - the ac
ting Secretary of .War and the Quar
termaster Gcncralshewing tho pre
sing want of appropriation for pre
venting and suppressing Indian hostili
ties. Mr. Russel asked leave to offer the
resolution presented to the House
on Thursday, to repeal the small
note, restriction. Objection being
made, he moved a suspension of the
rules which. was lost, yeas Sr, Does
10 1.
Mr, Boon made a motion to take
up the resolution rescinding the spe
cie circular. A motion., to suspend
the rules for the purpose" was lost
yeasaos,. nayei.i
thirds being requisite. Jsothing cisc
of impoi tatice occurred.
Alondtiij Mm 21.
in Senate.
'. Plan of a National Dank.
Mr. Clay, of Kentucky, rose, and
stated that he wished to present a pe
tion cqnfidcd 16 his care, signedl by a
nurnber of persona, praying for The es
tabliahiuent of a Bank of the United
States. It was similar to several oth
er petitions which had been presented
to the Senate, or to the House, during
Ihe present session,, prayins fur the
same object. They aflorded evidence!
n a leep anil returning conviction, a
mong the People, ofthe utility of such
an institution.
WhiUt I tm up, (continued Mr- Clay,)
with the permission of the Senate. I beg
lrt.ve to submit a few obaervations upon this
subject,. There is reason .to believe that
ranch honest misconception and some mis
representation prevail m regard to it, which
I wish to correct. It had been supposed that
those who are desirous of seeing a Bank
of the United States established are anxious
that a charter should be granted loan exis
ting State institution, which has an eminent
individual at his head, and that this wa, the
aole6bjectf all theit 'exertions. Now I
wish, for one, to sV, that I have no such
purpose in viaw. I entertain for thst gentle
man very high respect. 1 believe him un.
commonly able, profoundly skilled in fi
nance, and truly patriotic. There is but one
other person, connected with the banking
institutions orthe country, in Whose adm'oiis.
tiition of Banlror the United Suites I ahould
have equal confidence with Nr. Uiddle. aad
that ia Albert Gallatin, who, I am glad to
learn, at an advanced age, retains, in full vig.
or. the faculties of his extraordinary mind
There may be other citizens equally compe
tent with those two f entleroen, but I do not
know them. or am not acquainted with thir
particular qualifications.,
But it a not for iry esUttng State lank, or'
y parucohir mdividnsl at its head, that I
sny
I rfAilank trftl tiMe4 8u4.p fe
Uh common good of the whole country; sml
I believe the establishment
aitnmign i miRHt t willing, ititjrrre prac
ticable, to sdopt an existing bank as the ba
sis uf an such inttitutiun.under all circumntsn-
cea, 1 think it moat expediert that a new
bank, with power to establish branches, be
created and chartered nnder the authority of
i I ' iji.m m u i T . - - f Lnnw ,KM
V"'(' "''' M "r M """.w.
Congress, sty friend (aa far as I know, their
ja.lsaUw.wu4
- - ,UUV, ' "r " r
ting bank, but to pnnciplea, to the thing it-
ta tins or that individual, to this or tliat-eaia-
ar If, or to tht iiulit'ition, to a well organis'e
Dank of the L'oitcd States, under the aaluta
ry oprraiionjof wbkh the buainest-lof jhe
country had so greatly proaperedi atut. (
bad every rrswi to hope wniiKI again re
vive and prosprr. Ai d presuming upon
the liiuii1fence of the Senate, 1 -will im
take the liberty to suggest tin public con
sidrratinn, me uf those suiuhle conditions
and restrictions tinder which It appears to
me that it would be desirable to establish
new bank.
1. The capital not to be extravagantly
larve. but, at the same time, amply sirtticient
to rnable it td p r tor in the nredlid financial
duties for tli liiivertmieot, t aupplv a gen
eml currency u( iiniliinn "Value throughout
the L nmm ai.n to ucihtate, a mgli as prac
tirulne, the qiuliti n of line1ic ex
charee. i suppose that about fifty million
wuiihl aiiiwcr all those nurpoe. The
Stock might be ilmoVil between the tJeneral'
(;iivernieiit the States acconlint' to their
federal popula'i1n, and individual subscri
bri. 't he purtiuH amigned to the - latter
to be distributed at auction or by private anh
sCiiiition.
2. The corporation, in the spirit of a rco
lutinn recently adopted by the Grnrral As
sembly of the Stsitt, onf whose enalojl..
hae the hot or to he, to receive such an or
ganization as to blend, in fair proportions,
public and pririite contml, and combining
nublic anil nrivate ii'ti-rest. And. in ordt r
to exclude the possibility of the ex-rcise tf
all loretgo innnence, non-resiUent foreigners
to he prtihibiteil not only Irom any share in
the administration of the corporation, but
Irom hiildintr, direct1' or indireotlr, any por
tion uf its stock. Although I do not myself
think this latter restriction necessary, I
make it, in deference to honest prejudice,
sincerely enlertamecl, and w hichno practical
statesman ought cntirt ly lo disregard. The
hank would thus be; in its origin, and con
tinue, throughout its tvliole existence, a gen
nine American institution.
S. An aderpiale portion of the eapttal to
be set spart iu. proiliict)e i:ocltJ, aj id placed.'
in permanent security, b yond the reach of
me corporanon, (,wun me exsepuon il le
accniing profits on those stocks,) sufficient
lo pay pro. not iv, in ai y connngeucy. tue a.
mount of all such paper, under w hatever
form, that the banks shall put forth as a part
of the general circulation The bill or note
holders in other words, the mass ofthe com
munity, ought to be protected against the
possibility ol Ihe failure or Ihe suspension of
a bank. I he supply ot the circulating me
dium of a count ry is that faculty of a bank,
tne property ol tne exercise ol which may
be most controverted. The dealings with a
bank, ot mote who obtained discounts, or
make depoaitea, are voluntary and mutually
anraniageiotis, amitney are comparatively
few in number. lliK Ihe reception of what ia
issued ami used as a part of the circulating
medium ofthe country is scarcely a voluiila-
.ry-WfaraWtd; ihni.HUtaW4tb--Rve-fM
other concern whatever with the bank.
The many, ough t tu be guarded and secured
by the care ot the legislative authority, the
vigllarca of the few will secure . them against
l t t tl.tnlt tbi HitwUiiu. il.wi-
ill our American Uanking, and the cri-dit of
lirst embudyng it in a legislative aet si due to
ine sute ot New York.
4. 1'erTect publicity at to the state of the
bank at all timea, including, bendes, the usu
al heads ot information, tht names of every
debtor to the bank, w hether as drawer,- en
dorser, or surety, 'periodical- exhibited, and
open to public inspection; or if that slio'uld be
found inconvenient, the right lb be secured
to any citizen lo ascertain al the bank the
nature and extent ofthe rxpponsibility of a
ny of its customer, There is no nfcesitv;
to throw any evij of secrecy itrofifiit the orVlfc
nary transactions of a bank. 'Publicity w ill
nicK:a.e responsiDiiiiy, repress lavoilutn, iit-1
SUre the lleirnliatinn t.f - irni.l r..i
I . ,. r , . . 6 r"i"-r-when
indttidual insolvency iinforttuiatelv
occurs, will deprive thebaitk of undue ndvaii.
tsges no enjoyed by banks practically in the
uKiiiuii'tnu oi ine eneciaoi tne insolvent. .
5. A limitation of the dividens so as not
to authorize more than- pi r ceir. to be
struck. Thia will check uml-ie expansion
rnt tie ctrcfitadiigineditiin. aiid rcsfrTmr-tm""
proper extension . gfiuuiucss-in the ailmims.
Within of the bank.
6. A prospective reduct'un in the rate of
interest, so as to (eslrict the bank to i pcr
cent, simply, or, if practicable) lo only fiee
per cent, ilanks now receive at the rate of
near (J 2-3 per cent, by lU-iuanding the inter
est in advance, and by charging for at addi
tional day. The reduc ion mav be eHVi icl
IrfbThcsrtnTirwe
tne protittare likely to exceed the prescrib-
ea limit ot the dividends, by requiring thai
the rale of interest shall be so lowered as
that they shall hot passtliHt limit.
7. A restriction upon the jiri mium demanded
upon post notes and checks tiel for remit
tances so that the maximum should not be
more limn, aay,-one and a Ii iff per cent. , be
tweep any'two the Kinotesl points in the Un
Ion. Alttiuugh it may nut he practicable to
regulate forrign exchai ga. depending aa. it
does upon commeicial causes not witliiu the
cof,trool'any one Government I thinlonhut
it is otherwise with reic'iid lo domestic ex
change. , , -
8. Every praclicaMe provision agrainft the
eterclse of impropsr lnlluenre, on the part of
tlio Executive, upon the bank, and, On the part
or tba bank, upon the eleettons-of the country.
The late Bank of the United State ha been, I
believe, most unjustly charged with interference
in the popular elections. .There is, among the
public document, valence of it having scru
pulously abstained from. ucu. iulejference. It
never did more than to eieroise the natural tight
of self-defence by publishing such report,
speech, and documents as tended to plae the
institution and its administration In a fgjr point
of view before the Public, -lint ihe Heopl en
tertain ajuatjlklousy against the danger of any
interference of a bahk with the electrons of the
country, and every precaution ought lo 'be lakes
strictly to guard against iti
This brief outline of such a new Bank
of the United talate aa thinki if established,
would greatly conduce to the prosperity of the
country. Perhaps, on full discussion and con
siderstiun, some of the conditions which I have
suggested might not be deemed expedient, or
might require modification, and important ad
ditions! Ones may be proposed by others. - '
I will only sav a word or two on the consul o4
lionsl power. I think that it ought rio longer
to M rnvaVilAil u'm ntn iiiMli.n. !Th!rl
ougni wo. some bounds to human coniroversy j
. : ? r -r-- i v
omuiin j, mi a jiecesry tNiiil oi siicmpvj,
mooit ihoM who deny jhe power, there "are
many, who admit the benefits of Bank of the
United Slate. Foot timr? and 'under the
. -. .... i
away of all Uut paliUrl ,. .
iJnuberately affirmed it, tiiuu
C
r- government ba r 7 D..
by th. Peopl,j'oWw 'oie
value of tbaeurreney tjm Zitl
domestic exchange, and urw. "L"? i.
Bank of the taniied 8tai. ,,j
wild disorder in th. JCOrrWy 5 a
laritv in dome..i .. .1 .""
I . . -"6, MU Imi.
I rauoa in the eommeee an i k 'Pfav
thr'ST
P to be perpetuaii, agitstei ,'
.haavbeen-.o-i.il l,- :iS,t,, rt"
t; Uabren suajained by W,bTZ V" t,
dfMU Country, by MadUfer
iht if olieiTrrr If preenlent. are no to
y fo loweJ, neilhe, oogbt ihe, iVb. il
tltti They lh, trij4, tfj'
U. fUtet of the evident i, i '"tial
inea;rily, wiidom. and PaUiotiVoo!
e.Wi,U tbem. I i5ink IhtiZ Jl
could there be an array ,0f .-. JZ-
authority. - For one, 1 hope to be o-Lr?1'
yielding to it, in prWercnee l&
judgment to die opinion of those wj1?
th. ( power, however respectaliU ibey oWu7
But, Mr. Prerident, ro,
are, I bave no int.ntion of f.irmaJly UZ"
any praposilion U establi.b Baiik JnT11,'
State. CompoJ a. Congress and
ecutive now are, i( would b an nJLz"
wast ef time tootreraueha BtopowL iT'
tegn t to see a bok eo.blUhe.1. antJkT.
eb-arly called for y poUie opinio- l L
it is now desired by a majority 0rtU PT?
It Uniied B,e llut'of tLTtheVil'V
exist perhati any enneluaive eviOrBce, Tj
wait until demormtrauoea of ihjr wib JrZ
clearly Riv.n: and Un , , ,uhmU "!
one, I .hall miUny, to ij;
whatever It m,y be. Mr. C.
.iuitajHhiiil on the uble. .
A delate followed, to he given herein., i.
which Mr Alt.. Sir hL.u
of hy., participated. , . i
Ttte psaittnn was Said on the table. '
HOUSE OF REIMIHSKN f ATlVf-S
Th. House w all dayeng'ea i,,'
eeinionand con.ider.tio,, of ptttuont. BM!a!X
aJ. Ac. among which wM ,n, from .VirgiaU.
praying that Mr. Adams be .ptW at
V 'ue xfoy, May 2
Iv S
KN ATE.-
sented a petition from nine rrtins of
Pittsburg, praying the establi.hmeBiiif
a Bnk ot the United States with
150,000.000 dollar cstltat. ...I .
;t.. uuciianan
-brancV tn-cachf the 8 tatrTT-laulTin-
the table. . . ,
Ciierorf.r l.DiANS.A mesVaW
wa receivetl from the Pieside'ntnf tb
United State, tiatismitt'tng and wb
mitting to Congress Coniinttniratioa
from the Secretary t.f War, commes
datory of certain stipulations in rela
tion to the indemnity and removal m
the west of the Mississippi ofthe n.
mnir
ning Cherokee Indians which pre-
poseu stipulations ortginateti in a cor.
respondencc .between the Secretary of
War and the Chertikee Di h gaiionBflw
itj Washington, and of which the prin
cipal were the granting of two' yrsr.
for the completion of the removal, and
I . ... .
tm additio tiaL sum of money fucJnie
nity or remuneration.
I Laid on the table. - '
Tn The House of Reprentatives, an
other, effort was made by Mrv William,
to obtain the suspension of the rules for'
the purpose of ,tking up thijesoluik.a:
rcsciiuling heipecie' circular. 3 B
was lost by a vote of 104 to 84.
Hong debate", occured upon a motion t
wiCi .i eoiiimuiiicauoa irom the rrts
dent trananiil-trhg a document addre
ed to the Secretary of War by tW
Cherokee Delegation!. It was relerr
to the Committee : oh Indian Aftai4
The consitleration of 'the Message "if
the Piestitent in rretalion tolhe ocnr
.Bsl,,,i
- l - '"li - n
paiiuii oi tne uregon Jetiitery wn
I he ttiotionwas td" ttnSHiv
it to the Committee on Foreign JJ'
tiiir. Certain instiuctions to it
ennunitfee were moved by Mr. Cull
ing, ami an amendment proposed br
-Miv Wmore tttpg accepted, r1bey-wrrv
atiopieti. 15etore the (itieslton rvl-
rewoe- "as takjca.llut. I1uul' adit-sro-
, Jt'edHctilny Jlfujf pi
In the Senate to-dv a inesa2C
receivetl from the President of lbl'-
niti d State, transmittiin a copV sf
letter IVoui the OivertiorofMiiifi
with resolutions of the LegislatsJrtf
jhll)J.t.aii,..QiLA) fttLcowes of a carrt-
pondence between Mr. ; Forsy'l i
iMr. KoX. on the. subiert of the 3wU-
eastern boundary question. Tlte bill
apprpiiatiniSOO,0.'J forthe-cortstrtic-tiyn
of the Faltnouih and Alexawlri1
Railroad wks read a third tiinetsr"
passed. The nnil is to be cariird
oil ihef road . free of expense.)
Cutnlterl.itiil road bill, from the Hvi
was then taken up, and, after sliscu
Siort" ait amend tnen. onleredi f
engrossed W a vote ol'SGlo 1 ft
te nittrtday, JIM ti.
The Vice President wesentcd s eir
inunication from the treasury Pep""
inent in pursuati'e of a ietdttii" Tt
cently olUred by Mr." Clay, of vf;
tacky, in regard to the receipt of
notes for revenue., Thsv,r.tirnfl'''
cation was read, and wan under100"
to state that w new orders Jhcd b"1
given on (htr subject, and -that the re
cept of btnk notes was a cont'qo,Hfe
of previons-nfders, and of the renowp
tion tif specie payments by ceyt1
banks. The ' communication w f"
c'oinpanietf by a copy of a letter 'from
the 'Department to public JmfucVr t
New York, ilated ApfU &?, .'8"fi
which was read, and which w? tia 'f"
stood tn sanction, the rccrptVf sfcte
paying bank notes from banks
suing notes of less than' S dollars, arc
cording to orders and instructions
en previous to the suspension of pe'e
psymeflts. ' ;." h
I be communication was laju ";'"
Traoiei entwereu. to oe nrm1"1 t-v
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. r, 'tU ,n,t'L,,.n 0F tl
The hill frfr th continuation Ot
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Illinois, as passed by the fot!oT'f
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