North Carolina Newspapers

JL 1M" 11 . , " ' j- - a. - - - CD! 2)l 4&, 4i J" 1 f PARTT fAGK, TO LIVE UHlJEUIlOTaERS" ' 1 --i V A fl . . ...... - . ,.i.VtVLt3H;--,-.n.-.fc : :-.,Vj5 r V -"UUKSliARBHB PLANS OF FAIR DELIGHTFUL PEACE, UNWARPf D BY . ' 1 " I i'iiii fin - -T 1 : '---niniin1 - - " ' " &l Joseph Gales & Son TERMS. rBra DotiAiTS per anmim; xmo half in advance. Those xthaj&o not,thfr at the time of subscribing, Lutwnmaiv-ffire notice of their wish to hftvc k Patpr discontinued at the expiration of the) venr, wiu iw preswmca is uesinng iis cmwwuauw jcompiaJnts oi ine pcope wnen : prougiu JatcountenntuideJ. ; I to the fdotiof th throne No cTistttu- .- SF -: l-ww,,,-.,," Itional monarch in Christendom, i would Cot6xcecUnrxfn line,, wilt J ..r Sequent puhncnUonTthosc of greatct fcnh, in for tt-uoiiar: ana twcniv-irve cents lur.ravu . nurrked on thrm, they will be eontiir&ed until or-1 riowtortion. MercJ ouVand charged accordingly, EXTUACTS FROM THE SPEECH OF MR. MCDUFFIE. f Mr. Speaker, we can sea reel v give credit to the historian who records the! Hegneracy and degradation pt a great peo Wef antiauitVi when he informs us, that ja Roman Emperor amscd himself by fid- Glin& 'while the capital of his Empin-, and the fortunes of the Roman people, were in l.nlvpfl inline general conflasratioii. 'But ourwn melancholy and wolul experience, is but ton well calculated to remove any IfcJtt'nrir! scpntici' m. which minhtinduoe that the extraordinary spec ra " rr-; . .. ... v tacle to which I have alludeti, wu urawn .afUrfmm tV,P iiP.nr.il of noetrv. than bvl U'nen 0f historical truth. For even at aUl.l IIU v m..-- I J. " 1. his' "early periou in our uauunai, urgre, i ti . I I r -. r I n Ihe very dawn of our republican insti- tnous, and productive class of our oti utions. we are ourselves exhibiting to the zens, liabitualiy trades upon a borrowed L... ! ii ,t.k;rK wo vrviniv hnt ,)t eniip-ht . -"7 '-. . I rvn til i vi ii iv 1 1 v r - r- - r i icning oy our examole a spectacle, in Come ot its aspects, more unnjitural anil teToltin-, thau its lloman prototype. II King me average outnis ciass, oue-umu tnt recoTlection of this interesting chap- part of their active capital is lounded up n th kUthrv of man. be not miner- on credit, in some shape Sect, Nero was not himself tlie incendiary j hvtio applied the fatal torch, by which the keinp es and th gwla, the SenaLe nouse bnu the roniRL, the gorgeous palaces ana the hu mole cottages o? tne imperial city, were consigned to the devouring element, Can you say as much, sir I will not say for the f resident oi the. tinueu otates Uiut for that irresponsible cabal, which is She living-embteni of pestilence land ! j W " - . . " . . - trhmpnla f mischief ? Who is it that has ihdled un.that conflaffration which is nWsweenin? over. the land like a rVai-l ie fire of the west -hearing destruction o! its bosom, laying a scene of desolation! nits rear, and scattering consternation I riNvprv dirertinn ? ?Nav. sir. who is it ithat has sacrilegiouslyi nvaded the sane- liarv ot the Constitution, and lishted at hie verv fires of the altar.that fatal brand, .vhich, desperately & vindictively hurled -with whatever aim-lias strucK upon tne reat temple of our national ; prosperity, iiivolvin"- it in ' hideous ruin and con- vulsion ?? Mr. Speaker, it was no mid- nij;ht incendiary that silently Stole into j he temple with his Ephesian torch, con- kualcd bv the mantle of darkness. No, StKvas the hijrh priest of the Constitution thafviolated the sanctuary and desecra- itoil thp fires of the altar. It was in the jbrioad glare of noon dav, from the lmperi- aliheighU oi power, and in open deliance ullall the moral and political guaranties of human rights, that this consuming., brand w as --cast Into the elements of combustion, aid which came upon an astounded peo klfej without cause, and without notice. like Heaven s avenging bolt from a cloud less sky. And now that the signal bells lalarm jand distress are ringing from one, xtremity of this Union to the other, min- kling ttjeir tlisastrous chimes with those rtes of distress which come to us .ffpm ie four quarters ot the heavens, on every 'tnd that blows, and forming! one mighty r-uo rus of indignant complaint that has pureed its way into the sealed ears of in fatuated power : with what sympathy, t lth .what feelings ot commiseration, with hat! compunctious visitings" arc these i(H)ts ot a natious sunering received by hi- t utho'rs of the calamity, and their ac- (im pi ices ? ) ! I ask you, sir, if the Administration or t's friends have raised a finger to relieve lie country, or even uttered a single word f encouragement or consolation to soothe !ie afflictions of the people ? From one Quarter thev are told that they must be 'Hiitake-n as to their own su fieri ngs, for iiliat vthc Government feels no distress" rra sentiment in which," 1 doubt not, the llice holders, who constitute that Gov- ntnenf, will most sincerely concur. Klh. no ! ihe office holders, from the Pre- sideiritiowh', ; who live upon fixed salaries, dt not experience the least distress' from tiiat great national calamity, which adds tventy-five per cent, to the value of these nUries For they h ave doubtless found o-it without much skill in arithmetic, that tlie same mute ivhir.h dpnrP8 tha vltro labor and all the productions of indus- ijrj twenty-five per cent. increases the alue of their income Dreciselrinthecnmp Jfgree. It is not at all wonderful there - fi re, that the Government" should ho tO henr thp fiilffurtrivo nf AUo. n...!. 21,h the most piilosophical fortitude,- sir, inese gentlemen office holders. iime, by Which even his more noble and nence, among omer causes, me: unpre pnerous imnulses are converted into in-t cedented progress of ur prosperity. while sitting in their arotf chairs land cn- joyinwiHeir .enhanced salaries, can loojc down dmMi&tJie suneritis of the people wirn asijnucn xraufiuuiijanu composure, I as an experinietital philosopher Ioksup on the coniaftiolisofafceptilc or inject. cxpiring?(want6iivttal air under one of hisspeiienls'i ; And m , what 'spivit ues the-rPrcsj- dent of th United States receive the venture to respond to the complaints of his'sobiects in the lame spirit of dic!ato nai arro-ancesu percu urns in time ence : , 'i? .. . L '. . : -...;!! .. l : i- complaints never will restore; the le- pos'es. hever will rernarter tlie ISanK of the Unit ecl States. Iwtve a ieasure in reserve which will destroy the bank at once, and uhicli 7am resolved to a pply. if the bank continucsto pursue its present course, be the consequences to individuals what thry mayJ" Tlie people, however. are consofed by the rovalpasurancr, that k lapse who rrnoe upon oorroweo xnpuai naghft'obreak," which will o course p: e pare 1 hem to meet their fate with chris- Oan fortiinde and re?ignation What are we to'think, sir, of a President of ihe United States who can thus cool I v doom to extermination a large portion, probably three-fourths of that great middle ctass of our country, which constitute; the bone uuirsmcws ui .n.it u.mj pm.uo i :... i- k..j ? : What shall we say or his knowledge pt the ele- menls ol our national wealth anil prouuc V - .. . ... ' '!' 1 ita iiwliicti n v 1 ho m net licollil imliic -..m ......c camtai to a very crear A -A W - . . I I extent. It w)uhl be a curious subject ot statistical inquiry, i . and I will venture to conjecture that, ta- Every American statesman should know, what does not appear to have been Oream- o oi in me rreMueurs punoMipoy, tnai towing u uie smuuuy aiu sum -u uui nismuiums, ttcun ims uivimicuiicicuic.il of wealth, and a substitute for money ; a state of things which can only exist under uuiiMiiumnui uu-qiumcms, a.n tiuu. na neretoiore existei in our country in an extent unknown, perhaps, to any other. W T . . i 1 ! 1 . But to return. I t seems tha t the om- plaints of the people are rude, unman nerly and disloyal as if the Porter at the palace should say to their Committees, 4 do not annoy the car of Majesty with the harsh dissonance of your complaints r-but regale it with a sweet serenade of flattering gymphonjes ; and if you must pray tor reiiei, in the extremity ot your sufferings, be sure and conclude ybur sup- plication wiih a political doxology as-L criDing aii power, anu an praise ;anu an glory, to the deTfied "Caesar !" r l particularly warn his disinterested, personal and political friends, that il they do not rescue him from the mercenary sycophants wno are murueru.g nis repu- tation, there is oo piuch reason 16 appre- bend that the man who came into the Pre- siuenuai omcc wun more popuiaquy ana a more enviable lame than any chiet ma gistrate since the days of Washington, will go int i retirement, when he ceases to be stlrrftundcd willi the appendages and patronnge of power, escorted by tlie execrations or a betrayed people, and de serted by tlje heartless flatterers who have been the means of betraying them, I shall be very far, Mr. Speaker; from taking any pleasure in the fulfilment of this an ticipation. It is with an opposite senti ment that I perceive the strong passions and naturally high impulses of a venera ble old man, perverted to sinister ends, and made the instruments of ruin to the country and destruction to his. own fame. 1 am admonished of the neccssitv ot passing over the remaining, topics I pro pose to discuss, with all practicable bre vity. 1 will say a few words, as to the causes assigned by the Administration and its friends for that general distress, the existence of which was at first denied, hut which is now reluctantly admitted. the olt refuted allegation that it has been produced by the improper course, and too rapid curtailments of the Bank of the li nked States, is still reiterated in direct opposition to the plain facts of the case, , and in contempt of both truth and decen cy The President has removed the de posites with the avowed purpose, of com pelling the Dank to wind up its dperati-j ons 5 and though the Bank has not cur tailed its loans to an amount equal to that of the capital of which the President has deprived it to say nothing of winding up--yet.it is held responsible for the pub lic distress ! Nothing can be more want only and capriciously unjust to ihe bank What would tlie Administration have that institution to do ? Do they expect it to move in two opposite directions at the same time, curtail its discounts and ex- tendt-its accommodations ? Monster as it is, it cannot overcome the laws of nature and perform. these iinpossibiiities. At the commencement of this experiment, the agent oftheTreasury--the imperial Ques lor, boastea that in twojnoriths th rej. t Ue" wotild He prostr St the feet of the Secretary, suing for mercy ;but now, the ' monster', has risen, it would seem, wiUh"a. redoubled power of relieving the public distress, and the Administration, exclaim, like the drowning Cajsar in the troubled Tiber, help me Cassius or I sink !' Yp, sir. the people are now referred for relief to the very monster. which was. to be crushed by the loot of Andrew Jackson, instead of the selected S.'ate Banks, which were to perform uch wonders in maintaining commercial cre dit antl a sound currency ! 1 No human sairacity can exactly predict what direction thi- calamitus iite of things wjlljakc or in what catastrophe it will lerhiitiato. But as ?am.jajrlie 1 i e v er? JVrt h e r c t r i bu i v vf t i c e "of u -perin'tendfng Pi imdena I think it not improbable that even handed justice may commend the poisoned chalice to the lips' of those who intended it for the lips of rothers. It may happen thut the wicked projectors of this pernicious expe riment, and their schemes of avarice and ambition, will be ihe first .to feel its de structive etienrv : and gentlemen must i not be surpri-d if the very first shock ofjihose which Ci-oinwell lixj formed against this mighiy-galvanic battery of credit and currency, should prostrate the favorite system of those who have impiously pre sumped to tamper with those mighty ele. ments, without comprehending their na ture and power. ; But I must hasten on to the consider afion of the remedy by which the country is to be relieved from its present embar rassmenand suflering' And first I will pxamineLhe projects of remedy held out by the Administration. Since the com mencement of the session the friends of the .Administration,' in Congress, have been repeatedly and urgently called -upon to disclose their plan of relief their fi nal arrangement of the great subject of the currency. And pray what has been " Various, that the mind of desultory man. Studious of change and fond of novelty, May be indulged." The gentleman from New-Vork (Mr. Cambreleng) favored the House with a very editving disquisition on the system of Scotch Banking, whicfi he commended to our admiration and adoption, although it is a mere paper system, without a spe cie basis, practicable in Scotland from the fixed and regular habits of trade, but wholly inapplicable to our peculiar habits and federal system. Another gentleman in another quarter (Mr. Wright of New York) standing in a very confiduntial re lation to the Executive, informs the coun- Jtvy, the Administration is resolved to ad- ?were to the system of State Bank depo sitories, upon the frith of that sagacious financial prediction, which assured us, that this system woyld furnish the coun try with a currency equal to that furnish ed bv the Bank of the United States, if not. better ! A third gentleman (Mr. Rives ol Va.) speaking still more authoritative ly the sentiments of the Administration, has amused the country with a homily, more in the spirit of poetry than of prac tical penmanship, in favor of the beau ideal of a hard money Government ; scheme, just about as practical, as it would be to roll back the, current of time, and carry back the present generation, with all its interests and improvements to the golden age .of fabulous antiquity ? The Administration are singularly fortunate in one respect. Occupying a position which makes it very convenient to be all things to all men," they have in Congress gentlemen of all manner ot opi nions, each prepared to exhibit to the different political divisions of the country, his own peculiar scheme, as the plan ol the Administration. Sir, it has been somewhere said, that our language was designed to answer two great purposes the one, to convey our ideas, the other to conceal them. Being myself a plain, straight forward roan ; accustomed to say what I think, and think what I say, have no. practical knwledgs of this latter use of language, though I can very wejl imagine that a mere politician and par ticularly a trading politician, if there be such a thing would find it of singular advantage in certain critical emergencies. What, tor example, do the Administra tion mean by throwing out those visiona ry and notoriously impracticable schemes dazzling and blinding the public eye by their flickering glare and conflicting rays, giving no light, but serving rather to increase .the darkness visible? Are they designed to enlighten the public mind as to the ultimate schemes of Gov ernment banking, in which these disorders ot tne, currency are to ena r ror no-t such vulgar purpose. , And lot me inform the House and the country, that the Ad ministration are not without the authori ty of a very high example, for the course they are pursuing. During that eventful period of English history, which interven ed between te execution of Charles the First and the establishment of the Pro tectorate, Oliver Cromwell, then Lord General of England, and who was per mitted by a sort ofparliamentary court esy, to speak before the representatives ot the people, had frequent occasion to express himself on the state of the coun try. On one occasion in particular; when the public disorders and distresses had reached a crNsV which iidered the ne cessity of sotnp change fevioos to every one, he madebne of thofU artful,involv ed, ambigu$s, and ;JcJiiiprehensible speeches J'or)hich he vrj so remarkable; and after pon1;traying witrt great distinct ness and povr tne ruintr4s tendency of the prevailing-anarchy, jfjonouncing it to be utterly teibferable,-it this eventful moment whli'his wholiudiencc hung upon his lips Anxiously expecting the re velation of ime grandilremedy for the convuUions ithe counter; he concluded his speech, Wiethe istoh informs us, by explaining to the afeinbled: parlia ment, the eity-fifth.rilm Now, shy I have tl wal . enteritaind a strong pre judice againM CrorntfelK "and I do not know that Ican do hi ni justice, in any thing: but I will afSrm before this House am! maiiitainlbeHire anyjHribnnal in-the wnrl.l, 1 hat. hi 3 remedy fr the anarchy of England, was; as practicable, as sincere. and as intelltrible as tsat confusion of false lights f llich this Ajigninistration has thrown out to cover designs against the liberties of this countrvl.Smore fatil than the lib jerlics if England.; . you'do'jvbt, sir, thar when Cromwell was amusing; tiie ParlianV-?nt by expound-" Ing a psalm.his min(vf" filled with the alluring visiimjof cnvnsisceptres and all the appendages of tliat ifre than kingly power, which he had the! j resolved to. es tablish And can we dabt. in the midst oi concurring sisns whbh every where meet'the eycC that it isie Setfled pur pose of the existing dynasty, to perpetu ate its poweji jiy a gigantic system ol go vernment banking, without any example in history -? "-r ' w Mr. Speaker, the experience of the last few years haj? entirely changed my views as to the destiny of ihelman race. AH my youthfulVisions of t'.ie perfectability ofmankindave vanished before the sad realities of tlfi times. Tey are gone for ever. I aMhow constrained to believe that with ali'fthc lights f reason-and ex perience, ani- the politiil improvements ofour conntt;y,.men are i ill the idolatrous ami predestiiaited victims of imposture. Before that God to whoKi I am responsi ble for what I say here, ; do believe that the annaU of human iioPitry and delusi ocannot&iltSltii3iple of a more impudent, atl3aaasaj4' monstrous ira posture, thah that wu0 this Adminis tration is attempting a-: J 1 fear with too much succef"), to palmjfpon the people ot the umted-btates, unf lr the nimsv and neiusive guise or returnyig t,o the pnmi- tivesimplictt ot a 44 l ird money Gov ernment." Mothing thiT have read, a mongst all th) superstitps of the world, transcends it monstrouaudacity. A hard m onev i ve r m e n t j From what quarter is it ) come ? ad in what man- ner is it to Dein r Is itf'.o come from the land winches already (vVershadowed by the 41 Safety $Tund Systrai" of converting commercial binks intopviitical machines! Under such auspices f very naturally commences.ny establisltrig a mere paper system, wholly unconnected with specie, by way of going back to .4 a hard money fovernmen t I" DestroUhe Bank of the Fnited Stateis remove ie only effective barrier whici can. restr&in an unlimited issue of the lit ere rag curf-ency which oncf before aruicted the country, and all will be well 1! Art unchecked system of paper issues, A Federal Safljty Fund system" is a most etraofdiriaryiece pf macbine ry for coining hard mon ivy ! Vet such is the watch wold, such theajismanic motto of the 44 republican 'f)art"'as it has been proclaimed Jby that ofl!al organ which seldom speaks bat in , the words of its master : ahti through vluch the general orders have been issued Tor the pending and approaching campaigns. It is a con- itest betweeni Jackson noney and Bank mAnoir t f.pf thp 'ni"pfieV';Via tUa Art mi. nistration put a few silver dollars in their pockets, -anil; make Jhifm jingle on the hustings arie the victoT is certain ? Jackson mo n,Vy ! Will aby gentleman in- torm me how much Jackson money now circulates ihlNew-Yorker Or is Jackson money, like Jackson dentjpcraciy, one thing in New-YorJk and ano(;4erin Virginia? Pray what is!ew-Yorkacjkaon money ? But, sir; ihat are tlfe sighs by which this ffolde n age is heralc ;d forth to bless the eyes of Ihe faithful ? The blow of death is scarcely stf tic c at the Bank of the United Sja?tsv wnen- without waiting for its expiring groansTe behold a host of banks of , Sizes aret5pringing up like pestilential exhalations.; A bank With a capital of tet miliions fir Louisiana, ano the in Ohio, another in Kentucky, and I dont know how nany an fin contemplation in the valley, of the Mississippi. But what is much nfore 44ge jmaintothe mat ter," we have Jrecentlj; seen a. project brought fbrWar in Nf-York, by the authors and t managers ;f the Safety Fund systemi"knd e'vid ,ntly to prop that tottejing fabrii, to m te a loan of six millions of dothirs, to te banks confed erated by that system, f ir the purpose of relieving the people frSni the distresses produced byMis Executive experiment, and the whole property: :iif the people of New-York istfii , be mortgaged for the re demption of. the! Stock v' fiich is thus to be rjlaceain tnnands or oittfcais to cor- rut and purchase, .up the people I In Peuisyrvania, also, u'e see indications eqally ur-equi vocal, of an approaching pafistropheV At a great Jackson mecjtiiuy in Philadelphia, trumpeted forth as one of j the largest and most imposing, ever A9iemb,led in that city, graced by the presence of a formerSe.cretary of. the Treasury, a former Senator of tlie United Stites, and all the office holders, the ao dapious proposition was made ant carried toil sell the sevep millions of. bank stock o;ned by the U S. and lend the procepdsti toithe state banks under'the authority anil discretion of this Adininistration.--r Ufjdcr the sarai alisplcesL fopositioti havi been made tdthe Legtjlature of Penn sylvania to establish a State Bank, with a carpTtal of ten millions, one half to be subscribed by the State a mere political machine for squandering the ftloney of ihe pejp!c to accomplish the corrupt purpos esof desperate politicians. &uch are a fev of the more prominent .signs of-com -in; events, and no man who does notyol uiftarily close his eyes upon what is pass ing before and around, him, can behold thj?m without alarm. I do most soleinn lybelieve that if the administration shall sifecced in their present projects, for coibining the banking with the political pwer of the country, they will establish aijjolossal despotism without any parallel ininistory, ana , wieitimg an element ol Political nower wholly unknown to anv fier age or country. 1 1 is an eventful crisis in our history, and it remains to be i i-i it .i nciueu wnemer people can be made the djljies of this monstrous scheme of ambi tion, covered over by the pretence of gtNing back to a silver currency. Sir, it is-'iiot me nrst time in me history or nu man idolatry, when the horrid features of' a foul and unnatural monster of impos- . I L l r- .a iiie, nave Deen concealed rrom tlie eyes I o his deluded followers by a silver veil. ! ijju nave no uouot reau, sir, tne insiruc- tye illustration of the weakness of human delusion, and the boldness of human im posture, furnished by the Irish poet in tfe story of the veiled Prophet of Kho rfjssan. Deprived of nature's fair pro portions, the bold impostor covered his deformity with a silver veil, and hoisted sf; broad white, flag upon which was in bribed, 4in Words of suishine, freedom t the world." Holding out the alluring promise that he would set free, fettered world from every bond and stain, iind bring its primal glories back again," . rfe drew.inillions.of devoted followers to Idis bannner. And after he had prevail--id upon them to sacrifice their souls and bodies to his unholy rites, he raised the (?ei! ; and, instead of disclosing the pro fused vision of heavenly light, exhibited (jts foul lineaments '-"in grinning mocke vy;" exclaiming to his wretched victims, T1 tre, ye wise saints, hehold your light, your star, )(e -would be dupes and victims, and ye are." I May the honest devotees of a hard mo iiey currency, the workirig men's Socie ty," and all others who are opposed to tlhe banking system, upon whatever prin ciples, take warning from ' the example rf these voluntary victims of a daring limposture, and avoid their fate! They fiere behold their fate accurately prefi gured, if they do not rise up and resist !-' 1 . : . A. ..IT 1. ' T I hsne scneme oi imposture wnicn i nave aj.- Kpmntpil fit prnnsp 1 .at tha numiln nf Uhc United states rouse up from their ijlumber of fatal security, or when they Jo wake, it will be only to' clank their, Chains. , " " ; Sir, it never has been the intenlion of his administration to return to a specie Currency. From the very first message 4f the present Chief Magistrate until the present moment, there has been a delibe rate design on the part of those? who have Written his messages, to establish a Gov ernment Bank in some form, to be used ffs a machine of political power. I could Establish this before any impartial jury ii the country, by a chain of evidence, s trong and conclusive 5 but I have not tme to go into details. 4. In his first mes sage, he recommended a Bank 4 found lid upon the credit of the Government jmd its revenues and in a subsequent iaessage he says, in the spirit of im- nrovemer.band compromise, which dis tinguishes our country and its institu tions, it becomes us to inquire whether ii be not possible to secure tlie adyarrfa es afforded by the present Bank, throqgh fiie agency of a.Ban,JcoTwthe United States, so modified in its principles am.1 Structure, as to -obviate constitutional ajtid )ther objections." y'Tn his conversation with some of the Crpmmittees from our commercial; cjXies; 1 stated that if his experiment1 should fiii, as it has already, he would have a Ijiank- founded upon the. checks, and, bal ances of this Government, friddle which (cannot interpret ; butwhich like the responses of die Delphic oracle, 4W ill doubtless be interpreted to suit any .emer gency. We have also heard, from a dis tinguished a ad confidential friend of the sicond officer of -the Goyernment, that ile must ye a "politicatBank. " Now, S-jr, puttnt and ihafftogether, . take all tose prpofs and: connect them with the 0siblepprtents which we See ail abouP t, and no man can resist the conclusion, atal-political Bank, wielded-1 by tie Executive Departmej,.i.iii:.?e ig the whole moneyed resources .and credit of the country into tan element ofTpoliti cal power, is jojbtii the final consumma tion of this great and desperate struggle for supreme power. li is eas thread the fajure history of the cpaatrys tf,.the sche !tt esiof the reigni ng dynasty ard not defeated by ,lhe pcop! e; - A narchy is lire highways to. despotic powerjA whether it he a banking or noli ticalstTestiott San. When the 4 Bank btl the i United States shall besfroyed, tie currency; m) be thro w n ' tn to su ch ileisangm eri a per f con -fusion, 'that 'thcpiintrjr-.will priifpretl . Jo submitrjtropaij? tFilh entlure i the-Jprcyailingvifsr .lliea'" the administration will come forward in that spirit of improvemetittVof which the President3, speaks, with thetrjgrand scheme of. a,' political Bank founded upon the checks aud balanccs.of this Go vernment. " rt-'fllf ' V r ' Ifear, Mr. Speaker, tliat the lessons -of experience are lost upinn iiations.J;No -'v people have bee'oro severely schooled by this teacher I the people vof the United Slates hhieen on this subject And I never reflect uppn our present con dition und prospects, without rtfeurring, to the fate of the Italian, who posVeng-. a strong and robust constitution, saCri- Lticed it to the tetnperiugof experimental quackery. His epitaph was v bncf, and . contained an instructivelesson.' was well ; I. would be better ; I imerei??-i May it never be the iainful.iinjceolheV historian to inscribe tpe sa'mc? wkrnlng . epitaph on themightyAruinsof our ia-" tioual prosperity! ; k - ' I have a few words to say tothe $outh - era gentlemen, whoJb.eIieve thatthis Go vernment, has no constitutional powrto incorporate a Bank. And I cannot, but . m A f :- . express my regret, that thetr constitu- tional scruples should so operate as to '".- ujcni uneriy powerless in ine reai contest which will here jpe deciqed be tween the Bank of the'United States, and that greatest ol all monsters, apolitical Bank. Disguise it as we? may to thisr complexion, it must come at last Th 4 question of maintaining and preserving and continuing system of banking anil, currency, is essentially different Croni,i that of creating such a system. If the Bank of the United States were a politi- cal cancer in the body politic, I would not have it torn out by Jthe rnde antt , violent hand of a unskilful surgery. Admitting it to be unconstitutional, we cannot but perceive that it has: become incorporated with our whole system of national wealth and currency; and isaa" essential toour prosperity as the .vital' air to tlie human system! To withdraw? er any circumstances would be haz ardous ; but to withdraw1 suddenly will be exceedingly hazardous and productive of incalculable pecuniary embarrassment and suffering. It appi a.i to merthafthe , same principle which induced Mh Jeffer son to approve of an act establishing a new branch, though he believed the act of incorporation unconstitutional, shouhj induce irintlpmn- now, who entertain the same constitutional opinion, to acqui-1 C8ce in a system which is already "estab lished, and which they will ,tear down, at an immense national sacrifice who vote against a recharter. If it were a ques tion of creating a Bank in a doubtful case,1 wisdom would refuse to act because inactioniwould leave things as they are. But the case is entirely reversed -when action leaves things as they Areti and in action throws every thing into confusion Bu t the view of the subject which should be decisive, in my opinion, with the con stitutional party ot the South, is the a! ternative obviously presented, if the Bank of the United States be, not! rechartered. tf Tlie existing Bank, as- an instraTnejJtof the finances and the currency is surpass ed by no institution irtthwoHtkNq natiofl of equal extent! has .soch a cur rency as3 it gave us. The inevitable re sult of destroying it, is to ensure the es tablishment of a a federal safety fund sys- tern, of State Banks, under a political or ganization, tor a grand poUticalJJaiik either of- them con fessed lyv. producing a more unconstitutional state-of things thau the present. - J)o gentlemen suppose they can escape the responsibility of producing thievil state of things because Uivrm& be done by a negative vote i Itiiuires ; very keen optics to percefve; the substan " tial dilleience betweenitTciLfok'X; created by this GpYet1n4,'aSorkve'oii': federacy of State. Bak organized aod used and controUediffelIxecativt de department, orteveti by; Congress. iAte v gentfemenprepared to ee the 44 Safety Fund System" of New-Vork extended over the Union ?; What is the principlr, ' and Spirit of tnat system ? It places Hief whole'banking interest and uaonied jkw er of the State under the tupervi&tvu and control ;pf politicians ; . and tins is ihw model' held up U6 our admiration; by those who are preaching most excellent sermons; in favor of an ictosif e specW currency!' . , ;. . -v .- Cl ' K , Iffesir3nate; haVe not su'Ecicnt-J: ly reatiiedfthe Importance atn souudfaud stableiCtirrehcy All oor ctviitjnstitu-; tiott combined are not-more .important - than this, as a aarantj Tor secare enjoy ment of the-rights ot property, in van 1 dl we boast of cur laws and: the iccor 'A i r, 1 r V. 13 fi ll V ' . t ?