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Ours are llic plans of fair delightful peace, ttnvrarp'd toy party rage, to live like brothers. "
voti. XXXIX.
MONDAY, MARCH 19, 1S38.
2J(5IB3PSr iiEalBS &0QHB 1
J jblTCRS AND PROPRIKTORst
- V
TERRS.
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gibfcnption in unicc
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dburt Orders and Judicial Advertisements will
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lion by his bungling navigation, or by his
want of skill and judgment. It is impossi
ble for hini to escape from one or the other
horn of that dilemma. Heave him at liberty
to choose between them.
I shall endeavor, Mr. President, in the
course of the address I am about making,
to establish certain propositions, which I
believe to be incontestable ; and, for the
sake' of perspicuity,! will state them sever
ally to the Senate. I shall contend
1st. That it was the deliberate purpose and fix
ed design of the late administration to establish a
Government bank a Treasury bank to be ad-
mmistered and controUed by the Execuuve depart- favorUe ..
2d That, with a view, and to that end, it was
its aim and intention to overthrbw the whole bank
ing system, as existing in the United States when
that administration - came into power, beginning
with the Bank of the United States, and ending
with the State Banks.
3d. That the attack was first confined, from
considerations of policy, to the Bank of the United
Slates ; but that, after its overthrow was accom
plished, it wa3 thtm directed, and has since been
continued, against the State'Banks.
4th. That the present administration, by its ac
knowledgments, emanating from the highest and
most authentic source, has succeeded to. the princi
ples, plans, and policy, of the preceding adminis
tration, and stands solemnly pledged to complete
and perfect them. .-
And. 5th. That the bill under consideration is
intended to execute the pledge, by establishing
upon the ruins of the late Bank' of the: United
States, and the State banks, a Government bank, to
be managed and controlled by the Treasury De
partment, acting under tha commands of the Presi
dent of the United States. ,
I believe, solemnly believe the truth of
every one of these five propositions. In
support of them, I shall not rely upon any,
gratuitous surmises or vague conjectures,
but upon proofs, clear, positive,undeniable,
and demonstrative. To establish the first
four, I shall adduce evidence of the highest
possible authenticity, or facts admitted or
undeniable, and fair reasoning founded on
them. And as to the last, the measure
under consideration, I think the testimony,
intrinsic and extrinsic, on which I depend,
stamps, beyond all doubt, its true character
as a Government bank, and ought to carry
to the mind of the Senate the conviction
which I entertain, and in which I feel per
fectly confident the whole country willshare.
1. My first proposition is, that it was
the deliberate purpose and fixed design of
the late administration to establish a Gov
ernment bank a Treasury bank to be ad
ministered and controlled by the Executive
Department. To establish its truth, the
first proof which I offer is the following
extract from President Jackson's annual
message of December, 1829.
"The charter of the Bank of the United States ex
pires in lode, and its stockholders will roost prob
ably apply for a renewal of their privileges. In order
to avoid the evils resulting from precipitancy, in a
measure involving: such important principles, and
such deep pecuniary interests, I feel that I cannot,
in justice to the parties interested, ton goon present
it to the consideration of the Legislature and the
people. Both the constitutionality and the expedi
ency of the law creating this bank, are well question
ed by a large portion of our fellow-citizens ; and
it must be admitted by all that it has failed in the
great end of establishing a uniform and sound
currency."
" Under these circumstances, if such an institu
tion is deemed essential to the fiscal operations of
HI IT. CL.AY'S SPEECH i
In the Senate, on the 18lh of February, on the
Sub-Treasury Bill ''establishing a deliberate de
sign, on the part of the late and present Executive
of the United States, to break down the' whole
basking system of the United States, commencing
with the Bank of the United States and terminat
ing with the State Banks, and to create on their
ruini a Government Treasury Bank, under the ex
clusive control of the Executive; and in reply to
the ipeech of the Hon. J. C. Calhoun, of 8outh
Carolina."
Mr. Clay rose, and addressed the Senate
as follows : I have seen some public ser
vice, passed through many troubled times,
and often addressed public assemblies, in
this Capitol and elsewhere: but never be
fore have I risen in a deliberative ;body,
under more oppressed feelings, or with a
deeper sense of awful responsibility, fever
before have I risen to express my opinions
upon any public measure, fraught with
such tremendous consequences to the welfare
and prosperity of the country, and so;peril-
ous to the liberties ot the people,; as 1
solemnly believe the bill under considera
tion will be. If you knew, sir, what ;sleep
tess hours reflection upon It has cost me,
if you knew with what fervor and sincerity 1
have implored Divine assistance to strength
en and sustain me in my opposition, to it,
I should heve credit with vou, at least for
die sincerity of my convictions, if I should
be so unfortunate as not to have your con
currence as to the dangerous character of
the measure. And I have thanked niy God
that he has prolonged my life until the
present time, to enable me to exert myself
in the service of my country, I against a
project far transcending in pernicious tenr
dency any that I have ever had occasion to
consider. I thank him for the health I
am permitted to enjoy ; I thank him for the
soft and sweet repose which I experienced
last night ; I thank him for the bright and
glorious sun which shines upon us this
day. - )''.
It is not my purpose, at this time, Mr.
President, to go at large into a i considera
tion of the causes which have led to the
present most disastrous state of public af
fairs. That duty was performed by others,
and myself, at the extra session of Con
gress. It was then clearly shown that it
sprung from the ill-advised and unfortunate
measures of executive administration. I
now will content myself with saving that,
on the 4 th day of March, 1829, Andrew itbe Government, Isubmit to the wisdom of the Le-
Jackson, not bv the blessing of God, was whether a national one, founded upon
made President of these United States : thatC"01? emmi ana ti, revenues mi
the country then was eminently prosperous; difficulties; and, at the same time, secure all the
that its currency was sound and safe; as any advantages to the Government and the country that
that a people were ever blessed with : were expeeted to result from the present bank.
that, throughout the Wide extent of this
whole Union, it possessed auniform value;
and that exchanges were conducted with
such regularity and perfection, that funds
could be transmitted from one extremity of
the Union to the other, with the least pos
sible risk or loss. In this encouraging
condition of business of the country, it re
mained for several years, "until after the
war, wantonly waged against the late Bank
of the United States, was completely suc
cessful, by the overthrow of that invaluable
institution. What our present situation is,
it is needless to describe as it is painful to
contemplate First felt in our great com
mercial marts, distress and embarrassment
This was the first open declaration of
that implacable war against the late Bank
of the United States, which was afterwards
waged with so much ferocity. It was the
sound of the distant bugle, to collect to
gether the dispersed and scattered forces,
and prepare for battle. The country saw
with surprise the statement that "the con
stitutionality and expediency of the law
creating this bank are well questioned by a
large portion of our fellow citizens," when,
in truth and fact, it was well know that but
few then doubted the constitutionality, and
jnone the expediency of it. And the as
sertion excited much greater surprise, that
it must be admitted
have penetrated into the interior, and now failed in the t - d Jf StabUshimf a
uiuiuiiu aim suuuu iuncucy. lit una
k., 8 , , , r 4, , i uuiiuim aim uuuu currency
H a r1"41 ?' u."c U1 :TbU""u- message, too, whilst a doubt is intimated
mostpracuca wnters batl have aa tQ utm of guch an institution
L Tn CT"1 ' thf CnV111; President Jackson clearly first discloses his
IZZ ! circulftlGI? .and .erce .of;object t0 establish a national one, founded
try must originate m the .opera- on the credit ofthe Governmmt andits
Xms ofthe Government, or m the mistaken revenues. His language is perfectly plain
m nd4erroneous measure of riiose j and unequivocal. Such a bank, founded
ptssessing the power of influencing credit the credit 0f the Government and its
Z! ,C!! atlon;f011 ey are not otherwise revehues, would secure all the advantages
Slnf.PV ?t y!10? lf ? to the Government and the country.he tells
";7a:L ce li e.wul nnuAneir own ievei, that were expected to result from the
.uuwnear in one unitorm stream." i present bank. - :
toeWhrJ Dtf WC aUrh uVC btt0' his annual message ofthe ensuing year,
e ancholy a consciousness of the unhappy tha iQto Pro.;(1on. & .
common of our country We all too well , 7 TV , , i
W that noble and gallant rfSp lies mZfr
Sifiess and immoveable upon breakers, the Bank of the United States, requires that I should
israasted, the surge beating over her vener- again call the attention of Congress to the subject.
able sides, and the erew threatened with in- Nothing has occurred to lessen, in any degree, the
tarjtaneous destruction. How came she a,1Sers wn'ch many of our citizens' apprehend from
there ? Who was the, pilot at the helm101. int,itution -prttnt organizeaT In the
"Wheh shp aa it tu . spirit of improvement and compromise which di
power t n ?? 4 .jThu Vy,m thiguishea our. country and its institutions, it be
sciZT a i F 4 d by U the C0Tbe 10 Wr wither it U not possible to
lence and skill, by all the charts and in- secure the advantages afforded by the f present bank,
wuraents of such distinguished navigators through the agency of a Bank of the United States,
7 aningion, the Adamses Jenersoh " 7oat. n us principles as io ooytaie consuu
if 1
.taatson. and Mr.ww . aa :
J could not, save the public vesset. She
88 placed in her present miserable' eoadi.
tional ud other objections.
" ti is thought practicable to organize sjxcb a bank,
with the hecessar) oflcers, asii branch of the Trea
sury Department based on the public and individu
al deposites, without power to make loans, or pur
chase property, which shall remit the funds of Gov.
ernment ; and the expense of which may be paid, if
thought advisable, by allowing its officers to sell bills
of exchange, to private individuals, at a moderate
premium. Not being a corporate body, having no
stockholders, debtors, and property, and but few of
ficers, it would not be obnoxious to the constitution
al objections which are urged against the present
bank; and having no means to operate on the hopes,
fears, or interests, of large masses of the commu
nity, it would be shorn ofthe influence which makes
that bank formidable.
In this message, President Jackson, after
again adverting to the imaginary dangers of
a Bank of the United States, recurs to his
" whether it
be not possible to secure the advantages af
forded by the present 'bank, through the
agency of a Bank of? the United States, so
modified in its principles and structure as to
obviate constitutional and other objections."
And to dispel all doubts of the timid, and to
confirm the wavering, he declares that it is
thought practicable to organize such a bank,
with the necessary officers, as a branch of
the Treasury Department. As a branch
of the Treasury Department I The very
scheme now under consideration. And, to
defray the expenses of such an anomalous
institution, he suggests that the officers of
the Treasury Department may turn bankers
and brokers, and sell bills . of exchange to
private individuals at a moderate premium !
In his annual message of the year 1831,
upon this subject, he was brief and some
what covered in his expressions. But the
fixed purpose which he entertained is suffi-
i i , i . ,1 ii i
cienny uiscioseu to me attentive reauer.
He announces that, " entertaining the opin
ions heretofore expressed in relation to the
Bank of the United States, as at present
orga nized, I felt it my duty, in my former
messages, frankly to disclose them, in order
that the attention of the Legislature and the
people should be seasonably directed to that
important subject, and that it might be con
sidered, and finally disposed of, in a man
ner best calculated to promote the ends of
the constitution, and subserve the public in
terests." What were the opinions '. here
tofore" expressed we have clearly seen.
They were adverse to the Bank of the Uni
ted States, as at present organized, that is
to say, an organization with an indepen
dent corporate Government; and in favor
of a national bank which should be so con
stituted as to be subject to exclusive execu
tive control.
At the session of 1831-'32, the question
of the recharter of the Bank of the United
States came up; and although' the attention
of Congress and the country had been re
peatedly and deliberately before invited to
the consideration of it by President Jackson
himself, the agitation of it was now declared
by him and his partisans to be precipitate
and premature. Nevertheless, the country
and Congress, conscious of the value of a
safe and sound uniform currency, conscious
that such a currency had been eminently
supplied by the Bank of the United States,
and unmoved by all the outcry raised against
that admirable institution, the recharter com
manded large majorities in both Houses of
Congress. Fatally for the interests of this
country, the stern self-will of General Jack
son prompted him to risk every thing upon
its overthrow. On the 10th of July, 1832,
the bill was returned with his veto; from
which the following extract is submitted to
the attentive consideration of the Senate :
" A Bank of the United States is, in many re
spects, convenient for the Government and useful to
the people. Entertaining this opinion, and deeply
impressed with the belief that some of the powers
and privileges possessed by the existing bank are
unauthorized by the constitution, subversive of the
rights .of the States, and dangerous to the liberties
of the people, I felt it my duty at ah early period of
my administration, to call the attention of Congress
to the practicability of organizing an institution,
combining all its advantages, and obviating these
objections. I sincerely regret that, in the act be
fore me, I can perceive none of those modifications
of the bank charter which are necessary, in my
opinion,to make it compatible with justice.with sound
policy, or with the constitution of our country."
" That a Bank of the United States, competent
to all the duties which may be required by Govern
ment, might be so organized as not to infringe upon
our own delegated powers, or the reserved rights of
the States, I do not entertain a doubt. Had the
Executive been called upon to furnish the project of
such an institution, the duty would have been
cheerfully performed. In the absence of such
call, it i3 obviously proper that he should confine
himself to pointing out those prominent features in
the act presented, which in his opinion, make it
incompatible with the constitution and sound policy.
President Jackson admits, in the citation
which has justbeen made, that a Bank of
the United States is, in many respects, con
venient for the Government ; aud reminds
Congress that he had, at an early period of
his administration, called its attention to the
practicability of so organizingsuch an in
stitution as to secure all its advantages, with
out ine aeiects ot toe existing" name. it is
perfectly manifest that he alludes to his pre?
vious recommendations of a Government
a Treasury bank. In the same message he
tells Congress, that it he had been called up
onto furnish the project of such an institu
tion, the duty would have been cheerfully
penormea. rnus it , appears that he had
not only settled in his mind the general pTin
ciple, but had adjusted the details of a
Government bank to be subjected to exe
cutive control i and Congress is even chid
ed for not calling upon him to preserhV-them
The bill now under consideration, beyond
all controversy, is. the. very project which
he had in view, and is to consummate- the
work which he began.' I think, Mr, Presi
dent, that you must now concur with me in
considering the first proposition as fully
maintained. -I pass to the second and third,
which on account of their intimate connexi
on, I will consider together.
2. That, with the view of establishing a
Government bank, it was the settled aim and
intentioh to overthrow the whole banking
system ofthe United States, as existing in
the United States when that administration
came into power, beginning wjth the Bank
of the United States, and ending with the
State Banks. .
3. That the attack was first eonfined, from
considerations of policy, to the Bank of the
United States; but that, after its overthrow
was accomplished, it was then directed, and
has since been continued, against the State
banks.
We are not bound to inquire into the mo
tives of President Jackson for desiring to
subvert the established monetary and finan
cial system which he fouud in operation; fc
yet some examination into those which pro
bably influenced his mind, is not without
utility. These are to be found in his pecu
liar constitution and character. His egotism
and vanity prompted him to subject every
thing to his will ; to change, to remould,
and retouch, every thing. Hence the pro
scription which characterized his adminis
tration; the universal expulsion from office,
at home and abroad, of all who, were not
devoted to him, and the attempt to render
the Executive department of Government,
to use a favorite expression of his own, a
complete " unit." Hence his seizure of
the deposites in the Bank of the U. States,
and his desire to. unite the purse with the
sword. Hence his attack upon all the sys
tems of policy which he found in practical
operation : on that of internal improvements,
and on that ofthe protection of national in
dustry. He was animated by the same sort
of ambition which induced the master-mind
of the age, Napoleon Bonaparte, to impress
his name upon every trims' in France
When I was in Paris, the sculptors were
busily engaged chiselling out the famous N.,
so odious to the Bourbon line, which had
been conspicuously carved on the pa!ace of
the Tuilleries, and on other public edifices
and monuments in the proud capital of
a a
France. When, Mr. President, shall we
see effaced all traces of- the ravages com
mitled by the administration of Andrew
Jackson ? Society has been uprooted, virtue
punished, vice rewarded, and talents and
intellectual endowments despised : brutali
ty, vulgarism, and loco-focoism upheld, che
rished, and countenanced Ages will roll
around before the moral and political rava
ges which have been committed will, I fear,
cease to be discernible. General Jackson's
ambition was to make his administration an
era in the history of the American Govern
ment, and he has accomplished that object
of his ambition ; but I trust that it will be
an era to be shunned as sad and lamentable,
and not followed and imitated as supplying
sound' maxims and principles of administration.
I have heard his hostility to banks ascri
bed to some collision which he had with one
of them, during the late war, at the city of
iNew Orleans : and it is possible that may
have had some influence upon his mind.
The immediate cause, more probably, was
the refusal of that perverse and unaccommo
dating gentleman, Nick Biddle, to turn out
of the office of President of the New Hamp
shire branch of the Bauk of the U. States,
at the instance of his Excellency, Isaac Hill,
in the summer of 1829, that giant-like per
son, Jeremiah Mason giant in body, and
giant in mind. War and strife, endless war
and strife, personal or national, foreign or
domestic, were the aliment of the late Presi
dent's existence. War against the bank,
war against France, and strife and contention
with a countless number of individuals.
The wars with Black Hawk and the Semi-
noles were scarcely a luncheon for his vo
racious appetite. And he made his exit
from public life, denouncing war and ven
geance against Mexico and the State banks.
My acquaintance with that extraordinary
man commenced in this city, in the fall of
1815 or 1816. It was short, but highly
respectful, and mutually cordial. I beheld
in him- the gallant and successful general.
who, by the glorious victory of New Or
leans, had honorably closed the second war
of our independence, and I paid him the
homage due to that eminent service, A few
years after, it became my painful duty to
animadvert in the House of Representatives,
with the independence which belongs to the
representative character upon some of his
proceedings in the conduct of the Seminole
war, wmch I thought illegal and contrary
to the constitution and the law of nations.
A naiwntercourse between us ensued,which
continued until the fall of J 824; when, he
being a member of the Senate, an accommo
dation between us was sought to be brought
about by the principal part Of the delegation
from his own State. For that purpose, we
were invited to dine with them atClax
ton's boarding-house, on Capitol Hill, where
my venerable friend from Tennessee Mr.
White3 and his colleague on the Spanish
commission, were both present I retired
early from dinner, and was followed to the
door by General Jackson and the present
minister of the United States at the Court
of Madrid.' They pressed me earnestly to
take a seat with them in their Carriage. My
faithful servant and friend, Charles, was
standing at the door, waiting for me, with
my own. I yielded to their urgent polite-!
ness, directed Charles to follow with my
carriage, and they sat me down !at my owa
door. , We afterwards frequently met, with
mut-tl respect and cordiality ; dined seve
ral times together, and reciprocated the hos
pitality of our respective quarters. This
friendly intercourse continued until the e
lection, in the House of Representatives, of
a President of the United States came In
February, 1825. I gave the vote which, in
the contingency that happened, I told my
colleague, Mr. Crittenden who sits be
fore me, prior to my departure from Ken
tucky in November, 1834, and told others,
that I should, All intercburse ceased be
tween General Jackson and myself. We
have never since, except Once accidentally,
exchanged salutations, nor met except on
occasions when we were performing the
last offices towards deceased members of
Congress or other officers of Government,
Immediately after my vote, a rancorous war
wks commenced against me, and all the barr
king dogs let loose upon me. I shall not
trace it during its ten years' bitter continu-
ance. But I thank my Qod that L stand
here, firm and erect, unbent, unbroken, un
subdued, unawed, ready to denounce the
mischievous measures of his administration
and ready to denounce this, its" legitimate
offspring, the most pernicious of them all.
His administration consisted of a succes
sion of astounding measures, which fell on
the public ear like repeated bursts of loud
and appalling thunder. Before the reverbe
rations of one peal had ceased, another and
another came, louder and louder, and more
terrifying. Or rather, it was like a volcanic
mountain, emitting frightful eruptions of
burning lava. Before one was cold and
crusted ; before the voices ofthe inhabitants
of buried villages and cities were hushed in
eternal silence, another, more desolating,
was vomited forth, extending wider and
wider the circle of death and destruction.
Mr. rresicient, this is no unnecessary
digression. The personal character of such
a chief as I have been describing, his pas
sions, his propensities, the character of his
mind, should be all thoroughly studied, to
comprehend clearly his .measures and his
administration. But I will now proceed to
more direct and strict proofs of my secoud
and third propositions. That he was re
solved to break down the Bank of the Uni
ted States, is proven by the same citations
from his message which I have made; to
exhibit his purpose to establish a Treasury
bank, is proven by his veto message, and
by the fact that he did destroy it. The
war against all other banks was not origin
ally announced, because he wished the State
banks to be auxiliaries in overthrowing the
Bank of the United States, and because
such an enunciation would have been too
rash and shocking upon the people of the
United States for even his tremendous in
fluence. It was necessary to proceed in
the work with caution, and to begin with
that institution against which could be em
bodied the greatest amount of prejudice.
The refusal to recharter the Bank of the
United States was followed by a determine
ation to remove from its custody the pub
lic money ofthe United States. That de
termination was first whispered in this
place, denied, again intimated, and finally,
in September, 1833, executed. The agi
tation ofthe American public which ensued,
the warm and animated discussions in the
country and in Congress, to which' that
unconstitutional measure gave rise, are all
fresh in our recollection. It was necessary
to quiet the public mind, and reconcile
the people to what had been done, before
President Jackson seriously entered upon
his new career of hostility to State banks.
At the commencement of the session of
Congress in 1834, he imagined a sufficient
calm had been produced, and, in his annual
message of that year, the war upon the
State banks was opened. In that message
he says :
"It seems due to the safety ofthe public funds
remaining in that bank, and to the honor of the
American Peopled that measures be taken to tepar
nt? the Government entirely from an institution so
mischievous to the public prosperity, and so re
gardless of the Cons' itution and laws. By trans
ferring the public deposites. by appointing other
pension agents, as far as it had the power, by order
ing the discontinuance of the receipt of bank checks
in paymeht of the public dues after the first day of
January next, the Executive has exerted all its
I awful-authority to sever the connexion between
the Government and this faithless corporation."
In this quotation it will be seen that the
first genn is contained of that separation
and divorce ofthe Government from banks,
which has recently made such a conspicu
ous figure. It relates, it is true, to the
late Bank of ti e United States, and he
speaks of separating and severing the
connection between the Government and
that institution. But the idea, once devel
oped, was easily susceptible of application
to all banking institutions In the message
ofthe succeeding year, his meditated attack
upon the State banks is more distinctly dis
closed Speaking of a sound currency, he
says:
"Tn considering the means of obtaining so impor
tant an end, (that is, a sound currency.) we most
set aside, all calculations of tempor ary convenience,
and be influenced by those only that are in harmony
with the true character and permanent interests of
tbe Republic. We must recur to first principles,
and see what it is that has prevented the legislation
Of Congress and the States on the subject of the cnr
rency from satisfying toe public expectation.- and
realizing results corresponding' to those whieh hare
attended (be action pi oar system whan truly con?
sistent with the great principle of equality upon
which it rests, and with the spirit of forbaran e and
mutual concession and generous patriotism which
was originally, and must aver continue to be, tha
vital element of our Union,
"Qn this subject, I am sure that f cannot be mis
taken in. ascribing our want of success to the un
due countenance which : has been afforded to the
spirit of monopoly. All the serious dangers which -our
system has yet encountered may be traced to
the resort to implied powers, and the use of cor
porations clothed -with, privileges, the effect of
which is to advance the interests of the few at the
expense of many. Wp have felt but one class of
these dangers, exhibited in tha contest waged by
the Bank of the United States against the Govern
ment for the last four years. Happily they have
been obviated for the present by the indignant re
sistance ofthe People; but we should recollect that
the principle whence they sprang is, an ever-active
one, which will not fail to renew itaefforts in the
same and in other forms, so long as there is hope of
success, founded (either on. the . inattention of the ' s
People, or the treachery of ibeir representatives la
the subtle progress of its influence." .
t We are now to see whether, in the
present favorable condition of the country, we can
not take an effectual stand against thi spirit of
monopoly, and practically prove, in , respect to the
currency, as well as other important interests, that
there is no necessity for so extensive a resort to it
as that which has been heretofore practised."
It has been seen that without the
agency of a great moneyed monopoly the fevenue
can be collected, and conveniently, and safely , ap-.
plied to all the purposes of the public expenditure.
It is also ascertained that, instead of being
necessarily made to promote the evils of an un.
checked paper system, the management of the
revenue can be made auxiliary to the reform which
the legislatures of several of the States have already
commenced in regard to the suppression of small
bills : and which has only to be fostered by proper
regulations on the part of Congress to secure a
practical letum, to the extent required for the se
curity of the currency, to the constitutional medi
um. As an instance of the attack upon the
Bank of the United States, the approach to
the State banks is slow, cautious, and in
sidious. He reminds . Congress and the
country that all calculations of tempo rary
convenience must be set aside; and we
must recur to first principles; and that we
must see what it is that has prevented the
legislation of Congress and the States on
the subject of the currency from satisfying
public expectation, he declares his con
viction that the want of success has prov
ceeded from undue countenance which has
been afforded to .the spirit of monopoly
All the serious dangers which our , system
has yet encountered may be traced to the
resort to implied powers, and to the use of
corporations. We have felt, he says, but
one class of these dangers in the contest
with the Bank of the United States, and" he
clearly intimates that theoAer class is the
State banks. We are now to see, he pro
ceeds, whether in the present favorable
condition of the country, we cannot, take
an effectual stand agairtst this spirit of mo
nopoly. Reverting to his favorite, scheme
of a Government bank, he says itis ascer
tained that, instead of being made necessary,
to promote the evils of an unchecked paper
system, the management of the revenue
can be made auxiliary to the reform which
he is desirous to introduce. The designs
of President Jackson against the State banks
are mor fully developed and enlarged upon
in his annual message of 1836, in which
he aiiain calls the attention f Congress
to the currency of the country, alleges that
it was Apparent from the whole context of
the constitution, as well as the history of
the times that gave birth to it, that it was
the purpose of the convention to establish a
currency Consisting of the precious mttalsj
imputes variableness and a liability Uk in
ordinate contraction and expansion to the
existing paper systemand denounces bank
Nsue?, as being an uncertain standard,,
He felicitates himself upon the dangers
which have been obviated by the overthrow
of die Bank of the United States,, but de
clares that little has -been yet done, except
to produce a salutary change of public opi
nion towards restoring to the. country the
sound currency prdvicled for in the consti
tution. " I will here say, in passing, that
all this outcry about the precious metals,
sold, and the constitutional currency hats
been put forth to delude the people, and to
use the rxecious metals as an instrument to
break down the banking , institutions of the
States, and thus- to paye-the way for the
ultimate establishment of a great Govern
ment bank, In 'the present advanced state
of civilization; in the present condition of
the commerce ot the worm, & in the actual
relations of trade and intercourse" between
the different nations of the world, u.is per
fectly -chimerical Iff suppose that tle .cur
rency of the United! States -should consist
exclusively orprrncipally, of the precious
metals. , v ;
In the last annual message of General
Jackson, he speaks of the extension of bank
credits, and .the over issues of bank paper;
in tje operations upon the ales of public
la nds. In his message of only the pce 1
ding year, the vast amount of those sales'
had been dwelt upon with peculiar com
plaisance, as illustrating the general pros-
perity of the country, and as "proof lha
wisdom of his administration; But sfQW
that which had been announced as ab!efe
ins; is deprecated as a calamity. Now, hl
object being to assail the banking Instituti
ons -of the States, and to justify thai fatal'
Treasury order, which I fthafi hereafter
have occasion to notice," he expresses his
apprehension of the danger to which weare
exposed of losing the public domain, and
getting-nothing for it but bank credit. He
describes, minutely, the circular process
by which the notes of the banks passed qu(
it-
-
....4 ';